This will allow the privately-owned company to continue with its European plans to almost double the size of the company over the next 18 months and to operate 15,000 keys by 2026/2027.

ISIF (the Ireland Strategic Investment Fund) took part in the fundraising, taking a 13 per cent stake in the business. In support of this investment ISIF has also committed a debt financing position. As part of the deal, existing shareholders have agreed to invest €7m for ordinary equity alongside ISIF.

With cash and undrawn facilities of €50-60m, Staycity is in a strong position to deal with the impact of the pandemic on its business over the next couple of years and maximise opportunities that are likely to emerge in the recovery phase.

In addition to the equity raise, a new €33m (£30m) loan from UK bank OakNorth was used to top up cash and repay existing debt.

“Despite unprecedented challenges, we have achieved occupancies above 50 per cent year to date. This is significantly ahead of traditional hotels and underpins the robustness of the aparthotel model which is increasingly regarded as an attractive asset class,” said Staycity’s CEO and co-founder Tom Walsh.

Staycity’s has grown from a single apartment in Dublin in 2004 to 21 aparthotels – and 2,700 apartments - today. Over the next 18 months the group will open 10 properties in locations including Manchester, Dublin, Bordeaux, Paris, London and Frankfurt and almost double its operating estate to more than 5,100 keys.

“It’s apparent that full recovery will take some time to achieve but the recent news of the success of the vaccine trials is positive news for the future. Leisure travellers have already demonstrated a demand for short breaks and city-based staycations nearer to home and we are well placed to see our occupancies rise as a result, particularly as our self-catering apartments make social distancing easier," said Walsh.