LuxUrban Hotels Inc. - LUXH STOCK NEWS

LuxUrban Hotels Inc. (Nasdaq: LUXH) announced it will report its financial results for Q1 2023 on May 9, 2023. A conference call will follow on May 10, 2023, at 10:00 am ET. The company recently filed Post-Effective Amendment No. 2 on Form S-1 with the SEC, related to previously announced agreements with pre-IPO investors. Although the company will not receive proceeds from sales of common stock, it may gain approximately $4.5 million from cash exercises of financing warrants. LuxUrban's asset-light model focuses on leasing hotels long-term and expanding its portfolio, currently hosting over 1,250 units in major cities like New York and Miami Beach. The transition to this hotel leasing strategy is largely complete, following a shift away from multifamily residential leasing.

LuxUrban Hotels Inc. (Nasdaq: LUXH) announced an agreement on April 16, 2023 regarding its senior secured convertible notes totaling approximately $5 million. The deal allows the elimination of all related debt and access to new equity capital through a mandatory conversion feature. Key terms include a two-year extension of the notes' maturity to April 15, 2025, and issuance of warrants for the purchase of 1,250,000 shares at specified prices. The potential funding from these actions could reach about $8.3 million. Brian Ferdinand, CEO, highlighted the significance of this amendment in reflecting the support from debt holders and the company’s confidence in its evolving business model.

The transaction aims to strengthen LuxUrban's financial position, focusing on debt reduction and cash flow generation.

LuxUrban Hotels Inc. (LUXH) reported significant growth in its 2022 financial results. Net rental revenue surged 105% to $43.8 million from $21.4 million in 2021, driven by an increase in units available for rent from 473 to 680. Adjusted cash net income reached $3.8 million, improving from a loss of $(2.2) million. EBITDA increased to $8.3 million, while adjusted EBITDA rose to $12.4 million. Despite a net loss of $(9.4) million, largely due to non-cash charges and one-time exit costs, the company is optimistic about continued growth, projecting net rental revenue of $115 to $120 million for 2023.

LuxUrban Hotels Inc. (Nasdaq: LUXH) announced that it will report its financial results for the fourth quarter and full year ended December 31, 2022 on March 27, 2023. Following the release, a conference call will be held on March 28, 2023, at 9:00 am ET to discuss the financial outcomes. The Company operates a portfolio of short-term rental properties in major urban areas utilizing an asset-light model, aiming to capitalize on dislocated hotels post-COVID-19. Investors can participate via phone or listen to the live webcast available on their website.

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).

LuxUrban Hotels Inc. (Nasdaq: LUXH) announced an amended Revenue Share Agreement, increasing growth capital by $5 million and boosting 2023 EBITDA projections by $5 million. The agreement converts cash payment obligations into equity, issuing 2,457,002 shares at $2.035 each to Greenle Partners LLC. The company has revised its 2023 net rental revenue guidance to $115 to $120 million, and EBITDA guidance to $21 to $25 million. The firm operates 18 hotel properties across five U.S. cities and plans to leverage the new capital for further growth.

LuxUrban Hotels Inc. (Nasdaq: LUXH) has expanded its portfolio to 17 hotels by signing multi-year Master Lease Agreements for The O Hotel in Los Angeles and 101 Bogart Street in Brooklyn. The O Hotel, a 68-room property, will open in Q1 2023, and 101 Bogart, with 65 units, will open in Q2 2023. These locations target business and vacation travelers and enhance LuxUrban's presence in major cities. The Company's asset-light model allows efficient property management and aims for favorable operating margins while capitalizing on opportunities from hotels affected by COVID-19.

LuxUrban Hotels (Nasdaq: LUXH) has announced a partnership with renowned artist Bradley Theodore as its first brand ambassador. This collaboration aims to enhance guest experiences through Theodore's distinctive artwork, which will be displayed at properties in Miami Beach, Los Angeles, and New York City starting March 2023. The initiative includes opportunities for guests to purchase art and an upcoming event at LuxUrban's Townhouse Hotel during Art Basel. The partnership marks a strategic effort by LuxUrban to blend art with hospitality, appealing to diverse clientele and capitalizing on Theodore's substantial brand recognition.