Skift Take

Florida-based real estate investment firm Black Swan has acquired Lyric, a former short-term rental operator specializing in multifamily buildings.

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You read it here first: There are stories of “software eating the world” and leaving a dust trail of fallen companies behind. This is not that story. This is about a tech company and property manager that failed, and a leader who learned a hard lesson about skills and market demands. 

Florida-based Black Swan, a real estate investment firm, has acquired former short-term rental operator Lyric, which specialized in multifamily buildings until its demise during the pandemic. The acquisition has bought Black Swan Lyric’s domestic and international trademark rights, operational and performance data, and the domain. 

Black Swan Buys and Tries to Revive Short-Term Rental Brand Lyric

Only on Skift: Airbnb touted early progress in New York City for its new multifamily building partnerships. Under the program, Airbnb partners with owners of multi-family properties who allow tenants to occasionally rent out their units — in exchange for a share of the revenue.

“About 35% of the housing stock is rentals, and we haven’t scratched the surface of that,” said Jesse Stein, global head of real estate at Airbnb, during an interview on-stage at Skift’s Short-Term Rental Summit in New York City last week. The program points customers to “Airbnb-friendly apartments” for free. Landlords take a share of up to 25 percent of the revenue from a rental.

‘Airbnb-Friendly Apartments:’ Growth in Deals With Landlords For Short-Term Rentals

New This Morning: Co-living platform DoveVivo has launched its first fully-serviced property for mid-to-long-term stays in Paris. The 22 apartments in the South Pigalle neighborhood are aimed at corporate travelers as well as tourists looking for stays of at least 30 days. The rent-to-rent development will see its co-living subsidiary, Chez Nestor, and vacation rental brand Altido working together to market and operate the property. DoveVivo already operates 850 co-living and student rooms in the city as part of its network of 40 destinations across Europe.  

People Moves: Luxury vacation rental firm Nocturne Luxury Villas has appointed Scott Wiseman as its new CEO. Prior to the new role, Wiseman was the senior vice president and general manager of Apple Leisure Group Vacations, where he headed up six travel brands. He has also worked at AccorCox & Kings, and Abercrombie & Kent Residence Club.

New Money: Paris-based villa rental company So Villas announced that it closed a €10 million ($10.7 million) funding round led by French financial services company ClubFunding Group. The round was a combination of bonds and equity. 

Chart of Day:  According to cross-border real estate startup Far Homes, depending on the right market and property size, a typical short-term rental can have returns in the range of $15,000-$23,000 in net operating profit annually (with seven to 10 percent cap rates), and these homes have median prices of under $300,000.

Around the World: Reuters reported that France’s finance ministry is working on plans to close a tax loophole benefiting short-term, furnished rentals such as those on Airbnb. Housing shortages in French cities are often attributed to tourists renting flats.

Japanese e-commerce and tech conglomerate Rakuten aims to expedite the global expansion of Rakuten Stay, its vacation rental model. This initiative involves Rakuten owning, managing, and operating its inventory. The brand was formerly known as Rakuten Lifull Stay before Rakuten acquired Lifull‘s 49 percent stake in the venture. Rakuten Stay focuses on a real estate model that includes private villas and apartments.

Elsewhere on Skift: When a city bids for a chance to host a major event, it’s always about more than the event itself. Istanbul has leveraged the attention to grow as a destination and add thousands of hotels over the last two decades.

Champions League Final Will Bring Thousands to Istanbul. It’s Worth More Than Just the Game.

The chief financial officers at Marriott and Accor are closely watching the entry of banks, financial technology (fintech) firms, and tech giants into the selling and servicing of travel. As they should.

What Causes Sleepless Nights for Hotel Execs? The Rise of Fintech

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Tags: lyric, sstrr

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