Dive Brief:
- LuxUrban Hotels Inc. has signed separate Master Lease Agreements to operate two four-star boutique hotels in New York City, the Royalton Hotel and Truss Hotel, the company announced Thursday.
- The properties will be rebranded to the Royalton by LuxUrban and the Truss Hotel by LuxUrban. Both are expected to welcome guests beginning later this month.
- LuxUrban is in the midst of a major expansion in New York City, fueled in part by its partnership with Wyndham’s Trademark Collection, which LuxUrban expects the Royalton and Truss Hotel to join.
Dive Insight:
LuxUrban’s latest additions to its rapidly expanding New York City portfolio are both near Times Square, a neighborhood seeing a great deal of hotel activity in recent months.
The Royalton by LuxUrban includes 168 rooms and offers easy access to sights like Rockefeller Center and Grand Central Station. The 86-room Truss Hotel by LuxUrban is two blocks from the Javits Center.
“These newest hotels add density to our primary market of New York City and increase our portfolio of properties that will be integrated into the LuxUrban operating platform,” said Brian Ferdinand, chairman and co-CEO of LuxUrban, in a statement. “We are continuing to manage a robust opportunity pipeline and expect to consummate several additional MLAs in the near term.”
Beyond the two new additions, the company continues to add to its pipeline. LuxUrban recently signed letters of intent for hotel MLAs that would add more than 1,500 rooms to its national portfolio, the company said. LuxUrban plans to close those transactions throughout this month and early 2024.
In October, LuxUrban opened three New York City hotels, two of which were also near Times Square. It previously signed MLAs for two Times Square hotels in June.
New York City hotels are currently enjoying a rate-driven post-pandemic recovery, with record ADRs boosting RevPAR for hotels across the city.
