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.”
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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.”