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NEWS STORIES
FEATURES
VIDEOS
Editorial comment
02•09•19 Welcome to the latest Short Term Rentalz weekly newsletter!
• With Serviced Apartment Summit MEA fast approaching, more news has emerged from Dubai, where Gallery Suites Vacation Rentals, a subsidiary of IBC Group, has partnered with OYO Rooms in a $5 billion deal to furnish and manage 10,000 luxury holiday homes.
It follows IBC Group’s announcement in August that it was set to purchase the luxury properties to operate as short-term rentals, and it has now partnered with Asia's largest hospitality firm in OYO.
Both Gallery Suites and OYO aim to fulfil the growing demand for high quality rental experiences in Dubai by becoming the service providers of choice for travellers at the luxury end of the market before the Emirati city welcomes approximately 25 million visitors for next year's Expo.
OYO Rooms' intensifying focus on the UAE reflects a growing wave of optimism in the short-term rental market in the region against the backdrop of a Skift Research report estimating that the cumulative bookings market worldwide for rentals this year would go up to $115 million. Meanwhile, AirDNA released its own findings into the state of Dubai's vacation rental market in a blog post this week, including that homes in the city generated $136.7m over the last 12 months.
Dubai's short-term rental accommodation market is a topic which runs through the SASMEA agenda on 16 September at EMAAR's Rove Dubai Marina. Highlights include a session focussed on "Short-term rentals: the end of 'alternative'", a quick fire Q and A with Adlene Djekiref, recently appointed Middle East & Africa Hotels & Serviced Apartments Regional Manager, and a 'deep dive' into the local holiday home market by Ali Manzoor, Partner, Knight Frank MENA.
Speakers taking part in the conversation are GuestReady MD Reem Al Khatib, Maison Privee co-founder Paul Mallee and Airbnb's Adlene Djekiref. We will also be conducting video interviews with hospitality leaders from OnePerfectStay, Knight Frank and more.
View a taster of the event in this vox pop video and I'd definitely recommend attending if your business is looking to take the opportunities the region presents, discounted 'short-term rental professional' tickets can be bought on the event website here.
This week's newsletter also features an exclusive interview with Stay Alfred founder and CEO, Jordan Allen, who discusses a number of topics, such as the challenges rental sites are facing when partnering with multifamily platforms to lease empty units and diversify revenue streams.
Allen said one of the major challenges involved educating developers about how it operates under a master lease model as they look to embrace hospitality in their buildings by catering to the interests of millennial consumers who are seeking more emphasis on global community and technology. This ultimately feeds into the company's long-term strategy for sustainable growth and delivering heightened travel experiences for guests to feel like locals in their surroundings.
The founder also highlighted how master leases provide a more profitable operating model by increasing net operating income (NOI), and spoke about the reasons why a swathe of startups had emerged in recent years which operated in a similar way to Stay Alfred.
Later this week, I will be addressing the risks and rewards of the master lease model in a unique thought leadership piece, with contributions from a number of highly-respected industry figures. Keep your eyes peeled for this on our ShortTermRentalz website and social media channels!
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, news editor
paul@internationalhospitality.media
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UPCOMING EVENTS
16 September 2019
Dubai, MEA
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International Hospitality Media is the premier specialist in online publishing; conference, exhibition and events, and advisory services for niche growth sectors of the hospitality industry. The company publishes three industry-leading b2b websites - BoutiqueHotelNews.com and ServicedApartmentNews.com and ShortTermRentalz.com which keep their respective sectors up to speed with news, comment and opinion.
Our conference experience spans four continents and covers high growth segments including boutique, lifestyle and hybrid hotels, serviced apartments / aparthotels and extended stay, and vacation rental. Our events are renowned for their intense focus and attract quality industry leaders, brands and independents, providing unparalleled networking and learning opportunities. We also organise bespoke educational events and investor breakfasts to bring owners, operators and investors together.
'Providing an inspirational community to connect people through world class online platforms and events'
© 2019 International Hospitality Media. All Rights Reserved.
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