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Mar 31, 2022
Braemar Q1 2022 Earnings Report
Braemar Hotels & Resorts reported first quarter results with comparable RevPAR increased and the acquisition of The Ritz-Carlton Reserve Dorado Beach completed.
Key Takeaways
Braemar Hotels & Resorts reported a strong first quarter in 2022, achieving the highest quarterly comparable RevPAR in company history. Net income attributable to common stockholders was $11.4 million, and Adjusted EBITDAre was $49.2 million. The company also completed the acquisition of The Ritz-Carlton Reserve Dorado Beach and reinstated its quarterly common stock dividend.
Comparable RevPAR for all hotels increased 68% to $326.42, the highest in the Company’s history.
Net income attributable to common stockholders was $11.4 million or $0.15 per diluted share.
Adjusted funds from operations (AFFO) was $0.41 per diluted share, a 105% increase year-over-year.
The Company completed the acquisition of the 96-room Ritz-Carlton Reserve Dorado Beach for total consideration of $193 million.
Forward Guidance
Braemar Hotels & Resorts anticipates strong forward bookings and expects to materially exceed both 2019 RevPAR and 2019 Hotel EBITDA for calendar year 2022 on both a comparable and an actual basis.
Positive Outlook
- Leisure demand has held up much better than anticipated.
- Trends in corporate transient and group bookings continue to build.
- Strong forward bookings suggest further improved operating results for the second quarter of 2022.
- Well-positioned to continue to capitalize on the recovery in the lodging industry.
- Acquisition of The Ritz-Carlton Reserve Dorado Beach diversifies portfolio and increases RevPAR.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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