US-based hospitality company LuxUrban Hotels has signed a 25-year Master Lease Agreement (MLA) with two five-year options to manage Hotel 57 in midtown Manhattan, New York.
The company hopes to start operations at Hotel 57 in the second quarter of 2023.
Go deeper with GlobalData
Hotel 57, which will be operated under the LuxUrban Ultra brand, is a four-star, 204-key property located on 57th Street in midtown Manhattan.
The property boasts relaxed lodgings and modern amenities in what claims to be one of New York City’s most desirable locations: close to the stores of 5th Avenue, Central Park, St. Patrick’s Cathedral and Rockefeller Centre.
LuxUrban Hotels chairman and CEO Brian Ferdinand said: “This latest property will be among the finest in our portfolio and will join our previously announced planned opening of the Condor Hotel in Brooklyn on or about 1 July 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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataLuxUrban employs an asset-light business model to lease complete hotels for long periods and rent out hotel rooms in central metropolitan locations.
Last week, LuxUrban signed a 25-year MLA to operate the Condor Hotel in Williamsburg, Brooklyn and a 15-year MLA, with a five-year option, to manage the Trinity Hotel in Los Angeles, California, US.
