Hotel & Hospitality Industry Veteran
Brings 35 Years of Experience to New Role
LuxUrban Hotels Inc. (“LuxUrban” or the “Company”) (Nasdaq:
LUXH), a hospitality company which utilizes an asset-light
business model to lease entire hotels on a long-term basis in
partnership with Wyndham Hotels & Resorts, today announced that
it has named hotel and hospitality industry veteran Robert Arigo as
its Chief Operating Officer, effective March 15, 2024.
Mr. Arigo, who brings 35 years of industry experience to
LuxUrban, will be primarily responsible for the day-to-day
operations of the Company’s hotel portfolio, with a focus on
enhancing property-level operations, optimizing supply chain
relationships, elevating the customer experience, and pursuing
ancillary revenue opportunities across the Company’s portfolio. Mr.
Arigo will be augmenting the Company’s operations team to support
him in this new role.
“Robert is a highly accomplished, hands-on, and seasoned hotel
executive who adds depth and experience to LuxUrban at an important
point in our growth,” said Brian Ferdinand, Chairman and Co-CEO of
the Company. “Robert’s inspirational approach to leadership has
allowed him to develop and implement financial, marketing, and
revenue management platforms for some of the largest and most
well-known brands in our industry and we are confident that his
relationships, knowledge, and know-how will support our planned
expansion and evolution. LuxUrban has grown significantly over the
last 18 months since our IPO, and we believe we are well positioned
to continue to expand in the years ahead. As we continue to evolve
and mature, we are in the process of creating an organizational
structure that more accurately reflects the Company we are today
and, more importantly, the Company we expect to be tomorrow. The
primary focus of this process is increased industry representation
throughout the Company, and Robert’s appointment reflects our
commitment to achieving this objective. We welcome Robert to
LuxUrban and are excited to begin our work together.”
Mr. Arigo joins LuxUrban from M&R Hotel Management, which
provides hospitality development, turnaround, and management
services to a portfolio of hotels throughout the United States,
where he served as Vice President beginning in 2018. Prior to this,
Mr. Arigo was Senior Director of Operations at Hersha Hospitality
Management (HHM), a hotel management company that operates over 240
properties, including luxury and lifestyle properties, across the
United States and Canada. Prior to joining HHM, Mr. Arigo served as
the Chief Operating Officer of Widewaters Hotels, a leading
developer and owner of branded and independent hotels and extended
stay properties, in which position he was integral in shaping that
company's growth and operational efficiency. Mr. Arigo’s executive
experience also includes Highgate Hotels, Belleview Biltmore Resort
& Spa, Crestline Hotels, Interstate Hotels Corporations, and
Marriott. Mr. Arigo’s work has been recognized with awards that
included “Hotel Region of the Year,” “Financial Leadership Award,”
“Hotel of the Year,” and “Award of Excellence.”
“I am very excited to join LuxUrban at this pivotal moment in
its development,” said Mr. Arigo. “LuxUrban is pursuing a large
opportunity pipeline by employing a unique business model that I
believe offers great promise, and I look forward to helping the
Company implement its ambitious growth strategies.”
Mr. Arigo succeeds Jimmie Chatmon as Chief Operating Officer.
Mr. Chatmon will remain with LuxUrban in the newly created position
of Director of Revenue Management, effective March 15, 2024.
“Jimmie is an exceptional entrepreneur who has played an
integral role in LuxUrban’s growth, and we are grateful that he
will remain a member of the team in this vital position,” said Mr.
Ferdinand.
LuxUrban Hotels Inc.
LuxUrban Hotels Inc. utilizes an asset light business model to
secure the 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
aggressively 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. Through its partnership with Wyndham Hotels &
Resorts, the largest hotel company in the world by rooms, LuxUrban
gains several competitive advantages including joint branding for
marketing, sales, and distribution, capital allocation from Wyndham
for each hotel it acquires, and ongoing customer support and
training across its portfolio.
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 the success of the Company’s
collaboration with Wyndham Hotels & Resorts, 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, 2022, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305459234/en/
Shanoop Kothari President, Co-Chief Executive Officer &
Chief Financial Officer LuxUrban Hotels Inc.
shanoop@luxurbanhotels.com Devin Sullivan Managing Director The
Equity Group Inc. dsullivan@equityny.com Conor Rodriguez, Analyst
crodriguez@equityny.com
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