CALGARY, Alberta–(BUSINESS WIRE)–In Q4 2023, Mainstreet posted our eighth consecutive quarter of double-digit, year-over-year growth across all key operating metrics. We view these results as a significant achievement given that Mainstreet has been operating through successive quarters of historically severe headwinds. Capping off this highly successful fiscal year, we are looking forward to strong tailwinds in fiscal 2024.

Bob Dhillon, Founder, President & CEO of Mainstreet, said, “Mainstreet has yet again proven the viability of our add-value business model as we continue to post positive results amid elevated economic and geopolitical uncertainty.” He added, “In this time of structural housing undersupply, Mainstreet continues to pride itself on being a vital supplier of affordable, quality, renovated housing for middle-class Canadians.”

Performance Highlights For FY 2023

• Drove significant shareholder value by achieving double-digit growth in FFO (30%), NOI (20%) and rental revenues (16%). We also achieved significant growth on a same-asset basis (NOI increased 12%, revenues 9%).
• Improved efficiencies by boosting operating margins to 63% (up from 61% in 2022) and same-asset operating margins to 63% (up from 61% in 2022).
• Enhanced value creation and diversification by growing our portfolio. Mainstreet now operates 17,042 (YTD 17,462) residential apartment units in 20 cities across Western Canada, with total asset value exceeding $3 billion.
• Maintained strong liquidity of $430 million¹.
• Bolstered operational and vacancy gains by repositioning units at an accelerated pace, reducing vacancy rates to 4.5% (down from 7.2% in 2022) despite high levels of unstabilized recent acquisitions that make up 13% of Mainstreet’s portfolio.

We believe these highly positive results yet again demonstrate the viability of Mainstreet’s value-add business model. Since Mainstreet began trading on the TSX in 2000, our management team has continued to generate shareholder value by adhering to our proven countercyclical growth strategy, leveraging low cost of capital and our sizable liquidity position to acquire underperforming rental properties at attractive prices. Over the last 24 years, we have expanded our portfolio from a handful of rental units to more than 17,400, and built up a $3 billion+ asset base while avoiding equity dilution. Our share value has increased 5,000% over that period.

Continued strong market conditions

Mainstreet’s strong performance also comes at a time when rental markets have tightened to new, historically low levels. Sharp population growth in Canada, combined with a lack of new apartment spaces, continues to intensify a structural supply-demand imbalance in the market, pushing vacancies down to record lows. Across Canada’s entire rental universe of 2.2 million apartments, vacancy rates in 2022 were the lowest in decades at 1.9%, according to CMHC data. That trend is particularly visible in some of Mainstreet’s main operating hubs like Vancouver (0.9%), Calgary (2.7%), Edmonton (4.3%, down from 7.3% in 2021), Saskatoon (3.2%, down from 4.6% in 2021) and Regina (3.0%, down from 6.8% in 2021), according to CMHC data. Meanwhile, high immigration levels have raised Canada’s population at the steepest rate since the 1950s. As of July 1, 2023, Canada’s population was 40,097,761, marking a 2.9% increase from a year earlier, according to Statistics Canada. About 98% of Canada’s population increase over that period was due to a major influx in international migrants, particularly non-permanent residents (697,701), immigrants (468,817) and international students (551,405 in 2022). We believe the current macroeconomic environment is just the beginning of a multi-year cycle that will provide ample opportunity for Mainstreet to pursue our growth strategy.

In 2023, the Western Canadian rental housing market once again proved to be among the most resilient asset classes, offering stability at a time of elevated economic uncertainty. And while robust market fundamentals are beneficial to Mainstreet, they also underscore our corporate objective of improving the lives of middle-class Canadians. At a mid-market average rental rate of just $1,050, Mainstreet apartments provide affordable, quality, renovated housing during a period when high inflation has pinched the pocketbooks of every Canadian family, worker and student.

CHALLENGES

Inflation and cost pressures

Despite promising macroeconomic tailwinds, rising costs continue to pose a challenge to Mainstreet. Primarily, inflation and associated higher interest rates increase the cost of Mainstreet debt, our single-largest expense. Mainstreet has locked in 99% of our debt into CMHC-insured mortgages with an average interest rate of 2.79%, maturing in 5.37 years, to proactively protect us against any eventual rate increases—see Outlook section below. Smaller line items including everything from labour to materials are also impacted by inflation, elevating operating costs.

