Luxurban Hotels Signs Master Lease Agreements to Operate Two Hotels in New York City’s Times Square
LuxUrban Hotels Inc. (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 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. Each of these properties will operate under the Company's LuxUrban brand.
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. 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.
"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. "Times Square represents the vibrancy and energy that defines New York City, drawing an estimated 50 million visitors annually. 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."