US: Furnished Quarters has announced today it will no longer operate Q&A Residential Hotel in Manhattan, with Lyric taking over.
Lyric, which describes itself as “the leading tech and data-powered real estate and lifestyle hospitality company” will have its first Manhattan presence in the 70 Pine building, and will update the design of current Q&A units to Lyric Creative Suites throughout the summer and early autumn.
As part of the transaction, Furnished Quarters and Lyric have formed “a strong alliance that provides a host of exclusive usage and property benefits for Furnished Quarters”.
In late 2015, Furnished Quarters opened Q&A Residential Hotel in Lower Manhattan to offer nightly and weekly stays in full-sized apartments. Floors three through six of the 70 Pine building were designated for hotel stays in luxury apartments, all with full kitchens and spacious floor plans.
Lyric, which was launched in 2014, is a service that specialises in leasing apartment units and floors, refurbishing them and transforming them into hotel-style properties for business travellers. Its clients are predominantly business and professional travellers who are seeking accommodations for between two and 200 days on rental platforms such as Airbnb, HomeAway and Booking.com. Lyric suites are all designed to include a Casper mattress, Wi-Fi, connected TVs, keyless entry, a fully-stocked kitchen, a washer and dryer, as well as access to fitness centres, pools, and business lounges.
“Lyric wanted a key footprint in the New York market and were looking for a best-in-class flagship property that aligned with their brand’s vision of short-term apartment stays with hotel amenities in luxury residential buildings,” said Steve Brown, CEO of Furnished Quarters. “Q&A has consistently ranked as a top 20 Manhattan hotel on TripAdvisor and has secured a robust following among corporate clients. Since launching the hotel, Furnished Quarters has grown from a regional corporate housing provider to a successful global operator. We have made the strategic decision to refocus our efforts on our primary business of 30+ day stays in furnished apartments.”
As part of the alliance, Furnished Quarters will be the exclusive corporate housing company able to secure hotel reservations within Lyric’s units at 70 Pine. Additionally, Furnished Quarters clients will have special negotiated rates within Lyric’s units at 70 Pine.
Furnished Quarters says it will “continue to look at other opportunities that align with the company’s global vision”.
Lyric recently raised $160 million in a funding round led by Airbnb.</p
