‘Innovative design optimises real estate return on investment’
Amsterdam, 13 April 2023 – YAYS Group, a leading European operator of design-forward serviced apartments for short and long stays in the leisure and business segment, is expanding its operations beyond Benelux and France at the end of this year with a first location in Spain (Madrid). YAYS expects to also open a first location in one of the major cities in Germany in 2024 alongside the scheduled opening of its new location in Scheveningen, The Netherlands. “Like the Scheveningen project, YAYS sees great opportunities in further conversions of office buildings in these markets and has introduced a design innovation for this purpose,” said Head of Development, Joris Tensen.
YAYS in the heart of Madrid in 2023
The project in the heart of Madrid – in collaboration with property developer Monthisa – will be launched late 2023 and named Madrid Puerta del Sol by YAYS; a building including a rooftop terrace, centrally located in between Gran Via and the ‘Puerta del Sol’ square, the city’s busiest shopping and pedestrian area, close by the Royal Palace. Spacious apartments of various sizes with fully equipped kitchens and a clear emphasis on design. Targeting both business and leisure travellers, looking for a comfortable place of their own for a few days, weeks or months.
First YAYS Germany in 2024
YAYS has established its own office in Germany and hired a local development manager to expedite expansion through the lease structure with the aim of securing prime locations in top cities with strategic real estate partners. Currently, negotiations for several locations in cities such as Frankfurt and Berlin are under exclusivity. Zachary Schwartz, anticipating the opening of the first YAYS branch in 2024, believes that the company’s efficient and customizable YAYS 2.0 design will prove to return more per square meter on office conversions thanks to the efficient design footprint. Schwartz also expects that developers will appreciate YAYS’ innovative approach to maximize real estate Return on Investment (ROI).
High returns, high ratings
During the summer of 2022, YAYS experienced a 20% increase in the yield per apartment compared to the summer of 2019. Shortly after opening, the apartments at YAYS’ first location in Belgium, Antwerp, received the highest guest reviews on major booking platforms. YAYS Antwerp Opera, along with YAYS The Hague Willemspark, also received outstanding ratings and reviews, leading the market on platforms such as Booking.com, Google, Expedia, and Airbnb. YAYS aims to maintain this position with the upcoming renovation of the Scheveningen project, a joint venture with RE:BORN, an investor and developer. The Scheveningen project will feature 66 apartments designed with the efficient and adaptable YAYS 2.0 model.
More yield than a hotel room
Joris Tensen is intrigued by the underrepresentation of serviced apartments in Europe’s overall accommodation offerings but predicts strong growth, as they can yield better returns than hotel rooms a reported by real estate researcher Savills. “We see significant opportunities for YAYS’ design-driven concept across key European capital cities, getaways market and other strategic secondary markets.”