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Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) specializing in the acquisition and management of high revenue per available room (RevPAR) luxury, upper-upscale, and upscale hotels. Operating across major U.S. states such as California, Texas, Washington, Florida, and Illinois, as well as in Washington, D.C. and St. Thomas, U.S. Virgin Islands, Braemar's portfolio is diverse and strategically located in key gateway and resort areas.
The company's core business involves direct hotel investments, generating revenues from room bookings, food and beverage services, and other hotel-related amenities. Braemar's properties proudly operate under renowned brand names including Marriott, Hilton, Courtyard, and Renaissance, among others.
Recent achievements highlight Braemar's dynamic approach to capital management and strategic growth. Notably, the company has successfully extended mortgage loans for significant properties like the Ritz-Carlton Lake Tahoe and the Four Seasons Resort Scottsdale, ensuring favorable financial terms and enhanced liquidity. Additionally, Braemar has secured a new $62 million mortgage financing for the Ritz-Carlton Reserve Dorado Beach, reflecting its ability to capitalize on favorable lending conditions.
Braemar's financial condition remains robust, with strategic initiatives such as the planned sale of the Hilton La Jolla Torrey Pines and a new stock repurchase program aimed at enhancing shareholder value. The company also focuses on liability management by redeeming preferred stocks and refinancing debts, further solidifying its financial flexibility.
Partnering with Ashford Inc., Braemar benefits from external advisory expertise, bolstering its strategic and operational effectiveness. The company's commitment to maintaining high-quality assets and optimizing its capital structure underscores its long-term vision of delivering sustained value to shareholders.
For the latest updates, news, and financial results, visit Braemar Hotels & Resorts Inc.
Braemar Hotels & Resorts (BHR) declared a $0.05 quarterly cash dividend for Q1 2023, totaling $0.20 annually, payable on April 17, 2023, to shareholders recorded by March 31, 2023. Additionally, dividends for preferred stock include $0.3438 for Series B, $0.5156 for Series D, and various amounts for Series E and M, all payable on April 17, 2023. As of December 31, 2022, there were over 12.6M Series E and 1.4M Series M shares outstanding.
Braemar Hotels & Resorts (BHR) reported expected fourth-quarter 2022 occupancy of about 64% and an average daily rate of $469, yielding a RevPAR of approximately $301. This marks an 8% increase in RevPAR compared to Q4 2021 and a robust 20% rise compared to Q4 2019. For December 2022 alone, RevPAR soared 26% vs. December 2019. This data is based on the performance of 16 hotel properties owned by the Company as of December 31, 2022.
Braemar Hotels & Resorts (NYSE: BHR) announced the schedule for its fourth quarter earnings release for the period ending December 31, 2022. The earnings report will be issued after market close on February 22, 2023. A conference call to discuss the results will be held on February 23, 2023, at 11:00 a.m. ET, with a replay available until March 2, 2023. Investors can access the live broadcast on Braemar's website, reflecting its focus on luxury hotels and resorts.
Braemar Hotels & Resorts (NYSE: BHR) announced the closing of a $100 million non-recourse mortgage loan for the Four Seasons Resort Scottsdale. The loan features a three-year term with options for extensions and an interest rate of SOFR + 3.75%. Proceeds will primarily pay off a higher interest loan on the Ritz-Carlton Reserve Dorado Beach, which has an interest rate of LIBOR + 6.00%. This refinancing is expected to lower the company's overall interest expense.
Braemar Hotels & Resorts reported preliminary expectations for Q4 2022, estimating net income between $0.5 million and $3.5 million, and Adjusted EBITDAre between $36.0 million and $39.0 million. These figures indicate a strong performance, particularly with RevPAR growth of 14% in October and 15% in November compared to 2019. The preliminary results are subject to adjustments as the company finalizes its financial statements, which are not yet audited.
Braemar Hotels & Resorts (NYSE: BHR) announced an increase in its quarterly cash dividend from $0.01 to $0.05 per share, effective for the fourth quarter ending December 31, 2022. The annual dividend rate now stands at $0.20 per share, payable on January 17, 2023. Additionally, the company authorized a $25 million stock repurchase program, which may be executed through various means, depending on market conditions. The dividend policy will be reviewed quarterly but does not guarantee future payouts.
Braemar Hotels & Resorts (NYSE: BHR) reported preliminary November 2022 portfolio occupancy at approximately 64%, with an average daily rate (ADR) of $394, leading to a RevPAR of $253. This marks a 5% increase year-over-year and a 15% rise since November 2019. October 2022 figures showed 73% occupancy and an ADR of $382, yielding a RevPAR of $280, up 25% from October 2021 and 14% from 2019. CEO Richard J. Stockton highlighted these results as significant, predicting ongoing growth toward pre-pandemic occupancy levels.
Braemar Hotels & Resorts (NYSE: BHR) has finalized its acquisition of the Four Seasons Resort Scottsdale at Troon North for $267.8 million. Funded entirely through cash reserves, the deal emphasizes the property's value at $1.2 million per key, reflecting a 5.7% capitalization rate on a net operating income of $14.2 million. With a stabilized yield projection of approximately 8.0% expected in 3-5 years, the acquisition also includes 5.7 acres of developable land, potentially allowing for new hotel keys and commercial facilities.
Braemar Hotels & Resorts (NYSE: BHR) announced the acquisition of the Four Seasons Resort Scottsdale at Troon North for $267.8 million, expected to close in Q4 2022. This acquisition enhances Braemar's luxury portfolio, targeting high revenue per available room (RevPAR). The resort features 210 rooms and world-class amenities, with a forecasted RevPAR of $407 for 2022. The deal is fully funded by cash on hand, with no equity issuance, aiming for an 8.0% yield over the next 3-5 years.
Braemar Hotels & Resorts (BHR) announced preliminary financial expectations for Q3 2022, showing a net loss attributable to common stockholders between $(14.7) million and $(13.3) million, or $(0.21) to $(0.19) per share. Adjusted EBITDAre is expected to range from $33.3 million to $34.7 million, with Adjusted FFO estimated at $12.0 million to $13.4 million. For the nine months ended Sept 30, 2022, net income is projected between $6.9 million and $8.3 million. The final results will be disclosed on November 2, 2022.
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