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TODAY'S OTHER NEWS

Countrywide critic helps short-let service reshape business model

Long-standing industry figure Robin Paterson has described how a company has re-shaped its service post-pandemic to offer high quality short lets in London.

Paterson - who recently came out as an investor in Countrywide, demanding wide-ranging changes to its existing strategy - is non-executive chairman of Stayo, a company previously known as London Central Stay.

Stayo says it caters for “the needs of discerning business and leisure travellers looking for a high standard of professionally managed accommodation.”

As a result of there Coronavirus outbreak it has consolidated its portfolio and is marketing itself as different to rival firms in the short let sector because of the “comprehensive end to end management service it offers, whereby the dedicated team is responsible for all aspects of the accommodation as well as the ‘guest experience’.”

Paterson himself says: “The Corona pandemic has offered an opportunity for those companies brave enough, to completely re-evaluate how they do things and dramatically change for the better.  It is a pleasure to work with the Stayo team who have this courage and conviction in repositioning their business due to the cataclysmic consequences of Covid-19”.

Currently with 43 units across 10 buildings in central London, the target is to grow the portfolio to 300 units in London over the next three years, before expanding into other UK and European cities.  

The company has had 61 per cent occupancy rates across all buildings in August and expects 65 per cent this month. 

Prices for Stayo units range from £99 to £800 per night with price incentives for longer stays.

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