LuxUrban Hotels sees FY23 adjusted EBITDA $35.0M vs. $14.3M last year

Sees FY23 net rental revenue $114M vs. $43.8M last year. “2023 was a transformative year for LuxUrban,” said Brian Ferdinand, Chairman of the Board. “We increased our portfolio of hotel properties under long-term Master Lease Agreement, increased net rental revenue and Adjusted EBITDA by 160% and 146%, respectively, and signed a groundbreaking collaboration agreement with Wyndham that provides financial, brand, and operating support to advance our growth objectives on our existing portfolio. We have an unwavering commitment to elevating LuxUrban’s industry profile and expanding the adoption of our distinct and successful operating model. In a little more than 18 months, we have grown from a newly public start up to an evolving and maturing operator of a wide range of hotel properties in destination cities. In that time, we have learned a lot and have gained a better understanding of the inherent opportunities and complexities of our industry. Although there is still much work to be done, we have responded in kind so that we may fully capitalize on these prospects while both addressing the concerns of and delivering long-term value to our shareholders. We added industry veterans Elan Blutinger and Kim Schaefer to the Board of Directors, and Robert Arigo as Chief Operating Officer. We remain focused on attracting the management, personnel, and capital necessary to execute on our vision and reach our full potential.”