Braemar Hotels & Resorts Inc Stock Price, News & Analysis

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.

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.