Dive Brief:
- Residential hospitality operator Mint House entered into the Washington, D.C., market with the opening of apartment-style hotel 1010 Vermont, according to a news release obtained by Hotel Dive.
- Mint House converted a former 11-story office building into the boutique 1010 Vermont, which offers 85 units ranging from studios to two-bedroom apartments. Each unit includes a fully equipped kitchen as well as a designated living space. The property also features hotel-style amenities, including a fitness center, rentable meeting space and a communal lounge area.
- The opening comes several months after Mint House acquired Austin, Texas-based Locale in a move to ramp up its operational scale. Mint House CEO Christian Lee told Hotel Dive the company is planning additional properties in new markets, as apartment-style accommodations show resilience amid uncertain economic times.
Dive Insight:
1010 Vermont is Mint House’s second opening this year, following the operator’s debut of The Dylin in Madison, Wisconsin, in March. The recent openings come on the heels of Mint House’s February acquisition of Locale, through which Mint House aims to fortify its presence in high-demand markets.
Washington, D.C., is a “dynamic hospitality landscape” where international travelers stay an average of 4.7 nights, while domestic visitors — many of whom are in town for business — typically spend 2.3 nights, according to Lee. Industrywide, there is a growing demand for elevated accommodations, he added.
Mint House is targeting growth in primary and secondary markets across the U.S., seeing significant runway in urban areas, Lee said. The operator has new locations planned for the remainder of the year in Nashville, Tennessee; Tampa, Florida; and Philadelphia.
The apartment-style accommodations sector has shown resilience amid mounting economic uncertainty, per Lee.
“Mint House, like much of the travel industry, has seen economic uncertainty change upcoming travel plans. However, because we serve such a wide range of guests, we are able to be resilient,” he said. “For example, while some demand lagged in the first quarter from leisure travelers, Mint House had a strong performance from business travelers.”
Consumer confidence has dropped in recent months, impacting travel, with multiple hotel company CEOs noting shifts during first-quarter earnings calls.
Choice Hotels International CEO Patrick Pacious said during an earnings call last month that the extended stay category has highly stable demand fundamentals.
Other hospitality players expanding in apartment-style accommodations include Wyndham Hotels & Resorts and Placemakr.
