Brief-term apartment-style lodging supplier Domio stays open for enterprise, based on a press release that the corporate posted on its web site late Wednesday night, however is within the midst of a deliberate “monetary re-engineering” course of. Know-how information website The Data on Tuesday reported Domio would promote its belongings and shut down operations, however Domio interim CEO Jim Mrha in an e-mail to BTN denied the report, citing the corporate assertion.
Nonetheless, the assertion notes that the corporate continues to be open for enterprise and is within the midst of a deliberate “monetary re-engineering throughout all sides of its enterprise by an task for the advantage of collectors course of,” which is what The Data reported. An ABC is an alternative choice to chapter wherein a 3rd celebration oversees the sale of an organization’s belongings.
Some properties might go away the Domio system whereas new properties shall be added, based on the assertion. Three new properties, in Bal Harbor, Miami; Grand Reserve, Puerto Rico; and Tulum, Mexico, are scheduled to open “between Nov. 1 and the top of 2020,” based on the assertion, which was printed Nov. 18.
The assertion additional notes that Domio in October achieved 74 % occupancy throughout its portfolio. As of June 2019, the corporate operated in eight cities. Its web site presently lists 4: Chicago, Miami, Nashville and New Orleans.
The transfer comes lower than two months after the corporate’s co-founders, CEO Jay Roberts and chief technique officer Adrian Lam, resigned following an Airbnb overview of Domio’s practices. In August, Airbnb delisted Domio’s models, however reinstated them after the co-founders departed.
The Data report additionally famous that Domio failed to lift no less than $10 million in capital and laid off a majority of its employees earlier this month. Domio didn’t reply to a request for additional remark.
Wednesday’s assertion added that “the Domio crew continues to work tirelessly to serve our visitors and stakeholders. Domio is grateful for his or her continued dedication and dedication as it really works by this part, and appears ahead to serving visitors for years to come back.”
Launched in 2016, Domio raised $100 million final December in a Collection B spherical, bringing its funding to $170 million. When former CEO Roberts spoke with BTN in June 2019, the corporate had targets to develop company journey’s share of its enterprise past the 20 % it reported at the moment.
Not surprisingly, the short-term rental house has been having difficulties because the pandemic began. Domio’s information comes about two weeks after BTN reported that Lyric would go away the lodging rental house by leasing its final remaining models to Mint Home. Competitor Keep Alfred shut its doorways in Could.
Domio Founders Resign Following Airbnb Evaluation of Practices