Core Viewpoint - Braemar Hotels & Resorts Inc. is set to release its first-quarter earnings results for the period ending March 31, 2025, on May 7, 2025, after market close [1][2]. Group 1: Earnings Release Details - The earnings release will be issued after market close on May 7, 2025 [2]. - A conference call to discuss the earnings will take place on May 8, 2025, at 11:00 a.m. ET [2]. - The conference call can be accessed by calling (646) 960-0284, with a replay available until May 15, 2025, at (609) 800-9909 using confirmation number 2925607 [2]. Group 2: Online Availability - The live broadcast of the quarterly conference call will be available on the company's website starting at 11:00 a.m. ET on May 8, 2025 [3]. - An online replay of the conference call will be accessible shortly after the call and will remain available for approximately one year [3]. Group 3: Company Profile - Braemar Hotels & Resorts operates as a real estate investment trust (REIT) with a focus on investing in luxury hotels and resorts [3].

Hotel Properties Overview - The company owns interests in 15 hotel properties across seven states, the District of Columbia, Puerto Rico, and St. Thomas, U.S. Virgin Islands, totaling 3,807 rooms, with 3,667 net rooms after excluding joint venture partner contributions[13]. - Ashford LLC manages all hotel properties, focusing on maximizing operating performance and cash flow through strategic asset management[25]. - The company is advised by Ashford Hospitality Advisors LLC, which provides asset management and operational accountability for the hotel properties[14][19]. Financial Performance - The company’s total net income for the year ended December 31, 2024, was $30.07 million, with EBITDA of $179.03 million[30]. - For the year ended December 31, 2024, the total weighted average occupancy rate across all properties was 67.00%, with an average daily rate (ADR) of $465.21 and revenue per available room (RevPAR) of $311.68[30]. - Approximately 75% of rooms revenue was generated by transient business, 23% from group sales, and 2% from contract sales for the year ended December 31, 2024[29]. Capital Expenditures and Investments - The Notary Hotel has incurred approximately $62.8 million in capital expenditures since its acquisition in 2007, enhancing its facilities and services[45]. - The company intends to pursue a disciplined capital allocation strategy, selectively selling properties that no longer align with its investment strategy to redeploy capital into higher-return opportunities[28]. - The company plans to concentrate investments in markets with significant growth opportunities, considering factors like supply risk and potential for RevPAR increases post-renovation[23]. Revenue and Occupancy Rates by Property - Capital Hilton achieved an occupancy rate of 78.6% in 2024, up from 72.9% in 2023 and 65.2% in 2022[34]. - Average Daily Rate (ADR) for Capital Hilton increased to $262.26 in 2024, compared to $250.11 in 2023 and $228.36 in 2022, reflecting a growth of 4.6% year-over-year[34]. - Revenue per Available Room (RevPAR) for Capital Hilton rose to $206.23 in 2024, a 13.1% increase from $182.39 in 2023 and a 38.5% increase from $148.82 in 2022[34]. - Total revenue for Capital Hilton reached $65.134 million in 2023, up from $57.716 million in 2022, marking a growth of 12.3%[34]. - Marriott Seattle Waterfront reported a 73.0% occupancy rate in 2024, an increase from 70.7% in 2023 and 56.9% in 2022[38]. - The ADR for Marriott Seattle Waterfront was $307.67 in 2024, up from $298.39 in 2023 and $286.14 in 2022, indicating a year-over-year increase of 3.8%[38]. - RevPAR for Marriott Seattle Waterfront improved to $224.48 in 2024, a 6.8% increase from $210.94 in 2023 and a 38.0% increase from $162.75 in 2022[38]. - Total revenue for Marriott Seattle Waterfront was $38.776 million in 2023, compared to $34.629 million in 2022, reflecting a growth of 12.4%[38]. - The Notary Hotel reported a total revenue of $36,455,000 for 2024, up 10.9% from $33,117,000 in 2023 and 32.1% from $27,536,000 in 2022[49]. - The Notary Hotel's occupancy rate improved to 67.0% in 2024, compared to 62.4% in 2023 and 55.9% in 2022[49]. - Sofitel