Short-stay apartment operator Bob W is making further inroads into the European short-term rental market with the opening of its first properties in Greece.
The hospitality operator’s growth trajectory continues apace with the addition of two properties in Athens to its portfolio, located in vibrant city centre neighbourhoods.
Bob W Psyri and Bob W Akadimia will showcase the operator’s tech-driven approach to hospitality in the heart of the city.
The tourism market in Greece is set to record a healthy Compound Annual Growth Rate (CAGR) of 7.5% from 2022 to 2032, according to Future Market Insights, and the largest segment of the Greek travel and tourism market is hotels.
Bob W’s latest acquisition will see the operator capitalise on this growth market as it proactively expands its footprint across Europe's rapidly evolving short-term stay sector. The operator is actively looking to expand in Athens and the broader region.
Niko Karstikko, co-founder and CEO of Bob W, said: 'We’re excited to introduce Bob W to Greece and present our pioneering approach to hospitality to this market.
'Greece, and particularly Athens, is one of the most exciting hospitality markets in Europe right now. These properties will deliver the exceptional, authentic, host-driven guest experience we’re super proud of to the heart of the action in Athens within bustling neighbourhoods packed with character.'
Bob W has grown rapidly since being founded just before the pandemic by Sebastian Emberger, who is from Germany, and Karstikko, from Finland. Aside from organic growth, in May last year the company acquired Estonishing Stay which, at the time, was the largest short-stay apartment operator in Estonia.
The following October it acquired Finnish competitor KOTI Hotel, simultaneously securing €21 mln in series A funding, led by Elevator Ventures, Verve Ventures, IDC Ventures and Flashpoint. This took the total raised by the company to €31 mln. April 2023 saw the operator make its entry into the German market with the acquisition of Charly Hospitality.
