Lyric, an apartment-style accommodation provider, has cut 25 people from its 150-person workforce and will close 179 of its 600 units nationwide amid a downsizing and restructuring, a company spokesperson said following a report by The Real Deal.
San Francisco-based Lyric is focused on "larger projects and increased density in some of our best-performing cities," wrote the spokesperson in an email, adding that while Lyric will add inventory in new destinations, it also is ending leases in Chicago, Houston, Pittsburgh, Orlando and Minneapolis.
According to the website's current list of cities, that means the company will continue to operate in Dallas, Miami, New Orleans, New York, Philadelphia, San Diego and Washington, D.C., where it is moving out of an older 13-unit project and adding 11 units in a new luxury complex. The company also expects to announce a new project in downtown Philadelphia shortly.
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Lyric plans to continue to focus on the business traveler, however its current mix of guests is approximately 60% leisure and 40% business.
The company raised $160 million last April in a Series B round led by Airbnb with participation from several other investors including Tishman Speyer, RXR Realty and Starwood Capital Group cofounder and chairman Barry Sternlicht.
*This story originally appeared on BTN.