PMG's New Concept: Mash Up Co-Living With Hotel
Airbnb blurred the line between hotels and homes. Co-living blurred the line between dorms and apartments. Now, here comes another level of mashup: part co-living, part hotel.
Property Markets Group — a New York-based firm that has developed 85 residential buildings, including Mei Miami Beach and Echo Brickell — launched a new co-living division called X Social Communities, which basically arranges roommate situations for furnished apartments in cool downtown buildings.
With X Social Communities, single tenants (no couples, no pets) can rent a bedroom and be matched with roommates. Each tenant has his or her own individual lease. So far, PMG has launched two projects under this "XSC" banner: X Miami and X Chicago, which both opened this summer.
X Las Olas in Fort Lauderdale and X Denver will open in 2020. PMG is planning 10,000 such units nationwide over the next five years.
This week, PMG announced that some floors of X Miami will operate as hotel rooms in partnership with the The Guild Hotels, a Texas-based brand that offers high-tech rooms in upscale residential buildings. The Guild already operates 10 properties in Texas.
The Guild will operate on four separate floors of X Miami. Guests will be able to use the building amenities and attend the on-site events.
“The vision of XSC has always been to help people live their best lives — a vision which we share with The Guild,” PMG principal Ryan Shear said in a statement. “We’ve created a community at X Miami where everyone is welcomed, and The Guild further amplifies that vision. Guests of the hotel are invited to join all community events and live like locals.”
Shear will be one of the featured panelists at Bisnow's South Florida State of the Market next month.
