LuxUrban Hotels Appoints Patrick McNamee to Board of Directors

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]