Black Swan Holdings LLC has acquired the Lyric brand to complement the real estate strategy of its asset manager, Black Swan Asset Management LLC, which was founded this year and raises capital to acquire Class A multifamily properties across North America. The acquisition comprises domestic and international trademark rights, a complete brand package, operational and performance data, and the domain name lyric.com. The company plans to relaunch Lyric in the summer of 2023.
Black Swan and Lyric, two industry-leading hospitality companies of the next generation, have a history of strategic financing, operations, and growth performance. Since 2015, Black Swan has managed twenty distinct properties in nine markets, utilising a distinctive operational model and strategy to maintain the properties’ profitability in a competitive market. Black Swan and Wheelhouse began acquisition negotiations in the summer of 2022 and completed the deal in late 2022.
“In a technology-focused category where brand and experience played a secondary role, Lyric stood out without question. As Black Swan gained control of the former Lyric units at LIZ DC, the magnitude and extraordinary level of investment in the brand became evident,” said Zachary Tombley, founder and managing partner of Black Swan Holdings. “This sparked a conversation between Andrew Kitchell, founder and former CEO of Lyric, and myself about the brand’s future trajectory. Controlling a developed, world-class brand became crucial as we transitioned to expanding through real estate acquisition.”
Source: traveldailymedia