How Presidio Bay drove 20%+ more income with Locale furnished apartments
premium to multifamily market rent
ADR since opening
Average star rating
"Locale has enabled us to capture corporate and leisure short-term demand for Menlo Park…Their tech-driven strategy, combined with our premium unit and building offerings, has crafted an exceptional guest experience and a value-creating model for our property, especially during our lease-up."
To inquire about Locale’s upscale furnished apartments management platform, please reach out to
partners@locale.comThe Goal
Capture business & leisure demand for short-term stays while reducing lease up time
There are limited lodging options for corporate and leisure travelers looking to stay in and around Menlo Park. Yet there is strong demand for shorter stays driven by Stanford and Silicon Valley. Presidio Bay wanted to capture this demand while creating additional cash flow during the lease up of their 183-unit Class A development, Springline Menlo Park.
The Solution
Upscale furnished apartments via Locale
In March 2023, Locale launched 15 upscale furnished apartments, deploying our 24-hour virtual concierge service and keyless self-check-in technology to keep costs low. Locale’s centralized and tech-enabled management platform facilitates a light staffing model while increasing profit for ownership. We market Locale Menlo Park across national and global hotel and corporate housing channels to drive high quality, short-term rental demand.
The Result
Faster lease up, large incremental profit
After a quick ramp-up period, Locale has achieved an average nightly rate of $306 and high occupancy compared to nearby luxury and upper upscale hotels, resulting in a 12% RevPAR premium to hotel comparables. With our strong top-line performance and a direct booking rate of ~60%, Locale has driven a 23% premium above equivalent multifamily market rents. Additionally, guests are loving the experience with a current 4.6 out 5.0 star rating.
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