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    LuxUrban Hotels Inc. Announces 2023 Financial Results

    4/15/24 7:01:00 AM ET
    $LUXH
    Real Estate
    Finance
    Get the next $LUXH alert in real time by email

    Net Rental Revenue rose 159% to $113.4 million

    Net loss of $78.5 million included $61.1 million in non-cash charges and $24.6 million in non-recurring cash costs

    EBITDA rose 78% to $25.3 million; Adjusted EBITDA increased 109% to $29.8 million

    LuxUrban Hotels Inc. (or the "Company") (NASDAQ:LUXH, LUXHP))), a hospitality company which leases entire existing hotels on a long-term basis and rents rooms in its hotels to business and vacation travelers, including through its partnership with Wyndham Hotels & Resorts ("Wyndham"), today announced financial results for full year ("FY 2023") ended December 31, 2023, including EBITDA and adjusted EBITDA, which are non-GAAP measures and are accompanied by reconciliation tables in this release. The Company also announced that it filed its Form 10-K with the Securities and Exchange Commission on April 15, 2024.

    "Following 2023's significant growth, 2024 will be a period of measured expansion with a focus on acquiring the long-term operating rights to higher end (3.5 star to 4.5 star) hotel properties, a commitment to improving our working capital, receivables, and cash flow profile, capturing the benefits of scale from our portfolio, enhancing the guest experience, and continuing to fortify our executive team and board," said Brian Ferdinand, Chairman. "We believe that we are playing a critical role in the current CRE ecosystem by allowing hotel owners and landlords to utilize our Triple Net Lease option to realize a fixed, stable, and financeable cash flow while maintaining the equity value of their properties. We have a robust pipeline of hotel operating rights acquisition opportunities in our core markets to pursue as our capital resources allow, the support of Wyndham, and a refreshed executive team and board that will help us to fully capture the opportunities ahead of us."

    "Our results for 2023 reflect the actions necessary to address various legacy issues, decrease financial and operating risk, and mitigate the effects of future headwinds," said Shanoop Kothari, Co-CEO and Chief Financial Officer. "The majority of the cash and non-cash costs and expenses we recorded in 2023 to address these matters are not expected to recur, nor should they mask the underlying strength of our business and promising outlook. We believe that we have properly aligned our operations to the market, stripped away operational drags to our financial performance, fortified our fiscal foundation, and put ourselves on the path to generate improving results in 2024 and make ourselves more attractive to potential sources of capital."

    Select Full Year 2023 Financial Results

    All comparisons are to the full year ended December 31, 2022 ("FY 2022") as audited, unless otherwise stated.

    Results for 2023 reflected a one-time negative impact from the onboarding of the Company's initial hotels to the Wyndham platform ("Wyndham transition") in Q3 and Q4 2023, during which time these hotel rooms were not available for rent. This was a one-time occurrence and not expected to be repeated in 2024.

    • Net rental revenue rose 159% to $113.4 million from $43.8 million, driven by an increase in average units available to rent to 1,249 from 487, as well as an improvement in Total RevPAR1 (TRevPAR).
    • TRevPAR improved to $249 from $247.
    • Property-level breakeven for TRevPAR across the Company's portfolio at December 31, 2023 was an estimated $160 - $180 a night.
    • Gross profit was $8.9 million, or 7.9% of net rental revenue, compared to $12.4 million, or 28.2% of net rental revenue, reflecting an increase in the average units available to rent and better TRevPAR per unit, offset by $3.0 million of costs related to the previously announced surrender of four under-performing hotels (see "Property Summary" section in this release).
    • Total operating expenses rose to $39.5 million from $15.8 million, and included the following:
      • General and administrative expense of $15.6 million as compared to $6.8 million, reflecting higher payroll, supplies, legal and accounting, and software costs.
      • Non-cash expenses of $11.6 million related to common stock issuance, stock compensation, and stock options as compared to $2.5 million of such expenses in 2022. For 2024, we expect a significant reduction in these non-cash expenses.
      • Non-recurring cash costs of $12.2 million associated with the Company's exit from its legacy apartment rental business and restructuring associated with the elimination of underperforming hotel properties in its portfolio, compared to $4.1 million. These cash costs are not expected to recur in 2024.
    • Net loss was $78.5 million compared to a net loss of $9.4 million. Net loss for FY 2023 included the above-referenced items, plus:
      • $41.2 million of non-cash financing costs compared to $2.0 million. Non-cash financing costs in FY 2023 included:
        • $28.2 million in non-recurring, non-cash costs related to the May 2023 Revenue Share Exchange Agreement between the Company and its pre-IPO investors that eliminated an estimated $87.5 million in future Revenue Share payments in exchange for a one-time issuance of 6,740,000 shares of the Company's common stock subject to an extended lock up agreement. These non-cash costs are not expected to recur in 2024.
        • $12.5 million in non-cash costs primarily related to warrant-related expenses. The Company expects some warrant expense in Q1 2024, thereafter the Company does not expect any such expenses.
    • EBITDA increased to $25.3 million from $14.3 million. Pro-forma the impact for the Wyndham transition, Adjusted EBITDA increased to $29.8 million from $14.3 million.
    • Cash and cash equivalents were approximately $0.8 million compared to $1.1 million. The Company expects that cash on hand, cash flow from operations and cash available from potential capital market transactions as a public company will be sufficient to fund our operations during the next 12 months.
    • Total debt declined to approximately $4.3 million from total debt of $14.0 million.

