Luxurban Hotels - LUXH STOCK NEWS

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.

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. Shanoop Kothari, the CFO since January 2022, takes on the role of President, while Jimmie Chatmon, Executive VP since November 2017, becomes COO. These changes follow David Gurfein's transition to Senior Advisor. The company operates with an asset-light model focused on short-term rentals in urban areas, aiming for future growth by helping hotel owners impacted by COVID-19.

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.