LuxUrban Hotels Names Robert Arigo Chief Executive Officer
11 Juin 2024 - 2:00PM
Business Wire
Hotel & Hospitality Industry Veteran
Brings 35 Years of Experience to New Role
LuxUrban Hotels Inc. (“LuxUrban” or the “Company”)
(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 that its Board
of Directors (the “Board”) has appointed hotel and hospitality
industry veteran Robert Arigo as its Chief Executive Officer,
effective June 10, 2024. Mr. Arigo, who joined LuxUrban in March
2024 as Chief Operating Officer, is an accomplished industry
executive who brings more than 35 years of relevant experience to
his new role.
“In his short time here, Rob has distinguished himself as a
thoughtful, skilled and experienced leader with a focus on
improving experiences for owners and guests as part of the
Company’s ongoing efforts to enhance performance,” said Elan
Blutinger, Chairman of the Board. “Rob has held leadership
positions at some of the most well-known and well-respected
hospitality brands in the industry and his appointment is
consistent with the Board’s commitment to add and strengthen
industry representation and experience in key leadership roles. He
has a track record of success in operations and asset management
for large-scale turnaround initiatives, and possesses management
experience at the franchise, independent and third-party levels. We
are confident that Rob is the right person to assume the role of
CEO at this critical time in the Company’s evolution.”
“I am excited and honored to become CEO at this pivotal time of
opportunity for LuxUrban,” said Mr. Arigo. “Although we have much
work to do, I remain convinced that we operate a unique business
model that holds great promise. I look forward to collaborating
with our team and lending my experience in pursuit of creating a
foundation that can deliver on LuxUrban’s full potential.”
Mr. Arigo succeeds Shanoop Kothari as Chief Executive Officer.
Mr. Arigo’s responsibilities as Chief Operating Officer will be
absorbed throughout the organization and the Company will assess
filling the role at a later time.
“On behalf of the Board, I want to thank Shanoop for his
dedication and commitment to LuxUrban at the early stages of our
existence as a public company,” continued Mr. Blutinger. “We wish
him the very best in his future endeavors.”
About Robert M. Arigo
Mr. Arigo joined LuxUrban in March 2024 from M&R Hotel
Management, which provides hospitality development, turnaround, and
management services to a portfolio of hotels throughout the United
States, where he served as Vice President beginning in 2018. Prior
to this, Mr. Arigo was Senior Director of Operations at Hersha
Hospitality Management (HHM), a hotel management company that
operates over 240 properties, including luxury and lifestyle
properties, across the United States and Canada. Prior to joining
HHM, Mr. Arigo served as the Chief Operating Officer of Widewaters
Hotels, a leading developer and owner of branded and independent
hotels and extended stay properties, in which position he was
integral in shaping that company's growth and operational
efficiency. Mr. Arigo’s executive experience also includes Highgate
Hotels, Belleview Biltmore Resort & Spa, Crestline Hotels,
Interstate Hotels Corporations, and Marriott. Mr. Arigo’s work has
been recognized with awards that included “Hotel Region of the
Year,” “Financial Leadership Award,” “Hotel of the Year,” and
“Award of Excellence.”
LuxUrban Hotels Inc.
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. LuxUrban’s MLA
allows owners to hold onto their assets and retain their equity
value while LuxUrban operates and owns the cash flows of the
operating business for the life of the MLA.
Forward Looking
Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 (set forth in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended). The statements contained in this release that are not
purely historical are forward-looking statements. Forward-looking
statements include, but are not limited to, statements regarding
expectations, hopes, beliefs, intentions or strategies regarding
the future. In addition, any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. Generally, the words “anticipates,”
“believes,” “continues,” “could,” “estimates,” “expects,”
“intends,” “may,” “might,” “plans,” “possible,” “potential,”
“predicts,” “projects,” “should,” “would” and similar expressions
may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking.
Forward-looking statements in this release may include, for
example, statements with respect to scheduled property openings,
expected closing of noted lease transactions, the Company’s ability
to continue closing on additional leases for properties in the
Company’s pipeline, as well the Company’s anticipated ability to
commercialize efficiently and profitably the properties it leases
and will lease in the future. The forward-looking statements
contained in this release are based on current expectations and
belief concerning future developments and their potential effect on
the Company. There can be no assurance that future developments
will be those that have been anticipated. These forward-looking
statements are subject to a number of risks, uncertainties (some of
which are beyond our control) or other assumptions that may cause
actual results of performance to be materially different from those
expressed or implied by these forward-looking statements, including
those set forth under the caption “Risk Factors” in our public
filings with the SEC, including in Item 1A of our Annual Report on
Form 10-K for the year ended December 31, 2023 filed with the SEC
on April 15, 2024, and any updates to those factors as set forth in
subsequent Quarterly Reports on Form 10-Q or other public filings
with the SEC. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240610009154/en/
Devin Sullivan Managing Director The Equity Group Inc.
dsullivan@equityny.com
Conor Rodriguez, Analyst crodriguez@equityny.com
LuxUrban Hotels (NASDAQ:LUXH)
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