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Short-Term Rental Firm Takes 75-Year Ground Lease on Tuscany Hotel
CorpHousing Group Inc. (CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties, has acquired long-term rights to the 124-key Tuscany Hotel at 120 E. 39th St. in Midtown Manhattan via a 15-year master lease agreement. The company acquired long-term rights to an undisclosed property in Lower Manhattan a few days earlier.
The addition of The Tuscany brings to nine the total number of hotels in CHG’s portfolio and the 124 units added increases CHG’s total units under long-term lease to 977. CorpHousing plans to start operating The Tuscany during the fourth quarter and will market the property under its LuxUrban brand.
Brian Ferdinand, chairman and CEO of CHG, said, “The 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.”
- ◦Lease

