LuxUrban Hotels Signs Master Lease Agreements to Operate Two Hotels in New York City’s Times Square
05 Junho 2023 - 9:00AM
Business Wire
Agreements Add 292 Units to LuxUrban’s
Property Portfolio
LuxUrban Hotels Inc. (Nasdaq: LUXH) (or “the Company”),
which utilizes an asset-light business model to lease entire hotels
on a long-term basis and rent out hotel rooms in these properties
in key major metropolitan cities, announced today that it has
signed separate agreements to enter into 35-year Master Lease
Agreements (MLAs), each inclusive of two five-year options, to
operate two new properties in New York City’s Times Square: The
Hotel at Times Square and Hotel 46 Times Square. Each of these
properties will operate under the Company’s LuxUrban brand.
The Hotel 46 Times Square, consisting of 79 rooms, and The Hotel
at Times Square, consisting of 213 rooms, allows guests to
experience New York City from the “Crossroads of the World.” Each
of these properties provides easy access to Broadway, Central Park,
Radio City Music Hall, Rockefeller Center, and Madison Square
Garden, along with iconic restaurants, Fifth Avenue shopping, and
Manhattan nightlife. The Hotel 46 Times Square is expected to begin
welcoming guests during the third quarter of 2023 and the Hotel at
Times Square is expected to begin welcoming guests during the
fourth quarter of 2023.
“With the addition of these two new properties, the number of
units in our asset light portfolio of hotel rooms approximates
2,100 and properties under MLA has increased to 22,” said Brian
Ferdinand, Chairman and CEO of LuxUrban Hotels. “Times Square
represents the vibrancy and energy that defines New York City,
drawing an estimated 50 million visitors annually. We are excited
to add further density in our primary market of New York City to
accommodate anticipated rising levels of business and leisure
travel.”
LuxUrban Hotels Inc.
LuxUrban Hotels Inc. utilizes an asset light business model to
lease entire hotels on a long-term basis and rent out hotel rooms
in the properties it leases to business and vacation travelers
through the company’s online portal and third-party sales and
distribution channels. The company currently manages a portfolio of
hotel rooms in New York, Washington D.C., Miami Beach, New Orleans
and Los Angeles. As of March 31, 2023, the company has 1,034 hotel
rooms available for rent and seeks to rapidly build its portfolio
on favorable economics through the acquisition of additional
accommodations that were dislocated or are underutilized as a
result of the pandemic and current economic conditions. In late
2021, the company commenced the process of winding down its legacy
business of leasing and re-leasing multifamily residential units,
as it pivoted toward its new strategy of leasing hotels. This
transition has been substantially completed.
Forward Looking
Statements
This press release contains forward-looking statements,
including with respect to the anticipated success of the
transactions contemplated by this press release, ability to
commence operations on the terms and timing that the Company
expects, expectations regarding New York City visitor growth,
expectations regarding future leasing activity, expected units
operational, and the Company’s ability to commercialize efficiently
and profitably the properties it leases and will lease in the
future. These forward-looking statements are subject to a number of
risks, uncertainties and assumptions, including those set forth
under the caption “Risk Factors” in our public filings with the
SEC, including in Item 1A of our 10-K for the year ended December
31, 2022. Generally, such forward-looking information or
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or may contain
statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "will continue", "will occur"
or "will be achieved". Forward-looking information may relate to
anticipated events or results including, but not limited to
business strategy, leasing terms, high-level occupancy rates, and
sales and growth plans. The financial projections provided herein
are based on certain assumptions and existing and anticipated
market, travel and public health conditions, all of which may
change. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20230602005400/en/
LuxUrban Hotels Inc. Shanoop Kothari President & Chief
Financial Officer shanoop@luxurbanhotels.com
The Equity Group Inc. Devin Sullivan, Managing Director
dsullivan@equityny.com
LuxUrban Hotels (NASDAQ:LUXH)
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