Serendipity Labs, Inc. announced that three highly-regarded hotel industry veterans have been awarded franchise areas by the fast-growing coworking company: 3H Group Hotels, led by CEO Hiren Desai; SSM Hospitality, LLC, led by CEO Paresh Master; and hotelier and entrepreneur, Trey Scott, of Hunter Hotel Advisors. They will open and manage seventeen new locations in Atlanta, Georgia; Charleston and Greenville, South Carolina; and Orlando and Tampa, Florida. The combined development schedule represents more than $20 million in capital. The first five locations are slated to open in 2018
All Serendipity Labs workplaces are designed to brand standards that include furniture selection and an emphasis on of ambient light.
“Given the cyclical nature of the hotel industry, diversifying into an adjacent hospitality industry that addresses a growing market and uses our skill set is a tremendous opportunity. Corporate customers, a sector we know well, now need the flexibility offered by coworking memberships. And as with their preferred hotels, they demand upscale environments and secure, trusted workplaces so they can feel confident sending employees and clients,” says 3H Group Hotels’ Hiren Desai. “Serendipity Labs is the national coworking brand offering the highest standard of service. I know our best customers will be delighted with their experience at any of their locations across the country.”
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Coworking now constitutes 27 million square feet of office space. Emergent Research predicts it will double in the next two years—a 23.8% compounded annual growth rate. STR has projected a 2.2% growth in the number of hotel rooms by 2018. The average stay at a coworking workplace is more than twelve months and the time from lease signing to opening is six months.
Serendipity Labs delivers coworking as an upscale hospitality brand, offering a flexible real estate option for large companies, mobile professionals and independent workers. As with the hotel industry, it is growing through franchisees, joint ventures and company-owned locations. It currently has over 100 properties under development. The cost to open a Serendipity Labs workplace is just over one million dollars. (U.S.)
“Strong demand for enterprise-level coworking and the rapid growth of our franchise platform has attracted sophisticated franchisees and institutional investment from the hospitality industry,” says Serendipity Labs CEO, John Arenas. “Hoteliers who get into coworking at this stage understand how complementary hoteling and coworking are, and are leading the way. We are gratified and welcome these three well-respected and forward-thinking members of the hospitality industry to coworking.”