Symbiotic alternative lodging service WhyHotel added Exclusive Resorts CEO Cathy Ross to its board and is launching a new, 95-unit pilot site in Washington, D.C.’s NoMa area.
WhyHotel is still in its fledgling stages building up proof of concept. Recently, the young company received $3.94 million in seed funding which has allowed the it to set up new pop-up locations and build out its leadership team.
Ross has 35 years of experience in consumer-facing companies, most of which have been in the hospitality space. Her expertise will help the young company as it continues to expand into new markets.
"I am excited to bring my background in real estate development, asset management, finance, manufacturing and hospitality, to the WhyHotel brand. They have a fascinating concept that is a win-win for both the real estate developer and end user," she said in a statement.
The D.C. location will set up shop inside of 95 units at Equity Residential’s newly completed luxury property, 100K Street NE, and will stay there through spring 2019.
"100K Apartments affords guests an elegant living environment in a hip neighborhood," says WhyHotel President and Co-founder Bao Vuong said in a statement.
"We are thrilled to be offering our hotel-like amenities to Washington, D.C.'s vibrant NoMa neighborhood. The location offers great proximity to food venues, entertainment, art installations and new amenities delivering every day," he said.
WhyHotel alleviates some of the pressure of lease-up by using vacant units as luxury hotel rooms for a limited time. A boon for Class-A urban core properties which can experience some difficulty with lease up since competition in these areas is fierce.
"We believe welcoming WhyHotel to our 100K Street will offer people visiting the NoMa neighborhood the chance to experience our newly completed luxury community while providing a unique amenity that our residents and potential residents can also enjoy and at the same time create incremental value as we lease up this terrific property," Equity Residential Vice President Development Benjamin Stoll said in a statment.
