LuxUrban Hotels Inc. (CHG)

Chemring Group (LSE:CHG) has struck a £20 million deal to buy a UK-based designer and manufacturer of software-defined radio (SDR) tracking systems for defence, government, and law enforcement customers. The acquisition of Landguard Nexus and its subsidiaries, based in Fareham, Hampshire, adds 30 specialist engineers to Chemring's Roke business.

Chemring Group (LSE:CHG) shares rocketed over 8% higher to a new multi-year high after its interim results.  Half-year numbers from the maker of defence countermeasures, sensors and explosives were in line with expectations, said analysts at Shore Capital, consistent with the usual weighting between the first and second half for the company.

Chemring Group (LSE:CHG) held the line on its full-year guidance and upped its interim dividend 4% as it reported a record first-half order book of £1.3 billion despite a slowdown for its sensors division, partly blamed on the delayed UK Strategic Defence Review (SDR).  The provider of defence and security countermeasures, sensors and cyber intelligence solutions reported revenue of £234.3 million for the half-year to April 2025, up 5% on the previous year, as overall order intake rose 42% to £488 million.

Chemring Group (LSE:CHG) shares inched up 2.6% after its Roke arm won a "strategically important" UK Ministry of Defence multi-year missile defence contract, worth £251 million over six years.  The framework contract is known as STORM, standing for Science & Technology Oriented Research & development in Missile defence, and encompasses a spectrum of missile defence activities and capabilities.

BAE Systems PLC (LSE:BA.) and fellow defence supplier Chemring Group (LSE:CHG), which have both flown higher in recent weeks on the back of a big boost in European defence spending, have been downgraded by analysts at Berenberg as they derive less of their revenue from Europe than the US.

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (NASDAQ: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, announced today that it has changed its name to LuxUrban Hotels Inc. Reflecting this change, the Company's common stock will commence trading under the new NASDAQ ticker symbol “LUXH” on or about November 3, 2022.

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (NASDAQ: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, announced today that it has changed its name to LuxUrban Hotels Inc. Reflecting this change, the Company’s common stock will commence trading under the new NASDAQ ticker symbol “LUXH” on or about November 3, 2022. “Our new corporate identity reflects the Company’s ongoing evolution towards acquiring and managing, via long-term leases, short-term rental hotel properties in major metropolitan cities,” said Brian Ferdinand, Chairman and Chief Executive Officer. “Through our growing portfolio, we offer short-stay business and vacation travelers a variety of accommodations that address their individual needs, all while providing high-quality, end-to-end customer service and support.” Mr. Ferdinand continued, “We have made significant strides in redefining our strategy over the last several years and our total units under management are comprised almost entirely of short-term rental hotel properties. Our new name reflects this evolved focus. The Company currently operates approximately 1,200 short term hotel rental units, and we are in various stages of negotiation with a variety of potential partners that represent thousands of additional hotel units located in destination cities. We believe that we are well positioned to advance our highly scalable, predictable, and profitable business model and look forward to our future with confidence.” The Company’s official website is now accessible under the domain www.luxurbanhotels.com and its email address changed to the domain @luxurbanhotels.com. The CUSIP number for the Company’s common stock will remain unchanged. LuxUrban Hotels Inc. LuxUrban Hotels Inc. utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing LuxUrban Hotels favorable operating margins. LuxUrban Hotels operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the LuxUrban Hotels properties are provided high quality service under the Company’s consumer brand, LuxUrbanTM. Forward Looking Statements This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated 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 the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). 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 projection 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.

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, announced today that it plans to open the Lafayette Hotel powered by LuxUrbanTM in New Orleans, LA on November 1 and The Washington powered by LuxUrban in downtown New York City on November 19.

