ONDA today announced that it had raised $1.1M in equity funding from private investors, including Raindrop Partners, to facilitate the acquisition and conversion of its flagship hotel in Playa Grande, Guanacaste, Costa Rica.
Started in July 2020, ONDA seeks to become a leading player in a newly-emerging hospitality segment that exists in the white space between hostels, hotels, and coliving which seeks to capitalize on changing consumer preferences and the “future of work.”
ONDA’s flagship location, which was acquired in July 2021, is currently being revitalized ahead of its early 2022 debut. Management anticipates adding two additional Costa Rican destinations later in 2022, the locations of which have yet to be announced.
“ONDA is leading the emergence of a new segment, in response to COVID, that will impact the hospitality industry the same way that fast casual impacted the dining industry in response to the Great Recession,” said ONDA Founder and CEO, Bill Graf. “Our goal with the Playa Grande location is to develop a replicable model that will allow us to deliver a best-in-class experience to guests, employees, and the communities in which we operate in a scalable, sustainable fashion.”
Zach Frisch, Principal at Raindrop Partners, added “The COVID-19 pandemic has fundamentally altered the way many people work and live. Consumer preferences have changed; people want to be able to travel for extended periods of time while working and socializing with other travelers. I’m seeing many new hospitality concepts emerge in Costa Rica that seek to capitalize on these trends. ONDA’s unique real estate model gives it a competitive advantage in terms of guest experience, speed to market, and investor ROI.”
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