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IntheHood acquisition brings Dash Living's APAC portfolio to over 1,800
TOKYO, July 26, 2022 /PRNewswire/ -- Dash Living, Asia's leading serviced co-living community, today announced that it has expanded its presence in Japan through the acquisition of Tokyo-based IntheHood Hospitality via a share-swap based M&A agreement.
Dash Living will now manage over 1,800 units in the Asia Pacific. With the addition of IntheHood portfolio, Dash Living has access to over 100 units of co-living spaces in Tokyo, expanding Dash's footprint in the region aggressively.
Traditionally, apartment sharing was less common in Japan; therefore, the choice of apartments for most working class was limited to smaller apartments. Co-living accommodation for young urban professionals is increasingly popular in Japan. In major cities such as Tokyo, rents are high and apartments may require up to four or more months' of initial cost, making it a significant commitment.
IntheHood, an operator of hotels and furnished apartments in Tokyo, was founded to meet the need for "alternative lodging" in the Japanese market. The firm specialises in converting residential real estate into hospitality products and offers a collection of apartments in the best areas of Tokyo, including Nihonbashi, Nippori, Otemachi, Tsukiji, Shinjuku, Meguro, and Azabu.
"We're excited to kickstart the next stage of our APAC expansion in Tokyo. Today's young professionals are embracing more than just the traditional way of living and I am confident Dash Living's affordable, flexible, tech-enabled, dynamic accommodation options will appeal to the Japanese millennial segment and beyond," said Aaron Lee, founder, and CEO of Dash Living. "The IntheHood team has a similar asset-light approach to Dash, with a solid drive and ambition to work with us to take on the co-living development in the Asia Pacific. We are already seeing powerful synergy and a positive outlook for our growth in Japan."
The former IntheHood team comprises former executives from international hospitality brands, online travel agencies, and real estate private equity firms. Dash Living's expansion in Japan will be under the leadership of its Chief Growth Officer - Wesley Wen and the former intheHood team with Joel Yu.
The agreement is expected to be complete in July 2022 while IntheHood enters a transition phase to merge with Dash Living, as part of Dash Living's continued expansion across the Asia Pacific. Customer demand in APAC remains strong, with Dash Living's co-living spaces in APAC achieving an average of 90% occupancy in 2021 despite the pandemic. Dash Living's growing momentum reflects the continued interest from institutional investors to launch new properties and projects across the region.
About Dash Living
Dash Living is Asia Pacific's new generation of rental solutions in Hong Kong, Singapore, Tokyo, and Sydney. Venture capital-backed by MindWorks Ventures, Grosvenor, Taronga Ventures, Chinachem, and more. Dash Living's mission is to create a global accommodation community through sharing economies, tech, and unique tenant experiences, empowering discerning urban professionals to live and thrive in a connected world.
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Rose Chan +852-2586-7828 rose.chan@fleishman.com |
