LuxUrban 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.