    Select Q4 2023 Financial Results

    All comparisons are to the fourth quarter ended December 31, 2022 ("Q4 2022") unless otherwise stated.

    • Net rental revenue was $27.5 million as compared to $12.9 million.

    Surety Agreement

    As previously disclosed, the Company entered into a master collateral trust agreement that provides up to an aggregate of $10 million in surety bonds that can be used to fund deposit requirements under long-term hotel leases. The provider of the bond is currently rated A+ by A.M. Best (Superior).

    Property Summary

    As previously disclosed, the Company surrendered four properties representing less than 200 keys in total that had created a consistent drag on its operating results and decided to not move forward on a previously agreed to Master Lease Agreement due to repairs not being completed by the landlord. Given the pro forma effect of these actions, as of December 31, 2023 the Company leased 14 properties with 1,406 units available for rent with an average weighted lease term of 14.2 years and 19.0 years, including extension options.

    2024 Outlook and Guidance

    For the first quarter ended March 31, 2024:

    • net rental revenue is expected to be in the range of $27 - $30 million, up from net rental revenue of $22.8 million in last year's first quarter.

    For full year 2024, the Company reiterated its commitment to the following priorities:

    • increase its portfolio of hotels under long term Master Lease Agreement with a focus on higher-quality 3.5 star to 4.5-star properties
    • generate increased TRevPAR compared to 2023, driven by portfolio expansion, the addition of 3.5 star to 4.5-star properties to the portfolio, and an increase in ancillary revenues
    • generate increased EBITDA compared to 2023
    • improve its working capital profile, receivables, and cash flow profile by adopting a slower pace of acquisitions, increasing Total RevPAR, focusing on higher end properties, and realizing the benefits of the above referenced surrender of certain underperforming leases

    The Company expects to increase net rental revenue in 2024 and will provide more specific guidance over the coming quarters.

    Investor Call

    The Company will host a conference call on Tuesday, April 16, 2024 at 9:00 am Eastern Time to discuss the results.

    Investors interested in participating in the live call can dial:

    • (800) 715-9871 - U.S.
    • (646) 307-1963 - International
    • Conference ID 3555388

    A simultaneous webcast of the call may be accessed online from the Events & Presentations section of the Investor Relations page of the Company's website at www.luxurbanhotels.com. You may pre-register for the webcast using this link: https://events.q4inc.com/attendee/690991736

    LuxUrban Hotels Inc.

    LuxUrban Hotels Inc. secures long-term operating rights for entire hotels through Master Lease Agreements (MLA) and rents out, on a short-term basis, hotel rooms to business and vacation travelers. The Company is strategically building a portfolio of hotel properties in destination cities by capitalizing on the dislocation in commercial real estate markets and the large amount of debt maturity obligations on those assets coming due with a lack of available options for owners of those assets. LuxUrban's MLA allows owners to hold onto their assets and retain their equity value while LuxUrban operates and owns the cash flows of the operating business for the life of the MLA. Through its partnership with Wyndham Hotels & Resorts, the largest hotel company in the world by rooms, LuxUrban gains several competitive advantages including joint branding for marketing, sales, and distribution, capital allocation from Wyndham for each hotel it acquires, and ongoing customer support and training across its portfolio.

