Short and long-term accommodation specialist Mint House has acquired apart-hotel brand Locale for an undisclosed amount.
The addition of Locale, which launched in 2016, will bring the Mint House portfolio to 22 properties in 13 markets across the United States. The total includes new openings slated for this year in Washington, D.C. and Phoenix, Arizona.
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The acquisition is made up of cash and stock as well as additional capital from Mint House's investors.
The deal “marks a pivotal moment for Mint House, driving operational scale and solidifying is position,” the company said in a statement.
“The alternative lodging sector is at an inflection point and as we kick off 2025 we see this as a timely and strategic opportunity to scale,” said Christian Lee, CEO of Mint House. "Locale shares Mint House’s focus on a premium hospitality offering in high-end multifamily properties. This combination will leverage the strengths of both companies to drive greater scale, efficiency, and an enhanced offering for all guests. It also positions us as the premier partner for multifamily developers looking to maximize building profitability.”
“From day one, our mission at Locale was to provide exceptional, tech-driven stays in premium multifamily and apart-hotel properties,” said Nitesh Gandhi, founder and CEO of Locale, who joins Mint House as an advisor. “Mint House shares that same high standard and I’m thrilled to join as a senior advisor to help drive growth and deepen our category leadership.”
Locale’s properties will be rebranded and the team will join Mint House.
Mint House, which was founded in 2017, closed a Series B round of $35 million in May 2022. The company had previously announced a Series A round in 2019 of $15 million.
Locale, meanwhile, announced a Series A of $11 million in early 2020, just over a year after its seed round of $2.5 million.