Hotel start-up Mint House raises $35 million
Mint House, has raised an additional $35 million in funding, bringing total investment to $80 million.
The New York-based start-up aims to make apartment-style accommodation with hotel-like amenities popular with business travellers who would otherwise stay at upscale hotels.
Mohari Hospitality, the hospitality investment company founded by entrepreneurial investor Mark Scheinberg, led the round, which also includes Revolution Ventures, Allegion Ventures and Ingleside Investors.
Allen Smith, the former CEO of Four Seasons Hotels & Resorts and a Mohari managing partner, also joins board.
He 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.”
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.
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. 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.”