LuxUrban Hotels Announces Openings of Three New York City Hotels
12 Outubro 2023 - 6:36PM
Business Wire
Company Expects to Add More than 1,600 Rooms
to its Growing Portfolio by December 31, 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
the openings of three previously announced hotels in New York City
acquired under long-term Master Lease Agreements (MLA). Two of the
hotels are in Times Square and the third is located in the Flatiron
District. These hotels, comprised of an aggregate 368 rooms, will
join the Wyndham Hotels & Resorts (“Wyndham”) brand family as
“by LuxUrban, Trademark Collection® by Wyndham” and be onboarded to
the Wyndham operating platform. They will also contribute to
LuxUrban’s fourth quarter 2023 operating results.
With these openings, the Company currently has 1886 rooms
welcoming guests.
The Company also announced that it expects to add under
long-term MLA seven additional properties comprised of 1,604 rooms
during the fourth quarter of 2023. These properties, summarized
below, will join the Wyndham brand family, and be onboarded to the
Wyndham operating platform.
New York City
- 4-star, 725-room hotel in Midtown (east side)
- 4-star, 168-room hotel in Bryant Park
- 4-star, 200-room hotel in Times Square
- 3.5 star, 145-room hotel on the Upper West Side of
Manhattan
- 3-star, 86-room hotel in Midtown (west side)
Miami Beach
- 3-star, 84-room hotel on Collins Avenue
New Orleans
- 4-star, 196-room hotel in the French Quarter
“These seven properties, once acquired under long-term MLA, will
add density to our existing markets and deliver a substantial
contribution to our results in 2024 and beyond,” said Brian
Ferdinand, Chairman and CEO of LuxUrban Hotels. “Because of
Wyndham’s support, we are now able to target and acquire larger
properties, as evidenced by the 4-star, 725-room hotel located on
Manhattan’s east side that we expect to acquire during the current
fourth quarter. This would be our largest property acquisition to
date; however, we believe that it reflects the opportunity to
acquire properties of similar size as we continue to grow and
evolve as a company.”
The Company continues to expect to have 2,146 hotel units across
21 properties operational by the end of October 2023. This estimate
excludes the seven hotels it expects to acquire under MLA
throughout the 2023 fourth quarter.
LuxUrban’s collaboration with Wyndham provides 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.
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/20231012737203/en/
Shanoop Kothari President & Chief Financial Officer LuxUrban
Hotels Inc. shanoop@luxurbanhotels.com
Devin Sullivan Managing Director The Equity Group Inc.
dsullivan@equityny.com
Conor Rodriguez, Analyst crodriguez@equityny.com
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