One of our main concerns when we travel is where we are going to stay. We all want to experience the luxury of a hotel with the comforts of home. COSI came up with a model of sharing a house with the best of both worlds. Long term rental properties like commercial and apartment buildings and hotels with around 10-250 units. From there, they take care of everything: from housing design to finding tenants. This means that you will get a fully equipped apartment with hotel-worthy customer service and quality standards.
But an unforeseen turn of events caused hoteliers to underperform last year and severely affected the travel and hospitality industries. But despite the pandemic, COSI still managed to achieve a high occupancy rate as they were able to tap the demand for accommodation for short-term business travel and vacation travel. They even received a number of offers from commercial building owners to turn their office space into rental space. This made the company the leading provider of short-term rentals in Germany. They have even managed to surpass the performance of traditional hotels by leaps and bounds.
COSI specializes as a âmid-stay rentalâ where clients stay longer than a month. This includes people who have just moved to the city and are looking for long-term housing or families who are building or renovating their homes. The company also makes it convenient for people traveling in large groups and would find ways to meet the needs of the whole group.
COSI addresses travelers with new technological solutions for the hospitality industry, promising a 100% digital experience. They automate the operational process by up to 80%, saving hoteliers up to 60% of their operating costs. Currently they serve 12 major European cities with 750 units under their contract and are still working on getting a few thousand more.
In addition, COSI is supported by companies and investors from the hospitality, real estate and technology sectors. Among them, e.Ventures, Gleb Tritus, and Manuel Stotz. Indeed, they recently raised 20 million euros of investments which will be devoted to the expansion of the company. Additionally, COSI has been recognized by the Travel Industry Club and last year received the Mobility & Business Travel award for best-in-class technology and solution-oriented approach to operations management.
With properties managed by COSI, you can expect to get a unit furnished with Wi-Fi and cleaning services every two weeks i.e. new linens, towels and other amenities. They also allow extended stays of up to 4 months. The best part is that no prepayment is required and the tour, booking, and move-in can all be done on the same day.
COSI has definitely proven that anything can still be done with a little innovation to make progress even in the midst of a pandemic. It’s really interesting to see what the company can do once the world opens up and people start traveling again.
YouTube: How will travel (by plane) change in the future?
Photo credit: The main image was taken by Toa Heftiba.
Source: Steve O’Hear (TechCrunch)
Did this article help you? If not, tell us what we missed.