LuxUrban Hotels Announces Newest Properties to Join Trademark Collection® by Wyndham

Rhea-AI Summary

LuxUrban Hotels re-brands two properties as part of the Wyndham brand family, aiming to onboard at least 60% of its hotels to the Wyndham platform by Q3 2023. LuxUrban also receives capital from Wyndham to enhance the customer experience and drive growth.

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• LuxUrban integrates three properties to the Wyndham brand, benefiting from improved operating efficiencies and access to a large membership base. The collaboration with Wyndham elevates LuxUrban's profile among travelers.

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• None.

MIAMI--(BUSINESS WIRE)-- LuxUrban Hotels Inc. (“LuxUrban” or the “Company”) (Nasdaq: LUXH), which utilizes an asset-light business model to lease entire hotels on a long-term basis and rent out hotel rooms in these properties in key major metropolitan cities, announced today that the Herald Hotel in New York City and O Hotel in Los Angeles have been re-branded as “The Herald by LuxUrban, Trademark Collection® by Wyndham” and “O Hotel, Trademark Collection® by Wyndham,” respectively.

These hotels join The Blakely by LuxUrban, Trademark Collection® by Wyndham in New York City as the latest LuxUrban property additions to the Wyndham Hotels & Resorts (“Wyndham”) brand family.

“We are very pleased to have three properties integrate to the Wyndham brand and operating platform,” said Brian Ferdinand, Chairman and CEO of LuxUrban Hotels. “The competitive and operating advantages provided by our collaboration with Wyndham deliver best-in-class services and business support, improved operating efficiencies, and helps elevate our profile among discerning business and vacation travelers. We continue to expect that at least 60% of LuxUrban hotels will be onboarded to the Wyndham platform by the end of 2023 third quarter, with the remainder joining by the end of this year.”

The Herald by LuxUrban, Trademark Collection® by Wyndham is a 167-room “hidden gem” located in the heart of New York City. The Midtown Manhattan location, just a short walk to Times Square, offers stylish and spacious guest rooms designed with modern comfort in mind and an on-site rooftop bar with spectacular skyline views.

O Hotel is a 68-room boutique property in the heart of LA’s Financial District featuring modern rooms in a unique, historic setting. Built in 1925, the O is within walking distance to most of Downtown LA’s major attractions, including the Microsoft Theater, L.A. Live, the Convention Center, Pershing Square, Disney Concert Hall, and the Music Center.

Mr. Ferdinand noted each of these three properties is now part of Wyndham Rewards®, recently named the number one hotel rewards program by editors of U.S News & World Report. Hotels within the Wyndham portfolio benefit from access to a rapidly growing membership base of more than 100 million enrolled members, who today account for nearly one out of every two U.S. check-ins.

LuxUrban has also received capital from Wyndham via key money for each of these properties that the Company will deploy to help elevate the customer experience, enhance the asset value, and drive RevPAR as well growth and working capital back into the business.

LuxUrban Hotels Inc.

LuxUrban Hotels Inc. utilizes an asset light business model to lease entire hotels on a long-term basis and rent out hotel rooms in the properties it leases to business and vacation travelers through the company’s online portal and third-party sales and distribution channels. The company currently manages a portfolio of hotel rooms in New York, Washington D.C., Miami Beach, New Orleans and Los Angeles. As of the date of this release, the company has approximately 1,625 hotel rooms available for rent, and seeks to rapidly build its portfolio on favorable economics through the acquisition of additional accommodations that were dislocated or are underutilized as a result of the pandemic and current economic conditions. In late 2021, the company commenced the process of winding down its legacy business of leasing and re-leasing multifamily residential units, as it pivoted toward its new strategy of leasing hotels. This transition has been substantially completed.

Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). The statements contained in this release that are not purely historical are forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Generally, the words “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “might,” “plans,” “possible,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this release may include, for example, statements with respect to financial and operational guidance, the success of the Company’s collaboration with Wyndham Hotels & Resorts, scheduled property openings, expected closing of noted lease transactions, the Company’s ability to continue 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. The forward-looking statements contained in this release are based on current expectations and belief concerning future developments and their potential effect on the Company. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements are subject to a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results of performance to be materially different from those expressed or implied by these forward-looking statements, including those set forth under the caption “Risk Factors” in our public filings with the SEC, including in Item 1A of our 10-K for the year ended December 31, 2022 and in Item 1A of our Form 10-Q for the three months ended June 30, 2023. 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/20230913532180/en/

Shanoop Kothari

President & Chief Financial Officer

LuxUrban Hotels Inc.

shanoop@luxurbanhotels.com

Devin Sullivan

Managing Director

The Equity Group Inc.

dsullivan@equityny.com

Source: LuxUrban Hotels Inc.