CorpHousing Group, which provides short-term rentals for travelers in major US cities, raised $14 million by offering 3.4 million shares at $4, the low end of the range of $4 to $5. The company offered 1.1 million fewer units than anticipated.
CorpHousing identifies, acquires, furnishes, manages and markets individual and multi-family units to business and vacation travelers, under its consumer brand, SoBeNY. CorpHousing operates 619 accommodation units in seven cities in the US; the buildings for which it holds leases typically consist of 3 and 4 star hotel properties, residential apartment units, and apartment buildings zoned for commercial use. It expects to add 1,512 units under lease by September 30, 2022, with plans to operate at between 2,500 and 3,000 units in 12 cities by the end of 2022. It also plans to launch international operations in 2022, starting with London or Paris.
CorpHousing Group plans to list on the Nasdaq under the symbol CHG. Maxim Group LLC and Joseph Gunnar acted as joint bookrunners on the deal.
