LuxUrban Hotels Inc has announced the signing of master lease agreements (MLAs) for two new boutique hotels in New York City, US, expanding its footprint in the metropolis.
LuxUrban Hotels Inc is listed on Nasdaq [the National Association of Securities Dealers Automated Quotations] as LUXH, and operates on an asset-light business model, leasing entire hotels for the long term and renting out individual rooms.
The latest development involves the signing of separate 25-year MLAs, inclusive of two five-year options, for The Royalton Hotel and the Truss Hotel.
New additions to the LuxUrban portfolio
The Royalton Hotel, recently recognised as one of the "Best Hotels Near Times Square" by TimeOut New York, will be re-branded as The Royalton by LuxUrban.
Located at 44 West 44th Street in New York City, the 168-room boutique property has mahogany walls, cognac leather couches and an ambiance of timelessness and historical glamour.
The hotel provides convenient access to New York's theatre district, Grand Central Station, the Rockefeller Center and Fifth Avenue shopping.
The Truss Hotel, situated at 515 9th Avenue, will be re-branded as The Truss Hotel by LuxUrban. With a modern, sleek, and upscale feel, the 86-room hotel is 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 Truss Hotel features a rooftop garden terrace offering panoramic views of Hudson Yards, providing guests with an ultimate blend of style, comfort and luxury.
Strategic expansion
LuxUrban chairman and co-CEO Brian Ferdinand emphasised the significance of these additions to their primary market, stating: "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."
The company anticipates rebranding both properties under the Trademark Collection® by Wyndham name in early 2024.
LuxUrban remains focused on managing a robust opportunity pipeline and anticipates signing additional MLAs shortly, reflecting its commitment to strategic growth within the hospitality sector.
The rebranded hotels are expected to welcome guests early in January 2024, contributing to LuxUrban's continued presence in key cities.
