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 that its Board of Directors 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.
