CorpHousing Group Inc. Establishes Presence in New Orleans with 15-Year Head Lease Agreement for Historic Lafayette Hotel
MIAMI–(BUSINESS WIRE)–CorpHousing Group Inc. (“CorpHousing”, “CHG” or the “Company”) (Nasdaq: CHG), which uses a long-term rental and asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced the acquisition of long-term rights to the Hotel Lafayette, a landmark 60-unit boutique property located in New Orleans, LA, via a 15-year Master Lease Agreement (“MLA”).
The Lafayette Hotel is CHG’s first property in New Orleans, joining the company’s portfolio properties in New York, Washington, DC, Miami, Denver, Boston and Seattle. CHG will manage and market Hotel Lafayette to business and vacation travelers under its LuxUrbainMT brand, which is expected to begin operations in October 2022. The addition of the Lafayette brings the total number of hotels in CHG’s portfolio to 10 and the 60 units added under this MLA bring CHG’s total number of units under long term lease at 1037.
Hotel Lafayette is located on the fashionable Saint-Charles Avenue streetcar line, in the heart of the historic arts and warehouse districts in the central business district. The hotel is within walking distance of the French Quarter, Bourbon Street, the Ernest N. Morial Convention Center, the Superdome, the New Orleans Riverwalk, and the National WWII Museum. Desi Vega’s Steakhouse is also located inside the Lafayette Hotel on St. Charles Avenue, offering guests the opportunity to wine and dine downtown style.
“An important long-term part of our post-IPO scaling strategy is to enter new destination markets that appeal to business and vacation travelers, and New Orleans certainly fits that bill. of law,” said Brian Ferdinand, Chairman and CEO of CorpHousing Group. “New Orleans is a city that has something for everyone, with over 1,200 restaurants, a rich multi-ethnic history, over 130 festivals each year and a world-class airport. We are very pleased to offer this new property later this year.
New Orleans is known for its 24-hour nightlife, live music scene, and distinct cuisine that reflects the intersection of its French, African, and American cultures. The city has won numerous awards and rankings in 2022, including: a #2 ranking on the list of America’s Top 10 Cities (Travel + Leisure); a #7 ranking on the list of America’s Top 50 Destinations (Conference Direct Meeting Mentor Magazine); a #3 ranking as a destination in the United States for city lovers (Tripadvisor’s Travelers’ Choice); and a #2 ranking as the happiest travel destination in North America (Club Med).
CorpHousing Group Inc.
CorpHousing Group (CHG) uses a long-term rental and asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The company’s future growth is primarily focused on creating “win-win” opportunities for displaced hotel owners, including those impacted by COVID-19 travel restrictions, while providing CHG with margins favorable operating conditions. CHG operates these properties profitably by leveraging technology to identify, acquire, manage and market them globally to business and vacation travelers through dozens of sales channels and third-party distribution and the company’s own online portal. Guests at the Company’s properties benefit from Heroic Service™ under CHG’s consumer brands, including LuxUrban. CHG Heroic ServiceMT offers customers a hassle-free experience that exceeds their expectations with “heroes” who respond to any issue in a timely, thoughtful and thorough manner.
This press release contains forward-looking statements, including with respect to the expected closing of rated lease transactions and the continued closing of additional leases for the Company’s pipeline properties, as well as the Company’s expected ability to effectively and profitably market the properties it rents and leases in the future. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the heading “Risk Factors” in the prospectus forming part of the Company’s effective registration statement on the form S-1 (File No. 333-262114). Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is expected”, ” budget”, “expected”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or may contain statements that certain actions, events or results “could”, “could”, “would”, “could” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results, including, but not limited to, business strategy, lease terms, high occupancy rates, and sales and growth plans.The financial projections provided herein are based on certain assumptions and on existing and expected market, travel and health conditions p public, all of which can change. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements contained or referred to herein. , except in accordance with applicable securities laws.