Domio, a travel tech platform, has acquired Reserve Rentals for $1.4 million. Chicago-based Reserve Rentals primarily offers two and three-bedroom leisure and business travel rentals in the Loop, South Loop and Gold Coast neighborhoods. Domio is backed by Tribeca Venture Partners, SoftBank Capital NY and Loric Ventures.
CHICAGO (PRWEB) OCTOBER 30, 2018
Domio, a technology hospitality company that is revolutionizing the apartment hotel, announced it acquired Chicago-based Reserve Rentals for $1.4M to expand its apart-hotel accommodations to Chicago. The acquisition will give Domio instant access to its eighth market in America. Reserve Rentals’ 32 multi-room, units will join existing properties on the Domio platform in Austin, Nashville, San Diego, Boston, New Orleans, New York City and Honolulu, which have hosted more than 80,000 guests to date.
The Reserve Rentals real estate team, which primarily offers two and three-bedroom leisure and business travel rentals in the Loop, South Loop and Gold Coast, will also join the Domio team with the goal of expanding Domio’s footprint in Chicago to 500 units by early 2020.
“We’re very excited to have Grant, George, and the entire Reserve Rentals team join Domio to bring our unique apart-hotel accommodations for those traveling with friends, family and work colleagues to Chicago,” said Domio CEO Jay Roberts. “Their passion for delivering best-in-class hospitality and unique experiences for group travelers coming to Chi-Town aligns with our mission to revolutionize the group travel experience. We look forward to working together and welcoming guests visiting the city that continually ranks as the best big city for travelers to visit in the U.S.”
Domio is making group travel more enjoyable and economical with spacious accommodations. The median Domio unit available to book on its platform offers guests three bedrooms and measures around 1,500 square feet to comfortably accommodate groups of five. Its apart-hotel units cost 25 percent less, on average than similarly sized hotels. Domio properties are also branded and designed similarly to offer a higher standard stay across locations. Furthermore, the company’s utilization of software to optimize accommodations has enabled it to grow sales 400% YoY with an occupancy rate of over 82% — close to 20% higher than the hotel average.
“Joining the team at Domio gives us the unique opportunity to combine our knowledge of the Chicago hospitality market with Domio’s proprietary technology and data models to increase our occupancy rate and rapidly accelerate leasing in the area,” said Grant Hosking and George Savaricas, co-founders of Reserve Rentals. “We’re excited to start offering newly branded Domio properties, while also increasing the profitability of our current properties as they join the Domio portfolio.”
Domio’s acquisition of Reserve Rentals comes a week after the company announced a $12 million investment from Tribeca Venture Partners, with participation from SoftBank Capital NY and Loric Ventures. In September, the company also announced a $50M joint venture with Upper 90 to exclusively fund the leasing and operating of as many as 25 apartment-style hotels for group travelers. The first apart-hotel property — Domio Baronne ST. — is slated to open in New Orleans on December 1st, 2018.
Domio is the leading travel technology platform that is revolutionizing group travel by scaling it’s branded apartment-hotel concept. Travelers staying at a Domio property can enjoy the comfort of a home and the confidence of a hotel. With one-click, travelers can now join more than 80,000 guests to date in booking a Domio property across eight markets. For more information visit https://staydomio.com.