The joint venture will identify and secure aparthotel or mixed-use sites with a primary focus around London, Oxford, Cambridge, Bristol and Edinburgh.

The joint venture aims to commit £200m this year and an additional £200m in 2019.

First Base will lead on design, planning and construction with Native operating the aparthotel units. Other target cities include Brighton, Reading, Manchester, York and Dublin.

The agreement comes at a time when the UK aparthotel sector is set for significant growth with increasing numbers of business and leisure travellers opting for the independence of apartment living, coupled with the service and flexibility of a hotel.

Each new site will benefit from Native and First Base’s distinctive design-led approach on ground-up developments and the sensitive restoration of historic, city-centre buildings.

Barry Jessup, Director at First Base, said: “Demand far out-strips supply for aparthotels in these locations, and we see homestay living playing an important role in the revitalisation of town centres.

“We will begin work on these developments as soon as we have secured the sites and planning consent, such is the demand.”

Archie Hunter, Development Director at Native, said: “This partnership clearly demonstrates our commitment to standout aparthotel developments across the UK, at a time when the sector is set for significant expansion.

“With 20 years of experience behind us, we have established the Native brand as synonymous with outstanding service, creative design and operational efficiency.

“Our expansion will enable us to take our unique proposition to a greater range of key UK cities, addressing a significant gap in the market.”