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Jun 30, 2021
Braemar Q2 2021 Earnings Report
Second quarter RevPAR increased 875% and the portfolio was cash flow positive for the second consecutive quarterly period.
Key Takeaways
Braemar Hotels & Resorts reported strong second quarter results, driven by a significant increase in RevPAR and positive cash flow. The company also announced the planned acquisition of the Mr. C Beverly Hills Hotel and completed a convertible senior notes offering.
Comparable RevPAR for all hotels increased 875% to $187.31 during the quarter on a 35.1% increase in ADR and a 621.6% increase in occupancy.
Net loss attributable to common stockholders for the quarter was $(15.5) million or $(0.32) per diluted share.
Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter compared to $(0.68) in the prior year quarter.
The Company ended the quarter with cash and cash equivalents of $157.7 million and restricted cash of $57.4 million.
Forward Guidance
Braemar Hotels & Resorts is optimistic about the continued lodging recovery, driven by leisure travelers and strong new bookings. The company believes it is well-positioned to execute its disciplined strategy for growth with its high-quality portfolio.
Positive Outlook
- Leisure travelers continue to lead the lodging recovery.
- New bookings at our properties remain strong.
- Highest quality portfolio in the public markets.
- Well-positioned to continue to execute on its disciplined strategy for growth.
- Planned acquisition of the Mr. C hotel is a compelling opportunity to further diversify our portfolio
Challenges Ahead
- Economic uncertainty arising from the COVID-19 pandemic.
- Suspension of its common stock dividend policy.
- Net loss attributable to common stockholders for the quarter was $(15.5) million or $(0.32) per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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