Short-term rental property management platform Guesty has acquired property management software MyVR. Terms of the deal were not disclosed.
With MyVR, Guesty says it “effectively makes the company the largest short-term rental property management platform worldwide.”
Guesty’s investment points to the promise of the short-term rental market in 2021 and travelers’ preferences as they begin to climb out of the coronavirus pandemic.
The Tel Aviv-based company says it has seen a “surge” in upcoming bookings due to pent-up demand to travel and more users opting for private rentals over traditional hotels for more space to live and work.
“Our decision to acquire MyVR was a no-brainer. Like Guesty, MyVR is a Y Combinator alumnus. Their innovative team has developed a cutting-edge product that will help power our growth and bring more standardization to the space,” says Guesty co-founder and CEO Amiad Soto.
“The future looks bright; there is no question that travel is recovering. Our growing team will be there every step of the way continuing to power the diverse businesses of professional hosts and property management companies pioneering the next generation of alternative accommodation across the globe.”
For now, both the Guesty and MyVR platforms will continue to operate independently, and customers of both companies will not experience changes to current products and services.
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With MyVR, Guesty says it is better positioned to cater to a broader customer base – including in North America, one of MyVR’s core markets – as well as to quickly deliver more advanced features, drive increased standardization and develop deeper business partnerships.
As part of the deal, the MyVR team will be integrated into Guesty.
“With vacation rentals and low-touch, independent boutique hotels being the preferred accommodation choice in a post-COVID world, there is no doubt that professional hosts and property management companies will increasingly seek proven, modern, innovative tech partners to help deliver on the demands of travelers within our rapidly expanding industry,” says Jonathan Murray, co-rounder and CEO of MyVR.
“We are excited to join the Guesty family and together become the choice market leader for property management, offering all the tech solutions users need, under one roof.”
Guesty and MyVR are the latest to join forces in what many experts in the industry say is a consolidation phase for the short-term rental ecosystem.
The highest-profile deal to emerge from the pandemic thus far came last month when Vacasa announced its acquisition of TurnKey Vacation Rentals.
“Given the vast amounts of private equity investment and the resilience of the sector over the last year, more consolidation like this will be inevitable as the checkbooks come out,” said Graham Donoghue, CEO of Sykes Holiday Cottages.