Lyric raises $160M

Short-term rental startup Lyric has raised a $160 million Series B round led by Airbnb, Bloomberg reported. The debt and equity round follows Airbnb’s acquisition of Hotel Tonight and its substantial investment in India’s OYO.

What they do: The startup leases entire floors of apartment buildings and uses them for short-term rentals. They claim to provide a home-like feel with hotel-level management.

Worth Noting: Real estate investors include RXR Realty, Tishman Speyer, and Barry Sternlicht.

Smart move: Airbnb continues to position itself to be regulatory-compliant in major cities, TechCrunch noted. This investment is a step in the right direction as Lyric has short-term rental permits for its locations.