The following is a summary of the Braemar Hotels & Resorts Inc. (BHR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Reported Comparable RevPAR was $261, indicating 6% growth in urban hotels.
Comparable Hotel EBITDA stood at $24.7 million for the quarter.
Managed a net loss of $1.4 million, or $0.02 per diluted share, with an AFFO of negative $0.24 per diluted share.Adjusted EBITDAre for the quarter was $18.5 million.
Business Progress:
Successfully closed the sale of Hilton La Jolla Torrey Pines for $165 million, enhancing shareholder value.
Completed refinancing involving five hotels with a new loan of $407 million, extending maturity and reducing interest cost.
Current focus on refinancing the sole 2025 maturity.
Engaged in ongoing renovations and operational improvements across various properties.
Opportunities:
Urban hotels showed strong performance; anticipate continued momentum as the primary growth drivers.
Shareholder Value Creation Plan includes asset sales, debt repayments, and share repurchase programs aimed at enhancing shareholder returns.
Risks:
Notably, Ritz-Carlton in Sarasota suffered damage due to storm surge impacting October's operations, leading to group cancellations and a projected impact on Q4 results.
Concerns over softening leisure demand, particularly affecting weekend occupancies at resort locations.
More details: Braemar Hotels & Resorts Inc IR
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