Dive Brief:
- Placemakr will expand to Pittsburgh with a 240-unit redevelopment that will include both residential units and short-term lodging, the Washington, D.C.-based company announced Wednesday.
- The new location is in downtown Pittsburgh’s historic Pennsylvanian building, directly connected to the city’s Amtrak station and close to the David L. Lawrence Convention Center.
- Placemakr is one of several companies expanding in the apartment-style accommodations space as guests seek more flexible options. The company, which is expanding across the U.S., became profitable last June.
Dive Insight:
Placemakr’s short-term hospitality stays will be in furnished units known as Placemakr Downtown Pittsburgh, while unfurnished residential units will be known as The Pennsylvanian.
Residential units are currently available, while hospitality offerings will come online in the second quarter of 2025. The site of Pittsburgh’s former railroad station, the historic building also houses The Grand Hall at The Pennsylvanian, a popular wedding venue, which Placemakr now operates. New York City-based Acram Group will manage the property.
The Pennsylvanian is close to major attractions and transit hubs in Pittsburgh, a market Placemakr CEO Jason Fudin said “has been on our radar for a while now.”
“As Pittsburgh's economy continues to grow, driven by expanding tech and healthcare sectors, the demand for flex-living solutions is increasing,” the company detailed in its release. “This trend reflects a broader shift in how people prefer to live and work, seeking accommodations that can adapt to their changing needs.”
Placemakr, which launched in 2017, posted its first full month of profitability in June 2024. The firm surpassed $350 million in total funding in 2023.
The company is expanding nationwide, particularly in Texas, where it launched four properties last year.
Placemakr is one of several companies expanding its apartment-style accommodations in the U.S. Wyndham Hotels & Resorts is offering studios via its partnership with Reside, while Marriott International plans to grow in the space through a tie-up with Sonder. Marriott is also growing its Apartments by Marriott Bonvoy brand.
