Money is pouring into the business of home-stay arbitrage. Making it pay off will be the hard part.
valuing Lyric at an estimated $240 million, highlighting it as an early leader among professional hosts.Kitchell cofounded Lyric in 2014 with Joe Fraiman, who spent seven years at hedge fund Bridgewater Associates before starting an interior design platform in 2012 that carved a niche working with hosts. They met when Kitchell, by then running a vacation rental pricing engine, wanted Fraiman’s company to furnish apartments for his clients, but decided they could do more as a team.
“Customers are rejecting the idea that a hotel with a bed and a television is interesting,” says Kitchell. “That feels very boring and, we think, unfriendly now.” “Assets will move toward flexible use,” adds Furdin. “The fact that buildings are built for a single use for the next 70 years, without any level of service you can opt into, is not congruent with what consumers—especially transient renters and guests—expect from products.”
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