Luxurban Hotels Inc. Reaches $3.4 Million Settlement Agreement, Resolves Litigation Over 123 Washington Street Property Lease
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Luxurban Hotels Inc. has reached a $3.4 million settlement with 123 Washington LLC, resolving litigation over its leasehold interest in a New York hotel property. The settlement will be paid in installments through November 2026 and includes $2.625 million from restricted cash deposits. The agreement also addresses $2.57 million owed to the New York Hotel Trades Council. The lease for the property is terminated, with possession to be surrendered by June 6, 2025, eliminating about $7.5 million in additional liabilities and improving Luxurban's financial standing.
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