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Braemar Hotels & Resorts Reports Q3 2024 Financial Results
Company Announcements

Braemar Hotels & Resorts Reports Q3 2024 Financial Results

Braemar Hotels & Resorts ( (BHR) ) has released its Q3 earnings. Here is a breakdown of the information Braemar Hotels & Resorts presented to its investors.

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Braemar Hotels & Resorts, a real estate investment trust (REIT), is focused on investing in luxury hotels and resorts across the United States and internationally.

In the third quarter of 2024, Braemar Hotels & Resorts reported a slight decline in key performance metrics, with a 1.6% drop in Revenue Per Available Room (RevPAR) and a 3.8% decrease in the Average Daily Rate (ADR). However, the company saw an increase in occupancy by 2.3% compared to the previous year. The net loss attributable to common stockholders was $1.4 million, translating to a loss of $0.02 per diluted share.

The company reported Adjusted EBITDAre of $18.5 million and ended the quarter with $168.7 million in cash and cash equivalents. A significant strategic move was the sale of Hilton La Jolla Torrey Pines for $165 million. Additionally, Braemar completed a refinancing involving five hotels, securing a $407 million loan with favorable terms, extending the maturity to 2029.

Looking forward, Braemar’s management remains optimistic, emphasizing the strong performance of urban hotels and ongoing efforts to maximize shareholder value through strategic asset sales and risk management. The company is poised to navigate future challenges with a well-positioned portfolio for both near-term and long-term growth.

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