Core Insights - LuxUrban Hotels Inc. reported a significant decline in net rental revenue for Q2 2024, totaling $18.2 million, down from $31.9 million in Q2 2023 [2] - The company experienced a gross loss of $22.2 million in Q2 2024, compared to a profit of $10.2 million in the same quarter of the previous year, primarily due to increased rent expenses and operational costs [2] - The net loss remained consistent at $(26.8) million for both Q2 2024 and Q2 2023, indicating ongoing financial challenges [2] Financial Overview - Net Rental Revenue: $18.2 million in Q2 2024 vs. $31.9 million in Q2 2023 [2] - Gross (Loss) Profit: $(22.2) million in Q2 2024 vs. $10.2 million profit in Q2 2023 [2] - Total Operating Expenses: $4.2 million in Q2 2024 vs. $5.4 million in Q2 2023 [2] - Net Loss: $(26.8) million in Q2 2024 vs. $(26.8) million in Q2 2023 [2] Operational Highlights - The company has streamlined its hotel portfolio, now managing 9 hotels with a total of 1,056 rooms [2][5] - Key initiatives include revenue optimization, expense reduction, re-branding, and a focus on long-term Master Lease Agreements [4] Strategic Initiatives - LuxUrban 2.0 initiative launched to enhance management and operations, focusing on eliminating non-performing properties and reducing overhead costs [3] - The company has strengthened its management team by recruiting experienced professionals from the hospitality and financial sectors [7] Cost Management - Actions taken in Q2 2024 to reduce operational expenses included renegotiating lease agreements and surrendering non-core properties, leading to non-cash charges [6] Future Outlook - The company aims to optimize revenue management, improve cash flow, and enhance its balance sheet in the second half of 2024, anticipating growth as it enters peak travel seasons [8]

LuxUrban Hotels to Host Webcast to Review the Financial Results for the Second Quarter of 2024 Conference Call and Webcast to be held on September 25, 2024 at 5:00 PM ET MIAMI, Florida, September 25, 2024 – PRISM MediaWire – LuxUrban Hotels Inc. ("LuxUrban" or the "Company") (Nasdaq: LUXH), 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, will host ...

MIAMI, Aug. 13, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. ("LuxUrban" or the "Company") (Nasdaq: LUXH), 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 that it has closed the first tranche of a private offering (the "Notes Offering") to sell up to $10 million aggregate principal amount of new senior secured convertible notes due ...

MIAMI, July 29, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. ("LuxUrban" or the "Company") (Nasdaq: LUXH), 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 that it has reached an agreement in principle with certain accredited investors to sell up to $5.0 million aggregate principal amount of new senior notes due 2027 (the "Notes") i ...

MIAMI, July 29, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. ("LuxUrban" or the "Company") (Nasdaq: LUXH), 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 that it has reached an agreement in principle with certain accredited investors to sell up to $5.0 million aggregate principal amount of new senior notes due 2027 (the "Notes") i ...

MIAMI, July 24, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. ("LuxUrban" or the "Company") (NASDAQ:LUXH), 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 provided the following update. Rob Arigo, CEO of LuxUrban, stated, "The new revenue management team is just scratching the surface of the potential growth for our hotels." (1) – RevPAR – Re ...

Alexander Capital, L.P. acted as sole book-running manager for the offering. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction. LuxUrban Hotels Inc. secures long-term operating rights for entire ho ...

Core Viewpoint - LuxUrban Hotels Inc. has successfully completed a public offering, raising a total of $5,865,000 through the sale of 34,500,000 shares, including an overallotment of 4,500,000 shares at a price of $0.17 per share [2][3]. Company Overview - LuxUrban Hotels Inc. operates by securing long-term operating rights for entire hotels through Master Lease Agreements (MLA), allowing the company to manage hotels and rent out rooms on a short-term basis to business and vacation travelers [10]. - The company is strategically building a portfolio of hotel properties in destination cities, capitalizing on dislocations in commercial real estate markets and the impending debt maturity obligations of those assets [10]. Use of Proceeds - The proceeds from the public offering will be utilized for working capital and other general corporate purposes [4]. Offering Details - The offering was managed by Alexander Capital, L.P., which acted as the sole book-running manager [8]. - All shares were offered under a shelf registration statement filed with the SEC, which was declared effective on May 8, 2024 [9].

Core Insights - LuxUrban Hotels Inc. has initiated a transformative project named Lux 2.0 aimed at evolving its lodging and hospitality model into a sustainable and profitable platform business [1] - The company has made significant progress under new management, focusing on increasing room rates to align with market prices and building a pipeline for future portfolio growth [2] - LuxUrban's strategy includes securing long-term operating rights through Master Lease Agreements (MLA), providing stability for hotel owners in the current economic environment [5][11] Financial Performance and Strategy - The introduction of revenue optimization initiatives has led to measurable increases in Average Daily Rates (ADRs) across properties [6] - By shifting to market-based pricing strategies, LuxUrban aims to close the ADR gap with competitors, presenting a significant opportunity for revenue growth in 2025 [9] - The company has redefined its business model to eliminate high third-party management fees and franchise costs, offering a more attractive alternative for hotel owners [10] Market Positioning - LuxUrban is strategically building a portfolio of hotel properties in destination cities, capitalizing on dislocations in commercial real estate markets and upcoming debt maturities [11] - The company's MLA allows hotel owners to retain equity value while LuxUrban manages the cash flows from the operating business [11]

The Company intends to use the proceeds from the offering for working capital and other general corporate purposes. A preliminary prospectus supplement and a final prospectus supplement have been filed with the SEC. Copies of the preliminary prospective supplement and final prospectus may be obtained Alexander Capital, L.P., 10 Drs James Parker Boulevard #202, Red Bank, New Jersey 07701 Attention: Equity Capital Markets, Phone: (212) 687-5650, Email: info@alexandercapitallp.com or by accessing the SEC's web ...