Fledgling real estate operator Blueground continues its active acquisition of US-based Travelers Haven to expand further in the US market and provide services to more clients looking to rent apartments outside of the US. major urban centers. Travelers Haven provides apartments for rent in approximately 20,000 areas of the United States, which are available on demand, that is, at the request of the client, furnished according to his needs. An American company based in Denver, Colorado served over 10,000 clients in 2022, i.e. workers and professionals (e.g. doctors, architects) who may be involved in projects in different locations and are looking for apartments to live in until then. until they fulfill their obligations (corporate housing). At the same time, he has a network of partners who supply the company with apartments, gaining access to a portfolio of 2,700 apartments in different US cities. Travelers Haven was developed without raising funds, and in 2022 its revenue exceeded $100 million.

The two companies will employ more than 1,200 people and are expected to have revenue in excess of $600 million in 2023.

With this particular acquisition, the Greek startup will provide its services to more US cities and will only be able to serve customers who don’t want to stay in the major urban centers that Blueground has operated in so far. According to the information, the goal is to expand a specific apartment rental model, in addition to the United States, to other regions of the world. The company now has access to 20,000 US offices from 11 US cities it served prior to the acquisition (Austin, Boston, Chicago, Denver, Los Angeles, Miami, New York, San Diego, San Francisco, Seattle and Washington). Recall that Blueground started with a few apartments in Athens in 2012 and now manages 12,000 apartments in 30 cities. Having reached an agreement with the owners to rent out their properties, he proceeds to furnish and equip them, transforming them into high quality spaces. He then sublets them for a month or more to business executives, and so on. This acquisition gives Blueground the ability to offer its customers furnished apartments in the US, available on demand, along with an existing portfolio of apartments around the world. It is also expanding geographically its Blueground for Business service, which is designed to provide solutions to companies that are looking for ways to relocate their employees. According to the announcement, both companies will employ more than 1,200 people and, based on current financial projections, are expected to top $600 million in revenue for 2023. Blueground and Travelers Haven will continue to operate independently for the foreseeable future. In the future, Travelers Haven will be fully integrated into the Greek startup.

Blueground has already entered the acquisition process since last December, when it took control of the Brazilian startup Tabas with the aim of entering the Mexican market and further expansion in Latin America. The company is looking for opportunities to invest or acquire companies that will enable it to more effectively expand into new markets at a time when the technology industry is in a correction phase and valuations are moving at more reasonable levels compared to last year.