The following is a summary of the LuxUrban Hotels Inc. (LUXH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Net rental revenue for LuxUrban Hotels rose to $29.1 million due to an increase in average units available to rent.

• The company had a gross profit loss of $4.6 million, largely due to lease surrender expenses.

• Total operating expenses were reported at $26.2 million, resulting in an operating loss of $12.2 million and a net loss of $16.8 million for the quarter.

• Adjusted EBITDA was noted at $2.5 million, while cash and cash equivalents rose to $1.0 million.

• The company's total debt stands at approximately $6.8 million.

Business Progress:

• LuxUrban announced their plans to operate independently by ending their franchise agreement with Wyndham by May 2024.

• Efforts are being made to increase RevPAR potential, revamp their approach to revenue management, and enhance operation efficiencies.

• LuxUrban plans to develop its own unique brand style, and focus on offering both a master lease agreement option and a next-gen third-party management solution.

• While planning for future growth, the company is considering strategies like forming strategic partnerships within New York and using sources of financing like surety bonds.

• LuxUrban's business expansion will be cautious, with a focus on a better understanding of the market and cautious investment in technology to enhance the guest experience.

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