US: Airbnb and Niido have announced plans to debut a branded apartment complex in Nashville, Tennessee.
The property will be the company’s second announced Airbnb-branded building, following a project in Kissimmee, Florida, and will lease apartments to a hybrid of long-term renters and short-term visitors.
The new project is an existing 328-unit building, called the Olmsted, in the SoBro neighbourhood of downtown Nashville, which has been purchased by Niido. Current residents of The Olmsted will be encouraged to sublet their units to Airbnb travellers for a maximum of 180 days per year. Airbnb and Niido will take 25 per cent of the income the residents generate from home-sharing. The two companies will jointly rent a portion of the remaining vacant units through Airbnb.
The concept, called “Niido Powered by Airbnb” is part of a larger push by Airbnb to team up with real estate developers and property managers. In December, Brookfield Property Partners LP agreed to invest as much as $200 million into Niido’s efforts to turn residential apartment buildings into Airbnb-branded complexes.
By the end of 2019, Airbnb and Niido will open as many as 14 Airbnb-branded complexes across the country, said Cindy Diffenderfer, co-founder and chief marketing officer for Niido Powered by Airbnb. “We have a pretty aggressive growth strategy,” Differnderfer said.