Placemakr Announces a Transition to Profitability in June 2024

The flexible-use hospitality and multifamily operator secured its first positive EBITDA month last quarter

WASHINGTON, Aug. 12, 2024 /PRNewswire/ -- Placemakr, a flexible-use hospitality and multifamily operator, today announced that in June of 2024 the company reached profitability for the first time with a positive EBITDA month. This announcement comes on the heels of new property openings over the course of 2024, including new markets like Atlanta and expansions in existing markets including Washington, DC and Texas. This is an important business milestone as the company continues expansion on its path to reach sustained profitability in the near future.

"We are incredibly proud of this achievement, which has been seven years in the making," said Jason Fudin, CEO and Co-founder of Placemakr. "I'm grateful to our amazing team and all of our real estate partners on this journey. Today, we'll celebrate this milestone but tomorrow we'll roll up our sleeves and get back to growing our property footprint and continuing to refine our platform."

Placemakr launched in 2017 with the goal of building an enduring business with the stability required to deliver on the mission of making real estate more flexible. In recent years, the real estate industry has seen many challenges, from the COVID-19 shutdown to a difficult economic climate and skyhigh interest rates. The flexibility of Placemakr's business model has enabled the company to weather these challenges by adapting to the changing market conditions and needs at the time. Today, in addition to this important milestone the business has grown to over 300 employees nationwide with nearly $150M in annualized booking, despite continued industry challenges.

Placemakr looks forward to additional property launches later this year as it continues on its journey to institutionalize the flex living asset class. For more information please visit www.placemakr.com

About Placemakr
Placemakr is a tech-enabled operating company and real estate investor. The company transforms multifamily properties into a unique blend of apartment living and hospitality and has been the pioneer of the flexible living asset class. Placemakr's innovative tech-enabled platform provides an unmatched experience for its guests and residents, combining the advantages of apartment living with the services and reliability of a hotel, all within a single building. Placemakr's thoughtfully curated spaces in carefully selected neighborhoods offer guests and residents the flexibility to stay for a night, a year, or any duration in between.

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SOURCE Placemakr