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. As of March 31, 2023, the company has 1,034 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. The company currently manages a portfolio of hotel rooms in New York, Washington D.C., Miami Beach, New Orleans and Los Angeles. 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. We are excited to add further density in our primary market of New York City to accommodate anticipated rising levels of business and leisure travel.” “Times Square represents the vibrancy and energy that defines New York City, drawing an estimated 50 million visitors annually. “With the addition of these two new properties, the number of units in our asset light portfolio of hotel rooms approximates 2,100 and properties under MLA has increased to 22,” said Brian Ferdinand, Chairman and CEO of LuxUrban Hotels. The Hotel 46 Times Square is expected to begin welcoming guests during the third quarter of 2023 and the Hotel at Times Square is expected to begin welcoming guests during the fourth quarter of 2023. The Hotel 46 Times Square, consisting of 79 rooms, and The Hotel at Times Square, consisting of 213 rooms, allows guests to experience New York City from the “Crossroads of the World.” Each of these properties provides easy access to Broadway, Central Park, Radio City Music Hall, Rockefeller Center, and Madison Square Garden, along with iconic restaurants, Fifth Avenue shopping, and Manhattan nightlife. Each of these properties will operate under the Company’s LuxUrban brand. (Nasdaq: LUXH) (or “the Company”), 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 that it has signed separate agreements to enter into 35-year Master Lease Agreements (MLAs), each inclusive of two five-year options, to operate two new properties in New York City’s Times Square: The Hotel at Times Square and Hotel 46 Times Square. MIAMI-( BUSINESS WIRE)- LuxUrban Hotels Inc.
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