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, 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 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 consists of 79 rooms and The Hotel at Times Square, consists of 213 rooms. 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.”
