Excellence in Hotel Management & Development
Our top priority is to provide a welcoming and satisfying environment for our associates and guests. It is our belief that those simple building blocks are the foundation of a successful hotel. Sounds simple, but there is nothing simple about operating a hotel that is both profitable and exceeds guests' expectations.
The senior leadership team of Renascent has over 90 years of combined experience in the hotel industry. They have developed, constructed, owned and operated just about every franchise brand available in the industry. From select service to full service, conference centers and even indoor waterparks – the Renascent team has the tools to meet and surpass our clients’ goals.
Contact us today and find out how Renascent can help you attain the results and profitability your hotels deserve.
Columbus Business First
Columbus, OH November 16, 2016 – Columbus hospitality company getting in on the co-working boom, opening 4 local labs
Co-working spaces are all the rage these days and a Columbus hotel company is getting in on the action. Renascent Hospitality, a hotel manager and developer, has become a franchisee of Rye, New York-based Serendipity Labs Coworking.
Renascent will open four labs in Central Ohio starting in 2017.
“Columbus has seen tremendous growth over the last few years, with good reason. Companies see the enormous potential in everything from the central location, to the talent pool and resources available,” John Arenas, CEO of Serendipity Labs, said in a release. "As about 45 percent of our members are employees of established companies who have the monthly membership paid by their organization, 20 percent startups and 35 percent independent professionals, we think Serendipity Labs is the perfect fit for Columbus’ fast-moving business environment.”
Renascent is looking at the downtown and Short North areas for locations for the first labs. Co-working has been called the "new sub sector of the real estate market" and "one of the largest startup segments" by Forbes. But the industry has its challenges, the story said, including unpredictable revenue streams and high fixed costs.
Scott Somerville, president and principal of Renascent, was featured in Tuesday's Wall Street Journal where he talked about the similarities between hospitality and co-working.
The labs are described as upscale and have private offices, team rooms, lounges and cafes. Renascent also is expected to create day and evening programs for tenants.
Assistant Managing Editor-Digital
Columbus Business First
Serendipity Labs Coworking Coming to Columbus
RYE, NY, November 16, 2016 - Serendipity Labs Coworking is Coming to Columbus. Renascent Hospitality to operate four upscale locations of the national coworking network
New York based Serendipity Labs Coworking is announcing today that Renascent Hospitality, an award-winning hotel management and development company of first class hotels, has signed on as a franchisee of the national coworking chain. Renascent will open four Labs throughout Columbus, Ohio beginning in 2017.
“Columbus is ready for a coworking option that appeals to established business professionals, while providing the level of service and hospitality they expect,” says Scott Somerville, President and Principal of Renascent. “We look forward to offering a modern and sophisticated workplace solution with Serendipity Labs that meets the exacting standards of the Columbus business community.”
Serendipity Labs offers upscale and flexible workplace communities to Members from a cross section of industries. Benefits include reducing long term office lease obligations, escaping a home office or finding a secure work environment without adding to their commute.
“Columbus has seen tremendous growth over the last few years, with good reason. Companies see the enormous potential in everything from the central location, to the talent pool and resources available,” says John Arenas, CEO of Serendipity Labs. "As about 45% of our Members are employees of established companies who have the monthly membership paid by their organization, 20% start-ups and 35% independent professionals, we think Serendipity Labs is the perfect fit for Columbus’ fast-moving business environment.”
Each Columbus Lab will be managed by Renascent to Serendipity Labs' stringent brand standards, and offer coworking access, day passes, dedicated workstations, private offices and team room memberships. The lounge, Lab café and meetup rooms untether Members from a solitary desk and give them options that encourage creativity and collaboration. Renascent will also curate a full schedule of day-time and evening programs designed to enrich the membership experience, extending beyond the work day.
Columbus, OH based Renascent Hospitality was selected because of its commitment to excellence and quality. Renascent has, for the fifth year running, been named a Top 100 Hotel Management & Development Company by leading hospitality publications. “We are thrilled to have Renascent as our partner. They understand the Columbus market, and with their award-winning hospitality background we are confident they can deliver on our brand promises,” adds Arenas.
About Serendipity Labs, Inc.
