DALLAS – February 22, 2023 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2022. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2022, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2022 with the fourth quarter and full year ended December 31, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels increased 8.3% over the prior year quarter to $301. Comparable ADR increased 2.8% over the prior year quarter to $469 and Comparable Occupancy increased 5.4% over the prior year quarter to 64.2%. Compared to the fourth quarter of 2019, Comparable RevPAR was 20.4% higher, Comparable ADR was 39.9% higher, and Comparable Occupancy was 13.9% lower.
•Net loss attributable to common stockholders for the quarter was $(13.5) million or $(0.19) per diluted share.
•Adjusted funds from operations (AFFO) was $0.16 per diluted share for the quarter.
•Adjusted EBITDAre was $39.2 million for the quarter, reflecting a growth rate of 33% over the prior year quarter, and 53.9% higher than what the Company reported in the fourth quarter of 2019.
•Comparable Hotel EBITDA was $52.2 million for the quarter, which was 8.4% higher than the prior year quarter and 35.4% higher than the fourth quarter of 2019.
•The Company ended the quarter with cash and cash equivalents of $261.5 million and restricted cash of $54.2 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $26.6 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net debt to gross assets was 40.4% at the end of the fourth quarter.
•Capex invested during the quarter was $12.6 million.
BHR Reports Fourth Quarter Results
Page 2
February 22, 2023
FULL YEAR 2022 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for the year for all hotels increased 31.1% over the prior year to $312, Comparable ADR increased 5.2% to $482 and Comparable Occupancy increased 24.6% to 64.7%. Compared to 2019, Comparable RevPAR for the year for all hotels was 21.7% higher, Comparable ADR was 44.9% higher, and Comparable Occupancy was 16.1% lower.
•For the year, net loss attributable to common stockholders was $(10.7) million or $(0.15) per diluted share.
•For the year, AFFO per diluted share was $1.23, which reflected a growth rate of 44.7% over the prior year.
•Adjusted EBITDAre for the year was $172.4 million, which reflected a growth rate of 97.1% over the prior year.
•Comparable Hotel EBITDA for the year was $221.9 million, which reflected a growth rate of 55.8% over the prior year.
•Capex invested during the year was $49.1 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company completed the acquisition of the 210-room Four Seasons Resort Scottsdale at Troon North.
•During the quarter, the Company successfully closed on a new $100 million non-recourse mortgage loan secured by the Four Seasons Resort Scottsdale. Subsequent to quarter end, the Company used the majority of the proceeds from the new loan to pay off a more expensive loan secured by the Ritz-Carlton Reserve Dorado Beach.
•During the quarter, the Company announced an increase in its quarterly common stock dividend to $0.05 per share.
•During the quarter, the Company announced that its Board of Directors authorized a stock repurchase program of up to $25 million. The Company recently completed this $25 million repurchase program, repurchasing 5.4 million shares at an average price of $4.60 per share.
FOUR SEASONS RESORT SCOTTSDALE ACQUISITION
On December 1, 2022, the Company announced that it completed the acquisition of the luxury 210-room Four Seasons Resort Scottsdale at Troon North. In addition, the Company acquired 5.7 acres of developable land that is currently zoned for commercial use.
Located on East Crescent Moon Drive in Scottsdale, Arizona, the idyllic Four Seasons Resort Scottsdale is set on 37 acres featuring adobe-inspired rooms situated among saguaro cacti, dramatic valleys, and views of the iconic Pinnacle Peak. Amenities include locally inspired spa treatments at the 9,000 sq. ft. spa, a bi-level pool and authentic Southwest cuisine. The resort also offers guests opportunities for outdoor adventure, including close shuttle access to two world-class golf courses, four pickleball and two tennis courts, as well as the opportunities to hike, bike or rock climb surrounding hills.
The acquisition was funded with cash on hand and no common equity was issued to fund the acquisition. The total consideration for the acquisition was $267.8 million. Of the total consideration, $250.0 million was allocated to the existing resort ($1.2 million per key) and $17.8 million was allocated to the excess developable land.
CAPITAL STRUCTURE
At December 31, 2022, the Company had total assets of $2.4 billion and $1.3 billion of loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of
BHR Reports Fourth Quarter Results
Page 3
February 22, 2023
6.4%, taking into account in-the-money interest rate caps. Based on the current level of LIBOR and SOFR, and the Company’s corresponding interest rate caps, approximately 82% of the Company’s consolidated debt is effectively fixed and approximately 18% is effectively floating.
On February 17, 2023, the offering for the Company’s Series E and Series M non-traded preferred stock closed. During the offering period, the Company issued approximately $460 million in gross proceeds and currently has 16,472,728 shares of its Series E and 1,960,336 shares of its Series M non-traded preferred stock outstanding.
During the quarter, the Company successfully closed on a mortgage loan secured by the 210-room Four Seasons Resort Scottsdale at Troon North in Scottsdale, Arizona. The non-recourse loan totals $100.0 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 3.75%. The Company used the majority of the proceeds from the new loan to pay off a more expensive loan secured by the Ritz-Carlton Reserve Dorado Beach, which had a floating interest rate of LIBOR + 6.00%.
On December 8, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company’s common stock for the fourth quarter ending December 31, 2022. The dividend, which equates to an annual rate of $0.20 per share, was paid on January 17, 2023, to stockholders of record as of December 30, 2022. The Board of Directors also approved the Company’s dividend policy for 2023. The Company expects to pay a quarterly cash dividend of $0.05 per share for 2023, or $0.20 per share on an annualized basis. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.
On December 8, 2022, the Company also announced that its Board of Directors authorized a stock repurchase program of up to $25 million. The Company recently completed this $25 million repurchase program and repurchased 5.4 million shares at an average price of $4.60 per share.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.
“We’re extremely pleased with Braemar’s solid fourth quarter performance and couldn’t be more excited about our recent acquisition of the iconic Four Seasons Resort Scottsdale,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “During the quarter, our portfolio continued to see significant outperformance relative to 2019. Further, our urban portfolio continues to ramp up quickly, reporting $11 million of Comparable Hotel EBITDA for the quarter and comprising 21% of total Comparable Hotel EBITDA for the quarter,” he added. “Additionally, the Board’s authorization of a $25 million share repurchase program, and the decision to increase the Company’s quarterly cash dividend to $0.05 per share, reflects a strong conviction in Braemar’s strategy and our commitment to create long-term shareholder value. Looking ahead to 2023, we remain very well positioned with expectations for strong leisure demand and the continued recovery of our urban portfolio,” Stockton concluded.
BHR Reports Fourth Quarter Results
Page 4
February 22, 2023
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, February 23, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Thursday, March 2, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13734832.
