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Mar 31, 2020
Braemar Q1 2020 Earnings Report
Braemar reported financial results and performance measures
Key Takeaways
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.
Forward Guidance
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.
Positive Outlook
- Ensuring the safety of associates and guests
- Protecting hotels
- Maintaining adequate levels of liquidity
- Well positioned portfolio
- Recent renovations
Challenges Ahead
- Uncertainty and global concern as a result of the devastating COVID-19 pandemic
- Significant challenges to the hospitality industry
- Suspended operations at 11 properties
- Reduced levels of operation at remaining 2 properties
Historical Earnings Impact
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Avg. Return Before/After Earnings
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