Milwaukee-based Frontdesk, a short-term apartment rental company, has acquired Chicago-based Zencity, a competing short-term rental operator. Terms of the deal were not disclosed. This is Frontdesk’s first corporate acquisition. The company now has additional rental units in cities including Chicago and Kansas City. Last August, Frontdesk acquired several properties from the shuttered San Francisco company
Milwaukee-based Frontdesk, a short-term apartment rental company, has acquired Chicago-based Zencity, a competing short-term rental operator. Terms of the deal were not disclosed.
This is Frontdesk’s first corporate acquisition. The company now has additional rental units in cities including Chicago and Kansas City. Last August, Frontdesk acquired several properties from the shuttered San Francisco company WanderJaunt. This gave Frontdesk an additional 33 units in three different west coast markets.
[caption id="attachment_549482" align="alignleft" width="121"] Jesse DePinto[/caption]
In 2020, Frontdesk also acquired 77 properties from three separate competitors that went out of business. This non-organic growth has helped the company’s continued rapid expansion across the country. Frontdesk has been named to the Inc. 5000 list of fastest growing companies in the United States the past two years. The company currently operates in 35 U.S. markets.
"Today represents a meaningful milestone for Frontdesk," said Jesse DePinto, chief executive officer of Frontdesk. "We are thrilled to welcome the talented Zencity team and their impressive portfolio of apartments to our collection. This acquisition allows Frontdesk to build upon our value proposition for business travel customers who can now access a larger collection of high-quality short-term rental apartments.”
[caption id="attachment_570323" align="alignleft" width="169"] Christopher Lawrence[/caption]
Following the acquisition, Christopher Lawrence, Zencity founder and CEO, will join Frontdesk as chief strategy officer.
"We have always admired Frontdesk's dedication to delivering exceptional travel experiences while maximizing profitability for property owners," Lawrence said. "We are excited to join forces and ultimately unlock more value for our customers together."
Frontdesk has raised a total of $22 million in equity financing since being founded in 2017.
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