    Non-GAAP Information

    The Company defines EBITDA as net income (loss) before income taxes and other taxes, interest and financing costs, non-cash compensation expense, non-cash expenses associated with common stock issuance and stock options, non-cash rent expense amortization, depreciation, amortization, allowances, and CECL, non-cash financing costs, costs associated with its exit from SoBeNY and deposit surrender, incremental processing and channel financing fees, non-cash write offs associated with its exit from the apartment rental business, and bad debt expense. Adjusted EBITDA is defined as EBITDA less the estimated impact of the Wyndham transition.

    The Company seeks to achieve profitable, long-term growth by monitoring and analyzing key operating metrics, including EBITDA and Adjusted EBITDA. The Company's management uses these non-GAAP financial metrics and related computations to evaluate and manage the business and to plan and make near and long-term operating and strategic decisions. The management team believes these non-GAAP financial metrics are useful to investors to provide supplemental information in addition to the GAAP financial results. Management reviews the use of its primary key operating metrics from time-to-time.

    EBITDA and Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to similarly titled measures of performance of other companies in other industries or within the same industry. The Company's management team believes it is useful to provide investors with the same financial information that it uses internally to make comparisons of historical operating results, identify trends in underlying operating results, and evaluate its business.

    Attached to this release is a reconciliation of the non-GAAP measures of EBITDA and Adjusted EBITDA, which management believes are the nearest correlated GAAP measures.

    Forward Looking Statements

    This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). The statements contained in this release that are not purely historical are forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Generally, the words "anticipates," "believes," "continues," "could," "estimates," "expects," "intends," "may," "might," "plans," "possible," "potential," "predicts," "projects," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this release may include, for example, statements with respect to the success of the Company's collaboration with Wyndham Hotels & Resorts, scheduled property openings, expected closing of noted lease transactions, the Company's ability to continue closing on additional leases for properties in the Company's pipeline, as well the Company's anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. The forward-looking statements contained in this release are based on current expectations and belief concerning future developments and their potential effect on the Company. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements are subject to a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results of performance to be materially different from those expressed or implied by these forward-looking statements, including those set forth under the caption "Risk Factors" in our public filings with the SEC, including in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on April 15, 2024, and any updates to those factors as set forth in subsequent Quarterly Reports on Form 10-Q or other public filings with the SEC. 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.

    Condensed Consolidated Balance Sheets

     

     

     

     

     

     

     

     

     

    December 31,

     

    December 31,

     

     

     

    2023

     

    2022

     

    ASSETS

     

     

     

     

     

     

     

    Current Assets

     

     

     

     

     

     

     

    Cash and Cash Equivalents

     

    $

    752,848

     

    $

    1,076,402

     

    Treasury Bills

     

     

    -

     

     

    2,661,382

     

    Accounts Receivable, Net

     

     

    329,887

     

     

    -

     

    Channel Retained Funds, Net

     

     

    1,500,000

     

     

    1,500,000

     

    Processor Retained Funds, Net

     

     

    2,633,926

     

     

    5,234,220

     

    Receivables from On-Line Travel Agencies, Net

     

     

    6,936,254

     

     

    -

     

    Receivables from City of New York and Landlords, Net

     

     

    4,585,370

     

     

    -

     

    Prepaid Expenses and Other Current Assets

     

     

    1,959,022

     

     

    963,300

     

    Prepaid Guarantee Trust - Related Party

     

     

    1,023,750

     

     

    -

     

    Security Deposits - Current

     

     

    -

     

     

    112,290

     

    Total Current Assets

     

     

    19,721,057

     

     

    11,547,594

     

    Other Assets

     

     

     

     

     

     

     

    Furniture, Equipment and Leasehold Improvements, Net

     

     

    691,235

     

     

    197,129

     

    Restricted Cash

     

     

    -

     

     

    1,100,000

     

    Security Deposits - Noncurrent

     

     

    20,307,413

     

     

    11,233,385

     

    Other Noncurrent Assets

     

     

    960,729

     

     

    559,838

     

    Operating Lease Right-Of-Use Assets, Net

     

     

    241,613,588

     

     

    83,325,075

     

    Total Other Assets

     

     

    263,572,965

     

     

    96,415,427

     

    Total Assets

     

    $

    283,294,022

     

    $

    107,963,021

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

     

    Current Liabilities

     

     

     

     

     

     

     

    Accounts Payable and Accrued Expenses

     

    $

    23,182,305

     

    $

    6,252,491

     

    Bookings Received in Advance

     

