Dubai: To mark the fifth anniversary since its launch, luxury short-term rental property management company One Perfect Stay has announced plans to expand its operations in the Middle East and Europe.
The company has outlined its strategy to set up operations in Abu Dhabi and Ras al Khaimah in the United Arab Emirates [UAE], Riyadh in Saudi Arabia, Kuala Lumpur in Malaysia, and in European destinations including Istanbul [Turkey] and London [England].
Speaking to SME10x, One Perfect Stay founder Mahwussh Alam added that she was also seeking to secure between $2-3 million in venture capital funding to facilitate the company’s expansion across Asia and Europe.
Alam told SME10X: “We believe that if we need to scale at a more rapid pace post-Covid when travel is about to open with pent-up demand, we need to have more capital to catch up with growth.
“Currently, we are looking to raise funds to achieve next level of growth. We are more interested in cities which have the infrastructure, like apartments and homes, and where landlords and guests have the mindset to be part of a sharing economy.
“We believe cities like Abu Dhabi and Ras al Khaimah in UAE; Riyadh in Saudi Arabia and other global destinations like Kuala Lumpur, Istanbul and London have the conducive environment where we can scale our business rapidly. These cities are the next global growth markets for us,” she added.
Now managing up to 200 properties in its portfolio, One Perfect Stay was co-founded without external venture capital funding, and Alam is looking to the future and how to continue developing the company’s independent booking platform.
She said: “The short-term rental industry is experiencing massive demand as holidaymakers, residents, homeowners, and investors recognise the benefits it offers in a new kind of world. By investing in people’s wellbeing, be it our employees, our landlords, and our guests, we’ve been able to create an elevated short-term rental experience with the personal touch.
“Having mastered one of the biggest hospitality regions, we’re looking forward to expanding this model into new geographies soon,” she added.