Ginosi Press Release About Transition to Apartels And Hotels
Ginosi Expects to Complete Transition to Apartels And Hotels in 2019
We Have Divested Bulk of Vacation Rental Portfolio, Rebranded as "Ginosi Apartels and Hotels"
For Release 24 September 2018
Ginosi is evolving and rebranding. In the wake of recent articles in the LA Times and elsewhere that attempted to tie us to the controversy surrounding the use of residential properties for short-term rentals in Los Angeles, we are reaffirming our commitment to the decision made several years ago to divest our legacy business of residential properties and evolve into a hotel chain in 2019.
From Vacation Rentals to Apartels and Hotels
The original decision to divest the company's portfolio of residential properties in favor of hotels was made by Ginosi's board of directors several years ago. The purpose behind it is commercial - to eliminate the operational inefficiencies and costs of managing vacation rentals spread across the cities in which the company operates. With this goal in mind, "Ginosi Apartels" has rebranded into "Ginosi Apartels & Hotels." Since then we have been moving away from vacation rental properties in phases, and are building a portfolio of apartels (hotels with fully furnished apartments) and branded hotels.
In contrast with claims made in recent reports, Ginosi has no intention of leaving any of the cities where it currently operates. According to Ginosi CEO Eric Ginosian, reports claiming Ginosi is preparing to "exit LA" due to a "crackdown on short-term rentals" are inaccurate and misleading. Ginosi has proven track record of operating within the law, and our strategy and operational model are always aligned with relevant legislation. Legislative changes related to short-term rentals in the United States have had a limited impact on the company's strategic decisions, which are driven primarily by commercial considerations.
For Ginosi, what remains of its residential property portfolio is legacy business, and the regulatory framework and public debate surrounding the use of residential properties for short-term rentals are already outside the scope of the company's operations.
In his original interview with the LA Times that preceded the article, CEO Eric Ginosian noted that "our properties are licensed hotels, not residential properties." Ginosi is "actively adding hotels to its portfolio and completely moving away from the vacation rental business. We are a hotel company, and legislation that applies to residential properties is no longer relevant to our business," Ginosian pointed out in the interview.
Ginosi is a technology-backed hospitality chain, and innovation is a core component of the business. We own and maintain our own hospitality management software, with corresponding web and mobile apps. As we look to completing our transition to an apartel and hotel operator in the coming year, we will be leveraging these solutions to create unique experiences for our guests.
Ginosi is an Armenia-based international Apartel and Hotel chain company offering furnished apartments for vacations and business travel in locations across the United States and Europe.
For more information please contact us through the Ginosi website.