Home-sharing startup Airbnb Inc. is partnering with Newgard Development Group to launch its first apartment brand called Niido Powered By Airbnb, Forbes reported, citing an interview with Newgard CEO Harvey Hernandez.
Newgard will develop the first building under the brand, which will be a 324-unit apartment complex in Kissimmee, Fla. The project will be launched during the first quarter of 2018.
As part of the plan, tenants at the property that have annual leases with Niido will be able to rent their entire apartments on Airbnb for up to 180 nights per year. There will be no limit on the number of nights for tenants who choose to rent out a single bedroom, Hernandez told the publication. Niido in turn will take a share of the revenue from the tenants' Airbnb home-sharing activities.
Airbnb will not own any stake in the complex, which will be fully owned by Newgard, according to the publication.