LuxUrban Hotels (LUXH) said Wednesday it has signed a letter of intent to create a joint venture with Lockwood Development Partners and The Bright Hospitality Management.
Under the terms, Lockwood would initially invest roughly $7 million in the initial two joint venture hotels, the company added.
The joint venture will use Bright Hospitality's AI-driven platform for optimizing hotel operations and enhancing guests' experience, the company said, adding that the JV will also launch Lockwood's Vitality brand in New York City.
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