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Jun 30, 2023
Braemar Q2 2023 Earnings Report
Reported financial results and performance measures, with comparable RevPAR decreasing over the prior year quarter.
Key Takeaways
Braemar Hotels & Resorts reported a net loss attributable to common stockholders of $(13.0) million, or $(0.20) per diluted share, for the second quarter of 2023. Comparable RevPAR for all hotels decreased 4.2% over the prior year quarter to $309. Adjusted EBITDAre was $46.3 million for the quarter.
Comparable RevPAR for all hotels decreased 4.2% over the prior year quarter to $309.
Net loss attributable to common stockholders for the quarter was $(13.0) million or $(0.20) per diluted share.
Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter.
The Company ended the quarter with cash and cash equivalents of $128.0 million.
Revenue by Geographic Location
Forward Guidance
Braemar believes its portfolio is well-positioned for continued strong performance in the second half of 2023.
Positive Outlook
- Urban hotels delivered solid second quarter operating performance.
- Continued momentum of urban hotels driven by strong corporate and group demand.
- Resorts continued to perform well with strong margins.
- Continued to make solid progress addressing loan maturities.
- Excited about the conversion of Mr. C Beverly Hills to Hilton’s LXR brand and expect the strength of Hilton’s reservation system to have a significant positive impact on the demand at that property.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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