     

    4,404,216

     

     

    2,566,504

     

    Short Term Business Financing, Net

     

     

    1,115,120

     

     

    2,003,015

     

    Loans Payable - Current

     

     

    1,654,589

     

     

    10,324,519

     

    Initial Direct Costs Leases - Current

     

     

    486,390

     

     

     

     

    Operating Lease Liabilities - Current

     

     

    1,982,281

     

     

    4,293,085

     

    Development Incentive Advances - Current

     

     

    300,840

     

     

    -

     

    Total Current Liabilities

     

     

    33,125,741

     

     

    25,439,614

     

    Long-Term Liabilities

     

     

     

     

     

     

     

    Loans Payable

     

     

    1,459,172

     

     

    1,689,193

     

    Development Incentive Advances – Noncurrent

     

     

    5,667,857

     

     

    -

     

    Security Deposit Letter of Credit

     

     

    -

     

     

    2,500,000

     

    Initial Direct Costs Leases - Noncurrent

     

     

    4,050,000

     

     

     

     

    Operating Lease Liabilities - Noncurrent

     

     

    242,488,610

     

     

    81,626,338

     

    Total Long-Term Liabilities

     

     

    253,665,639

     

     

    85,815,531

     

    Total Liabilities

     

     

    286,791,380

     

     

    111,255,145

     

    Mezzanine Equity

     

     

     

     

     

     

     

    13% Redeemable Preferred Stock; Liquidation Preference $25 per Share; 10,000,000 Shares Authorized; 294,144 and 0 shares issued and outstanding at December 31, 2023 and 2022

     

     

    5,775,596

     

     

    -

     

    Commitments and Contingencies

     

     

     

     

     

     

     

    Stockholders' Deficit

     

     

     

     

     

     

     

    Common Stock (90,000,000 shares authorized, issued, outstanding - 39,462,440, and

    27,691,918, respectively)

     

     

    394

     

     

    276

     

    Additional Paid In Capital

     

     

    90,437,155

     

     

    17,726,592

     

    Accumulated Deficit

     

     

    (99,710,503

    )

     

    (21,018,992

    )

    Total Stockholders' Deficit

     

     

    (9,272,954

    )

     

    (3,292,124

    )

    Total Liabilities and Stockholders' Deficit

     

    $

    283,294,022

     

    $

    107,963,021

     

    Condensed Consolidated Statement of Operations

     

     

     

     

     

     

     

     

     

     

     

    For The

    Year Ended

    December 31,

     

     

     

    2023

     

     

    2022

     

    Net Rental Revenue

     

    $

    113,397,012

     

     

    $

    43,825,424

     

    Rent Expense

     

     

    26,779,821

     

     

     

    10,340,188

     

    Non-Cash Rent Expense Amortization

     

     

    8,169,833

     

     

     

    1,894,731

     

    Surrender of Deposits

     

     

    2,961,058

     

     

     

    -

     

    Other Property Level Expenses

     

     

    66,553,940

     

     

     

    19,215,156

     

    Total Cost of Revenue

     

     

    104,464,652

     

     

     

    31,450,075

     

    Gross Profit

     

     

    8,932,360

     

     

     

    12,375,349

     

     

     

     

     

     

     

     

     

     

    General and Administrative Expenses

     

     

    15,587,297

     

     

     

    6,794,111

     

    Non-Cash Issuance of Common Stock for Operating Expenses

     

     

    1,664,601

     

     

     

    -

     

    Non-Cash Stock Compensation Expense

     

     

    9,310,843

     

     

     

    2,547,536

     

    Non-Cash Stock Option Expense

     

     

    674,818

     

     

     

    -

     

    Costs Associated with Apartment Rental and Hotel Exits

     

     

    12,237,728

     

     

     

    4,103,898

     

    Non-Cash Write-Off of Net Right-of-Use Assets Associated with Apartment Rental Exit

     

     

    -

     

     

     

    2,385,995

     

    Total Operating Expenses

     

     

    39,474,927

     

     

     

    15,831,540

     

    Loss from Operations

     

     

    (30,542,567

    )

     

     

    (3,456,191

    )

    Other Income (Expense)

     

     

     

     

     

     

     

     

    Other Income

     

     

    1,236,690

     

     

     

    1,584,105

     

    Cash Interest and Financing Costs

     

     

    (7,983,134

    )

     

     

    (5,483,891

    )

