$11 million to LuxuryRetreats to continue building luxury villa portfolio
LuxuryRetreats, the luxury villa rental platform, has raised $11 million in a Series B from previous investor iNovia Capital. This brings the company’s total to $16 million, following a $5 million Series A in 2012.
The company, based in Canada, says that it will use the additional financing to expand its on-the-ground team to offer an enhanced experience to its luxury-minded guests. This includes concierge services to provide whatever the guest could need during a stay. In addition, the company is working to expand its home management services to make renting luxury homes easier for the company’s demanding homeowners.
The brand’s focus on service through these local concierges adds cost to operations but this high-touch philosophy has been central to the brand’s growth over the years, according to the company.
The luxury vacation rental sector is attracting a lot of investment as of late. Inspirato, which owns its own rentals, received $20 million late last year for its portfolio growth; HomeAway launched its luxury rental vertical a bit further back. Even Airbnb’s growth has brought many outsiders into the vacation rental sector, which has led to both more homes and customers on the market.
There also seems to be a very real focus in travel on the wealthier travelers, those who continue to spend more disposable income on travel and experiences regardless of what is going on in the economy. Luxury home rentals are a way to splurge while traveling, and fit right into the trend towards multi-generational travel.
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