Case study
Eveswell Studios, Newport
From a £300k conversion to a near-£1m sale. Ten serviced studios on Chepstow Road, launched in lockdown and personally managed by Guesture from the first guest to the final sale.
By the numbers
£688k
in bookings, January 2021 to August 2024
86%
average occupancy across ten studios, reaching 90% in 2024
4.77
average from 198 Airbnb reviews; 4.9 on Google
Close to £1m
sale price in 2024, against about £300k invested
The opportunity
Two private investors bought and refurbished a late-Victorian house on Chepstow Road for about £300k, creating ten self-contained studios. Their valuer could find nothing comparable in Newport. As long lets, local agents valued each studio at £650–700 a month, about £80k a year for the building.
What we did
Studied the market before a single night went on sale. We gathered local comparables and built a pricing model for each grade of studio: Premium, Comfort and Standard.
Designed the stay. A smart-hotel model: contactless entry, and every studio with its own kitchen, en-suite, washing machine, desk and smart TV. Bills included, an online concierge and a guest guidebook that guests still mention.
Launched in lockdown. The first guests arrived on 31 January 2021: key workers, NHS placement staff and contractors on medium stays.
Priced by hand, night by night. Our team set every rate against comparables, local demand and events, the work pricing software does today.
Built direct demand. 62% of nights were booked direct, keeping commission low, with Airbnb, Booking.com and Expedia filling the rest.
Took care of the detail. Guest messages, check-ins, housekeeping and maintenance were managed by our team, with transparent monthly reports to the owners.
The results
| Year | Bookings | Nights sold | Occupancy |
|---|---|---|---|
| 2021 (from 31 Jan) | £124,848 | 2,568 | 81% |
| 2022 | £212,459 | 3,222 | 88% |
| 2023 | £201,985 | 3,081 | 84% |
| 2024 (to 30 Aug) | £149,083 | 2,177 | 90% |
Around £200k a year in bookings, against about £80k as long lets.
£270.6k paid to the owners in the final 23 months alone, and around £100k profit in the last full year.
Long stays, loyal guests. The average stay was 12.5 nights, and 49 guests came back for repeat stays.
Recognised by Travelmyth in 2022 and 2024.
When the owners sold in 2024, the building fetched close to £1m, more than three times their investment.
What guests said
"The space was beautifully clean & modern, like a boutique hotel apartment. The building is really safe and secure too."
(Susie, April 2021)
"Perfect place for me to stay while I was on my placement in the Grange Hospital… Fantastic hosts."
(Mika, April 2022)
"I booked for my colleague who really enjoyed his stay… Would look to book for my colleagues in the future."
(Courtney, May 2023)
What the owners said
"Thanks for everything you've done over the past few years."
(Owner, Eveswell Studios)