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2022 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com on Thursday, February 23, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported. Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes the change has been applied retrospectively.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
BHR Reports Fourth Quarter Results
Page 5
February 22, 2023
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
December 31, 2022
December 31, 2021
ASSETS
Investments in hotel properties, gross
$
2,325,093
$
1,845,078
Accumulated depreciation
(440,492)
(399,481)
Investments in hotel properties, net
1,884,601
1,445,597
Cash and cash equivalents
261,541
215,998
Restricted cash
54,155
47,376
Accounts receivable, net of allowance of $339 and $134, respectively
51,448
23,701
Inventories
5,238
3,128
Prepaid expenses
7,044
4,352
Investment in OpenKey
1,689
1,689
Derivative assets
6,482
139
Other assets
14,621
23,588
Operating lease right-of-use assets
79,449
80,462
Intangible assets, net
3,883
4,261
Due from related parties, net
938
1,770
Due from third-party hotel managers
26,625
27,461
Total assets
$
2,397,714
$
1,879,522
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net
$
1,334,130
$
1,172,678
Accounts payable and accrued expenses
133,978
96,316
Dividends and distributions payable
8,184
2,173
Due to Ashford Inc., net
10,005
1,474
Due to third-party hotel managers
2,096
610
Operating lease liabilities
60,692
60,937
Derivative liabilities
284
1,435
Other liabilities
22,343
20,034
Total liabilities
1,571,712
1,355,657
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2022 and December 31, 2021
65,426
65,426
Series E Redeemable Preferred Stock, $0.01 par value, 12,656,529 and 1,710,399 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively
291,076
39,339
Series M Redeemable Preferred Stock, $0.01 par value, 1,428,332 and 29,044 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively
35,182
715
Redeemable noncontrolling interests in operating partnership
40,555
36,087
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at December 31, 2022 and December 31, 2021
16
16
Common stock, $0.01 par value, 250,000,000 shares authorized, 69,919,065 and 65,365,470 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively
699
653
Additional paid-in capital
734,134
707,418
Accumulated deficit
(324,740)
(309,240)
Total stockholders' equity of the Company
410,109
398,847
Noncontrolling interest in consolidated entities
(16,346)
(16,549)
Total equity
393,763
382,298
Total liabilities and equity
$
2,397,714
$
1,879,522
6
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
REVENUE
Rooms
$
109,293
$
84,848
$
431,515
$
280,568
Food and beverage
42,641
29,323
159,241
90,299
Other
19,688
16,236
78,829
56,675
Total hotel revenue
171,622
130,407
669,585
427,542
EXPENSES
Hotel operating expenses:
Rooms
24,668
18,249
94,410
59,818
Food and beverage
34,313
24,651
125,555
75,177
Other expenses
56,243
40,771
205,373
138,914
Management fees
5,347
4,038
20,149
13,117
Total hotel operating expenses
120,571
87,709
445,487
287,026
Property taxes, insurance and other
8,035
7,921
30,766
34,997
Depreciation and amortization
20,506
18,881
78,122
73,762
Advisory services fee:
Base advisory fee
3,356
2,825
12,790
10,806
Reimbursable expenses
1,193
601
4,653
2,297
Incentive fee
(491)
—
803
—
Stock/unit-based compensation
2,308
2,872
10,601
9,538
(Gain) loss on legal settlements
—
72
(114)
(917)
Transaction costs
—
(8)
—
563
Corporate, general and administrative:
Stock/unit-based compensation
32
55
659
610
Other general and administrative
4,044
2,585
17,425
8,107
Total operating expenses
159,554
123,513
601,192
426,789
Gain (loss) on insurance settlement and disposition of assets
—
—
—
696
OPERATING INCOME (LOSS)
12,068
6,894
68,393
1,449
Equity in earnings (loss) of unconsolidated entity
(108)
(54)
(328)
(252)
Interest income
1,745
14
2,677
48
Other income (expense)
470
—
497
—
Interest expense
(18,278)
(8,096)
(49,710)
(28,693)
Amortization of loan costs
(595)
(459)
(2,456)
(2,208)
Write-off of loan costs and exit fees
(40)
(3)
(146)
(1,963)
Unrealized gain (loss) on derivatives
445
(32)
4,464
32
INCOME (LOSS) BEFORE INCOME TAXES
(4,293)
(1,736)
23,391
(31,587)
Income tax (expense) benefit
(260)
(558)
(4,043)
(1,324)
NET INCOME (LOSS)
(4,553)
(2,294)
19,348
(32,911)
(Income) loss attributable to noncontrolling interest in consolidated entities
202
104
(2,063)
2,650
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
1,123
413
476
3,597
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(3,228)
(1,777)
17,761
(26,664)
Preferred dividends
(8,108)
(2,487)
(21,503)
(8,745)
Deemed dividends on redeemable preferred stock
(2,152)
—
(6,954)
—
Gain (loss) on extinguishment of preferred stock
—
—
—
(4,595)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(13,488)
$
(4,264)
$
(10,696)
$
(40,004)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(0.19)
$
(0.06)
$
(0.15)
$
(0.76)
Weighted average common shares outstanding – basic
70,839
63,743
69,687
52,684
Diluted:
Net income (loss) attributable to common stockholders
$
(0.19)
$
(0.06)
$
(0.15)
$
(0.76)
Weighted average common shares outstanding – diluted
70,839
63,743
69,687
52,684
Dividends declared per common share:
$
0.05
$
—
$
0.08
$
—
7
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Net income (loss)
$
(4,553)
$
(2,294)
$
19,348
$
(32,911)
Interest expense and amortization of loan costs
18,873
8,555
52,166
30,901
Depreciation and amortization
20,506
18,881
78,122
73,762
Income tax expense (benefit)
260
558
4,043
1,324
Equity in (earnings) loss of unconsolidated entity
108
54
328
252
Company's portion of EBITDA of OpenKey
(114)
(54)
(334)
(250)
EBITDA
35,080
25,700
153,673
73,078
(Gain) loss on insurance settlement and disposition of assets
—
—
—
(696)
EBITDAre
35,080
25,700
153,673
72,382
Amortization of favorable (unfavorable) contract assets (liabilities)
118
118
463
512
Transaction and conversion costs
2,791
489
9,679
2,637
Other (income) expense
(470)
—
(497)
—
Write-off of loan costs and exit fees
40
3
146
1,963
(Gain) loss in insurance settlements
(55)
—
(55)
—
Unrealized (gain) loss on derivatives
(445)
32
(4,464)
(32)
Stock/unit-based compensation
2,344
2,939
11,285
10,204
Legal, advisory and settlement costs
1,069
112
2,170
(208)
Advisory services incentive fee
(1,294)
—
—
—
Company's portion of adjustments to EBITDAre of OpenKey
2
—
8
7
Adjusted EBITDAre
$
39,180
$
29,393
$
172,408
$
87,465
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Net income (loss)
$
(4,553)
$
(2,294)
$
19,348
$
(32,911)
(Income) loss attributable to noncontrolling interest in consolidated entities
202
104
(2,063)
2,650
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
1,123
413
476
3,597
Preferred dividends
(8,108)
(2,487)
(21,503)
(8,745)
Deemed dividends on redeemable preferred stock
(2,152)
—
(6,954)
—
Gain (loss) on extinguishment of preferred stock
—
—
—
(4,595)
Net income (loss) attributable to common stockholders
(13,488)
(4,264)
(10,696)
(40,004)
Depreciation and amortization on real estate
19,830
18,229
75,508
71,072
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(1,123)
(413)
(476)
(3,597)
Equity in (earnings) loss of unconsolidated entity
108
54
328
252
(Gain) loss on insurance settlement and disposition of assets
—
—
—
(696)
Company's portion of FFO of OpenKey
(113)
(54)
(333)
(251)
FFO available to common stockholders and OP unitholders
5,214
13,552
64,331
26,776
Deemed dividends on redeemable preferred stock
2,152
—
6,954
(Gain) loss on extinguishment of preferred stock
—
—
—
4,595
Transaction and conversion costs
2,791
489
9,679
2,637
Interest expense accretion on refundable membership club deposits
178
190
723
772
Write-off of loan costs and exit fees
40
3
146
1,963
Amortization of loan costs
572
437
2,365
2,121
(Gain) loss in insurance settlements
(55)
—
(55)
—
Unrealized (gain) loss on derivatives
(445)
32
(4,464)
(32)
Stock/unit-based compensation
2,344
2,939
11,285
10,204
Legal, advisory and settlement costs
1,069
112
2,170
(208)
Advisory services incentive fee
(1,294)
—
—
—
Company's portion of adjustments to FFO of OpenKey
2
—
8
7
Adjusted FFO available to common stockholders and OP unitholders
$
12,568
$
17,754
$
93,142
$
48,835
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.16
$
0.25
$
1.23
$
0.85
Weighted average diluted shares
76,848
70,127
75,635
57,762
8
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2022
(dollars in thousands)
(unaudited)
Lender
Hotels
Current Maturity
Final
Maturity (11)
Interest Rate
Fixed-Rate Debt
Floating-Rate Debt
Total Debt
Comparable TTM Hotel Net Income
Comparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA(12)
Comparable TTM EBITDA Debt Yield
BAML
The Ritz-Carlton Sarasota
April 2023
April 2023
LIBOR (1) + 2.65%
$
—
$
98,500
(3)
$
98,500
$
17,641
17.9
%
$
30,377
30.8
%
BAML
Hotel Yountville
May 2023
May 2023
LIBOR (1) + 2.55%
—
51,000
(3)
51,000
2,547
5.0
%
6,958
13.6
%
BAML
See footnote
June 2023
June 2025
LIBOR (1) + 2.16%
—
435,000
(4)
435,000
2,639
0.6
%
33,532
7.7
%
BAML
Bardessono Hotel and Spa
August 2023
August 2023
SOFR (2) + 2.65%
—
40,000
40,000
4,488
11.2
%
9,127
22.8
%
Apollo
The Ritz-Carlton St. Thomas
August 2023
August 2024
LIBOR (1) + 3.95%
—
42,500
(5)
42,500
18,920
44.5
%
30,137
70.9
%
BAML
The Ritz-Carlton Lake Tahoe
January 2024
January 2024
SOFR (2) + 2.20%
—
54,000
54,000
5,020
9.3
%
11,383
21.1
%
Prudential
Capital Hilton and Hilton La Jolla Torrey Pines
February 2024
February 2024
LIBOR (1) + 1.70%
—
195,000
195,000
14,287
7.3
%
27,502
14.1
%
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
February 2024
February 2027
SOFR (2) + 2.86%
—
70,500
(6)
70,500
5,668
8.0
%
13,620
19.3
%
Knighthead Funding
The Ritz-Carlton Reserve Dorado Beach
March 2024
March 2026
LIBOR (1) + 6.00%
—
54,000
(7)
54,000
9,672
17.9
%
18,521
34.3
%
LoanCore
Mr. C Beverly Hills Hotel
August 2024
August 2024
LIBOR (1) + 3.60%
—
30,000
(8)
30,000
(1,390)
(4.6)
%
3,157
10.5
%
BAML
Pier House Resort & Spa
September 2024
September 2024
SOFR (2) + 1.95%
—
80,000
80,000
12,377
15.5
%
18,115
22.6
%
Aareal Capital Corporation
Four Seasons Resort Scottsdale
December 2025
December 2027
SOFR (2) + 3.75%
—
100,000
(9)
100,000
4,095
4.1
%
19,497
19.5
%
Convertible Senior Notes
N/A
June 2026
June 2026
4.50%
86,250
—
86,250
N/A
N/A
N/A
N/A
Total
$
86,250
$
1,250,500
$
1,336,750
$
95,964
7.2
%
$
221,926
16.6
%
Percentage
6.5
%
93.5
%
100.0
%
Weighted average interest rate (10)
4.50
%
6.49
%
6.36
%
All indebtedness is non-recourse with the exception of the convertible senior notes.
