The round was led by Amplo Ventures, with participation from Susa Ventures, Malkin Holdings, Rogue Insight Capital and Metropolis Capital Partners, bringing the total funding to date for Locale to $14 million.
Locale has a presence in major markets across the U.S., including Austin, Houston, Dallas, San Francisco, Nashville and Minneapolis, and employs over 30 full-time team members. Despite limited capital investment to date, revenue has grown 200% year-over-year, while guest satisfaction scores remain among the highest in the lodging industry.
The new funding was raised to further invest in digital product innovation, enhanced in-room offerings and executive-level hiring, and enable Locale to move forward with its pipeline of projects in markets like Denver, Nashville and Charleston, providing guests with a fully branded and curated end-to-end experience rivaling the best upscale hotels.
Sheel Tyle, Founder and CEO of Amplo, the lead investor in the latest round said:
“We first decided to back Locale when we realized how thoughtful they are in building the next generation of accommodations for travelers,. We are now increasing our commitment to Locale as it continues to redefine the short-term rental category by introducing a premium apartment hotel brand centered around quality in-room products, intentional design, local curation and most importantly, a superior hospitality-driven experience.”
With Locale, he has created an upscale aparthotel collection that has the goal of bringing "intentionality" to every part of the guest experience, elevating it with thoughtfully curated products, amenities, design and service. The contemporary aesthetics of the properties and tech-forward experience appeal to a variety of guests, from families, to millennial business travelers and larger groups. Locale’s business model also provides many benefits to real estate owners and developers, including faster lease-ups, less vacancy, shared services and operations, and improved resident perks. This has enabled the company to successfully partner with multifamily groups like Greystar, The Dinerstein Companies, and AMLI on multiple projects across the country.
The Founder and CEO of Locale, Nitesh Gandhi, said:
“This year has been an exciting one of expansion for Locale—from the number of cities which we are located to the number of guests we’ve served. It’s been an important stepping stone in achieving our ambition to create the leading modern apartment hotel brand. This latest round of funding, together with our invaluable real estate and brand partnerships, will help Locale’s continued growth, which include a number of full-building deals currently in development that will allow travelers to experience Locale’s artfully curated approach to hospitality in a complete environment.”
Edited by V. Haviland