LuxUrban Hotels reports Q3 EPS 11c vs (13c) last year

Reports Q3 revenue $23.4M, consensus $31.95M. “We delivered a very strong third quarter, highlighted by significant increases in net rental revenue and EBITDA, our first-ever quarter of GAAP net income, and an expanded hotel property portfolio,” said Brian Ferdinand, Chairman and Co-Chief Executive Officer of LuxUrban Hotels. “Our collaboration with Wyndham Hotels & Resorts has placed us on an accelerated glidepath for growth by allowing us to target and acquire the operating rights to a wider variety of hotels, including larger properties, and generating efficiencies that enhance profitability. We have successfully onboarded the 17 initial properties under the Wyndham agreement and are in the process of integrating additional hotels to the Wyndham brand family and operating platform. We ended the quarter with 1,466 units available for rent. As of November 8, 2023, we had 1,599 units available for rent and 2,032 units under long-term Master Lease Agreements but not yet available for rent. Many of the new rooms being added to our portfolio are part of the 1,600 units associated with the previously announced addition of seven new 3-star and 4-star properties. Most of these new rooms are expected to begin welcoming guests by the end of the year with the balance expected to come online by early 2024. We expect further significant increases in our room portfolio to occur throughout 2024.”