The company has acquired Madeira HouseHold Management, local leader in AL management, and became the biggest tourist accommodation management company in the country.
It is with great enthusiasm that LovelyStay, the leading property management company in the country, announces the start of their operations in the Madeira island, with the acquisition of Madeira HouseHold Management (MHM), which has a portfolio of over 150 premium properties. With this acquisition, LovelyStay predicts an increase in their gross income of 81% until the end of the year, becoming the biggest tourist accommodation management company in the country, with a portfolio of over 1.000 units.
In terms of profitability, the prediction is that the Madeira portfolio will represent 22% of LovelyStay’s yearly turnover, and that the company will end 2023 with a gross income of over 32 million euros.
“We have been trying to expand to Madeira for over a year, and when we started negotiating with MHM, we have quickly noticed that the company shares LovelyStay’s values, as well as quality standards in terms of property care and relationship with owners and guests. Besides, MHM has a lot of experience in the management of villas, which meets our goal of increasing our portfolio’s quality. That’s why we saw the perfect opportunity to start operating in Madeira in this partnership – an important landmark in our growth plan, which includes the expansion to Turkey, that started this year”, says William Tonnard, LovelyStay’s CEO.
The company will initially adopt the title MHM by LovelyStay, and the main goal is to continue the services offered to all of their clients. “MHM has been developing an excellent work, and we plan on continuing to offer the same exceptional services to owners and guests. Nowadays, our team has about 30 direct employees, and taking into account our local growth plan, we plan on hiring 10 more local talents until the end of this year”, emphasises Tonnard.
Heliodoro Rodrigues, the founder of Madeira HouseHold Management, agrees that this partnership can only provide good results. “We know of MHM’s importance for Madeira’s tourism, and we are proud of all that we’ve built over these 9 years. We are sure that LovelyStay and their unique technology have come to help us optimise results and propel our growth”, he says.
The Madeira island is one of the main tourist destinations in the country, and has been one of the main pillars of the sector in Portugal. There are several reasons for it: its natural beauty, the warm weather, its history and culture, and its infrastructures. In 2022 alone, the island has had over 9,6 million stays in tourist accommodation, with a total income of 528,8 million euros, according to Madeira’s Regional Statistics Office (Direcção Regional de Estatística da Madeira – DREM).
“This year has been surprising, and in the context of all the changes that might affect tourist accommodation, the start of operations in Madeira has come at the right time. Besides, this month we celebrate 8 years of LovelyStay, a Portuguese company which is now the biggest property management company operating in the country, with about 115 full-time employees”, commemorates Tonnard.
LovelyStay’s expansion is the result of the great investment made in technology and in the hiring of excellent professionals. During all of its activity, the company has hosted more than 265 thousand guests, has done 100 thousand check-ins and generated a gross income for all its owners of over 42 million euros.
LovelyStay has been acting in the Tourist Accommodation market since 2015, with a portfolio of over 1000 properties of a medium-high segment, all over the country. With a great client portfolio, the company works with investors and property owners who want to make them profitable, be it in great centres or in the country’s towns and villages. With offices located in Lisbon, Porto, Algarve and Madeira, with a total of about 115 employees, the company provides a professional and personalised service, according to the client’s needs, and offers remote and complete management services, and even consulting on several themes, from construction to dynamic price management, from interior design to hospitality.
Translated by Joana Teixeira