Hotel 57, Condor, and Lafayette Join Wyndham
Brand Family
Announces Expected Opening of New Boutique
Hotel in New York City in October 2023
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 Hotel 57 in New York City, the Condor Hotel in Brooklyn,
and the Lafayette Hotel in New Orleans have been re-branded as “The
Hotel 57, Trademark Collection® by Wyndham,” “The Condor Hotel,
Trademark Collection® by Wyndham,” and “The Lafayette Hotel,
Trademark Collection® by Wyndham,” respectively.
Inclusive of these three properties, the Company has onboarded
six LuxUrban hotel properties onto the Wyndham brand and operating
platform. LuxUrban continues to expect that at least 60% of its
hotels will join the Wyndham platform by the end of 2023 third
quarter, with the remainder of the portfolio to be added by the end
of this year.
Newest Trademark Collection® by Wyndham
Properties
Hotel 57 is housed in an historic building in midtown Manhattan,
an easy walk to the shops of 5th Avenue, Central Park, Times Square
and Rockefeller Center. This 216-room boutique hotel offers quiet
accommodations, tasteful décor, and room selection to fit any
need.
Just across the bridge is the Condor Hotel in Williamsburg,
Brooklyn, a 35-room boutique property that is an upscale oasis for
business and vacation travelers looking to explore all that
Brooklyn has to offer, including museums, parks, restaurants, and
bars.
The Lafayette is an historic 60-unit boutique hotel located on
the fashionable St. Charles Avenue Streetcar Line in New Orleans, a
short stroll from some of the city’s most popular attractions,
including the French Quarter, Bourbon Street, and the Superdome.
Located next to the only greenspace in downtown New Orleans, the
Lafayette is the perfect blend of urban convenience and natural
beauty.
Expected New Property
Opening
LuxUrban also expects to open a new property in midtown
Manhattan’s Flatiron District by October 15, 2023 via a 25-year
Master Lease Agreement inclusive of two five-year extension
options. This boutique, 76-room hotel, which is currently closed,
is expected to join the Wyndham platform in connection with its
planned reopening. This hotel will feature a newly renovated lobby
and guest rooms, and offer business and vacation travelers their
personal Manhattan pied d' terre just steps away from iconic local
neighborhoods, including Chelsea, Madison Square, Gramercy and
Union Square.
This collaboration with Wyndham provides LuxUrban with numerous
competitive and operating advantages, including industry
best-in-class services and business support, an elevated profile
through its affiliation with the world’s largest hotel franchising
company, and access to the more than 100 million members of the
Wyndham Rewards® hotel rewards program. 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.
“We are very excited to be adding these new properties to the
Wyndham brand and operating platform,” said Brian Ferdinand,
Chairman, and CEO of LuxUrban Hotels. “We are also happy to be
adding density to our primary market of New York City with the
planned October opening of our newest hotel, and integrating it
under the Wyndham banner.”
The Company expects to have 2,146 hotel units across 21
properties operational by the end of October 2023.
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/20230921528022/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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