US: Furnished Quarters has announced it has formed a strategic alliance with Lyric for the latter to operate Q&A Residential Hotel in Manhattan.
Lyric, which recently raised $160m in a funding round led by Airbnb, claims to be “the leading tech and data-powered real estate and lifestyle hospitality company”. The firm will now have its first Manhattan presence in the 70 Pine building and it will update the design of current Q&A units to Lyric Creative Suites during the summer and early autumn.
Furnished Quarters and Lyric said they had 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 letting out apartment units and floors, refurbishing them and transforming them into hotel-style properties for business travellers. Its clientele predominantly includes 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 equipped with a Casper mattress, Wi-Fi, connected TVs, keyless entry, a fully stocked kitchen, a washer and dryer, and provide access to fitness centres, pools and business lounges.
Furnished Quarters CEO Steve Brown said: “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.
“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,” he added.
As agreed within the alliance, Furnished Quarters will become the exclusive corporate housing company able to secure hotel reservations within Lyric’s units at 70 Pine. Furthermore, Furnished Quarters clients will have special negotiated rates within Lyric’s units at 70 Pine.
Meanwhile, Furnished Quarters said it would “continue to look at other opportunities that align with the company’s global vision”.
For more information, visit the Lyric website here.