Alternative accommodation platform Frontdesk — a Phocuswire Hot 25 Startup for 2022 — announced today it has acquired Zencity, a Chicago-based short-term rental operator.
Terms of the deal were not disclosed.
The purchase, the first of several planned by Frontdesk, is part of an effort to expand its inventory of furnished apartments maintained to hotel standards that can be rented for nights, weeks or months. The company said acquiring Zencity provides a boost to key business travel markets, including Chicago and Kansas City.
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“Today represents a meaningful milestone for Frontdesk,” said CEO Jesse DePinto. “We are thrilled to welcome the talented Zencity team and their impressive portfolio of apartments to our collection. This acquisition allows Frontdesk to build upon our value proposition for business travel customers who can now access a larger collection of high-quality short-term rental apartments.”
JetBlue Ventures, a Frontdesk investor, echoed the enthusiasm for this strategic acquisition.
“We continue to see incredible interest and demand for high-quality short-term rental products," said Jim Lockheed, investment principal at JetBlue Ventures. “We're excited to support Frontdesk as they continue building a trusted brand and redefine STR hospitality for the modern traveler.”
Zencity founder and CEO Christopher Lawrence will join Frontdesk as its chief strategy officer.
“We have always admired Frontdesk's dedication to delivering exceptional travel experiences while maximizing profitability for property owners,” Lawrence said. “We are excited to join forces and ultimately unlock more value for our customers together.”