LuxUrban Hotels Announces Newest Properties to Join Trademark Collection® by Wyndham
14 Setembro 2023 - 9:00AM
Business Wire
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 Herald Hotel in New York City and O Hotel in Los Angeles
have been re-branded as “The Herald by LuxUrban, Trademark
Collection® by Wyndham” and “O Hotel, Trademark Collection® by
Wyndham,” respectively.
These hotels join The Blakely by LuxUrban, Trademark Collection®
by Wyndham in New York City as the latest LuxUrban property
additions to the Wyndham Hotels & Resorts (“Wyndham”) brand
family.
“We are very pleased to have three properties integrate to the
Wyndham brand and operating platform,” said Brian Ferdinand,
Chairman and CEO of LuxUrban Hotels. “The competitive and operating
advantages provided by our collaboration with Wyndham deliver
best-in-class services and business support, improved operating
efficiencies, and helps elevate our profile among discerning
business and vacation travelers. We continue to expect that at
least 60% of LuxUrban hotels will be onboarded to the Wyndham
platform by the end of 2023 third quarter, with the remainder
joining by the end of this year.”
The Herald by LuxUrban, Trademark Collection® by Wyndham is a
167-room “hidden gem” located in the heart of New York City. The
Midtown Manhattan location, just a short walk to Times Square,
offers stylish and spacious guest rooms designed with modern
comfort in mind and an on-site rooftop bar with spectacular skyline
views.
O Hotel is a 68-room boutique property in the heart of LA’s
Financial District featuring modern rooms in a unique, historic
setting. Built in 1925, the O is within walking distance to most of
Downtown LA’s major attractions, including the Microsoft Theater,
L.A. Live, the Convention Center, Pershing Square, Disney Concert
Hall, and the Music Center.
Mr. Ferdinand noted each of these three properties is 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.
LuxUrban has also received capital from Wyndham via key money
for each of these properties that the Company will deploy 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/20230913532180/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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