LuxUrban Hotels (LUXH) Announces Management and Board Changes

LuxUrban Hotels (NASDAQ: LUXH) has been engaged in a dedicated effort to enhance our management and operations teams through the recruitment of talented directors and officers who possess meaningful and broad experience in the hotel and online travel services industries, as well as business development expertise.

As part of these efforts, effective April 22, 2024, we implemented the following:

● Elan Blutinger, a hotel and travel technology veteran and a member of our board of directors, was named our Nonexecutive Chairman of the Board;

● Shanoop Kothari, our Co-Chief Executive Officer and acting Chief Financial Officer, was named sole Chief Executive Officer, as part of our previously announced management transition plan;

● As part of such previously announced management transition plan, Brian Ferdinand, our founder, stepped down as our Chairman of the Board and Co-Chief Executive Officer and became a consultant to our company, in which role he will oversee the management and expansion of our hotel properties portfolio and assist Mr. Kothari in his transition to sole Chief Executive Officer; and

● Andrew Schwartz, a respected financial industry veteran and credit, debt and equity financing expert, was elected as a member of our board of directors.

We expect to continue our management and operations enhancement efforts in the near term with the recruitment and hiring of additional management and in-field operations personnel possessing hotel and travel industry experience, with a principal focus on hiring a Chief Financial Officer.

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