Summary List Placement
Lyric, the Airbnb-backed short-term apartment rental startup, will cease operations of its final location and hand over the keys to competitor Mint House later this month.
The founder and CEO of the San Diego-based Lyric, Andrew Kitchell, said the startup will no longer lease and operate short-term rentals, but instead focus on a separate hospitality software company for short-term rental operators that he set up in 2014 called Wheelhouse.
“While it’s been a tough year for the urban accommodations space, Lyric has been fortunate to work closely with Mint House to transition a number of our best properties & teammates to a team we not only respect, but who we believe is poised to lead the next generation of the short-term rental space,” Kitchell said in a statement to Business Insider.
Mint House will take over Lyric’s 70 Pine Street location in downtown Manhattan. The hospitality rival said it is in the process of taking over at least one other Lyric property, but declined to comment on exact details because of ongoing negotiations. The company also hired Lyric’s former managing director on the real estate team, Ashby McElveen, to become the firm’s head of acquisitions.
Lyric laid off a fifth of its …read more
Source:: Businessinsider – Finance