Braemar Hotels & Resorts reported a net loss attributable to common stockholders of $15.5 million, or $0.48 per diluted share, for the first quarter ended March 31, 2020. Comparable RevPAR for all hotels decreased 14.8% to $206.90 during the quarter. Adjusted EBITDAre was $18.5 million for the quarter.
Temporarily suspended operations at 11 properties, with the remaining 2 operating at reduced levels.
Proactively cut operating costs, resulting in an approximate 90% reduction in property-level staffing.
Significantly reduced planned capital expenditures for the year from a range of $45-$65 million to a range of $15-$25 million.
Suspended its common dividend, conserving approximately $6 million per calendar quarter.
Braemar's strategic actions in response to the crisis have been focused on ensuring the safety of associates and guests, protecting hotels and maintaining adequate levels of liquidity. The company expects to begin to ramp up in the second half of this year and looks forward to continuing to deleverage as positive operating cash flows resume and hotels return to profitability.
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