Combatting higher expenses

Mainstreet works tirelessly on multiple fronts to counteract rising expenses. By securing longer-term natural gas contracts, we substantially reduced energy costs across a large portion of Mainstreet buildings. We also managed to reduce our insurance costs—a sizable Mainstreet expense—by more than 13% for fiscal 2023 by obtaining improved premium rates and coverage. Still, major fixed expenses like maintenance and utilities, property taxes and apartment repairs remain high. Carbon taxes, which place the financial burden on property owners, are scheduled to rise annually, from $65 per tonne today to $170 by 2030. Despite our best efforts to control costs where possible, inflationary pressures nonetheless introduce added financial burdens that will, in some cases, be passed onto tenants through soft rent increases. Mainstreet has reignited our supply chain, aiming to further reduce capital costs in 2024.

Improving capital market exposure

Due to the success of our non-dilutive growth model, Mainstreet stock has always attracted high levels of interest on public markets. While this is an unmitigated achievement, we believe that high investor appetite combined with Mainstreet’s relatively narrow equity shareholder base has at times restricted MEQ trading volume, in turn limiting our market value (see next section).

OUTLOOK

Mainstreet introduces new nominal dividend policy

Backed by our enviable liquidity position ($430 million) and strong cashflow position (per-share FFO of $7.37), Mainstreet continues to see an abundant pipeline of acquisitions for generating organic, non-dilutive growth. We plan to introduce a nominal dividend—$0.11 per share starting in Q1 2024—for the sole purpose of widening our shareholder base and increasing trading volume. This decision comes after significant numbers of fund managers expressed interest in investing in Mainstreet, but said they were prohibited from taking positions in non-dividend paying corporations. By offering a small dividend, we believe we can satisfy the requirements of more investors while also leaving ample capital available for countercyclical growth opportunities.²

A shift toward shorter-term debt

As debt markets shift due to rising interest rates, Mainstreet continues to take an adaptive approach to our mortgage positions. In the past, when interest rates were lower, Mainstreet locked in its mortgages at longer-term, 10-year maturities to maximize savings. Now that rates are higher, we have shifted toward shorter-term debt obligations, which will yield more cost reduction should interest rates eventually fall.

Turning intangibles to tangibles

To combat the ongoing housing shortage, Canadian municipalities are increasingly increasing density through rezoning efforts. Mainstreet, with an extensive portfolio of more than 800 low density buildings, is well placed to similarly extract more value out of existing assets and land titles at no cost. To that end, Management is in the early stages of developing a three-point plan to 1) turn unused or residual space within existing buildings into new units 2) explore zoning and density relaxations to potentially build new capacity within existing land footprints and 3) subdivide residual lands to maximize useable space. While the plan is currently conceptual in nature, we view this as a major driver of future growth in the longer-term, and further evidence of Mainstreet’s inherent intangible value.

BC remains a standout

We expect Vancouver/Lower Mainland will continue to provide growth and performance. British Columbia has become central to Mainstreet’s portfolio, accounting for approximately 45% of our estimated net asset value (“NAV”) based on IFRS value. With an average monthly mark-to-market gap of $621 per suite per month, 98% of our customers in the region are below the average market rent. According to our estimates, that translates into approximately $25 million in same-store NOI growth potential after accounting for tenancy turnover and mark-to-market gaps.

Alberta and Saskatchewan prosper

We believe Edmonton, which makes up the largest portion of Mainstreet’s portfolio, could be a major performer in 2024. Concession rates in the city continue to fall as vacancy rates hit an all-time low. Rental rates are beginning to grow as Edmonton’s economy and population rises.

A similar trend is taking shape across Mainstreet’s entire prairie portfolio. In the year ended July 1, 2023, Alberta’s population expanded by about 184,000 people, or 4.1%. This represents the highest annual growth rate since 1981 and is also significantly higher than the national rate of 2.98%. Over the same period, 56,245 more people moved to the province than left it, the highest annual net inter-provincial gains in Alberta’s history and the highest ever recorded in any single province or territory since comparable data are available (1971/1972). Meanwhile, Saskatchewan’s population increased by 30,685 over the past year representing a 2.6% rise, compared with 10,711 (0.92%) in the previous 12 months. We believe high in-migration numbers in Alberta, combined with robust economic activity, could continue to nudge rental rates upward.

