What Greenkey Ehf. does

Greenkey Ehf. is an Icelandic hospitality property management company headquartered in Hafnarfjörður that operates the largest managed portfolio of short-term rental and hotel properties in Iceland, with 500+ units under management, 80+ employees, and 120,000+ annual guest nights. The company traces its origin to the 2019 merger of Dekura (founded 2014) and Greenkey (founded 2015) and now serves two primary customer segments — hotels and guesthouses seeking full operational outsourcing, and individual property owners running short-term rentals — offering an integrated stack of services that includes booking and revenue management (via PriceLabs), 24/7 multilingual guest support, cleaning, preventive maintenance, interior design, and keyless entry through RemoteLock smart locks. The platform integrates with the major PMS providers in the market — Godo, Guesty, Mews, Beds24, Cloudbeds, Apaleo, and Uplisting — and distribution channels Airbnb, Booking.com, VRBO, and Expedia, centralizing guest communications and operations.

The company's vertical integration is anchored by its wholly owned industrial laundry subsidiary, Þvottahúsið, which operates a facility in Selfoss (established 2020) and a new plant in Hafnarfjörður opened in 2025 with modern, eco-friendly equipment supplied by Girbau, providing captive linen processing for the managed portfolio. An offshore delivery capability has been built in the Philippines, now employing 30+ specialists across cleaning supervision, bookkeeping, and operations support, including a Lean Six Sigma-certified industrial engineer focused on process optimization.

Revenue is generated through a tiered structure combining recurring and transactional streams: a 20% management fee on property turnover (excluding cleaning and platform commissions), per-booking cleaning fees ranging from ISK 9,990 to ISK 29,990 depending on unit size, a monthly ISK 9,900 system access fee, a one-time ISK 29,900 onboarding fee, ISK 1,290 per-guest linen rentals, and transportation surcharges. The sales motion is field-led, targeting property owners in Iceland with free revenue assessments and transparent contracts; a distinctive customer-facing feature is the direct-payment model, under which guest remittances flow straight to property-owner bank accounts without passing through Greenkey escrow, positioning trust and transparency as core brand attributes.

Name

Greenkey Ehf.

Legal name

Greenkey Ehf.

Website

https://greenkey.is

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Greenkey Ehf. is an Icelandic hospitality property management company operating 500+ short-term rental and hotel units nationwide, providing integrated booking management, cleaning, maintenance, 24/7 guest support, dynamic pricing, and keyless-entry automation, supported by its own industrial laundry subsidiary Þvottahúsið and an offshore delivery team in the Philippines.

Ownership category

akta.pro rank

Product category

Hospitality Property Management

NAICS

Real Estate Property Managers (53131)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Hospitality (Hotel) Property Management (BPAJAGAG)

akta.pro secondary industries

Full-Service Vacation Rental Property Management (BPAJAIAA), Hospitality (Hotel/Resort) Housekeeping Services (IMAIADAF), Luxury Villa Property Management & Concierge Services (THAMAEAJ), Digital Check-in/Check-out & Keyless Entry (THALACAG), Security, Access Control & Smart-Home Operations (THAMAKAL)

Keywords

• Hospitality property management
• Short-term rental management
• Hotel operations services
• Vacation rental management
• Commercial laundry services

Headquarters

HQ city

Hafnarfjörður

HQ country

Iceland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Property Management Services: Comprehensive hospitality property management including booking management, guest communications, cleaning, maintenance, and 24/7 support. Revenue generated through a 20% management fee on turnover (excluding cleaning costs and platform commissions), plus fixed service fees for specific tasks.
2. Cleaning and Laundry Services: Professional cleaning services priced per booking based on property size (9,990-29,990 kr ex VAT). Industrial laundry services including linen rental at 1,290 kr per guest. Additional fees for weekend (35% surcharge) and holiday (65% surcharge) bookings.
3. Implementation and Setup Fees: One-time onboarding fee of 29,900 kr (ex VAT) for service integration and listing setup on Airbnb/Booking.com. Monthly system fee of 9,900 kr for platform access and operational tools.
4. Transportation Services: Local transport fees for cleaning and maintenance services: 4,990 kr within Reykjavik/Selfoss, with additional per-kilometer charges for areas outside city limits (149 kr/km ex VAT).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Greenkey Ehf. provides comprehensive hospitality property management services for hotels, guesthouses, and short-term rental property owners across Iceland. Services include booking management, 24/7 guest service, cleaning, industrial laundry via the in-house Þvottahúsið facility, preventive maintenance, revenue optimization, smart-lock keyless check-in, and direct owner payment processing. The company manages 500+ units and serves over 100,000 guests annually.

Product overview

Greenkey Ehf. operates as a comprehensive hospitality management company offering an integrated platform of property management services for hotels, guesthouses, and short-term rentals across Iceland. The core offering consists of the Gististaðir/Hótel og Gistiheimili solution which provides complete operational management, complemented by specialized modules including Heimagisting (home-sharing management), Viðhald (maintenance services), Bakvakt & Þjónustuver 24/7 (24/7 customer service), Þrif og Þvottur (cleaning and laundry via Þvottahúsið), and Stílísering og Hönnun (interior design consultation). Additional technology modules cover automation, booking/revenue management, performance analytics, and security services. The portfolio serves properties from boutique hotels with 10 rooms to larger establishments with 50+ units, and home-sharing properties.

Differentiator

Problem solved

Functional benefit

Brands

• Þvottahúsið: Own industrial laundry facility providing hotel linen and laundry services for hospitality properties.

