Gallery Suites Vacation Rentals LLC, a subsidiary of the UAE-based IBC Group, announced that it has joined hands with OYO Hotels and Homes, the world’s fastest-growing chain of hotels, homes & living spaces, to furnish and manage a portfolio of 10,000 elite properties in Dubai. The agreement will result in a portfolio of premier and uniquely furnished holiday homes, to address the growing demand for exceptional short-term rental experiences in the Emirati City.
According to a report released by Skift Research, the cumulative bookings market for short-term rentals will rise to an estimated $115 billion in 2019, up 7% from about $107 billion in 2018. Gallery Suites and OYO seek to emerge as the preferred choice of accommodation for travellers coming to Dubai. The properties being furnished and managed by the partnership are focused within locations rated ‘high’ in the ‘occupancy heat map’ used to illustrate demand, in the recent ‘Dubai Holiday Homes Market Review 2019’ report released by Knight Frank – including the Dubai Marina, Palm Jumeirah and other exclusive addresses in the city.