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, announced today that it plans to open the Lafayette Hotel powered by LuxUrbanTM in New Orleans, LA on November 1 and The Washington powered by LuxUrban in downtown New York City on November 19. As previously announced, CHG acquired the Lafayette Hotel and The Washington via separate 15-year Master Lease Agreements (“MLA”). The Company will operate these properties under its customer-facing hospitality brand, LuxUrban. The opening of the Lafayette Hotel powered by LuxUrban and The Washington powered by LuxUrban will bring to 12 the total number of active hotel properties in CHG’s portfolio. The Lafayette, an historic 60-unit boutique hotel and CHG’s first property in New Orleans, is located on the fashionable St. Charles Avenue Streetcar Line, within the heart of the Historical Arts and Warehouse Districts in the Central Business District. The Lafayette is a short stroll from some of the city’s most popular attractions, including the French Quarter, Bourbon Street, and the Superdome. The Washington is a premier, 217-unit luxury hotel located in downtown Manhattan and is CHG’s fourth property in New York City. The hotel includes beautifully appointed rooms, a state-of-the-art fitness center, outdoor terrace, and rooftop that offers panoramic vistas of the New York City skyline. “These newest properties reflect our commitment to scaling the business by entering new markets and building density in existing markets,” said Brian Ferdinand, Chairman and Chief Executive Officer of CorpHousing Group. “The Lafayette and the Washington, each powered by LuxUrban, will contribute meaningful revenue beginning in the current fourth quarter of 2022, with the added scale provided by these properties also supporting our long-term revenue and margin objectives. We look forward to welcoming our Guests and providing them with the high quality service that is the hallmark of our brand.” CorpHousing Group Inc. CorpHousing Group (CHG) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing CHG favorable operating margins. CHG operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the Company’s properties are provided high quality service under CHG’s consumer brand, LuxUrban. Forward Looking Statements This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated 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 the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). 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 projection 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.

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced it is scheduled to present at The Windy City Roundup, hosted by MicroCap Rodeo, which is being held on October 12-13, 2022. CHG management will host a corporate presentation on Wednesday, October 12, 2022 at 3:00 pm

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced it is scheduled to present at The Windy City Roundup, hosted by MicroCap Rodeo, which is being held on October 12-13, 2022. CHG management will host a corporate presentation on Wednesday, October 12, 2022 at 3:00 pm Central Time, and be available for one-on-one meetings to be held throughout the conference. The presentation will be webcast live and available for replay via the Events & Presentations section of CHG’s website at https://investor.corphousinggroup.com/overview/default.aspx CorpHousing Group Inc. CorpHousing Group (CHG) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing CHG favorable operating margins. CHG operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the Company’s properties are provided Heroic Service™ under CHG’s consumer brands, including LuxUrban. CHG’s Heroic ServiceTM provides guests a hassle-free experience which exceeds their expectations with “Heroes” who respond to any issue in a timely, thoughtful, and thorough manner. Forward Looking Statements This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated 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 the prospectus forming part of the Company’s Registration Statement on Form S-1 (File No. 333-262114), declared effective by the Securities and Exchange Commission (“SEC”) on August 11, 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 projection 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.

