Niido
closedA residential community and lifestyle brand, which in partnership with Airbnb, creating a new category of multifamily housing for enhanced flexible living and homesharing.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
$200m | Late VC | ||
| Total Funding | 000k | ||
Niido was a real estate venture founded in 2016 by Harvey Hernandez and Cindy Diffenderfer, operating out of Miami, United States. The company was a collaborative effort with Airbnb, conceptualized to create apartment complexes specifically designed for home-sharing. Hernandez, a real estate developer and CEO of Newgard Development Group, identified an opportunity to cater to the growing trend of home-sharing by developing rental communities where tenants were explicitly permitted to sublet their apartments. This model aimed to provide a solution for the increasing cost of living by allowing residents to generate extra income.
The core of Niido's business was to develop and manage apartment buildings where tenants signed annual leases that allowed them to rent out their entire unit or individual rooms on Airbnb for up to 180 days per year. The business model involved a revenue-sharing agreement between the tenants and the landlord, as part of Airbnb's Friendly Buildings Program. To facilitate this, Niido provided a proprietary mobile application integrated with Airbnb's platform. This app allowed tenants to manage guest stays, including services like keyless entry, check-ins, cleaning, and linen services, which were handled by an on-site "MasterHost".
Niido's properties were designed to be optimal for sharing, featuring amenities such as co-working spaces, gyms, pools, and communal areas. The company launched its first branded apartment complexes in Kissimmee, Florida, and Nashville, Tennessee. However, the venture faced challenges, including controversy when it took over existing apartment buildings, as some long-term residents felt blindsided by the new home-sharing environment. Ultimately, the partnership with Airbnb soured, leading to lawsuits alleging financial misconduct, and the company is now considered deadpooled.
Keywords: real estate development, home-sharing, property technology, proptech, Airbnb partnership, apartment rentals, flexible living, revenue sharing, Newgard Development Group, Harvey Hernandez, short-term rentals, multifamily housing, hospitality, residential buildings, tenant amenities, property management, Kissimmee real estate, Nashville apartments, shared accommodations, MasterHost services