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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 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
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
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.
LuxUrban Hotels Inc. (Nasdaq: LUXH) announced its upcoming property openings, The Tuscany in New York City and the Townhouse Hotel in Miami Beach, slated for the week of January 23, 2023. The company reiterated its full-year 2022 net rental revenue guidance of $42-$46 million and EBITDA guidance of $7-$9 million. LuxUrban operates a total of 15 properties in major metropolitan areas. The Tuscany features 124 rooms with luxury amenities, while the Townhouse offers 70 units in South Beach. CEO Brian Ferdinand highlighted the company's commitment to achieving long-term shareholder value and expanding its portfolio by adding 4-6 properties in Q1 2023.
LuxUrban Hotels Inc. (NASDAQ: LUXH) announced executive promotions on November 30, 2022, as part of a leadership transition.
LuxUrban Hotels Inc. (Nasdaq: LUXH) has announced the acquisition of the Townhouse Hotel in Miami via a 21-year Master Lease Agreement, with operations set to begin in December 2022. Additionally, the Company has commenced operations at the Washington Hotel in New York City, acquired through a 15-year MLA. The Washington Hotel features 217 luxury units and a rooftop terrace with city views. These strategic expansions aim to enhance LuxUrban's presence in major metropolitan areas, leveraging an asset-light business model to target the short-term rental market.
LuxUrban Hotels (LUXH) reported a record net rental revenue of $11.6 million in Q3 2022, up 74.2% from Q3 2021. Gross profit soared to $4.9 million, representing 42.2% of net rental revenue. Adjusted net income reached $0.6 million, despite a net loss of $3.2 million due to one-time expenses. Adjusted EBITDA improved significantly to $2.4 million, up 348%. The company is on track to operate approximately 1,500 short-term rental units by year-end 2022 and reiterates its 2022-2023 guidance for net revenue between $42-$46 million and $100-$110 million respectively.
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