SubHome, a local home-sharing platform today has revealed a new set of partners that able to help the company grow its reach. These partners come in the form of two well-known companies Tune Group and ECM Libra through a joint venture between them called Tune Plato Ventures.
Through the deal, Tune Plato Ventures has acquired 50% stake in SubHome which has been in operation since 2016. On another hand, SubHome now has access to the operational support and expertise from Tune Hotels as well as the ability to tap into a bigger market with the help of Tune Group.
For those who are not familiar with SubHome, it’s a platform that helps property owners bring in a stream of income by turning their service apartment lots from long-term rental units to tourist accommodations. Think Airbnb, but with hotel services. It sells itself as an alternative to tourists and business travelers who are looking for the best of both worlds.
On that, SubHome coverts, in a sense, apartments lots into pseudo hotels. The company will even set up a front desk in such buildings. When that’s done, revenue is shared among owners of all the units involved.
SubHome will also handle any and all maintenance matters, leaving the property owners to be really hands-off in the whole process. SubHome also takes a 40% cut from the revenue to cover the maintenance and staffing.