Group registered a €32 million turnover in 2023, a 94% increase compared to 2022
The Ando Living group, founded in Portugal, registered a €32 million turnover in 2023, representing a 94% increase compared to the year prior and a major step towards its goal to continue growing in Portugal.
The turnover includes revenue from the group’s two brands: Ando Living, the branded residences arm of developer Optylon Krea, and LovelyStay, the group’s apartment management company in the tourist accommodation market.
With plans to multiply its turnover by six by 2028, the group recently secured a €67 million investment from the Prima Europe Fund, managed by Stag Asset Managers, to drive its expansion. As the group’s founders revealed, most of this investment will be directed towards Portugal.
Currently operating in Lisbon, Porto, Istanbul, and soon in Madrid, the group has a total of 2,000 apartments in Europe, which are either built or in development. The group’s goal is to increase its number of apartments to 6,000 across eight European countries, strengthening its position as “the leading premium hospitality group in Europe”.
“We are currently in negotiations with partners in London, Athens, and Italy,” said Hakan Kodal, Ando Living’s Chairman, adding that by 2025, “we will be in five countries”, and by 2028 “we will be in eight”.
Ando Living’s branded residences business consists of a collection of 700 serviced apartments and clubhouses that offer guests “a lifestyle similar to that of locals”. By combining “high-standard serviced apartments in prime locations with a range of amenities”, such as restaurants, bars, gyms, pools, and personalized support services, Ando Living’s selection aims to “create a vibrant neighbourhood atmosphere and elevate the local experience for guests.”
Ando Living currently operates nine “houses in Portugal and one in Turkey, totalling 112 apartments. The houses – standalone residence buildings – which are already open are Madalena House, Augusta House, Santa Justa 77 House, Santa Justa 79 House, São Nicolau House, Douradores House and Marquês de Abrantes House in Lisbon, as well as Santa Catarina House and Flores House in Porto and Gümuşsuyu House in Turkey.
Due to open in the coming years are Cervantes House in Madrid, Spain (2024), Santos House and Rossio Dezembro House in Lisbon (2025), Tomtom House in Istanbul, Turkey (2025) and Rua Nova do Almade House in Lisbon (2026).
Meanwhile, the group plans to expand further in Portugal with new “clubhouses”. In Melides, for example, 200 rooms are planned.
The clubhouses under development in Portugal include Liberdade Clubhouse in Lisbon (due to be completed in 2025); Alfama Clubhouse in Lisbon (2026); Alcântara Clubhouse in Lisbon (2028); Vila Viçosa Clubhouse in Vila Viçosa (2028); and Melides Clubhouse in Melides (2029). A clubhouse called Tomtom Clubhouse is also being built in Istanbul, Turkey and due to open in 2025.
LovelyStay, a property management and booking platform specializing in short- and medium-term tourist rentals, has a portfolio of over 1,400 units in Portugal, valued at over €600 million under exclusive management. Currently operating in Portugal and France, their expansion plans include Spain and the UK, aiming to reach a total of 3,000 units by 2028.
Guests at Ando Living houses are predominantly North American, followed by Brazilians, Israelis, and French. In contrast, LovelyStay mainly attracts Spanish and Portuguese guests.
“We are very pleased with the exceptional performance achieved in 2023. With our goal for 2028 to multiply our revenue by six, we remain committed to providing unique experiences to our guests while expanding our presence in new markets across Europe,” says William Tonnard, President and COO of the Ando Living Group.
“We will focus on the international expansion of our branded Ando Living apartments, which, according to our estimates, generate double the revenue compared to ‘unbranded’ properties. Based on projections of 65% growth in the serviced apartments segment, expected to reach $49 billion (around €45 billion) by 2029, this market is likely to be the fastest growing in the hospitality industry,” he added.