(1) LIBOR rate was 4.392% at December 31, 2022.
(2) SOFR rate was 4.358% at December 31, 2022.
(3) This mortgage loan has a LIBOR floor of 0.25%.
(4) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in June 2022. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(5) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%.
(6) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.
(7) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%.
(8) This mortgage loan has a LIBOR floor of 1.50%.
(9) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(10) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(11) The final maturity date assumes all available extension options will be exercised.
(12) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
9
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
December 31, 2022
(dollars in thousands)
(unaudited)
Lender
Hotels
2023
2024
2025
2026
2027
Thereafter
Total
BAML
Hotel Yountville
$
51,000
$
—
$
—
$
—
$
—
$
—
$
51,000
BAML
Bardessono Hotel and Spa
40,000
—
—
—
—
—
40,000
BAML
The Ritz-Carlton Sarasota
98,000
—
—
—
—
—
98,000
BAML
The Ritz-Carlton Lake Tahoe
—
54,000
—
—
—
—
54,000
Prudential
Capital Hilton and Hilton La Jolla Torrey Pines
—
195,000
—
—
—
—
195,000
Apollo
The Ritz-Carlton St. Thomas
—
42,500
—
—
—
—
42,500
LoanCore
Mr. C Beverly Hills Hotel
—
30,000
—
—
—
—
30,000
BAML
Pier House Resort & Spa
—
80,000
—
—
—
—
80,000
BAML
See footnote 1
—
—
435,000
—
—
—
435,000
Knighthead Funding
The Ritz-Carlton Reserve Dorado Beach
—
—
—
54,000
—
—
54,000
Convertible Senior Notes
N/A
—
—
—
86,250
—
—
86,250
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
—
—
—
—
70,500
—
70,500
Aareal Capital Corporation
Four Seasons Resort Scottsdale
—
—
—
—
96,000
—
96,000
Principal due in future periods
$
189,000
$
401,500
$
435,000
$
140,250
$
166,500
$
—
$
1,332,250
Scheduled amortization payments remaining
500
—
—
2,000
2,000
—
4,500
Total indebtedness
$
189,500
$
401,500
$
435,000
$
142,250
$
168,500
$
—
$
1,336,750
(1) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
10
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
111,422
$
4,960
$
116,382
$
85,482
$
21,721
$
107,203
30.35
%
8.56
%
RevPAR
$
298.03
$
387.17
$
300.98
$
239.62
$
747.14
$
277.86
24.38
%
8.32
%
Occupancy
64.50
%
54.47
%
64.17
%
61.12
%
58.10
%
60.89
%
5.54
%
5.39
%
ADR
$
462.04
$
710.76
$
469.03
$
392.08
$
1,285.86
$
456.35
17.84
%
2.78
%
ALL HOTELS:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
438,220
$
39,586
$
477,806
$
279,812
$
84,135
$
363,947
56.61
%
31.28
%
RevPAR
$
300.90
$
511.09
$
311.51
$
202.57
$
558.91
$
237.59
48.54
%
31.11
%
Occupancy
65.62
%
46.76
%
64.66
%
52.44
%
46.96
%
51.90
%
25.12
%
24.58
%
ADR
$
458.58
$
1,093.04
$
481.75
$
386.26
$
1,190.21
$
457.74
18.72
%
5.24
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information for prior periods has been revised to include the operations of condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.
ALL HOTELS
NOT UNDER RENOVATION:
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
99,835
$
4,960
$
104,795
$
76,112
$
21,721
$
97,833
31.17
%
7.12
%
RevPAR
$
308.92
$
387.17
$
311.91
$
311.91
$
747.14
$
291.94
(0.96)
%
6.84
%
Occupancy
65.62
%
54.47
%
65.19
%
66.81
%
58.10
%
61.13
%
(1.78)
%
6.66
%
ADR
$
470.78
$
710.76
$
478.43
$
466.85
$
1,285.86
$
477.60
0.84
%
0.17
%
ALL HOTELS
NOT UNDER RENOVATION:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
Rooms revenue (in thousands)
$
391,522
$
39,586
$
431,108
$
247,404
$
84,135
$
331,539
58.25
%
30.03
%
RevPAR
$
311.91
$
511.09
$
323.48
$
209.63
$
558.91
$
249.14
48.79
%
29.84
%
Occupancy
66.81
%
46.76
%
65.65
%
52.32
%
46.96
%
51.72
%
27.69
%
26.94
%
ADR
$
466.85
$
1,093.04
$
492.77
$
400.66
$
1,190.21
$
481.76
16.52
%
2.29
%
NOTES:
(1) The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at December 31, 2022, and not under renovation during the three months ended December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) The above information for prior periods has been revised to include the operations of condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.
(4) Excluded hotels under renovation:
Marriott Seattle Waterfront; Park Hyatt Beaver Creek
11
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
% Variance
2022
2021
% Variance
Total hotel revenue
$
173,363
$
130,925
32.41
%
$
675,072
$
428,093
57.69
%
Non-comparable adjustments
13,930
38,883
71,228
131,666
Comparable total hotel revenue
$
187,293
$
169,808
10.30
%
$
746,300
$
559,759
33.33
%
Hotel net income (loss)
$
13,699
$
11,933
14.80
%
$
90,713
$
17,368
422.30
%
Non-comparable adjustments
1,574
7,250
5,251
10,433
Comparable hotel net income (loss)
$
15,273
$
19,183
(20.38)
%
$
95,964
$
27,801
245.18
%
Hotel net income (loss) margin
7.90
%
9.11
%
(1.21)
%
13.44
%
4.06
%
9.38
%
Comparable hotel net income margin
8.15
%
11.30
%
(3.15)
%
12.86
%
4.97
%
7.89
%
Hotel EBITDA
$
47,065
$
35,498
32.58
%
$
200,505
$
107,986
85.68
%
Non-comparable adjustments
5,141
12,643
21,421
34,468
Comparable hotel EBITDA
$
52,206
$
48,141
8.44
%
$
221,926
$
142,454
55.79
%
Hotel EBITDA margin
27.15
%
27.11
%
0.04
%
29.70
%
25.22
%
4.48
%
Comparable hotel EBITDA margin
27.87
%
28.35
%
(0.48)
%
29.74
%
25.45
%
4.29
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
714
$
(15)
4,938.98
%
$
3,572
$
(2,292)
255.85
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
12,985
$
11,948
8.68
%
$
87,141
$
19,660
343.25
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
14,559
$
19,198
(24.16)
%
$
92,392
$
30,093
207.02
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
1,798
$
388
363.40
%
$
6,876
$
723
851.04
%
Hotel EBITDA attributable to the Company and OP unitholders
$
45,267
$
35,110
28.93
%
$
193,629
$
107,263
80.52
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
50,408
$
47,753
5.56
%
$
215,050
$
141,731
51.73
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
12
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
% Variance
2022
2021
% Variance
Total hotel revenue
$
155,321
$
115,953
33.95
%
$
598,072
$
373,594
60.09
%
Non-comparable adjustments
13,930
38,883
71,228
131,666
Comparable total hotel revenue
$
169,251
$
154,836
9.31
%
$
669,300
$
505,260
32.47
%
Hotel net income (loss)
