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Overview of Braemar Hotels & Resorts Inc.
Braemar Hotels & Resorts Inc. (NYSE: BHR) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, ownership, and management of luxury hotels and resorts. The company's portfolio primarily consists of high revenue per available room (RevPAR) properties, strategically located in gateway cities, resort destinations, and other high-demand markets across the United States and the U.S. Virgin Islands. Braemar’s properties operate under globally recognized brands such as Marriott, Hilton, Ritz-Carlton, and Renaissance, providing a strong competitive advantage through brand equity and customer loyalty.
Core Business Model and Revenue Streams
Braemar generates revenue through its direct hotel investment segment, leveraging its portfolio of upscale and luxury hotels. Its diversified revenue streams include room bookings, food and beverage services, and other ancillary services such as event hosting and spa facilities. The company’s focus on high RevPAR properties ensures robust income generation, even in competitive markets. By targeting upscale and luxury segments, Braemar positions itself to attract affluent travelers and business clients, which supports higher margins and long-term asset appreciation.
Strategic Asset Management
Braemar employs a proactive asset management strategy aimed at maximizing shareholder value. This includes acquiring high-quality properties in prime locations, optimizing operations to improve profitability, and selectively disposing of non-core assets. Recent transactions, such as the sale of the Hilton La Jolla Torrey Pines, underscore the company’s commitment to refining its portfolio and enhancing financial flexibility. Additionally, Braemar’s refinancing initiatives and debt management efforts demonstrate its focus on maintaining a strong capital structure.
Market Position and Competitive Landscape
Operating in the competitive hospitality REIT sector, Braemar differentiates itself through its exclusive focus on luxury and upper-upscale properties. Its portfolio includes iconic assets in markets such as California, Texas, Florida, and Washington, D.C., which are known for their strong tourism and business travel demand. The company competes with other hospitality REITs by leveraging its partnerships with top-tier hotel brands and its strategic investments in high-demand locations. This approach not only enhances its market positioning but also mitigates risks associated with economic downturns.
Commitment to Shareholder Value
Braemar is dedicated to creating long-term value for its shareholders. The company’s initiatives include optimizing its capital structure, reducing interest expenses, and repurchasing shares. By focusing on high-quality assets and maintaining financial discipline, Braemar aims to deliver consistent returns while navigating market challenges. Its alignment with well-established hotel brands further supports its ability to drive strong financial performance and maintain investor confidence.
Industry Expertise and Operational Excellence
With deep experience in the luxury hospitality sector, Braemar’s management team brings a wealth of industry knowledge and strategic vision. The company’s focus on operational excellence is evident in its ability to maintain high occupancy rates and RevPAR metrics across its portfolio. By continuously evaluating market trends and adapting its strategy, Braemar demonstrates a commitment to staying at the forefront of the hospitality industry.
Conclusion
Braemar Hotels & Resorts Inc. stands out as a premier player in the luxury hospitality REIT space. Through its focus on high RevPAR properties, strategic asset management, and alignment with leading hotel brands, the company is well-positioned to capitalize on opportunities in the upscale and luxury travel markets. Its disciplined approach to portfolio optimization and financial management underscores its commitment to delivering value to shareholders while maintaining a strong competitive edge in the industry.
Braemar Hotels & Resorts (NYSE: BHR) has released its tax reporting information for 2024 distributions on common and preferred shares. The company's common stock distributions amounted to $0.20 per share, classified as 100% ordinary taxable dividend. For preferred shares, distributions varied by series, with Series B at $1.3752, Series D at $2.0624, and Series E at $1.8750 per share. Multiple Series M preferred stock distributions ranged from $2.0729 to $2.1104 per share.
All preferred share distributions followed a consistent tax treatment pattern: approximately 75.51% as capital gain distribution and 24.49% as return of capital. The distributions paid on January 16, 2024, to stockholders of record as of December 29, 2023, are reportable in 2024, while distributions paid on January 15, 2025, will be reportable in 2025.
Braemar Hotels & Resorts (NYSE: BHR) has successfully extended its mortgage loan for the 170-room Ritz-Carlton Lake Tahoe. The loan, which was set to mature in January 2025, now has a final maturity date in January 2026. The extension includes a $10 million paydown and features a reduced spread of SOFR + 3.25%.
The company is also actively engaging with lenders regarding a $293.2 million loan due in June 2025. CEO Richard Stockton expressed optimism about improving conditions in the hotel lending market and potential future financing opportunities.
Braemar Hotels & Resorts (NYSE: BHR) has announced its dividend declarations for the first quarter of 2025. The Board declared a quarterly cash dividend of $0.05 per share for common stock, payable on April 15, 2025, to stockholders of record as of March 31, 2025, representing an annual rate of $0.20 per share.
The company also declared dividends for its preferred stock series: 5.5% Series B ($0.3438 per share), 8.25% Series D ($0.5156 per share), Series E ($0.15625 monthly), and Series M ($0.17708 or $0.17500 monthly, depending on CUSIP). As of December 31, 2024, there were 14,910,521 shares of Series E and 1,476,621 shares of Series M Redeemable Preferred Stock outstanding.