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced financial results for the second quarter (“Q2 2022”) and six months ended June 30, 2022. 2022 Second Quarter Financial Overview Compared to 2021 Second Quarter Net rental revenue rose 144% to $10.2 million from $4.2 million Gross profit improved to $2.9 million, or 28% of net rental revenue, from $0.1 million, or 3.5% of net rental revenue Income before provision for income taxes improved to $1.5 million from a loss of $(1.1) million Net income improved to $0.8 million, or $0.04 per diluted share, from a net loss of $(1.1) million EBITDA was $2.1 million compared to EBITDA of $(0.6) million 2022 Six Months Financial Overview Compared to 2021 Six Months Net rental revenue rose 158% to $19.3 million from $7.5 million Gross profit improved to $5.4 million, or 28% of net rental revenue, from a loss of $(0.4) million Income before provision for income taxes improved to $2.9 million from a loss of $(2.4) million Net income improved to $2.2 million, or $0.10 per diluted share, from a net loss of $(2.4) million EBITDA was $4.1 million compared to EBITDA of $(1.8) million Operational Highlights Generated gross proceeds of $13.5 million via Initial Public Offering (August 2022) Commenced trading on Nasdaq Capital Market (August 2022) For the six months ended June 30, 2022, managed 590 units under long-term lease Subsequent to June 30, 2022, CHG announced the signings of separate 15-year Master Lease Agreements (“MLA”) with two luxury hotels in New York City and an historic boutique hotel in New Orleans Inclusive of these new MLAs, CHG’s portfolio currently consists of 10 hotel properties in eight U.S. cities comprising 1,037 units Based on current MLA pipeline, CHG expects more than 1,200 units to be operational in 10 cities during Q4 2022 “We are excited to announce our Q2 results, which we believe reflect the success of our asset-light business model, the vibrancy of our target markers, and the opportunities inherent in our industry,” said Brian Ferdinand, Chairman and Chief Executive Officer of CorpHousing Group. “Q2 2022 net rental revenue increased by 144%, gross profit increased 19-fold, net income improved by $1.9 million, and EBITDA for the quarter was $2.1 million. Our available units for rent increased quarter over quarter, occupancy rates improved as the effects of COVID pandemic wane, and we realized certain efficiencies from scale. “We currently operate hotels under long-term lease agreements in Boston, Denver, Los Angeles, greater Miami, New York City, Washington, DC, and Seattle, and will commence operations in New Orleans in mid-October. We are in various stages of negotiation with a variety of potential partners that represent thousands of additional hotel units in destination locations across the United States and Europe. We believe that we are creating win-win opportunities by providing property owners the ability to create stable cash flow streams to maximize returns on their properties, which have been significantly impacted by restrictions on travel and leisure activities due to the COVID-19 pandemic. CHG then markets these units under our customer facing LuxUrbanTM brand to increase occupancy rates and drive operational efficiencies, thus creating the opportunity to generate high margin, recurring and predictable revenue streams. Supported by a strengthened balance sheet and seasoned team of executives, we believe that are well positioned to advance our highly scalable, predictable, and profitable business model and look forward to our future with confidence.” Q2 2022 Overview Net rental revenue in Q2 2022 increased 144% to $10.2 million from $4.2 million in the second quarter ended June 30, 2021 (“Q2 2021”), driven primarily by an increase in average units available to rent from 376 in Q2 2021 to 565 at Q2 2022, as well as better occupancy rates and average daily rates (“ADRs”) over this period. Cost of revenue, which includes rental expenses for available units to rent, rose to $7.3 million in Q2 2022 from $4.0 million in Q2 2021, due primarily to the increase in size of CHG’s rental unit portfolio, as well as related increases in furniture rentals, cleaning costs, cable / WIFI costs and credit card processing fees. Gross profit improved to $2.9 million, or 28% of net rental revenue, from $0.1 million, or 3.5% of net rental revenue. Higher gross profit and gross margin was primarily attributable to a reduction in the impact of COVID-19 on our operations, higher unit counts and better occupancy rates and ADRs. Total general and administrative expenses in Q2 2022 increased to $0.9 million, or 9% of net rental revenue, from $0.7 million, or 18% of net rental revenue, in Q2 2021, attributable to an increased number of units in operation. Income before provision for income taxes improved to $1.5 million from a loss of $(1.1) million, reflecting a significant increase in net rental revenue in Q2 2022 compared to Q2 2021 and the benefits of scale-driven operating efficiencies. Net income improved to $0.8 million, or $0.04 per diluted share, compared to a net loss of $(1.1) million. EBITDA rose to $2.1 million, or 21% of net rental revenue, in Q2 2022 compared to negative EBITDA of $(0.6) million. For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Note Regarding Use of Non-GAAP Financial Measures" below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures. The company presents non-GAAP measures such as EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company's operating performance. Conference Call and Webcast The Company will host a conference call on Tuesday, September 27, 2022 at 9:00 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 webcast of the event may be accessed via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ltKz5SSV. CorpHousing Group Inc. CorpHousing Group (CHG) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing CHG favorable operating margins. CHG operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the Company’s properties are provided Heroic Service™ under CHG’s consumer brands, including LuxUrban. CHG’s Heroic ServiceTM provides guests a hassle-free experience which exceeds their expectations with “Heroes” who respond to any issue in a timely, thoughtful, and thorough manner. Forward Looking Statements This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated 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 the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). 