Sep

New short-lets platform targets apartment block landlords with Airbnb-style service

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An new British online platform that’s hoping to take on Airbnb and make hay from the US firm’s difficulties over here has secured the backing of a major property industry figure.

Robin Paterson, who was instrumental in building many of the UK’s estate agency brands during the 1990s including Hamptons, Cluttons and Barnard Marcus, has come onboard at Stayo.co as its non-exec chairman.

As many landlords will be aware, Airbnb has endured a torrid six months as the Covid restrictions, worries over party houses and both local authority and freeholder backlashes over problems caused by the rapid growth of the short-lets platform have battered its reputation.

Stayo hopes to benefit from this by directly sub-letting blocks of apartments from freeholders, initially specialising in mid- to up-market London neighbourhoods.

Dedicated team

It claims to be different from other platforms because it offers a comprehensive end to end management service, whereby its dedicated team is responsible for all aspects of the accommodation as well as the ‘guest experience’.

“The Corona pandemic has offered an opportunity for those companies brave enough, to completely re-evaluate how they do things and dramatically change for the better,” says Paterson (right).

“It is a pleasure to work with the Stayo team who have this courage and conviction in repositioning their business due to the cataclysmic consequences of Covid-19”.

Stay currently has 43 units within 10 buildings across central London, although its target is to grow the portfolio to 300 units over the next three years, before expanding into other UK and European cities.

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