Jung Hotel leases residences to short-term rental operator Sonder
The short-term rental company Sonder -- now the largest single operator of vacation rentals in the city -- has master leased 111 apartments in the renovated Jung Hotel building. The deal with hotel developer Joe Jaeger's MCC Group, the terms of which were not disclosed, closed in early September.
Jaeger retains control of the hotel's operations, and Sonder is handling the advertising and operations of the 110 high-end luxury units, which were listed on Apartments.com at one point for between $3,900 and $5,900 per month. None of those units were ever leased, so Sonder approached MCC Group with a bid to master lease the units and rent them out on short-term rental platforms.
Jaeger "is a visionary and he had this forward-thinking idea to have effortless living -- you could lease an apartment and have access to housekeeping, they'd stock your fridge," said Peter Bowen, general manager of Sonder New Orleans. "They just couldn't lease any of them up."
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