Regional News

Domio raises $12M in Series A funding to build ‘apart hotels’ across the US

By Editor 0 Comments NEWS, Regional News

Hotels are universally thought to be pricey. Likewise, travelers usually must leave their rooms to acquire basic things they need like food that doesn't come with the minibar. In contrast to this, Airbnb and the accommodations that come with a booking, though a preferred alternative for travelers, is still highly inconsistent.

Domio, a two-year-old, New York-based outfit, thinks there’s a third way: apartment hotels, or “apart hotels,” as the company is calling them.

The idea is to build a brand that travelers recognize as upscale yet affordable, more tech-friendly than boutique hotels and features plenty of square footage, which it expects will appeal to both families as well as companies that send teams of employees to cities and want to do it more economically.

Domio has a host of competitors if you’ll forgive the pun. Marriott International earlier this year introduced a branded home-sharing business called Tribute Portfolio Homes wherein it says it vets, outfits and maintains to hotel standards homes of its choosing. And Marriott is among a growing number of hotels to recognize that customers who stay in a hotel for a business trip or a family vacation might prefer a multi-bedroom apartment with hotel-like amenities.

Property management companies have been raising funding left and right for the same reason.

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