Braemar Hotels & Resorts (NYSE: BHR), a REIT specializing in luxury hotels and resorts, has announced its schedule for the fourth quarter 2024 earnings release and conference call. The company will release its Q4 results after market close on Wednesday, February 26, 2025.
A conference call will be held the following day, Thursday, February 27, 2025, at 11:00 a.m. ET. Investors can join the interactive teleconference by calling (646) 960-0284. A replay will be available through March 6, 2025, via (609) 800-9909 using confirmation number 2925607.
The quarterly conference call will also be broadcast live on the company's website, www.bhrreit.com, with an online replay available for approximately one year.
Braemar Hotels & Resorts Inc. (NYSE: BHR) has announced the addition of Jay Shah to its Board of Directors as a new independent director. Shah, 56, brings extensive experience in the hospitality and real estate sectors, having served in various executive roles at Hersha Hotels & Resorts, including as CEO for 17 years and most recently as Executive Chairman.
Shah's background includes significant involvement in industry associations and educational institutions. He serves on Cornell University's Dean's Advisory Board for the School of Hotel Administration and is a member of the American Hotel & Lodging Association's Board of Directors. Shah holds degrees from Cornell University, Temple University Fox School of Business, and Temple University Beasley School of Law.
Braemar's Chairman, Monty J. Bennett, expressed enthusiasm for Shah's appointment, citing his valuable experience in both the lodging industry and public company matters.
Braemar Hotels & Resorts (NYSE: BHR) has announced its dividend declarations for the fourth quarter of 2024. The Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for common stock, payable on January 15, 2025. This equates to an annual rate of $0.20 per share. Additionally, dividends were declared for various preferred stock series:
- 5.5% Series B: $0.3438 per diluted share
- 8.25% Series D: $0.5156 per diluted share
- Series E: $0.15625 per share monthly
- Series M: $0.17708, $0.17500, or $0.17292 per share monthly, depending on CUSIP
All dividends will be paid to stockholders of record on their respective dates in December 2024 and January 2025. As of September 30, 2024, there were 15,138,572 shares of Series E and 1,596,285 shares of Series M Redeemable Preferred Stock outstanding.
Braemar Hotels & Resorts Inc. (NYSE: BHR) has announced the schedule for its third quarter 2024 earnings release and conference call. The company plans to release its financial results for the quarter ended September 30, 2024, after market close on Wednesday, November 6, 2024. A conference call to discuss the results is scheduled for Thursday, November 7, 2024, at 11:00 a.m. ET.
Investors can participate in the interactive teleconference by calling (646) 960-0284. A replay will be available until November 14, 2024, by dialing (609) 800-9909 with the confirmation number 2925607. Additionally, a live broadcast of the quarterly conference call will be accessible on the company's website, www.bhrreit.com, starting at 11:00 a.m. ET on November 7, 2024, with an online replay available for approximately one year.
Braemar Hotels & Resorts Inc. (NYSE: BHR) has successfully closed a $407 million refinancing involving five luxury hotels. The new loan offers a two-year initial term with three one-year extension options, potentially extending the final maturity to 2029. It features a floating interest rate of SOFR + 3.24% and is interest-only. By acquiring $42.2 million of the most junior tranche, Braemar effectively lowered its net spread on the remaining $364.8 million to SOFR + 3.01%.
This refinancing encompasses the Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, and The Ritz-Carlton St. Thomas. It replaces three existing loans with higher interest rates and earlier maturity dates. CEO Richard J. Stockton highlighted that this move results in a lower cost of capital, improves the company's maturity schedule, and extends its weighted average maturity.
Ashford Inc. announced the passing of W. Michael Murphy, a member of its Board of Directors, on July 24, 2024. Murphy, a distinguished hotel industry veteran, had served on Ashford Inc.'s board since August 2018. His extensive experience included board positions at Braemar Hotels & Resorts (NYSE: BHR) from 2013 to 2015 and Ashford Hospitality Trust (NYSE: AHT) from 2003 to 2013.
Monty J. Bennett, Ashford Inc.'s Chairman and CEO, expressed deep sadness at Murphy's passing, acknowledging his value as both a friend and business leader. The company extended condolences to Murphy's family on behalf of the directors, management, and the entire Ashford Group of Companies.
Braemar Hotels & Resorts Inc. (NYSE: BHR) has successfully closed the sale of the Hilton La Jolla Torrey Pines for $165 million, or $419,000 per key. This transaction, based on the trailing twelve months ended March 31, 2024, represents a 7.2% capitalization rate on net operating income, including anticipated capital expenditures of $40 million.
The sale removes BHR's last remaining 2024 debt maturity and showcases the high-quality nature of its portfolio. The company is evaluating the potential sale of two more hotels, subject to market conditions, to be completed in 2024 and 2025. This strategic move aligns with Braemar's focus on investing in luxury hotels and resorts as a real estate investment trust (REIT).
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