Financial Results Overview<\/span><\/b><\/p>\n 2023 First Quarter Operational Highlights<\/span><\/b><\/p>\n Select Recent 2023 Developments<\/span><\/b><\/p>\n Financial Condition<\/span><\/b><\/p>\n \nAt March 31, 2023, cash and cash equivalents were $2.9 million compared to $1.1 million at December 31, 2022, and restricted cash was unchanged at $1.1 million when compared to December 31, 2022. Total debt at March 31, 2023 declined to $9.0 million from total debt of $14.0 million at December 31, 2022. Net debt at March 31, 2023 declined to $6.1 million from net debt of $10.3 million at December 31, 2022. In addition, our cash based days payables outstanding declined to 35 days at March 31, 2023 from 40 days at December 31 2022.<\/p>\n Commentary<\/span><\/b><\/p>\n \n\u201cWe have continued to adhere to a disciplined, asset-light growth strategy by focusing on select, high-quality properties in destination locations, strict underwriting criteria, and optimizing operational efficiencies across our organization,\u201d said Brian Ferdinand, Chairman and Chief Executive Officer. \u201cOur success in this regard is evidenced by significant quarter-over-quarter increases in net rental revenue and EBITDA, an expanded property operations portfolio, and an improved debt profile. We continue to see significant, long-term growth opportunities as hotel owners and operators confront the challenging financial realities created by the lingering effects of pandemic-induced property closures and rapidly rising interest rates. The long-term triple net lease alternatives that we offer allow these owners to improve property cash flows without losing ownership. We are committed to expanding our property portfolio in existing and new markets, enhancing our margins, and elevating our brand, while providing the highest-level guest experience to business and vacation travelers from around the world.\u201d<\/p>\n \n\u201cOur previously announced initiatives to significantly reduce or eliminate debt, enhance cash flow, and support our growth objectives began to manifest in Q1 2023,\u201d said Shanoop Kothari, President and Chief Financial Officer. \u201cOur total debt declined by $5.0 million from December 31, 2022 to March 31, 2023 as a result of our previously announced debt to equity conversion initiatives and debt paydown via cash generated from operations. We continue to improve our liquidity position and made significant strides over the quarter. For the balance of 2023, we expect to continue to reduce our legacy pre-IPO debt, reduce our overall cost of capital and continue to improve our liquidity position.\u201d<\/p>\n Litigation Update<\/span><\/b><\/p>\n \nAlso on May 9, 2023, the Company announced that the plaintiffs in seven lawsuits filed against CorpHousing LLC and Mr. Ferdinand in December 2022 each had voluntarily withdrawn their complaints on January 17th<\/sup> , 2023. While the Company and Mr. Ferdinand believe that each of these complaints was meritless and the allegations contained therein were baseless, the Company is glad these matters have been resolved with no payment due from the Company.<\/p>\n 2023 Guidance<\/span><\/b><\/p>\n \nFor the year ending December 31, 2023, the Company is reiterating its previous guidance of net rental revenue of $115 to $120 million and EBIDTA of $21 to $25 million.<\/p>\n \nThe Company also continues to expect that 2,500-3,000 total short term stay hotel units will be operational by December 31, 2023. The financial guidance for 2023 does not reflect any expected material positive contribution that the commencement of operations at these properties will produce on net rental revenue and EBITDA and the Company will update its annual guidance accordingly to reflet these developments.<\/p>\n \nThis financial and operations guidance is based on, among other factors, current business, economic, and public health conditions; the status of the Company\u2019s acquisition pipeline and its ability to enter into these potential leases; and its current view of forward-looking unit operating metrics.<\/p>\n Conference Call<\/span><\/b><\/p>\n \nThe Company will host a conference call on Wednesday, May 10, 2023 at 10:00 am Eastern Time to discuss the results. Investors interested in participating in the live call can dial:<\/p>\n \nA simultaneous webcast of the call may be accessed online from the Events & Presentations section of the Investor Relations page of the Company\u2019s website at www.luxurbanhotels.com<\/a>.<\/p>\n LuxUrban Hotels Inc.<\/span><\/b><\/p>\n \nLuxUrban Hotels Inc. utilizes an asset light business model to lease entire hotels on a long-term basis and rent out hotel rooms in the properties it leases to business and vacation travelers through the company\u2019s online portal and third-party sales and distribution channels. The company currently manages a portfolio of hotel rooms in New York, Washington D.C., Miami Beach, New Orleans and Los Angeles. As of the date of this release, the company has approximately 1,673 hotel rooms available for rent, and seeks to rapidly build its portfolio on favorable economics through the acquisition of additional accommodations that were dislocated or are underutilized as a result of the pandemic and current economic conditions. In late 2021, the company commenced the process of winding down its legacy business of leasing and re-leasing multifamily residential units, as it pivoted toward its new strategy of leasing hotels. This transition has been substantially completed.<\/p>\n Forward Looking Statements<\/span><\/b><\/p>\n \nThis press release contains forward-looking statements, including with respect to financial and operational guidance, scheduled property openings, expected closing of noted lease transactions, continued closing on additional leases for properties in the Company\u2019s pipeline, as well the Company\u2019s anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the caption \u201cRisk Factors\u201d in our public filings with the SEC, including in Item 1A of our 10-K for the year ended December 31, 2022. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, leasing terms, high-level occupancy rates, and sales and growth plans. The financial projections provided herein are based on certain assumptions and existing and anticipated market, travel and public health conditions, all of which may change. 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.<\/p>\n Non-GAAP Information<\/span><\/b><\/p>\n \nThe Company defines cash net income as net income (loss) before non-cash financing costs, non-cash stock compensation expense, non-cash stock option expense, non-cash rent amortization expense, accrued taxes, non-cash issuance of common stock for operating expenses, and depreciation. The Company believes that cash net income is useful to investors as a measure of a company’s operating performance, without regard to generally non-recurring items and non-cash activity. The Company seeks to achieve profitable, long-term growth by monitoring and analyzing key operating metrics, including EBITDA. The Company defines EBITDA as net income (loss) before interest, taxes, financing costs, depreciation and amortization, stock compensation expense and stock option expense, and incremental costs associated with its exit from SoBeNY. The Company\u2019s management uses these non-GAAP financial metrics and related computations to evaluate and manage the business and to plan and make near and long-term operating and strategic decisions. The management team believes these non-GAAP financial metrics are useful to investors to provide supplemental information in addition to the GAAP financial results. Management reviews the use of its primary key operating metrics from time-to-time. EBITDA and cash net income are not intended to be a substitute for any GAAP financial measure and as calculated, may not be comparable to similarly titled measures of performance of other companies in other industries or within the same industry. The Company\u2019s management team believes it is useful to provide investors with the same financial information that it uses internally to make comparisons of historical operating results, identify trends in underlying operating results, and evaluate its business. For purposes of the guidance provided herein for the year ended December 31, 2023, however, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation could not be accomplished without unreasonable effort. Non-GAAP measures for future periods which cannot be reconciled to the most comparable GAAP financial measures are calculated in a manner which is consistent with the accounting policies applied in the Company\u2019s consolidated financial statements.