The following is a summary of the Braemar Hotels & Resorts Inc. (BHR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Braemar Hotels & Resorts reported Q1 net income attributable to common stockholders at $3.5 million, or $0.05 per diluted share, and AFFO per diluted share of $0.42.

• Q1 comparable RevPAR stood at $368, comparable to the prior year, with hotel EBITDA at $71 million.

• Adjusted EBITDAre for the quarter was reported at $66.2 million.

• The company's total assets amounted to $2.3 billion, against loans of $1.2 billion while net debt to gross assets stood at 39.6%.

• Approximately 77% of the company's debt is effectively fixed indicating stability.

• The company projects capital expenditure of $85 million to $105 million in 2024.

Business Progress:

• Growth observed in the company's luxury resort portfolio with positive RevPAR and hotel EBITDA numbers.

• Decrease in urban assets' RevPAR due to a $2.2 million property tax refund the previous year.

• Progress in refinancing, extending or repaying almost all of 2024's debt maturities.

• Plan for shareholder value creation includes potential hotel sales, repayment of remaining 2024 debt maturities, and a $50 million preferred share redemption program.

• Planned sale of Hilton La Jolla Torrey Pines for $165 million by end of August.

• Quarterly dividends of $0.05 per share issued to maximize shareholder value.

• Room and food and beverage revenues increased by 35% and 22% respectively compared to the same period in 2019.

• Hotel EBITDA margin expanded by 95 basis points in Q1 compared to 2019.

More details: Braemar Hotels & Resorts Inc IR

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