11 minutes ago
Airbnb-branded hotel coming to downtown with units for sale. This new business model allows people to basically buy a hotel room. An Airbnb-branded hotel is set to debut in Austin in 2021.
Natiivo Austin — a new hotel chain created by Miami, Florida-based NGD Homesharing and California-based Airbnb — is expected to open in spring 2022 at 48 East Ave., a 33-story high-rise planned for downtown's trendy and bar-lined Rainey Street District.
48 East is being developed by Austin-based Pearlstone Partners, which had originally proposed building an apartment tower at the site, but switched later to for-sale condos.
Now Pearlstone and co-developer Newgard Development Group have switched directions again. NGD Homesharing will manage the property.
Similar to a condominium development, Natiivo Austin's 249 units will be available for purchase. However, buyers won't be able to live there full-time. Instead, they are encouraged to rent out their units on Airbnb when they aren't staying there — NGD Homesharing frames the rental potential as a built-in amenity. “This is an opportunity for someone to own a piece of the city,” said Harvey Hernandez, founder and CEO of NGD Homesharing and Newgard Development Group.
Construction on Navitto Austin is expected to begin in the fall, with the opening slated for September 2021. Pearlstone and Newgard received an $87.9 million construction loan earlier this year for the project.
Source: Austin Business Journal