    Non-Cash Financing Costs

     

     

    (41,234,366

    )

     

     

    (2,034,376

    )

    Total Other Expense

     

     

    (47,980,810

    )

     

     

    (5,934,162

    )

    Loss Before Provision for Income Taxes

     

     

    (78,523,377

    )

     

     

    (9,390,353

    )

    Provision for Income Taxes

     

     

    -

     

     

     

    -

     

    Net Loss

     

    $

    (78,523,377

    )

     

    $

    (9,390,353

    )

    Preferred Stock Dividend

     

     

    (168,134

    )

     

     

    -

     

    Net Loss Attributable to Common Stockholders

     

    $

    (78,691,511

    )

     

    $

    (9,390,353

    )

    Basic Loss Per Common Share

     

    $

    (2.05

    )

     

    $

    (0.40

    )

    Diluted Loss Per Common Share

     

    $

    (2.05

    )

     

    $

    (0.40

    )

    Basic Weighted Average Number of Common Shares Outstanding

     

     

    38,433,422

     

     

     

    23,432,870

     

    Diluted Weighted Average Number of Common Shares Outstanding

     

     

    38,433,422

     

     

     

    23,432,870

     

    Non-GAAP Financial Measures

    To supplement the condensed consolidated financial statements, which are prepared in accordance with GAAP, we use EBITDA and Adjusted EBITDA as non-GAAP financial measures. We define EBITDA and Adjusted EBITDA above in the paragraph entitled "Non-GAAP Information."

    The following table provides reconciliation of our net income (loss) to EBITDA and Adjusted EBITDA.

    For The Year Ended

    ($ in millions)

    December 31,

     

    2023

     

    2022

     

    Net Income (Loss)

    $

    (78,523,377)

    $

    (9,390,353)

     

     

     

     

    Provision for Income Taxes and Other Taxes

     

    8,207,385

     

    591,968

    Interest and Financing Costs

     

    7,983,134

     

    5,483,891

    Non-Cash Compensation Expense

     

    9,310,483

     

    2,547,536

    Non-Cash Issuance of Common Stock for Operating Expenses

     

    1,664,601

     

    -

    Non-Cash Stock Option Expense

     

    674,818

     

    -

    Non-Cash Rent Expense Amortization

     

    8,169,833

     

    1,894,731

    Depreciation, Amortization Expense, Allowances, & CECL

     

    2,012,154

     

    2,071,054

    Non-Cash Financing Costs

     

    41,234,366

     

    2,034,376

    Exit Apartment Rental and Restructuring Costs / Deposit Surrender

     

    15,198,786

     

    4,103,898

    Incremental Processing and Channel Financing Fees for Credit Risk

     

    5,555,896

     

    2,527,543

    Legacy Union Costs

     

    -

     

    -

    Non-Cash Write-Off of Net Right-of-Use Assets Associated with Apartment Rental Exit

     

    -

     

    2,385,995

    Bad Debt Expense

     

    3,830,073

     

    -

    EBITDA

    $

    25,318,152

    $

    14,250,639

    Estimated Net Wyndham Transition Impact

     

    4,475,000

     

    -

    Adjusted EBITDA

    $

    29,793,152

    $

    14,250,639

    1The Company defines Total RevPAR (or TRevPAR) as total revenue received by the Company inclusive of room rental rates, ancillary fees (which include but are not limited to resort fees, late/early check-in, baggage fees, parking fees paid to us, and upgrade fees), cancellation fees, taxes (including other pass-through expenses) and other miscellaneous income received by the Company, divided by the average available rooms for rent during a given period.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240414026581/en/

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      Northland Capital downgraded LuxUrban Hotels from Outperform to Market Perform

      5/6/24 9:01:34 AM ET
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    • LuxUrban Hotels Inc. filed SEC Form 8-K: Changes in Registrant's Certifying Accountant, Financial Statements and Exhibits

      8-K - LUXURBAN HOTELS INC. (0001893311) (Filer)

      5/30/25 4:50:57 PM ET
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    • SEC Form NT 10-Q filed by LuxUrban Hotels Inc.

