Mint House has announced the acquisition of Localean apart-hotel brand founded in 2016. This strategic acquisition, the amount of which has not been disclosed, adds 22 properties to the Mint House portfolio, extending its presence to 13 markets in the U.S.including new openings scheduled in Washington, D.C. and Phoenix, Arizona later this year.
What does this acquisition mean for Mint House and the industry?
- Expansion and Consolidation: The acquisition of Locale allows Mint House to expand its operational scale and consolidate its position in the alternative accommodation market.. Christian Lee, CEO of Mint House, describes this as a "timely and strategic opportunity to grow" at the start of 2025.
- Focus on Quality and Technology: Both Mint House and Locale share a vision focused on delivering high quality, technology-driven living in high-end multifamily properties. This synergy will allow Mint House leverage the strengths of both companies to improve efficiency and offerings for guests..
- Market leadership: With this acquisition, Mint House has positioned itself as a preferred partner for multifamily developers who seek to maximise the profitability of their buildings.
Financial and Strategic Details
The acquisition was made through a combination of cash and shares, together with additional capital from Mint House's investors.. Nitesh Gandhi, founder and CEO of Locale, will join Mint House as a consultant. Locale's properties will be rebranded and its team will join Mint House..
Investment History
- Mint House: Closed a Series B round of $35 million in May 2022 and a Series A of $15 million in 2019.
- Locale: It announced a Series A of $11 million in early 2020, one year after its seed round of $2.5 million.
The acquisition of Locale by Mint House is a clear indication of the evolution and consolidation of the flexible accommodation sector. By combining forces, Mint House is best positioned to deliver high quality, state-of-the-art experiences to its guestswhile also consolidates its position as market leader. This strategic move will benefit both travellers and developers.marking a important milestone in the alternative accommodation industry.
Mint House is one of the sector leaders that has participated in the Vitur Summit, the reference event for Flexible Accommodation professionals in Europe.. The next edition of Vitur Summit 2025 will take place on 7 and 8 May at the NH MalagaOnce again, it will be the meeting point for operators, investors and companies in the sector to boost their business, establish strategic alliances with the different agents involved and gain access to all the latest news, trends and opportunities in the sector from leading speakers and companies.
