Airbnb Leads Investment for Lyric, Corporate Housing Entrant
Lyric, a San Francisco-based service that leases apartment units and floors, refurbishes them and transforms them into hotel-like properties for business travelers, has raised $160 million in financing and debt financing led by Airbnb with participation by multiple additional investors. The funds will be used to expand operations and support the building of the company’s technology and data platform, said CEO and co-founder Andrew Kitchell. Lyric, which launched in 2014, targets its rooms – which it calls Creative Suites – to professionals seeking accommodations for between 2 and 200 days on Airbnb, HomeAway, Booking.com and other lodging marketplaces. Lyric was the first company to be issued a short-term rental permit in Austin and Nashville. It’s the only company legally allowed to operate short-term rentals in Orlando and has partnerships with 20 of America’s top real estate firms, Kitchell said.