Airbnb leads investment in apartment rental platform Lyric
Just a couple of days after closing a deal to acquire HotelTonight, Airbnb has splashed the cash again.
It has led a $160 million funding round in Lyric Hospitality inc, a San Francisco startup that offers short term rentals.
However it works very differently with an ‘apart-hotel’ business concept.
It works with real estate developers to transform multifamily buildings into both short-term and long-term rentals with hotel-like amenities targeting business travelers.
It leases single units or entire floors, redesigns or refurbishes them, and turns them into hotel-like accommodations.
"Lyric has combined the latest technology, strong partnerships with the real estate community and cutting-edge design, and we are excited to support their work," said Airbnb president of Homes Greg Greeley.
"At Airbnb, we have seen how hospitality entrepreneurs like the team at Lyric can help deliver amazing experiences and help guests feel like they can belong."
As well as providing in-house design team, Lyric manages revenue, maintenance and cleaning operations.
It has a presence in New Orleans, Chicago, Philadelphia, Dallas, Houston, Minneapolis and Pittsburgh, and the new funding will help it expand to other markets.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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