Under the terms of the agreement, Rebel Hotel Company will assume operational responsibilities of LuxUrban’s existing and future portfolio of hotel units in New York that are marketed under the LuxUrban brand.
LuxUrban Hotels anticipates to benefit from the expertise of Rebel Hotel Company in managing daily hotel operations, scale to drive operating efficiencies, project and cost management, access to an industry talent pool, its B2B sales initiatives, custom branding at the property level, etc.
LuxUrban Hotels chairman and chief executive officer Brian Ferdinand said: “As an emerging industry leader in lifestyle, boutique and luxury select service hotels, this agreement with Rebel Hotel Company is an important component of our growth strategy, and will allow us to focus on rapidly, responsibly, and cost-effectively scaling our hotel portfolio with the benefit of predictable costs.
“Specifically, this collaboration delivers margin enhancements that, in our estimation, the Company would not have been able to realise until at least 2024. Rebel Hotel Company reflects our guest-centric values, and we look forward to working together.”
Rebel Hotel Company president and CEO Brian Sparacino said: “LuxUrban Hotels is transforming the hotel landscape in major metropolitan cities across the United States providing distinct synergies with Rebel Hotel Company’s progressive new paradigm for hotel management, and we welcome the opportunity to form this strategic partnership.”
Sparacino further added: “Our unrivalled technology, expertise, and fee transparency makes Rebel Hotel Company the premier partner and choice hotel management platform that is philosophically aligned with the LuxUrban Hotels operating model.”
Earlier this month, CorpHousing Group changed its name to LuxUrban Hotels.
Its common stock commenced trading under the new NASDAQ ticker symbol on 3 November 2022.