MIAMI–LuxUrban Hotels Inc. (“LuxUrban” or the “Company”) (Nasdaq: LUXH), 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 the Hotel 57 in New York City, the Condor Hotel in Brooklyn, and the Lafayette Hotel in New Orleans have been re-branded as “The Hotel 57, Trademark Collection® by Wyndham,” “The Condor Hotel, Trademark Collection® by Wyndham,” and “The Lafayette Hotel, Trademark Collection® by Wyndham,” respectively.
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 60% of its hotels will join the Wyndham platform by the end of 2023 third quarter, with the remainder of the portfolio to be added by the end of this year.
Newest Trademark Collection® by Wyndham Properties
Hotel 57 is housed in an historic building in midtown Manhattan, an easy walk to the shops of 5th Avenue, Central Park, Times Square and Rockefeller Center. This 216-room boutique hotel offers quiet accommodations, tasteful décor, and room selection to fit any need.
Just across the bridge is the Condor Hotel in Williamsburg, Brooklyn, a 35-room boutique property that is an upscale oasis for business and vacation travelers looking to explore all that Brooklyn has to offer, including museums, parks, restaurants, and bars.
The Lafayette is an historic 60-unit boutique hotel located on the fashionable St. Charles Avenue Streetcar Line in New Orleans, a short stroll from some of the city’s most popular attractions, including the French Quarter, Bourbon Street, and the Superdome. Located next to the only greenspace in downtown New Orleans, the Lafayette is the perfect blend of urban convenience and natural beauty.
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 Manhattan pied d’ terre just steps away from iconic local neighborhoods, including Chelsea, Madison Square, Gramercy and Union Square.
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 New York City with the planned October opening of our newest hotel, and integrating it under the Wyndham banner.”
The Company expects to have 2,146 hotel units across 21 properties operational by the end of October 2023.
