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- **Revenue Resilience**: 1.4% RevPAR growth, 15.1% EBITDA rise, with resorts leading at 5.5% RevPAR. Key properties like Scottsdale (+25%) and Toronto Beach (+20%) outperformed.
- **Liquidity Boost**: $260M from asset sales (Seattle, San Francisco) and $125M preferred stock redemption, reducing debt and sharpening luxury focus.
- **Consumer Strength**: Luxury travelers maintain spending, with 43% F&B growth and 31% catering increase, offsetting urban renovation headwinds.
- **Strategic Positioning**: 43.2% net debt ratio, $116M cash, and dividend yield of 8%, despite Q3 seasonal lows.


**【CEO Summary Section】**
- **Revenue Growth**: Comparable RevPAR increased 1.4% YoY, driven by a 5.5% rise in resort RevPAR. Urban hotels faced headwinds due to renovations, but overall EBITDA grew 15.1%.
- **Portfolio Strength**: 9 of 14 hotels are resorts, with standout performances at Scottsdale (25% RevPAR growth) and Toronto Beach (20% RevPAR growth). Group demand at Lake Tahoe surged 32% post-renovation.
- **Liquidity Enhancements**: Sold Marriott Seattle Waterfront for $145M and Clancy in San Francisco for $115M, reducing debt and focusing on luxury assets. redeemed $125M of nontraded preferred stock.

**【CFO Financial Commentary】**
- **Financial Health**: Net loss of $8.2M, but AFFO per share was negative $0.19 due to seasonal lows. Debt at $1.2B with 6.9% blended interest rate. 43.2% net debt to assets ratio. Dividend of $0.05 per share maintained, yielding ~8%.
- **Capital Management**: Addressed 2025 debt maturity, refinanced Scottsdale property, and reduced leverage through asset sales.

**【Asset Management Update】**
- **Resort Excellence**: Scottsdale's GOP grew 231.6% with new amenities; Lake Tahoe's F&B revenue rose 43.3%. Ancillary revenue initiatives like cabanas and events drove 31% catering growth.
- **Renovation Impact**: Ongoing projects at Beverly Hills, Beaver Creek, and Yountville expected to enhance luxury positioning. 2025 CapEx projected at $75-85M.

**【Q&A Highlights】**
- **CapEx Strategy**: Targets low single-digit maintenance CapEx as % of revenue. No significant deferred projects; prioritizes ROI-driven investments.
- **Government Impact**: Minimal effect on portfolio; DC hotel (Capitol Hilton) saw single-digit government transient mix. Group cancellations offset by corporate strength elsewhere.
- **Leisure Resilience**: Luxury consumers show price insensitivity, with strong ADR growth and ancillary spending. Leisure revenue up despite slight occupancy decline.


Braemar Hotels & Resorts Inc. (BHR) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 1.5% RevPAR increase, 3.7% EBITDA rise, driven by resorts like Lake Tahoe (+39%) and Dorado Beach (+14%).
- **Debt Reduction**: Sold Seattle Waterfront for $145M, reducing leverage and sharpening luxury focus.
- **Group Momentum**: 2025 group pace up 8.6%, with key properties like Scottsdale (+20.3%) leading demand.
- **Efficiency Gains**: 11bps EBITDA margin improvement, $300K+ NOI from new cabanas at St. Thomas.
- **Future Outlook**: 2026 capex $75-95M, open to sales as debt markets heal.

**【CEO Opening Remarks】**
- **Revenue Growth**: Comparable RevPAR increased 1.5% YoY to $318, with total hotel EBITDA up 3.7% to $47.8 million. Urban and resort segments both showed growth.
- **Resort Performance**: Resort portfolio RevPAR rose 1.6% YoY, with standout properties like Ritz-Carlton Lake Tahoe (+39% total revenue) and Dorado Beach (+14%).
- **Liquidity & Debt Management**: Final 2025 debt maturity refinanced; sold Marriott Seattle Waterfront for $145M ($393K per key), reducing leverage and sharpening luxury focus.
- **Booking Strength**: Group pace up 8.6% for 2025 and 3.6% for 2026. Key properties like Scottsdale (+20.3%) and Sarasota (+26.9%) show strong demand.

**【CFO Financial Commentary】**
- **Net Loss & AFFO**: $16M net loss ($0.24/diluted share), AFFO of $0.09. Adjusted EBITDAre $38.9M.
- **Debt Metrics**: 44.2% net debt to assets; $1.2B loans at 7.1% blended rate (22% fixed, 78% floating). Cash: $80.2M + $55.5M restricted.
- **Dividends**: $0.05 quarterly dividend ($0.20 annualized), 9.1% yield. Board to review policy quarterly.

