Braemar Hotels & Resorts Inc. - BHR STOCK NEWS

Braemar Hotels & Resorts declared quarterly cash dividends for its preferred stocks. For the 5.5% Series B Cumulative Convertible Preferred Stock, the dividend is $0.3438 per share, with an annual rate of $1.375, payable on July 15, 2021, to shareholders on record as of June 30, 2021. For the 8.25% Series D Cumulative Preferred Stock, the dividend is $0.5156 per share, translating to an annual rate of $2.0625, also payable on July 15, 2021. These actions highlight the company's commitment to returning value to shareholders.

Braemar Hotels & Resorts (NYSE: BHR) announced its executives will present at the Nareit REITweek 2021 Virtual Investor Conference on June 10, 2021, at 9:45 a.m. ET. Interested investors can register for the live presentation through the official registration link. An on-demand recording will be available throughout the conference. Braemar focuses on investing in luxury hotels and resorts.

Forward-looking statements in the release include potential impacts of COVID-19 and market conditions on business strategy.

Braemar Hotels & Resorts Inc. (BHR) has announced the acquisition of the 138-room Mr. C Beverly Hills Hotel for $77.9 million. The deal includes 2.5 million OP units, 500,000 warrants, and $30 million cash primarily for debt repayment. The purchase price reflects a competitive $474,000 per key and a 5.0% capitalization rate based on net operating income. The hotel's RevPAR was $251.14 for 2019, and Remington will manage it post-acquisition. The transaction is set to close by July 9, 2021, pending customary conditions. The acquisition is expected to enhance the company's luxury hotel portfolio significantly.

Braemar Hotels & Resorts (NYSE: BHR) has successfully completed a private placement of $86.25 million in 4.5% Convertible Senior Notes due 2026. The offering included $11.25 million from the exercise of an option to purchase additional notes. The notes, which pay interest semi-annually, are convertible into shares at an initial rate of 157.7909 shares per $1,000 principal amount, equating to approximately $6.34 per share. Proceeds will be used for debt repayment and general corporate purposes.

Braemar Hotels & Resorts announced the pricing of a private placement of $75 million in 4.5% Convertible Senior Notes due 2026. An additional $11.25 million may be purchased at the initial buyer's discretion. The Notes will pay interest semi-annually and are convertible into common shares at an initial rate of 157.7909 shares per $1,000 principal. Proceeds will be used for general corporate purposes, including debt repayment and potential acquisitions. The offering is targeted at qualified institutional buyers under Rule 144A.

Braemar Hotels & Resorts (NYSE: BHR) announced a private placement of $50 million in Convertible Senior Notes due 2026. The offering includes a 13-day option for the initial purchaser to buy an additional $7.5 million in Notes. These senior unsecured obligations can be converted into cash, shares, or a combination at Braemar's discretion. Proceeds will be used for general corporate purposes, including paying down debt and potential acquisitions. The offering is restricted to qualified institutional buyers under Rule 144A, with no public registration.

Braemar Hotels & Resorts (NYSE: BHR) announced preliminary estimates for Q1 2021, reporting a net loss attributable to common stockholders between $(11.7) million and $(10.7) million, or $(0.29) to $(0.27) per share. Adjusted EBITDAre is estimated at $16.1 million to $17.1 million, while Adjusted FFO ranges from $9.7 million to $10.7 million. CEO Richard J. Stockton highlighted strong leisure demand at luxury properties and a positive corporate cash flow ahead of schedule. Final results will be disclosed on May 5, 2021.

Braemar Hotels & Resorts Inc. (NYSE: BHR) announced that it will release its first-quarter earnings results for the period ending March 31, 2021, after the market closes on May 5, 2021. A conference call to discuss the earnings will take place on May 6, 2021, at 11:00 a.m. ET. Investors can participate by calling (201) 493-6725, and a replay will be available until May 13, 2021. Braemar is a REIT focused on luxury hotels and resorts, enhancing investor engagement through the Ashford App, which is available for download on major app stores.

Braemar Hotels & Resorts Inc. (NYSE: BHR) reported key operating metrics for October and November 2020. The company maintained 13 hotels, with occupancy rates at 48.9% in October (down 33.6% year-over-year) and 44.9% in November (down 34.7%). Average daily rates (ADR) were $341.78 in October (down 0.9%) and $388.63 in November (up 15.3%). Revenue per available room (RevPAR) decreased 34.2% to $167.08 in October and 24.7% to $174.58 in November. Total hotel revenue decreased by 30.8% in October and 27.9% in November. Forward bookings show a 39% drop for December 2020 compared to the previous year.