Mint House Acquires Apt.-Style Provider Locale
Mint House has acquired fellow apartment-style accommodation provider Locale, doubling its portfolio and broadening its U.S. presence, the company announced Tuesday.
FrankLin
Mint House has acquired fellow apartment-style accommodation provider Locale, doubling its portfolio and broadening its U.S. presence, the company announced Tuesday.
Financial terms of the deal were undisclosed. Both companies are privately held. Mint House said the deal included cash and stock, and "Mint House investors are supporting the deal through the investment of additional capital."
Under the terms of the deal, Locale's 12 properties in nine U.S. cities will rebrand under the Mint House name and join that company's 11 properties in seven U.S. cities. There is some geographic overlap between their portfolios, and the new Mint House will have properties in 13 markets once a planned Washington, D.C. property opens this year.
"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," Mint House CEO Christian Lee said in a statement. "This combination will leverage the strengths of both companies to drive greater scale, efficiency, and an enhanced offering for all guests."
Founded in 2017, Mint House was one of several apartment-style accommodation providers to emerge in that era, though not all survived the Covid-19 pandemic. Mint House did, though, and in 2022 raised $35 million in Series B funding.
Locale was founded in 2016. Mint House said all Locale employees will join the company, including Locale founder and CEO Nitesh Gandhi, who will join as a senior advisor and in a statement said he would "help drive growth and deepen our category leadership."
Before the deal, Mint House had properties in Dallas, Denver, Greenville S.C., Miami, Nashville, New York and St. Petersburg, Fla. Locale had properties in the Texas cities of Austin, Dallas, Fort Worth and Houston, as well as in Madison, Wis., Menlo Park, Calif., Nashville, Philadelphia and Phoenix.
