GuestReady returns to growth focus with acquisition of The Porto Concierge

London-based GuestReady - one of PhocusWire’s Hot 25 Startups for 2019 – has acquired The Porto Concierge, the largest short-term rental management company in Portugal.

GuestReady will not disclose terms of the deal but says it is both “attractive to GuestReady [and] favorable to the sellers of The Porto Concierge.” The entire team of The Porto Concierge will join GuestReady, including founder and CEO Rui Silva, who becomes country manager for Portugal, and COO Luis Carvalho, who becomes head of master lease and logistics.

“We’ve been deeply impressed with the team, the portfolio and local setup that the founders of The Porto Concierge, Rui and Luis have built over the years,” says Alexander Limpert, CEO of GuestReady.

“The Porto Concierge marks our fifth acquisition in less than four years. In such a new and dynamic industry it makes sense to team up with local leaders to continuously raise the bar, both for hosts and guests services alike.”

In 2017, GuestReady acquired London-based Easy Rental Services. In late 2018, GuestReady acquired Portugal’s Oporto City Flats and took over management of We Stay in Paris. A few months later, in April 2019, GuestReady acquired Paris-based BnbLord.

Founded in 2016, GuestReady closed an equity crowdfunding campaign in December, raising more than €2.4 million from more than 800 investors.

The company says it focused on “operational excellence and technological improvements” in 2020, and with this acquisition is making a “clear pivot back to growth,” with a goal of growing its portfolio from the current 2,800 properties to 10,000 by 2023.

GuestReady says it has been able to survive through the pandemic due to both its presence across different seasonal geographies and its revenue-share model strategy.

“Whilst fast growth always was at the center of our strategy, we perceived the master lease model that several of our competitors opted for as carrying too much systematic risk - low probability but high risk, and this is exactly what we saw unfold during this pandemic,” Limpert says. 

Says Silva: “We have been friendly competitors of GuestReady since 2018 and knew the Portuguese team well. The industry is consolidating at a fast pace and joining the technology leader in this space is a great opportunity to further accelerate our own growth. GuestReady’s technological expertise and best-in-class operational setup paired with our deep-rooted local market expertise will enable us to further improve our offering for our hosts and our guests. We’re excited to continue the journey from here on together.”