DUBAI, United Arab Emirates, July 23. 12, 2022 (GLOBE NEWSWIRE) — Qstay Hospitality Technologies (“Qstay” or the “Company”), a Dubai-based DIFC next-generation hospitality company redefining the guest experience through technology and design, announced that they have recently closed on a $6.5 million SEED round. The financing was a mix of debt and equity.
Qstay was officially launched in 2020 and was co-founded by longtime UAE resident Artur Khayrullin, co-CEO; Ukrainian-born Ekaterina Rogozhina, CCO; Ukrainian American Alec Fesenko, CO-CEO and his wife Natalya Fesenko, the initial investor. Since its inception, Qstay has delivered on its mission to transform the hospitality industry through modern, technological service and thoughtfully designed, inspiring accommodations, combined into one seamlessly managed experience. Qstay currently operates nearly 200 properties in the UAE and Europe, another 200 are signed and plans to have 450 revenue generating units by the end of 2022.
Qstay operates as a virtual hotel brand that provides luxury services and amenities such as bathrobes, slippers, luxury toiletries, toiletries, tea, Starbucks coffee. Qstay additionally provides app-based digital access to nearby pools, beaches, gyms and spas. for its guests staying in beachfront properties.
Qstay holds coveted Superhost status and higher ratings on Airbnb than its competitors, resulting in an exceptional occupancy rate that is now consistently above 80% and an exceptional REVPAR of $195, well above competition. Qstay has recorded positive EBITDA in the last two quarters and expects a positive net result in the fourth quarter of 2022, only in the second year of operation.
The company’s revenue grew at a rate of over 100% quarter over quarter and Qstay expects its portfolio to grow to over 600 units and achieve $50 million in revenue in 2023.
Qstay founder and co-CEO Artur Khayrullin said the capital would be used to “accelerate the incredible growth we’ve seen so far”, and the concept plans to expand to at least five cities around the world. Europe and the Middle East over the next 12 months.
“Thanks to QSTAY’s differentiated digital service model, the company can reduce operating costs by up to 50% compared to traditional hotels. Through innovative technology, additional digital services such as mobile access to hotel facilities finest resorts and carefully designed accommodations. , QSTAY is revolutionizing the hospitality industry,” says Artur Khayrullin. “With a one-of-a-kind modernized service, our guests experience uncompromising quality with inspiring design. at a price that democratizes access to an extraordinary hospitality experience.”
The company rents out large groups of units in the best locations, modernizes and furnishes them to consistent luxury standards and supports them with the many luxury services and amenities, providing guests with exceptionally designed accommodations at affordable prices at the nightly, weekly or monthly basis.
The company also offers a 24-hour SMS concierge service and confirms that while it doesn’t own any of its units, all “are directly rented and managed by Qstay.”
“Our increase underscores the strength of the company and the rapid change taking place within the hospitality industry due to technological innovations. Our vision for travel is to make beautiful, well-designed spaces accessible to everyone through technology, while providing exceptional additions based on mobile app-based services,” said Alec Fesenko, co-founder and co-CEO. “We are far more efficient than traditional hotels while providing a unique space and services flexible enough to meet everyone’s needs. Whether you are traveling alone, on business, with family or friends, you always have a space that can accommodate you.”
Currently, Qstay is developing a differentiated, technology-driven platform that will provide seamless booking, digital concierge, and a unified on-demand platform for maintenance and service.
This increase will provide Qstay with additional capital to accelerate and boost Qstay’s vision.
Qstay plans to further capitalize on opportunities within the growing $800+ billion global accommodation market and strengthen its position as a differentiated and fast-growing innovator in the hospitality industry. Over the next few years, Qstay plans to continue investing in technology and expanding its footprint and product offering to deliver an unparalleled customer experience, while delivering even greater value to its investors, real estate partners and customers.
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