Co-working spaces are all the rage these days and a Columbus hotel company is getting in on the action. Renascent Hospitality, a hotel manager and developer, has become a franchisee of Rye, New York-based Serendipity Labs Coworking.
New York based Serendipity Labs Coworking is announcing today that Renascent Hospitality, an award-winning hotel management and development company of first class hotels, has signed on as a franchisee of the national coworking chain.
The business model behind the co-working craze is falling out of favor. Until now, fast-growing co-working providers such as WeWork Cos. have generally stuck to a buy low, sell high financial model. In short: They sign long-term leases for office space they then refurbish, divide into incubator-like smaller spaces and rent out at high rates a month at a time.