Apartment-style extended-stay lodging provider StayAPT Suites has partnered with hospitality investment venture Powerhouse Hotels to support the company’s expansion by 30 properties in the next five years, the companies announced Tuesday.
Financial terms of the deal were undisclosed.
Founded in 2020, StayAPT Suites currently operates 22 properties, all in the U.S. and predominantly in the Southeast, with plans to open 18 more by the end of 2024. Its properties are “intentionally designed to feel residential,” according to the company, with more than 500 square feet of suite space that includes a dedicated living room along with a kitchen and separate bedroom.
The deal with Powerhouse includes the opening of 30 hotels within five years, including six set to break ground this year, expanding StayAPT’s footprint to 25 states. StayAPT has a “focus on new construction,” according to the company.
Powerhouse is a hospitality investment joint venture of JCap Realty Group and Cullinan Holdings, formed this year.
