LuxUrban Hotels (LUXH) Appoints Patrick McNamee to its Board

LuxUrban Hotels Inc. (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 Patrick McNamee as an independent member of the Company’s Board of Directors (“Board”), effective June 27, 2024. The Company also announced that Brian Ferdinand has resigned from the Board.

Mr. McNamee is a seasoned and accomplished business leader who brings more than 30 years of experience as a public company executive, investor, and board member. He will serve as Chair of LuxUrban’s Compensation Committee and as a member of the Nominating and Corporate Governance Committee.

“Patrick brings a wealth of operating, technology, and management experience across multiple industries and global operating environments,” said Elan Blutinger, Chairman of the Board. “His diverse background and accomplishments will add depth and breadth to our Board, and we look forward to benefiting from his insights.”

“I believe that LuxUrban has tremendous potential and I welcome the opportunity to join the Board at this important moment in its evolution and re-invention as a public company,” said Mr. McNamee. “Implementing cost reductions and revenue management change takes time, but I believe there is a clear path to improve execution and strengthen operations. In addition, I have a lot of respect for one of LuxUrban’s largest shareholders, Goudy Park Capital. They were one of my largest shareholders when I was CEO of Health Insurance Innovations, and they are thoughtful, constructive, long-term investors. I look forward to working with the Board and executive team to enhance long-term shareholder value.”

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