Luxurban Hotels - LUXH STOCK NEWS

LuxUrban Hotels (Nasdaq: LUXH), which secures long-term operating rights for entire hotels, announced a follow-on public offering of its common stock and pre-funded warrants. This offering is made via a shelf registration statement filed with the SEC that became effective on May 8, 2024. The sizes and terms of the offering are not yet confirmed and it is managed by Alexander Capital, L.P. Proceeds will be used for working capital and general corporate purposes. Certain key stakeholders may participate in the offering. Interested parties can access the registration documents on the SEC's website.

LuxUrban Hotels (Nasdaq: LUXH) has appointed Patrick McNamee to its Board of Directors, effective June 27, 2024. McNamee, who brings over 30 years of diverse business experience, will also serve as Chair of the Compensation Committee and a member of the Nominating and Corporate Governance Committee. He replaces Brian Ferdinand, who resigned to ensure a fully independent Board. Ferdinand played a key role in shaping LuxUrban's innovative lodging model and commended the transition for its focus on governance and executive experience. LuxUrban continues to build its portfolio by securing long-term operating rights for entire hotels, capitalizing on commercial real estate market dislocations.

LuxUrban Hotels, a hospitality company leasing and managing hotels, has issued a shareholder letter from new CEO Robert Arigo. With over 100 years of industry experience added at the executive and board levels, the company is focusing on stabilizing operations, optimizing its property portfolio, and implementing cost reductions expected to save $2 million annually. The majority of LuxUrban's properties are in NYC, expecting 64.5 million tourists in 2024. A new revenue optimization model has increased prices by over 20% at select locations. The company also aims to generate ancillary revenue streams and rebrand its system-wide operations.

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.