**【Asset Management Update】**
- **Expense Efficiency**: EBITDA margin improved 11bps YoY despite renovations at 3 hotels. Excluding these, EBITDA growth was 6.3%.
- **Renovation Progress**: Projects underway at Park Hyatt Beaver Creek, Hotel Yountville, and Four Seasons Scottsdale. New cabanas at St. Thomas generated $300K+ NOI.
- **Capital Expenditures**: Full-year 2025 capex expected $75-95M, focused on luxury repositioning and revenue-generating amenities.

**【Q&A Highlights】**
- **Group Strategy**: Increasing group bookings to offset external risks, focusing on high-F&B spend groups. May/June performance met expectations despite April Easter shift.
- **Government Segment Softness**: Offset by strong corporate and leisure demand, particularly at resorts.
- **Future Sales**: No 2025 sales planned; 2026 outlook positive as debt markets improve. Seattle sale achieved full market value, leaving flexibility for 2026 initiatives.

Braemar Hotels & Resorts Inc. (BHR) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: 4.2% RevPAR rise, urban hotels +11.3% YoY, urban (ex-Capital Hilton) +8.1%.
- **Debt Efficiency**: $363M refinancing cuts cost, extends maturity to 2030. Sofitel Chicago restructuring unlocks value.
- **Cost Control**: 40bp EBITDA margin improvement via labor productivity, contract labor down to 2%.
- **Booking Strength**: 2025 group pace +7%, 2026 +10%. No material group cancellations despite macro uncertainty.
- **Asset Sales**: Testing market for 3-4 assets; proceeds may fund preferred redemptions or debt retirements.


**【CEO Overview】**
- **Revenue Performance**: Comparable RevPAR of $404, up 4.2% YoY, driven by 11.3% growth in urban hotels and 1.9% in resorts. Urban hotels (excluding Capital Hilton) grew 8.1%.
- **Debt Optimization**: Extended $363M loan with SOFR +2.52%, reducing cost and extending maturity to 2030. Restructured Sofitel Chicago with Remington, enabling immediate value capture.
- **Booking Momentum**: 2025 group pace up 7%, 2026 up 10%. Strong transient demand in urban markets (e.g., Capital Hilton +19.3% YoY from inauguration).

**【CFO Financial Highlights】**
- **Net Loss & AFFO**: $2.5M net loss ($0.04/diluted share), AFFO of $0.40. Adjusted EBITDAre $63M.
- **Leverage**: 62.3% net debt to assets. $81.7M cash + $54.5M restricted cash. Dividend of $0.05/Q ($0.20 annualized, ~10.4% yield).
- **Debt Metrics**: 7.1% blended rate (23% fixed, 77% floating). $1.2B loans secured by 15 hotels (3,667 rooms).

**【Asset Management Insights】**
- **Cost Efficiency**: 40bp EBITDA margin improvement via labor productivity (1% YoY), reduced contract labor (2% of total).
- **Capital Spending**: $75-95M planned for 2025, including renovations at Hotel Yountville, Park Hyatt Beaver Creek, and Ritz-Carlton Dorado Beach.
- **Group Growth**: 31% YoY group revenue increase, 14/15 hotels achieving growth. Ritz-Carlton Lake Tahoe group revenue +80% YoY.

**【Q&A Key Takeaways】**
- **Group Booking Resilience**: Shortening booking window (100bp deceleration) but no material cancellations. 2026 pace +10% YoY.
- **International Impact**: Minimal (mid-single digits of revenue), Puerto Rico up 4.1% arrivals YoY.
- **Margin Outlook**: EBITDA growth achievable with flat RevPAR via wage stabilization, contract labor reduction.
- **Asset Sales**: Testing market for 3-4 upper-upscale assets; proceeds may fund preferred redemptions, share buybacks, or debt retirements.


Braemar Hotels & Resorts (BHR)-8 May 25-2025 Q1 Earnings call transcript

- **RevPAR Recovery**: Q4 2024 RevPAR growth of 1.9% YoY, ending six quarters of decline, with January 2025 up 13% YoY.
- **Debt Resolution**: $293M loan refinancing in progress, eliminating 2025 maturities.
- **Group Strength**: Q4 group revenue up 7% YoY, with 2025 pace ahead 8% YoY.
- **Margin Expansion**: Gross profit margin improved 30bps YoY, driven by cost controls and revenue optimization.
- **Capital Markets**: Favorable refinancing environment with SOFR down 100bps YoY.
- **Forward Growth**: Urban hotels outperforming resorts (+3.3% vs. +1.3%), supported by low supply growth (0.8% YoY).

**【CEO Opening Remarks】**
- **RevPAR Growth**: Q4 2024 comparable RevPAR increased 1.9% YoY to $305, ending six consecutive quarters of decline. Total revenue grew 5.3% YoY, driven by a 7% rise in group revenue.
- **Debt Refinancing**: In active discussions to refinance $293M loan maturing in June 2025, ensuring no remaining debt maturities in 2025.
- **Shareholder Value Creation**: Redeemed $80M (17%) of nontraded preferred stock, with plans to continue deleveraging.
- **Forward Momentum**: January 2025 RevPAR up 13% YoY, with urban hotels outperforming resorts (+3.3% vs. +1.3%).

