Net of adjustment for noncontrolling interest in consolidated entities. The following table presents the amounts of the adjustments for noncontrolling interests for each line item: The following table presents certain information related to our hotel properties: Our primary market risk exposure consists of changes in interest rates on borrowings under our debt instruments that bear interest at variable rates that fluctuate with market interest rates. To the extent that we acquire assets or conduct operation ...

Financial Data and Key Metrics Changes - For Q2 2023, the company reported a net loss attributable to common stockholders of $13 million, or $0.20 per diluted share, with an adjusted EBITDAre of $46.3 million [25] - Comparable hotel EBITDA for Q2 2023 was $53.7 million, driven by strong performance at resort properties and urban hotels [7][6] - RevPAR for all hotels in the portfolio totaled $309 for Q2 2023, representing a decrease of approximately 4.2% compared to Q2 2022 [48] Business Line Data and Key Metrics Changes - Urban assets generated $20 million of comparable hotel EBITDA in Q2 2023, marking solid performance and growth for the ninth consecutive quarter [8] - The luxury resort portfolio achieved combined hotel EBITDA of $33 million during the quarter, with the Ritz-Carlton Reserve, Dorado Beach delivering RevPAR growth of 7.2% [17][52] - The Notary Hotel reported a comparable RevPAR growth of 24% over the prior year quarter, outperforming the Philadelphia market by approximately 16 percentage points [31] Market Data and Key Metrics Changes - The company noted a reduction in airlift impacting some resort properties, with St. Thomas and Key West seeing seat reductions of about 20% and 10% respectively compared to last year [81] - Urban hotels are experiencing strong demand recovery, driven by corporate transient and group demand, with group room revenue exceeding the prior year quarter by 9% [63][49] Company Strategy and Development Direction - The company is focused on owning high RevPAR luxury hotels and resorts, with a strategy that balances urban and resort properties [10][41] - A significant rebranding initiative is underway for the Mr. C Hotel to Cameo Beverly Hills, which will join the Hilton Central Reservation System and Hilton Honors loyalty program [9][50] - The company plans to invest between $80 million and $90 million on capital expenditures in 2023, including renovations at several properties [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future results, citing a 20% increase in group pace for 2023 and 16% for 2024, benefiting from both corporate and social groups [54] - The balance sheet remains solid with ample liquidity, and the company is focused on liability management amid a volatile macroeconomic environment [16][53] - Management noted that while luxury resorts are stabilizing, they are still outperforming 2019 results, indicating a positive long-term outlook [48][104] Other Important Information - The company closed a $200 million corporate financing, which includes a $150 million term loan and a $50 million revolving credit facility, secured by three hotels [59] - The company has a total asset value of $2.3 billion and a net debt to gross assets ratio of approximately 37.3% [56] Q&A Session Summary Question: Thoughts on RevPAR outcomes and capital recycling opportunities - Management indicated a preference for upgrading portfolio quality rather than choosing between resort and urban properties, emphasizing a balanced approach [71][72] Question: Insights on the Hilton Cameo planned conversion - Management confirmed that the conversion will involve extensive renovations over two years, with some anticipated disruption, but expressed excitement about the long-term potential [74][76] Question: Dividend strategy and potential for stock buybacks - Management acknowledged the high dividend yield and indicated that while buybacks are not currently prioritized, they are open to considering them in the future [78][101] Question: Booking patterns and group pace outlook - Management reported strong group pace growth, with Q4 2023 pacing ahead by 23% compared to the prior year, and noted shorter booking windows are beginning to extend [110][111]

