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Max Thorne to lead JLL’s serviced apartment team
LONDON , 7th March 2016- JLL has hired top serviced apartment/Aparthotel and hospitality expert Max Thorne to develop its serviced apartment offering as investment appetite for the sector grows across Europe. He will lead a dedicated team that will sit within the Hotels & Hospitality & Residential teams.
Max has over 30 years’ experience in property, playing a key role in the serviced apartment sector as it has developed and grown. His past roles include working as Senior Vice President for global serviced apartment company BridgeStreet and being a group member of the board. In 2012 Max created the Aparthotel brand ‘Beyonder for Oaktree Capital Management’s platform, shortly flowed by the acquisition of one of the largest UK sector operating companies, SACO.
In 2015 he established his own hospitality consultancy, the MRP Group which provides advice to clients such as The Wellcome Trust, Oaktree Capital Management, PRSInvest, Visit Rentals and MRIB insurance.
As Chairman of the British Hospitality Association Aparthotel Committee, he has also spearheaded action to help the sub-sector gain recognition within the wider hospitality industry. This has included focusing on issues including training to invest in key skills, addressing living wage considerations and VAT in the leisure and tourism sector.
The sector has experienced a large amount of growth over the past few years. Since 2008 investment volumes in the UK alone have steadily increased from £7.3 million to £259 million in 2015. Hotel operated brands have also recently begun expanding into the sector, with examples including InterContinental Hotel Group’s Staybridge Suites concept.
Mark Wynne Smith, Global Chief Executive of JLL’s Hotels & Hospitality Group, commented: “Investors are seeing the opportunities the sector can offer thanks to growing consumer demand for serviced accommodation and the supply gap opportunities that exist in city markets such as London. The time is right for us to offer clients a dedicated advisory service and we are delighted that Max will be leading this given his depth of knowledge and experience.”
Andrew Frost, head of JLL’s Residential team said: “This is an increasingly important sector. With the combination of superior residential expertise and a market leading hotels and hospitality offer, we are uniquely placed to maximise the opportunities for the benefit of our clients.”
Max Thorne, Managing Director in JLL’s Hotels & Hospitality Group added: "Over the past 30 years, I have seen the Aparthotel and serviced apartment sectors of hospitality grow year on year. In the past decade the sector has gained increasing attention from private and institutional investment houses and JLL has taken the lead in being the first commercial agency to commit resources and investment to a dedicated team. I am looking forward to spearheading this, given my experience of working in the sector from the perspective of both the operator and buyer." Notes to editors Picture of Max Thorne attached
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