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 projection 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. The Company seeks to achieve profitable, long-term growth by monitoring and analyzing key operating metrics, including EBITDA. The Company defines EBITDA as net income before interest, taxes, and depreciation. The Company’s management uses this non-GAAP financial metric and related computations to evaluate and manage the business and to plan and make near and long-term operating and strategic decisions. The management team believes this non-GAAP financial metric is useful to investors to provide supplemental information in addition to the GAAP financial results. Management reviews the use of its primary key operating metrics from time-to-time. EBITDA is not intended to be a substitute for any GAAP financial measure and as calculated, may not be comparable to similarly titled measures of performance of other companies in other industries or within the same industry. The Company’s management team believes it is useful to provide investors with the same financial information that it uses internally to make comparisons of historical operating results, identify trends in underlying operating results, and evaluate its business. A reconciliation of net income to EBITDA will be provided in the company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2022 to be filed on September 26, 2022, under the section thereof entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliation of Unaudited Historical Results to EBITDA.” Condensed Consolidated Balance Sheet (Unaudited) (unaudited) June 30, December 31, 2022 2021 ASSETS Current Assets Cash $ 556 $ 6,998 Processor retained funds 4,616,255 56,864 Prepaid expenses and other current assets 512,939 166,667 Deferred offering costs 1,234,500 771,954 Security deposits – current 276,943 276,943 Total Current Assets $ 6,641,193 $ 1,279,426 Other Assets Furniture and equipment, net 8,944 11,500 Restricted cash 1,100,000 1,100,000 Security deposits – noncurrent 4,108,010 1,377,010 Operating lease right-of-use asset, net 49,941,971 — Total Other Assets 55,158,925 2,488,510 Total Assets $ 61,800,118 $ 3,767,936 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current Liabilities Accounts payable and accrued expenses $ 5,301,053 $ 4,209,366 Rents received in advance 4,071,095 1,819,943 Merchant cash advances – net of unamortized costs of $0 and $57,768, respectively 575,489 1,386,008 Loans payable – current portion 2,780,054 1,267,004 Loans payable – SBA – PPP Loan – current portion 815,183 815,183 Convertible loans payable – related parties – current portion 2,596,865 — Loans payable – related parties – current portion 1,071,128 22,221 Operating lease liability – current 7,182,381 — Income taxes payable 750,000 — Total Current Liabilities 25,143,248 9,519,725 Long-Term Liabilities Loans payable 545,789 925,114 Loans payable – SBA – EIDL Loan 800,000 800,000 Loans payable – related parties — 496,500 Convertible loans payable – related parties 700,195 2,608,860 Line of credit 94,975 94,975 Deferred rent — 536,812 Operating lease liability 43,962,492 — Total Long-term Liabilities 46,103,451 5,462,261 Total Liabilities 71,246,699 14,981,986 Commitments and Contingencies Stockholders’ Deficit Members’ Deficit — (11,214,050 ) Common stock (shares authorized, issued and outstanding – 90,000,000; 21,675,001; 21,675,001; respectively) 216 — Accumulated deficit (9,446,797 ) — Total Stockholders’ Deficit (9,446,581 ) (11,214,050 ) Total Liabilities and Stockholders’ Deficit $ 61,800,118 $ 3,767,936 Condensed Consolidated Statement of Operations (Unaudited) For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Rental Revenue $ 12,656,540 $ 6,728,686 $ 24,419,439 $ 11,688,873 Refunds and Allowances 2,455,202 2,545,820 5,118,676 4,199,978 Net Rental Revenue 10,201,338 4,182,866 19,300,763 7,488,895 Cost of Revenue 7,344,720 4,035,238 13,930,882 7,920,531 Gross Profit (Loss) 2,856,618 147,628 5,369,881 (431,636 ) General and Administrative Expenses Administrative and other 809,121 701,040 1,559,742 1,258,458 Professional fees 76,500 37,390 305,485 90,404 Total General and Administrative Expenses 885,621 738,430 1,865,227 1,348,862 Net Income (Loss) Before Other Income (Expense) 1,970,997 (590,802 ) 3,504,654 (1,780,498 ) Other Income (Expense) Other income 137,154 434 587,067 467 Interest and financing costs (595,742 ) (542,764 ) (1,159,879 ) (660,007 ) Total Other Expenses (458,588 ) (542,330 ) (572,812 ) (659,540 ) Income (Loss) Before Provision for Income Taxes 1,512,409 (1,133,132 ) 2,931,842 (2,440,038 ) Provision for Income Taxes Current 750,000 — 750,000 — Net Income (Loss) $ 762,409 $ (1,133,132 ) $ 2,181,842 $ (2,440,038 ) Basic and diluted earnings per common share $ 0.04 $ — $ 0.10 $ — Basic and diluted weighted average number of common shares outstanding 21,675,001 — 21,315,747 — Non-GAAP Financial Measures To supplement the condensed consolidate financial statements, which are prepared in accordance with GAAP, we use EBITDA as a non-GAAP financial measure. The following table provides reconciliation of net income (loss) to EBITDA: Three Months Ended June 30, (unaudited) Six Months Ended June 30, (unaudited) 2022 2021 2022 2021 Net Income (loss) $ 762,409 $ (1,133,132 ) $ 2,181,842 $ (2,440,038 ) Provision for Income Taxes $ 750,000 $ — $ 750,000 $ — Interest and Financing cost $ 595,742 $ 542,764 $ 1,159,879 $ 660,007 Depreciation Expense $ — $ — $ 2,556 $ — EBITDA $ 2,108,151 $ (590,368 ) $ 4,094,277 $ (1,780,031 ) EBITDA is defined as net income or loss before the impact of interest, taxes and depreciation and amortization. EBITDA is a key measure of our financial performance and measures our efficiency and operating cash flow before financing costs, taxes and working capital needs. We utilize EBITDA because it provides us with an operating metric closely tied to the operations of the business.