<\/p>\n \nA reconciliation of net income (loss) to EBITDA and net income (loss) to CASH net income is included in the financial tables included with this press release.<\/p>\n Condensed Consolidated Statements of Operations \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n For The Three Months Ended \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net Rental Revenue<\/i><\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n22,814,175<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n9,099,425<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRent Expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,421,867<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,282,783<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Rent Expense Amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,651,669<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n255,967<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther Expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,378,765<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,047,412<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Cost of Revenue<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,452,301<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,586,162<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Gross Profit<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,361,874<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,513,263<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n General and Administrative Expenses<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,627,402<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n979,606<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-Cash Issuance of Shares for Operating Expenses<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n884,816<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-Cash Stock Compensation Expense<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n429,996<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Non-Cash Option Compensation Expense<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n167,573<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Operating Expenses<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,224,971<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n979,606<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Income from Operations<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,136,903<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,533,657<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Other Income (Expense)<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther Income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39,878<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n449,913<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash Interest and Financing Costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,130,605<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(564,137<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Financing Costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,704,549<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Other Expense<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,795,276<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(114,224<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n (Loss) Income Before Provision for Income Taxes<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,658,373<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,419,433<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Provision for Income Taxes<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net (Loss) Income<\/i><\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(2,780,534<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,419,433<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic and Diluted (Loss) Income Per Common Share<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.10<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.07<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic and Diluted Weighted Average Number of Common Shares Outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,659,358<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,675,001<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Balance Sheets \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31,<\/b><\/p>\n<\/td>\n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Current Assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and Cash Equivalents<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,880,909<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,076,402<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTreasury Bills<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,661,382<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProcessor Retained Funds<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,952,243<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,734,220<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPrepaid Expenses and Other Current Assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n702,143<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n963,300<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSecurity Deposits – Current<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n112,290<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n112,290<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Current Assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,647,585<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,547,594<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Other Assets<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nFurniture and Equipment, Net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n435,860<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n197,129<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRestricted Cash<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,100,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,100,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSecurity Deposits – Noncurrent<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,141,105<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,233,385<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPrepaid Expenses and Other Noncurrent Assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n559,838<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n559,838<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating Lease Right-of-Use Assets, Net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n169,282,279<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n83,325,075<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Other Assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n186,519,082<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96,415,427<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Assets<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n197,166,667<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n107,963,021<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n LIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Current Liabilities<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts Payable