$
13,094
$
11,095
18.02
%
$
81,255
$
13,656
495.01
%
Non-comparable adjustments
1,574
7,250
5,251
10,433
Comparable hotel net income (loss)
$
14,668
$
18,345
(20.04)
%
$
86,506
$
24,089
259.11
%
Hotel net income (loss) margin
8.43
%
9.57
%
(1.14)
%
13.59
%
3.66
%
9.93
%
Comparable hotel net income margin
8.67
%
11.85
%
(3.18)
%
12.92
%
4.77
%
8.15
%
Hotel EBITDA
$
42,546
$
32,134
32.40
%
$
177,668
$
94,820
87.37
%
Non-comparable adjustments
5,141
12,643
21,421
34,468
Comparable hotel EBITDA
$
47,687
$
44,777
6.50
%
$
199,089
$
129,288
53.99
%
Hotel EBITDA margin
27.39
%
27.71
%
(0.32)
%
29.71
%
25.38
%
4.33
%
Comparable hotel EBITDA margin
28.18
%
28.92
%
(0.74)
%
29.75
%
25.59
%
4.16
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
714
$
(15)
4,938.98
%
$
3,572
$
(2,292)
(255.85)
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
12,380
$
11,110
11.44
%
$
77,683
$
15,948
387.11
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
13,954
$
18,360
(24.00)
%
$
82,934
$
26,381
214.37
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
1,798
$
388
363.40
%
$
6,876
$
723
851.04
%
Hotel EBITDA attributable to the Company and OP unitholders
$
40,748
$
31,746
28.36
%
$
170,792
$
94,097
81.51
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
45,889
$
44,389
3.38
%
$
192,213
$
128,565
49.51
%
NOTES:
(1) The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at December 31, 2022, and not under renovation during the three months ended December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(4) Excluded hotels under renovation:
Marriott Seattle Waterfront; Park Hyatt Beaver Creek
13
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
8,532
$
—
$
8,532
$
4,062
$
—
$
4,062
110.04
%
110.04
%
Total hotel revenue
$
13,183
$
—
$
13,183
$
6,619
$
—
$
6,619
99.17
%
99.17
%
Hotel net income (loss)
$
(21)
$
—
$
(21)
$
(1,447)
$
—
$
(1,447)
98.55
%
98.55
%
Hotel net income (loss) margin
(0.16)
%
(0.16)
%
(21.86)
%
(21.86)
%
21.70
%
21.70
%
Hotel EBITDA
$
3,284
$
—
$
3,284
$
409
$
—
$
409
702.93
%
702.93
%
Hotel EBITDA margin
24.91
%
24.91
%
6.18
%
6.18
%
18.73
%
18.73
%
Selected Operating Information:
RevPAR
$
168.61
$
—
$
168.61
$
80.28
$
—
$
80.28
110.03
%
110.03
%
Occupancy
72.96
%
—
%
72.96
%
43.74
%
—
%
43.74
%
66.83
%
66.83
%
ADR
$
231.08
$
—
$
231.08
$
183.55
$
—
$
183.55
25.90
%
25.90
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
6,067
$
—
$
6,067
$
4,862
$
—
$
4,862
24.78
%
24.78
%
Total hotel revenue
$
11,535
$
—
$
11,535
$
8,323
$
—
$
8,323
38.59
%
38.59
%
Hotel net income (loss)
$
2,876
$
—
$
2,876
$
1,388
$
—
$
1,388
107.20
%
107.20
%
Hotel net income (loss) margin
24.93
%
24.93
%
16.68
%
16.68
%
8.25
%
8.25
%
Hotel EBITDA
$
3,909
$
—
$
3,909
$
2,445
$
—
$
2,445
59.88
%
59.88
%
Hotel EBITDA margin
33.89
%
33.89
%
29.38
%
29.38
%
4.51
%
4.51
%
Selected Operating Information:
RevPAR
$
167.37
$
—
$
167.37
$
134.15
$
—
$
134.15
24.77
%
24.77
%
Occupancy
70.27
%
—
%
70.27
%
63.55
%
—
%
63.55
%
10.58
%
10.58
%
ADR
$
238.16
$
—
$
238.16
$
211.08
$
—
$
211.08
12.83
%
12.83
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
6,363
$
—
$
6,363
$
4,815
$
—
$
4,815
32.15
%
32.15
%
Total hotel revenue
$
8,559
$
—
$
8,559
$
6,574
$
—
$
6,574
30.19
%
30.19
%
Hotel net income (loss)
$
(91)
$
—
$
(91)
$
(1,776)
$
—
$
(1,776)
94.88
%
94.88
%
Hotel net income (loss) margin
(1.06)
%
(1.06)
%
(27.02)
%
(27.02)
%
25.96
%
25.96
%
Hotel EBITDA
$
1,320
$
—
$
1,320
$
(126)
$
—
$
(126)
1,147.62
%
1,147.62
%
Hotel EBITDA margin
15.42
%
15.42
%
(1.92)
%
(1.92)
%
17.34
%
17.34
%
Selected Operating Information:
RevPAR
$
166.66
$
—
$
166.66
$
126.11
$
—
$
126.11
32.16
%
32.16
%
Occupancy
66.17
%
—
%
66.17
%
61.34
%
—
%
61.34
%
7.89
%
7.89
%
ADR
$
251.85
$
—
$
251.85
$
205.60
$
—
$
205.60
22.49
%
22.49
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
4,460
$
—
$
4,460
$
5,399
$
—
$
5,399
(17.39)
%
(17.39)
%
Total hotel revenue
$
6,083
$
—
$
6,083
$
6,822
$
—
$
6,822
(10.83)
%
(10.83)
%
Hotel net income (loss)
$
702
$
—
$
702
$
1,731
$
—
$
1,731
(59.45)
%
(59.45)
%
Hotel net income (loss) margin
11.54
%
11.54
%
25.37
%
25.37
%
(13.83)
%
(13.83)
%
Hotel EBITDA
$
2,038
$
—
$
2,038
$
2,771
$
—
$
2,771
(26.45)
%
(26.45)
%
Hotel EBITDA margin
33.50
%
33.50
%
40.62
%
40.62
%
(7.12)
%
(7.12)
%
Selected Operating Information:
RevPAR
$
745.87
$
—
$
745.87
$
902.76
$
—
$
902.76
(17.38)
%
(17.38)
%
Occupancy
60.75
%
—
%
60.75
%
70.95
%
—
%
70.95
%
(14.38)
%
(14.38)
%
ADR
$
1,227.73
$
—
$
1,227.73
$
1,272.33
$
—
$
1,272.33
(3.51)
%
(3.51)
%
14
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
5,758
$
—
$
5,758
$
7,046
$
—
$
7,046
(18.28)
%
(18.28)
%
Total hotel revenue
$
7,316
$
—
$
7,316
$
8,696
$
—
$
8,696
(15.87)
%
(15.87)
%
Hotel net income (loss)
$
1,655
$
—
$
1,655
$
3,787
$
—
$
3,787
(56.30)
%
(56.30)
%
Hotel net income (loss) margin
22.62
%
22.62
%
43.55
%
43.55
%
(20.93)
%
(20.93)
%
Hotel EBITDA
$
3,503
$
—
$
3,503
$
4,965
$
—
$
4,965
(29.45)
%
(29.45)
%
Hotel EBITDA margin
47.88
%
47.88
%
57.10
%
57.10
%
(9.22)
%
(9.22)
%
Selected Operating Information:
RevPAR
$
440.75
$
—
$
440.75
$
539.33
$
—
$
539.33
(18.28)
%
(18.28)
%
Occupancy
63.70
%
—
%
63.70
%
75.42
%
—
%
75.42
%
(15.54)
%
(15.54)
%
ADR
$
691.90
$
—
$
691.90
$
715.09
$
—
$
715.09
(3.24)
%
(3.24)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
3,486
$
—
$
3,486
$
3,855
$
—
$
3,855
(9.57)
%
(9.57)
%
Total hotel revenue
$
4,269
$
—
$
4,269
$
4,620
$
—
$
4,620
(7.60)
%
(7.60)
%
Hotel net income (loss)
$
672
$
—
$
672
$
1,059
$
—
$
1,059
(36.54)
%
(36.54)
%
Hotel net income (loss) margin
15.74
%
15.74
%
22.92
%
22.92
%
(7.18)
%
(7.18)
%
Hotel EBITDA
$
1,884
$
—
$
1,884
$
2,121
$
—
$
2,121
(11.17)
%
(11.17)
%
Hotel EBITDA margin
44.13
%
44.13
%
45.91
%
45.91
%
(1.78)
%
(1.78)
%
Selected Operating Information:
RevPAR
$
473.63
$
—
$
473.63
$
523.83
$
—
$
523.83
(9.58)
%
(9.58)
%
Occupancy
54.47
%
—
%
54.47
%
58.25
%
—
%
58.25
%
(6.48)
%
(6.48)
%
ADR
$
869.53
$
—
$
869.53
$
899.31
$
—
$
899.31
(3.31)
%
(3.31)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
6,556
$
—
$
6,556
$
5,245
$
—
$
5,245
25.00
%
25.00
%
Total hotel revenue
$
11,602
$
—
$
11,602
$
9,724
$
—
$
9,724
19.31
%
19.31
%
Hotel net income (loss)
$
322
$
—
$
322
$
577
$
—
$