Chicago Magnificent Mile achieved total revenue of $37,568,000 in 2024, a 10.0% increase from $33,917,000 in 2023[53]. - The occupancy rate for Sofitel Chicago Magnificent Mile rose to 72.5% in 2024, up from 70.3% in 2023 and 65.4% in 2022[53]. - Total revenue for The Ritz-Carlton St. Thomas decreased to $74.375 million in 2024 from $75.394 million in 2023, down 1.4% year-over-year[66]. - Total revenue for the Park Hyatt Beaver Creek Resort & Spa decreased to $47.907 million in 2024 from $49.335 million in 2023, a decline of 2.9%[71]. - Total revenue for Hotel Yountville decreased to $14.711 million in 2024 from $15.296 million in 2023, a decline of 3.8%[76]. - Total revenue for The Ritz-Carlton Sarasota increased to $86.764 million in 2024 from $85.520 million in 2023, an increase of 1.5%[81]. - The Cameo Beverly Hills hotel generated total revenue of $13.139 million in 2023, down from $16.113 million in 2022[94]. - The Ritz-Carlton Reserve Dorado Beach achieved total revenue of $78.388 million in 2024, compared to $83.744 million in 2023[100]. - Total revenue for the year ended December 31, 2024, was $72,113,000, representing a 6.4% increase from $67,666,000 in 2023 and a 17.7% increase from $61,253,000 in 2022[105]. Debt and Financing Strategy - As of December 31, 2024, total indebtedness was approximately $1.2 billion, with a weighted average interest rate of 7.23% per annum[115]. - Approximately 92.9% of the company's debt bears interest at a variable rate of SOFR plus 3.55%[115]. - The company targets a leverage ratio of 35% net debt to gross assets for its financing strategy[116]. - The company intends to finance long-term growth through operating cash flow, equity issuances, and secured and unsecured debt financings[116]. Management Agreements and Fees - The company operates hotel properties through third-party management agreements, ensuring compliance with REIT regulations[145]. - Management fees for hotel properties range from 3.0% to 5.0% of gross revenues, with additional incentive fees based on operating income[147]. - The Capital Hilton has a management fee of 3% and an owner's priority return of 11.5% on a total investment of $174,950,115[147]. - The Marriott Seattle Waterfront has a management fee of 3% and an owner's first priority return of 10.75% on a total investment of $91,571,054[147]. - The Notary Hotel has a management fee of 4% and an owner's priority return of $9,053,011, with additional fees based on capital expenditures[148]. - The Ritz-Carlton St. Thomas has a management fee of 3.0% and an owner's priority return of $11,097,622[148]. - The Four Seasons Resort Scottsdale has a management fee of 3.5% and an owner's priority return of $19,741,351.59, which will be reduced to zero in January 2039[149]. Performance Metrics and Termination Clauses - The performance termination threshold for Marriott Seattle Waterfront is set at 9.5% of the total investment in the hotel, while The Clancy and The Notary Hotel have thresholds of 82.6% and 85% of the owner's priority return, respectively[156]. - The hotel's yield index must not fall below 90% to avoid performance termination under the Hilton management agreement[164]. - The management agreement allows for termination without a fee if the manager fails to achieve certain performance criteria over two consecutive fiscal years[155]. - The hotel management agreement allows termination without a fee if the hotel's RevPAR is less than 90% of its competitive set for two consecutive operating years[181]. - The adjusted net operating income must be above a hurdle amount of approximately $13.9 million plus 8% of capital expenditures to avoid performance termination[181]. Related Party Transactions and Advisory Agreements - The company has established a Related Party Transactions Committee to review conflicts involving related party transactions[144]. - The advisory agreement allows for the potential spin-off or transfer of assets to a new entity, which would also be advised by Ashford LLC[142]. - The company must reimburse Ashford LLC for all costs incurred in connection with the performance of its services, with no specific limitation on the amount[138].

