Q2 2024 Braemar Hotels & Resorts Inc Earnings Call Transcript
Key Points
- Braemar Hotels & Resorts Inc (BHR) reported strong performance in its urban hotels with a 6% RevPAR growth over the prior year quarter.
- The Four Seasons Resort Scottsdale at Troon North, a recent acquisition, achieved a 10% RevPAR growth and a 21.6% increase in hotel EBITDA.
- The company successfully refinanced, extended, or paid down all of its 2024 debt maturities, enhancing financial stability.
- Braemar Hotels & Resorts Inc (BHR) announced a shareholder value creation plan, including a $50 million preferred share redemption program and a $50 million common share buyback authorization.
- The sale of Hilton La Jolla Torrey Pines was completed at an attractive value, contributing to the company's liquidity and strategic goals.
- Braemar Hotels & Resorts Inc (BHR) reported a 1.5% decrease in comparable RevPAR over the prior year quarter.
- The resort segment experienced softness in average daily rates, attributed to a normalization post-pandemic and specific factors like Easter timing shifts.
- The Ritz-Carlton Reserve Dorado Beach had a challenging quarter, impacting overall portfolio performance.
- The company's net loss attributable to common stockholders was $21.9 million, or $0.33 per diluted share.
- The Cameo Beverly Hills property experienced an 18% decline in RevPAR, with ongoing challenges due to its current white-label status and loss of key revenue streams.
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 & Resorts Inc. second-quarter 2024 results conference call. (Operator Instructions).
I would now like to turn the conference over to Deric Eubanks, Chief Financial Officer. Please go ahead.
Good morning, and welcome to today's call to review results for Braemar Hotels & Resorts, the second quarter 2024 and to update you on recent developments. On the call today will be Richard Stockton, President and Chief Executive Officer, as well as Chris Nixon, Executive Vice President and Head of Asset Management. The results as well as notice of accessibility of this conference call on a listen-only basis over the Internet were distributed yesterday in a press release.
At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