577
(44.19)
%
(44.19)
%
Hotel net income (loss) margin
2.78
%
2.78
%
5.93
%
5.93
%
(3.15)
%
(3.15)
%
Hotel EBITDA
$
2,734
$
—
$
2,734
$
2,023
$
—
$
2,023
35.15
%
35.15
%
Hotel EBITDA margin
23.56
%
23.56
%
20.80
%
20.80
%
2.76
%
2.76
%
Selected Operating Information:
RevPAR
$
375.04
$
—
$
375.04
$
300.05
$
—
$
300.05
24.99
%
24.99
%
Occupancy
52.04
%
—
%
52.04
%
49.98
%
—
%
49.98
%
4.12
%
4.12
%
ADR
$
720.64
$
—
$
720.64
$
600.31
$
—
$
600.31
20.04
%
20.04
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
6,981
$
—
$
6,981
$
4,321
$
—
$
4,321
61.56
%
61.56
%
Total hotel revenue
$
8,735
$
—
$
8,735
$
5,394
$
—
$
5,394
61.94
%
61.94
%
Hotel net income (loss)
$
799
$
—
$
799
$
(683)
$
—
$
(683)
216.98
%
216.98
%
Hotel net income (loss) margin
9.15
%
9.15
%
(12.66)
%
(12.66)
%
21.81
%
21.81
%
Hotel EBITDA
$
2,865
$
—
$
2,865
$
1,293
$
—
$
1,293
121.58
%
121.58
%
Hotel EBITDA margin
32.80
%
32.80
%
23.97
%
23.97
%
8.83
%
8.83
%
Selected Operating Information:
RevPAR
$
152.07
$
—
$
152.07
$
94.12
$
—
$
94.12
61.58
%
61.58
%
Occupancy
63.14
%
—
%
63.14
%
49.14
%
—
%
49.14
%
28.49
%
28.49
%
ADR
$
240.84
$
—
$
240.84
$
191.52
$
—
$
191.52
25.75
%
25.75
%
15
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue
$
7,183
$
—
$
7,183
$
5,474
$
—
$
5,474
31.22
%
31.22
%
Total hotel revenue
$
8,373
$
—
$
8,373
$
6,513
$
—
$
6,513
28.56
%
28.56
%
Hotel net income (loss)
$
(1,477)
$
—
$
(1,477)
$
(3,338)
$
—
$
(3,338)
55.75
%
55.75
%
Hotel net income (loss) margin
(17.64)
%
(17.64)
%
(51.25)
%
(51.25)
%
33.61
%
33.61
%
Hotel EBITDA
$
1,190
$
—
$
1,190
$
157
$
—
$
157
657.96
%
657.96
%
Hotel EBITDA margin
14.21
%
14.21
%
2.41
%
2.41
%
11.80
%
11.80
%
Selected Operating Information:
RevPAR
$
190.44
$
—
$
190.44
$
145.12
$
—
$
145.12
31.23
%
31.23
%
Occupancy
65.61
%
—
%
65.61
%
74.02
%
—
%
74.02
%
(11.35)
%
(11.35)
%
ADR
$
290.25
$
—
$
290.25
$
196.06
$
—
$
196.06
48.04
%
48.04
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
9,677
$
—
$
9,677
$
10,964
$
—
$
10,964
(11.74)
%
(11.74)
%
Total hotel revenue
$
22,971
$
—
$
22,971
$
23,513
$
—
$
23,513
(2.31)
%
(2.31)
%
Hotel net income (loss)
$
1,194
$
—
$
1,194
$
4,512
$
—
$
4,512
(73.54)
%
(73.54)
%
Hotel net income (loss) margin
5.20
%
5.20
%
19.19
%
19.19
%
(13.99)
%
(13.99)
%
Hotel EBITDA
$
6,158
$
—
$
6,158
$
6,944
$
—
$
6,944
(11.32)
%
(11.32)
%
Hotel EBITDA margin
26.81
%
26.81
%
29.53
%
29.53
%
(2.72)
%
(2.72)
%
Selected Operating Information:
RevPAR
$
381.12
$
—
$
381.12
$
443.70
$
—
$
443.70
(14.10)
%
(14.10)
%
Occupancy
66.71
%
—
%
66.71
%
78.54
%
—
%
78.54
%
(15.06)
%
(15.06)
%
ADR
$
571.31
$
—
$
571.31
$
564.93
$
—
$
564.93
1.13
%
1.13
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
7,751
$
—
$
7,751
$
8,396
$
—
$
8,396
(7.68)
%
(7.68)
%
Total hotel revenue
$
13,666
$
—
$
13,666
$
13,862
$
—
$
13,862
(1.41)
%
(1.41)
%
Hotel net income (loss)
$
681
$
—
$
681
$
2,544
$
—
$
2,544
(73.23)
%
(73.23)
%
Hotel net income (loss) margin
4.98
%
4.98
%
18.35
%
18.35
%
(13.37)
%
(13.37)
%
Hotel EBITDA
$
2,581
$
—
$
2,581
$
3,894
$
—
$
3,894
(33.72)
%
(33.72)
%
Hotel EBITDA margin
18.89
%
18.89
%
28.09
%
28.09
%
(9.20)
%
(9.20)
%
Selected Operating Information:
RevPAR
$
462.91
$
—
$
462.91
$
506.99
$
—
$
506.99
(8.69)
%
(8.69)
%
Occupancy
56.59
%
—
%
56.59
%
57.90
%
—
%
57.90
%
(2.27)
%
(2.27)
%
ADR
$
818.04
$
—
$
818.04
$
875.56
$
—
$
875.56
(6.57)
%
(6.57)
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
5,031
$
—
$
5,031
$
4,125
$
—
$
4,125
21.96
%
21.96
%
Total hotel revenue
$
6,440
$
—
$
6,440
$
5,248
$
—
$
5,248
22.71
%
22.71
%
Hotel net income (loss)
$
283
$
—
$
283
$
261
$
—
$
261
8.43
%
8.43
%
Hotel net income (loss) margin
4.39
%
4.39
%
4.97
%
4.97
%
(0.58)
%
(0.58)
%
Hotel EBITDA
$
1,785
$
—
$
1,785
$
1,341
$
—
$
1,341
33.11
%
33.11
%
Hotel EBITDA margin
27.72
%
27.72
%
25.55
%
25.55
%
2.17
%
2.17
%
Selected Operating Information:
RevPAR
$
151.49
$
—
$
151.49
$
124.19
$
—
$
124.19
21.98
%
21.98
%
Occupancy
60.21
%
—
%
60.21
%
64.24
%
—
%
64.24
%
(6.28)
%
(6.28)
%
ADR
$
251.61
$
—
$
251.61
$
193.33
$
—
$
193.33
30.15
%
30.15
%
16
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
13,280
$
(1,652)
$
11,628
$
13,922
$
—
$
13,922
(4.61)
%
(16.48)
%
Total hotel revenue
$
19,725
$
(1,652)
$
18,073
$
20,697
$
—
$
20,697
(4.70)
%
(12.68)
%
Hotel net income (loss)
$
3,752
$
(1,653)
$
2,099
$
3,745
$
—
$
3,745
0.19
%
(43.95)
%
Hotel net income (loss) margin
19.02
%
11.61
%
18.09
%
18.09
%
0.93
%
(6.48)
%
Hotel EBITDA
$
6,606
$
(1,652)
$
4,954
$
6,638
$
—
$
6,638
(0.48)
%
(25.37)
%
Hotel EBITDA margin
33.49
%
27.41
%
32.07
%
32.07
%
1.42
%
(4.66)
%
Selected Operating Information:
RevPAR
$
801.98
$
—
$
702.18
$
840.70
$
—
$
840.70
(4.61)
%
(16.48)
%
Occupancy
59.30
%
—
%
59.30
%
74.48
%
—
%
74.48
%
(20.38)
%
(20.38)
%
ADR
$
1,352.42
$
—
$
1,184.13
$
1,128.76
$
—
$
1,128.76
19.82
%
4.91
%
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue
$
3,298
$
—
$
3,298
$
2,996
$
(109)
$
2,887
10.08
%
14.24
%
Total hotel revenue
$
4,656
$
—
$
4,656
$
4,320
$
—
$
4,320
7.78
%
7.78
%
Hotel net income (loss)
$
(816)
$
—
$
(816)
$
(427)
$
—
$
(427)
(91.10)
%
(91.10)
%
Hotel net income (loss) margin
(17.53)
%
(17.53)
%
(9.88)
%
(9.88)
%
(7.65)
%
(7.65)
%
Hotel EBITDA
$
456
$
—
$
456
$
623
$
—
$
623
(26.81)
%
(26.81)
%
Hotel EBITDA margin
9.79
%
9.79
%
—
%
14.42
%
9.79
%
(4.63)
%
Selected Operating Information:
RevPAR
$
250.68
$
—
$
250.68
$
227.78
$
—
$
219.46
10.05
%
14.22
%
Occupancy
76.14
%
—
%
76.14
%
69.73
%
—
%
69.73
%
9.19
%
9.19
%
ADR
$
329.23
$
—
$
329.23
$
326.65
$
—
$
314.72
0.79
%
4.61
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
13,892
$
—
$
13,892
$
—
$
12,645
$
12,645
—
%
9.86
%
Total hotel revenue
$
21,056
$
—
$
21,056
$
—
$
20,321
$
20,321
—
%
3.62
%
Hotel net income (loss)
$
2,235
$
—
$
2,235
$
—
$
3,260
$
3,260
—
%
(31.44)
%
Hotel net income (loss) margin
10.61
%
10.61
%
—
%
16.04
%
10.61
%
(5.43)
%
Hotel EBITDA
$
5,042
$
—
$
5,042
$
—
$
5,195
$
5,195
—
%
(2.95)
%
Hotel EBITDA margin
23.95
%
23.95
%
—
%
25.56
%
23.95
%
(1.61)
%
Selected Operating Information:
RevPAR
$
1,424.51
$
—
$
1,424.51
$
—
$
1,296.69
$
1,296.69
—
%
9.86
%
Occupancy
56.54
%
—
%
56.54
%
—
%
59.93
%
59.93
%
—
%
(5.65)
%
ADR
$
2,519.37
$
—
$
2,519.37
$
—
$
2,163.81
