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LuxUrban Hotels Declares Dividend on 13.00% Series A Cumulative Redeemable Preferred Stock
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
LuxUrban Hotels Inc. (Nasdaq: LUXH, LUXHP) has declared a monthly cash dividend for its 13.00% Series A Cumulative Redeemable Preferred Stock. The dividend per share is $0.270833, with a record date of December 15, 2023, and a payment date of January 2, 2024. The company utilizes an asset-light business model to lease entire hotels on a long-term basis and rent out hotel rooms in key major metropolitan cities. LuxUrban currently manages a portfolio of 2,032 hotel rooms in cities like New York, Washington D.C., Miami Beach, New Orleans, and Los Angeles, and seeks to expand its portfolio through the acquisition of additional accommodations affected by the pandemic and current economic conditions.
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MIAMI--(BUSINESS WIRE)--
LuxUrban Hotels Inc. (or the “Company”) (Nasdaq: LUXH, LUXHP), which utilizes an asset-light business model to lease entire hotels on a long-term basis and rent out hotel rooms in these properties in key major metropolitan cities, today announced that its Board of Directors has declared a monthly cash dividend for the Company’s 13.00% Series A Cumulative Redeemable Preferred Stock.
Dividend per share
$0.270833
Record date
December 15, 2023
Payment date
January 2, 2024
LuxUrban Hotels Inc.
LuxUrban Hotels Inc. utilizes an asset-light business model to lease entire hotels on a long-term basis and rent out hotel rooms in the properties it leases to business and vacation travelers through the Company’s online portal and third-party sales and distribution channels. The Company currently manages a portfolio of hotel rooms in New York, Washington D.C., Miami Beach, New Orleans and Los Angeles. As of November 30, 2023, the Company had 2,032 hotel rooms under lease, including properties not yet available for rent, and seeks to rapidly build its portfolio on favorable economics through the acquisition of additional accommodations that were dislocated or are underutilized as a result of the pandemic and current economic conditions. In late 2021, the Company commenced the process of winding down its legacy business of leasing and re-leasing multifamily residential units, as it pivoted toward its new strategy of leasing hotels. This transition has been substantially completed.
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. 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.
What is the dividend per share declared by LuxUrban Hotels Inc. for its 13.00% Series A Cumulative Redeemable Preferred Stock?
The dividend per share declared by LuxUrban Hotels Inc. for its 13.00% Series A Cumulative Redeemable Preferred Stock is $0.270833.
When is the record date and payment date for the declared dividend by LuxUrban Hotels Inc.?
The record date for the declared dividend by LuxUrban Hotels Inc. is December 15, 2023, and the payment date is January 2, 2024.
How does LuxUrban Hotels Inc. operate its business model?
LuxUrban Hotels Inc. utilizes an asset-light business model to lease entire hotels on a long-term basis and rent out hotel rooms in key major metropolitan cities.
In which cities does LuxUrban Hotels Inc. currently manage a portfolio of hotel rooms?
LuxUrban Hotels Inc. currently manages a portfolio of hotel rooms in New York, Washington D.C., Miami Beach, New Orleans, and Los Angeles.
How many hotel rooms does LuxUrban Hotels Inc. have under lease as of November 30, 2023?
As of November 30, 2023, LuxUrban Hotels Inc. had 2,032 hotel rooms under lease, including properties not yet available for rent.
