Airbnb is the lead investor in a new $160 million funding round for hospitality startup Lyric by samsharf
. 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.
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