CozySuites has acquired Roami, the Miami-based short-term rental operator, through a Chapter 11 bankruptcy sale. The deal closed in late August 2025 and adds 20 buildings across Miami and New Orleans to CozySuites' portfolio, which now spans across 12 cities.
Bankruptcy court filings lay out the full terms of the deal. CozySuites paid $6.3 million in cash, plus options for 119,669 shares in CozySuites equity priced at $37.97 per share. CozySuites also provided $1 million in debtor-in-possession (DIP) financing to keep Roami operating during the bankruptcy process, and that balance was applied against the cash price at closing.
How Roami Got Here
Roami, originally founded as Sextant Stays in 2016, grew aggressively during the pandemic. The company went from 68 units to 352 in 2020 alone, picking up properties from competitors that didn't survive the downturn. By 2022, Roami had 475 units and hit $39.8 million in revenue, its all-time high.
But growth came at a cost. The company ran negative EBITDA every year from 2020 through 2024. Monthly expenses ballooned to $3.8 million by mid-2022, and headcount peaked at 250 before Roami conducted two rounds of layoffs. Revenue declined to $34 million in 2023 and recovered slightly to $35.3 million in 2024, but profitability remained elusive.
In its last twelve months before filing, Roami finally turned EBITDA positive at $1.4 million. It wasn't enough. A $10 million loan from Tulip Commercial matured in January 2025, and two attempts at fundraising, including one with Capstone Partners, fell through. As we reported last summer, Roami filed for Chapter 11 on May 27, 2025.
Inside the Deal
The sale wasn't an auction. Roami's team had already run a pre-bankruptcy marketing process, reaching out to strategic buyers including AvantStay, Kasa, Placemakr, and several others. Five submitted letters of intent or indications of interest. After counteroffers and a final round, three submitted term sheets.
CozySuites won for a few reasons according to the filing. Its cash-plus-equity offer was among the highest. The full cash amount was paid at closing with no deferred payments. And CozySuites was willing to assume Roami's existing leases and contracts as-is, which matters because restructuring those agreements would have increased claims against the bankruptcy estate and reduced what creditors received.
One competing offer came in higher at roughly $6.7 million in cash, but it required renegotiating the lease structure, a condition that introduced risk and complexity Roami's advisors decided wasn't worth it.
What CozySuites Gets
CozySuites picks up all of Roami's assets: leases, furniture and equipment, IP, trademarks, domain names, social media accounts, customer lists, and booking contracts. The Roami brand and booking platform will continue to operate, and CozySuites plans to integrate its corporate sales infrastructure over the coming months.
All property-level staff have been retained, and Roami founder Andreas King Geovanis will transition to an advisory role with CozySuites.
This acquisition is the latest in a pattern that's reshaped the STR industry over the past few years. Once fast-growing operators like Sonder and now Roami have become acquisition targets for companies with stronger balance sheets and more conservative growth strategies.
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