Tourism Breaking News
Stella Stays announces expansion into Turkiye, launching two towers in prime locations in Istanbul, Turkiye. Stella Stays Istanbul Etiler Tower and Stella Stays Istanbul Galata Tower will welcome guests from June and July 2022 respectively, offering tech-enabled, designer apartments with spacious living space, full kitchens and dedicated workspaces to both travellers and long-term residents.
The launches in Istanbul mark the company’s first move into European markets, as part of an aggressive global expansion plan, after launching in Saudi Arabia in early June 2022. Stella Stays is actively exploring further opportunities in Turkey, as well as top destinations in Europe and globally.
Mohannad Zikra, Co-founder and CEO of Stella Stays, said: “We are very excited about our expansion into Istanbul as it is one of the most visited cities in the world with north of 13 million annual visitors. The Ministry of Culture and Tourism of Turkiye projected about 45 million tourists and $35 billion in revenue for 2022 – a sharp recovery from the pandemic impact, with the majority of visitors coming from Europe.
Istanbul is renowned for its rich culture, history, impressive architecture, a modern skyline and delightful shopping experience, which contribute to its popularity. Istanbul is also the gateway between Europe and Asia with a buzzing residential and hospitality real estate sector. These are the attributes that make Istanbul a perfect destination for Stella Stay’s global expansion. We plan to continue developing Stella Stays’s portfolio in Turkiye’s top cities and the surrounding regions.”
Stella Stays enters global markets through master leases or profit-sharing agreements with real estate developers and property owners. The company uses proprietary algorithms that identify, evaluate, and select the most desirable properties around the world, based on location, financial projection, and trends.
Mr Zikra further commented on Stella Stays’ innovation: “In traditional hotel models, hotel brands make operating commission while the property owners bear huge expenses, such as massive headcount and other operating costs. Stella Stays eliminates all the headaches for the property owner by offering hands-off management, while injecting technology and advanced data analytics into every aspect of operations. We have been able to reduce headcount by up to 70% and 50% of other operating costs compared to traditional hotels, which result in a much higher profit margin for property owners and our company.”
As the creator of the residential hospitality concept, Stella Stays offers holidaymakers, business travellers, and residents a seamless living and hospitality experience by leveraging ground-breaking technology, guest-centric interior design, and modern service. Guests and residents can use the Stella Stays app to navigate the entire journey – from booking and managing their stays, checking in, controlling smart home systems, to ordering a wide range of guest services. Payment terms are flexible and can be made through various methods, including debit, credit cards and crypto payments.
Stella Stays is well recognised for its innovative and guest-centric approach. The company currently operates in the UAE, Bahrain, Canada, Saudi Arabia, and now Turkiye. Stella Stays expects to expand rapidly into major cities in the MENA region and around the world in the next 12-18 months, with flagship projects in key markets.
