Hospitality platform Placemakr has announced $65 million in fresh funding.
Investment in the flexible-use property specialist comes from Highland Capital Partners, Harbert Growth Partners, Bernstein Management Corp., Camber Creek and Gaw Capital.
The U.S.-based company has also added Timothy Franzen, former president of Graduate Hotels, as chief development officer.
Placemakr plans to put the funding toward property acquisitions and developer partnerships across the United States.
Subscribe to our newsletter below
Jason Fudin, co-founder and CEO of Placemakr, says: “The trend of flexible-use housing continues to gain steam as cities adjust to our new travel and living patterns created by remote work. In addition to residential multi-family buildings shifting to mixed hospitality and residential use, we’re also seeing an influx of office conversions as these properties in prime locations continue to sit vacant. We’re witnessing a reshaping of downtown cities’ structure and function, and we’re proud to lead that conversion alongside our investors and development partners.”
In his previous role, Franzen led the development of eight hotels as well as the acquisition of 34 existing properties.
“Innovation is the backbone of Placemakr and was the primary driver for my desire to join the organization," he says. "I am eager to bring my experience to Placemakr as we create something new in the industry. I’m energized to be a part of something that one day we’ll look back on and pinpoint as the beginning of a fundamental shift in the commercial real estate industry, blending hotel and multifamily uses into the same building and in a truly flexible way.”
Placemakr, which raised $90 million a year ago and rebranded from WhyHotel, has now raised more than $350 million.
The company also recently announced the launch of new properties in Nashville, Tennessee, and Columbia, Maryland.