LuxUrban Hotels Inc.

Good day and welcome to the Lux Urban Hotels 2024 Second Quarter Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Adam Holdsworth, Managing Director of Investor Relations. Please go ahead.

Thank you, and good afternoon, everyone. Thanks for joining our conference call to discuss the Lux Urban Hotel second quarter 2024 financial results and corporate highlights. Leading the call today will be Robert Arrigo, Chief Executive Officer, joined by Mike James, Chief Financial Officer. Before we begin, I'd like to remind everyone that our remarks today may contain forward-looking statements based on the current expectations of management, which involve inherent risks and uncertainties that could cause the actual results to differ materially from those indicated, including the risks and uncertainties described in the company's violence. You are cautioned not to place any undue reliance on any forward-looking statements which speak only as of the date made and may change at any time in the future. Although we voluntarily do so from time to time, the company undertakes no commitment to update or revise forward-looking statements, whether a result of new information, future events, or otherwise, except they're required by acceptable law. This call also includes references to certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP. we generally refer to these as non-GAAP financial measures. Reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the company's quarterly report filed with the SEC. With that, I'm now pleased to turn the call over to Robert Arrigo, CEO.

Robert Arrigo Thank you, Adam, and we appreciate everyone who joined our call today. During this call, Mike, our CFO, and I will review the highlights from our second quarter of 2024, outline our strategy for success through the Lux 2.0 brand, and discuss our recent corporate transformation, which includes the addition of a new management team composed of hospitality veterans and a refreshed board of directors. We look forward to discussing the significant changes we've implemented, as well as providing transparency regarding our current business operations and the necessary adjustments following the previous management team. Lux Urban Hotels leases entire existing hotels on a long-term basis and rents out hotel rooms with the properties we manage. And in 2024, we launched a comprehensive initiative to enhance our company's management and operations, which we refer to as Lux Urban 2.0. This initiative includes the addition of experienced professionals from the hotel and finance sectors to our management team, board of directors, and the strategic elimination of the non-performing hotel properties. In targeted efforts to reduce operating overhead, while significant work remains as we navigate the third quarter and prepare for the fourth quarter of 2024, we believe the Lux 2.0 is starting to yield the intended benefits. We currently manage a portfolio of seven hotels in Manhattan, one in Brooklyn, and one in New Orleans, all under long-term lease agreements. As of the date of this report, we have 1,056 hotel rooms available for rent across our portfolio. Over the past nine months, we have strategically reducing our domestic operations and U.S.-based portfolio focusing solely on the properties that have the potential to generate positive cash flow. As part of our recent 2.0 transition, we are committed to enhancing our management and operations team by recruiting talented directors and officers with significant experience in the hospitality and financial sectors. I was appointed in June of 2024, bringing over a number of years of, I'm sorry, 36 years of experience in the hotel industry, while Michael James joined as Chief Financial Officer in the same month, bringing extensive financial expertise. We were also pleased to welcome Ilan Bootlinger and Tim Schafer, veterans in the hotel and travel technology, to our Board of Directors. Our ongoing efforts to strengthen management and operational expertise across all areas of our company include actively recruiting new personnel and reallocating existing management to areas where the skills can be mostly affected and utilized. With my extensive experience in hotel management and successfully operating a variety of properties, I am confident in the tremendous opportunities that lie ahead for Lux Urban Hotels. Our strategic approach through Lux 2.0 positions us to generate sustainable, positive cash flow moving forward. This quarter presented challenges, including write-offs from the previous management team, but I believe we are at a pivotal inflection point. One significant hurdle we encountered was a decision to pre-sell 40% of our room inventory, which resulted in funds being collected at an average room rate in Q2 of $220.96. However, I am pleased to report that these advanced sales will expire at the end of 2024. I want to repeat that. These advanced sales will expire at the end of 2024, allowing us to enter 2025 with average room rates projected in the same period, same quarter of $252.11, which is a $31 increase just within that quarter. We are implementing transformative changes with LuxUrban. that will enhance our financial stability and provide a solid foundation for future growth. I am excited about the potential that these initiatives hold for positioning our company as a leader in the market. Now I will turn the call over to Mike to provide detailed review of the financial results. Mike, please take it from here.