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Sep 30, 2021
Braemar Q3 2021 Earnings Report
Braemar Hotels & Resorts reported third quarter 2021 results with comparable RevPAR increased by 168% and completed the acquisition of the Mr. C Beverly Hills Hotel.
Key Takeaways
Braemar Hotels & Resorts reported strong operating performance in Q3 2021, with a 168% increase in comparable RevPAR. The company also completed the acquisition of the Mr. C Beverly Hills Hotel. While September results were slightly impacted by concerns about the COVID-19 Delta variant, overall leisure demand remained strong, and the portfolio was cash flow positive for the third consecutive quarter.
Comparable RevPAR for all hotels increased 168% to $222.52 during the quarter.
Net loss attributable to common stockholders for the quarter was $(9.0) million or $(0.15) per diluted share.
Adjusted EBITDAre was $21.9 million for the quarter.
The Company ended the quarter with cash and cash equivalents of $195.5 million.
Forward Guidance
Strong forward bookings suggest further improved operating results for the fourth quarter. With a portfolio that is benefiting from a luxury resort orientation while having some key urban asset exposure to provide further upside as conditions improve, Braemar is well-positioned to continue to capitalize on the recovery in the lodging industry.
Positive Outlook
- Strong forward bookings suggest further improved operating results for the fourth quarter.
- Luxury resort orientation benefits the portfolio.
- Key urban asset exposure provides further upside as conditions improve.
- Braemar is well-positioned to continue to capitalize on the recovery in the lodging industry.
- Portfolio was cash flow positive for the third consecutive quarterly period.
Challenges Ahead
- September results dropped slightly due to market concerns about the COVID-19 Delta variant.
- Net loss attributable to common stockholders for the quarter was $(9.0) million or $(0.15) per diluted share.
Historical Earnings Impact
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