LuxUrban Hotels Inc. (NASDAQ: LUXH) saw its shares gain ground Tuesday. The company which secures long-term operating rights for entire hotels through Master Lease Agreements (MLA) under which it manages the hotel and rents out, on a short-term basis, rooms to business and vacation travelers, launched a partnership with HotelRez, a London based company, for Global Distribution Systems connectivity. LuxUrban is now connected with four major GDS reaching over 500,000 agencies worldwide.
CEO Rob Arigo stated, “This new relationship increases our distribution while diversifying our booking channels. We expect this partnership to drive sales beginning in late Q3 and Q4 of 2024. Our hotels serve a global client base and this partnership gives us the reach required to increase sales in those markets.”
LuxUrban Hotels Inc. secures 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 strategically 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.
LUXH shares began Tuesday up two cents, or 15.4%, to 17 cents.
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