Furnished Quarters Forms Strategic Alliance with Lyric for Operations of Q&A Residential Hotel at 70 Pine
- May 21, 2019
(New York, NY) May 8, 2019 – Furnished Quarters, the largest independently owned and operated provider of global temporary housing, announced today that it will no longer operate Q&A Residential Hotel. In its place, Lyric will have its first Manhattan presence in the 70 Pine building, and will update the design of current Q&A units to Lyric Creative Suites throughout the summer and early fall. As part of the transaction, Furnished Quarters and Lyric have 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. In its nearly four years of operation, the hotel became the poster child for a successful venture between a residential real estate developer and hotel operator. 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. The floors above housed building tenants.
“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,” said Steve Brown, Chief Executive Officer of Furnished Quarters. “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,” said Brown. “We have made the strategic decision to refocus our efforts on our primary business of 30+ day stays in furnished apartments.”
As part of the alliance, Furnished Quarters will be the exclusive corporate housing company able to secure hotel reservations within Lyric’s units at 70 Pine. Additionally, Furnished Quarters clients will have special negotiated rates within Lyric’s units at 70 Pine.
Given the success of Q&A Hotel, Furnished Quarters will continue to look at other opportunities that align with the company’s global vision.
As the leading tech and data-powered real estate and lifestyle hospitality company, we’re redefining the future of living for the modern business traveler. Our premium and purposeful Creative Suites™ – set within inspired buildings in the most exciting neighborhoods in the country – combine the productivity of a workspace, the inspiration of an artistic studio, and the amenities of a luxury hotel. Whether you stay one or 200 nights, we’re building a network of spaces that make you feel at home everywhere. Our focus is on flexibility, purpose and community to help you unlock possible. To learn more about Lyric, visit lyric.com.
About Furnished Quarters
Furnished Quarters is the largest independently owned and operated supplier of global temporary housing, offering over 100,000 fully furnished apartments in more than 800 cities around the world. The company, established in 1998 in New York City by brothers Steven and Gary Brown, currently serves more than 5,500 clients, ranging from top Fortune 500 corporations to small businesses. To learn more about Furnished Quarters, visit furnishedquarters.com.