Paradigm Hotels today announced that it has signed a definitive agreement to acquire At Mine Hospitality in a transaction valued at over $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.
Paradigm, the technology powered hospitality company whose mission it 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.
Brian Ehrlich, Co-Founder of Paradigm Hotels said, “My co-founder 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 check-outs. We encourage the client to text when they need something, anything – we won’t make you download a silly app. We meet the customer where he or she communicates. And by cutting out the offerings that don’t matter to today’s consumers, we are able to pass on considerable savings to the guest. The acquisition couldn’t be more perfect.”
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 Smith Travel Research. Furthermore, the company’s use of proprietary revenue management software to optimize bookings has enabled it to achieve double digit growth over the past year – and to reach sales nearly 50% higher than the company’s competitive set. Since its founding in 2020, At Mine has thus far hosted more than 5,000 guests.
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 (immediate!) communication instead of wonky apps, high-quality real estate, ease of entry and exit through self-check in (no check outs), and WiFi enabled locks. The Company focuses on optimization by merging the Airbnb platform with speedy, witty, personalized communication and customer service. The Company prioritizes the selection of properties that meet the guest’s quest for adventurous experiences that one only finds on the Airbnb platform.
The At Mine executive team will also join the Paradigm Hotels team with the aim of expanding the Paradigm Hotels portfolio to 1000 units by 2023.
Paradigm Co-Founder Ben Hoffman said: “We’re very excited to have the At Mine operational team join us to bring our unique boutique hotel experience into the future. Their passion for delivering best-in-class hospitality at charming real estate assets aligns with our mission to make renting a hotel room more seamless.”
Matteo Soldatini, At Mine Co-Founder commented, “Just 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.”
Samuel Raccah, At Mine Co-Founder, added, “this new configuration has demonstrated resilience over the past year despite persistent challenges due to lockdowns and travel restrictions. We are excited about this growth opportunity as we join forces with Brian Ehrlich and Ben Hoffman.”
“Together, we have more than 50 years of hospitality and real estate expertise and we’re ecstatic to be co-founders in this new venture” said Ben Hoffman, Co-Founder of Paradigm Hotels. “In the rapidly evolving industry we operate in — at the intersection of technology, real estate, and hospitality — we have found the best people to execute on this global expansion.”
About Paradigm Hotels
Paradigm Hotels is on a mission to make renting a hotel room more effortless for everyone via the Airbnb platform. As a real estate company, we acquire assets that enhance an Airbnb traveler’s experience. We also provide real estate owners with strong lease terms through streamlined operations.
SOURCE Paradigm Hotels