US: Veteran-owned short-term rental property management company Patriot Family Homes has closed a $60 million Series B funding round to fulfil demand in underserved markets.
The round was led by two family offices in the shape of TRT Holdings and Miramar Holdings.
Patriot Family Homes said that it planned to use the funding to acquire, renovate and operate single-family home rentals, as well as to invest in infrastructure and management talent, to accelerate its growth in the hospitality segment.
At the same time, the company, which operates in 400 locations across 13 US states, has announced the appointment of Christian Hempell as its president and chief operating officer [COO]. Hempell previously held executive operating and commercial roles at next-generation lodging firm Sonder and InterContinental Hotels Group, and will now lead the team to deliver Patriot’s aggressive growth strategy, reporting to founder and CEO, Joe Riley.
Riley said: “Our strategy serves guests in smaller cities and suburban markets through a portfolio of single-family homes to meet underserved short-term lodging needs. By securing this round of funding and attracting Christian to the company, we can accelerate the growth of our brand and operations to remain the leading multi-regional operator of economy short-term rentals.”
Hempell said: “The momentum of Patriot Family Homes aligns well with my career focus on building scalable hospitality brands that are real estate intensive, operationally complex, and emphasise a compelling guest service promise. The company’s unique strategy, leadership culture, and market opportunity make this an attractive long-term growth business for investors and employees.
“I’m thrilled to work with Joe and the leadership team to bring guest focused innovation and operational excellence to market,” he added.
Riley founded Patriot Family Homes in 2018 shortly after returning from a military deployment to Afghanistan. During the deployment, he and his family rented their house on Airbnb, and recognised the need for short-term rentals around military bases, with Riley continuing to build the company while serving tours in Ukraine and on the National Security Council at the White House.