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Jun 30, 2024
Braemar Q2 2024 Earnings Report
Reported financial results and performance measures for the second quarter ended June 30, 2024.
Key Takeaways
Braemar Hotels & Resorts reported a net loss attributable to common stockholders of $(21.9) million or $(0.33) per diluted share for the quarter. Comparable RevPAR for all hotels decreased 1.5% over the prior year quarter to $305. The Company ended the quarter with cash and cash equivalents of $120.3 million.
Comparable RevPAR for all hotels decreased 1.5% over the prior year quarter to $305.
Net loss attributable to common stockholders for the quarter was $(21.9) million or $(0.33) per diluted share.
Adjusted EBITDAre was $42.7 million for the quarter.
The Company ended the quarter with cash and cash equivalents of $120.3 million.
Forward Guidance
Braemar Hotels & Resorts announced a shareholder value creation plan that includes the sale of the Hilton La Jolla Torrey Pines as well as the potential sale of one or two additional hotels, the payoff of its remaining 2024 debt maturities, a $50 million preferred share redemption program, and a new $50 million share buyback authorization.
Positive Outlook
- Sale of the Hilton La Jolla Torrey Pines
- Potential sale of one or two additional hotels
- Payoff of its remaining 2024 debt maturities
- A $50 million preferred share redemption program
- A new $50 million share buyback authorization
Historical Earnings Impact
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Avg. Return Before/After Earnings
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