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Sep 30, 2023
Braemar Q3 2023 Earnings Report
Braemar Hotels & Resorts' financial results and performance measures were reported for the third quarter ended September 30, 2023.
Key Takeaways
Braemar Hotels & Resorts reported a net loss attributable to common stockholders of $(33.1) million, or $(0.50) per diluted share, for the third quarter of 2023. Comparable RevPAR decreased 7.1% over the prior year quarter to $263. The company ended the quarter with $149.5 million in cash and cash equivalents.
Comparable RevPAR for all hotels decreased 7.1% over the prior year quarter to $263.
Net loss attributable to common stockholders for the quarter was $(33.1) million or $(0.50) per diluted share.
Adjusted EBITDAre was $27.0 million for the quarter.
The Company ended the quarter with cash and cash equivalents of $149.5 million.
Forward Guidance
Braemar is encouraged by the expected ramp-up of group pace in 2024 and believes its portfolio is well-positioned to outperform in both the near-term and long-term.
Positive Outlook
- Expected ramp-up of group pace in 2024.
- Portfolio is well-positioned to outperform in the near-term.
- Portfolio is well-positioned to outperform in the long-term.
- Solid progress addressing near term loan maturities.
- Rebranding of the Mr. C Beverly Hills to Cameo Beverly Hills and its upcoming conversion to Hilton’s LXR brand.
Challenges Ahead
- Restrictions on international travel concentrating domestic demand.
- Unprecedented government stimulus programs providing excess liquidity to consumers.
- Flexible work schedules giving consumers more time to travel.
- Normalization of trends resulting in unfavorable year over year comparisons.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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