Q3 2024 Braemar Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Braemar Hotels & Resorts Inc (BHR) reported a strong performance in their urban hotels with a 6% RevPAR growth over the prior year quarter.
- The company successfully addressed all 2024 debt maturities and is working on refinancing its sole 2025 maturity.
- Braemar Hotels & Resorts Inc (BHR) completed the sale of Hilton La Jolla Torrey Pines at an attractive value, contributing to their shareholder value creation plan.
- The company reported a 7.5% increase in comparable RevPAR for October, with total revenue growth of almost 11%, setting a positive outlook for the fourth quarter.
- Group revenue increased by 14% through the third quarter compared to the prior year, with group rooms revenue pacing ahead by 13% for the full year of 2025.
- Braemar Hotels & Resorts Inc (BHR) reported a net loss attributable to common stockholders of $1.4 million or 2 cents per diluted share for the quarter.
- Comparable hotel RevPAR for the portfolio decreased by 1.6% over the prior year quarter, primarily due to renovation work at the Ritz Carlton Lake Tahoe.
- The company experienced a slight decline in leisure demand year over year, impacting their resort hotels.
- San Francisco remains a challenging market for Braemar Hotels & Resorts Inc (BHR), with high office vacancy rates affecting corporate demand.
- The company faced some group cancellations and estimated an impact of $500,000 to $700,000 at the Ritz Carlton Sarasota due to hurricane damage.
Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Braemar Hotels and Resorts. Inc third quarter, 2024 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star. Then the number one on your telephone keypad to withdraw your question. Press star one again, I would now like to turn the conference over to Deric S. Eubanks Chief Financial Officer. Please go ahead.
Good morning and welcome to today's call to review results for Braemar hotels and resorts for the third quarter of 2024. And to update you on recent developments on the call today will also be Richard Stockton, President and Chief Executive Officer and Alex Rose Executive Vice President and head of asset management. The results as well as notice of the
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