$
2,163.81
—
%
16.43
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
3,107
$
6,612
$
9,719
$
—
$
9,185
$
9,185
—
%
5.81
%
Total hotel revenue
$
5,194
$
15,582
$
20,776
$
—
$
18,562
$
18,562
—
%
11.93
%
Hotel net income (loss)
$
933
$
3,227
$
4,160
$
—
$
3,990
$
3,990
—
%
4.26
%
Hotel net income (loss) margin
17.96
%
20.02
%
—
%
21.50
%
17.96
%
(1.48)
%
Hotel EBITDA
$
1,710
$
6,793
$
8,503
$
—
$
7,448
$
7,448
—
%
14.16
%
Hotel EBITDA margin
32.92
%
40.93
%
—
%
40.12
%
32.92
%
0.81
%
Selected Operating Information:
RevPAR
$
477.19
$
516.18
$
503.04
$
—
$
475.41
$
475.41
—
%
5.81
%
Occupancy
45.15
%
54.47
%
51.33
%
—
%
57.18
%
57.18
%
—
%
(10.24)
%
ADR
$
1,056.99
$
947.59
$
980.01
$
—
$
831.37
$
831.37
—
%
17.88
%
17
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
74,034
$
4,960
$
78,994
$
59,689
$
21,830
$
81,519
24.03
%
(3.10)
%
Total hotel revenue
$
123,417
$
13,930
$
137,347
$
96,257
$
38,883
$
135,140
28.22
%
1.63
%
Hotel net income (loss)
$
15,024
$
1,574
$
16,598
$
19,344
$
7,251
$
26,595
(22.33)
%
(37.59)
%
Hotel net income (loss) margin
12.17
%
12.08
%
20.10
%
19.68
%
(7.93)
%
(7.60)
%
Hotel EBITDA
$
36,165
$
5,141
$
41,306
$
31,801
$
12,643
$
44,444
13.72
%
(7.06)
%
Hotel EBITDA margin
29.30
%
30.07
%
33.04
%
32.89
%
(3.74)
%
(2.82)
%
Selected Operating Information:
RevPAR
$
477.36
$
387.17
$
470.48
$
432.65
$
—
$
488.04
10.34
%
(3.60)
%
Occupancy
61.40
%
54.47
%
60.87
%
66.31
%
—
%
64.88
%
(7.41)
%
(6.19)
%
ADR
$
777.50
$
710.76
$
772.94
$
652.43
$
—
$
752.17
19.17
%
2.76
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
37,388
$
—
$
37,388
$
25,793
$
(109)
$
25,684
44.95
%
45.57
%
Total hotel revenue
$
49,946
$
—
$
49,946
$
34,668
$
—
$
34,668
44.07
%
44.07
%
Hotel net income (loss)
$
(1,325)
$
—
$
(1,325)
$
(7,411)
$
—
$
(7,411)
82.12
%
82.12
%
Hotel net income (loss) margin
(2.65)
%
(2.65)
%
(21.38)
%
(21.38)
%
18.73
%
18.73
%
Hotel EBITDA
$
10,900
$
—
$
10,900
$
3,697
$
—
$
3,697
194.83
%
194.83
%
Hotel EBITDA margin
21.82
%
21.82
%
10.66
%
10.66
%
11.16
%
11.16
%
Selected Operating Information:
RevPAR
$
170.90
$
—
$
170.90
$
117.89
$
—
$
117.39
44.96
%
45.58
%
Occupancy
66.71
%
—
%
66.71
%
57.84
%
—
%
57.84
%
15.33
%
15.33
%
ADR
$
256.20
$
—
$
256.20
$
203.84
$
—
$
202.97
25.69
%
26.22
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
111,422
$
4,960
$
116,382
$
85,482
$
21,721
$
107,203
30.35
%
8.56
%
Total hotel revenue
$
173,363
$
13,930
$
187,293
$
130,925
$
38,883
$
169,808
32.41
%
10.30
%
Hotel net income (loss)
$
13,699
$
1,574
$
15,273
$
11,933
$
7,250
$
19,183
14.80
%
(20.38)
%
Hotel net income (loss) margin
7.90
%
8.15
%
9.11
%
11.30
%
(1.21)
%
(3.15)
%
Hotel EBITDA
$
47,065
$
5,141
$
52,206
$
35,498
$
12,643
$
48,141
32.58
%
8.44
%
Hotel EBITDA margin
27.15
%
27.87
%
27.11
%
28.35
%
0.04
%
(0.48)
%
Selected Operating Information:
RevPAR
$
298.03
$
387.17
$
300.98
$
239.62
$
747.14
$
277.86
24.38
%
8.32
%
Occupancy
64.50
%
54.47
%
64.17
%
61.12
%
58.10
%
60.89
%
5.54
%
5.39
%
ADR
$
462.04
$
710.76
$
469.03
$
392.08
$
1,285.86
$
456.35
17.84
%
2.78
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.
(3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4) Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale,
(5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel
(6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
18
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
29,877
$
—
$
29,877
$
9,773
$
—
$
9,773
205.71
%
205.71
%
Total hotel revenue
$
45,113
$
—
$
45,113
$
13,929
$
—
$
13,929
223.88
%
223.88
%
Hotel net income (loss)
$
1,125
$
—
$
1,125
$
(11,082)
$
—
$
(11,082)
110.15
%
110.15
%
Hotel net income (loss) margin
2.49
%
2.49
%
(79.56)
%
(79.56)
%
82.05
%
82.05
%
Hotel EBITDA
$
10,174
$
—
$
10,174
$
(3,342)
$
—
$
(3,342)
404.43
%
404.43
%
Hotel EBITDA margin
22.55
%
22.55
%
(23.99)
%
(23.99)
%
46.54
%
46.54
%
Selected Operating Information:
RevPAR
$
148.82
$
—
$
148.82
$
48.68
$
—
$
48.68
205.69
%
205.69
%
Occupancy
65.17
%
—
%
65.17
%
30.47
%
—
%
30.47
%
113.87
%
113.87
%
ADR
$
228.36
$
—
$
228.36
$
159.77
$
—
$
159.77
42.93
%
42.93
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
27,880
$
—
$
27,880
$
16,927
$
—
$
16,927
64.71
%
64.71
%
Total hotel revenue
$
49,076
$
—
$
49,076
$
25,816
$
—
$
25,816
90.10
%
90.10
%
Hotel net income (loss)
$
13,162
$
—
$
13,162
$
1,915
$
—
$
1,915
587.31
%
587.31
%
Hotel net income (loss) margin
26.82
%
26.82
%
7.42
%
7.42
%
19.40
%
19.40
%
Hotel EBITDA
$
17,328
$
—
$
17,328
$
6,235
$
—
$
6,235
177.91
%
177.91
%
Hotel EBITDA margin
35.31
%
35.31
%
24.15
%
24.15
%
11.16
%
11.16
%
Selected Operating Information:
RevPAR
$
193.87
$
—
$
193.87
$
117.70
$
—
$
117.70
64.71
%
64.71
%
Occupancy
77.25
%
—
%
77.25
%
57.80
%
—
%
57.80
%
33.65
%
33.65
%
ADR
$
250.95
$
—
$
250.95
$
203.63
$
—
$
203.63
23.24
%
23.24
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
24,829
$
—
$
24,829
$
14,422
$
—
$
14,422
72.16
%
72.16
%
Total hotel revenue
$
33,635
$
—
$
33,635
$
18,993
$
—
$
18,993
77.09
%
77.09
%
Hotel net income (loss)
$
2,226
$
—
$
2,226
$
(10,181)
$
—
$
(10,181)
121.86
%
121.86
%
Hotel net income (loss) margin
6.62
%
6.62
%
(53.60)
%
(53.60)
%
60.22
%
60.22
%
Hotel EBITDA
$
8,288
$
—
$
8,288
$
(3,560)
$
—
$
(3,560)
332.81
%
332.81
%
Hotel EBITDA margin
24.64
%
24.64
%
(18.74)
%
(18.74)
%
43.38
%
43.38
%
Selected Operating Information:
RevPAR
$
163.92
$
—
$
163.92
$
95.21
$
—
$
95.21
72.16
%
72.16
%
Occupancy
65.36
%
—
%
65.36
%
46.93
%
—
%
46.93
%
39.28
%
39.28
%
ADR
$
250.78
$
—
$
250.78
$
202.88
$
—
$
202.88
23.61
%
23.61
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
19,082
$
—
$
19,082
$
18,391
$
—
$
18,391
3.76
%
3.76
%
Total hotel revenue
$
25,259
$
—
$
25,259
$
23,329
$
—
$
23,329
8.27
%
8.27
%
Hotel net income (loss)
$
4,488
$
—
$
4,488
$
5,053
$
—
$
5,053
(11.18)
%
(11.18)
%
Hotel net income (loss) margin
17.77
%
17.77
%
21.66
%
21.66
%
(3.89)
%
(3.89)
%
Hotel EBITDA
$
9,127
$
—
$
9,127
$
9,208
$
—
$
9,208
(0.88)
%
(0.88)
%
Hotel EBITDA margin
36.13
%
36.13
%
39.47
%
39.47
%
(3.34)
%
(3.34)
%
Selected Operating Information:
RevPAR
$
804.31
$
—
$
804.31
$
775.18
$
—
$
775.18
3.76
%
3.76
%
Occupancy
63.96
%
—
%
63.96
%
67.92
%
—
%
67.92
%
(5.83)
%
(5.83)
%
ADR
$
1,257.56
$
—
$
1,257.56
