Dash Living, a Hong Kong-based rental solutions provider, has been appointed as the sole operator of local hotel Travelodge. The deal will add 148 rooms to the former’s inventory, which will grow by more than 10%.
Dash Living founder Aaron Lee / Photo credit: Dash Living
Dash Living signed the agreement with an undisclosed real estate investment manager, among other investors.
Under the deal, Dash Living will oversee the renovation of the hotel into a co-living property and be responsible for its day-to-day running thereafter.
The deal, which is expected to be completed in the second half of 2022, will help Dash Living continue its asset-light approach in the rental space. The firm will rename the Hong Kong-based property, Dash Living on Hollywood.
“While tourism is hurt by the Covid-19 pandemic, we’re repositioning properties into a more resilient type of business that can leverage shared living spaces and turn them into an attractive proposition for customers,” Aaron Lee, founder of Dash Living, told Tech in Asia.
Dash Living offers stays for a minimum of one month, offering tenants services like access to gyms, dining, and discounted shopping options. It also gives tenants access to regular events via collaborations with local partners around activities such as yoga, bakery, and fitness.
See also: Covid-19 knocked Hmlet down. Here’s how it’s climbing back up
In 2021, Dash Living posted a 200% year-over-year growth in its booking value. It has more than 1,300 units, which comprise serviced apartments, co-living homes, and hotel rooms.
The latest agreement comes after the company entered the Australian market. It had also previously taken over co-living rival Hmlet’s 82-room St Peter’s property near Sydney’s business district.
Editing by Collin Furtado
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