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced financial results for the second quarter (“Q2 2022”) and six months ended June 30, 2022. 2022 Second Quarter Financial Overview Compared to 2021 Second Quarter Net rental revenue rose 144% to $10.2 million from $4.2

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced financial results for the second quarter (“Q2 2022”) and six months ended June 30, 2022. 2022 Second Quarter Financial Overview Compared to 2021 Second Quarter Net rental revenue rose 144% to $10.2 million from $4.2 million Gross profit improved to $2.9 million, or 28% of net rental revenue, from $0.1 million, or 3.5% of net rental revenue Income before provision for income taxes improved to $1.5 million from a loss of $(1.1) million Net income improved to $0.8 million, or $0.04 per diluted share, from a net loss of $(1.1) million EBITDA was $2.1 million compared to EBITDA of $(0.6) million 2022 Six Months Financial Overview Compared to 2021 Six Months Net rental revenue rose 158% to $19.3 million from $7.5 million Gross profit improved to $5.4 million, or 28% of net rental revenue, from a loss of $(0.4) million Income before provision for income taxes improved to $2.9 million from a loss of $(2.4) million Net income improved to $2.2 million, or $0.10 per diluted share, from a net loss of $(2.4) million EBITDA was $4.1 million compared to EBITDA of $(1.8) million Operational Highlights Generated gross proceeds of $13.5 million via Initial Public Offering (August 2022) Commenced trading on Nasdaq Capital Market (August 2022) For the six months ended June 30, 2022, managed 590 units under long-term lease Subsequent to June 30, 2022, CHG announced the signings of separate 15-year Master Lease Agreements (“MLA”) with two luxury hotels in New York City and an historic boutique hotel in New Orleans Inclusive of these new MLAs, CHG’s portfolio currently consists of 10 hotel properties in eight U.S. cities comprising 1,037 units Based on current MLA pipeline, CHG expects more than 1,200 units to be operational in 10 cities during Q4 2022 “We are excited to announce our Q2 results, which we believe reflect the success of our asset-light business model, the vibrancy of our target markers, and the opportunities inherent in our industry,” said Brian Ferdinand, Chairman and Chief Executive Officer of CorpHousing Group. “Q2 2022 net rental revenue increased by 144%, gross profit increased 19-fold, net income improved by $1.9 million, and EBITDA for the quarter was $2.1 million. Our available units for rent increased quarter over quarter, occupancy rates improved as the effects of COVID pandemic wane, and we realized certain efficiencies from scale. “We currently operate hotels under long-term lease agreements in Boston, Denver, Los Angeles, greater Miami, New York City, Washington, DC, and Seattle, and will commence operations in New Orleans in mid-October. We are in various stages of negotiation with a variety of potential partners that represent thousands of additional hotel units in destination locations across the United States and Europe. We believe that we are creating win-win opportunities by providing property owners the ability to create stable cash flow streams to maximize returns on their properties, which have been significantly impacted by restrictions on travel and leisure activities due to the COVID-19 pandemic. CHG then markets these units under our customer facing LuxUrbanTM brand to increase occupancy rates and drive operational efficiencies, thus creating the opportunity to generate high margin, recurring and predictable revenue streams. Supported by a strengthened balance sheet and seasoned team of executives, we believe that are well positioned to advance our highly scalable, predictable, and profitable business model and look forward to our future with confidence.” Q2 2022 Overview Net rental revenue in Q2 2022 increased 144% to $10.2 million from $4.2 million in the second quarter ended June 30, 2021 (“Q2 2021”), driven primarily by an increase in average units available to rent from 376 in Q2 2021 to 565 at Q2 2022, as well as better occupancy rates and average daily rates (“ADRs”) over this period. Cost of revenue, which includes rental