Dive Brief:
- Placemakr, a flexible-use hospitality and multifamily operator, is making a “major” expansion across Texas, the company announced Friday.
- Placemakr also launched its new line of buildings, Hosted by Placemakr, which feature fewer than 75 units per property serviced by “seamless” tech and 24/7 virtual support.
- Placemakr — which had raised over $350 million in funding as of last spring — aims to capitalize on heightened demand for apartment-style hotels from both short-term and extended stay travelers.
Dive Insight:
The new additions to Placemakr’s network total more than 800 units spanning four properties in Texas.
Placemakr’s sixth acquisition, the 259-unit 3Waller in Austin, is now Placemakr Downtown Austin.
The apartment-style hotel will welcome short-term and extended stay travelers in Austin’s Rainey Street area, near the city’s convention center. Offerings include studio, one- and two-bedroom units. The property features an outdoor pool, fitness center, co-working space and communal kitchen and dining area.
The company has also opened Littlefield Lofts, Hosted by Placemakr in Downtown Austin, which will offer similar apartment-style hotel rooms, on Sixth Street.
Meanwhile, Placemakr is assuming management of two residential properties in San Antonio, where the company already operates an apartment-style hotel, The Maverick, Powered by Placemakr. The buildings, The ‘68 and 1221 Broadway, will serve residents only.
Placemakr CEO and cofounder Jason Fudin said in a statement that the company “envision[s] a future that is flex-use, seamlessly blending home and hospitality through technology.”
“Our expansion in Central Texas showcases our commitment to this area and our belief in its future as a major hub for business and leisure,” he added. Other hospitality companies that have recently expanded in Texas include Graduate Hotels, Canyon Ranch and IHG Hotels & Resorts’ Atwell Suites.
In March 2023, Placemakr announced that it had raised over $350 million in funding from venture capital and real estate investors alike to “double down” on property acquisitions and developer partnerships throughout the U.S.
The company aims to “further solidify the flex-use property as a mainstay asset class in commercial real estate,” according to the announcement.
In tandem with the funding announcement, Placemakr appointed Tim Franzen, formerly of Graduate Hotels, as chief development officer. At Graduate — which has expanded quickly across the U.S. and was recently acquired by Hilton — Franzen oversaw the development of six hotels.
