Ginosi Apartels Moves Out Of Washington DC
Ginosi Apartels announced from its headquarters in Yerevan, Armenia today that as of November 22, 2017, it has ceased its business operations in Washington D.C.
Speaking from the company headquarters in Armenia, CEO and co-founder Eric Ginosian said that the decision to withdraw from Washington D.C. was due to the ambiguous nature of local legislation on the use of residential properties for short stays. “As District residents and the Council decide the future of short-term rentals, we have decided not to do business in Washington D.C. while local ordinances are not clear on the matter. We have returned all of our apartments to the District’s housing stock through the course of the past few weeks and brought our operations in Washington DC to an end.”
Ginosian said that the company continues to expand its global operations at locations where legislation on transient stays is unambiguous. “Ginosi Apartels is committed to full legal compliance wherever it does business. Our model entails setting up shop and expanding our business at locations where we can unambiguously ensure that our properties are zoned, entitled and licensed in accordance with governing law, including local ordinances.”
Ginosi Apartels says it continues to follow the ongoing debate in Washington D.C., including the vote on the Short-term Rental Regulation and Affordable Housing Protection Act of 2017, written by Kenyan R. McDuffie (D-Ward 5) and expected to be enacted in January of next year. “If the District Council is able to set forth a regulatory framework for short-stay operators and fulfill the housing needs of its residents, we may consider returning to the District.”
Ginosi Apartels is an Armenia based international apartel chain, offering fully furnished apartments for short stays to travelers throughout Europe and the US.