Tuscany has earned a reputation as a New York luxury destination, and we are proud and excited to add this property to our growing portfolio.
CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced it has acquired long-term rights to The Tuscany Hotel in New York City via a 15-year Master Lease Agreement (“MLA”).
The addition of The Tuscany brings to nine the total number of hotels in CHG’s portfolio and the 124 units added under this MLA increases CHG’s total units under long-term lease to 977. CorpHousing plans to start operating The Tuscany during Q4 2022 and will market the property under its LuxUrbanTM brand.
The Tuscany’s 124 rooms offer spacious accommodations, including hardwood entryways in all rooms, corner studios with an abundance of natural light, and multiple suites with signature views of the Chrysler Building and Empire State Building. The plush decor creates warmth and invokes classic New York paired with modern amenities, including complimentary Wi-Fi and rainforest showerheads in glass-enclosed showers. Tuscany also boasts an in-house 24-hour fitness center that features state-of-the-art exercise equipment.
Brian Ferdinand, Chairman and Chief Executive Officer of CorpHousing Group, stated, “Tuscany has earned a reputation as a New York luxury destination, and we are proud and excited to add this property to our growing portfolio.
“We are currently managing a robust pipeline that includes thousands of high-quality hotel units located in our current markets and new destination cities and remain focused on executing our post-IPO scaling strategy. For property owners, our approach provides the opportunity to generate stable cash flow streams to maximize returns on their properties, which have been significantly impacted by restrictions on travel and leisure activities due to the COVID-19 pandemic. For CHG, by leveraging technology to increase occupancy rates and operational efficiency our asset-light model supports predictable revenue streams and expanding operating margins that can improve over time as efficiencies are realized.”