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Vornado Realty Trust’s 699-unit Bartlett luxury apartments are stirring up change in the multifamily market by serving as a “luxury pop-up hotel.”
Starting Jan. 13, the 22-story apartment in Arlington, VA, (just outside of DC) will temporarily rent out 50 units for President-elect Donald Trump’s inauguration. The REIT is using a home-sharing model that resembles Airbnb, Commercial Property Executive reports.
Using its WhyHotel platform, Vornado received approval from the Arlington County Board in 2013 to pilot its pop-up hotel, and the REIT received final approval in December to convert 50 of its unleased units from residential to hotel use. Eventually, WhyHotel plans to convert up to 200 of new luxury apartment units to hotel rooms.
The $250M project at 520 12th St opened to residents this June and has 40k SF of amenity space near the metro and downtown DC. [CPE]
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