Airbnb Leads $160 Million Investment Into Hospitality Startup Lyric

. The $30 billion home-sharing platform was joined by a host of major players in real estate including new investors Tishman Speyer and RXR Realty, as well as existing investors FifthWall Ventures and Starwood CEO Barry Sternlicht.

Lyric’s model is similar to the one WeWork popularized for shared offices. Lyric leases a full floor of an apartment building from the landlord, fills each unit with Instagram-friendly furnishings, and then rents them out like hotel rooms. The company makes money off the spread between what they pay in rent and what they charge travelers.

Lyric kitchens come full stocked. At Hines' 1213 Walnut Street in Philadelphia that includes local ReAnimator coffee and photographs by the city's own Shawn Theodore.Lyrics average nightly rate is $220. Travelers can book one of 500 “suites” through the company’s site or on rental marketplaces like Airbnb. They can stay for as few as two nights or try to beat the record of 304. Every Lyric apartment includes a Casper mattress, Frette linens and toiletries from Malin + Goetz.

For real estate owners, having Lyric absorb units can help get a new rental building to full occupancy faster. Lyric says it pays market rate for the apartments it uses. CEO Andrew Kitchell argues access to a guest suites can also be marketed as an amenity for traditional, long-term tenants. His company’s presence, Kitchell reasons, eliminates the need for a spare bedroom or just keeps a sibling from sleeping on your couch.

samsharf That’s crazy!

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Will the IPO Boom Blow Up San Francisco’s Housing Market?A rush of anticipated public offerings from tech unicorns like Uber and Airbnb could have a major impact on what is already one of the country’s priciest cities That lead in question ' Will it' may have been apropos about 10-15 years ago. Now? All blown up. Situation? Untenable.
Source: WSJ - 🏆 98. / 63 Read more »

George Putnam, Born to Influence, Led Investment Firm and Managed Harvard’s MoneyBorn to influence, George Putnam led Boston-based fund-management company Putnam Investments, which was founded by his father, and managed Harvard’s money. Putnam family hung two women for being (fake) witches in 1690’s. Later apologized! Enjoy legacy thoughts by Bob Hagerty- when topic is wisdom of experience-“there is a role for old poops like myself when the markets turn. 'A little gray hair comforts the shareholders' founder PutnamToday capitalism Rip, Great Man
Source: WSJ - 🏆 98. / 63 Read more »