US: Texas-based vacation rental management startup Portoro has launched its maiden market in Austin, Texas, with the acquisition of StayLocalAustin.
The acquisition takes place with immediate effect, with Portoro taking over all aspects of rental management, development, and concierge services.
Founded in 2022, Portoro says that it is on a mission to create spaces for “meaningful gatherings”, providing top-tier property management services with an emphasis on transparency. The startup has dedicated local teams in each market, which coordinate local management and development services for property owners, as well as immersive local experiences for guests, ensuring each property offers a thoughtfully curated experience representative of the local community.
Portoro CEO Dustin Abney said: “We couldn’t be more excited to make our first big splash in Austin. Tommy [Siragusa] and Angella [Emmett] have built and sustained an incredible portfolio over the years, one deserving of a great investment in order to drive growth into the market and increase revenue potential for the home owners.
“It’s a great entry point into the Austin market and a strong first step as we begin to bring more homes into the Portoro family throughout 2023,” he added.
StayLocalAustin, founded in 2018 by partners Angella Emmett and Tommy Siragusa, partnered with Portoro despite receiving interest from other players in the rental management industry.
Emmett and Siragusa said: “We heard offers from other leaders in the space, but we are certain that Portoro is the right company to continue our mission of creating locally-sourced, meaningful vacation rental experiences for guests. Portoro’s values of transparency, top-tier service, and a dedication to our local community in Austin align directly with our own, and we couldn’t be more proud to have Portoro join our local team to carry on the mission that has been so dear to us since founding StayLocalATX.”
Portoro is backed by investment partner Downing Capital Group and is preparing to expand into other markets across the United States later this year.
