The gross proceeds from the offering, before deducting the underwriters' fees and other offering expenses payable by the Company, are expected to be $5,100,000, or $5,865,000 if the over-allotment option is exercised in full. The Company intends to use the proceeds from the offering for working capital and other general corporate purposes. A preliminary prospectus supplement has been filed, and a final prospectus supplement will be filed, with the SEC and, when available, copies of the preliminary and final ...

MIAMI, July 11, 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 the pricing of its previously announced public offering of 30,000,000 shares of common stock at a price of $0.17 per share. The underwriters also were granted an over-allotment op ...

MIAMI, July 11, 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 the launch of a proposed follow-on public offering of shares of its common stock and pre-funded warrants to purchase shares of common stock. Alexander Capital, L.P. is acting as ...

All of the shares of common stock and pre-funded warrants are being offered by the Company pursuant to a shelf registration statement on Form S-3 (No. 333-278883) (the "Registration Statement") filed with the Securities and Exchange Commission ("SEC") and declared effective on May 8, 2024 and which is available through the SEC's website at www.sec.gov. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering will be completed, or as to the actu ...

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 acco ...

Core Insights - LuxUrban Hotels Inc. has appointed Patrick McNamee as an independent member of its Board of Directors, effective June 27, 2024, following the resignation of Brian Ferdinand from the Board [1][3] - McNamee brings over 30 years of experience as a public company executive and will serve as Chair of the Compensation Committee and a member of the Nominating and Corporate Governance Committee [7][8] - The Board will continue to consist of seven independent members, which Ferdinand believes will support LuxUrban's growth and development [3][10] Company Background - LuxUrban Hotels Inc. operates by securing long-term operating rights for entire hotels through Master Lease Agreements (MLA) and renting out hotel rooms on a short-term basis to business and vacation travelers [14] - The company is strategically building a portfolio of hotel properties in destination cities, capitalizing on dislocations in commercial real estate markets and upcoming debt maturity obligations [14]

MIAMI, June 18, 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 issued a Letter to Shareholders from Chief Executive Officer Robert Arigo. Dear Fellow Shareholder: When I joined LuxUrban as Chief Operating Officer earlier this year, I did so in the belief that we operate one of the most innovative business models in ...

Over the last several months we have added more than 100 years of relevant industry, operating, and public company experience at the executive and Board levels. This includes Non-Executive Chairman Elan Blutinger, and independent board members Kim Schaefer and Alex Lombardo. At the executive level, we appointed Mike James, a 40-year-old public company and investment executive, to the position of Chief Financial Officer. We have also hired professionals in areas such as revenue management and property operat ...

