UAE: Dubai-based hospitality tech firm Maison Privee has built a luxury vacation rental portfolio worth $300 million, which has seen it shortlisted for a Serviced Apartment Award this week.
Since its Series A funding announcement at $4 million less than a year ago, the company, which was co-founded by Paul Mallee and Rami Shamaa in 2017, has seen an exponential rise in guest numbers; increasing from just over 1,000 guests in the first year to over 10,000 guests in its second year in operation.
Due to the substantial growth in the short-term rental market, Maison Privee has seen constant growth in its assets under management, with a portfolio valued in excess of $300 million expected by the end of the year.
Maison Privee co-founder and managing director, Paul Mallee, said: “One of our key strengths at Maison Privee is sustaining momentum; growing our portfolio constantly and steadily while maintaining the unique quality of our services. Dubai is a huge tourism hub where we continue to see significant opportunities.”
The vacation rental provider aims to bring an innovative approach to luxury accommodation experiences, by integrating a concept which combines the service and convenience of a premium hotel with the privacy and comfort of home. On its website, Maison Privee says its rental properties offer “authentic luxury stays in outstanding locations with stunning views of Dubai’s skyline”.
Furthermore, this innovative approach has resulted in the company being shortlisted for an award at International Hospitality Media’s (IHM) 2019 Serviced Apartment Awards this Thursday (14th March) at Park Plaza Riverbank.
Maison Privee is the only nominee from the Middle East to be shortlisted in the category for “Best Short-Term Rentals Operator”, alongside other leading global companies; Air Agents, BridgeStreet, The Plum Guide, ReloQuest and ServicedApartments.nl.
Following the announcement, co-founder and managing director, Rami Shamaa, said: “We have always pursued excellence in our endeavour to create an exclusive and discerning luxury offering and we are delighted to be recognised at a global level.”
Maison Privee also announced the appointment of Ryan Kasper as its head of property acquisition, where he will be responsible for furthering the company’s portfolio expansion. Kasper, who has managed some of the most exclusive properties in Dubai for over a decade, was previously the director of luxury rentals at Luxhabitat.
Kasper said: “I am delighted to embark on this new journey and to lead the development of the Maison Privee portfolio. There is a growing recognition of the potential to generate greater returns through short-term rentals as an alternative to traditional yearly leasing, particularly in an otherwise difficult market.
“I look forward to bringing my expertise in luxury property to this new and exciting space,” he added.
For more information, visit the Maison Privee website here.