Company:Qstay
 | |
| Type | Private |
|---|---|
| Industry | Hospitality, Property technology |
| Founded | 2020[1] |
| Founders |
|
| Headquarters | Dubai , United Arab Emirates |
Area served | Global |
Key people | Artur Khayrullin (CEO) Alec Redelman Fesenko (Co-founder) |
| Products | Short-term rental management, virtual hotel services |
Number of employees | 51–200[1] |
| Website | stayqstay |
Qstay is a hospitality and property technology company headquartered in Dubai, United Arab Emirates.[1] Founded in 2020, the company operates as a virtual hotel brand, managing a portfolio of short-term rental properties that it equips with standardized hotel-like services and amenities.[3]
Qstay's business model focuses on leasing, managing, and upgrading high-end apartments, villas, and penthouses in prime locations, then making them available for rent on various booking platforms. The company has also integrated blockchain technology into its platform, launching a native cryptocurrency token to facilitate payments and develop a decentralized hospitality ecosystem.[4]
History
Qstay was founded in 2020 by Artur Khayrullin, Ekaterina Rogozhina, Alec Redelman Fesenko, and Natalya Fesenko, aiming to utilize technology to enhance the management and guest experience of short-term rentals.[2]
In July 2022, Qstay announced the closing of a US$6.5 million seed funding round, which included a mix of debt and equity financing.[2] In June 2024, the company secured an additional $4.6 million in a pre-Series A funding round, bringing its total raised capital to $11.1 million. These funds were designated for further expansion and technology development.[5][6]
Initially focused on the Dubai market, as of 2025 the company expanded its portfolio to include properties in other cities such as Ras Al Khaimah, Tbilisi, Baku and Abu Dhabi.[7]
Operations and business model
Qstay operates as a "virtual hotel brand" by leasing properties, upgrading them to a consistent luxury standard, and managing them with a suite of tech-enabled services. The company focuses on high-end accommodations in prime locations, such as Dubai Marina, Palm Jumeirah, and Downtown Dubai.[7] Guest services, including extra cleaning and late checkouts, are managed through a mobile app. The properties are equipped with standardized amenities like designer bathrobes and luxury linens, and often provide access to 5-star building facilities like pools and gyms.[8]
The company has received accolades for its service quality, including Airbnb Superhost status with an average property rating above 4.80 stars.[9][10] A key part of its growth strategy involves partnerships, such as a major agreement in 2025 to manage the 367-unit Carlton Hotel & Suites in Dubai. As of August 2025, Qstay reported it had managed over 300 properties and achieved $18 million in cumulative revenue since its inception, and planned a strategic shift from a property management company to a global hospitality platform, leveraging its technology for broader applications.[3]
Blockchain integration
In August 2025, Qstay announced the integration of blockchain technology into its platform with the launch of its native cryptocurrency token (ticker:QSTAY), on the Solana blockchain.[4] The token is positioned as a Real-World Asset (RWA), with its value linked to the company's portfolio of over 300 hospitality units. The primary utility of the token is to facilitate crypto-friendly payments for bookings on the Qstay platform and app. This initiative is part of the company's strategy to develop a decentralized hospitality marketplace and expand its global partnerships through the use of smart contracts.[4]
See also
- Hospitality industry
- Real-World Assets
References
- ↑ 1.0 1.1 1.2 "Qstay Overview". https://pitchbook.com/profiles/company/502626-97.
- ↑ 2.0 2.1 2.2 "UAE's Qstay closes $6.5 million seed round". 28 July 2022. https://www.wamda.com/2022/07/uae-qstay-closes-6-5-million-seed-round.
- ↑ 3.0 3.1 "Qstay Marks 4 Years with $18M Revenue, Industry-Leading Metrics, and Strategic Pivot into Global Hospitality Platform". EIN Presswire. 14 August 2025. https://cbs4indy.com/business/press-releases/ein-presswire/838836525/qstay-marks-4-years-with-18m-revenue-industry-leading-metrics-and-strategic-pivot-into-global-hospitality-platform/.
- ↑ 4.0 4.1 4.2 "Qstay Goes Borderless: Hospitality Platform Integrates Blockchain, Smart Contracts, and Crypto Payments". EIN Presswire. 20 August 2025. https://fox40.com/business/press-releases/ein-presswire/840769240/qstay-goes-borderless-hospitality-platform-integrates-blockchain-smart-contracts-and-crypto-payments/.
- ↑ "Dubai-based Qstay secures $4.6m in pre-Series A round". 13 June 2024. https://gulfbusiness.com/dubai-based-qstay-secures-4-6m-in-pre-series-a-round/.
- ↑ "Qstay raises $4.6m in pre-Series A funding round". 13 June 2024. https://shorttermrentalz.com/news/qstay-pre-seriesa-funding-round-dubai/.
- ↑ 7.0 7.1 "Dubai Hospitality Platform Qstay Expands to Ras Al Khaimah, London and Tbilisi". Newswire.com (Press release). 23 July 2023. Archived from the original on 11 August 2023. Retrieved 3 May 2025.
- ↑ "The Dubai Advantage, Moscow". https://www.creativezone.ae/events/the-dubai-advantage-moscow/.
- ↑ "Qstay Host Page". https://www.airbnb.com/users/show/255343779.
- ↑ "Qstay Hospitality Technologies Raises a $6.5 Million SEED Round". NewsWire (Press release). Retrieved 27 Aug 2025.
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