US-based hospitality company LuxUrban Hotels has signed a Master Lease Agreement (MLA) to operate the Condor Hotel in Williamsburg, Brooklyn.
This 25-year MLA comes with two five-year options.
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The company has also signed a 15-year MLA, with a five-year option, to manage the Trinity Hotel in Los Angeles, California.
According to LuxUrban, operations are anticipated to begin at both hotels on or around 1 July 2023.
Condor Hotel is LuxUrban’s second hotel in Brooklyn and is designed to suit the needs of both leisure and business travellers.
The Trinity Hotel is a 179-room property that has been completely renovated and is ready to open.
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By GlobalDataThese new properties will add 214 new short-stay hotel rooms to the company’s expanding portfolio of short-stay hotel rooms.
LuxUrban Hotels chairman and CEO Brian Ferdinand said: “With the opening of 101 Bogart, we are currently operating six hotels in New York City and the expected addition of the Condor will add greater density and diversity to our largest market at an exciting time of growth and recovery.
“Based on our current forecast, we expect to have approximately 2,000 short-term rental hotel rooms operational at the start of the third quarter of 2023, up from the 1,034 on 31 March 2023 and a significant increase from the 844 units operational on 31 December 2022.”
On 1 May, the company began operations at 101 Bogart Street, a 65-unit, mixed-use, seven-story complex in East Williamsburg-Bushwick, Brooklyn.
