San Francisco-based company AutoCamp has raised $115 million to build a nationwide network of hotels fashioned from the trailers.
This story by Patrick Clark originally appeared on Bloomberg.com.
AutoCamp announced a deal with manufacturer Thor Industries in December to become the exclusive developer of Airstream hotels, and will use the new capital to buy land and customized trailers to open new sites, Chief Executive Officer Neil Dipaola said in an interview. The fundraising deal includes a follow-on provision that could double the investment and allow AutoCamp to expand to 20 new markets.
“We want to build an authentic American outdoor experience with the consistent quality and comfort you expect from boutique hotel,” Dipaola said.
Dipaola and cofounder Ryan Miller launched AutoCamp in 2013 with six refurbished trailers on a site near downtown Santa Barbara, Calif. They opened a second, larger, property in Sonoma County wine country in 2016, and started laying plans to open new sites within driving distance of the largest U.S. metropolitan areas.
Dipaola said AutoCamp is different from “glamping” because his company’s trailers are heated for winter stays, giving them four-season appeal, and making them more similar to a traditional hotel than a platform tent.
