LuxUrban Hotels Inc.

Greetings and welcome to Lux Urban Hotel's third quarter 2023 financial results conference call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Devin Sullivan, Managing Director of the Equity Group. Please go ahead.

Thank you for joining us for Lux Urban Hotels 2023 Third Quarter Financial Results Conference Call. Our speakers for today will be Brian Ferdinand, Chairman and Co-CEO, and Shanup Katari, the company's Co-CEO and Chief Financial Officer. Before we begin, I'd like to remind everyone that this call may contain 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. Statements 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 may include statements with respect to financial and operational guidance, the success of the company's collaboration with Wyndham Hotels and Resorts, scheduled property openings, expected closings of noted lease transactions, the company's ability to continue closing on additional leases for properties in the pipeline, as well as its anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effect on the company, and there could be no assurances of these future developments will have been anticipated. These forward-looking statements are subject to a number of risks and uncertainties, some of which are beyond the company's 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 10-K for the year end of December 31, 2022, and any updates to those factors set forth in subsequent quarterly reports on Form 10-Q or other public filings. Forward-looking information and forward-looking statements are made as of the date of this presentation, and the company does not undertake any forward-looking information and or forward-looking statements that are contained or referenced herein except in accordance with applicable securities laws. Management will also be discussing non-GAAP financial metrics and a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in the company's press release, which we issued yesterday afternoon. With that said, I'd now like to turn the call over to Brian Ferdinand. Brian, please go ahead.

Thank you, Devin. Good morning and thank you for joining us today, everyone. We continue to be very pleased with the trajectory of our growth the consistency of our execution, and the depth and breadth of the opportunities that we are pursuing. We continue to evolve as a company and management team. As validated by our results, we are successfully leveraging our first mover status, asset-light approach, and focus on turnkey properties to identify and lease dislocated hotel properties in destination locations across the U.S. In the third quarter of 2023, we generated record net rental revenue, EBITDA, our first GAAP net income quarter since coming public. In prior quarters, we had incurred a variety of costs and charges associated with our now-retired long-term debt that served to mask our inherent profitability. These expenses are now behind us, which we believe will result in a cleaner, less complicated P&L in future quarters. We remain true to our commitment to grow the business via non-dilutive funding. To that end, we closed our Series A preferred stock offering in late October and generated gross proceeds of $7 million, which we will deploy to further expand our portfolio. The results of the offering reflect our focus on raising capital that can be immediately utilized to expand our footprint and enhance our operations. We want to avoid raising expensive capital in the future that we cannot deploy in a quick and efficient manner to the benefit of our stakeholders in a non-diluted fashion. Our relationship with Wyndham Hotels and Resorts continues to transform our business and help drive our growth. We have successfully onboarded the 17 initial properties under the Wyndham Agreement and are in the process of integrating additional hotels to the Wyndham brand family and operating platform. We remain very optimistic about our future. Our pipeline of opportunities continues to expand, and our asset-light triple net lease alternative is becoming an increasingly attractive solution for property owners against the backdrop of rapidly rising interest rates and its related impact to upcoming asset refinances. With that, I'll turn it over to Shanukh Kothari, our co-CEO and Chief Financial Officer for review of our financials.