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  "documentTitle": "Kasa Living pitch deck that raised $70 million to compete with Airbnb",
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  "notes": "The slide uses a quadrant-like layout to contrast different leasing and management structures.",
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      "kind": "callout",
      "text": "Growth is purchased and there is no need, nor expectation, for high performance",
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      "text": "Sonder, wework, Kasa, Hilton, Hyatt, Marriott",
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      "text": "PropCo Management Agreement: No guaranteed fixed payment, Negative CAC, Capital partners pay CapEx, No operating expense risk, Fees at software margins, Full-stack control",
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      "text": "All with a Marriott-like economic model in terms of scalability, margin, barriers-to-entry, and marginal cost of growth",
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