Files Post-Effective Amendment No. 2 to Form S-1 Registration Statement Associated with Previously Announced Warrants and Debt Conversion Agreements

LuxUrban Hotels Inc. (Nasdaq: LUXH) (or “the Company”), which utilizes an asset-light business model to lease entire hotels on a long-term basis and rent out hotel rooms in these properties in key major metropolitan cities, announced today it will report financial results for the first quarter ended March 31, 2023 on Tuesday, May 9, 2023 after the close of the stock market. The Company will host a conference call on Wednesday, May 10, 2023 at 10:00 am Eastern Time to discuss the results.

Investors interested in participating in the live call can dial:

• (877) 407-9753 - U.S.
• (201) 493-6739 - International

A simultaneous webcast of the call may be accessed online from the Events & Presentations section of the Investor Relations page of the Company’s website at www.luxurbanhotels.com.

Files Post Effective Registration Statement on Form S-1 for Pre-IPO Investors

On April 21, 2023 the Company filed its Post-Effective Amendment No. 2 on Form S-1 with the Securities and Exchange Commission. The filing of the prospectus is related to the Company’s previously announced agreements with its pre-IPO investors (the “Selling Stockholders”) and registers for resale shares of the Company’s common stock issuable upon the exercise of 2022 Investor Financing Notes, 2022 Investor Financing Warrants, and 2022 Investor Financing Agent Warrants issued to the Selling Stockholders as part of the Company’s pre-IPO financing activities.

The Company is not selling any securities under the prospectus and will not receive any of the proceeds from the sale of its common stock by the Selling Stockholders. However, the Company may receive up to approximately $4.5 million in aggregate gross proceeds from sales of common stock upon cash exercises of the 2022 Investor Financing Warrants and the 2022 Investor Financial Agent Warrants.

As previously announced, as the Company’s business has grown and matured it elected to enter into agreements with the Selling Stockholders that are designed to allow the Company, subject to the satisfaction of certain conditions, to significantly reduce or eliminate debt, enhance cash flow, and gain access to new equity capital.

LuxUrban Hotels Inc.

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 to business and vacation travelers through the company’s online portal and third-party sales and distribution channels. The company currently manages a portfolio of hotel rooms in New York, Washington D.C., Miami Beach, New Orleans and Los Angeles. As of the date of this release, the company has over 1,250 units currently hosting guests, and seeks to rapidly build its portfolio on favorable economics through the acquisition of additional accommodations that were dislocated or are underutilized as a result of the pandemic and current economic conditions. In late 2021, the company commenced the process of winding down its legacy business of leasing and re-leasing multifamily residential units, as it pivoted toward its new strategy of leasing hotels. This transition has been substantially completed.

Forward Looking Statements

This press release contains forward-looking statements, including with respect to the Company’s receipt of proceeds from the sale of its common stock upon cash exercises of the 2022 Investor Financing Warrants and the 2022 Investor Financial Agent Warrants, the ability of the Company to eliminate all debt associated with the Convertible Notes and gain access to new equity capital through a mandatory conversion feature and the Company’s ability to commercialize efficiently and profitably the properties it leases and will lease in the future. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the caption “Risk Factors” in our public filings with the SEC, including in Item 1A of our 10-K for the year ended December 31, 2022. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, leasing terms, high-level occupancy rates, and sales and growth plans. The financial projections provided herein are based on certain assumptions and existing and anticipated market, travel and public health conditions, all of which may change. 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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