Financial Position - As of March 31, 2023, total indebtedness was approximately $1.3 billion, with $1.2 billion in variable-rate debt[75]. - Net debt to gross assets ratio was 37.1% as of March 31, 2023[81]. - Total assets increased to $2.41 billion as of March 31, 2023, from $2.40 billion as of December 31, 2022[92]. - Total liabilities decreased to $1.50 billion as of March 31, 2023, from $1.57 billion as of December 31, 2022[92]. - Redeemable preferred stock increased to $378.9 million as of March 31, 2023, from $291.1 million as of December 31, 2022[92]. - Indebtedness, net as of March 31, 2023, was $1.28 billion, a decrease from $1.33 billion as of December 31, 2022[134]. - The aggregate principal balance on corresponding mortgage loans was $958,750,000 as of March 31, 2023[147]. - The total indebtedness as of March 31, 2023, was $1,280,443,000, with an estimated fair value range of $1,160,589,000 to $1,282,757,000, compared to $1,337,250,000 with a fair value range of $1,229,671,000 to $1,359,110,000 as of December 31, 2022[169]. Cash and Cash Equivalents - The company held cash and cash equivalents of $281.5 million and restricted cash of $63.1 million as of March 31, 2023[81]. - Cash and cash equivalents at the end of the period were $281,490, up from $185,157 at the end of March 2022, indicating a year-over-year increase of approximately 52%[108]. - Total cash, cash equivalents, and restricted cash at the end of the period was $344,553, up from $226,338 at the end of March 2022, reflecting an increase of approximately 52.3%[106]. - The company reported a net change in cash, cash equivalents, and restricted cash of $28,857 for the three months ended March 31, 2023, compared to a decrease of $37,036 in the prior year[106]. Revenue and Income - Total hotel revenue for the three months ended March 31, 2023, was $215.301 million, up from $161.880 million in the same period last year, representing a 33% increase[96]. - Operating income for the same period was $37.799 million, compared to $26.452 million in the prior year, reflecting a 43% increase[96]. - Net income attributable to common stockholders was $3.230 million, down from $11.360 million year-over-year, indicating a decline of 72%[96]. - The company reported a net income of $16.604 million for the three months ended March 31, 2023, compared to $15.604 million in the previous year, a 6% increase[98]. - Total revenue for the three months ended March 31, 2023, was $215.3 million, an increase from $161.9 million for the same period in 2022, representing a growth of 32.9%[128]. - Food and beverage revenue for Q1 2023 was $52.2 million, up from $36.7 million in Q1 2022, marking a 42.5% increase[128]. - Net income for the three months ended March 31, 2023, was $16,604, compared to $15,604 for the same period in 2022, representing an increase of approximately 6.4%[106]. - Net income attributable to the Company for the three months ended March 31, 2023, was $16,034,000, compared to $14,663,000 for the same period in 2022, reflecting an increase of approximately 9.3%[170]. Expenses - Total operating expenses increased to $177.502 million from $135.428 million, marking a 31% rise[96]. - The company incurred interest expense of $22.873 million, significantly higher than $8.522 million in the prior year[96]. - Total hotel operating expenses included $62.295 million in other expenses, up from $46.207 million, a 35% increase[96]. - Depreciation and amortization expenses increased to $22,521 for the three months ended March 31, 2023, up from $18,441 in the prior year, reflecting a rise of about 22.5%[106]. - Corporate, general, and administrative expenses were $1.195 million, compared to $527,000 for the same period in 2022, reflecting a significant increase[241]. Dividends and Stock Repurchase - The company declared a quarterly cash dividend of $0.05 per share for the first quarter of 2023, amounting to an annualized dividend of $0.20 per share[80]. - Common stock dividends declared for the three months ended March 31, 2023, totaled $3.334 million, significantly higher than $720,000 declared in the same period of 2022, representing an increase of approximately 363.9%[182]. - The company declared dividends and distributions of $8,756 for the three months ended March 31, 2023, compared to $3,229 for the same period in 2022, showing a substantial increase[108]. - During the three months ended March 31, 2023, the company repurchased 3.9 million shares of common stock for approximately $18.9 million, completing the $25 million repurchase authorization[196]. Investments and Property Management - Investments in hotel properties, net, were $1.88 billion as of March 31, 2023, compared to $1.88 billion as of December 31, 2022[92]. - The company has made equity investments in OpenKey, Inc. totaling $2.9 million, enhancing its technology offerings in the hospitality sector[125]. - As of March 31, 2023, the company owned 16 hotel properties with a total of 4,192 rooms, reflecting its commitment to expanding its luxury hotel portfolio[115]. - The company operates its hotel properties through management contracts, with Remington Hotels managing four of the 16 properties as of March 31, 2023[265]. - The company has a management fee structure that includes a minimum of approximately $16,000 per hotel or 3% of gross revenues, with agreements expiring between December 2027 and December 2065[244]. Legal and Regulatory Matters - The company is engaged in ongoing legal proceedings, including a class action lawsuit related to California employment laws, which may impact future financial results[251]. - The company has elected to be taxed as a REIT under the Internal Revenue Code, with a focus on high RevPAR luxury hotels[262]. Market and Economic Conditions - The company anticipates potential impacts from rising interest rates, inflation, and macroeconomic conditions on its financial performance and liquidity[258]. - The company’s operating results for the three months ended March 31, 2023, are not necessarily indicative of the results expected for the year ending December 31, 2023, due to historical seasonality patterns[121].

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) | --- | --- | ...