US-based hotel manager Life House has completed a $30m series B round featuring Comcast Ventures and JLL Spark, subsidiaries of mass media group Comcast and real estate services provider JLL.
Tiger Global Management, Thayer Ventures, Global Founders Capital and Trinity Ventures also participated in the round, along with private investors including David Hamamoto and Jim Ketai.
Life House is developing a chain of boutique hotels built from the ground up with advanced technology and expects to have 25 hotels open by early 2021. The funding will enable it to move into new markets as it looks to become profitable in the next two years.
Kitty Sullivan, of JLL Spark “Life House is an excellent addition to JLL Spark’s portfolio, offering authentic travel experiences to hotels and their guests and using software to reduce the costs of the operation.
“The Life House team is incredibly impressive and its scalable, asset-light strategy is poised to sustainably bring new value – and new levels of profitability – to the hotel industry.”
The company disclosed $10m in equity funding in mid-2018 that consisted of a seed round led by Comcast Ventures and a series A led by Global Founders Capital, while Trinity Ventures was also identified as an investor.
The 2018 equity funding was announced alongside $30m in debt financing and private equity that was led by real estate investment firm Henley and which was earmarked for property acquisition. Blue Flag Partners provided a further $100m in real estate equity capital in July 2019.
Photo courtesy of Life House Hotels.