DALLAS, March 10, 2025 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that it has closed on a refinancing involving five hotels. The new loan totals $363 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final maturity to 2030. The loan is interest only and provides for a floating interest rate of SOFR + 2.52%. The loan is secured by five hotels:  The Clancy, The ...

While Braemar Hotels & Resorts (NYSE: BHR ) 8.25% Series D Preferreds (NYSE: BHR.PR.D ) are up more than 6% since my last article rating them as a buy, the rally likely has more roomThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, high-dividend tickers, REITs, and green energy firms.Analyst’s Dis ...

Financial Data and Key Metrics Changes - The company reported a fourth quarter comparable RevPAR of $305, reflecting a 1.9% increase over the prior year quarter, and a comparable total hotel revenue increase of 5.3% [10][11] - For the full year, the company reported a net loss attributable to common stockholders of $50.9 million or $0.77 per diluted share, and AFFO per diluted share of $0.21 [27][28] - Adjusted EBITDAre for the quarter was $30.2 million and for the full year was $157.6 million [27] Business Line Data and Key Metrics Changes - Group revenue increased by 7% in the fourth quarter, indicating a resurgence in group bookings and events [11] - The luxury resort portfolio achieved a comparable RevPAR of $515, a 1.3% increase over the prior year period, with combined comparable hotel EBITDA of $31 million, a 4.1% increase [13] - Urban hotels achieved comparable RevPAR growth of 3.3% in the fourth quarter, with strong performance across all demand segments [13][14] Market Data and Key Metrics Changes - The company noted that January RevPAR was impressive, with growth over the prior year, and excluding the Capital Hilton, portfolio RevPAR growth was still over 9% [14] - The company experienced fluctuations in the Los Angeles market due to recent events, but February saw a return to stable group bookings [24][25] Company Strategy and Development Direction - The company is in active discussions for refinancing a $193 million loan maturing in June, which will eliminate remaining debt maturities in 2025 [10] - The company plans to invest between $75 million and $95 million in capital expenditures in 2025 to enhance its luxury portfolio [51] - The company is focusing on optimizing revenue opportunities and enhancing guest experiences through strategic renovations and operational efficiencies [16][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return of steady growth in resort markets, driven by historically low supply growth [71][72] - The company is encouraged by the positive performance in January and anticipates continued strength in group bookings and overall demand [68][69] - Management highlighted the favorable environment for hotel debt capital markets, which is becoming more attractive for borrowers [35] Other Important Information - The company redeemed approximately $80 million of non-traded preferred stock, representing about 17% of the original capital raise [22] - The company announced a quarterly stock dividend of $0.05 per share, equating to an annual yield of approximately 7.7% [33] Q&A Session Summary Question: Can you provide an update on capital expenditures in Tahoe and spending plans for 2025? - Management confirmed that Tahoe renovations are complete, with a small project planned for under $2 million in 2025 [58] Question: Is the company still restricted from repurchasing common stock? - Management confirmed that they are currently restricted from repurchasing common stock [61] Question: Can you elaborate on the RevPAR strength in January and its sustainability? - Management noted that January performance benefited from calendar shifts and capital investments, leading to broad-based demand [67][69] Question: What is the outlook for the transaction market regarding high-quality assets? - Management indicated strong interest from buyers and a positive reception for hotel sales, suggesting higher transaction volumes in the future [78][80]

Core Viewpoint - Braemar Hotels & Resorts reported a quarterly loss of $0.06 per share, missing the Zacks Consensus Estimate of $0.10, and showing a significant decline from the previous year's FFO of $0.04 per share, resulting in an FFO surprise of -160% [1] Financial Performance - The company posted revenues of $173.34 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 6.28%, but down from $177.53 million in the same quarter last year [2] - Over the last four quarters, Braemar Hotels & Resorts has surpassed consensus revenue estimates two times [2] Stock Performance - Shares of Braemar Hotels & Resorts have declined approximately 10.3% since the beginning of the year, contrasting with the S&P 500's gain of 1.3% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.35 on revenues of $199.3 million, and for the current fiscal year, it is $0.54 on revenues of $687 million [7] - The outlook for the REIT and Equity Trust - Other industry is currently in the bottom 46% of Zacks industries, which may impact the stock's performance [8]

