Hotels

Kasa Acquires Mint House in Bet After Silver Lake’s Backing

Sean O'Neill photo
Sean O'Neill
An image of a kitchen in a two-bedroom unit at 70 Pine Street in Manhattan that is managed by Kasa, which runs hotel-style lodgings in residential buildings and hotels. It's a brightly lit room with modern kitchen appliances and furniture.

Photo Credit: An image of a kitchen in a two-bedroom unit at 70 Pine Street in Manhattan that is managed by Kasa Kasa

Skift Take

Kasa's takeover of Mint House creates the largest U.S. manager of apartment hotels after a wave of failures in the U.S. segment.

Kasa, an operator of apartment-style hotels and traditional lodging properties, said Wednesday it had acquired Mint House in an all-equity transaction that the company said will create the largest U.S. operator of apartment-style and traditional hotels, with roughly 85 properties and more than $150 million in annual bookings.

Mint House has raised more than $80 million in venture capital since its founding in 2017. Its shareholders, which include Mohari Hospitality and Revolution Ventures, exchanged their holdings for minority stakes in the combined entity.

Roman Pedan, founder and CEO of Kasa, described the acquisition of Mint House to Skift as "cashless" and "immediately accretive to EBITDA."

Mint House operated 22 properties before the acquisition. Kasa said it would close some locations that did not meet its stan