      NT 10-Q - LUXURBAN HOTELS INC. (0001893311) (Filer)

      5/15/25 4:30:16 PM ET
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    • LuxUrban Hotels Inc. filed SEC Form 8-K: Leadership Update

      8-K - LUXURBAN HOTELS INC. (0001893311) (Filer)

      5/5/25 4:30:13 PM ET
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    • LuxUrban Hotels Inc. Announces Timing of Regular Monthly Dividend for January 2025 for Series A Cumulative Redeemable Preferred Stock

      MIAMI, Feb. 07, 2025 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. (OTC:LUXH, LUXHP)), which secures long-term operating rights for entire hotels through Master Lease Agreements (MLA) under which it manages the hotel and rents out, on a short-term basis, rooms to business and vacation travelers, today announced the timing for the payment of its declared regular monthly dividend of $0.2708333 per share of its 13.00% Series A Cumulative Redeemable Preferred Stock for January 2025. The dividend will be payable on February 28, 2025, to holders of record as of February 15, 2025. The dividend will be paid in cash. ABOUT LUXURBAN HOTELS INC. LuxUrban Hotels Inc. secures long-term operating rights fo

      2/7/25 9:33:40 AM ET
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    • LuxUrban Hotels Strategically Transitions to OTC Market to Accelerate Growth and Profitability

      Significant Cost Savings Drive Strategic Investments: Transition to OTC reduces compliance costs, freeing capital to expand hotel asset ownership and fuel growth.Sharpened Focus on Core Business Execution: Streamlined operations enable LuxUrban to optimize properties and enhance guest experiences.Asset Acquisition Strategy to Boost Profitability: Targeted hotel acquisitions aim to strengthen market presence and improve profit margins.Achieves Positive Operational Cash Flow: December 2024 marks a milestone as LuxUrban reaches cash flow positivity, advancing its path to full profitability in 2025.Positioned for Future Uplisting: Strategic realignment sets the foundation for operational efficie

      1/16/25 2:06:43 PM ET
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      Real Estate
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    • LuxUrban Issues Corporate update and 2025 Revenue Guidance of $62–$67 million

      •  Streamlined Operations and NYC Focus Set the Stage for 2025 Growth •  RevPAR Gains and Optimized Portfolio Highlight Operational Momentum MIAMI, Jan. 15, 2025 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. (NASDAQ:LUXH), a hospitality company that leases entire hotels on a long-term basis, manages these hotels, and rents out rooms to guests in the properties it leases, today provided a comprehensive corporate update, highlighting recent business achievements and sharing its 2025 revenue guidance and strategic milestones. It has been a transformative year for LuxUrban Hotels, Inc., marked by substantial progress in improving the business, streamlining operations, and building a strong founda

      1/15/25 8:02:19 AM ET
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    • SEC Form SC 13G filed by LuxUrban Hotels Inc.

      SC 13G - LUXURBAN HOTELS INC. (0001893311) (Subject)

      11/18/24 10:42:45 AM ET
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    • Amendment: SEC Form SC 13D/A filed by LuxUrban Hotels Inc.

      SC 13D/A - LUXURBAN HOTELS INC. (0001893311) (Subject)

      7/25/24 7:42:33 PM ET
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    • Amendment: SEC Form SC 13D/A filed by LuxUrban Hotels Inc.

      SC 13D/A - LUXURBAN HOTELS INC. (0001893311) (Subject)

      6/28/24 4:30:30 PM ET
      $LUXH
      Real Estate
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    • LuxUrban Hotels Inc. Announces Timing of Regular Monthly Dividend for January 2025 for Series A Cumulative Redeemable Preferred Stock

      MIAMI, Feb. 07, 2025 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. (OTC:LUXH, LUXHP)), which secures long-term operating rights for entire hotels through Master Lease Agreements (MLA) under which it manages the hotel and rents out, on a short-term basis, rooms to business and vacation travelers, today announced the timing for the payment of its declared regular monthly dividend of $0.2708333 per share of its 13.00% Series A Cumulative Redeemable Preferred Stock for January 2025. The dividend will be payable on February 28, 2025, to holders of record as of February 15, 2025. The dividend will be paid in cash. ABOUT LUXURBAN HOTELS INC. LuxUrban Hotels Inc. secures long-term operating rights fo

      2/7/25 9:33:40 AM ET
      $LUXH
      Real Estate
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    • LuxUrban Hotels Inc. Reports Third Quarter 2024 Financial Results

