Braemar Hotels & Resorts(BHR) - 2024 Q4 - Annual Results

Financial Performance - Net loss attributable to common stockholders for Q4 2024 was $(31.1) million or$(0.47) per diluted share, with an AFFO of $(0.06) per diluted share[5]. - For the full year 2024, net loss attributable to common stockholders was$(50.9) million or $(0.77) per diluted share, with an AFFO of$0.21 per diluted share[12]. - The company reported a net loss of $21.8 million for the three months ended December 31, 2024, compared to a loss of$21.5 million in the same period of 2023[26]. - The company reported a net income loss of $21,767 million for the period[84]. - The company reported a net income of$2,914 million for the year ended December 31, 2024, compared to a net loss of $28,426 million in the previous year[113]. Revenue and Occupancy Metrics - Comparable RevPAR for all hotels increased 1.9$305, while Comparable ADR increased 0.4% to $480 and Comparable Occupancy increased 1.5$728.4 million, a decrease of 1.4% from $739.3 million in 2023[26]. - Total hotel revenue for the three months ended December 31, 2024, was$145,972, a decrease of 5.42% compared to $154,334 in 2023[51]. - RevPAR for the year ended December 31, 2024, was$310.52, a slight increase of 1.25% from $306.69 in 2023[40]. - The occupancy rate for the three months ended December 31, 2024, was 63.54$30.2 million, and Comparable Hotel EBITDA was $41.1 million for the quarter[5]. - Adjusted EBITDAre for the full year 2024 was$157.6 million, and Comparable Hotel EBITDA was $179.0 million[12]. - Hotel EBITDA for the year ended December 31, 2024, was$188,137,000, down 8.87% from $206,439,000 in 2023[46]. - Total hotel EBITDA was$43,347 million, reflecting a significant recovery from the previous year's EBITDA of $30,054 million[113]. - The weighted average interest rate on total indebtedness was 7.23$135.5 million and restricted cash of $49.6 million[5]. - The Company has a net debt to gross assets ratio of 40.8$1.210 billion as of December 31, 2024, compared to $1.162 billion in 2023, an increase of 4.1$1.414 billion as of December 31, 2024, from $1.408 billion in 2023[24]. - Interest expense totaled$24,591 million, indicating significant financial costs[84]. Capital Expenditures and Investments - The Company invested $15.8 million in Capex during Q4 2024 and$70.6 million for the full year[5][12]. - The company anticipates significant capital expenditures in 2024 and 2025, particularly for hotels with expected displacement[79]. - The company is focusing on expanding its hotel portfolio, with 15 properties included in operations as of December 31, 2024[100]. Dividends and Shareholder Returns - A quarterly cash dividend of $0.05 per diluted share was declared for Q1 2025, equating to an annual rate of$0.20 per share[9]. - The company declared dividends of 0.05 per common share for both the three months ended December 31, 2024, and 2023[26]. Market Expansion and Future Outlook - The company anticipates continued focus on market expansion and new product development in the upcoming quarters[69]. - Future guidance suggests continued growth in occupancy and revenue, driven by strategic marketing and operational improvements[87]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its geographic footprint[86]. - The company is committed to enhancing its brand presence through strategic marketing initiatives and partnerships[100]. Property-Specific Performance - Rooms revenue for Pier House Resort & Spa increased to 5,897, a 2.02% rise compared to 5,780 in 2023[56]. - Hotel net income for Pier House Resort & Spa surged to 3,021, marking a 142.07% increase from $1,248 in 2023[56]. - Rooms revenue for Hotel Yountville decreased to$2,862, down 5.61% from $3,032 in 2023[56]. - Hotel net income for The Notary Hotel increased to$2,739, a 64.50% rise from $1,665 in 2023[56]. - Total hotel revenue for The Ritz-Carlton Sarasota rose by 1.45$86,764 compared to $85,520 in 2023[66].