The newly launched tower offers modern, fully equipped apartments and a co-working space, along with other recreational, commercial and community amenities.
Stella Stays, an award-winning proptech company disrupting the global residential real estate sector with its innovative business model, has announced the launch of its second tech-enabled residence in Saudi Arabia.
Five months after the launch of Stella Stays Riyadh Olaya Tower 1, its first concept residences in the Kingdom, the proptech company is continuing its 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 and a co-working space, along with other recreational, commercial and community amenities.
The tower is conveniently located in North Riyadh, within 16 minutes of Riyadh Airport, 10 minutes to King Abdullah Financial District, 10 minutes to Kingdom Tower and seven minutes to Riyadh Park Mall.
Meanwhile, the first Olaya Tower operates at full capacity within eight weeks of opening its doors, becoming the property of
choice for business travelers, 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 Asian Winter Games 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 Vision 2030 as a reliable residential and hospitality partner,” a statement said.
The development of its Saudi 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.
Mohannad Zikra, CEO and co-founder of Stella Stays, said: “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 startup story from the Middle East. The proptech company has grown exponentially since its inception in 2019 and is now present in six markets, namely Saudi Arabia, the UAE, Turkiye, Bahrain, Egypt and Canada, with more than 1,000 contracted units.
