MIAMI, FL – LuxUrban Hotels Inc. (NASDAQ:LUXH), a real estate company specializing in hotel operations, announced the resignation of Jeffrey Webb from its board of directors. The departure, effective December 5, 2024, was confirmed in a recent SEC filing by the company. The announcement comes as the company faces significant financial challenges, with InvestingPro data showing a market capitalization of just $1.94 million and a stock price of $0.83.
LuxUrban Hotels, formerly known as Corphousing Group Inc., underwent a name change in November 2021 and has been working to establish a stronger brand in the competitive hotel market. The company's common stock, with a par value of $0.00001 per share, and its 13.00% Series A Cumulative Redeemable Preferred Stock, are both traded on The Nasdaq Stock Market LLC.
According to InvestingPro analysis, the stock is currently showing signs of being oversold, with significant price volatility and a negative EBITDA of $111.44 million in the last twelve months. Subscribers to InvestingPro have access to over 20 additional insights about LUXH's financial health and market position.
The company's headquarters are located at 2125 Biscayne Blvd, Suite 253, Miami, Florida, and the business phone number is listed as (833) 723-7368. LuxUrban Hotels, incorporated in Delaware, operates under the IRS Employer Identification No. 82-3334945.
Financial metrics from InvestingPro indicate the company operates with a significant debt burden and weak gross profit margins, though it's currently trading at a low revenue multiple relative to peers. Investors seeking detailed financial analysis and real-time metrics can access comprehensive reports through InvestingPro's advanced analytics platform.
In other recent news, LuxUrban Hotels Inc. announced a $7 million joint venture with Lockwood Development Partners LLC and The Bright Hospitality Management, LLC, aimed at enhancing hotel operations and guest experiences. The company also reported a net loss of $26.8 million for the second quarter, with revenue falling to $18.2 million. Amid these financial challenges, Jones Trading downgraded LuxUrban's stock from Buy to Hold.
In an effort to raise capital, LuxUrban Hotels announced plans to sell up to $5 million in senior notes due 2027 and successfully closed a follow-on public stock offering, generating approximately $5.1 million. The company also partnered with London-based firm HotelRez to enhance its global distribution capabilities. LuxUrban Hotels saw the resignation of board member Patrick McNamee, who stepped down to pursue other opportunities.
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