Meyer Ventures, the California-based company that owns luxury property developer Meyer, announced Wednesday that it is partnering with Meyers vacation rentals company to rent out two properties in a popular beachfront resort.
The deal, which will see Meyers partners rent out the two properties, is a first for the US resort chain.
Forbes estimates Meyers income for the year was about $3.6 million, which is around twice the revenue of the company’s largest competitor, Hilton Worldwide, which earned $3 billion.
In terms of size, Meyers is far behind the other US resort chains, which have combined annual revenue of $15.9 billion.
In contrast, Meyer has an average income per employee of $21,000, Forbes reports.
But Meyers deal with the fact that Meyers rental property is in the heart of a luxury resort town, which has the potential to attract more guests and more visitors.
“We see a lot of potential for this opportunity,” Meyers CEO and co-founder Matt Meyers told Forbes.
“This is a fantastic opportunity to really connect with our customers and their families in the most beautiful and unique location.”
The deals will be open to guests of Meyers properties for a period of five years.
While Meyers property will likely be used for events, Meers will also lease out the properties for private parties.
Meyers will use Meyers’ luxury resort properties in San Francisco, Las Vegas, New York, New Orleans and Miami.
On Thursday, Meys partners are slated to announce their first guests at a private dinner at the Meyers Residence.
A Meyers spokesperson told Forbes that they will be looking for people to “help us manage the guests” during the initial booking process.
It is unclear how many guests Meyers will be able to book during the booking process, and Meyers does not currently have a formal booking system for the properties.
Other properties Meyers has rented out include the Waldorf Astoria, the Beverly Hills Hotel and the Plaza Hotel.
Read more about Meyers, the hotel chain and the resort chain: The company was founded in 2010 by Matt Meyer and his father, Steve, who are best known for building luxury resorts like The Beverly Hills and the Palms.
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