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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 (NYSE: BHR) announced the tax reporting details for 2021 distributions on its Series B, D, E, and M preferred shares. The Series B preferred stock received a total cash distribution of $1.3752 per share, while Series D received $2.0624 per share, Series E received $0.8330 per share, and Series M received $0.6832 per share. Notably, all distributions were classified as returns of capital, with 100% of the cash not taxable as dividends. The Company will post Form 8937 on its website to provide further details. Shareholders are advised to consult their tax advisors.
Ashford announced the conclusion of an SEC investigation into the company, stating that the SEC enforcement staff does not intend to recommend any action against Ashford, Braemar Hotels & Resorts, and Ashford Hospitality Trust. This investigation's closure is a significant relief for the companies, affirming their compliance with regulatory standards. Ashford operates in alternative asset management, focusing on real estate and hospitality sectors, providing various asset and investment management services.
Ashford Hospitality Trust (AHT) announced that the SEC has concluded its investigation without recommending any action against the company. Braemar Hotels & Resorts Inc. (BHR) and Ashford Inc. (AINC) also received similar notifications from the SEC. This marks a significant relief for these companies, particularly for AHT, which focuses on investing in upper upscale, full-service hotels. The announcement may positively influence investor sentiment, as regulatory uncertainties have been resolved.
Braemar Hotels & Resorts (NYSE: BHR) announced the conclusion of an SEC investigation without any recommended actions against the company. Both Ashford Hospitality Trust (NYSE: AHT) and Ashford Inc. (NYSE American: AINC) received similar letters confirming the closure of their investigations. This news signifies a positive outcome for all three companies, allowing them to move forward without pending legal concerns.
Braemar Hotels & Resorts Inc. (NYSE: BHR) announced quarterly dividends for its Series B, Series D, and monthly dividends for Series E and Series M Redeemable Preferred Stocks. The Series B dividend is $0.3438 per share, while Series D is $0.5156 per share, both payable on April 15, 2022. The Series E and M dividends are set at a quarterly rate of $0.50 and $0.5125, respectively, with monthly payments scheduled starting February 15, 2022. The company will continue suspending common stock dividends into 2022 to protect liquidity.
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.
Braemar Hotels & Resorts (NYSE: BHR) announced its fourth quarter earnings release for the year ending December 31, 2021, scheduled for February 24, 2022, after market close. A conference call will follow on February 25, 2022, at 11:00 a.m. ET. Investors can participate by calling (201) 493-6725, with a replay available until March 4, 2022. The live broadcast and replay will also be accessible on the company's website. Braemar specializes in luxury hotel and resort investments as a real estate investment trust (REIT).
Braemar Hotels & Resorts (NYSE: BHR) announced the acquisition of the Dorado Beach, a Ritz-Carlton Reserve for $186.6 million, comprising $104 million in cash, 6 million shares of common stock, and a $54 million loan. The 96-key ultra-luxury resort is located within a prestigious 1,900-acre community in Puerto Rico, boasting a RevPAR of $1,129. The acquisition is expected to close by February 1, 2022. This strategic move aims to enhance Braemar's portfolio with high RevPAR luxury hotels, anticipating a stabilized yield of approximately 8% over the next three to five years.
Braemar Hotels & Resorts (BHR) reported a portfolio occupancy of 60.8% in November 2021, with an average daily rate (ADR) of approximately $349, resulting in a RevPAR of about $212. This marks a 151% increase from November 2020 and a 3.8% increase from November 2019. Hotel Net Income for November was $1.2 million, with Comparable Hotel EBITDA at $8.3 million, compared to negative $1.7 million in November 2020. The company is experiencing improvements in business transient demand alongside strong leisure demand at resort properties.
Braemar Hotels & Resorts (NYSE: BHR) reported preliminary portfolio occupancy of 62.5% for October, achieving an average daily rate (ADR) of $337 and a revenue per available room (RevPAR) of $211. RevPAR increased by 12% compared to September 2021 but decreased by 13% from October 2019. Hotel net income for October was $2.3 million, with Comparable Hotel EBITDA reaching $9.8 million, up 108% from September 2021. The company's urban properties reported positive Hotel EBITDA amidst improving business transient demand.
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