US: New York-based Mint House, the extended stay hotel startup, has partnered up with Mohari Hospitality in a $35 million round of financing.
Will Lucas, founder and CEO Mint House said: “I’m excited to announce that Mint House has closed a $35M Series B financing led by Mohari Hospitality. I am thrilled that J. Allen Smith the former CEO of the Four Seasons will be joining our board. This is a tremendous milestone for our company validating what the team at Mint House has built, and adds to a long list of incredible accomplishments over the last year.”
Founded in 2017, Mint House operates 23 properties in 14 markets including Miami, Denver, New Orleans, Seattle, Nashville and New York. Mint House currently manages its 23 buildings by revenue share agreements with the building owners.
Mint House prides itself on disrupting the extended stay sector and has embraced smart technology at its properties ditching key cards and room service for apartment kitchens, groceries and workout space.
Mint House board member, J. Allen Smith, a Mohari managing partner said: “Mint House is a true disruptor in the hospitality industry, redefining the boundary between hotels and short-term rentals.”
Lucas added: “We’re a hospitality company that’s translating the upscale hotel experience — the Ws, Westins, and Omnis of the world — into apartment-style lodging. ‘Work from anywhere’ and the mixing of business and leisure travel are driving explosive demand for flexible apartment-style accommodations in lieu of legacy hotel rooms.”
The Highland Group this week reported US extended stay hotel ADR increased 30 per cent as supply growth fell.
