Paradigm Hotels has inked a definitive agreement to buy At Mine Hospitality in a deal valued at more than $8.4m.
Paradigm intends to commit further capital to expand the pipeline of properties over the next year, across four markets.
The deal represents a focus by Paradigm on acquiring and operating Airbnb-hotels.
Paradigm leverages the Airbnb platform to provide guests with a seamless travel experience that blurs the line between hotels and Airbnb.
Paradigm Hotels co-founder Brian Ehrlich 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 Hospitality is a Miami-based hotel management company set up by Samuel Raccah and Matteo Soldatini.
Its use of proprietary revenue management software to optimise bookings has enabled it to achieve double digit growth over the past year.
Since its establishment in 2020, At Mine has so far hosted more than 5,000 guests.
The At Mine executive team will also join the Paradigm Hotels team with the aim of expanding the Paradigm Hotels portfolio to 1,000 units by 2023.
At Mine co-founder Matteo Soldatini said: “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.”
Paradigm Hotels co-founder Ben Hoffman said: “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. 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.”