WhyHotel, a tech-enabled hospitality platform and operator, has been rebranded as Placemakr. The rebrand comes alongside $90 million in equity investment raised for growth and property acquisitions. In conjunction with these investments, the company also secured committed capital toward its target of $1 billion in property acquisitions over the next 18-24 months. With $250 million of those property acquisitions completed in 2021 and programmatic equity committed to acquire $750 million in property, Placemakr is on pace to be one of the largest holders of blended apartment and hotel assets in the U.S., according to the company.
In addition to driving expansion in new markets, beginning with Placemakr Premier SoBro in Nashville (pictured above), the growth financing will be used to further integrate the best aspects of home and hospitality into one experience, the company reports.
Placemakr offers two product types: a pop-up hotel experience which will now be known as WhyHotel by Placemakr, and the company’s collection of hospitality living properties. The latter, at varying tiers of amenities, will be known as Placemakr Premier, Placemakr and A Placemakr Experience. In addition to continuing to partner with building developers and investors through property management, the company will look to expand its portfolio of owned properties, like Placemakr Premier SoBro, under this new umbrella.
“When we started the company, we envisioned a flexible future, where the needs surrounding where we live and how we travel converge,” said Jason Fudin, CEO/cofounder, Placemakr. “We realized that this would create the opportunity to engineer a new real estate asset class that bridges the hotel and apartment world and is more valuable than either product alone. Well, that future came even quicker than we imagined and has allowed Placemakr to be the premier brand, tech-stack, operator and real estate investor in this new world. We are excited to double down on our growth to meet this market. By investing in our flex platform technology, scaling our operations, investing in our brand and expanding our portfolio of owned and managed real estate, we are positioning the company to be the leader in what promises to be a multitrillion-dollar asset class.”
Placemakr Premier SoBro is located in downtown Nashville. The luxury high-rise offers more than 300 total units, one-third of which will offer unfurnished residential apartments with hospitality amenities and the remaining units will be furnished for short- and medium-term stays beginning in July. The property is close to local attractions such as Bridgestone Arena, Nissan Stadium, Music City Center, Schermerhorn Symphony Center, Ascend Amphitheater, Ryman Auditorium, John Seigenthaler Pedestrian Bridge, Lower Broadway and Riverfront. The building itself offers amenities such as a fitness center and sauna; outdoor pool and whirlpool with downtown views; outdoor fire pits and gas grills; lounge space including TVs, arcade games and pool table; and a 24-hr. concierge.
Placemakr has partnered with Davidson Kempner Capital Management, Gaw Capital and Bernstein Management Corporation on real estate investments, and has had traditional real estate players invested in the operating company including Suffolk Technologies, Geolo Capital and JBG Smith. As the company seeks market expansion throughout the remainder of this year, it continues to engage in new partnerships with real estate firms for growth.