      MIAMI, Nov. 20, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. (NASDAQ:LUXH), a hospitality company that leases entire hotels on a long-term basis, manages these hotels, and rents out rooms to guests in the properties it leases, today announced its financial results for the third quarter ended September 30, 2024 ("Q3 2024"). The Company filed its quarterly report on Form 10-Q for Q3 2024 with the U.S. Securities and Exchange Commission on November 19, 2024. Q3 2024 Financial Overview: Net Rental Revenue: $13.1 million, compared to $31.2 million in Q3 2023.Gross (Loss) Profit: $(16.8) million, compared to a profit of $7.8 million in Q3 2023, impacted by [brief explanation of fa

      11/20/24 7:00:00 AM ET
      $LUXH
      Real Estate
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    • LuxUrban Hotels Inc. Reports Second Quarter 2024 Financial Results

      MIAMI, Sept. 25, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. (NASDAQ:LUXH), a hospitality company that leases entire hotels on a long-term basis, manages these hotels, and rents out rooms to guests in the properties it leases, today announced its financial results for the second quarter ended June 30, 2024 ("Q2 2024"). The Company has also submitted its quarterly report on Form 10-Q to the U.S. Securities and Exchange Commission. Q2 2024 Financial Overview: Net Rental Revenue: $18.2 million, compared to $31.9 million in Q2 2023.Gross (Loss) Profit: $(22.2) million, compared to a profit of $10.2 million in Q2 2023, impacted by increased rent expenses, surrender of deposits from exiting

      9/25/24 4:45:25 PM ET
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    • Director Schaefer Kimberly bought $20,000 worth of shares (117,647 units at $0.17), increasing direct ownership by 97% to 238,345 units (SEC Form 4)

      4 - LUXURBAN HOTELS INC. (0001893311) (Issuer)

      7/22/24 4:05:14 PM ET
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      Real Estate
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    • Chief Executive Officer Arigo Robert bought $30,000 worth of shares (176,470 units at $0.17), increasing direct ownership by 24% to 926,470 units (SEC Form 4)

      4 - LUXURBAN HOTELS INC. (0001893311) (Issuer)

      7/22/24 4:03:30 PM ET
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    • Director Blutinger Elan bought $25,000 worth of shares (147,058 units at $0.17), increasing direct ownership by 8% to 2,054,656 units (SEC Form 4)

      4 - LUXURBAN HOTELS INC. (0001893311) (Issuer)

      7/22/24 4:02:38 PM ET
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    • LuxUrban Hotels Appoints Patrick McNamee to Board of Directors

      MIAMI, June 27, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. ("LuxUrban" or the "Company") (NASDAQ:LUXH), a hospitality company which leases entire existing hotels on a long-term basis and rents rooms in its hotels to business and vacation travelers, today announced the appointment of Patrick McNamee as an independent member of the Company's Board of Directors ("Board"), effective June 27, 2024. The Company also announced that Brian Ferdinand has resigned from the Board. Mr. McNamee is a seasoned and accomplished business leader who brings more than 30 years of experience as a public company executive, investor, and board member. He will serve as Chair of LuxUrban's Compensation Committe

      6/27/24 4:15:19 PM ET
      $LUXH
      Real Estate
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    • LuxUrban Hotels Appoints Hotel Finance Executive Alexander Lombardo to Board of Directors

      LuxUrban Hotels Inc. ("LuxUrban" or the "Company") (NASDAQ:LUXH), a hospitality company which leases entire existing hotels on a long-term basis and rents rooms in its hotels to business and vacation travelers, today announced the appointment of Alexander (Alex) Lombardo as an independent member of the Company's Board of Directors, effective June 4, 2024. Mr. Lombardo has more than 20 years of experience in the areas of corporate finance and accounting, project finance, development, construction, and management for both private and public companies. He will serve on LuxUrban's Audit and Finance, Risk and Investment Committees, as well as the Company's recently formed Special Committee to

      6/6/24 4:15:00 PM ET
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    • LuxUrban Hotels Appoints Michael James Chief Financial Officer

      LuxUrban Hotels Inc. ("LuxUrban" or the "Company") (NASDAQ:LUXH), a hospitality company which leases entire existing hotels on a long-term basis and rents rooms in its hotels to business and vacation travelers, today announced the appointment of Michael James as Chief Financial Officer, effective June 4, 2024. Mr. James succeeds Shanoop Kothari, the Company's current Chief Executive Officer and former Acting Chief Financial Officer. Mr. James brings more than four decades of experience as a financial and operating executive, board member, and investor to his new role. He has advised and led financial strategy and operations for companies across industries and at various stages of growth.

      6/6/24 8:15:00 AM ET
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