Locale Hospitality, Inc. Expands Short-Term Rental Partnership with The Dinerstein Companies with Launch of Locale Midtown in Phoenix

AUSTIN, Texas, Sept. 6, 2023 /PRNewswire/ -- Locale, the upscale apartment-style hotel brand and management company, and The Dinerstein Companies (TDC), a national real estate and development company, today announced the expansion of their partnership with the launch of Locale Midtown Phoenix, offering upscale furnished apartments for short and extended stays within the Aspire Park Central residential community.

Locale Midtown offers 27 upscale furnished apartments within walking distance of Creighton University and St Joseph's Hospital and Medical Center and is now accepting reservations for guest stays. Blending the comfort of home and convenience of a hotel, Locale's apartment-style accommodations feature fully-equipped kitchens, in-unit washer-dryers, self check-in, modern design, and premium amenities. The luxury property includes a resort-style pool and fitness center plus a Sky Deck with expansive views of Downtown Phoenix.

This launch comes on the heels of the partnership's latest project in Nashville, Locale The Gulch, that converted the fifth floor of Aspire Gulch, Dinerstein's luxury residential building into upscale apartment-style rentals.

Dinerstein and Locale first established a partnership in 2016 and have successfully launched furnished, apartment-style accommodations at eight properties, with more locations to come in 2024.

"Our goal is to always partner with best-in-class companies for all our assets.  Since our initial rollout with Locale seven years ago, they have continued to show a similar mindset as us by approaching everything with the customer experience at the forefront within our buildings", said Clay Hicks, Partner and President of TDC Management. "We continue to keep our pulse on the short-term rental business within the national markets we are in and believe Locale is the company best suited for us to meet our shared goals."

Locale's apartment-style accommodations respond to rapidly growing consumer demand for more space, privacy, and comfort while traveling, especially for work trips that stretch into leisure vacations. The furnished apartments perform well in newly constructed buildings as well as stabilized multifamily assets, boosting occupancy and delivering premiums to conventional rents.

"We're excited to expand our exclusive short-term rental relationship with Dinerstein. The trust and respect we've built over the years has been enhanced by the superior returns we've generated for their assets and capital partners ? it's been a winning combination," said Nitesh Gandhi, Founder and CEO of Locale. "We share a vision that high-quality furnished apartments enhance the value of multifamily assets and it's our pleasure to work with Dinerstein's exceptional team to bring these accommodations to life within their communities."

About Locale
Locale is a residential hospitality company that designs, brands, and manages furnished apartments and aparthotels for the modern traveler. The brand currently operates in six cities with planned expansion to more than 15 cities by 2025. With separate living spaces, full kitchens, in-unit laundry, 24/7 virtual concierge, and hotel-style amenities, Locale accommodations appeal to guests seeking short getaways and long-term stays. With a tech-driven operating model and unique guest experience, the company enhances returns for multifamily and hotel owners versus traditional management models. For more information, please visit www.locale.com and follow @staywithlocale on Instagram.

About The Dinerstein Companies
Founded in 1955, the Houston-based Dinerstein Companies is a full-service real estate and development company that has developed over 80,000 multifamily apartments and 44,000 student housing beds all across the country. TDC currently has over $2.01 billion currently under development. For more information on The Dinerstein Companies, please visit: www.dinersteincos.com

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SOURCE Locale