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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