Braemar Hotels & Resorts Inc Stock Price, News & Analysis

Braemar Hotels & Resorts (NYSE: BHR) reported July portfolio occupancy at 69.6%, with an average daily rate (ADR) of $387, leading to a RevPAR of $269. This represents a 197% increase from July 2020 and a 14% increase from July 2019. The CEO, Richard J. Stockton, highlighted strong leisure demand and forecasted total revenues for August and September to exceed 30% compared to 2019. However, the company acknowledges risks affecting future performance, including COVID-19 impacts and market volatility.

Braemar Hotels & Resorts (BHR) has successfully acquired the 138-room Mr. C Beverly Hills Hotel in Los Angeles for $77.9 million. The deal includes $65.4 million for the hotel and $12.5 million for five luxury condominiums adjacent to it, with a cost of $474,000 per hotel key. Funding was sourced through approximately $30 million cash, 2.5 million OP units, 500,000 warrants at a $6 strike price, and a $30 million mortgage loan. This strategic acquisition aims to enhance BHR's luxury portfolio.

Ashford Securities LLC, a subsidiary of Ashford (NYSE: AINC), announced strong investment interest for its Braemar Hotels and Resorts Redeemable Non-traded Series E and Series M Preferred Stock. Launched on July 9, 2021, the initiative raised over $2.1 million, including $1.6 million from syndicate firms and $500,000 from personal investors. President C. Jay Steigerwald III expressed enthusiasm about the demand and emphasized long-term growth prospects in partnerships with stakeholders.

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.