and Accrued Expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n7,277,439<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6,252,491<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRents Received in Advance<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,198,743<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,566,504<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShort Term Business Financing<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n825,905<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,003,015<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoans Payable – Current<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,480,294<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,324,519<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating Lease Liabilities – Current<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,682,746<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,293,085<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccrued Income Taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Current Liabilities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,585,288<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,439,614<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Long-Term Liabilities<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLoans Payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,667,522<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,689,193<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSecurity Deposit Letter of Credit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,500,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,500,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating Lease Liabilities \u2013 Noncurrent<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n168,845,549<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n81,626,338<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Long-Term Liabilities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n174,013,071<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n85,815,531<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Total Liabilities<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n198,598,359<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n111,255,145<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Commitments and Contingencies<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Stockholders\u2019 Deficit<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon Stock ($0.00001 par value, 90,000,000 shares authorized; 29,392,464 and 27,691,918 shares issued and outstanding on March 31, 2023 and December 31, 2022; respectively)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n293<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n276<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdditional Paid-In Capital<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,367,541<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,726,592<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccumulated Deficit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(23,799,526<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(21,018,992<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Total Stockholders\u2019 Deficit<\/i><\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,431,692<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,292,124<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Total Liabilities and Stockholders\u2019 Deficit<\/i><\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n197,166,667<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n107,963,021<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-GAAP Financial Measures<\/b><\/p>\n \nTo supplement the condensed consolidated financial statements, which are prepared in accordance with GAAP, we use EBITDA and Cash Net Income as a non-GAAP financial measures. We define EBITDA and Cash Net Income above in the paragraph entitled \u201cNon-GAAP Information.\u201d<\/p>\n \nThe following table provides reconciliation of net loss to EBITDA and Cash Net Income:<\/p>\n For The Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet (Loss) Income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(2,780,534<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,419,433<\/p>\n<\/td>\n<\/tr>\n \nProvision for Income Taxes and Other Taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nCash Interest and Financing Costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,130,605<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n564,137<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Financing Costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,704,549<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Stock Compensation Expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n429,996<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Stock Option Expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n167,573<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Rent Expense Amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,651,669<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n255,967<\/p>\n<\/td>\n<\/tr>\n \nDepreciation Expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,031<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nSoBe Exit Costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n602,726<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nEBITDA<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4,039,776<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,239,537<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet (Loss) Income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(2,780,534<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,419,433<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Financing Costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,704,549<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Stock Compensation Expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n429,996<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Stock Option Expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n167,673<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Rent Amortization Expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,651,669<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nAccrued Taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nNon-Cash Issuance of Common Stock for Operating Expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n884,816<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nDepreciation Expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,031<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n—<\/p>\n<\/td>\n<\/tr>\n \nCash Net Income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,191,261<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,419,433<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230509006261\/en\/<\/a><\/span><\/p>\n \nLuxUrban Hotels Inc. \nThe Equity Group Inc. KEYWORDS:<\/b> Florida United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Other Travel Lodging Travel Vacation<\/p>\n\n
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\n
\n
\n
\n
\n \u00a0<\/td>\n<\/tr>\n \n \n
\n
<\/b><\/span>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n
\n
March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n \n
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<\/b><\/span>(unaudited)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
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Shanoop Kothari
\n
President & Chief Financial Officer
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shanoop@luxurbanhotels.com<\/a><\/p>\n
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Devin Sullivan, Managing Director
\n
dsullivan@equityny.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230509006261\/en\/1621391\/3\/LUX-URBAN-HOTELS-LOGO-Navy_Blue.jpg\"){kind=logo}
<\/td>\n<\/tr>\n