2 years ago

edyn continue the rapid expansion of its serviced apartment brand Cove into Europe with new acquisition in The Hague

Hospitality leaders edyn continue the rapid expansion of its serviced apartment brand Cove into Europe with new acquisition in The Hague.

  • The 121-key asset will be the first opening in mainland Europe for edyn’s newly launched serviced apartment brand, Cove.
  • edyn acquired the building from an hotel owner and operator, where it has been operating as 118-unit hotel since 2015.
  • The asset will be converted to include 121 studio and one-bedroom apartments; plus 250 sqm lobby, lounge, and co-working space. 
  • The Hague acquisition signals the continued expansion of edyn’s portfolio across Europe, which also includes lifestyle aparthotel brand, Locke. 

Extended stay hospitality leaders edyn today announce the acquisition of a new asset in The Hague, which will become the first opening of its recently-launched serviced apartment brand, Cove, in mainland Europe.

The asset will be converted into 121 serviced apartments, which will open in March 2022. The project will comprise a combination of studio and open plan one-bedroom apartments with fully fitted kitchens and will benefit from an updated design scheme throughout, representative of Cove’s contemporary sophisticated aesthetic. The building will also include 250sqm of lobby, lounge, and co-working area, providing informal workspace for groups or individuals.

Located on Grote Marktstraat, one of The Hague’s most important shopping districts, ‘Cove – Centrum’ will serve a base of corporate clients, as well as leisure travellers and families seeking more spacious, comfortable accommodation. Set in the iconic ‘De Passage’ building, designed by architect Bernard Tschumi which opened in 2014, the serviced apartments will also benefit from extensive local shopping and dining options. 

The acquisition of ‘Cove – Centrum’ follows the recently announced ‘Cove – Landmark Pinnacle’; a £62.5m acquisition in London’s Landmark Pinnacle development in Canary Wharf, which is scheduled to open in November this year. 

Steven Haag, Managing Director of Cove, said: “The signing of ‘Cove – Centrum’ marks a milestone in the growth trajectory of the brand, which we are excited to expand into mainland Europe just two months after launch. Not only does this signal our intent on the continent, but it also is our first conversion of an existing hotel to serviced apartments which we feel is an increasingly likely path for growth.

Flexible, thoughtfully designed accommodation that caters to both long and short stays has never been more in-demand, and the brand’s rapid expansion into Europe signals its relevance and appeal to investors, owners and travellers alike.” 

JLL acted as advisor to Seller in this transaction.