LuxUrban Hotels Inc. Expands Presence in Miami Beach with Acquisition of The Townhouse Hotel
LuxUrban Hotels Inc. (Nasdaq: LUXH) has announced the acquisition of the Townhouse Hotel in Miami via a 21-year Master Lease Agreement, with operations set to begin in December 2022. Additionally, the Company has commenced operations at the Washington Hotel in New York City, acquired through a 15-year MLA. The Washington Hotel features 217 luxury units and a rooftop terrace with city views. These strategic expansions aim to enhance LuxUrban's presence in major metropolitan areas, leveraging an asset-light business model to target the short-term rental market.
- Acquisition of the Townhouse Hotel in Miami via a 21-year Master Lease Agreement, expanding the portfolio.
- Commencement of operations at the Washington Hotel in New York City, enhancing brand presence in a key market.
- Both properties expected to provide favorable operating margins through asset-light business model.
- Potential risks associated with the successful commercialization of newly leased properties.
Company Commences Operations at The Washington Hotel in
Located just steps from the beach, the
The Company has also commenced operations at the Washington Hotel in
“We are pleased to expand our presence in two of the country’s most exciting and desirable destination cities,” said
Forward Looking Statements
This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued 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. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the caption “Risk Factors” in the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, leasing terms, high-level occupancy rates, and sales and growth plans. The financial projection provided herein are based on certain assumptions and existing and anticipated market, travel and public health conditions, all of which may change. 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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Chief Financial Officer
shanoop@luxurbanhotels.com
Managing Director
(212) 836-9608
dsullivan@equityny.com
(212) 836-9628
dshayne@equityny.com
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FAQ
What is the strategic importance of LuxUrban's acquisition of the Townhouse Hotel in Miami?
When will operations commence at the new Washington Hotel in New York City?
What is the expected impact of these acquisitions on LuxUrban's business model?