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Business Summary: LuxUrban Hotels Inc. is a hospitality company which leases hotels on a long-term basis and rents rooms in its hotels to business and vacation travelers. The Company secures long-term operating rights for hotels through master lease agreements (MLA) and rents out, on a short-term basis, hotel rooms to business and vacation travelers. The Company has a portfolio of hotel rooms in New York, Miami Beach, New Orleans, and Los Angeles through long-term lease agreements and manages these hotels directly. It builds a portfolio of existing hotels that provide short-term accommodation for guests at average nightly and occupancy rates. It targets business and vacation travelers under its consumer brand LuxUrban and it markets its hotel properties primarily through its nonexclusive relationship with Wyndham Hotels & Resorts and various third-party online travel agency (OTA) channels. The Company has about 1,406 hotel rooms available for rent through its portfolio.
Financial Summary: BRIEF: For the fiscal year ended 31 December 2023, Luxurban Hotels Inc revenues increased from $43.8M to $113.4M. Net loss applicable to common stockholders increased from $9.4M to $78.7M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Higher net loss reflects Non-Cash Financing Costs increase from $2M to $41.2M (expense).