MINT HOUSE RAISES $35 MILLION SERIES B ROUND TO ACCELERATE ITS PRODUCT ROADMAP AND EXPANSION AND TRANSFORM HOSPITALITY
Mohari Hospitality leads investment round into Mint House, and Allen Smith, Mohari's Managing Partner and former President and CEO of Four Seasons Hotels & Resorts, joins the board
Leading next-gen residential hospitality brand grows >200% amidst demand for its award-winning properties and travelers' secular migration to residence-style accommodations
NEW YORK, May 4, 2022 /PRNewswire/ -- Mint House, the leading tech-enabled residential hospitality company, today announced it has closed a $35 million Series B round of funding. Mohari Hospitality, a global hospitality investment company founded by entrepreneurial investor Mark Scheinberg, led the round, which also includes existing investors Revolution Ventures, Allegion Ventures and Ingleside Investors. In addition to its investment, Mohari Hospitality's Managing Partner, Allen Smith, the former President and CEO of Four Seasons Hotels & Resorts, will join Mint House's board of directors. The investment comes as Mint House has grown revenue over 200% in 2021 and has tripled its property count over the last two years. To date, Mint House has raised more than $80 million in funding
Mint House announces it has closed a $35 million Series B round of funding led by Mohari Hospitality.
Founded in 2017, Mint House is transforming the traditional hotel industry and pioneering a new category of hospitality–delivering tech-enabled and design-forward spaces that offer the amenities and conveniences of a home with the service, consistency and reliability of a high-end hotel. Mint House currently operates 22 properties in 14 markets, including Mint House at 70 Pine - New York, which was recently ranked the #1 hotel in the U.S. by TripAdvisor, and the #1-ranked four-star hotels in Miami, Nashville and Greenville on Booking.com. Mint House pursues an asset-light operating strategy driven by long-term management agreement structures that differentiates its business model from traditional leases.
"We are penetrating a trillion-dollar global hospitality market, transforming a traditional hotel industry that has historically been low-tech and full of consumer frictions," said Will Lucas, Founder and CEO of Mint House. "Secular megatrends including '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. There's a need for a branded premium operator to provide quality, safety and reliability to serve this demand. Our properties are outperforming upper-upscale hotel peers across all financial and guest metrics, and we are the hospitality partner of choice to corporations with over 400% growth in corporate partnerships in the past year. While delighting our guests, we deliver significant value creation for our property owners, often doubling the income these owners received pre-Mint House. With this funding, led by Mohari Hospitality, we look forward to accelerating our product roadmap and market expansion."
Allen Smith, Managing Partner of Mohari Hospitality, said: "Mint House is a true disruptor in the hospitality industry, redefining the boundary between hotels and short-term rentals. The company's growth in recent years demonstrates the demand for this new concept of modern, luxury, tech-enabled living and the company's huge potential for future expansion. It's an exciting time for Mohari to invest in Mint House and I look forward to joining the board of directors as Mohari continues to expand our portfolio of best-in-class hospitality investments."
"As the former CEO of Four Seasons, Allen led the premier brand in luxury hospitality and we're thrilled he's bringing that expertise to Mint House, the premier brand in next-generation hospitality," said Tige Savage, Mint House board director and Managing Partner of Revolution Ventures, who led Mint House's Series A. "Mint House delivers what today's traveler wants: the amenities and services of a luxury hotel with the modern design, space, and comfort of apartment-style living, all in prime locations. Allen's unmatched experience with the Four Seasons combined with Mohari's leadership as a hospitality investor will amplify Mint House as the category leader."
About Mint House
Mint House is transforming the traditional hotel model and creating a new category of accommodations fundamentally transforming the way we live, work and play away from home—all powered by technology. Mint House's award-winning properties are thoughtfully designed with full kitchens, expansive living areas and connected workspaces in prime downtown locations—offering a new kind of stay that's smarter and more comfortable than a traditional hotel and delivers on the personalized service and consistency travelers have come to expect. Mint House's proprietary tech stack and mobile-first model powers a seamless and feature-rich guest experience including mobile check-in and keyless entry, pre-stocked groceries, 24/7 digital concierge services, on-demand fitness, smart thermostats and shoppable spaces. For more information, visit minthouse.com and follow @staymint on Instagram.
About Mohari Hospitality
Mohari Hospitality, founded in 2017 by entrepreneurial investor Mark Scheinberg, is a global investment company that engages in a broad range of real estate investment activities, with emphasis on luxury hospitality in prime urban and resort markets. Mohari's investments include equity and debt in both development and operating assets and Mohari invests both independently and with partners. Mohari's existing investments include the 2,200 acre Peninsula Papagayo in Costa Rica, which is anchored by a Four Seasons luxury resort; The Ritz-Carlton Yacht Collection; Centro Canalejas in Madrid, which features the first Four Seasons branded hotel in Spain; the Waldorf Astoria in Miami; 1 Hotel Toronto; Riviera Dining Group and the Homewood Mountain Resort in Lake Tahoe. Mohari seeks to protect the cultural heritage and natural environments of all areas related to its projects and is committed to identifying and contributing to philanthropic projects in each location where it does business. Additional information can be found at moharihospitality.com.
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SOURCE Mint House