Dogged By 'Mistakes,' $1.2M Fine, Lawsuits And A Short Seller, Hotel Chain Shakes Up Leadership 19904

A Miami-based hotel operator was fined $1.2M by New York City last week for illegally operating short-term rentals in New York City for more than three years, but its potential troubles are far from over.

LuxUrban tities Hotels, which bills itself as an "asset-light" hotel chain because it master leases hotel buildings rather than buying them, has been hit with several lawsuits from landlords and vendors alleging it skipped out on bills. It is also the subject of a short-seller report that takes aim at the publicly traded firm's financial statements.