In The Loop: WeWork, JLL Spark, Coworking In Hotels, And More WeWork

WeWork has been all over the news following news that Adam Neumann stepped down as CEO

Adam Neumann “Steps Down” As CEO
Earlier this week, The We. Company officially announced that Adam Neumann stepped down as CEO. Sebastian Gunningham and Artie Minson will take over as co-CEOs and Neumann will remain as a non-executive chairman. Just a day after the announcement, the new co-CEOs announced that 3 WeWork side businesses, Managed by Q, Conductor, and Meetup were up for sale. It’s also been rumored that the company will let go of thousands of staff.

JLL Spark Invests in Qdesq
JLL’s proptech arm, JLL Spark, has reportedly invested an undisclosed amount in Gurugram-based flexible workspace platform, Qdesq. Qdesq is an online aggregator of coworking spaces and flexible workspaces that currently boasts over 2,200 centers in its platform. The company currently operates across 35 Indian cities and recently launched in the Philippines, with further plans to expand in most of Asia. Qdesq will use the JLL Spark funds to further develop the analytics capabilities of the platform.

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Crowne Plaza Launches Plaza Workspace
Crowne Plaza Hotels & Resorts has unveiled its new hotel workspace offering, Plaza Workspace , in its Crowne Plaza Paris – Republique hotel. The hotel transformed its lobby and public spaces into a work friendly area with wireless phone charges integrated into the tables, access to high-speed WiFi, noise-reducing booths, and meeting rooms.

WeWork Halts All New Lease Agreements
FT reported this Friday that “WeWork has put a halt to the signing of new lease agreements with property owners as the lossmaking group tries to rapidly rein in costs.” WeWork is currently the biggest office tenant in New York and Central London, and the move is expected to rattle commercial property owners across the globe who have already rented to WeWork. The company is also expected to “close ties” with roughly 20 employees that were close to Mr. Neumann. 

The company’s woes are far from over. S&P has “downgraded its credit rating for WeWork on concerns about the company’s access to capital and governance practices.” WeWork’s current score stands at B-, “with a negative outlook”. 

For more flexible workspace (and WeWork) news, visit Allwork.Space’s Daily Digest section!

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