UAE proptech startup Stella Stays has announced its expansion into the Kingdom of Saudi Arabia, introducing the first tech-enabled residential hospitality concept in the region.
The highly anticipated Stella Stays Riyadh Olaya Tower will open in June 2022, a milestone in the company’s impressive growth trajectory.
Stella Stays Olaya Tower offers modern, fully equipped, tech-enabled apartments and hotel suites, a co-working space, as well as recreational and commercial amenities.
Guests and residents will be able to use the Stella Stays app to navigate their entire journey – from booking and managing their stays, checking in and controlling smart home systems to ordering a wide range of guest services. Payment terms are flexible and can be made through various methods, including debit, credit cards and crypto currency.
Riyadh and Jeddah are strategic locations for Stella Stays’ expansion, with more than USD 1 trillion of real estate and infrastructure developments underway.
Mohammed Al Ghussein, chairman 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 in transforming the kingdom into a world economic center with blossoming tourism and entertainment industries. The speed of national development is phenomenal, with around 730,000 homes to be added to Riyadh by 2030.” He added: “Stella Stays aims to disrupt the kingdom’s hospitality sector landscape by partnering with real estate developers and property owners, such as Four Direction Development, to provide innovative residential hospitality concepts, with unmatched profitability potential.”
Four Direction Development has extensive experience in terms of investment returns since 2014 with several development projects around the kingdom.
“We are excited to announce our agreement with Stella Stays in the Kingdom of Saudi Arabia that will boost both the hospitality and travel industries. Stella Stays offers us, the property owner, hands-off management with real-time analytics that delivers significantly more income and less operational costs compared to traditional hotel models,” said Abdullah Al Majed, co-founder at Four Directions Development.
Stella Stays’ real estate portfolio growth strategy in Saudi Arabia is through master leases or profit-sharing agreements with property owners and developers. To create a global real estate pipeline, the company uses proprietary algorithms that identify, evaluate and select the most desirable properties around the world based on location, financial projection and trends.
Stella Stays currently operates in the UAE, Bahrain, Canada and Saudi Arabia. The company expects to expand rapidly into major cities in the MENA region and around the world in the next 12-18 months, with flagship projects in key markets.