LuxUrban Hotels Completes Onboarding of First Property to Wyndham Platform
11 Setembro 2023 - 9:00AM
Business Wire
The Blakely Hotel in New York City Joins
Trademark Collection® by Wyndham
LuxUrban Hotels Inc. (“LuxUrban” or the “Company”) (Nasdaq:
LUXH), 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 the Blakely Hotel in New York City has been re-branded as “The
Blakely by LuxUrban, Trademark Collection® by Wyndham.” The Blakely
is the first LuxUrban property to integrate under the Wyndham
Hotels & Resorts (“Wyndham”) brand family and join the world’s
largest hotel franchisor.
As previously announced, LuxUrban entered into an agreement with
Wyndham under which 16 of its hotels will be added to the Trademark
Collection® by Wyndham brand. LuxUrban expects to open at least 60%
of its current hotels under the Trademark Collection banner during
the third quarter of 2023, with the balance of its properties
scheduled to be integrated by the end of the 2023 fourth
quarter.
The Blakely by LuxUrban, Trademark Collection® by Wyndham is a
117-room, English-style boutique hotel located just north of Times
Square providing easy access to popular New York City attractions
such as Central Park, Carnegie Hall, Radio City Music Hall, and the
Museum of Modern Art.
“We are thrilled to announce the addition of the Blakely under
the Wyndham brand family,” said Brian Ferdinand, Chairman and CEO
of LuxUrban Hotels. “This property is now operating on the Wyndham
platform that provides best-in-class services and support across
marketing, distribution, sales, sourcing and technology.”
Mr. Ferdinand noted that the Blakely is also now part of Wyndham
Rewards®, recently named the number one hotel rewards program by
editors of U.S News & World Report. Hotels within the Wyndham
portfolio benefit from access to a rapidly growing membership base
of more than 100 million enrolled members, who today account for
nearly one out of every two U.S. check-ins. This access drives
potential guests to LuxUrban properties and results in
significantly lower commission rates than LuxUrban had paid
historically.
LuxUrban has also received capital from Wyndham via key money
that the Company will deploy at the Blakely to help elevate the
customer experience, enhance the asset value, and drive RevPAR as
well growth and working capital back into the business.
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 the date of this release, the company has
approximately 1,625 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 certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 (set forth in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended). The statements contained in this release that are not
purely historical are forward-looking statements. Forward-looking
statements include, but are not limited to, statements regarding
expectations, hopes, beliefs, intentions or strategies regarding
the future. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. Generally, the words “anticipates,”
“believes,” “continues,” “could,” “estimates,” “expects,”
“intends,” “may,” “might,” “plans,” “possible,” “potential,”
“predicts,” “projects,” “should,” “would” and similar expressions
may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking.
Forward-looking statements in this release may include, for
example, statements with respect to financial and operational
guidance, the success of the Company’s collaboration with Wyndham
Hotels & Resorts, scheduled property openings, expected closing
of noted lease transactions, the Company’s ability to continue
closing on additional leases for properties in the Company’s
pipeline, as well the Company’s anticipated ability to
commercialize efficiently and profitably the properties it leases
and will lease in the future. The forward-looking statements
contained in this release are based on current expectations and
belief concerning future developments and their potential effect on
the Company. There can be no assurance that future developments
will be those that have been anticipated. These forward-looking
statements are subject to a number of risks, uncertainties (some of
which are beyond our control) or other assumptions that may cause
actual results of performance to be materially different from those
expressed or implied by these forward-looking statements, 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 and in Item 1A of our Form 10-Q for the
three months ended June 30, 2023. 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/20230911042243/en/
Shanoop Kothari President & Chief Financial Officer LuxUrban
Hotels Inc. shanoop@luxurbanhotels.com
Devin Sullivan Managing Director The Equity Group Inc.
dsullivan@equityny.com
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