RUNWAY ON EXISTING PORTFOLIO

1. Pursuing our 100% organic, non-dilutive growth model: Using our strong liquidity position, estimated at $430 million, we believe there is significant opportunity to continue acquiring underperforming assets at attractive valuations. As such, Mainstreet will solidify its position as the leader in the add-value, mid-market rental space in Western Canada.
2. Closing the NOI gap: As of Q4 2023, 13% of Mainstreet’s portfolio was going through the stabilization process (recent acquisitions). Once stabilized, we remain confident same-asset revenue, vacancy rates, NOI and FFO will be meaningfully improved. We are cautiously optimistic that we can increase cash flow in coming quarters. The Alberta market in particular also has substantial room for mark-to-market catch up.
3. Buying back shares at a discount: We believe MEQ shares continue to trade below their true NAV, and that ongoing macroeconomic volatility could intensify that trend.

Forward-Looking Information

Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning estimates related to future acquisitions, dispositions and capital expenditures, increase or reduction of vacancy rates, increase or decrease of rental rates and rental revenue, future income and profitability, timing of refinancing of debt and completion, timing and costs of renovations, increased or decreased funds from operations and cash flow, the Corporation’s liquidity and financial capacity, improved rental conditions, future environmental impact the Corporation’s goals and the steps it will take to achieve them the Corporation’s anticipated funding sources to meet various operating and capital obligations and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in this Annual Information Form under the heading “Risk Factors”, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of the development of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability but without limitation of labour and costs of renovations, fluctuations in vacancy rates, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, credit risks of tenants, fluctuations in interest rates and availability of capital, and other such business risks as discussed herein. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the rental environment compared to several years ago, relatively stable interest costs, access to equity and debt capital markets to fund (at acceptable costs) and the availability of purchase opportunities for growth in Canada. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.

Forward-looking statements are based on Management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws or as otherwise described therein.

Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporations reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

¹ Including $82 million cash-on-hand, $220 million expected funds to be raised through up-financing of maturing mortgages and financing of clear titled assets after stabilization and a $130 million line of credit.

² We note that any decision to pay dividends, and the amount of any such dividends on the shares, will be made by the Board of Directors at the relevant time, on the basis of Mainstreet’s earnings, financial requirements and other conditions existing at such future time. The dividend policy of Mainstreet is established by the Directors and is subject to change at the discretion of the Directors.

Contacts

For further information:

Bob Dhillon, Founder, President & CEO
D: +1 (403) 215-6063

Executive Assistant: +1 (825) 945-4823

100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada

TSX: MEQ

https://www.mainst.biz/
https://www.sedar.com

Dow’s net-zero scope 1 and 2 emissions complex will be the first of its kind in the world

IRVING, Texas–(BUSINESS WIRE)–#FluorBuildsABetterWorld–As previously announced and recognized in the third quarter on a confidential basis, Fluor Corporation (NYSE: FLR) was awarded two contracts from Dow for the construction of the world’s first net-zero scope 1 and 2 emissions integrated ethylene cracker and derivatives complex in Fort Saskatchewan, Alberta, Canada.

The reimbursable services contracts represent a total value of more than $3 billion and consist of engineering, procurement and construction management for a new ethylene cracker unit and for the associated utilities, power and infrastructure facilities. The overall program also includes the expansion and retrofit of Dow’s existing manufacturing facilities.

Dow announced in November that its board of directors declared the Final Investment Decision for the project, which is part of Dow’s Path2Zero program, intended to lower the greenhouse gas emissions of its manufacturing facilities while growing capacity and delivering low-emissions products to customers.

“This program represents a major step towards Dow’s commitment to decarbonize its global footprint,” said Jim Breuer, group president of Fluor’s Energy Solutions business segment. “We have a long history of successful project execution with Dow, and we are grateful to be given the opportunity to support their objective to be a leader in sustainable chemicals production.”

Dow’s net-zero scope 1 and 2 emissions integrated ethylene cracker and derivatives complex is projected to decarbonize approximately 20% of the company’s global ethylene capacity while growing its polyethylene capacity by approximately two million metric tonnes per annum.

“Fluor has been a great partner over decades and this project builds on Dow’s very successful Texas-9 and associated projects, delivering more than 15% return on invested capital since its 2017 start-up,” said Ron Huijsmans, Dow’s Global MEGA Project Director. “We are excited to have Fluor on board again to deliver a similar or even better project outcome.”

