LuxUrban Hotels Adds Three New Properties to Trademark Collection® by Wyndham
- LuxUrban expects at least 60% of its hotels to join the Wyndham platform by Q3 2023, with the rest added by the end of the year
- LuxUrban to open a new boutique hotel in New York City's Flatiron District by October 2023
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Hotel 57, Condor, and Lafayette Join Wyndham Brand Family
Announces Expected Opening of New Boutique Hotel in
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
Newest Trademark Collection® by Wyndham Properties
Hotel 57 is housed in an historic building in midtown
Just across the bridge is the Condor Hotel in Williamsburg,
The
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
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
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
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.
View source 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
Source: LuxUrban Hotels Inc.
