Paradigm Hotels has signed a definitive agreement to acquire At Mine Hospitality in a transaction valued at more than $8.4 million. Paradigm plans to commit additional capital to grow the pipeline of properties over the next year, across four markets. The transaction marks a renewed focus by Paradigm on acquiring and operating Airbnb hotels.<\/p>\n
Paradigm, the technology-powered hospitality company whose mission is to make renting a hotel room more effortless for everyone, leverages the Airbnb platform to offer guests a seamless travel experience that blurs the line between hotel and Airbnb, it reports.<\/p>\n
Brian Ehrlich, cofounder, Paradigm Hotels, said, \u201cMy cofounder Ben Hoffman and I are pleased to announce this transaction, bringing together the Airbnb and boutique hotel experiences. Our properties are imaginative and alluring: they capture the charm of an Airbnb, while offering boutique hotel accommodations updated for the digital age. At Paradigm, we hate waiting in line. We reject the idea of checkouts. We encourage the client to text when they need something, anything\u2014we won\u2019t make you download a silly app. We meet the customer where he or she communicates. And by cutting out the offerings that don\u2019t matter to today\u2019s consumers, we are able to pass on considerable savings to the guest. The acquisition couldn\u2019t be more perfect.\u201d<\/p>\n
At Mine is a Miami-based hotel management company founded by Samuel Raccah and Matteo Soldatini, focused on the boutique hotel space. That business helped At Mine achieve a 90% occupancy rate throughout the height of the pandemic when the average occupancy rate across all U.S. hotels was 44%, according to hotel data tracking firm STR. Furthermore, the company\u2019s use of proprietary revenue management software to optimize bookings has enabled it to achieve double-digit growth over the past year\u2014and to reach sales nearly 50% higher than the company\u2019s competitive set. Since its founding in 2020, At Mine has thus far hosted more than 5,000 guests.<\/p>\n
Paradigm believes the line between hotels and short-term rentals has converged and that its services directly leverage the seamless experience guests now demand: text-based communication instead of wonky apps, high-quality real estate, ease of entry and exit through self check-in (no checkouts), and WiFi-enabled locks. The company focuses on optimization by merging the Airbnb platform with speedy, witty, personalized communication and customer service, it reports. The company prioritizes the selection of properties that meet the guest\u2019s quest for adventurous experiences that one only finds on the Airbnb platform.<\/p>\n
The At Mine executive team will also join the Paradigm Hotels team with the aim of expanding the Paradigm Hotels portfolio to 1,000 units by 2023.<\/p>\n
\u201cWe\u2019re very excited to have the At Mine operational team join us to bring our unique boutique hotel experience into the future,\u201d said Hoffman. \u201cTheir passion for delivering best-in-class hospitality at charming real estate assets aligns with our mission to make renting a hotel room more seamless.\u201d<\/p>\n
Soldatini, added, \u201cJust as online retailers have perfected distribution in this day and age, we are obsessed with service, especially as it relates to the expectations of the Airbnb guest. We believe our expertise puts us in a unique position to add long-term value as we scale.\u201d<\/p>\n
\u201cTogether, we have more than 50 years of hospitality and real estate expertise and we\u2019re ecstatic to be cofounders in this new venture,\u201d said Hoffman. \u201cIn the rapidly evolving industry we operate in\u2014at the intersection of technology, real estate and hospitality\u2014we have found the best people to execute on this global expansion.<\/p>\n