Braemar Hotels & Resorts Announces Preliminary RevPAR Results For Third Quarter 2021
Braemar Hotels & Resorts (BHR) announced a preliminary portfolio occupancy of 56.4% for September, with an average daily rate (ADR) of approximately $333, resulting in a RevPAR of about $188. This reflects a 166.7% increase from September 2020, yet a 20.8% decline from September 2019. For Q3 2021, an expected occupancy of 61.7% and ADR of $357 are forecasted, leading to an anticipated RevPAR of $220, which is a 172.4% year-over-year increase but 6.5% lower than Q3 2019.
- RevPAR increased by 166.7% compared to September 2020.
- Expected RevPAR for Q3 2021 reflects a 172.4% increase year-over-year.
- September 2021 occupancy fell short of expectations due to COVID-19 Delta variant concerns.
- Decline in RevPAR of 20.8% compared to September 2019.
- Q3 2021 anticipated RevPAR is 6.5% lower than Q3 2019.
DALLAS, Oct. 5, 2021 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") reported today preliminary portfolio occupancy of
"September's results appear to have fallen somewhat short of our initial expectations due to market concerns about the COVID-19 Delta variant. However, daily cases appear to be declining and we are optimistic that the momentum we have experienced in our operating performance will continue," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "Our Napa properties continue to be strong performers. In the month of September, Bardessono Resort and Spa and Hotel Yountville lead the portfolio in ADR, achieving
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission's investigation; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar's filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
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SOURCE Braemar Hotels & Resorts Inc.
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