Kasa Living Financial Model
PropTech Startup Financials (Free Excel Download)
Tech-enabled hospitality operator that manages furnished apartments and hotel units on behalf of property owners, capturing a share of room revenue without owning real estate.
professionals from Deloitte
Used by professionals from
About this model
Kasa Living is a technology-enabled hospitality operator that manages furnished apartments and hotel units for property owners. It captures a share of room revenue without owning the real estate, following a post-COVID pivot from leasing to nearly fully fee-managed operations.
The company had reached 35 US cities by September 2020 and closed a Series B in August of that year. Its core KPI tree is units under management, occupancy, room nights sold, ADR, gross booking value, and management-fee revenue.
The model forecasts units managed, occupancy, ADR, room nights, and fee rate by market. Ancillary revenue, property costs, owner retention, market launches, sales, and operating overhead translate asset-light hospitality growth into an EBITDA and cash-runway forecast.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Kasa Living
kasaliving.com
How to build a detailed financial model for Kasa Living
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Kasa Living model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Fully-furnished apartments and hotel units operated as upscale, hotel-inspired short-to-medium-term rentals.
- Guests: seamless contactless check-in/out (sub-5-min arrival web app), 24/7 support, >95% 4–5 star reviews across hundreds of thousands of room nights.
- Property partners: Kasa manages all guest operations end-to-end (FF&E, housekeeping, regulatory/tax, trust & safety, revenue management, 24/7 guest comms). Partners see +20–50% increase in NOI.
- Flexible scale: can manage a few units in a building up to a full building, or national multi-building portfolios.
- Post-COVID expansion: technology stack extended to manage traditional hotel assets (<75-unit hospitality assets - 425K keys nationally; independent hotels - 1.5M keys nationally).
Market
- Supply-side opportunity cited (not a formal TAM/SAM/SOM):
- New multifamily developments: ~300K units built per year.
- Small hospitality assets (<75 units): 425K keys nationally.
- Independent hotels: 1.5M keys nationally.
- No dollar-value TAM/SAM/SOM presented in deck.
Revenue model
- Revenue structure: service agreement or percentage-of-revenue agreement with property partners. Exact fee rate / take-rate not disclosed.
- Nearly 100% fee-managed post-COVID (transformed from prior model that included lease/master-lease risk).
- Distribution channels: Kasa's own website/app (kasa.com), plus OTA channel management (implied by "channel & online advertising management").
- Revenue levers: occupancy, ADR (average daily rate), ancillary fees (parking, pets, incidentals).
- No revenue figures, ADR, or fee percentages disclosed in deck.
Traction & metrics
- Units under management: grew +50% from December 2019 to September 2020 (bar chart shows ~3 bars with clear step-up; absolute unit count not labeled).
- Industry context during COVID: Kasa +50% units while hotel industry contracted -45%.
- Occupancy: Kasa maintained ~70–75% monthly occupancy through COVID peak (April 2020), while US hotel all-capacity fell to ~20% and adjusted-capacity to ~25%. By June–July 2020 Kasa recovered to ~75%+ vs US hotels at ~35–45%.
- RevPAR: >2x outperformance vs hotels during COVID.
- Guest satisfaction: >95% 4- and 5-star ratings across hundreds of thousands of room nights.
- Customer mix: Families (39% + 13% + 24% = 76%), Business traveler 15%, Group 8%.
- Geographic footprint: 35 cities as of deck date (September 2020).
Unit economics
- Property partner NOI uplift: +20–50%.
Competition / moat
- Positioned against: (a) traditional hotels - cramped (~325 sq ft), expensive fixed-cost structure, hard to adapt; (b) Airbnb/traditional STR hosts - unreliable cleanliness, no guest/host vetting, community disruption.
- Moat claimed:
- Proprietary technology: guest screening, contactless arrival, noise/smoke sensors, revenue management.
- Enterprise multifamily relationships that enable rapid scaling.
- Geographic diversity across drive-to markets that stabilized results during COVID.
- Capital efficiency / asset-light model reduces balance-sheet risk.
- Named competitors: not directly named in deck; implied are Airbnb/VRBO and hotel chains.
Team & funding ask / use of funds
- Founder & CEO: Roman Pedan. Leadership team of 12 named.
- Advisors / investors (all personal investors): Marcus Ridgeway (co-founder Invitation Homes), Rob Kline (Chartres Lodging, $12B+ hotel transactions), Chris Mahowald (Stanford GSB, Lone Star Funds, Colony Capital, $100B+ RE AUM), Aaron Schildkrout (Uber growth), Craig Weissman (CTO Salesforce/Okta), Fred Tuomi (ex-CEO Invitation Homes).
- Funding history:
- Seed: $6.3M, December 2018 (Zigg Capital, BoxGroup, Founder Collective)
- Series A: ~$21M, December 2019 (FirstMark Capital, RET Ventures, Zigg pro-rata) - EV +300% from Seed
- Series B: $30M, August 2020 (Ribbit Capital, FirstMark, Zigg, RET, BoxGroup pro-rata) - EV +100% from Series A
- Total raised: ~$57.3M
- Use of Series B funds: Not explicitly stated; implied - expand units under management into hospitality assets and independent hotels.
