Ando Living Group unveils major international expansion plan
The Portuguese luxury residential tourism group Ando Living, which specialises in developing and managing serviced apartments, has announced a major expansion plan into five new European markets including Spain, the UK, Greece, and Italy.
This is according to the company’s chair, Hakan Kodal, who addressed real estate market journalists at a press conference in Lisbon yesterday.
The company, which currently operates in Lisbon, Porto, and Istanbul with a total of 2,000 apartments, will begin its ambitious four-year expansion plan in Madrid. Its goal is to increase its portfolio of apartments to 6,000 in Europe, placing it as the number one premium serviced apartments hospitality group in Europe.
“We are currently in negotiations with partners in London, Athens and Italy, and we’ll expand to five countries to 2028” said Hakan Kodal.
The Ando Living Group has a collection of 700 serviced apartments in prime locations with clubhouses that offer guests a lifestyle that is similar to that enjoyed by local upper income residents, including bars, restaurants, gyms, swimming pools, and customised support services.
The concept is to provide guests with a vibrant neighbourhood lifestyle experience in a luxury setting.
Hakan Kodal told Essential Business: “Until now we’ve been both the developer and the management company. Now with our expansion plans we’re looking to partner with development companies while we manage the apartments, they build under the Ando Living brand.”
“The branded residences market is growing, and we will partner with the developers, brand their properties, help them to market, sell them and manage them.”
Hakan Kodal says that the usual model up until now has been hospitality brands, meaning hotels with fashion and other brands. “Our core business is serviced apartments and because we’ve been developers, we understand their (the developer’s) needs.”
The Ando Living Group chair points out that the branded living concept in hotels with branded residences is usually quite rigid. “In our case we are very flexible because we can do multiple locations with different concept offers, but they are all branded.”
And explains: “Now we have created models for Portugal for Greece and Turkey, and we want to be in London, Greece, Italy, and eventually in Paris and Berlin.”
Financially, the company is doing well, posting a €32 million turnover in 2023, 94% up on 2022. This amount includes revenues from the group’s two brands: Ando Living, the branded residences brand from developer Optylon Krea (owned by the Ando Living Group), and Lovelystay, the group’s company that operates in the local tourism accommodation market offering short-stay managed apartments for well-healed holidaymakers.
“Our aim is to multiply our investment by six to 2028 and we’ve got over €100 million to invest, €67 million of which we recently secured from investors Prima Europe Fund (Stag Asset Managers) to fuel this expansion”.
