Stella Stays, reveals the launch of its second smart residencies in Saudi Arabia. This comes as the PropTech firm continues to expand its innovative business approach and standout product to continue disrupting the world's residential real estate market.
Stella Stays continues to reshape the rental and hospitality market, appealing to a new generation of tech-savvy residents, business travellers, and tourists. The company won the 2022 Gulf Business Award for "PropTech company of the year". But it also won the 2021 Stevie Awards for the "Most Innovative Tech Start-up of the Year" and "Innovative Achievement in Sales" for its technology and revenue generation strategy.
NEW STELLA STAYS RIYADH OLAYA TOWER 2
Through recently opening Stella Stays Riyadh Olaya Tower 2 , its second building within Saudi Arabia, the prominent PropTech company continues its strong trajectory of growth. The launch of this new tower comes only five months after Stella Stays introduced Stella Stays Riyadh Olaya Tower. This tower became the company's first residency in Saudi Arabia
The recently opened tower has 80 units spread across 16 stories and offers contemporary, completely furnished apartments, and a coworking space. It also has other recreational, commercial, and community services, and is another example of the company's "show up and start living" concept.
The tower's ideal location in North Riyadh puts Riyadh Airport, the Kingdom Tower, the King Abdullah Financial District, and Riyadh Park Mall all within a sixteen-minute drive of the tower. Within eight weeks of its grand opening, the first Olaya Tower already runs at full capacity, but it has also established itself as the go-to destination for locals, tourists, and business travellers looking for contemporary lodging and a hassle-free stay.
STELLA STAYS’ INNOVATIVE PROPTECH EXPERIENCE
The innovative Stella Stays app can be used by residents and guests within the Olaya towers to plan their whole stay. This includes being able to book and manage their stays, check-in, control the smart home systems, and order a variety of guest services. Payment options include debit, credit, and cryptocurrency, and the conditions of payment are variable.
Saudi Arabia is on track to welcome over 100 million visitors and double the population of Riyadh by 2030 thanks to the plans laid out by KSA’s Vision 2030 aims. Equally, Saudi Arabia has recently been selected to host the Winter Olympics in 2029 which is another major boost. Stella Stays has established the technological infrastructure and capacity to help contribute towards Saudi Arabia's Vision 2030. The company is doing so as a dependable residential and hospitality partner with the vision to build the future of living and hospitality.
By collaborating with property owners and real estate developers to introduce a new category of residential hospitality, Stella Stays hopes to revamp the Kingdom's hospitality industry. This goal is reflected in the growth of its KSA portfolio. The smart business strategy of the PropTech firm gives real-time data and hands-off management to property owners. This allows the property owners to produce greater revenues and lower operating expenses when compared with conventional hotel models.
Ultimately, through long-term cooperation agreements with property owners, real estate developers, family offices, and REITs, Stella Stays has been able to successfully implement the expansion plans of their KSA real estate portfolio.