MIAMI—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, today announced that it has signed separate 25-year Master Lease Agreements (MLA), inclusive of two five-year options, to operate two new boutique hotels in New York City: The Royalton Hotel and the Truss Hotel. These properties will be re-branded as “The Royalton by LuxUrban” and “The Truss Hotel by LuxUrban” and are expected to begin welcoming guests early next month. LuxUrban expects both of these properties to be rebranded under the Trademark Collection® by Wyndham name over the next few months.
Royalton Hotel
Recently named one of “Best Hotels Near Times Square” by TimeOut New York, The Royalton by LuxUrban is a 168-room boutique property “Where Good Taste Never Gets Old.” The lobby’s mahogany walls and cognac leather couches evoke a sense of timelessness and historical glamour, while spacious rooms, luxurious suites and penthouse accommodations are comfortably sleek and elegantly outfitted. The Royalton by LuxUrban provides easy access to New York’s Theater District, Grand Central Station, Rockefeller Center, and the shops of Fifth Avenue.
Location: 44 West 44th Street, New York City.
Truss Hotel
With a modern, sleek, and upscale feel, the 86-room Truss Hotel by LuxUrban offers a prime location just a short walk from Times Square, two blocks from the Jacob K. Javits Convention Center, and within walking distance of Fifth Avenue, Broadway, and Madison Square Garden. The hotel features a Rooftop Garden Terrace with panoramic, spectacular views of Hudson Yards, with guest rooms and spacious suites that offer the ultimate blend of style, comfort, and luxury.
Location: 515 9th Avenue, New York City.
“These newest hotels add density to our primary market of New York City and increase our portfolio of properties that will be integrated into the LuxUrban operating platform,” said Brian Ferdinand, Chairman and Co-Chief Executive Officer of LuxUrban Hotels. “We are continuing to manage a robust opportunity pipeline and expect to consummate several additional MLAs in the near term.”
Robust Pipeline Opportunity
In addition to these two new properties, the Company has executed Letters of Intent (LOI) and is in the final stages of negotiation to sign MLAs for hotels comprising more than 1,500 rooms. The Company expects that the majority of these property transactions will close in December 2023 through early 2024, with the associated hotels expected to begin welcoming guests in that same time frame.
The Company continues to expect to have approximately 6,000 hotel rooms under MLA by June 30, 2024 that are currently secured under LOI and are expected to convert to MLAs beyond those referenced above.
Property Summary
As of September 30, 2023, the Company leased 16 properties with 1,446 units available for rent.
As of November 30, 2023, the Company leased 20 properties with 1,853 units available for rent and, including properties under lease but not yet available for rent, leased 21 properties with 2,032 units.
