Mint House Raises $35 Million Series B Round
NEW YORK — Mint House, a tech-enabled residential hospitality company, announced it has closed a $35 million Series B round of funding.
A New Orleans location of Mint House location opened in February at 315 Girod Street. The building features 15 apartment-style accommodations that combine elements of a short-term rental and hotel. Nightly rates range from $100 to $300.
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. Mint House said it 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
Founded in 2017, Mint House offers “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 a New York location that was recently ranked the No. 1 hotel in the U.S. by TripAdvisor, and the No. 1-ranked 4-star hotel in Miami, Nashville and Greenville on Booking.com. Mint House said it 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.”