Upper90 in Group-Travel Joint Venture With Tech-Driven Domio

The new private equity firm Upper90 is putting $50 million into a joint venture with hospitality company Domio Inc. as more investment dollars flow to tech-driven travel startups.

The companies, both based in New York, plan to roll out as many as 25 apartment-style hotels across the U.S. over the next few years. They’ll enter into long-term leases with developers, then brand, furnish and operate the properties, ultimately offering short-term leases aimed at travel groups. They’re offering a “high-end, hotel-like experience with the cost benefits that the sharing economy provides” and the consistency of a single operator rather than “properties from millions of different owners,” according to a statement to Bloomberg News.