Braemar Hotels & Resorts Inc - BHR STOCK NEWS

Braemar Hotels & Resorts (NYSE: BHR) announced preliminary second quarter results for 2021, reporting a net loss attributable to common stockholders of approximately $(16.3) million to $(14.9) million, equating to $(0.34) to $(0.31) per share. Adjusted EBITDAre is estimated between $18.9 million and $20.3 million, while Adjusted FFO is projected at $12.3 million to $13.7 million. The company attributes positive results to strong leisure demand and profit margins from luxury resorts. Final results will be released on July 29, 2021.

Braemar Hotels & Resorts (NYSE: BHR) declared regular cash dividends for the third quarter ending September 30, 2021. Shareholders will receive a quarterly dividend of $0.3438 per share for the 5.50% Series B Preferred Stock and $0.5156 for the 8.25% Series D Preferred Stock, both payable on October 15, 2021. Additionally, monthly dividends for Series E and Series M Redeemable Preferred Stock will be $0.1666 and $0.1708 per share, respectively, with the first payments occurring on August 16, 2021. This indicates company stability in providing returns to shareholders.

Braemar Hotels & Resorts (BHR) reported a June 2021 RevPAR of approximately $211.43, up 366% from June 2020, but down 15% compared to June 2019. May 2021 RevPAR was $172.03, increasing 1,748% year-over-year and declining 25% from 2019. The company expects a 871% increase in RevPAR for Q2 2021 versus Q2 2020, with a 20% decline from Q2 2019. Strong leisure demand is driving recovery at luxury properties, with a quarter RevPAR of $186.72, an ADR of $379.73, and 49.2% occupancy.

Ashford Inc. (NYSE American: AINC) has announced the retirement of Robert Haiman, Executive VP, General Counsel, and Secretary, effective June 30, 2021, after nearly 17 years with the company. Alex Rose will succeed him as Executive VP, General Counsel, and Secretary starting July 1, 2021. Haiman will remain available for consultation for three years. Rose brings extensive legal experience from Kirkland & Ellis, where he handled complex transactions. This leadership change aims to ensure continuity and strengthen the company's legal strategy.

Braemar Hotels & Resorts (BHR) announced its inclusion in the Russell 2000®, Russell 3000®, and Microcap® Indexes, effective June 28, 2021. This addition signifies a recognition of the company's growth and aims to enhance visibility among investors. The Russell indexes, with $10.6 trillion in assets benchmarked, are widely utilized by investment managers. CEO Richard J. Stockton emphasized the importance of this milestone for maximizing shareholder value. The company focuses on luxury hotel investments and acknowledges potential risks outlined in its forward-looking statements, particularly relating to market conditions and regulatory factors.

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.