Braemar Hotels & Resorts Inc Stock Price, News & Analysis

Braemar Hotels & Resorts Inc. announced the federal tax reporting information for 2022 distributions on its common and preferred shares on January 26, 2023. The common stock (BHR) distributions totaled $0.03 per share, classified entirely as ordinary taxable dividends. For Series B (BHRPrB), distributions were $1.3752 per share, while Series D (BHRPrD) totaled $2.0624 per share, all qualified as ordinary taxable dividends. Series E had distributions of $1.9732 and Series M was noted at $2.0601. Investors are advised to consult tax advisors regarding the implications of these distributions.

Braemar Hotels & Resorts (BHR) declared a $0.05 quarterly cash dividend for Q1 2023, totaling $0.20 annually, payable on April 17, 2023, to shareholders recorded by March 31, 2023. Additionally, dividends for preferred stock include $0.3438 for Series B, $0.5156 for Series D, and various amounts for Series E and M, all payable on April 17, 2023. As of December 31, 2022, there were over 12.6M Series E and 1.4M Series M shares outstanding.

Braemar Hotels & Resorts (BHR) reported expected fourth-quarter 2022 occupancy of about 64% and an average daily rate of $469, yielding a RevPAR of approximately $301. This marks an 8% increase in RevPAR compared to Q4 2021 and a robust 20% rise compared to Q4 2019. For December 2022 alone, RevPAR soared 26% vs. December 2019. This data is based on the performance of 16 hotel properties owned by the Company as of December 31, 2022.

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.