Brookfield Joins Niido In Airbnb Property Development
Digested from Bloomberg
As an equity investor, Brookfield will share in the 25 percent cut of the revenue from each apartment subleased on Airbnb.
Brookfield Property Partners has joined with Airbnb strategic partner Niido in a deal to buy six apartment communities in Florida and develop them into short-term stay-friendly properties.
Brookfield plans to invest as much as $200 million in the joint venture, Bloomberg reported Dec. 18. Tenants will be permitted to homeshare individual rooms or their entire apartment homes through Airbnb for up to 180 nights per year and share the profits with the owners.
“Niido plans to purchase new and under-construction rental properties in cities including Miami, Fort Lauderdale and Tampa,” according to Bloomberg.
The first Brookfield is participating in is a 324-unit community in Kissimmee, near Orlando, the firms said. Development of this property was initially reported in November. Brookfield is taking a $20 million stake in it.
As an equity investor, Brookfield will share in the 25 percent cut of the revenue from each apartment subleased on Airbnb, according to the report.
New York-based Silverpeak Real Estate Partners is also committing $20 million.