La Rosa Property Management Announces Intent to Acquire Celebration Corporate Center LLC Along with its Commercial Real Estate
Reaffirms target to generate $100 million of annualized revenue as a 2024 exit run rate
Celebration, FL, July 24, 2024 (GLOBE NEWSWIRE) — La Rosa Holdings Corp. (NASDAQ: LRHC) (“La Rosa” or the “Company”), a holding company for five agent-centric, technology-integrated, cloud-based, multi-service real estate segments, today announced that it has entered into a non-binding Letter of Intent to acquire Celebration Corporate Center LLC. The Company expects to acquire this entity through its wholly-owned subsidiary, La Rosa Property Management LLC (“LRPM”). As a result of the acquisition, LRPM will become a direct owner of Celebration Corporate Center LLC and its commercial real estate located in Celebration, Florida. LRPM specializes in property management services for owners of single-family residential properties and manages a diverse portfolio of properties across Florida. The Company anticipates finalizing the transaction in the third quarter of 2024.
According to their management, since its grand opening in 2008, Celebration Corporate Center has been Celebration’s only full-time executive center offering both full-time offices and virtual office solutions. Celebration Corporate Center specializes in virtual offices, executive suites, reception services, and meeting room rentals. It has 32 full-time offices and 248 virtual offices.
Joe La Rosa, CEO of the Company, commented, “This planned acquisition aligns perfectly with our strategic growth plan and reinforces our commitment to providing comprehensive real estate solutions. Through this acquisition, we intend to expand LRPM into the commercial real estate sector. This strategic move aligns with our growth objectives and allows us to diversify our portfolio, tapping into new market opportunities. By entering the commercial real estate space, we aim to leverage our expertise in property management to deliver exceptional value and service to a broader range of clients. LRPM properties under management increased by 17% year-to-date. We anticipate that properties under management will continue growing throughout the year and expect the annual growth rate to be at least approximately 30%. The continued growth in properties under management is expected to contribute to a significant increase in top-line revenue in 2024. We look forward to continuing on our trajectory toward achieving our annualized revenue run rate target of $100 million by the end of 2024, with the expectation of attaining profitability in 2025.”
The closing of the acquisition is subject to, and contingent upon, the parties entering into a definitive agreement. There can be no assurances that the acquisition will be consummated.
About La Rosa Holdings Corp.
La Rosa Holdings Corp. (Nasdaq: LRHC) is disrupting the real estate industry by offering agents a choice between a revenue share model or an annual fee-based model with 100% agent commissions. Leveraging its proprietary technology platform, La Rosa empowers agents and franchisees to deliver top-tier service to their clients. The Company provides both residential and commercial real estate brokerage services and offers technology-based products and services to its sales agents and franchise agents.
La Rosa’s business model is structured around internal services for agents and external services for the public, including residential and commercial real estate brokerage, franchising, real estate brokerage education and coaching, and property management. The Company has 22 La Rosa Realty corporate real estate brokerage offices and branches located in Florida, California, Texas, and Georgia. The Company also has 15 La Rosa Realty franchised real estate brokerage offices and branches and two affiliated real estate brokerage offices in the United States and Puerto Rico.
For more information, please visit: https://www.larosaholdings.com.
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Forward-Looking Statements
This press release contains forward-looking statements regarding the Company’s current expectations that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, our ability to successfully integrate acquisitions into our business operations, customer acceptance of new services, the demand for the Company’s services and the Company’s customers’ economic condition, the impact of competitive services and pricing, general economic conditions, the successful integration of the Company’s past and future acquired brokerages, the effect of the recent National Association of Realtors’ landmark settlement on our business operations, and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (the “SEC”). You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other reports and documents that we file from time to time with the SEC, including our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024. Forward-looking statements contained in this press release are made only as of the date of this press release, and La Rosa does not undertake any responsibility to update any forward-looking statements in this release, except as may be required by applicable law. References and links to websites have been provided as a convenience, and the information contained on such websites has not been incorporated by reference into this press release.
For more information, contact: info@larosaholdings.com
Investor Relations Contact:
Crescendo Communications, LLC
David Waldman/Natalya Rudman
Tel: (212) 671-1020
Email: LRHC@crescendo-ir.com