expenses for available units to rent, rose to $7.3 million in Q2 2022 from $4.0 million in Q2 2021, due primarily to the increase in size of CHG’s rental unit portfolio, as well as related increases in furniture rentals, cleaning costs, cable / WIFI costs and credit card processing fees. Gross profit improved to $2.9 million, or 28% of net rental revenue, from $0.1 million, or 3.5% of net rental revenue. Higher gross profit and gross margin was primarily attributable to a reduction in the impact of COVID-19 on our operations, higher unit counts and better occupancy rates and ADRs. Total general and administrative expenses in Q2 2022 increased to $0.9 million, or 9% of net rental revenue, from $0.7 million, or 18% of net rental revenue, in Q2 2021, attributable to an increased number of units in operation. Income before provision for income taxes improved to $1.5 million from a loss of $(1.1) million, reflecting a significant increase in net rental revenue in Q2 2022 compared to Q2 2021 and the benefits of scale-driven operating efficiencies. Net income improved to $0.8 million, or $0.04 per diluted share, compared to a net loss of $(1.1) million. EBITDA rose to $2.1 million, or 21% of net rental revenue, in Q2 2022 compared to negative EBITDA of $(0.6) million. For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Note Regarding Use of Non-GAAP Financial Measures" below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures. The company presents non-GAAP measures such as EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company's operating performance. Conference Call and Webcast The Company will host a conference call on Tuesday, September 27, 2022 at 9:00 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 webcast of the event may be accessed via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ltKz5SSV. CorpHousing Group Inc. CorpHousing Group (CHG) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing CHG favorable operating margins. CHG operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the Company’s properties are provided Heroic Service™ under CHG’s consumer brands, including LuxUrban. CHG’s Heroic ServiceTM provides guests a hassle-free experience which exceeds their expectations with “Heroes” who respond to any issue in a timely, thoughtful, and thorough manner. Forward Looking Statements This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated 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 the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). 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 projection 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. The Company seeks to achieve profitable, long-term growth by monitoring and analyzing key operating metrics, including EBITDA. The Company defines EBITDA as net income before interest, taxes, and depreciation. The Company’s management uses this non-GAAP financial metric and related computations to evaluate and manage the business and to plan and make near and long-term operating and strategic decisions. The management team believes this non-GAAP financial metric is useful to investors to provide supplemental information in addition to the GAAP financial results. Management reviews the use of its primary key operating metrics from time-to-time. EBITDA is not intended to be a substitute for any GAAP financial measure and as calculated, may not be comparable to similarly titled measures of performance of other companies in other industries or within the same industry. The Company’s management team believes it is useful to provide investors with the same financial information that it uses internally to make comparisons of historical operating results, identify trends in underlying operating results, and evaluate its business. A reconciliation of net income to EBITDA will be provided in the company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2022 to be filed on September 26, 2022, under the section thereof entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliation of Unaudited Historical Results to EBITDA.” Condensed Consolidated Balance Sheet (Unaudited) (unaudited) June 30, December 31, 2022 2021 ASSETS Current Assets Cash $ 556 $ 6,998 Processor retained