Riyadh: Stella Stays, the award-winning, leading proptech company disrupting the global residential real estate sector with its innovative business model and key offering, announces the launch of its second tech-enabled residence in the Kingdom of Saudi Arabia.
Winner of the 2022 Gulf Business Award for “Proptech company of the year”, the 2021 Stevie awards for the “Most innovative tech start-up of the year” and “Innovative achievement in sales” for its technology and revenue generation strategy, Stella Stays continues to redefine rentals and hospitality, catering to a new generation of tech-savvy residents, business travellers and tourists.
Five months after the launch of Stella Stays Riyadh Olaya Tower 1, its first concept residences in KSA, the proptech company continues the impressive growth trajectory with the opening of the second building – Stella Stays Riyadh Olaya Tower 2.
The newly-launched tower further represents the company’s “Show up and Start living” concept, boasting 80 units over 16 floors, offering modern, fully-equipped apartments, a coworking space, along with other recreational, commercial, and community amenities.
The tower is conveniently located in North Riyadh, within sixteen minutes of Riyadh Airport, ten minutes to King Abdullah Financial District, ten minutes to Kingdom Tower and seven minutes to Riyadh Park Mall. The first Olaya Tower proudly operates at full capacity within eight weeks of opening its doors, becoming the property of choice for business travellers, residents, and tourists seeking modern accommodation and a seamless experience.
Residents and guests at the Olaya towers are able to navigate their entire journey – from booking and managing their stays, checking in, and controlling smart home systems, to ordering a wide range of guest services – through the Stella Stays app. Payment terms are flexible and can be made through various methods, including debit, credit cards and cryptocurrencies.
With Vision 2030 in full swing and the recent announcement of winning the bid to host the Winter Olympics in 2029, Saudi Arabia is set to accommodate more than 100 million visitors* and double the population of Riyadh* by 2030. With the vision to create the future of living and hospitality, Stella Stays has developed the technology infrastructure and capability to support KSA Vision 2030 as a reliable residential and hospitality partner.
The development of its KSA portfolio reflects Stella Stays’ ambition to disrupt the Kingdom’s hospitality sector by partnering with real estate developers and property owners to unveil a new category – residential hospitality. The proptech company’s savvy business-model offers property owners hands-off management with real-time analytics, delivering significantly more income and less operational costs than traditional hotel models. Stella Stays’ KSA real estate portfolio growth strategy is through long-term partnership agreements with property owners, real estate developers, family offices and REITs.
Mohannad Zikra, CEO and Co-Founder of Stella Stays, commented on the expansion: “We are pleased to have witnessed exceptional demand for our tech-enabled branded residences – which offer residents and guests a modern, community-driven lifestyle – in the city of Riyadh. We look forward to further expanding in the Kingdom of Saudi Arabia, providing our solutions to residents and real estate developers, assisting the government for the years to come, as the population and the economy grow exponentially”
Stella Stays is a successful start-up story from the Middle East. The profitable proptech company has grown exponentially since its inception in 2019 and is now present in six markets. The company currently operates in the UAE, KSA, Turkiye, Bahrain, Egypt, Canada, with over 1,000 contracted units, and confirms plans for further global expansion.