In February, Fluor was awarded the front-end engineering and design contract for the project. Construction began in July on early works and the program is expected to come online in phases, with the first phase starting up in 2027 and the second phase starting up in 2029.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 40,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $13.7 billion in 2022 and is ranked 303 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

#Energy Solutions

Contacts

Brett Turner

Media Relations

864.281.6976

Jason Landkamer

Investor Relations

469.398.7222

PAGOSA SPRINGS, Colo.–(BUSINESS WIRE)–Life House is set to manage three distinguished hotels in Pagosa Springs: The Nightingale Motel, High Creek Lodge, and Pagosa River Domes. This initiative comes as part of a collaboration with Utah-based Elan Capital Partners, who hold an impressive portfolio of hospitality properties across the nation. The partnership not only accentuates Life House’s ability to blend local charm with advanced hotel management techniques, but also positions the operator as a frontrunner for hoteliers seeking a partner with a proven track record of enhancing guest experience and operational efficiency. The partnership will blend Life House’s proven expertise in hospitality with the existing local charm and character of each property.

The Nightingale Motel has long been a cornerstone of Pagosa Springs, known for its retro charm and modern amenities. High Creek Lodge is situated on an expansive and stunning plot of land. The Pagosa River Domes offer a distinct experience, with geodesic domes placed along the serene banks of the San Juan River. Life House’s commitment to crafting local, authentic experiences aligns seamlessly with the ethos of these three Pagosa Springs properties. This collaboration is set to enhance the offerings for guests, ensuring that each stay is curated, comfortable, and memorable.

Rami Zeidan, CEO of Life House, shared, “We’re thrilled to be partnering with Elan Capital Partners and to be chosen to execute their investment thesis and vision for the guest experience.”

About Life House:

Life House is a vertically integrated hotel management & technology company focused on serving small and medium independent hotels with institutional quality service. Life House uses advanced software & operating systems to increase profitability and reliability for independent hotels throughout North America. Life House was founded in 2017 by real estate, hospitality, and technology veterans and is backed by world renowned private equity and venture investors. The company is ambitiously investing in its operational systems to make hotels far more profitable, predictable, and seamless for owners. To learn more, visit www.life-house.com.

About Elan Capital Partners:

The principals of Elan Capital Partners have worked together for nearly 20 years. They have specialized in the due diligence, underwriting, and management of both public and private offerings of real estate securities, representing more than $8 billion of equity raised and more than $16 billion of real estate. As leaders in the alternative investments securities industry, they are frequently invited to speak at industry conferences and other events.

Contacts

Maura Lewkowicz

SVP, Growth & Operations

partners@life-house.com

John Seldon’s Career Includes CEO Of NEOM Airport And GM Of The Busiest Airport In The World

TORONTO–(BUSINESS WIRE)–As category leaders in project controls and technology consulting, Dokainish & Company is excited to welcome John Selden to our Advisory Board.

Renowned for his leadership at JFK International and Hartsfield-Jackson Atlanta International Airports, and as the visionary CEO of NEOM Airport, John’s extraordinary track record managing some of the world’s most significant aviation hubs marks a pivotal moment for Dokainish. This appointment not only underscores our commitment to global excellence in the capital project landscape but also highlights our pursuit of innovative thought leadership in the industry.

“John Selden’s exceptional track record in managing the world’s busiest airports brings a new dimension of operational expertise to our already storied Advisory Board,” said Tarik Dokainish, CEO and President of Dokainish & Company. “His deep understanding of complex project environments, particularly in operational excellence and efficiency, aligns seamlessly with our commitment to delivering high-caliber solutions. John’s expertise will be instrumental in enhancing our clients’ success in large capital projects, driving significant cost savings and program excellence.”

John’s professional journey began in the skies, where his disciplined approach as an airline pilot and tactical acumen as a Navy commander laid the foundation for his exemplary leadership and celebrated career. His transition from the ranks of military service to the highest levels of aviation management speaks volumes of his adaptability and strategic foresight. Selden’s career in aviation management has been distinguished by leadership roles at the world’s most prominent airports:

• At JFK International Airport, as Deputy General Manager, John demonstrated a keen ability to enhance operations and leadership.
• His role as General Manager of Hartsfield-Jackson Atlanta International Airport, the top role in the globe’s busiest airport, further showcased his talent for navigating and enhancing a nexus of intricate operations and passenger services. Under his stewardship, the airport not only thrived but also solidified its place on the world stage.
• Most recently, as CEO of NEOM Airport, John has been nothing short of visionary and exemplified his ability to innovate and drive success in uncharted territories. Overseeing the development of what is set to become one of the world’s most technologically advanced airports, John’s forward-thinking strategies are paving new frontiers in the aviation sector.