funds 4,616,255 56,864 Prepaid expenses and other current assets 512,939 166,667 Deferred offering costs 1,234,500 771,954 Security deposits – current 276,943 276,943 Total Current Assets $ 6,641,193 $ 1,279,426 Other Assets Furniture and equipment, net 8,944 11,500 Restricted cash 1,100,000 1,100,000 Security deposits – noncurrent 4,108,010 1,377,010 Operating lease right-of-use asset, net 49,941,971 — Total Other Assets 55,158,925 2,488,510 Total Assets $ 61,800,118 $ 3,767,936 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current Liabilities Accounts payable and accrued expenses $ 5,301,053 $ 4,209,366 Rents received in advance 4,071,095 1,819,943 Merchant cash advances – net of unamortized costs of $0 and $57,768, respectively 575,489 1,386,008 Loans payable – current portion 2,780,054 1,267,004 Loans payable – SBA – PPP Loan – current portion 815,183 815,183 Convertible loans payable – related parties – current portion 2,596,865 — Loans payable – related parties – current portion 1,071,128 22,221 Operating lease liability – current 7,182,381 — Income taxes payable 750,000 — Total Current Liabilities 25,143,248 9,519,725 Long-Term Liabilities Loans payable 545,789 925,114 Loans payable – SBA – EIDL Loan 800,000 800,000 Loans payable – related parties — 496,500 Convertible loans payable – related parties 700,195 2,608,860 Line of credit 94,975 94,975 Deferred rent — 536,812 Operating lease liability 43,962,492 — Total Long-term Liabilities 46,103,451 5,462,261 Total Liabilities 71,246,699 14,981,986 Commitments and Contingencies Stockholders’ Deficit Members’ Deficit — (11,214,050 ) Common stock (shares authorized, issued and outstanding – 90,000,000; 21,675,001; 21,675,001; respectively) 216 — Accumulated deficit (9,446,797 ) — Total Stockholders’ Deficit (9,446,581 ) (11,214,050 ) Total Liabilities and Stockholders’ Deficit $ 61,800,118 $ 3,767,936 Condensed Consolidated Statement of Operations (Unaudited) For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Rental Revenue $ 12,656,540 $ 6,728,686 $ 24,419,439 $ 11,688,873 Refunds and Allowances 2,455,202 2,545,820 5,118,676 4,199,978 Net Rental Revenue 10,201,338 4,182,866 19,300,763 7,488,895 Cost of Revenue 7,344,720 4,035,238 13,930,882 7,920,531 Gross Profit (Loss) 2,856,618 147,628 5,369,881 (431,636 ) General and Administrative Expenses Administrative and other 809,121 701,040 1,559,742 1,258,458 Professional fees 76,500 37,390 305,485 90,404 Total General and Administrative Expenses 885,621 738,430 1,865,227 1,348,862 Net Income (Loss) Before Other Income (Expense) 1,970,997 (590,802 ) 3,504,654 (1,780,498 ) Other Income (Expense) Other income 137,154 434 587,067 467 Interest and financing costs (595,742 ) (542,764 ) (1,159,879 ) (660,007 ) Total Other Expenses (458,588 ) (542,330 ) (572,812 ) (659,540 ) Income (Loss) Before Provision for Income Taxes 1,512,409 (1,133,132 ) 2,931,842 (2,440,038 ) Provision for Income Taxes Current 750,000 — 750,000 — Net Income (Loss) $ 762,409 $ (1,133,132 ) $ 2,181,842 $ (2,440,038 ) Basic and diluted earnings per common share $ 0.04 $ — $ 0.10 $ — Basic and diluted weighted average number of common shares outstanding 21,675,001 — 21,315,747 — Non-GAAP Financial Measures To supplement the condensed consolidate financial statements, which are prepared in accordance with GAAP, we use EBITDA as a non-GAAP financial measure. The following table provides reconciliation of net income (loss) to EBITDA: Three Months Ended June 30, (unaudited) Six Months Ended June 30, (unaudited) 2022 2021 2022 2021 Net Income (loss) $ 762,409 $ (1,133,132 ) $ 2,181,842 $ (2,440,038 ) Provision for Income Taxes $ 750,000 $ — $ 750,000 $ — Interest and Financing cost $ 595,742 $ 542,764 $ 1,159,879 $ 660,007 Depreciation Expense $ — $ — $ 2,556 $ — EBITDA $ 2,108,151 $ (590,368 ) $ 4,094,277 $ (1,780,031 ) EBITDA is defined as net income or loss before the impact of interest, taxes and depreciation and amortization. EBITDA is a key measure of our financial performance and measures our efficiency and operating cash flow before financing costs, taxes and working capital needs. We utilize EBITDA because it provides us with an operating metric closely tied to the operations of the business.

