Vector Travel Announces Multifamily Corporate Lease Assistance Program

LOS ANGELES--(BUSINESS WIRE)--Multifamily hospitality leader Vector Travel is launching its Corporate Lease Assistance Program to assist multifamily owners and third party management companies from defaulted corporate leases within their U.S. portfolios. Affected companies can apply to Vector Travel at www.vectorstays.com/assist for assistance with apartment units that have been abandoned or are in arrears on payments from corporate housing companies and lease arbitrage short term rental operators. If accepted into the program, multifamily owners will receive up to three months of previously defaulted rents from the assistance program in addition to short term rental revenue during that time, dependent upon the asset, unit count, and length of management commitment.

“Through this program, we believe we can help multifamily companies recoup up to $10MM in lost rents and allow them to reset with a trusted short term rental partner who can drive returns for them throughout 2021 and beyond. We hear the horror stories from multifamily contacts of corporate lease defaults, renegotiations, and abandonment, and we feel impelled to help,” said co-founder and CEO, Mickey Kropf.

Founded in early 2018, Vector Travel was the first full-service, tech-enabled multifamily hospitality company to partner with multifamily companies to generate NOI and ancillary income on their vacant market rate and student housing assets. Vector Travel's proprietary analytics and revenue management algorithms ensure best in class revenue performance for its clients across markets. Vector Travel currently operates in 25 markets and is rapidly expanding. Contact [e-mail] or visit www.vectorstays.com/.