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LuxUrban Hotels Inc. Announces Preferred U.S. Hotel Partnership Agreement with NusaTrip
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
LuxUrban Hotels Inc. (Nasdaq: LUXH) announced a strategic partnership with NusaTrip, Indonesia's first IATA-certified online travel agency. This collaboration aims to enhance LuxUrban's visibility to Southeast Asian travelers visiting the United States. By Q1 2023, LuxUrban will be featured as NusaTrip's preferred hotel partner, offering reduced commissions and bundled travel packages with airlines like British Airways and Korean Air. CEO Brian Ferdinand highlighted the potential for increased demand, targeting a collective consumer base of over 660 million people in Southeast Asia. This partnership is expected to bolster LuxUrban’s revenue per available room (RevPAR).
Positive
Partnership with NusaTrip expected to increase visibility and customer base from Southeast Asia.
Reduced commissions and bundled offers could enhance profitability.
Potential for higher RevPAR due to increased international travel demand.
Negative
None.
MIAMI--(BUSINESS WIRE)--
LuxUrban Hotels Inc. (Nasdaq: LUXH) (or “the Company”), 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 signed an agreement with NusaTrip, Indonesia’s first IATA-certified online travel agency (OTA), under which LuxUrban Hotels will become the preferred hotel partner for NusaTrip users traveling to the United States from Southeast Asia. The preferred partnership, which is expected to go live by the end of the 2023 first quarter, will include preferential ad placement for LuxUrban properties, reduced commissions, and bundled hotel/air travel offers with more than a dozen airlines, including China Airlines, Korean Air, Philippines Airlines, and British Airways.
“Southeast Asia has more than 660 million people, making it the world’s third-largest collective consumer base,” said Brian Ferdinand, Chairman and CEO of LuxUrban Hotels. “With health restrictions eased and demand for travel on the rise, we believe that this partnership with NusaTrip will allow us to tap a growing demographic of international traveler with the potential to generate higher RevPAR due to increased demand. We look forward to welcoming these guests to LuxUrban’s growing portfolio of hotels located in destination cities across the United States.”
Established in 2013 as the first Indonesian OTA accredited by the International Air Transport Association (IATA), NusaTrip pioneered offering a comprehensive range of airlines and hotels to Indonesian corporate and retail customers. With its first mover advantage, NusaTrip has onboarded +1.2 million registered users, +500 airlines and +200,000 hotels around the world as well as connected with over 80 million unique visitors. NusaTrip serves both local and global customers and partners by optimizing cutting-edge technology and providing 24/7 customer-centric support team-as-a-service. For more information, please visit: https://www.nusatrip.com.
“As our business continues to evolve and mature, we see a significant opportunity to pursue additional such relationships that elevate our brand, broaden our access to international guests, and drive growth,” Mr. Ferdinand concluded.
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, LuxUrbanTM.
Forward Looking Statements
This press release contains forward-looking statements, including with respect to the anticipated success of the partnership with NusaTrip, increased travel demand to the United States, higher potential RevPAR, and the Company’s 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. 333-267821). 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 projections 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.
