LuxUrban Hotels Inc., 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, signed a 25-year master lease agreement (MLA), inclusive of two five-year options, to operate Hotel 57 in midtown Manhattan (Hotel 57). The company expects to commence operations at Hotel 57 during the current second quarter of 2023.
Hotel 57, which will operate under the “LuxUrban Ultra” brand, is a four-star, 204-unit property housed in an historic building on 57th Street in midtown Manhattan. Hotel 57 offers quiet accommodations and upscale amenities in one of the most desirable locations in New York City, providing easy access to the world-famous shops of 5th Avenue, Central Park, St. Patrick’s Cathedral, and Rockefeller Center.
“This latest property will be among the finest in our portfolio,” said Brian Ferdinand, chairman and CEO of LuxUrban Hotels. “Hotel 57 will join our previously announced planned opening of the Condor Hotel in Brooklyn on or about July 1 and result in LuxUrban operating eight hotels in New York City. This growth is coming at an opportune time, as business and leisure travel in New York City is on the rise and approaching pre-pandemic levels of tourism.”
