Braemar Hotels & Resorts Inc. (NYSE:BHR) Q1 2023 Earnings Conference Call May 3, 2023 11:00 AM ET Company Participants Jordan Jennings - Investor Relations Richard Stockton - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Christopher Nixon - Executive Vice President and Head of Asset Management Conference Call Participants Michael Bellisario - Baird Chris Woronka - Deutsche Bank Bryan Maher - B. Riley Securities Tyler Batory - Oppenheimer Operator Greetings. Welcome to the Bra ...

Four Seasons Resort Scottsdale On December 1, 2022, the Company acquired a 100% interest in the 210-room Four Seasons Resort Scottsdale at Troon North in Scottsdale, Arizona. The total consideration for the acquisition was $267.8 million. We accounted for this acquisition as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. The cost of the acquisition including transaction costs of approximately $538,000 ...

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $13.5 million or $0.19 per diluted share for the fourth quarter, and a full-year net loss of $10.7 million or $0.15 per diluted share [78] - Adjusted EBITDAre for the fourth quarter was $39.2 million, reflecting a growth rate of 33% over the prior-year quarter and 54% higher than the fourth quarter of 2019 [78] - For the full-year, adjusted EBITDAre was $172.4 million, reflecting a growth rate of 97% over the prior-year [78] - The company announced a significant increase in the quarterly common stock dividend to $0.05 per share, equating to an annual yield of approximately 4% based on the stock price [79] Business Line Data and Key Metrics Changes - Comparable hotel EBITDA for the portfolio was $52.2 million during the fourth quarter, driven by strong results at resort properties [75] - Comparable RevPAR for the portfolio increased 8% during the fourth quarter relative to the prior-year quarter and 20% compared to the fourth quarter of 2019 [8][75] - Group room revenue for the fourth quarter was 7% ahead of 2019, with group rate actualized for the fourth quarter 18% above comparable 2019 [27] Market Data and Key Metrics Changes - The company reported a strong leisure demand, particularly on weekends, with combined RevPAR during the fourth quarter ahead of 2019 by about 28% [81] - Preliminary figures for January indicated 55% occupancy and an ADR of $541, equating to a RevPAR of $297, exceeding the prior-year month by 19% and January of 2019 by 20% [23] Company Strategy and Development Direction - The company is focused on owning luxury hotels and resorts, with recent acquisitions including the Four Seasons Resort Scottsdale at Troon North for $267.8 million [76] - The company plans to continue capital investments, having spent approximately $49 million in 2022 and anticipating about $80 million in 2023 [62] - The company is actively assessing deals and underwriting opportunities, with a competitive advantage in the current market due to the availability of debt for highly leveraged buyers being challenging [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued ramp-up of urban hotels, which generated $11 million of comparable hotel EBITDA in the fourth quarter [55] - The company is optimistic about the prospects for its properties, particularly the Ritz-Carlton Reserve Dorado Beach and Four Seasons Scottsdale, expecting improved results in 2023 [56][57] - Management noted that labor challenges persist, particularly in ski and resort destinations, but they are optimistic about improvements in staffing [86] Other Important Information - The company completed a stock repurchase program of up to $25 million, acquiring 5.4 million shares at an average price of $4.60 per share [7] - The company ended the quarter with cash and cash equivalents of $261.5 million and restricted cash of $54.2 million [58] Q&A Session Summary Question: What are the expectations for operating expense growth in 2023? - Management anticipates wage increases of 4% to 5%, with hourly wages likely growing more than management wages [40] Question: What are the plans for allocating cash now that the preferred offering has closed? - The company plans to utilize cash on hand for growth opportunities and is not currently planning a second preferred offering [18][88] Question: What is the outlook for acquisition activity this year? - Management is optimistic about acquisition opportunities, noting a significant amount of excess cash available and a favorable market for pricing [68]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-35972 BRAEMAR HOTELS & RESORTS INC. (Exact name of registrant as specified in its charter) | --- | - ...

Braemar Hotels & Resorts Inc. (NYSE:BHR) Q3 2022 Earnings Conference Call November 3, 2022 12:00 PM ET Company Participants Jordan Jennings - Manager, Investor Relations Richard Stockton - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Chris Nixon - Executive Vice President and Head, Asset Management Conference Call Participants Bryan Maher - B. Riley Securities Operator Greetings and welcome to the Braemar Hotels and Resorts, Inc. Third Quarter 2022 Results Conference Call. [ ...

Braemar Hotels & Resorts Inc. (NYSE:BHR) Q2 2022 Earnings Conference Call August 4, 2022 11:00 AM ET Company Participants Jordan Jennings - Manager of IR Richard Stockton - President, CEO and Director Deric Eubanks - CFO and Treasurer Christopher Nixon - Senior VP and Head of Asset Management Conference Call Participants Tyler Batory - Oppenheimer Michael Bellisario - Baird Operator Greetings, and welcome to the Braemar Hotels & Resorts, Inc. Second Quarter 2022 Results Conference Call. [Operator Instructio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-35972 BRAEMAR HOTELS & RESORTS INC. (Exact name of registrant as specified in its charter) | --- | --- | ...

Braemar Hotels & Resorts Inc. (NYSE:BHR) Q1 2022 Results Conference Call May 5, 2022 11:00 AM ET Company Participants Jordan Jennings - Manager, Investor Relations Richard Stockton - President and CEO Deric Eubanks - Chief Financial Officer Chris Nixon - Senior Vice President and Head, Asset Management Conference Call Participants Tyler Batory - Oppenheimer Kyle Menges - B. Riley Securities Operator Greetings, and welcome to Braemar Hotels & Resorts Inc. First Quarter 2022 Results Conference Call. [Operator ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-35972 BRAEMAR HOTELS & RESORTS INC. (Exact name of registrant as specified in its charter) | --- | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission file number: 001-35972 BRAEMAR HOTELS & RESORTS INC. (Exact name of registrant as specified in its charter) Maryland 46-2488594 (State or other ...