CorpHousing Group Inc. Establishes Presence in New Orleans with 15-Year Master Lease Agreement for Historic Lafayette Hotel
September 26, 2022 at 08:30 AM EDT
CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which 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 Lafayette Hotel, a 60-unit historic 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 the Lafayette Hotel to business and vacation travelers under its LuxUrbanTM brand, with operations expected to commence in October 2022. The addition of the Lafayette brings to 10 the total number of hotels in CHG’s portfolio and the 60 units added under this MLA increases CHG’s total units under long-term lease to 1037.
The Lafayette Hotel is located on the fashionable St. Charles Avenue Streetcar Line, within the heart of the Historical Arts and Warehouse Districts in the Central Business District. The hotel is a short stroll from the French Quarter, Bourbon Street, the Ernest N. Morial Convention Center, the Superdome, the New Orleans Riverwalk, and the National World War II Museum. Desi Vega’s Steakhouse is also located inside of the Lafayette Hotel on St. Charles Avenue, offering patrons opportunity to wine and dine in downtown style.
“An important long-term component of our post-IPO scaling strategy is entering new, destination markets that attract business and vacation travelers, and New Orleans certainly fits that bill,” said Brian Ferdinand, Chairman and Chief Executive Officer of CorpHousing Group. “New Orleans is a city that has something for everyone, including more than 1,200 restaurants, a rich multi-ethnic history, over 130 festivals each year, and a world class airport. We are very excited to offer this new property later this year.”
New Orleans is known for its round-the-clock nightlife, live-music scene, and distinct cuisine that reflects the intersection of its French, African and American cultures. The city earned numerous awards and rankings during 2022, including: a #2 ranking on the Top 10 U.S. Cities list (Travel + Leisure); a #7 ranking on the Top 50 U.S. Destinations list (Conference Direct Meeting Mentor Magazine); a #3 ranking as a destination in the U.S. for City Lovers (Tripadvisor’s Travelers’ Choice); and a #2 ranking as the happiest travel destination in North America (Club Med).
CorpHousing Group Inc.
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