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Editorial comment
27•08•19 Welcome to the latest Short Term Rentalz weekly newsletter!
• A Berlin-based startup called Cosi is emerging as a new player to shake up the hospitality industry after securing €5 million in a seed funding pre-launch this week.
The company's CEO, Christian Gaiser, hopes to mould Cosi into a 'full-stack' hospitality service which offers an alternative to both short-term rental apartments and boutique hotels by controlling the entire guest journey end-to-end while competing with large players in both markets.
Its main target demographics are tourists travelling to stay in Berlin for a matter of days and business travellers staying in the city for a minimum of several weeks or months, and who are seeking something niche in comparison to the traditional hotel experience.
Cosi signs long-term leases with property owners before furnishing them and updating their interior design, enabling the firm to market itself as a new category which can cater to the needs of both tourists and business travellers, as well as heighten their expectations from a housekeeping and maintenance perspective akin to the standards of a boutique hotel.
Cosi will operate using a similar master lease model championed by the likes of Sonder and Lyric in the US, who buy or lease apartment units within the same building and convert them into hotel-style properties. I'll be writing a more detailed article on the risks and rewards of this segment for the next ShortTermRentalz newsletter and is not to be missed.
Meanwhile, regulations on short-term rental platforms like Airbnb are again under the spotlight following the news that one of the site's hosts was handed a €6,000 fine in Frankfurt for letting out her apartment without having obtained the required authorisation.
The fine was administered by the city's authorities, which require short-term let hosts to obtain a licence from them in order to rent out their apartment for a maximum of eight weeks in Frankfurt.
It is another example of cities taking a stricter stance against rentals to counter a backlash from local residents, who say they hike up rental costs in the surrounding areas and take affordable housing units off the market. Berlin is also set to launch a crackdown on transgressors in the coming months.
Meanwhile, Airbnb will be leading the conversation at the 2019 Serviced Apartment Summit Middle East and Africa [SASMEA] on 16 September, entitled "Short-term rentals: the end of 'alternative'". Also taking part are GuestReady MD Reem Al Khatib, Maison Privee co-founder Paul Mallee and more hospitality leaders.
View a taster in this vox pop video and discounted 'short-term rental professional' tickets can be bought on the event website at the link here.
International Hospitality Media has also launched its own promo video here to give you an insight into what we do and the events we put on for professionals and industry leaders in the short-term rental, boutique hotel and serviced apartment industries.
If you have a story you want us to tell the industry, please click here and get involved with the community by commenting on our news stories on our website.
Paul Stevens, news editor
UPCOMING EVENTS
International Hospitality Media is the premier specialist in online publishing; conference, exhibition and events, and advisory services for niche growth sectors of the hospitality industry. The company publishes three industry-leading b2b websites - BoutiqueHotelNews.com and ServicedApartmentNews.com and ShortTermRentalz.com which keep their respective sectors up to speed with news, comment and opinion.
Our conference experience spans four continents and covers high growth segments including boutique, lifestyle and hybrid hotels, serviced apartments / aparthotels and extended stay, and vacation rental. Our events are renowned for their intense focus and attract quality industry leaders, brands and independents, providing unparalleled networking and learning opportunities. We also organise bespoke educational events and investor breakfasts to bring owners, operators and investors together. 'Providing an inspirational community to connect people through world class online platforms and events' © 2019 International Hospitality Media. All Rights Reserved.
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