Headquartered in Rye, NY, Serendipity Labs, Inc., established in 2013 by industry leader John Arenas, is one of the fastest growing coworking networks in the country with over 100 locations now in its development pipeline nationwide. Serendipity Labs delivers an upscale experience for mobile professionals, independent workers and project teams. It offers day passes, part-time and full-time coworking memberships, dedicated private offices and team rooms in its exclusive network across the U.S. Corporate membership, with central billing and reporting are available. The Serendipity Labs mobile app for iPhone and Android means making reservations is quick and easy. Its cloud-based, proprietary OASIS® technology platform is enterprise-class and meets the highest security standards. Serendipity Labs is growing through owned, managed and franchised locations in office buildings, high-rise residential projects, hotels and retail properties throughout the U.S. www.serendipitylabs.com
About Renascent Hospitality
The top priority at Renascent Hospitality is to provide a welcoming and satisfying environment for our associates and guests. Established in 2008 by Scott Somerville, the team at Renascent Hospitality believes that these simple building blocks are the foundation of a successful hotel. Sounds simple, but there is nothing simple about operating a hotel that is both profitable and exceeds guests' expectations. Headquartered in Columbus, Ohio, the senior leadership team of Renascent has over 90 years of combined experience in the hospitality industry. They have developed, constructed, owned and operated just about every franchise brand available in the industry. From select service to full service, conference centers – the Renascent team has the tools to meet and surpass clients’ goals. Renascent is currently operating and developing projects across the USA with industry leading franchisors such as Hilton, Marriott, Carlson-Rezidor and Intercontinental. www.renascenthospitality.com
Laura Lubman Hamburg for Serendipity Labs Coworking
New Competition for "Co-Working" Model
The Wall Street Journal
By Eliot Brown
Nov. 15, 2016 12:19 p.m. ET
New Competition for ‘Co-Working’ Model WeWork rivals pursue office-sharing setups that are more like hotel chains
Five-year-old RocketSpace is focused on co-working for tech firms, with a home base in San Francisco and another on the way in London. Photo: RocketSpace
The business model behind the co-working craze is falling out of favor.
Until now, fast-growing co-working providers such as WeWork Cos. have generally stuck to a buy low, sell high financial model.
In short: They sign long-term leases for office space they then refurbish, divide into incubator-like smaller spaces and rent out at high rates a month at a time.
This practice carries much risk given its high fixed costs: rent to landlords. But it also can create hefty profit margins during good times. That promise has propelled WeWork to a nearly $17 billion valuation.
Now hundreds of millions of dollars in investment is flowing into WeWork competitors pursuing models more akin to hotel chains, where landlords pay co-working operators a fee and keep most of the profits. That moves the risk away from the startup co-working companies and back toward landlords.
The traditional approach “is just a fundamentally high-risk model,” said Duncan Logan, chief executive of RocketSpace.
Five-year-old RocketSpace is focused on co-working for tech firms, with a home base in San Francisco and another on the way in London. In August, it announced $336 million in investment from Chinese financial giant HNA Group, an infusion that will help it expand to at least 12 locations in the next one to two years, Mr. Logan said.
Generally, the company intends to be an operator of the spaces that would take a fee, with landlords responsible for much of the cost of building out the space and collecting much of the upside as rents go up.
Mr. Logan acknowledged the large margins of the arbitrage model make the operating model “not as attractive” by comparison in the short term.
“But if you’re doing the math over two cycles,” he said, “it’s a far better return, because you don’t go bust.”
The appeal of the arbitrage model is its potential for profit. But WeWork has existed only during an expanding economy, leaving many to worry how it would handle a recession, when demand for space decreases but costs remain the same.
WeWork has said its margins are generally more than 40%, not including build-out expenses, and are large enough to withstand a downturn. It is pursuing operating agreements here and there, most notably in India, and it has some profit-sharing agreements in the U.S. with landlords.
Still, it would be difficult for WeWork to pivot much away from arbitrage given that the company’s weighty valuation in large part depends on its current model, with its plump margins.
The operating model also faces some headwinds. It may be harder for landlords to secure a mortgage, for instance, because banks prefer to make loans for buildings that have tenants with long-term leases.
Another co-working startup, Serendipity Labs, thinks franchises are the key to fast growth. Under its model, franchisees pay a fee to be part of the Serendipity family, then build locations in the mold espoused by the company—not unlike a franchised McDonald’s restaurant.
The franchisees, who can lease space themselves or use buildings they own, pay for much of the cost of construction, allowing Serendipity the ability to grow quickly without raising hundreds of millions of dollars itself.
In all, franchisees and their investment partners have committed to putting in about $100 million based on deals struck or being negotiated right now, said John Arenas, the company’s founder and a veteran of serviced office space giant Regus PLC, an early pioneer in the lease arbitrage model.
Many of the franchisees to sign up thus far come from a different corner of the real-estate world: the hotel sector, where franchising is commonplace.
“There were so many commonalities,” said Scott Somerville, a hotel developer and operator who is president of Renascent Hospitality. He has signed on to set up four or five Serendipity locations in the Columbus, Ohio, area. “It’s a hotel without the guest rooms.”
Another co-working company vying to be a more buttoned-up alternative to WeWork, Industrious, sees operating deals as a big part of its future. Jamie Hodari, the company’s co-founder, said Industrious expects to have 31 locations by the end of 2017, a third to half of which are under operating agreements and the rest traditional long-term leases.
“The era when the engine of the industry was buy by the pound, sell by the ounce,” he said, “that’s gone away.”