Products and services

• Gististaðir / Hótel og Gistiheimili (Hotel & Guesthouse Management) Full-service operational management for hotels, guesthouses, and apartment hotels, covering booking management, 24/7 guest service, self-check-in automation, keyless entry, revenue management, professional cleaning, and maintenance.
• Heimagisting (Home-Sharing Management) Full-service management of residential short-term rental properties, including listing setup on Airbnb, Booking.com, VRBO, and Expedia, booking management, guest communications, cleaning coordination, pricing optimization, and regulatory compliance support. Owners receive rental income directly.
• Þrif og Þvottur (Cleaning and Laundry Services) Standalone professional cleaning and industrial laundry services priced per booking based on property size, with linen rental at 1,290 kr per guest place and 24-hour turnaround via in-house Þvottahúsið facility.

Quantifiable outcome

• 40% increase in occupancy rate at managed hotels
• +7 more outcomes

Named customers18 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

Feature8 records

Partnerships

17 partnerships are on record, tiered core and supporting.

• HT SecuritycoreOthersSecurity services partnership providing trained security personnel for emergency situations at managed properties. Available 24/7 for urgent matters involving guest safety or property security. Ensures professional response to security incidents.
• StórholtcoreStrategic or Co-development PartnerBuilding and maintenance services partner handling regular inspections, repairs, and improvements for properties under Greenkey management. Provides professional construction and maintenance expertise for property upkeep.
• BrikksupportingOthersBreakfast services provider offering dining solutions for hotels and guesthouses managed by Greenkey. Complementary service enhancing guest experience.
• FasteignaljósmyndunsupportingOthersReal estate photography services for marketing properties. Professional imagery essential for attracting guests and maximizing bookings.
• Blue Car RentalsupportingOthersCar rental partner for guest transportation needs. Provides vehicle solutions complementing hospitality services.
• MerkingsupportingOthersBranding and marketing services for property positioning and visual identity development. Helps properties establish strong market presence.
• LotelcoreTechnology or IntegrationHotel software provider for property management system (PMS) integration. Enables efficient hotel operations and booking management.
• Lykla skipticoreTechnology or IntegrationKey cutting and security systems provider for smart lock solutions. Enables keyless entry and secure access management for properties.
• GodocoreTechnology or IntegrationSoftware solutions provider integrated with Greenkey's operations for booking management and property administration.
• BrafasupportingOthersBuilding products and real estate services provider for property maintenance and development needs.
• PriceLabscoreTechnology or IntegrationRevenue management and pricing software for dynamic pricing optimization. Maximizes revenue through automated price adjustments based on demand.
• CloudbedscoreTechnology or IntegrationCloud-based booking system and property management platform for managing reservations, guest communications, and operations.
• GirbausupportingOthersCommercial laundry equipment supplier. Provides industrial washing machines and laundry solutions for Greenkey's own laundry facility.
• UplistingsupportingTechnology or IntegrationChannel manager for short-term rental distribution. Helps manage listings across multiple platforms efficiently.
• ApaleosupportingTechnology or IntegrationOpen platform for hotel management system integrations. Enables flexible property management and booking operations.
• SweeplysupportingTechnology or IntegrationCleaning management system for scheduling, tracking, and optimizing cleaning operations across properties.
• RemoteLockcoreTechnology or IntegrationSmart lock technology provider enabling keyless entry, remote access management, and automated check-in for properties.

Scale indicators20 records

Recent moves9 records

Expansion highlights6 records

Regional players

• Icelandair Hotels: Icelandair Hotels is an Icelandic hotel brand operating multiple properties tied to the Icelandair ecosystem. Comparable as a domestic lodging operator serving similar tourist demand, though brand-owned rather than a property management service provider like Greenkey.
• CenterHotels: CenterHotels is an Icelandic hotel chain operating multiple properties across Iceland. Comparable as a domestic Iceland-based lodging operator with overlapping customer base and competitive set, though operates owned/managed hotels rather than the management-for-others model Greenkey runs.

Direct peers

• Guesty: Guesty is a property management software platform purpose-built for short-term rentals, offering PMS, channel manager, guest communication, and automation. Directly comparable as both a technology partner (one of Greenkey's PMS integrations) and a competing operations platform for STR managers.
• Eviivo: Eviivo provides a hotel and accommodation management platform serving independent hotels, B&Bs, and vacation rentals with PMS, channel manager, and booking engine. Comparable in serving independent hospitality properties with full management software plus distribution.
• Vacasa: Vacasa is the largest vertically integrated vacation rental management company in North America, offering booking, cleaning, maintenance, and revenue management for whole-home rentals. Directly comparable to Greenkey's full-service property management model for short-term rentals, though operating at much larger scale across many geographies.
• Smoobu: Smoobu is a vacation rental management software platform popular with European STR managers, offering PMS, channel manager, and guest communication tools. Comparable in offering the operational software stack that STR managers (including Greenkey) rely on.
• Hostaway: Hostaway is a vacation rental management software platform providing PMS, channel management, automation, and reporting for STR operators. Comparable to Greenkey on the technology layer and to the operational software underpinning Greenkey's managed portfolio.
• TurnKey Vacation Rentals: TurnKey is a full-service vacation rental management company combining local cleaning/maintenance teams with centralized technology for booking, pricing, and guest experience. Closely comparable business model to Greenkey's integrated service-plus-tech approach, though focused on US destinations.

Broad incumbents

• Booking.com: Booking.com is a global online travel agency distributing hotels, apartments, and vacation rentals worldwide including Greenkey-managed properties. Comparable as a major distribution channel and ecosystem incumbent whose policies and fees materially affect STR managers like Greenkey.
• Airbnb: Airbnb is the dominant global short-term rental marketplace that distributes listings for hosts and property managers including Greenkey. Comparable as a platform that both enables distribution and increasingly competes with managers via Airbnb-friendly apartments and direct service offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/greenkeyis

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenkey Ehf.