LuxUrban Hotels Inc. 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 New York City’s Times Square, The Hotel @ Times Square and Hotel 46 Times Square. Each of these properties will operate under the company’s LuxUrban brand.
The Hotel 46 Times Square, consisting of 79 rooms, and The Hotel at Times Square, consisting of 213 rooms, are near Broadway, Central Park, Radio City Music Hall, Rockefeller Center and Madison Square Garden. The Hotel 46 Times Square is expected to open during the third quarter and the Hotel at Times Square is set for a fourth-quarter opening.
“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/CEO, 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.”
