Extendam, Keys REIM and Stone Capital have entered into a strategic partnership with co-living operator Outsite.
The co-living & co-working operator which creates properties for digital nomads and remote workers currently operates 50 locations across the US, Latin America, Africa, Asia and Europe, and the partners have signed an agreement to back its European expansion plan with a €300 million commitment to secure new properties.
The collaboration will allow Outsite to scale up and multiply its current inventory by fourfold, reaching over 3,500 keys within the next five years. It will also shift focus and target hotels properties between 20 keys and 50 keys or more in France, Spain, Portugal and Italy.
Keys REIM and Stone Capital have backed Outsite since their first European launch in 2019.
Why it matters
This development indicates a growing interest in the co-living sector, with traditional hotel investors like Extendam venturing into co-living spaces signifying a potential shift in investment strategies within the hospitality sector. The strategy to target hotel properties with 20 to 50 keys or more also suggests a trend towards converting existing hotel assets into co-living spaces.
What they said
Bertrand Pulles, co-CEO of Extendam and investment manager Maxime Durand said: “We believe that Outsite's innovative approach to hospitality perfectly aligns with Extendam's investment strategy. This partnership will enable us to expand our footprint in Europe and offer unique experiences to modern travellers.”
Vincent Ferat, president of Keys REIM added: “Keys REIM has been a shareholder of Outsite since 2019, and our shared success story continues with this new agreement. We are committed to supporting Outsite's European growth and focusing on key European gateway cities and Southern Europe leisure destinations.”
Arthur Moreno, co-founder & CEO of Stone Capital added: “Stone Capital is excited to join forces with Outsite in this transformative stage of growth. We see immense potential in Outsite's expansion strategy, and we look forward to continuing to work with them to achieve their ambitious goals in Portugal.”