Mint House living room
With a lot of capital reportedly flowing into this space , especially with a lot of empty office spaces looking for an adaptive reuse alternative , The Guild has raised US $ 50 million . After stepping back during COVID , restructuring to manage with a revenue share model versus leasing space in buildings , Carrico told HOTELS he has another 2,500 units in some 50 buildings in the pipeline .
Over 50 % of The Guild ’ s revenue comes from corporate travel ( BT , groups , corporate relocations ). The Guild Downtown Dallas , Elm St ., which opened in September 2020 , reached over 70 % occupancy within the first six months of operation with 52 % of revenue generated from corporate bookings .
Carrico says 65 % to 70 % of business comes through direct channels and it now has a sales team responding to RFPs from big corporations . It averaged a portfolio-wide occupancy of 77.33 % for the first six months of 2021 and in Miami last month , Carrico said his units ran a 125 % penetration index versus his upper upscale hotel competitors . With the restructured management deal there , he said the brand is delivering 40 % premiums over traditional and master leases in the building .
A newly launched website highlights The Guild ’ s approach to tech-enabled boutique hospitality , and doubles down on the rising demand for “ blended stays ” or “ flexible living ” accommodations with dedicated landing pages for Extended Stays and The Guild for Work programs .
The Guild ’ s apartment-like hotel accommodations located in key city hubs come equipped with kitchens and in-unit washers and dryers , and access to perks like grocery stocking , seamless invoicing ( inclusive of third-party delivery services ), co-working spaces , fitness centers , rooftop pools and even a private members ’ club .
New York City-based Mint
House has a very similar model to The Guild and has been scaling through the pandemic , according to CEO Will Lucas and new Chief Development Officer Paul Sacco , a former Starwood hotels development executive . Catering more exclusively to corporate business travelers , it has more than 1,000 units in 26 properties in 12 cities , including New York City , Miami , Austin and Nashville . Three capital raises over four years have netted US $ 50 million .
“ Large institutional investors see the trend toward flex multi-family models ,” Lucas told HOTELS at ALIS . “ They offer risk-adjusted returns with the downside protection of a multi-family home .”
Mint House is also a tech-enabled “ hotel company ” that operates out of luxury multifamily apartment buildings in coveted downtown locations . Its design forward , apartment-style accommodations have full kitchens , in-suite laundry and many more tech-enabled amenities such as ghost kitchendriven room service . It also has centralized middleware to help create a guest preference database that more intuitively meets requests .
Lucas said its New York City building with 132 units this year is running double his hotel comp set in RevPAR . He said 60 % are direct bookings and that 80 % of his guests are remote workers . “ We ran 85 % in 2020 , so it is resilient to downturns ,” he added .
Lucas said they are ahead of their business plan and could reach 5,000 units in 18 to 24 months . Expansion could include London and there is also a possibility of creating a joint-venture with a 12-month rental management company .
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