LuxUrban settles Washington Street lease litigation for $3.4M; eliminates $7.5M liabilities

LUXURBAN HOTELS INC.

Total settlement payment of ~$3.4M in installments through Nov 2026, resolving >$12M judgment.
Used $2.625M restricted cash; also covers ~$2.57M union fund obligations via monthly $183k payments to landlord.
Lease terminated; premises surrendered by June 6, 2025; elimination of $7.5M in liabilities.
Combined with Hotel 57 settlement, reduced union obligations by ~$7.1M in past 60 days.
Mutual releases executed; pending litigation dismissed upon surrender.

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