LuxUrban Hotels reveals january opening for the Royalton, trademark collection by Wyndham

Published on January 13, 2024

LuxUrban Hotels Inc. (“LuxUrban” or the “Company”) (Nasdaq: LUXH), employing an asset-light business model by leasing entire hotels on a long-term basis and renting out hotel rooms in key major metropolitan cities, today disclosed the anticipated commencement of The Royalton by LuxUrban, Trademark Collection® by Wyndham, which is set to welcome guests on or before January 30, 2024.

The Company has successfully concluded its 2024 Capital Plan. Complemented by recent warrant proceeds of approximately $4 million, gross proceeds of around $7 million from the previously declared underwritten public offering of the Company’s 13.00% Series A Cumulative Redeemable Preferred Stock, and an enhanced Key Money financing program in collaboration with Wyndham Hotels & Resorts, the Company aims to expedite growth through these strategic initiatives. While the Company will consistently assess market conditions and opportunities, there are no current plans for undisclosed additional equity or debt financings.

With a robust opportunity pipeline in progress, the Company is on the verge of announcing further large-scale Master Lease Agreements (MLA) for hotel properties slated to open in the first quarter of 2024. By the end of the first quarter of 2024, the Company anticipates having approximately 3,500-4,000 hotel rooms available for rent under long-term MLA, with an expected increase to around 6,000 hotel rooms by June 30, 2024.