John’s vast experience and innovative leadership approach are not just an addition to our Advisory Board; they are a direct benefit to our clients. As Dokainish & Company continues to define the way in capital project controls and technology consulting, John’s insights will play a crucial role in enhancing the services we offer. His unique perspective on complex operations and efficiency will directly translate into more refined, effective solutions for our clients, helping them achieve their goals with greater precision and success.

For more information about Dokainish & Company and our Advisory Board, please visit www.dokainish.com.

About Dokainish & Company

The capital project landscape is impacted with billions lost from cost overruns. Dokainish & Company stands out with a track record of building award-winning PMOs to lowering cost overages up to 200% on projects in energy, infrastructure, mining, construction, defense, and more. We are the category leaders in project controls and technology consulting that solves capital projects’ biggest business and operational challenges. We provide integrated project controls, project management, and change management services. Learn more at dokainish.com and follow @Dokainish&Company.

Contacts

For More Information

Nate Habermeyer, APR

Nate.habermeyer@dokainish.com
T +1 416 849 3861

Westlake Royal will exhibit new products from industry-leading brands

WOODBRIDGE, Ontario–(BUSINESS WIRE)–Westlake Royal Building Products™ (“Westlake Royal”), a Westlake company (NYSE:WLK), will exhibit at The Buildings Show 2023, taking place November 29 to December 1 at the Metro Toronto Convention Centre in Toronto. Westlake Royal will host a product demonstration for Versetta Stone® and exhibit new products from the siding, trim and accessories, roofing and tools lines.

Located at the booths 223 and 227, Westlake Royal will exhibit products from across its family of brands and product solutions, including Cedar Renditions^™, Celect® Cellular Composite Siding, Versetta Stone, Royal Estate™ Vinyl Siding, Portsmouth® Shake and Shingles, Haven® Insulated Siding, and DaVinci Roofscapes®. Westlake Royal will also have Tapco® Brake demonstrations in the booth.

The Westlake Royal Building Products team will demonstrate an installation of Versetta Stone on Thursday, November 30 from 11:00 a.m. to 11:30 a.m. at Emerging Technology Stage (#102) on the show floor. This program will be led by Brian Ferwerda and Peter Buskermolen.

“Westlake Royal Building Products is thrilled to exhibit at The Buildings Show,” said Steve Booz, vice president, marketing, Westlake Royal Building Products. “We enter this show with an optimistic outlook for the industry in 2024 and beyond. We look forward to welcoming our Canadian customers, including distributors, builders, contractors and designers, to see our new products and attend the Versetta Stone installation demonstration.”

Celebrating its 35th anniversary this year, The Buildings Show is North America’s largest exposition, conference, and networking event for construction, building design and property management communities.

About Westlake Royal Building Products

Westlake Royal Building Products USA Inc., a Westlake company (NYSE:WLK), is a leader throughout North America in the innovation, design, and production of a broad and diverse range of exterior and interior building products, including Siding and Accessories, Trim and Mouldings, Roofing, Stone, Windows and Outdoor Living. Westlake Royal Building Products manufactures high quality, low maintenance products to meet the specifications and needs of building professionals, homeowners, architects, engineers and distributors, while providing stunning curb appeal with an unmatched array of colors, styles, and accessories.

For more information, please visit WestlakeRoyalBuildingProducts.com. Follow us on LinkedIn and Instagram and “Like” us on Facebook.

Contacts

Kriss Swint

Westlake Royal Building Products

1-614-754-3455

Kswint@Westlake.com

DECATUR, Ill.–(BUSINESS WIRE)–#climate–In an industry-leading move, TCCI Manufacturing and TekModo collaborate to revolutionize climate control systems across a range of applications, closing a longstanding gap in the marketplace. TCCI Manufacturing, a Tier 1 electric compressor supplier for commercial and heavy-duty markets headquartered in Decatur, IL, and TekModo, a Tier 1 materials and systems supplier headquartered in Elkhart, IN, are introducing a first-of-its-kind, electric HVAC unit expected to hit various markets in early 2024.

