The company leases large groups of units in the top locations, upgrades and furnishes them to the consistent luxury standard and supports them with the extensive luxury hotel-like services and amenities, providing guests with exceptionally designed accommodations at affordable prices on a nightly, weekly or monthly basis. The company also offers text-enabled around-the-clock concierge service, and confirms that while it doesn't own any of its units, all of them "are directly leased and managed by Qstay." "Our raise underscores the strength of the business and the rapid shift taking place within the hospitality industry due to technological innovations. Qstay currently operates close to 200 properties in the UAE and Europe, 200 more are signed and expects to have 450 revenue generating units by the end of 2022. Qstay operates as a virtual hotel brand which provides luxury hotel-like services and amenities such as bathrobes, slippers, luxury toiletries, bathroom amenities, tea, Starbucks coffee, additionally Qstay provides digital app-based access to nearby pools, beaches, gyms and spas for its guests staying in beachfront properties. Qstay has had positive EBITDA for the last two quarters and projects to be Net Income positive in Q4 2022, only in the second year of operation. Currently Qstay is developing a differentiated, tech-driven platform that will provide seamless booking, digital concierge and a unified, on-demand platform for maintenance and service. This raise will provide Qstay with additional capital to accelerate and supercharge Qstay's vision.