$
1,141.39
$
—
$
1,141.39
10.18
%
10.18
%
19
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
27,419
$
—
$
27,419
$
25,082
$
—
$
25,082
9.32
%
9.32
%
Total hotel revenue
$
34,104
$
—
$
34,104
$
31,408
$
—
$
31,408
8.58
%
8.58
%
Hotel net income (loss)
$
12,377
$
—
$
12,377
$
13,411
$
—
$
13,411
(7.71)
%
(7.71)
%
Hotel net income (loss) margin
36.29
%
36.29
%
42.70
%
42.70
%
(6.41)
%
(6.41)
%
Hotel EBITDA
$
18,115
$
—
$
18,115
$
18,039
$
—
$
18,039
0.42
%
0.42
%
Hotel EBITDA margin
53.12
%
53.12
%
57.43
%
57.43
%
(4.31)
%
(4.31)
%
Selected Operating Information:
RevPAR
$
529.03
$
—
$
529.03
$
483.93
$
—
$
483.93
9.32
%
9.32
%
Occupancy
74.81
%
—
%
74.81
%
81.83
%
—
%
81.83
%
(8.57)
%
(8.57)
%
ADR
$
707.12
$
—
$
707.12
$
591.40
$
—
$
591.40
19.57
%
19.57
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
14,314
$
—
$
14,314
$
12,886
$
—
$
12,886
11.08
%
11.08
%
Total hotel revenue
$
17,194
$
—
$
17,194
$
15,175
$
—
$
15,175
13.30
%
13.30
%
Hotel net income (loss)
$
2,547
$
—
$
2,547
$
2,310
$
—
$
2,310
10.26
%
10.26
%
Hotel net income (loss) margin
14.81
%
14.81
%
15.22
%
15.22
%
(0.41)
%
(0.41)
%
Hotel EBITDA
$
6,958
$
—
$
6,958
$
6,433
$
—
$
6,433
8.16
%
8.16
%
Hotel EBITDA margin
40.47
%
40.47
%
42.39
%
42.39
%
(1.92)
%
(1.92)
%
Selected Operating Information:
RevPAR
$
490.21
$
—
$
490.21
$
441.29
$
—
$
441.29
11.09
%
11.09
%
Occupancy
54.06
%
—
%
54.06
%
57.90
%
—
%
57.90
%
(6.64)
%
(6.64)
%
ADR
$
906.82
$
—
$
906.82
$
762.15
$
—
$
762.15
18.98
%
18.98
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
25,253
$
—
$
25,253
$
17,303
$
—
$
17,303
45.95
%
45.95
%
Total hotel revenue
$
50,615
$
—
$
50,615
$
36,184
$
—
$
36,184
39.88
%
39.88
%
Hotel net income (loss)
$
5,668
$
—
$
5,668
$
4,005
$
—
$
4,005
41.52
%
41.52
%
Hotel net income (loss) margin
11.20
%
11.20
%
11.07
%
11.07
%
0.13
%
0.13
%
Hotel EBITDA
$
13,620
$
—
$
13,620
$
9,609
$
—
$
9,609
41.74
%
41.74
%
Hotel EBITDA margin
26.91
%
26.91
%
26.56
%
26.56
%
0.35
%
0.35
%
Selected Operating Information:
RevPAR
$
364.13
$
—
$
364.13
$
249.50
$
—
$
249.50
45.94
%
45.94
%
Occupancy
60.58
%
—
%
60.58
%
54.94
%
—
%
54.94
%
10.28
%
10.28
%
ADR
$
601.05
$
—
$
601.05
$
454.17
$
—
$
454.17
32.34
%
32.34
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
22,237
$
—
$
22,237
$
11,889
$
—
$
11,889
87.04
%
87.04
%
Total hotel revenue
$
27,536
$
—
$
27,536
$
14,158
$
—
$
14,158
94.49
%
94.49
%
Hotel net income (loss)
$
(505)
$
—
$
(505)
$
(6,261)
$
—
$
(6,261)
91.93
%
91.93
%
Hotel net income (loss) margin
(1.83)
%
(1.83)
%
(44.22)
%
(44.22)
%
42.39
%
42.39
%
Hotel EBITDA
$
7,673
$
—
$
7,673
$
1,924
$
—
$
1,924
298.80
%
298.80
%
Hotel EBITDA margin
27.87
%
27.87
%
13.59
%
13.59
%
14.28
%
14.28
%
Selected Operating Information:
RevPAR
$
122.10
$
—
$
122.10
$
65.27
$
—
$
65.27
87.05
%
87.05
%
Occupancy
55.92
%
—
%
55.92
%
36.94
%
—
%
36.94
%
51.37
%
51.37
%
ADR
$
218.34
$
—
$
218.34
$
176.70
$
—
$
176.70
23.57
%
23.57
%
20
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue
$
31,334
$
—
$
31,334
$
14,627
$
—
$
14,627
114.22
%
114.22
%
Total hotel revenue
$
36,163
$
—
$
36,163
$
17,380
$
—
$
17,380
108.07
%
108.07
%
Hotel net income (loss)
$
(2,872)
$
—
$
(2,872)
$
(15,467)
$
—
$
(15,467)
81.43
%
81.43
%
Hotel net income (loss) margin
(7.94)
%
(7.94)
%
(88.99)
%
(88.99)
%
81.05
%
81.05
%
Hotel EBITDA
$
8,354
$
—
$
8,354
$
(2,217)
$
—
$
(2,217)
476.82
%
476.82
%
Hotel EBITDA margin
23.10
%
23.10
%
(12.76)
%
(12.76)
%
35.86
%
35.86
%
Selected Operating Information:
RevPAR
$
209.38
$
—
$
209.38
$
97.74
$
—
$
97.74
114.23
%
114.23
%
Occupancy
70.05
%
—
%
70.05
%
55.97
%
—
%
55.97
%
25.16
%
25.16
%
ADR
$
298.91
$
—
$
298.91
$
174.64
$
—
$
174.64
71.16
%
71.16
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
46,210
$
—
$
46,210
$
40,892
$
—
$
40,892
13.00
%
13.00
%
Total hotel revenue
$
98,364
$
—
$
98,364
$
82,808
$
—
$
82,808
18.79
%
18.79
%
Hotel net income (loss)
$
17,641
$
—
$
17,641
$
15,342
$
—
$
15,342
14.99
%
14.99
%
Hotel net income (loss) margin
17.93
%
17.93
%
18.53
%
18.53
%
(0.60)
%
(0.60)
%
Hotel EBITDA
$
30,377
$
—
$
30,377
$
25,663
$
—
$
25,663
18.37
%
18.37
%
Hotel EBITDA margin
30.88
%
30.88
%
30.99
%
30.99
%
(0.11)
%
(0.11)
%
Selected Operating Information:
RevPAR
$
459.97
$
—
$
459.97
$
420.14
$
—
$
420.14
9.48
%
9.48
%
Occupancy
74.47
%
—
%
74.47
%
76.99
%
—
%
76.99
%
(3.28)
%
(3.28)
%
ADR
$
617.66
$
—
$
617.66
$
545.68
$
—
$
545.68
13.19
%
13.19
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
31,263
$
—
$
31,263
$
23,165
$
3,180
$
26,345
34.96
%
18.67
%
Total hotel revenue
$
54,779
$
—
$
54,779
$
43,685
$
1,430
$
45,115
25.40
%
21.42
%
Hotel net income (loss)
$
5,020
$
—
$
5,020
$
2,793
$
—
$
2,793
79.74
%
79.74
%
Hotel net income (loss) margin
9.16
%
9.16
%
6.39
%
6.19
%
2.77
%
2.97
%
Hotel EBITDA
$
11,383
$
—
$
11,383
$
7,835
$
—
$
7,835
45.28
%
45.28
%
Hotel EBITDA margin
20.78
%
20.78
%
17.94
%
17.37
%
2.84
%
3.41
%
Selected Operating Information:
RevPAR
$
470.61
$
—
$
470.61
$
366.13
$
—
$
400.98
28.54
%
17.36
%
Occupancy
56.22
%
—
%
56.22
%
55.08
%
—
%
55.49
%
2.07
%
1.31
%
ADR
$
837.16
$
—
$
837.16
$
664.78
$
—
$
722.66
25.93
%
15.84
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
21,445
$
—
$
21,445
$
15,105
$
—
$
15,105
41.97
%
41.97
%
Total hotel revenue
$
26,385
$
—
$
26,385
$
18,315
$
—
$
18,315
44.06
%
44.06
%
Hotel net income (loss)
$
3,790
$
—
$
3,790
$
(293)
$
—
$
(293)
1,393.52
%
1,393.52
%
Hotel net income (loss) margin
14.36
%
14.36
%
(1.60)
%
(1.60)
%
15.96
%
15.96
%
Hotel EBITDA
$
9,217
$
—
$
9,217
$
3,557
$
—
$
3,557
159.12
%
159.12
%
Hotel EBITDA margin
34.93
%
34.93
%
19.42
%
19.42
%
15.51
%
15.51
%
Selected Operating Information:
RevPAR
$
162.75
$
—
$
162.75
$
114.64
$
—
$
114.64
41.97
%
41.97
%
Occupancy
56.88
%
—
%
56.88
%
52.22
%
—
%
52.22
%
8.91
%
8.91
%
ADR
$
286.14
$
—
$
286.14
$
219.51
$
—
$
219.51
30.35
%
30.35
%
21
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
58,426
$
—
$
58,426
$
54,819
$
—
$
54,819
6.58
%
6.58
%
Total hotel revenue
$
87,654
$
—
$
87,654
$
80,321
$
—
$
80,321
9.13
%
9.13
%
Hotel net income (loss)
$
18,920
$
—
$
18,920
$
17,453
$
—
$
17,453
8.41
%
8.41
%
Hotel net income (loss) margin
21.58
%
21.58
%
21.73
%
21.73
%
(0.15)
%
(0.15)
%
Hotel EBITDA
$
