MaisonPrive raises $4 million to fund expansion
UAE: MaisonPrive, an operator of luxury apartments and villas for business and leisure visitors to Dubai has announced a private strategic investment of US$4 million.
The investment is the first round of funding secured by the company, which was founded a year ago by Rami Shamaa and Paul Mallee.
MaisonPrive manages residential properties on behalf of owners, renting them to corporate and leisure guests on short-term stays in Dubai. The company says: “Guests can enjoy the flexibility of staying in a luxury apartment or villa, with access to services like concierge, cleaning, fresh linens and towels, and 24/7 guest contact support. Owners can generate between 30 to 40 per cent more revenue from their properties without the hassle of managing guests.”
Paul Mallee said: “This initial funding round recognises the potential of the business model we have built. It allows us to develop the infrastructure to support our scaling targets in the short run. We are part of Dubai’s fast-diversifying hospitality segment, offering visitors luxury, space, flexibility, and value while giving owners new revenue streams without the hassle of managing guests. Dubai is now the world’s fourth most visited city. As leisure and business tourism grows, demand for our services will rise. That positions us for rapid growth in the years ahead,” said Mr Mallee.
Dubai is driving global tourism through three key areas of focus: family tourism, global events and attractions, and the city’s status as a business destination. A report last month by Dubai Tourism showed that the city’s hotel rooms supply will reach 132,000 by the end of next year. The Government recognises the need to diversify Dubai’s hospitality proposition to keep pace with demand.
“We want to be part of Dubai’s competitiveness mix, meeting rising demand for high-quality accommodation supply as the business and leisure tourism segments scale,” said Rami Shamaa. “We select the apartments and villas we manage on the basis of location and luxury, so they are always sited close to major transport nodes and visitor experiences, with on-site access to gyms and pools. The fresh investment affords us the scope to accelerate growth, scaling our footprint across existing and new markets, and leveraging new expertise, marketing and technology to refine the user experience and positively disrupt the hospitality market,” he added.
Click here to read an interview with MaisonPrive founders Rami Shamaa and Paul Mallee.