MIAMI–(BUSINESS WIRE)–LuxUrban Hotels Inc. (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 the appointment of Andrew Schwartz to the Company’s Board of Directors, effective April 22, 2024. Mr. Schwartz will serve on the Company’s Finance, Risk and Investment Committee. With Mr. Schwartz’s appointment, the Company’s board expands to seven members, six of whom are independent.
Mr. Schwartz was a Managing Director of Silver Point Capital, an investment manager focused across multiple synergistic strategies, including real estate, direct lending, capital solutions, credit and special situations. Prior to Silver Point, Mr. Schwartz was a Senior Managing Director holding leadership positions at Guggenheim Securities, where he was Head of Global Credit, Global Syndicate and Co-Head of Leveraged Finance Capital Markets. Prior to Guggenheim, he was a Managing Director at RBC Capital Markets in charge of Credit Distribution. Before that Mr. Schwartz was a Senior Vice President and Head of Hedge Fund Syndicate and Emerging Markets at Lehman Brothers. Mr. Schwartz began his career in the investment banking division at Morgan Stanley. Mr. Schwartz received his B.S. in Finance and Marketing from the University of Delaware.
“Andrew is a seasoned and accomplished capital markets executive, whose nearly 30 years of experience adds an important dimension to our board,” said Elan Blutinger, Chairman. “Our recent appointments and hires have added significant hotel and hospitality industry depth to our board and executive team. Andrew’s appointment is part of a larger, ongoing initiative to add experience that complements and enhances our internal capabilities and will further support the Company’s long-term growth.”
Mr. Schwartz commented, “I am excited to join LuxUrban at this exciting time in its development. I see great opportunity for the Company to continue to advance its unique business model and look forward to working with the board and executive team in executing our growth strategy in support of creating long-term shareholder value.”
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.
