The Scandinavian corporate housing provider Forenom seeks to disrupt the traditional hotel industry.
A fast-growing corporate housing provider in the Nordic region, Forenom, has completed its fifth purchase in 12 months by acquiring StayAt HotelApart in Sweden, giving it an additional 700 apartments.
Adding to Forenom’s strategy to be northern Europe’s strongest corporate housing provider, the deal includes four aparthotels and a set of serviced apartments, in Stockholm, Malmö and Lund.
Altogether the agreement involves 700 accommodation units including an upcoming aparthotel with 100 units in Malmö.
Both Forenom and StayAt specialise in providing alternatives to traditional hotels to, as Forenom describes it, “disrupt the industry”.
They offer “serviced and hotel apartments for business customers in e.g. consultancy and research-intensive industries”. In addition, Forenom has “a strong foothold in accommodating project workers in the manufacturing and construction industries”.
At the same time, the housing shortage in Sweden is creating high demand for serviced and hotel apartments, especially in Stockholm and the region of Skåne.
“We have a strong feeling that the traditional accommodation world is changing,” says the head of Forenom in Sweden, Mats-Erik Lidström. “Together with StayAt, we are confident we will attract the next generation of business travellers who understand the benefits of home-like living combined with a warm community and reasonable pricing.”
Last year Forenom solidified its presence in Norway with the acquisition of the serviced apartment company Oslo Apartments. It strengthened its portfolio in Finland too, with several operators.
It also recently opened new offices in Bergen, Malmö and Gothenburg.
The acquisition will be effective starting March 1, after which StayAt properties will be branded as Forenom. During 2018, Forenom’s chain will consist of 17 aparthotels in major Nordic cities. It manages over 5000 serviced apartments and aparthotel and hostel rooms in Scandinavia, accommodating over 90,000 travellers a year.