This new Made-in-America product revolutionizes the standard by removing traditional, decades-old, inefficient rooftop units and replacing them with a state-of-the-art system. Unlike its predecessors, this variable speed electric HVAC unit offers both flexibility and efficiency without being limited to roof installation. “As an industry veteran with extensive expertise in climate systems, we pride ourselves on pioneering new technologies and working closely with customers to advance sustainable product solutions to a diverse industry segment,” expressed Richard Demirjian, President of TCCI Manufacturing.

The system’s design is a leap forward in environmental sustainability and user convenience. Designed for both on and off-grid lifestyles, this cutting-edge system provides extended battery life while enhancing the overall experience. The state-of-the-art lightweight evaporator and condenser provide better airflow and lower temperature deltas, resulting in quiet comfort and low power draw. Notably, the system’s low power mode works with all solar packages on the market drawing less than 10 amps, delivering continuous cooling with minimal battery drain. Additionally, with the emerging trend of state parks moving to ban the use of generators, our HVAC system’s compatibility with solar packages eliminates the need for generators altogether.

Another distinctive feature of the system is its serviceability—a deviation from the norm where entire unit replacements are often the only solution. It uses automotive-grade components for enhanced durability and is designed for easy repair or recharge, contributing to both the product’s longevity and its eco-friendly design.

“This partnership demonstrates our commitment to redefining industry standards, presenting a product that not only revolutionizes the RV sector but also provides a versatile solution for portable sanitation systems and off-grid enthusiasts,” stated Marc LaCounte, President of TekModo. “This is set to raise the industry standard for innovation and sustainability.”

Contacts

MEDIA CONTACT

Jodi Silotto, DCC Marketing
jsilotto@dccmarketing.com
765-543-8175

BEACH LAKE, Pa.–(BUSINESS WIRE)–Life House continues its mission to partner with independent hotel owners with its latest signing of the chic The Darby in Pennsylvania. Avi Kravitz, Co-Founder and CEO of the notable Norman & Jules Toy Store is reimagining The Darby as a passion project and investment in the local community. He has entrusted Life House, celebrated for its synthesis of expertise and innovative technology, to take the helm of the operations.

The Darby, a boutique hotel in Beach Lake, PA, resonates with an intimate charm that appeals to guests seeking authenticity. The key to Life House’s strategy for this gem is spotlighting its unique offerings, particularly the forthcoming pool and fresh F&B concept. Drawing from Kravitz’s background in branding, Life House plans to drive bottom-line revenue through technological solutions and a sharp revenue management approach. This includes a strategic online presence, search engine marketing, and maximizing repeat guests – a segment contributing notably to the hotel’s business.

“We are impressed with Mr. Kravitz’s The Darby creation and understand the challenges associated with creating a hotel vision and subsequently executing on it,” Rami Zeidan, CEO of Life House, shared. “We love to help owners who share this passion for the creative, but don’t have the expertise or tools, to bring it to life and we’re pleased to be chosen as stewards of Mr. Kravitz’s vision.”

Life House will oversee a lean yet capable team to ensure efficient operations tailored to The Darby’s specific needs. Their streamlined approach is designed to cater to guests’ needs effectively, amplifying the small-town charm and personalized service the hotel promises. With The Darby serving as his foundation in hospitality, Kravitz underscores the importance of expertise and a data-driven approach. The partnership with Life House not only showcases Kravitz’s forward-thinking but solidifies Life House’s reputation as the partner of choice for first-time hoteliers.

About Life House:

Life House is a vertically integrated hotel management & technology company focused on serving small and medium independent hotels with institutional quality service. Life House uses advanced software & operating systems to increase profitability and reliability for independent hotels throughout North America. Life House was founded in 2017 by real estate, hospitality, and technology veterans and is backed by world renowned private equity and venture investors. The company is ambitiously investing in its operational systems to make hotels far more profitable, predictable, and seamless for owners. To learn more, visit www.life-house.com.

About Avi Kravitz:

Avi Kravitz, the visionary behind the award-winning Norman & Jules Toy Store, has always championed unique and quality experiences. With The Darby, he ventures into the realm of hospitality, applying his branding acumen and vision to craft an exceptional guest experience that promises to leave an indelible mark in Beach Lake, PA, and its close neighbor, Narrowsburg, NY.

Contacts

Maura Lewkowicz

SVP, Growth & Operations

partners@life-house.com