Spain’s SmartRental plans significant expansion in tourism apartments

Madrid street
Madrid city street. (basiczto/Getty Images)

Insight Comment
Investor interest in apartments for tourists seems to be growing. Many will have spotted the growing popularity of Airbnb and will be looking at developing something more professional.

Spanish tourist apartment operator SmartRental is planning to invest €100 million over the next five or six years to grow its business across Spain and Portugal.

The company has recently raised €25 million in funding and plans to add another €25 million in the coming years, according to a report in Spanish business newspaper La Expansión.

The SmartRental group, which was founded in 2011 and now has more than 350 apartments, will use the money to buy buildings in urban areas for both tourists as well as in the co-living space.

“This operation is, without a doubt, the most important in our history and a step forward to show the sector that we have things very clear, that we want tobe a benchmark and that we need to grow to be better,” SmartRental CEO Fernando Rodríguez told La Expansión.

SmartRental’s headquarters is in Madrid and it has a portfolio in several Spanish cities, as well as in other countries such as Romania.