BRAEMAR HOTELS & RESORTS ANNOUNCES PRELIMINARY REVPAR RESULTS FOR FOURTH QUARTER 2021

Rhea-AI Summary

Braemar Hotels & Resorts (NYSE: BHR) reported a preliminary portfolio occupancy of 60% for December 2021, with an average daily rate (ADR) of approximately $494, resulting in a RevPAR of about $296. This marks a 189% increase from December 2020 and a 29% increase from December 2019. For Q4 2021, occupancy is expected to be 61%, and RevPAR is projected at $240, reflecting a 163% increase from Q4 2020 and a 7% increase from Q4 2019. The company credits its luxury resorts for this strong performance, achieving the highest quarterly RevPAR in its history.

Positive

• RevPAR for December 2021 increased 189% year-over-year.
• RevPAR for December 2021 rose 29% compared to December 2019.
• Highest quarterly RevPAR in the company's history.

Negative

• None.

DALLAS, Jan. 6, 2022 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") reported today preliminary portfolio occupancy of 60% for the month of December 2021 with an average daily rate ("ADR") of approximately $494 resulting in RevPAR of approximately $296. This RevPAR reflects an approximate increase of 189% versus December 2020 and an increase of approximately 29% versus December 2019.  The Company expects to report occupancy of 61% for the fourth quarter of 2021 with an ADR of approximately $393 resulting in RevPAR of approximately $240. This RevPAR reflects an approximate increase of 163% compared to the fourth quarter of 2020 and an increase of approximately 7% compared to the fourth quarter of 2019.

"Driven by the incredibly strong performance of our luxury resorts, we're extremely pleased to report that Braemar's December 2021 RevPAR increased approximately 29% compared to December 2019 and our fourth quarter 2021 RevPAR increased 7% compared to the fourth quarter of 2019," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "I am delighted to announce that we achieved the highest quarterly RevPAR in our Company's history and, as we enter 2022, we're excited about our opportunities to deliver continued growth."

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.

FAQ

What is Braemar Hotels & Resorts' RevPAR for December 2021?

The RevPAR for December 2021 was approximately $296.

How does December 2021's RevPAR compare to December 2020?

December 2021's RevPAR reflects a 189% increase compared to December 2020.

What is Braemar Hotels & Resorts' projected occupancy for Q4 2021?

Braemar expects an occupancy of 61% for Q4 2021.

What was the average daily rate (ADR) for December 2021?

The average daily rate for December 2021 was approximately $494.

How has Braemar's RevPAR changed from Q4 2020 to Q4 2021?

RevPAR increased 163% from Q4 2020 to Q4 2021.