MaisonPrive secures private investment with plan to be the leading alternative accommodation provider in the UAE
MaisonPrive, a ‘virtual hotel’ operator that offers luxury apartments and villas to business and leisure visitors to Dubai, today Wednesday, announced private strategic investment of USD$4 million as part of a major plan for growth.
The investment is the first round of funding secured by the company, which was founded a year ago by Rami Shamaa and Paul Mallee. The investor recognised the potential of MaisonPrive’s innovative business model to meet rising demand for high-quality accommodation in Dubai.
MaisonPrive manages residential properties on behalf of owners, renting them to corporate and leisure guests on short-term stays in Dubai. Guests can enjoy the flexibility of staying in a luxury apartment or villa, with access to services like concierge, cleaning, fresh linens and towels, and 24/7 guest contact support. Owners can generate between 30-40% more revenue from their properties without the hassle of managing guests.
MaisonPrive manages a portfolio of prestigious apartments and villas in Dubai and is already on track to at least double the number under its remit by the end of the year. The new investment, underpinned by a robust business plan, will help MaisonPrive achieve a set of ambitious growth targets in the coming years as the UAE Government steps up efforts to draw 20 million tourists to Dubai by 2020.
Paul Mallee said the investment signalled confidence in the company’s growth strategy.
“This initial funding round recognises the potential of the business model we have built. It allows us to develop the infrastructure to support our scaling targets in the short run. We are part of Dubai’s fast-diversifying hospitality segment, offering visitors luxury, space, flexibility, and value while giving owners new revenue streams without the hassle of managing guests. Dubai is now the world’s fourth most visited city. As leisure and business tourism grows, demand for our services will rise. That positions us for rapid growth in the years ahead,” said Mr Mallee.
Dubai is driving global tourism through three key areas of focus: family tourism, global events and attractions, and the city’s status as a business destination. A report last month by Dubai Tourism showed that the city’s hotel rooms supply will reach 132,000 by the end of next year. The Government recognises the need to diversify Dubai’s hospitality proposition to keep pace with demand.
“We want to be part of Dubai’s competitiveness mix, meeting rising demand for high-quality accommodation supply as the business and leisure tourism segments scale,” said Rami Shamaa. “We select the apartments and villas we manage on the basis of location and luxury, so they are always sited close to major transport nodes and visitor experiences, with on-site access to gyms and pools. The fresh investment affords us the scope to accelerate growth, scaling our footprint across existing and new markets, and leveraging new expertise, marketing and technology to refine the user experience and positively disrupt the hospitality market,” he added….