Two Properties Opening in New York City, AKA Central Park
and AKA Times Square
New York – April 25, 2007 – Korman Communities, a prominent Pennsylvania-based residential real estate company with over thirty years as pioneers in the long-term stay market, is aggressively expanding with the growth of AKA, its luxury, extended-stay brand for world-class urban markets. The AKA brand was developed to fill an unmet need in the high-end, long-term stay market.
On April 30, Korman Communities will open AKA Central Park, its third and largest NYC property at 42 West 58th Street, which will be followed by the opening of a fourth NYC location, in Times Square. Korman Communities branded its first AKA property, AKA United Nations, in New York City in 2006, which was followed by AKA Sutton Place in New York City, as well as White Plains, Washington, D.C. and Philadelphia.
By 2010, Korman plans to have 20 AKA properties in major cities in the U.S. and abroad, which will make it one of the largest and fastest-growing luxury, urban-focused extended-stay brands in the world. “Our unique position is: ‘when a hotel isn’t the answer for your long-stay travel needs,’” said Larry Korman, co-president of Korman Communities.
AKA Central Park, which will serve as the brand’s flagship property, is the conversion of the 17-story Wyndham New York Hotel by the architectural firm of HLW International into 134 studio, one- and two-bedroom suites. When completed, all suites will feature entry foyers of Oriental St. Laurent stone flooring; gourmet kitchens with stainless-steel appliances, granite countertops and Grohe and Kohler fixtures; oversized bathrooms with mosaic stone flooring and Emperador Costa stone walls, as well as AKA brand-standard hotel amenities and services. Two penthouse suites will offer wraparound terraces with spectacular city views. AKA Central Park will also offer en-suite dining from its soon-to-be-announced restaurant. Rates will start at $255 per night for a 30-night stay, $375 per night for a seven-night stay and $395 per night for a short-term stay, exclusive of tax and based on availability.*
“Our corporate clients told us they need upscale, extended-stay accommodations in New York City,” said Korman. “We investigated and saw a lack of owner–operated luxury offerings, an advantage that enables us to uniquely provide an extremely high level of personal service, so we decided to make a big push into Manhattan.”
In 2006, the demand for extended-stay lodging increased over three times greater than the demand for all hotels, according to Smith Travel Research. “The need for luxury long-term stay residences is on the rise,” said Korman. “Though our core business is the business traveler, we are experiencing an increase in guests who are staying with us for other reasons.”
“AKA properties offer hotel services coupled with luxurious, large living space,” said Korman. “This makes our pricing structure a value. A hotel room is fine for a night or two, but when away from home for a long period, having home-like space to relax in is unbeatable. We also provide warm and personal service that large hotels simply can’t offer.”
AKA, a division of Korman Communities, is an innovative, new and growing collection of luxury extended-stay properties in prime urban locations. Current AKA residences are in: Philadelphia; New York City (2); Washington, D.C. and White Plains, New York, with plans to own and operate 20 properties worldwide by 2010. New properties will open this spring in New York City (2), Philadelphia, Arlington, VA, and Dulles, VA. Across the brand, architecturally inspired spacious accommodations, which range from studios to two-bedroom penthouse suites, offer the privacy of contemporary apartments infused with hotel services. While each property is unique and has distinct guest offerings, all properties feature the AKA brand standards and amenities of: fitness centers; full-service business centers with meetings space and complimentary high-speed Internet access; complimentary weekday club breakfasts with La Colombe coffee, yogurt, fruit and baked goods; en-suite dining; same-day, valet dry-cleaning and laundry service; 24-hour front desk assistance; dedicated doormen, concierge services and full-time, on-site management and maintenance. All suites include top-of the-line kitchens, contemporary furnishings, luxurious bathrooms, meticulous housekeeping; extended digital cable with HBO, DVD players, and complimentary Wi-Fi access. Personalized service is a hallmark of AKA. For reservations and information, please visit www.stayaka.com or call (866) 567-6261.
Korman Communities, with headquarters in Plymouth, PA, is a fourth-generation, fully integrated real estate company with development, management and financial capabilities operating throughout the eastern United States. The firm has constructed more than 30,000 single-family homes, 12,000 apartments and townhouses, as well as 6-million square feet of industrial and commercial space. In addition to the AKA brand, Korman Communities has a portfolio of nine suburban garden and mid-rise communities in Pennsylvania, New Jersey and North Carolina.
|Also See:||Real Estate Investors Turn Attention to Manhattan Hotels; Cushman & Wakefield Hospitality Group Advises on Three Manhattan Hotel Transactions / December 2006|