Loft buys Uotel to enter the rental market

LatamListLoft, a real estate platform, acquired Uotel, a rental startup, for an undisclosed amount. With the acquisition, Loft will enter into a new market: short term rentals.

Uotel is an online platform for short term rentals of small studios. Loft acquired the company in May, also taking shares already owned by other investors. 

Uotel’s two founders, Thomas Guz and Fabio Bertini, will stay on with the company.

Prior to the acquisition, Uotel owned over 150 rented apartments and had a daily turnover of 4,000 per month. The addition of the startup to Loft’s portfolio further expands the company’s presence in the Brazilian property market.

Uotel is Loft’s third acquisition since it was founded in 2018. The company bought SPRY, a market research company, in February, and Decorati, a property renovation company, in 2019.

Loft is now estimated to be worth more than $1B, making it one of Brazil’s numerous unicorns.

Read more on NeoFeed.

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