NEW YORK—NYLO Hotels will break ground in fourth quarter in Plano, TX, on its first hotel. A second groundbreaking, in Warwick, RI, near Providence, is slated for second-quarter 2007. “These cities have dynamic business communities with outstanding dining, recreation and nightlife,” said John Russell, NYLO CEO. “They make ideal inaugural sites for our new lifestyle hotel brand.” The 176-room, 88,500 square-foot Plano property will be located in Legacy, a 2,665-acre master-planned community. The 164-room, 82,800 square-foot Warwick property will overlook the Pawtuxet River 2.5 miles from the TF Green International Airport. Other locations are in various stages of negotiations for NYLO-owned and operated hotels, said Russell says. NYLO accelerated its growth plan last spring, when Lehman Brothers became an equity investor and strategic partner in the company. Franchising is slated to begin first-quarter 2007. NYLO plans to open 50 hotels in suburban and secondary markets throughout North America by 2010.