Recommended financial model
- Archetype + why: Hospitality management company P&L (fee-based, asset-light). Primary KPI tree flows: Units Under Management → Occupancy → Room Nights Sold → ADR → Gross Booking Value → Management Fee Revenue (% of GBV or flat per-unit). Secondary revenue: ancillary fees. No balance sheet inventory/capex risk since Kasa does not own/lease units (post-pivot). A 3-statement shell is useful to show the path to EBITDA profitability, but the core driver model is a RevPAR × units × fee-rate engine.
- Forecast horizon & granularity: Monthly for Year 1–2 (operational detail); annual for Years 3–5. Cover Q3 2020 actuals as base period aligning to deck date (September 2020).
- Key drivers & assumptions:
| Driver | Value | Source |
|---|---|---|
| Units under management at base (Sep-2020) | ~ | relative; absolute count not in deck |
| UUM growth rate - Year 1 | 50–100% YoY | extrapolating Sept-2020 YTD +50% run-rate momentum into multifamily + hospitality pipeline |
| UUM growth rate - Years 2–5 | 30–60% YoY | growth deceleration as base grows; tapering to mature |
| Occupancy - base (post-COVID recovery) | ~75% | Kasa July 2020 ~75%+ |
| Occupancy - stabilized target | 80–85% | consistent with premium STR operators |
| ADR | - | no figure given - ~$120–$180/night blended for furnished apt / boutique hotel; needs external benchmark |
| Management fee take-rate (% of room revenue) | ~20–30% | typical for professional hospitality mgmt companies; exact rate not in deck |
| RevPAR (Occ × ADR) | Derived | - |
| Average length of stay | ~5–7 nights | medium-term bias (families + business traveler mix; avg group >2 guests) |
| Revenue per unit per month | Derived | - |
| Gross margin on fee revenue | ~50–65% | asset-light; main costs are housekeeping mgmt, guest ops, tech, account managers |
| S&M as % of revenue | ~15–20% | early-stage, heavy channel spend |
| G&A as % of revenue | ~20–25% | corporate overhead, compliance, finance |
| R&D / Tech as % of revenue | ~10–15% | proprietary tech platform is core to moat |
| EBITDA margin target (Year 5) | ~15–25% | mature hospitality mgmt comps (e.g. Vacasa, Sonder benchmarks) |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: UUM +60% Y1, occupancy 78%, ADR at midpoint benchmark, fee take-rate 25%
- Bull: UUM +100% Y1 (rapid hotel expansion), occupancy 83%, ADR premium mix shift upward, fee take-rate 28%
- Bear: UUM +30% Y1 (delayed hotel pipeline, macro headwinds), occupancy 70%, ADR compression, fee take-rate 22%; tests cash runway against $57M raised
- Required sheets / outputs:
- `Assumptions` - all toggleable drivers, scenario selector
- `Units` - UUM build-up by segment (multifamily parcels, partial buildings, full buildings, boutique hospitality, independent hotels); monthly additions
- `RevPAR Model` - occupancy × ADR → room nights sold → GBV per segment
- `Revenue` - management fee revenue + ancillary; total net revenue
- `P&L` - gross profit, S&M, R&D, G&A, EBITDA, D&A, EBIT, interest, net income
- `Cash Flow` - operating CF, minimal capex (asset-light), ending cash, runway vs. $30M Series B
- `Balance Sheet` - simplified; focus on cash, deferred revenue, payables
- `KPI Dashboard` - UUM, occupancy, ADR, RevPAR, GBV, fee revenue, EBITDA margin, months runway
- `Scenarios` - Base / Bull / Bear toggle or side-by-side
Frequently asked
Is the Kasa Living financial model free?+
Yes. The Kasa Living model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Kasa Living's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other PropTech Startup Financial Models
Browse another startup in the same category.
Agora
Agora automates operations for real estate investment firms - investment accounting, fundraising, CRM, investor reporting, portal, and data room in one platform.
Briq
SaaS platform that automates money workflow management (budgeting, forecasting, cash flow, WIP) for construction companies.
Canary Technologies
B2B SaaS platform providing guest management and digital operations software to hotels
Geodesic.Life
Sustainable prefabricated geodesic dome houses for rural development, sold as a design + prefab kit + consultancy bundle to real estate partners.
Huboo
Full-stack, software-driven e-commerce fulfilment network built on a micro-warehousing model, targeting SME merchants across UK and Europe.
Immo
Tech-enabled iBuyer that acquires single-unit/single-family residential properties directly from homeowners, renovates and rents them under the IMMO Homes brand, and aggregates the portfolios into institutional investment products.
Latch (Door.com)
Latch is an enterprise proptech company selling LatchOS, a full-building smart-access and SaaS operating system for multifamily residential buildings, going public via SPAC merger with TS Innovation Acquisitions Corp. (TSIA).
Minut
IoT sensor + SaaS platform that acts as a "co-host" for short-term rental (STR) properties - monitoring noise, occupancy, safety, and guest experience.
