Key Takeaways
- Wander.com secures a $100 million credit facility with Credit Suisse for expansion.
- Plans to double smart vacation home network, targeting 80% of the U.S. population within a 3-hour drive.
- Offers modern amenities, high customer satisfaction, and a unique partial ownership program.
- Strategic financing aligns with the growing demand for luxury vacation homes and innovative travel options.
Austin, Texas–US-based smart vacation home chain, Wander.com, announced securing a credit facility of $100m with Zürich-based investment bank Credit Suisse in a press release on November 30.
The organization’s first institutional financing round was led by Credit Suisse’s award-winning Securitized Products Group, which focuses on asset-backed lending and capital markets transactions.
Credit Facility and Expansion Plans
Wander aims to expand its network of smart vacation homes to more than double the size of its current portfolio in the first half of 2023, hoping to place an outlet within a 3-hour drive of 80% of the U.S. population.
“We’ll be leveraging the capital to dramatically expand our rental offerings. As the interest in domestic travel continues to compound, we’re committed to meeting the demand in the market by scaling our portfolio of vacation homes to incredible new, highly-desired coast-to-coast destinations,” said David Molotsky, Vice President of Finance of Wander.
The vacation home chain, established in early 2022, currently consists of a network of smart homes in scenic locations across the United States, each equipped with modern workstations, room service, and cleaning facilities, an ultramodern smart home interface, and a Tesla parked in the garage.
Wander, a one-of-a-kind business model in the United States has booked over 2,000 nights since inception and has achieved 94.6% customer satisfaction feedback with “consistency, quality, and excellent service” as the top reason customers choose Wander over traditional travel options.
According to the release, in October this year, Wander launched a program called Wander Atlas, which allows customers to partially own and gain returns from the properties they book.
“We’re seeing a tectonic shift in consumer behavior where travelers are demanding the quality of a luxury hotel paired with the comfort and space of a vacation home,” said Kyle Tibbitts, Chief Marketing Officer at Wander, adding that the new funding round has opened up access to new markets.
What We Think
Wander.com’s substantial credit facility signifies a significant leap in its expansion efforts within the smart vacation home market.
The company’s strategy to double its portfolio aligns with growing domestic travel interests, capitalizing on a trend demanding luxury hotel quality within spacious vacation home settings.
The innovative Wander Atlas program introduces an ownership aspect for customers, further differentiating the brand. This strategic move not only meets evolving travel preferences but also diversifies revenue streams, showcasing Wander’s forward-thinking approach in the industry.
Read the full press release here.
