Lyric to Exit Apartment-Style Rental Space - Business Travel News

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Apartment-style lodging provider Lyric essentially will leave the hospitality rental space after its lease agreement at 70 Pine St. in New York City is taken over by Mint House this month. The Financial District location was the last of its markets, according to a Forbes report in July. At that time, company co-founder and president Joe Fraiman also left the company. 

Lyric in March began laying off staff and pulling out of cities. By the time it exited all but the New York market, the company had pivoted to a focus on software tools, including an existing pricing tool for accommodations, according to Forbes.

Notable about Lyric was Airbnb's investment in the company in April 2019, when it raised $160 million in a Series B round led by the short-term rental giant. In all, the San Francisco-based company had raised $179.1 million since its founding in 2014, according to Crunchbase.

BTN was unable to reach Lyric for comment.

Another apartment-style lodging provider, Stay Alfred, ceased operations earlier this year.

RELATED: Apartment-Style Startup Lyric to Close 30 Percent of Its Current Units

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Lyric to Exit Apartment-Style Rental Space - Business Travel News
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