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Outsite, a co-living community space for remote workers and digital nomads, is embarking on a European expansion.
The company, which currently has 50 locations in the United States, Africa, Latin America, Asia and Europe, has linked up with Extendam, Keys REIM and Stone Capital to pursue new properties in Europe – particularly in Spain, France, Portugal and Italy.
Keys REIM and Stone Capital have supported Outsite since its first launch in Europe four years ago. With the partnership in place, Outsite will be positioned to multiply its inventory in Europe fourfold with a €300 million commitment meant to be used for real estate.
The investment should help the company expand to holding 3,500 rooms in the coming half decade. Outsite said the focus will be on targeting hotel properties with 20 to 50 rooms or more.
And globally, “that funding technically could allow us to grow up to 150,” said Outsite founder Emmanuel Guisset.
Vincent Ferat, president of Keys REIM, which has been an Outsite shareholder since 2019, said the companies’ “shared success story” is expected to continue with the new agreement. “We are committed to supporting Outsite’s European growth and focusing on key European gateway cities and Southern Europe leisure destinations.”
Extendam’s co-CEO Bertrand Pulles and investment manager Maxime Durand were also enthusiastic about the partnership and said in a joint statement they “believe that Outsite’s innovative approach to hospitality perfectly aligns with Extendam’s investment strategy. This partnership will enable us to expand our footprint in Europe and offer unique experiences to modern travelers.”
And Stone Capital expressed excitement too. Arthur Moreno, the company’s co-founder and CEO, said the group sees potential in Outsite’s expansion strategy.
While the funding will focus on expansion in Europe – particularly in the south of Europe – Guisset said the company plans to continue to seek growth elsewhere too. Latin America, for example, is a strong market for Outsite, he said. And after a few years of focus in Europe, he hopes Outsite might be able to form similar partnerships to continue to expand stateside as well.
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