Two AKA Properties Opening in New York City

AKA Central Park and AKA Times Square

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. October 14, 2008

NEW YORK, NY, 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."