[Financial Highlights and Business Update](index=1&type=section&id=Financial%20Highlights%20and%20Business%20Update) LuxUrban Hotels Inc. reported increased Q1 2024 net rental revenue and adjusted EBITDA, with strategic focus on operational stability and financial health Key Financial Metrics | Metric | Q1 2024 | YoY Change | | :--- | :--- | :--- | | Net Rental Revenue | $29.1 million | +27.6% | | Adjusted EBITDA | $2.5 million | -37.5% (from $4.0M in Q1 2023) | - The company has undertaken a series of actions to stabilize operations and refine its strategy, including the significant decision to terminate its franchise partnership with Wyndham[3](index=3&type=chunk) - Key priorities for 2024 include improving working capital and cash flow, strengthening the balance sheet, and achieving organic revenue growth through revenue management and ancillary revenues[3](index=3&type=chunk) [Q1 2024 Financial Performance](index=1&type=section&id=Q1%202024%20Financial%20Performance) Q1 2024 net rental revenue increased due to more units, but a gross loss and higher net loss resulted from increased expenses and non-recurring costs - As of March 31, 2024, the company leased 13 properties with **1,341 units** available for rent, with average weighted lease terms of **15.2 years**, extending to **19.5 years** with options[5](index=5&type=chunk) - Revenue growth was driven by an increase in average units available to rent from **571 to 1,535**, but was partially offset by lower Total RevPAR (TRevPAR) due to unit mix and the exit from the Wyndham franchise partnership[6](index=6&type=chunk) - Total operating expenses rose to **$7.6 million**, largely due to **$2.7 million** in non-cash, non-recurring costs from the franchise partnership exit and **$1.6 million** in other non-cash charges like stock compensation[6](index=6&type=chunk) Q1 Financial Performance Summary | Financial Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Rental Revenue | $29.1 million | $22.8 million | | Gross Profit (Loss) | $(4.6) million | $5.4 million | | Net Loss | $(16.8) million | $(2.8) million | | Adjusted EBITDA | $2.5 million | $4.0 million | [Strategic Developments](index=2&type=section&id=Strategic%20Developments) LuxUrban terminated its Wyndham franchise agreements on May 6, 2024, a strategic move for long-term independent operation, with de-platforming expected by month-end - The company terminated its franchise agreements with Wyndham Hotels & Resorts on May 6, 2024, for all properties under the partnership[7](index=7&type=chunk) - The process of de-platforming from Wyndham's systems and bringing hotel listings back under full company control is expected to be completed by the end of May 2024 with minimal operational disruption[7](index=7&type=chunk) - The decision was made after a review by the Board and management, who concluded that returning to its origins as an independent operator would be more beneficial long-term[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) Unaudited Q1 2024 financial statements detail the company's financial position and performance, including balance sheet, statement of operations, and Adjusted EBITDA reconciliation [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, the balance sheet shows total assets, increased total liabilities, and an increased stockholders' deficit Condensed Consolidated Balance Sheet Highlights | Balance Sheet Items | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$276,691,913** | **$283,294,022** | | Total Current Assets | $20,416,565 | $19,721,057 | | **Total Liabilities** | **$289,196,162** | **$286,791,380** | | Total Current Liabilities | $51,982,785 | $33,125,741 | | **Total Stockholders' Deficit** | **$(18,279,845)** | **$(9,272,954)** | [Condensed Consolidated Statement of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) For Q1 2024, the company reported net rental revenue but incurred a gross loss and a significant net loss, resulting in a loss per share Condensed Consolidated Statement of Operations Summary | Income Statement Items | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Rental Revenue | $29,101,207 | $22,814,175 | | Gross (Loss) Profit | $(4,594,878) | $5,361,874 | | (Loss) Income from Operations | $(12,211,881) | $1,136,903 | | **Net Loss** | **$(16,785,875)** | **$(2,780,534)** | | Net Loss Attributable to Common Stockholders | $(17,024,867) | $(2,780,534) | | **Diluted Loss Per Common Share** | **$(0.35)** | **$(0.10)** | [Non-GAAP Financial Measures Reconciliation](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) The reconciliation from GAAP net loss to non-GAAP Adjusted EBITDA for Q1 2024 shows a net loss adjusted to a lower Adjusted EBITDA compared to Q1 2023 Adjusted EBITDA Reconciliation | Reconciliation to Adjusted EBITDA ($) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income (Loss) | $(16,785,875) | $(2,780,534) | | Adjustments (Taxes, Interest, Non-Cash items, etc.) | $19,328,119 | $6,820,310 | | **Adjusted EBITDA** | **$2,542,244** | **$4,039,776** | [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section provides investor conference call details, the company's business model, non-GAAP Adjusted EBITDA explanation, and forward-looking statements disclaimer - The company will host an investor conference call on Tuesday, May 14, 2024, at 9:00 am Eastern Time to discuss the results[9](index=9&type=chunk) - LuxUrban's business model involves securing long-term operating rights for entire hotels through Master Lease Agreements (MLAs) and renting rooms on a short-term basis to travelers[11](index=11&type=chunk) - The company uses Adjusted EBITDA, a non-GAAP measure, to evaluate and manage the business, defined as net income (loss) adjusted for taxes, interest, non-cash expenses, and other specific items[12](index=12&type=chunk)[13](index=13&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-41473 LUXURBAN HOTELS INC. For the quarterly period ended March 31, 2024 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading ...