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LuxUrban Hotels Inc. (symbol: LUXH) is a dynamic hospitality company that leverages a unique asset-light business model. The company focuses on acquiring and managing a growing portfolio of short-term rental properties through long-term leases in major metropolitan cities. Under its consumer brand, LuxUrban, the company markets hotel rooms to both business and vacation travelers.
LuxUrban's portfolio spans prominent cities including New York, Washington D.C., Miami Beach, New Orleans, and Los Angeles, offering a diverse range of accommodations to meet the needs of various travelers. By opting for long-term leases rather than outright property purchases, LuxUrban maintains operational flexibility and minimizes capital expenditure, allowing for sustainable expansion and adaptation to market changes.
Recent achievements include significant growth in their property portfolio and enhanced market presence across key urban locations. LuxUrban continues to establish strategic partnerships and alliances to bolster its service offerings and customer reach. The company is committed to delivering exceptional hospitality experiences through meticulous management and marketing of its properties.
Financially, LuxUrban has demonstrated resilience and steady growth, positioning itself as a key player in the short-term rental market. The company's innovative approach and geographic diversity provide a competitive edge in the hospitality industry. Stay updated with LuxUrban Hotels Inc. for the latest developments, performance insights, and strategic initiatives.
LuxUrban Hotels announced the appointment of Robert Arigo as its new Chief Executive Officer, effective June 10, 2024. Arigo, who joined the company in March 2024 as Chief Operating Officer, brings over 35 years of experience in the hospitality industry. He has held leadership roles at renowned hospitality brands and has a track record in operations and asset management for large-scale turnaround initiatives. Arigo succeeds Shanoop Kothari, and his previous responsibilities will be distributed within the organization. LuxUrban operates by leasing entire hotels long-term and renting rooms to travelers, positioning itself to capitalize on current market conditions and debt maturity obligations in commercial real estate.
LuxUrban Hotels, a company specializing in leasing and renting hotel rooms, has appointed Alexander Lombardo to its Board of Directors, effective June 4, 2024. Lombardo, with over 20 years of experience in corporate finance, development, and management, will serve on various committees, including Audit and Finance, Risk and Investment, and a Special Committee aimed at maximizing shareholder value. Currently, Lombardo is the Vice President of Finance at Seaboard Hospitality, overseeing financial and risk management. He has previously held significant roles, including CFO of Alpine Acquisition and Hospitality Group. LuxUrban aims to leverage Lombardo's expertise to enhance asset values and drive portfolio growth.
LuxUrban Hotels has appointed Michael James as Chief Financial Officer, effective June 4, 2024, succeeding CEO and former Acting CFO Shanoop Kothari. James, with over 40 years of experience as a financial and operating executive, joined LuxUrban in February 2024 as Senior Vice President and Controller. Chairman Elan Blutinger expressed confidence in James's ability to establish a stable and sustainable financial foundation. Prior to LuxUrban, James held senior roles in various companies, including Edible Garden AG and Guided Therapeutics. LuxUrban Hotels leases entire hotels on a long-term basis and rents rooms to business and vacation travelers, aiming to build a portfolio in destination cities.
LuxUrban Hotels (Nasdaq: LUXH) has established a Special Committee of independent directors to explore strategic initiatives aimed at maximizing shareholder value. Potential strategies include equity and debt financings, asset sales, mergers, and acquisitions. Leonard Toboroff will chair the committee. Though no specific transactions are currently in progress, the committee will centralize and formalize the exploration of strategic opportunities. The company emphasizes its innovative business model and commitment to shareholder interests.
LuxUrban Hotels closed its public offering of 35,075,000 shares of common stock, including the full exercise of the underwriters' over-allotment option, at $0.25 per share. The gross proceeds totaled approximately $8.8 million, before deducting underwriters' fees and expenses. Roth Capital Partners acted as the sole book-running manager, and Alexander Capital, L.P. was the co-manager. The proceeds will be used for working capital and general corporate purposes. The offering was conducted under a shelf registration statement declared effective on May 8, 2024, available on the SEC's website.
LuxUrban Hotels, a hospitality company listed on Nasdaq under the symbol LUXH, announced the pricing of a public offering of 30.5 million shares at $0.25 each, potentially raising $7.6 million. An additional 4.575 million shares may be sold within 45 days if the underwriters exercise their option. Roth Capital Partners and Alexander Capital are managing the offering, expected to close by May 23, 2024. Proceeds are intended for working capital and general corporate purposes. The offering is conducted under an effective shelf registration with the SEC.
LuxUrban Hotels announced the launch of a proposed follow-on public offering of its common stock. The company, trading under the symbol LUXH on Nasdaq, will issue shares under a shelf registration statement declared effective by the SEC on May 8, 2024. This offering is being managed by Roth Capital Partners, with Alexander Capital as co-manager. Proceeds will be used for working capital and general corporate purposes. Participation may include certain officers, directors, and holders of 5% or more of the company's common stock. The offering's completion and terms are subject to market conditions.
LuxUrban Hotels Inc. (Nasdaq: LUXH) reported its Q1 2024 financial results, revealing a 27.6% increase in net rental revenue to $29.1 million. However, the company posted a net loss of $16.8 million due to a $12.1 million rise in other expenses, higher operating costs, and the termination of a franchise partnership with Wyndham Hotels. Adjusted EBITDA was $2.5 million, down from $4.0 million in Q1 2023. Gross profit fell from $5.4 million to a loss of $4.6 million. The company is focused on improving working capital, cash flow, and balance sheet strength. LuxUrban will file its Form 10-Q with the SEC on May 13, 2024.
LuxUrban Hotels Inc. (Nasdaq: LUXH) will release its first quarter financial results on May 13, 2024, followed by a conference call on May 14, 2024. LuxUrban secures long-term operating rights for entire hotels through Master Lease Agreements and rents out hotel rooms to business and vacation travelers. The company aims to build a hotel property portfolio in destination cities by leveraging dislocation in commercial real estate markets.
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