What is Braemar's latest dividend and current dividend yield?

What guidance did Braemar's management provide for the next earnings period?

What factors drove the changes in Braemar's revenue and profit?

What does Braemar do and what are its main business segments?

What is Braemar's gross profit margin?

What is the revenue and EPS growth rate for Braemar year over year?

What were the key takeaways from Braemar's earnings call?

What were the key takeaways from Braemar’s earnings call?

- **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.


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