LuxUrban Hotels reports Q3 net rental revenue $13.1M vs $31.2M last year

Gross (Loss) Profit: $(16.8) million, compared to a profit of $7.8 million in Q3 2023; Total Operating Expenses: $12.1 million, compared to $2.7 million in Q3 2023, reflecting $9.7 million reserve for litigation with landlords;Net Loss: $30.7 million, compared to a net income of $4.9 million in Q3 2023. Rob Arigo, LuxUrban Hotels (LUXH) CEO, commented: “As we close out 2024 and enter 2025, we are excited to build on our LuxUrban 2.0 initiative. This strategy not only focuses on the elimination of non-performing hotel properties but also reinforces our commitment to enhancing operational efficiency. We have strengthened our management team by bringing on talented directors and officers with deep expertise in the hospitality and financial sectors. While challenges remain as we continue to transition from, and address obligations related to, legacy operations, we believe that the transformative changes we are implementing will enhance our financial stability and set a solid foundation for future growth. We look forward to updating our shareholders as we advance on this path and capitalize on the opportunities ahead.”