CorpHousing Says It Will Plow $1B Into LA Market By 2022
CorpHousing Group, which coordinates short-term rentals to corporate clients, said Monday that it plans to buy up to $1B of new inventory in the Los Angeles area over the next 18 months.
The New York-based company made the comments in an article in the Los Angeles Business Journal. It is currently active in eight markets nationwide.
The company specializes in furnished units that have a minimum 30-day stay requirement and now contain sanitizer, masks, medical-grade cleaning supplies and gloves.
If it does plow that amount of investment into the LA metro area, the move would represent one of its biggest bets yet. CorpHousing currently has $500M in inventory across the country, it told the paper, and is launching in Los Angeles in June.
It said it plans to stake a claim to areas near the Staples Center and Sunset Boulevard in West Hollywood.
“L.A. is one of the better positioned cities for a comeback, and that’s very attractive for us,” Brian Ferdinand, CorpHousing’s managing partner, reportedly told the Business Journal.
“When travel starts to move again, people are going to opt for longer stays, as well as their own private residence, over being in a hotel that is far more transient,” he said.
CorpHousing did not reply to a request for additional comment.
