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Emirati proptech start-up Stella Stays has announced its expansion into Saudi Arabia, introducing the region’s first tech-enabled residential hospitality concept.
The Stella Stays Riyadh Olaya tower, which will open in June, will offer modern, fully equipped and tech-enabled hotel apartments and suites, coworking space, and recreational and commercial amenities.
Stella Stays offers vacationers, business travelers and residents a seamless hospitality experience, leveraging groundbreaking technology and modern service. Guests and residents in Saudi Arabia will be able to use the Stella Stays app to navigate the entire journey – from booking and managing their stays, to check-in, to controlling smart home systems, to ordering a wide range of guest services. Payment terms are flexible and can be made through a variety of methods, including debit, credit card, and crypto payments.
Riyadh and Jeddah are strategic locations for Stella Stays expansion with over $1 trillion in real estate and infrastructure developments underway. The Kingdom’s economy has fueled solid growth in residential construction, with developers advancing an increasing number of freehold apartment projects. Saudi Arabia also offers some of the most attractive setup costs in the real estate industry in the region.
Mohammed Al-Ghussein, President of Stella Stays, said: “We are extremely proud of our launch in Saudi Arabia, and we believe that our vision for the future of living and hospitality aligns perfectly with Vision 2030. , transforming the Kingdom into a world economic center with booming tourism and entertainment industries. The speed of national development is phenomenal, with around 730,000 homes to be added in Riyadh by 2030.
Stella Stays aims to disrupt the landscape of the Kingdom’s hospitality industry by partnering with real estate developers and landlords, such as Four Direction Development, to provide an innovative residential hospitality concept, with unparalleled profitability potential.
Four Direction Development has extensive ROI experience since 2014 with several development projects across the Kingdom.
“We are delighted to announce our agreement with Stella Stays in the Kingdom of Saudi Arabia which will boost both the hospitality and travel industries. Stella Stays offers us, as the owner, hands-off management with analytics in real time that generate significantly more revenue and lower operational costs compared to traditional hotel models,” said Abdullah Al-Majed, co-founder of Four Directions Development.
Stella Stays’ real estate portfolio growth strategy in Saudi Arabia is through master leases or profit sharing agreements with landlords and property developers. To create a global real estate pipeline, the company uses proprietary algorithms that identify, evaluate and select the most desirable properties in the world, based on their location, financial projections and trends.
Mohannad Zikra, CEO and Co-Founder of Stella Stays, said, “The digital economy, COVID-19 and tech-savvy millennials are driving massive behavioral changes related to the way people live, travel and work. Business travel is also rebounding and increasing significantly, requiring flexibility for longer stays.
When Stella Stays began operations in 2019, the average length of stay was three nights per booking. Today, the average length of stay has increased to 28 nights per booking, with many repeat customers and permanent residents. Stella Stays continues to seize these opportunities by creating modern living spaces, futuristic technology and a highly profitable business model. Our occupancy rate is now above pre-pandemic levels, reaching 100% around events such as Expo 2020 Dubai and Formula 1 Bahrain Grand Prix 2022.”