Braemar Hotels & Resorts Inc Stock Price, News & Analysis

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.

Braemar Hotels & Resorts (NYSE: BHR) reported preliminary results for Q3 2022, expecting an occupancy rate of approximately 71%. The average daily rate is anticipated to be around $403, leading to a RevPAR of $288, reflecting a 19% increase year-over-year and compared to Q3 2019. In September 2022, RevPAR surged 16% against September 2019 metrics, while August and July also showed notable increases. CEO Richard J. Stockton highlighted the outperformance amid strong leisure demand, with average daily rates up 36% versus Q3 2019, signaling continued growth potential.