LuxUrban Hotels Inc. (or “the Company”) (Nasdaq: LUXH), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, announced today that it has acquired the long-term rights to the Townhouse Hotel in South Beach, Florida via a 21-year Master Lease Agreement (“MLA”), inclusive of option. The Townhouse Hotel – which will be powered by the Company’s consumer facing LuxUrban™ brand – is expected to commence operations in December 2022.
Located just steps from the beach, the Townhouse Hotel is a 70-unit property located in Miami’s South Beach. The property offers freshly remodeled Standard, Superior and Penthouse accommodations reflecting a chic combination of European style and Miami Beach flair, and a warm and hospitable staff.
The Company has also commenced operations at the Washington Hotel in New York City. As previously announced, the Company acquired the Washington Hotel via a 15-year MLA. Located in downtown Manhattan, the Washington Hotel is a premier, 217-unit luxury hotel with beautifully appointed rooms, a state-of-the-art fitness center, outdoor terrace, and rooftop that offers panoramic vistas of the New York City skyline.
“We are pleased to expand our presence in two of the country’s most exciting and desirable destination cities,” said Brian Ferdinand, Chairman and Chief Executive Officer.
LuxUrban Hotels Inc.
LuxUrban Hotels Inc. utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing LuxUrban Hotels favorable operating margins. LuxUrban Hotels operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the LuxUrban Hotels properties are provided high quality service under the Company’s consumer brand, LuxUrban™.