Financial Performance - Net loss attributable to common stockholders for Q4 2024 was $(31.1) million or $(0.47) per diluted share, with an AFFO of $(0.06) per diluted share[5]. - For the full year 2024, net loss attributable to common stockholders was $(50.9) million or $(0.77) per diluted share, with an AFFO of $0.21 per diluted share[12]. - The company reported a net loss of $21.8 million for the three months ended December 31, 2024, compared to a loss of $21.5 million in the same period of 2023[26]. - The company reported a net income loss of $21,767 million for the period[84]. - The company reported a net income of $2,914 million for the year ended December 31, 2024, compared to a net loss of $28,426 million in the previous year[113]. Revenue and Occupancy Metrics - Comparable RevPAR for all hotels increased 1.9% year-over-year to $305, while Comparable ADR increased 0.4% to $480 and Comparable Occupancy increased 1.5% to 63.5%[5]. - Total hotel revenue for the year ended December 31, 2024, was $728.4 million, a decrease of 1.4% from $739.3 million in 2023[26]. - Total hotel revenue for the three months ended December 31, 2024, was $145,972, a decrease of 5.42% compared to $154,334 in 2023[51]. - RevPAR for the year ended December 31, 2024, was $310.52, a slight increase of 1.25% from $306.69 in 2023[40]. - The occupancy rate for the three months ended December 31, 2024, was 63.54%, slightly down from 63.61% in 2023[39]. EBITDA and Financial Ratios - Adjusted EBITDAre for Q4 2024 was $30.2 million, and Comparable Hotel EBITDA was $41.1 million for the quarter[5]. - Adjusted EBITDAre for the full year 2024 was $157.6 million, and Comparable Hotel EBITDA was $179.0 million[12]. - Hotel EBITDA for the year ended December 31, 2024, was $188,137,000, down 8.87% from $206,439,000 in 2023[46]. - Total hotel EBITDA was $43,347 million, reflecting a significant recovery from the previous year's EBITDA of $30,054 million[113]. - The weighted average interest rate on total indebtedness was 7.23% as of December 31, 2024[32]. Cash and Debt Management - The Company ended Q4 2024 with cash and cash equivalents of $135.5 million and restricted cash of $49.6 million[5]. - The Company has a net debt to gross assets ratio of 40.8% at the end of Q4 2024[5]. - Indebtedness, net, rose to $1.210 billion as of December 31, 2024, compared to $1.162 billion in 2023, an increase of 4.1%[24]. - Total liabilities increased slightly to $1.414 billion as of December 31, 2024, from $1.408 billion in 2023[24]. - Interest expense totaled $24,591 million, indicating significant financial costs[84]. Capital Expenditures and Investments - The Company invested $15.8 million in Capex during Q4 2024 and $70.6 million for the full year[5][12]. - The company anticipates significant capital expenditures in 2024 and 2025, particularly for hotels with expected displacement[79]. - The company is focusing on expanding its hotel portfolio, with 15 properties included in operations as of December 31, 2024[100]. Dividends and Shareholder Returns - A quarterly cash dividend of $0.05 per diluted share was declared for Q1 2025, equating to an annual rate of $0.20 per share[9]. - The company declared dividends of $0.05 per common share for both the three months ended December 31, 2024, and 2023[26]. Market Expansion and Future Outlook - The company anticipates continued focus on market expansion and new product development in the upcoming quarters[69]. - Future guidance suggests continued growth in occupancy and revenue, driven by strategic marketing and operational improvements[87]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its geographic footprint[86]. - The company is committed to enhancing its brand presence through strategic marketing initiatives and partnerships[100]. Property-Specific Performance - Rooms revenue for Pier House Resort & Spa increased to $5,897, a 2.02% rise compared to $5,780 in 2023[56]. - Hotel net income for Pier House Resort & Spa surged to $3,021, marking a 142.07% increase from $1,248 in 2023[56]. - Rooms revenue for Hotel Yountville decreased to $2,862, down 5.61% from $3,032 in 2023[56]. - Hotel net income for The Notary Hotel increased to $2,739, a 64.50% rise from $1,665 in 2023[56]. - Total hotel revenue for The Ritz-Carlton Sarasota rose by 1.45% to $86,764 compared to $85,520 in 2023[66].

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Core Viewpoint - Braemar Hotels & Resorts Inc. has announced the tax reporting information for its 2024 distributions on common and preferred shares, detailing the income tax treatment applicable to each distribution [1][2]. Distribution Summary - The common stock distribution for 2024 is $0.20 per share, with 100% classified as a return of capital [3]. - The Series B Cumulative Convertible Preferred Stock distribution is $1.3752 per share, with 75.51% as capital gain and 24.49% as return of capital [4]. - The Series D Cumulative Preferred Stock distribution is $2.0624 per share, with 75.51% as capital gain and 24.49% as return of capital [5]. - The Series E Redeemable Preferred Stock distribution is $1.8750 per share, with 75.51% as capital gain and 24.49% as return of capital [6]. - The Series M Redeemable Preferred Stock distributions vary, with amounts ranging from $2.1104 to $2.07295 per share, all showing 75.51% as capital gain and 24.49% as return of capital [8][9][10][11][12][13][14]. Company Overview - Braemar Hotels & Resorts is identified as a real estate investment trust (REIT) focused on investing in luxury hotels and resorts [16].

Core Insights - Braemar Hotels & Resorts Inc. has successfully extended its mortgage loan secured by the Ritz-Carlton Lake Tahoe, with a paydown of $10 million and a new spread of SOFR + 3.25% [1][2] - The company is in discussions regarding a $293.2 million loan maturing in June 2025, indicating optimism about improving financing conditions in the hotel lending market [2] Company Overview - Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts [2]