LuxUrban Hotels Appoints New Directors and Interim CEO in Recent Board Changes

LuxUrban Hotels Inc. (NASDAQ:LUXH) recently announced significant changes to its board of directors, effective December 20, 2024. The company appointed Brian Ferdinand, Brandon Elster, Alex Moinian, Daniel Shapiro, and Bradley Theodore as directors, alongside some executive role adjustments, including Brian Ferdinand being named the Interim Chief Executive Officer (CEO).

The newly appointed directors were selected by the Board to fill vacancies left by the resignations of Elan Blutinger, Alex Lombardo, Aimee Nelson, Kimberly Schaefer, and Leonard Toboroff. The Board decided that Moinian, Shapiro, and Theodore would serve as independent directors and take on roles in various committees overseeing audit, compensation, nominating and corporate governance, and risk, finance, and investment matters.

Brian Ferdinand, the new Interim CEO, has a background that includes previous roles as CEO and Board Chairman of the Company. In addition to his experience with LuxUrban Hotels, Ferdinand has held executive positions at other companies like Corphousing LLC and SoBeNY Partners LLC.

Brandon Elster, Chief Development Officer of LuxUrban Hotels, maintains his position within the company but has also been elected to serve as President. Alex Moinian, with experience in real estate investment and development in New York City, joins the board, along with Daniel Shapiro, who brings over a decade of commercial real estate transaction expertise. Bradley Theodore, known for his artistic approach to branding and marketing, also joins the board, providing a unique perspective to the company’s strategic vision.

The resignations of the aforementioned directors were stated to be voluntary and not due to any disputes with the company’s operations or practices. The Board expressed its gratitude for their contributions to LuxUrban Hotels.

Regarding a potential joint venture, LuxUrban Hotels disclosed that it has decided not to proceed with the previously announced venture outlined in a non-binding letter of intent with Lockwood Development Partners LLC and other entities.

LuxUrban Hotels filed the changes and appointments with the Securities and Exchange Commission in an 8-K form, providing details of the new appointments and executive role modifications. The company has also disclosed agreements and details related to compensation and indemnification of the newly appointed directors.

Investors and stakeholders will be watching closely to see how these new appointments and changes to the board may impact LuxUrban Hotels’ strategic direction and operations moving forward.

The company has included relevant additional information, such as the Ferdinand Employment Agreement and an Amendment to Arigo’s Employment Agreement, in the submitted filings for transparency and regulatory compliance.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read LuxUrban Hotels’s 8K filing here.

About LuxUrban Hotels

LuxUrban 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. It manages a portfolio of hotel rooms in New York, Washington DC, Miami Beach, New Orleans, and Los Angeles. The company was formerly known as CorpHousing Group Inc and changed its name to LuxUrban Hotels Inc in November 2022.