Say your boss is sending you to Pittsburgh for the week. You could book a room at a Marriott or find a more homey spot at an Airbnb, or you could find a place to stay that’s a little of both.
Lyric offers so-called Creative Suites that combine the comforts of home with the sleek efficiency of hotels, designed with road-weary professionals in mind, working with real estate developers to make use of multi-family spaces. While companies like Oasis and Sonder have been operating in a similar space for a while, Lyric is coming in strong with a Series B funding round led by none other than Airbnb.
Today, Lyric Hospitality announced that the company that could be considered its biggest potential competitor is now one of its biggest investors. “At Airbnb, we have seen how hospitality entrepreneurs like the team at Lyric can help deliver amazing experiences and help guests feel like they can belong anywhere in the world,” Airbnb’s president of Homes, Greg Greeley, said in a statement.
Airbnb led a $160 million in Series B financing with new investors Tishman Speyer, RXR Realty, Obvious Ventures, SineWave, Dick Costolo, and Adam Bain, and other strategic real estate partners. The round also includes participation from existing investors Barry Sternlicht, NEA, SignalFire, FifthWall, and Tusk Ventures, along with new debt financing. This brings the company’s total funds raised to $185 million.
The new influx of cash will let Lyric expand its operations beyond the handful of cities (currently, New Orleans, Chicago, Philadelphia, Dallas, Houston, Minneapolis, and Pittsburgh) and continue its push into proprietary technology that makes it easy for guests to use and real estate developers to understand.