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20•05•19 Welcome to the latest Short Term Rentalz weekly newsletter!
• In the news this week, four leading rental property management companies have merged to create a brand called ALTIDO, which will be headquartered in London.
The merger will combine the business operations of UK-based BnbBuddy and The London Residents' Club, Hintown in Italy and RentExperience in Portugal. The brand will bring together the marketing, management and operations of over 1,700 properties across 21 European destinations.
As well as the company's centralised London headquarters, ALTIDO will have satellite offices in locations such as Lisbon, Milan, Edinburgh and Rome.
A key focus of the co-founders is to create a definitive guest experience, where management costs are reduced but hotel-like services are maintained during guests' stays. The current ALTIDO portfolio includes a diverse range of private rentals, serviced apartments, apart-hotels and guesthouses.
AJL Consulting CEO Simon Lehmann advised on the merger, to help forge relationships with prospective partners and investors.
“ALTIDO is bringing a new paradigm for the end-to-end property management and guest hospitality in the global short-term rental industry," said Lehmann. "It will change the way the industry is looking at scaling the business of property management."
The merger of the four companies represented yet another example of the increasing convergence between home-sharing private accommodations and traditional hotels.
In an exclusive extended interview, co-founder of The London Residents' Club and ALTIDO, Tom Archer, said the newly-created firm had diversified its product line to include apartments and apart-hotels, while also becoming one of the first partners for Marriott's 'Homes and Villas' rental platform.
Archer said the blurring of the lines between short-term rentals and hotels was partly down to the issue of inconsistency with home-shares since the inception of Airbnb, as guests look not just for the perfect space but also for high-standard, hotel-like amenities and facilities on offer when travelling.
ALTIDO now aims to double its inventory over the next 12 months, which began with the opening of the first company-branded apart-hotel in Edinburgh.
The trend was outlined in our 2019 predictions piece, as more guests are booking "hyper-amenitised" multi-family apartments and condos than ever before. This theme will be discussed further on Day Two of the upcoming Serviced Apartment Summit Europe, which takes place from 1-2 July.
Archer added: "ALTIDO will be one of the world’s biggest hospitality brands in the coming years. Our market has already started consolidating and we are in pole position to continue the consolidating of a fragmented market."
If you have a story you want us to tell the industry, please click here and get involved with the community by commenting on our news stories on our website.
Paul Stevens, reporter
paul@internationalhospitality.media
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