UAE hospitality startup Stella Stays expands operations in Bahrain
United Arab Emirates: Emirates hotel startup Stella Stays, which manages properties for short, medium and long term stays, is expanding its business in Bahrain with the aim of becoming an Airbnb rival in the Middle East.
Launched in 2019, the Dubai-based brand now manages 300 properties across the UAE [UAE], Bahrain and Canada, in part thanks to a first round of financing.
Stella Stays Co-Founder and CEO Mohannad Zikra said Hotelier Middle East: “We have an aggressive growth plan and the new properties under construction in Bahrain will play a crucial role in our strategy. Our expansion in Bahrain coincides with the main real estate developments in the Kingdom.
“Our model is perfectly suited to the Bahrain market and will be an excellent springboard to deploy the concept in key locations in the region and possibly expand to Europe and North America,” he added. .
The company believes that the Bahraini market is the next logical step in its continued growth, and developers are leading a number of freehold apartment projects to help the Kingdom achieve its economic vision 2030, where the country’s future economic success is intended to have a wider impact on society. , creating greater prosperity throughout the state.
Bahrain’s market is also showing increasing signs of recovery from the pandemic, after real estate transactions in the Kingdom increased 36% in Q1 2021 to $ 600 million [226 million BHD], according to figures released by the Bahrain Land Survey and Registration Office.
Ali Al Mudaifa, Executive Director – Origin of Investments at the Bahrain Economic Development Council, told the same publication: “The Kingdom’s hotel sector is changing rapidly amid ambitious real estate developments across the island. Major global hotel brands and small hospitality innovators see Bahrain as an attractive place to grow in the wake of the pandemic, which has catalyzed innovation.
“We are seeing disruptive business models drawn to Bahrain’s vibrant real estate market in part because of the real estate regulator [RERA] forward-looking and effective regulation. The Kingdom’s regulations on 100% foreign ownership also make Bahrain an attractive place to settle.
“We look forward to supporting Stella Stays and many other hotel companies in the region and beyond in their growth plans over the coming months,” he added.
Another operator expanding its presence in the Middle East is Sonder, which is adding two more buildings to its portfolio in Dubai. Through an agreement with Al Fattan Properties LLC, the company will manage and operate two of the three downtown Al Fattan towers overlooking Burj Khalifa, which will be operated as Sonder Downtown Towers.