Who are Greystar Holdings and what can we learn from the way they operate and manage serviced apartments? Greystar is a large real estate business, providing high-end accommodation in the UK and the US, along with a number of other business services.
Keen to know more, we spoke to Greystar’s Senior Business Development Manager, Bishoy Nagy, for insight on the company, including his role and how the company business model works. Bishoy – over to you…
What does your role involve?
I joined Greystar ten months ago, having previously worked for a large hotel provider. Greystar’s market is predominately B2C, and I was brought on to introduce the company’s B2B output, and generate more business from large corporate companies.
As Senior Business Development Manager, I’ve been working hard to ensure that we re-target our B2C properties to the B2B market, and, so far, we’ve already seen some good traction with a number of our apartments. Part of my responsibility is making sure our B2B messaging is consistent at a brand level.
Greystar offers not just serviced apartments but a raft of other services. Talk us through how the business is divided up
Greystar is, first and foremost, a real estate firm. As well as managing apartments, we provide a number of development and construction services such as due diligence and site selection. The company originally started out in US, but has since grown to become a global leader.
Structurally, the business has both B2C and B2B divisions. Our B2C division is driven by flexible tenancy agreements and bonuses available on referral.
We offer serviced apartments across a number of international locations, under various sub-brands. For example, in the US, we have Greystar Student Living and Overture – the former caters for college students seeking accommodation, while the latter is geared towards occupants over the age of 55.
We also have a Greystar corporate housing program, aimed primarily at business travellers, and incorporating a 24/7 concierge service.
In London, we provide serviced apartments under the sub-brand, Mylo, and operate in top areas such as Fulham, Aldgate and Vauxhall. As well as that we have a number of upcoming new apartments in Canary Wharf under the sub-brand, Sailmakers.
How have you come to providing two and three-bedroom apartments in a city like London where serviced accommodation is mostly limited to studio and one bedroom apartments?
As a global leading apartment operator we’re able to obtain a large inventory of properties, and, therefore, operate in a more expansive capacity. Our three bed apartments are very unique as they boast three bathrooms and two large storage rooms.
We’ve observed that the current market doesn’t offer a sufficient number of large apartments and there are so many corporates out there struggling with a restricted budget to relocate employees. As such, we decided to take a risk and invest in this unit category, by offering a large shared living space where everyone can still have their privacy.
What makes your offering unique?
Our properties are high-tech and spacious. We offer excellent storage facilities, including a large postroom at our Nine Elms Point property in Vauxhall, along with great features like coffee machines and wine coolers. All Greystar apartments have their very own winter garden, which is basically a locked balcony providing scenic views under shelter throughout the year. What’s more, we’re a completely pet-friendly operator, with one fixed rate across the board for guests.
What is it about your Nine Elms Point property in Vauxhall that makes it so popular?
Nine Elms Point is one of our top developments, and benefits from being in a great area.
Vauxhall is an upcoming district with a strong business pull that’s easily reached and attractively located close to the River Thames. With the recent opening of a US Embassy in Vauxhall and the new Elizabeth train line soon to pass through the area, it’s becoming more and more popular.
As one of the providers able to offer apartments in Vauxhall, we have authority on the area and will continue to do so as we expand.