tl;dr – A sensible soft landing for a few properties.
Last week, I wrote about the dramatic demise of Sonder, an aparthotel provider that rode buzz and frothy markets to an IPO (and a splashy partnership with Marriott) but ultimately could not escape its terrible balance sheet.
Kasa, a Sonder competitor in the same hybrid-apartment-hotel space, recently onboarded several former Sonder properties, as reported by Hotel Dive.
Kasa, which operates roughly 70 properties in 40+ cities, had already started converting several Sonder properties – even before the bankruptcy filing.
As Kasa considers adding more former-Sonder properties to its network, CEO Roman Pedan is focusing on property quality and the level of investment each property owner makes into ensuring the continued integrity of that property. Property owners can join under the Kasa brand or employ a soft-brand type of model. Pedan also stresses that Sonder’s master-lease model was one critical factor in its downfall.
