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.
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.
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