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-Strategic initiative would provide LuxUrban with a $7 million initial capital infusion, offering the opportunity to broaden its market impact representing a key milestone in building Lux 2.0
-Joint venture would leverage advanced technology integration to streamline operations, elevate service offerings, and deliver an enhanced guest experience
MIAMI, Nov. 20, 2024 (GLOBE NEWSWIRE) -- LuxUrban Hotels Inc. (NASDAQ:LUXH), a hospitality company that leases entire hotels on a long-term basis, manages these hotels, and rents out rooms to guests in the properties it leases, today announced the signing of a Non-Binding Letter of Intent (LOI) with Lockwood Development Partners LLC and The Bright Hospitality Management, LLC proposing to establish a joint venture ("JV") focused on hotel services and operations.
The joint venture would initially focus on two LuxUrban properties in New York City, with the parties to consider expansion of the relationship to include additional LuxUrban hotels based on the success of the initiative. The collaboration would leverage Lockwood's established presence in hotel development and Bright's innovative hospitality technology to create a unique guest experience and optimize operational efficiencies.
Key Highlights of the Joint Venture:
Initial Capital Investment: Lockwood would initially invest approximately $7 million to address obligations and enhance facilities in the initial two JV hotels, with potential additional investments reaching up to $35 million if all existing LuxUrban hotels are later added to the JV structure.
Posted In: LUXH
