Paradigm Hotels announces the acquisition of the hotel company “At Mine”
Paradigm Hotels announced today that it 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 develop the portfolio of properties over the next year in four markets. The transaction marks Paradigm’s renewed interest in acquiring and operating Airbnb hotels.
Paradigm, the technology-based hotel company with a mission to make renting a hotel room easier for everyone, uses the Airbnb platform to provide guests with a seamless travel experience that blurs the lines between the hotel and Airbnb.
Brian Ehrlich, co-founder of Paradigm Hotels, said: “My co-founder Ben Hoffman and I are delighted to announce this transaction, bringing together Airbnb experiences and boutique hotels. Our properties are imaginative and alluring: they capture the charm of an Airbnb, while providing boutique hotel rooms updated for the digital age. At Paradigm, we hate standing in line. We reject the idea of check-out. We encourage the customer to text when they need something, anything – we won’t force you to download a silly app. We meet the client where he communicates. And by removing offers that don’t matter to today’s consumers, we are able to pass significant savings on to the customer. 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. This company helped At Mine achieve 90% occupancy during the height of the pandemic, when the average occupancy rate across all American hotels was 44%, according to hotel data tracking company Smith. Travel Research. Additionally, 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 achieve sales of nearly 50%. superior to those of the company’s competition. Since its founding in 2020, At Mine has so far welcomed more than 5,000 guests.
Paradigm believes the line between hotels and short-term rentals has converged, and its services are directly leveraging the seamless experience customers demand: (immediate!) Text communication instead of shaky apps, high-end real estate. quality, ease of entry and exit thanks to self-registration (no departures) and WiFi compatible locks. The Company is focused on optimization by merging the Airbnb platform with fast, witty and personalized communication and customer service. The Company prioritizes the selection of properties that meet the client’s quest for adventurous experiences that can only be found on the Airbnb platform.
At Mine’s management team will also join the Paradigm Hotels team with the goal of expanding the Paradigm Hotels portfolio to 1,000 units by 2023.
Paradigm Co-Founder Ben Hoffman said, “We are very pleased that the At Mine operations team is joining us in bringing our unique boutique hotel experience into the future. Their passion for delivering world-class hospitality in boutique real estate assets aligns with our mission to make hotel room rentals more fluid.
Matteo Soldatini, co-founder of At Mine, said: “Just as online retailers have perfected distribution these days, we are obsessed with service, especially when it comes to the expectations of Airbnb customers. We believe our expertise puts us in a unique position to add long-term value as we scale. “
Samuel Raccah, co-founder of At Mine, added: “This new setup has proven to be resilient over the past year despite continuing challenges due to blockages and travel restrictions. We are excited about this growth opportunity as we join forces with Brian Ehrlich and Ben Hoffman. “
“Together we have over 50 years of hospitality and real estate expertise and we are delighted to be co-founders of this new company,” said Ben Hoffman, co-founder of Paradigm Hotels. “In the rapidly changing industry in which we operate – at the intersection of technology, real estate and hospitality – we have found the best people to lead this global expansion. “
About Paradigm Hotels
Paradigm Hotels is on a mission to make renting a hotel room easier for everyone through the Airbnb platform. As a real estate company, we acquire assets that enhance the experience of an Airbnb traveler. We also provide solid rental terms for property owners through streamlined operations. To learn more about Paradigm, visit paradigm01.com