Milwaukee-based Frontdesk, a short-term residence rental firm, has acquired Chicago-based Zencity, a competing short-term rental operator. Phrases of the deal weren’t disclosed.
That is Frontdesk’s first company acquisition. The corporate now has further rental items in cities together with Chicago and Kansas Metropolis. Final August, Frontdesk acquired a number of properties from the shuttered San Francisco firm WanderJaunt. This gave Frontdesk a further 33 items in three completely different west coast markets.
In 2020, Frontdesk additionally acquired 77 properties from three separate opponents that went out of enterprise. This non-organic progress has helped the corporate’s continued fast enlargement throughout the nation. Frontdesk has been named to the Inc. 5000 checklist of quickest rising corporations in america the previous two years. The corporate presently operates in 35 U.S. markets.
“Right this moment represents a significant milestone for Frontdesk,” stated Jesse DePinto, chief govt officer of Frontdesk. “We’re thrilled to welcome the proficient Zencity staff and their spectacular portfolio of residences to our assortment. This acquisition permits Frontdesk to construct upon our worth proposition for enterprise journey clients who can now entry a bigger assortment of high-quality short-term rental residences.”
Following the acquisition, Christopher Lawrence, Zencity founder and CEO, will be a part of Frontdesk as chief technique officer.
“We have now all the time admired Frontdesk’s dedication to delivering distinctive journey experiences whereas maximizing profitability for property house owners,” Lawrence stated. “We’re excited to affix forces and in the end unlock extra worth for our clients collectively.”
Frontdesk has raised a complete of $22 million in fairness financing since being based in 2017.