CorpHousing Group Inc. Announces Name Change and Rebranding to LuxUrban Hotels Inc.

Rhea-AI Summary

CorpHousing Group Inc. (NASDAQ: CHG) has rebranded to LuxUrban Hotels Inc., effective November 3, 2022. The new ticker symbol will be LUXH. This shift reflects the company's focus on acquiring and managing short-term rental hotel properties through long-term leases in major cities. Currently, LuxUrban operates around 1,200 short-term rental units and is negotiating for thousands more. The transition is part of their strategy to enhance customer service and leverage technology for operational efficiency.

Positive

• Rebranding to LuxUrban Hotels Inc. aligns with the company's focus on short-term rental properties.
• Operating approximately 1,200 short-term rental hotel units shows a solid current portfolio.
• Active negotiations for thousands of additional units indicate growth potential.

Negative

• None.

New NASDAQ Ticker Symbol “LUXH”

MIAMI--(BUSINESS WIRE)-- 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, announced today that it has changed its name to LuxUrban Hotels Inc. Reflecting this change, the Company’s common stock will commence trading under the new NASDAQ ticker symbol “LUXH” on or about November 3, 2022.

“Our new corporate identity reflects the Company’s ongoing evolution towards acquiring and managing, via long-term leases, short-term rental hotel properties in major metropolitan cities,” said Brian Ferdinand, Chairman and Chief Executive Officer. “Through our growing portfolio, we offer short-stay business and vacation travelers a variety of accommodations that address their individual needs, all while providing high-quality, end-to-end customer service and support.”

Mr. Ferdinand continued, “We have made significant strides in redefining our strategy over the last several years and our total units under management are comprised almost entirely of short-term rental hotel properties. Our new name reflects this evolved focus. The Company currently operates approximately 1,200 short term hotel rental units, and we are in various stages of negotiation with a variety of potential partners that represent thousands of additional hotel units located in destination cities. We believe that we are well positioned to advance our highly scalable, predictable, and profitable business model and look forward to our future with confidence.”

The Company’s official website is now accessible under the domain www.luxurbanhotels.com and its email address changed to the domain @luxurbanhotels.com.

The CUSIP number for the Company’s common stock will remain unchanged.

LuxUrban Hotels Inc.

LuxUrban Hotels Inc. 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. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing LuxUrban Hotels favorable operating margins. LuxUrban Hotels operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the LuxUrban Hotels properties are provided high quality service under the Company’s consumer brand, LuxUrban^TM.

Forward Looking Statements

This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the caption “Risk Factors” in the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, leasing terms, high-level occupancy rates, and sales and growth plans. The financial projection provided herein are based on certain assumptions and existing and anticipated market, travel and public health conditions, all of which may change. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221102005868/en/

Shanoop Kothari

Chief Financial Officer

LuxUrban Hotels Inc.

shanoop@corphousinggroup.com



Devin Sullivan, SVP

The Equity Group Inc.

(212) 836-9608

dsullivan@equityny.com



David Shayne, Analyst

The Equity Group Inc.

(212) 836-9628

dshayne@equityny.com

Source: CorpHousing Group Inc.

FAQ

What is the new ticker symbol for CorpHousing Group Inc.?

The new ticker symbol is LUXH, effective November 3, 2022.

How many units does LuxUrban Hotels currently operate?

LuxUrban Hotels currently operates approximately 1,200 short-term rental hotel units.

What is the focus of LuxUrban Hotels Inc.?

LuxUrban Hotels focuses on acquiring and managing short-term rental hotel properties through long-term leases.

When did CorpHousing Group Inc. change its name?

CorpHousing Group Inc. changed its name to LuxUrban Hotels Inc. on November 3, 2022.

What is the business model of LuxUrban Hotels?

LuxUrban Hotels operates an asset-light business model that utilizes long-term leases to manage short-term rental properties.