LuxUrban Hotels Appoints Michael James Chief Financial Officer
06 Giugno 2024 - 2:15PM
Business Wire
LuxUrban Hotels Inc. (“LuxUrban” or the “Company”)
(Nasdaq: LUXH), a hospitality company which leases entire
existing hotels on a long-term basis and rents rooms in its hotels
to business and vacation travelers, today announced the appointment
of Michael James as Chief Financial Officer, effective June 4,
2024. Mr. James succeeds Shanoop Kothari, the Company’s current
Chief Executive Officer and former Acting Chief Financial
Officer.
Mr. James brings more than four decades of experience as a
financial and operating executive, board member, and investor to
his new role. He has advised and led financial strategy and
operations for companies across industries and at various stages of
growth. Mr. James joined LuxUrban in February 2024 as Senior Vice
President and Controller.
“We are excited to welcome Mike as our new CFO and are confident
that he is the right person to advance the development of a stable
and sustainable financial foundation to support our long-term
strategies,” said Elan Blutinger, Chairman of the Board. “Mike
brings a wealth of relevant experience to his new role, and his
appointment reflects the ongoing commitment of the Board of
Directors to add executive depth and breadth across the enterprise.
We expect that Mike’s familiarity with our operations while serving
as Senior Vice President and Controller will contribute to a
seamless transition of responsibilities.”
“I am honored and excited to assume the role of CFO at this
pivotal time in LuxUrban’s history,” said Mr. James. “I look
forward to working closely with the executive team and board to
help accelerate financial and operational improvements and support
the delivery of an exceptional guest experience.”
About Michael James
Prior to joining the Company in February 2024, Mr. James was a
co-founder and director of and served as Chief Financial Officer
for Edible Garden AG, a controlled environmental agriculture
company. Since 2007 he has served as chairman, audit committee
chair, and as a member of the compensation committee for Guided
Therapeutics, Inc., a medical technology company. Mr. James has
served as Chief Financial Officer of Blum Holdings (formerly Terra
Tech), Chief Executive Officer and Chief Financial Officer of
nutritional supplements company Inergetics, Inc., and Chief
Executive Officer and board member of software developer Nestor
Inc.
Mr. James’ experience at private investment firms includes
Managing Partner of Kuekenhof Capital Management, LLC, Partner at
Moore Capital Management, Inc., and Chief Financial and
Administrative Officer at Buffalo Partners, L.P. He also served as
Treasurer and Chief Financial Officer of National Discount Brokers.
Mr. James began his career as a staff accountant with EisnerAmper,
LLP. He is a retired CPA.
LuxUrban Hotels Inc.
LuxUrban Hotels Inc. secures long-term operating rights for
entire hotels through Master Lease Agreements (MLA) and rents out,
on a short-term basis, hotel rooms to business and vacation
travelers. The Company is strategically building a portfolio of
hotel properties in destination cities by capitalizing on the
dislocation in commercial real estate markets and the large amount
of debt maturity obligations on those assets coming due with a lack
of available options for owners of those assets. LuxUrban’s MLA
allows owners to hold onto their assets and retain their equity
value while LuxUrban operates and owns the cash flows of the
operating business for the life of the MLA.
Forward Looking
Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 (set forth in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended). The statements contained in this release that are not
purely historical are forward-looking statements. Forward-looking
statements include, but are not limited to, statements regarding
expectations, hopes, beliefs, intentions or strategies regarding
the future. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. Generally, the words “anticipates,”
“believes,” “continues,” “could,” “estimates,” “expects,”
“intends,” “may,” “might,” “plans,” “possible,” “potential,”
“predicts,” “projects,” “should,” “would” and similar expressions
may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking.
Forward-looking statements in this release may include, for
example, statements with respect to scheduled property openings,
expected closing of noted lease transactions, the Company’s ability
to continue closing on additional leases for properties in the
Company’s pipeline, as well the Company’s anticipated ability to
commercialize efficiently and profitably the properties it leases
and will lease in the future. The forward-looking statements
contained in this release are based on current expectations and
belief concerning future developments and their potential effect on
the Company. There can be no assurance that future developments
will be those that have been anticipated. These forward-looking
statements are subject to a number of risks, uncertainties (some of
which are beyond our control) or other assumptions that may cause
actual results of performance to be materially different from those
expressed or implied by these forward-looking statements, including
those set forth under the caption “Risk Factors” in our public
filings with the SEC, including in Item 1A of our Annual Report on
Form 10-K for the year ended December 31, 2023 filed with the SEC
on April 15, 2024, and any updates to those factors as set forth in
subsequent Quarterly Reports on Form 10-Q or other public filings
with the SEC. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20240606084939/en/
Shanoop Kothari Chief Executive Officer LuxUrban Hotels Inc.
shanoop@luxurbanhotels.com
Devin Sullivan Managing Director The Equity Group Inc.
dsullivan@equityny.com
Conor Rodriguez, Analyst crodriguez@equityny.com
Grafico Azioni LuxUrban Hotels (NASDAQ:LUXH)
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