LuxUrban Hotels Signs Master Lease Agreement for Hotel 57 in Midtown Manhattan
Hotel 57 in midtown Manhattan
LuxUrban Hotels Inc. (Nasdaq: LUXH) announced today that it has signed a 25-year Master Lease Agreement (MLA), inclusive of two five-year options, to operate Hotel 57 in midtown Manhattan. The Company expects to commence operations at Hotel 57 during the current second quarter of 2023.
Hotel 57, which will operate under the “LuxUrban Ultra” brand, is a four-star, 204-unit property housed in an historic building on 57th Street in midtown Manhattan. Hotel 57 offers quiet accommodations and upscale amenities in one of the most desirable locations in New York City, providing easy access to the world-famous shops of 5th Avenue, Central Park, St. Patrick’s Cathedral, and Rockefeller Center.
“This latest property will be among the finest in our portfolio,” said Brian Ferdinand, Chairman and CEO of LuxUrban Hotels. “Hotel 57 will join our previously announced planned opening of the Condor Hotel in Brooklyn on or about July 1 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.”
Updated Property Summary
As of March 31, 2023, we leased 12 properties with 1,034 units available for rent. As of May 15, 2023, we leased 20 properties with 1,807 units and our portfolio is as follows:
|
Property |
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# of |
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|
Property |
|
Lease |
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|
Lease |
|
|
Extension |
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|
Annual |
|
|
Date |
|
|
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1200 O: 1200 Ocean Dr Miami Beach, FL 33139 |
|
24 |
|
|
Entire building, licensed for hotel like Rentals |
|
10-year |
|
|
3.8 |
|
|
None |
|
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3 |
% |
|
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12/31/2016 |
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Blakely: 136 W 55th St, New York, NY 10105(1) |
|
117 |
|
|
Licensed hotel |
|
15-year |
|
|
13.6 |
|
|
10-year |
|
|
3 |
% |
|
|
11/1/2021 |
|
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Herald: 71 W 35th St, New York, NY 10001 |
|
168 |
|
|
Licensed hotel |
|
15-year |
|
|
14.2 |
|
|
None |
|
|
3 |
% |
|
|
6/2/2022 |
|
|
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Variety: 1700 Alton Rd Miami Beach, FL 33139 |
|
68 |
|
|
Licensed hotel |
|
5.5-year |
|
|
3.5 |
|
|
None |
|
|
3 |
% |
|
|
3/26/2021 |
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Impala / Flora: 1228 Collins Ave, Miami Beach, FL 33139 |
|
48 |
|
|
Licensed hotel |
|
5-year |
|
|
3.5 |
|
|
10-year |
|
|
3 |
% |
|
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10/1/2021 |
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Astor: 956 Washington Ave, Miami Beach, FL 33139 |
|
42 |
|
|
Licensed hotel |
|
5-year |
|
|
4.0 |
|
|
5-year |
|
|
4 |
% |
|
|
4/15//2022 |
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Georgetown: 1000 29th St NW, Washington, DC 20007 |
|
79 |
|
|
Licensed hotel |
|
10-year |
|
|
9.3 |
|
|
10-year |
|
|
3 |
% |
|
|
8/1/2022 |
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Lafayette: 600 St Charles Ave, New Orleans, LA 70130 |
|
60 |
|
|
Licensed hotel |
|
19.4-year |
|
|
19.0 |
|
|
None |
|
|
2 |
% |
|
|
11/1/2022 |
|
|
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Woodley: 2869 28th Street Northwest, Washington, DC 20008 |
|
16 |
|
|
Licensed hotel |
|
10-year |
|
|
9.5 |
|
|
10-year |
|
|
2.5 |
% |
|
|
9/1/2022 |
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Washington: 8 Albany Street, New York, NY 10006 |
|
217 |
|
|
Licensed hotel |
|
15.2-year |
|
|
14.9 |
|
|
None |
|
|
2 |
% |
|
|
9/20/2022 |
|
|
Townhouse: 150 20th St, Miami Beach, FL 33139 |
|
70 |
|
|
Licensed hotel |
|
11.2-year |
|
|
11.1 |
|
|
10-year |
|
|
3 |
% |
|
|
3/1/2023 |
|
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Tuscany: 120 E 39th Street, New York, NY 10016 |
|
125 |
|
|
Licensed hotel |
|
15.0-year |
|
|
14.8 |
|
|
10-year |
|
|
2 |
% |
|
|
1/1/2023 |
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Weighted |
|
|
Weighted |
|
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Weighted |
(1) |
|
Weighted |
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Subtotal Operating Units as of 3/31/2023(2) |
|
1,034 |
|
|
|
|
13.0 |
|
|
12.1 |
|
|
16.7 |
|
|
2.6 |
% |
|
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O Hotel: 819 South Flower Street, Los Angeles, CA 90017 |
|
68 |
|
|
Licensed hotel |
|
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Bogart: 101 Bogart Street, Brooklyn, NY 11206 |
|
65 |
|
|
Licensed hotel |
|
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Be Home: 741 8th Avenue, New York, NY 10036 |
|
44 |
|
|
Licensed hotel |
|
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Trinity: 741 8th 851 South Grand Avenue, Los Angeles, CA 90017 |
|
179 |
|
|
Licensed hotel |
|
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Condor: 56 Franklin Ave, Brooklyn, NY 11205 |
|
35 |
|
|
Licensed hotel |
|
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Hotel 57: 130 East 57th Street, New York, NY 10022 |
|
204 |
|
|
Licensed hotel |
|
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Hanbee Hotel: 231 Grand St, New York, NY 10013 |
|
101 |
|
|
Licensed hotel |
|
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MB Hotel: 63 Chrystie St, New York, NY 10002 |
|
77 |
|
|
Licensed hotel |
|
|
|
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|
Under lease |
|
1,807 |
|
|
|
|
|
|
|
|
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|
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|
|
(1) |
Averages are weighted by unit count. |
|
(2) |
The average remaining term on our properties, as of March 31, 2023, was 12.1 years, and inclusive of extension options was 16.7 years. |
Our units by location as of May 15, 2023 are as follows:
|
Location |
|
Miami Beach |
|
|
New York |
|
|
NOLA |
|
|
DC |
|
|
LA |
|
|
Total |
|
||||
|
Units |
|
252 |
|
|
627 |
|
|
|
60 |
|
|
|
95 |
|
|
|
– |
|
|
|
1,034 |
|
|
Properties at March 31, 2023 |
|
5 |
|
|
4 |
|
|
|
1 |
|
|
|
2 |
|
|
|
– |
|
|
|
12 |
|
|
|
|
|
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|
|
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|
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|
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|
|
|
|
|
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|
|
|
Properties added after March 31, 2023 |
|
|||||||||||||||||||||
|
Units |
|
– |
|
|
526 |
|
|
|
– |
|
|
|
– |
|
|
|
247 |
|
|
|
773 |
|
|
Properties |
|
– |
|
|
6 |
|
|
|
– |
|
|
|
– |
|
|
|
2 |
|
|
|
8 |
|
|
|
|
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|
Total |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
252 |
|
|
1,153 |
|
|
|
60 |
|
|
|
95 |
|
|
|
247 |
|
|
|
1,807 |
|
|
Properties |
|
5 |
|
|
10 |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
20 |
|
Categories: Development