LuxUrban Hotels has signed separate 25-year master lease agreements, inclusive of two five-year options, to operate two new boutique hotels in New York City: The Royalton Hotel and the Truss Hotel. These properties will be re-branded as the Royalton by LuxUrban and the Truss Hotel by LuxUrban. LuxUrban expects both of these properties to be rebranded under the Trademark Collection by Wyndham name over the next few months.
The Royalton by LuxUrban is a 168-room boutique property. The lobby’s mahogany walls and cognac leather couches evoke a sense of timelessness and historical glamour, while spacious rooms, luxurious suites and penthouse accommodations are comfortably sleek and elegantly outfitted. The Royalton by LuxUrban provides easy access to New York’s Theater District, Grand Central Station, Rockefeller Center and the shops of Fifth Avenue.
With a modern, sleek and upscale feel, the 86-room Truss Hotel by LuxUrban is a short walk from Times Square, two blocks from the Jacob K. Javits Convention Center, and within walking distance of Fifth Avenue, Broadway and Madison Square Garden. The hotel features a Rooftop Garden Terrace with panoramic, spectacular views of Hudson Yards, with guestrooms and spacious suites.
“These newest hotels add density to our primary market of New York City and increase our portfolio of properties that will be integrated into the LuxUrban operating platform,” Brian Ferdinand, chairman and co-chief executive officer of LuxUrban Hotels, said in a statement. “We are continuing to manage a robust opportunity pipeline and expect to consummate several additional MLAs in the near term.”
In addition to these two new properties, the company has executed letters of intent and is in the final stages of negotiation to sign MLAs for hotels comprising more than 1,500 rooms. The company expects that the majority of these property transactions will close in December 2023 through early 2024, with the associated hotels expected to begin welcoming guests in that same timeframe.
The company continues to expect to have approximately 6,000 hotel rooms under MLA by June 30 that are currently secured under LOI and are expected to convert to MLAs beyond those referenced above.