The San Francisco-based Lyric, which partners with landlords to offer apartments to business travellers and is backed by Airbnb, has laid off nearly 20 percent of its employees in February while “downsizing and restructuring”, to focus on “larger projects with increased density” in some of its best-performing cities. It plans to keep 418 units in New York City, San Diego, Philadelphia, New Orleans, Miami, Charlotte, Austin and Washington D.C.

Lyric operated nearly 600 units in 14 cities around the US at the end of 2019, of which it plans to close nearly 200.

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