EDITOR'S COMMENT
• Co-living proptech company DoveVivo's acquisition of ALTIDO may not have been the most expected move, nevertheless it demonstrates the increasing synergy between the coliving and short-term rental asset classes as a means of expanding the customer base and future growth opportunities for the former.
Both DoveVivo and ALTIDO - which launched in 2019 following a merger of four European property management companies - operate across Europe and target similar guest demographics, particularly students and young professionals. The acquisition will allow the two firms to cross-sell to broader groups such as multifamily, professionals and corporates for business and leisure travel purposes, pave the way for DoveVivo to enter new markets [UK and Portugal], and strengthen the hand of private or institutional investors to work with a diverse range of products and services.
This is also a prime example of the next iteration of the hospitality industry - hybrid hospitality - which combines residential products [coliving] and transient units [short-term rentals] as the lines between our personal and professional lives continue to blur and the desire for flexible living and working spaces surges. Proclaiming its ambition to be "Europe's largest residential management platform", DoveVivo may trigger a new wave of M&A as a result of its purchase and further accelerate this convergence.
• We're back with another STRz webinar next Tuesday 8 March, discussing "How do successful property managers prevent disturbances when they are off property?". The no-cost session, sponsored by NoiseAware, will feature Andrew Schulz [NoiseAware], Serena Sylvester [Native Travel] and Todd A. Butler [RealPage], as well as some further speakers to be announced. Sign up for free at this link.
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