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced it has acquired long-term rights to the Lafayette Hotel, a 60-unit historic boutique property located in New Orleans, LA, via a 15-year Master Lease Agreement (“MLA”). The Lafayette Hotel is CHG's first property in

MIAMI--(BUSINESS WIRE)--CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced it has acquired long-term rights to the Lafayette Hotel, a 60-unit historic boutique property located in New Orleans, LA, via a 15-year Master Lease Agreement (“MLA”). The Lafayette Hotel is CHG’s first property in New Orleans, joining the Company’s portfolio properties in New York, Washington, DC, Miami, Denver, Boston, and Seattle. CHG will manage and market the Lafayette Hotel to business and vacation travelers under its LuxUrbanTM brand, with operations expected to commence in October 2022. The addition of the Lafayette brings to 10 the total number of hotels in CHG’s portfolio and the 60 units added under this MLA increases CHG’s total units under long-term lease to 1037. The Lafayette Hotel is located on the fashionable St. Charles Avenue Streetcar Line, within the heart of the Historical Arts and Warehouse Districts in the Central Business District. The hotel is a short stroll from the French Quarter, Bourbon Street, the Ernest N. Morial Convention Center, the Superdome, the New Orleans Riverwalk, and the National World War II Museum. Desi Vega’s Steakhouse is also located inside of the Lafayette Hotel on St. Charles Avenue, offering patrons opportunity to wine and dine in downtown style. “An important long-term component of our post-IPO scaling strategy is entering new, destination markets that attract business and vacation travelers, and New Orleans certainly fits that bill,” said Brian Ferdinand, Chairman and Chief Executive Officer of CorpHousing Group. “New Orleans is a city that has something for everyone, including more than 1,200 restaurants, a rich multi-ethnic history, over 130 festivals each year, and a world class airport. We are very excited to offer this new property later this year.” New Orleans is known for its round-the-clock nightlife, live-music scene, and distinct cuisine that reflects the intersection of its French, African and American cultures. The city earned numerous awards and rankings during 2022, including: a #2 ranking on the Top 10 U.S. Cities list (Travel + Leisure); a #7 ranking on the Top 50 U.S. Destinations list (Conference Direct Meeting Mentor Magazine); a #3 ranking as a destination in the U.S. for City Lovers (Tripadvisor’s Travelers’ Choice); and a #2 ranking as the happiest travel destination in North America (Club Med). CorpHousing Group Inc. CorpHousing Group (CHG) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing CHG favorable operating margins. CHG operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the Company’s properties are provided Heroic Service™ under CHG’s consumer brands, including LuxUrban. CHG’s Heroic ServiceTM provides guests a hassle-free experience which exceeds their expectations with “Heroes” who respond to any issue in a timely, thoughtful, and thorough manner. Forward Looking Statements This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated 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 the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). 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 projection 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.