**【CFO Financial Review】**
- **Net Loss**: Q4 2024 net loss of $31.1M ($0.47 per share), with AFFO of -$0.06. Full year AFFO was $0.21 per share.
- **Debt Metrics**: 40.8% net debt to gross assets; $1.2B loans at 7.2% blended rate, with 23% effectively fixed via SOFR caps.
- **Dividend Policy**: Maintained $0.05 quarterly dividend, yielding 7.7%.
- **Capital Markets**: Favorable environment for refinancing, with SOFR down 100bps and credit spreads narrowing 100bps YoY.

**【Asset Management Update】**
- **Group Performance**: Q4 2024 group revenue up 7% YoY, with Ritz-Carlton St. Thomas leading (+65%). 2025 group pace ahead 8% YoY.
- **Margin Expansion**: Gross operating profit margin improved 30bps YoY, driven by cost controls and revenue optimization (e.g., Ritz-Carlton Reserve Dorado Beach +1,100bps margin).
- **Capital Expenditures**: $70M spent in 2024; 2025 plan of $75-95M includes renovations at Hotel Yountville, Ritz-Carlton St. Thomas, and Cameo Beverly Hills.

**【Q&A Highlights】**
- **CapEx Allocation**: Tahoe renovations complete; 2025 spending focused on urban and resort upgrades, with no plans for branded residences development in 2025.
- **Share Repurchases**: Restricted from common stock buybacks; prioritizing preferred stock redemption.
- **Demand Sustainability**: Strong January performance driven by calendar shifts and capital investments; long-term growth supported by low supply growth (0.8% YoY vs. historical 2%).
- **Market Liquidity**: Active buyer interest in high-quality assets, with cap rate compression expected in 2025.


Braemar Hotels & Resorts Inc. (BHR) Q4 2024 Earnings Call Transcript

- **Urban hotels outperform**: 6% RevPAR growth driven by group bookings and downtown demand recovery.
- **Debt refinancing success**: $407M refinancing lowers cost and extends maturity to 2029; 2025 debt refinancing on track.
- **October momentum**: 7.5% RevPAR growth and 40% Q1 group pace increase set up strong Q4 and 2025.
- **Financial stability**: 41% net debt-to-assets ratio, $168.7M cash, and 6.8% dividend yield.
- **Risk mitigation**: Hurricane impact limited to $500-700K at one property, with no material operational disruption.
- **Market dynamics**: Transaction market active with cap rate firming; CMBS refinancing opportunities offset bank lending constraints.


**【CEO Summary Section】**
- Urban hotels delivered 6% RevPAR growth, outperforming the portfolio's 1.6% decline. Key drivers include group revenue growth of 14% and strong demand in downtown locations.
- Debt refinancing of $407 million for 5 hotels reduced the net spread to SOFR +3.01%, extending maturity to 2029. Remaining 2025 debt refinancing is expected to close early next year.
- Shareholder value creation plan progress: $165 million sale of Hilton La Jolla Torrey Pines, $50 million redemption of nontraded preferred shares, and $50 million common share buyback authorization.
- October RevPAR up 7.5% YoY, with group pace for Q1 2025 up 40% YoY, positioning for strong near-term performance.

**【CFO Financial Commentary】**
- Q3 2024 net loss of $1.4 million ($0.02 per diluted share), with AFFO of -$0.24. Adjusted EBITDA was $18.5 million, supported by $168.7 million in cash and 41% net debt-to-gross assets.
- Blended interest rate of 7.6% on $1.2 billion in loans, with 23% effectively fixed (via interest rate caps) and 77% floating (SOFR-based). Liquidity remains strong with no 2024 debt maturities.
- Dividend policy maintained at $0.05 per share quarterly, yielding 6.8% based on recent stock price.

**【Asset Management Update】**
- Capital expenditures of $70-90 million planned for 2024, focused on renovations like Ritz-Carlton Lake Tahoe's $40 million upgrade and new cabanas at Ritz-Carlton St. Thomas.
- Operational efficiency improvements: 40 basis points reduction in labor hours per occupied room, and 8.3% increase in ancillary revenue per occupied room.
- Hurricane impacts limited to $500-700k in lost revenue at Ritz-Carlton Sarasota, with minimal operational disruption.

**【Q&A Key Takeaways】**
- Group demand resilience: Q1 2025 group pace up 70% YoY in March, offsetting softer leisure trends in resorts.
- Transaction market activity: Broker valuations suggest cap rate firming, with plans to sell 2-3 additional hotels in 2025.
- Financing environment: CMBS market active at attractive rates, while bank lending remains constrained by broader CRE challenges.
- Election-year impact: Washington, D.C. hotels saw government travel decline, but urban hotels overall maintained strength through strategic group booking and rate optimization.


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