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Pitch Deck Teardown: Mint House's $35M Series B deck

This document provides a summary of Mint House, a company that operates tech-enabled extended stay hotels and facilities. Some key points: - Mint House was founded in 2017 and currently has over 145 employees and operates in 16 markets with 26 properties. - It uses an asset-light management agreement model with high gross margins and minimal capex requirements. Over half of bookings are direct and repeat customers comprise 14% of bookings. - Mint House properties provide a superior customer experience compared to traditional hotels, with amenities like fully-equipped kitchens, digital check-in, and strong customer satisfaction scores. - The company is experiencing rapid growth and outperforms traditional upper-upscale hotels

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CompanyOverview Presentation SEPTEMBER 2022
Confidential 2 Mint House – Company overview Description Footprint Growth strategy progression Notes: 1. As of December 2022 • Founded in 2017, Mint House is an operator of tech-enabled hotels and facilities providing superior lodging alternatives for modern business and leisure travelers • Headquarters in New York, NY and currently has ~145 employees • Experiencing positive macro trends with a massive global hospitality market ($800bn+ and growing), coupled with secular megatrends (i.e., digital nomadism, preference for a contactless model, etc.), which accelerate the Company’s penetration • Operates in 16 markets1 with 100+ corporate partnerships • Operates its properties via management agreements, an asset light, SaaS-like model with ~80% gross margins, 100%+ net revenue retention and minimal capex • Over 50% of the Company’s bookings are direct (website or corporate partnerships team) and 14% of bookings are repeat customers • Well-capitalized, strong investor base with a first-class board NYC Philadelphia Greenville New Orleans Miami Nashville Louisville Detroit Columbus Scottsdale Denver Austin Minneapolis Seattle DC Birmingham Mint House is currently operating in 16 markets (with 26 properties)1 and growing 2017-18 Small unit count in individual buildings 2019 Larger unit count in multiple buildings with same owner 2020-21 Multi building programmatic deals with institutional partners 2022+ Multi building programmatic + development strategy with institutional partners (Mint House manages)
Confidential 3 A better business model Net Promoter Score (NPS) 1.9x Upper Upscale hotels Four #1-ranked and eight top-4 ranked hotels #1 Hotel in U.S. on TripAdvisor & Travelers’ Choice Best of the Best award winner RevPAR outperformance 1.6x Upper Upscale hotels with 1.8x higher margins $800Bn global lodging market in 2019, growing to $968Bn in 2025 Hotel revenue grew 3.0x in 2021, projecting ~2.0x in 2022 and +120% Revenue CAGR from 2021-2025E Branded hotel chains are franchise models, can’t force the hotel franchisees to change Hotels built with old-format room types and legacy tech stacks Management agreements = take-rate model 80%+ Gross Margin, asset-light, minimally capital intensive 2x Revenue / NOI increase when Mint House operates property, and hassle-free Vastly superior customer experience 1 Consistently outperform traditional hotels 2 Disrupting a huge TAM 3 Rapid growth 4 Barriers for incumbents to compete 5 High-margin business model 6 Compelling value proposition for real estate partners 7
Confidential 4 A better consumer experience Smart and fully contactless with digitally delivered amenities Instant check-in Find and unlock your apartment Pre-filled personal info Pre-order groceries 24/7 digital concierge
Confidential 5 A better place to stay Long check-in lines, antiquated operating model Cookie-cutter design Small rooms, minimal in-room amenities Seamless tech-enabled guest experience Connected tech, thoughtful design Full kitchens, living rooms, dedicated workspace, washer dryer in unit Mint House Traditional Hotels
Confidential 6 A better model, outperforming Upper-Upscale Hotel peers on every key metric 2021 RevPAR Index 2021 GOP Margin 2021 Occupancy Net Promoter Score (NPS) 70% 37% Mint House Upper Upscale 1.8 x 1.6 x Mint House vs Total US Mint House vs Upper Upscale 70% 48% Mint House Upper Upscale 60% 37% Mint House Upper Upscale
Miami 173% / 2.7x 133% / 2.3x Confidential 7 A better value proposition to our real estate partners Metric Comparison (per Unit) Mint House Average Monthly Revenue Outperformance Mint House AGOP Outperformance Denver 156% / 2.6x 126% / 2.3x Austin 141% / 2.4x 137% / 2.4x Nashville 130% / 2.3x 77% / 1.8x New York 72% / 1.7x 50% / 1.5x Notes: 1. Per unit data, based on Mint House stabilized properties May - August 2021 actuals; excluded earlier part of the year due to pre-vaccine roll out 2. Mint House AGOP = GOP - Base Management Fees 3. Multifamily market rent/unit data from CoStar website and Mint House internal information 4. Multifamily GOP excludes property insurance, property taxes and management fees 5. Multifamily GOP margin per National Apartment Association 2020 Survey of Operating Income & Expenses in Rental Apartment Communities - All Market Rent Properties Operating Income & Expense Data $1,862 $3,050 $2,850 $1,706 $3,817 $4,489 $7,808 $7,774 $3,925 $6,564 Before Mint House After Mint House 2.4x 2.6x 2.7x 2.3x 1.7x Mint House Recent Performance vs. Multifamily: Average Monthly Revenue per Unit
Confidential 8 A better award-winning experience customers love Mint House at The Reserve – Nashville No. 1 four-star hotel in Nashville on Booking.com Mint House at Riverwalk – Greenville No. 1 four-star hotel in Greenville on Booking.com Mint House at Miami – Downtown No. 1 four-star hotel in Miami on Booking.com Mint House at 70 Pine – New York City No. 1 ranked hotel in the U.S. on TripAdvisor & No. 18 ranked hotel in the world
Confidential 9 A better system that corporates are embracing, with 100+ corporate partnerships
Confidential 10 A best-in-class, deeply experienced management team Samantha Greenberg Chief Financial Officer Former Portfolio Manager at Citadel, Chief Investment Officer at Margate Capital Management, Partner at Paulson & Co., and Vice President at Goldman Sachs. Paul Sacco Chief Development Officer Former Chief Investment Officer of Driftwood Capital, Chief Development Officer for TPG Hotels and Head of Development at Starwood Hotels. Patrick Grumley Chief Operating Officer Led portfolio operations and strategy at Bridgeton Holdings, former consultant for Bain & Company, Naval Strike Officer with an MBA from Cornell University. Maryssa Miller Chief Product Officer Former Head of Digital and Customer Products at JetBlue Airways, Vice President of E- Commerce at Create the Group, and other previous roles at digital brands.
Confidential Appendix
Confidential 12 Case Study Mint House at 70 Pine – New York City No. 1 Hotel in the U.S. on TripAdvisor & Winner of the 2021 Travelers' Choice® Best of the Best Awards for Hotels Mint House Units: 163 135 studios 20 one-beds 8 two-beds Annual Revenue: $15.4M1 First Unit Delivery: November 2020 Notes: 1. Revenue includes recent opening of an additional floor at 70 Pine