30,137
$
—
$
30,137
$
27,550
$
—
$
27,550
9.39
%
9.39
%
Hotel EBITDA margin
34.38
%
34.38
%
34.30
%
34.30
%
0.08
%
0.08
%
Selected Operating Information:
RevPAR
$
889.30
$
—
$
889.30
$
834.39
$
—
$
834.39
6.58
%
6.58
%
Occupancy
73.81
%
—
%
73.81
%
79.52
%
—
%
79.52
%
(7.18)
%
(7.18)
%
ADR
$
1,204.88
$
—
$
1,204.88
$
1,049.29
$
—
$
1,049.29
14.83
%
14.83
%
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue
$
13,472
$
—
$
13,472
$
4,531
$
3,873
$
8,404
197.33
%
60.30
%
Total hotel revenue
$
19,484
$
—
$
19,484
$
6,592
$
6,272
$
12,864
195.57
%
51.46
%
Hotel net income (loss)
$
(1,390)
$
—
$
(1,390)
$
(1,630)
$
(1,247)
$
(2,877)
14.72
%
51.69
%
Hotel net income (loss) margin
(7.13)
%
(7.13)
%
(24.73)
%
(22.36)
%
17.60
%
15.23
%
Hotel EBITDA
$
3,157
$
—
$
3,157
$
1,052
$
1,228
$
2,280
200.10
%
38.46
%
Hotel EBITDA margin
16.20
%
16.20
%
15.96
%
17.72
%
0.24
%
(1.52)
%
Selected Operating Information:
RevPAR
$
258.10
$
—
$
258.10
$
212.62
$
125.40
$
161.00
21.39
%
60.31
%
Occupancy
74.26
%
—
%
74.26
%
63.88
%
40.65
%
50.13
%
16.25
%
48.12
%
ADR
$
347.57
$
—
$
347.57
$
332.86
$
308.45
$
321.15
4.42
%
8.23
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
42,072
$
10,256
$
52,328
$
—
$
49,783
$
49,783
—
%
5.11
%
Total hotel revenue
$
64,517
$
15,169
$
79,686
$
—
$
74,137
$
74,137
—
%
7.48
%
Hotel net income (loss)
$
7,583
$
2,089
$
9,672
$
—
$
9,099
$
9,099
—
%
6.30
%
Hotel net income (loss) margin
11.75
%
12.14
%
—
%
12.27
%
11.75
%
(0.13)
%
Hotel EBITDA
$
14,887
$
3,634
$
18,521
$
—
$
16,838
$
16,838
—
%
10.00
%
Hotel EBITDA margin
23.07
%
23.24
%
—
22.71
%
23.07
%
0.53
%
Selected Operating Information:
RevPAR
$
1,340.90
$
1,402.17
$
1,352.48
$
—
$
1,227.10
$
1,227.10
—
%
10.22
%
Occupancy
60.40
%
50.36
%
58.50
%
—
%
60.49
%
60.49
%
—
%
(3.29)
%
ADR
$
2,220.05
$
2,784.54
$
2,311.90
$
—
$
2,028.67
$
2,028.67
—
%
13.96
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
3,107
$
29,330
$
32,437
$
—
$
27,299
$
27,299
—
%
18.82
%
Total hotel revenue
$
5,194
$
56,059
$
61,253
$
—
$
49,827
$
49,827
—
%
22.93
%
Hotel net income (loss)
$
933
$
3,162
$
4,095
$
—
$
2,581
$
2,581
—
%
58.66
%
Hotel net income (loss) margin
17.96
%
6.69
%
—
%
5.18
%
17.96
%
1.51
%
Hotel EBITDA
$
1,710
$
17,787
$
19,497
$
—
$
16,402
$
16,402
—
%
18.87
%
Hotel EBITDA margin
32.92
%
31.83
%
—
32.92
%
32.92
%
(1.09)
%
Selected Operating Information:
RevPAR
$
477.19
$
418.17
$
423.18
$
—
$
356.17
$
356.17
—
%
18.81
%
Occupancy
45.15
%
46.38
%
46.28
%
—
%
41.73
%
41.73
%
—
%
10.90
%
ADR
$
1,056.99
$
901.55
$
914.43
$
—
$
853.53
$
853.53
—
%
7.13
%
22
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2022
2022
2022
2021
2021
2021
% Variance
% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
295,026
$
39,586
$
334,612
$
209,465
$
80,262
$
289,727
40.85
%
15.49
%
Total hotel revenue
$
486,756
$
71,228
$
557,984
$
338,726
$
125,394
$
464,120
43.70
%
20.22
%
Hotel net income (loss)
$
88,339
$
5,251
$
93,590
$
62,282
$
11,680
$
73,962
41.84
%
26.54
%
Hotel net income (loss) margin
18.15
%
16.77
%
18.39
%
15.94
%
(0.24)
%
0.83
%
Hotel EBITDA
$
153,642
$
21,421
$
175,063
$
110,572
$
33,240
$
143,812
38.95
%
21.73
%
Hotel EBITDA margin
31.56
%
31.37
%
32.64
%
30.99
%
(1.08)
%
0.38
%
Selected Operating Information:
RevPAR
$
501.41
$
511.09
$
502.54
$
384.89
$
670.82
$
436.43
30.27
%
15.15
%
Occupancy
68.90
%
46.76
%
66.32
%
65.91
%
48.59
%
62.79
%
4.53
%
5.63
%
ADR
$
727.76
$
1,093.04
$
757.72
$
583.98
$
1,380.67
$
695.10
24.62
%
9.01
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
143,194
$
—
$
143,194
$
70,347
$
3,873
$
74,220
103.55
%
92.93
%
Total hotel revenue
$
188,316
$
—
$
188,316
$
89,367
$
6,272
$
95,639
110.72
%
96.90
%
Hotel net income (loss)
$
2,374
$
—
$
2,374
$
(44,916)
$
(1,245)
$
(46,161)
105.29
%
105.14
%
Hotel net income (loss) margin
1.26
%
1.26
%
(50.26)
%
(48.27)
%
51.52
%
49.53
%
Hotel EBITDA
$
46,863
$
—
$
46,863
$
(2,586)
$
1,228
$
(1,358)
1,912.18
%
3,550.88
%
Hotel EBITDA margin
24.89
%
24.89
%
(2.89)
%
(1.42)
%
27.78
%
26.31
%
Selected Operating Information:
RevPAR
$
164.98
$
—
$
164.98
$
84.04
$
125.40
$
85.51
96.31
%
92.93
%
Occupancy
63.39
%
—
%
63.39
%
43.69
%
40.65
%
43.58
%
45.09
%
45.45
%
ADR
$
260.25
$
—
$
260.25
$
192.35
$
308.45
$
196.21
35.30
%
32.64
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
438,220
$
39,586
$
477,806
$
279,812
$
84,135
$
363,947
56.61
%
31.28
%
Total hotel revenue
$
675,072
$
71,228
$
746,300
$
428,093
$
131,666
$
559,759
57.69
%
33.33
%
Hotel net income (loss)
$
90,713
$
5,251
$
95,964
$
17,368
$
10,433
$
27,801
422.30
%
245.18
%
Hotel net income (loss) margin
13.44
%
12.86
%
4.06
%
4.97
%
9.38
%
7.89
%
Hotel EBITDA
$
200,505
$
21,421
$
221,926
$
107,986
$
34,468
$
142,454
85.68
%
55.79
%
Hotel EBITDA margin
29.70
%
29.74
%
25.22
%
25.45
%
4.48
%
4.29
%
Selected Operating Information:
RevPAR
$
300.90
$
511.09
$
311.51
$
202.57
$
558.91
$
237.59
48.54
%
31.11
%
Occupancy
65.62
%
46.76
%
64.66
%
52.44
%
46.96
%
51.90
%
25.12
%
24.58
%
ADR
$
458.58
$
1,093.04
$
481.75
$
386.26
$
1,190.21
$
457.74
18.72
%
5.24
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.
(3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4) Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel
(6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
23
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
2022
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
Total Hotel Revenue
$
173,363
$
13,930
$
187,293
$
162,225
$
7,072
$
169,297
$
176,082
$
16,915
$
192,997
$
163,402
$
33,311
$
196,713
Hotel net income (loss)
$
13,699
$
1,574
$
15,273
$
13,551
$
(4,569)
$
8,982
$
31,259
$
2,784
$
34,043
$
32,204
$
5,462
$
37,666
Hotel net income (loss) margin
7.90
%
8.15
%
8.35
%
5.31
%
17.75
%
17.64
%
19.71
%
19.15
%
Hotel EBITDA
$
47,065
$
5,141
$
52,206
$
40,693
$
(598)
$
40,095
$
57,066
$
6,404
$
63,470
$
55,681
$
10,474
$
66,155
Hotel EBITDA margin
27.15
%
27.87
%
25.08
%
23.68
%
32.41
%
32.89
%
34.08
%
33.63
%
Hotel net income (loss) % of total TTM
15.1
%
15.9
%
14.9
%
9.4
%
34.5
%
35.5
%
35.5
%
39.2
%
EBITDA % of total TTM
23.5
%
23.5
%
20.3
%
18.1
%
28.5
%
28.6
%
27.7
%
29.8
%
JV interests in Hotel net income (loss)
$
714
$
—
$
714
$
1,169
$
—
$
1,169
$
1,631
$
—
$
1,631
$
58
$
—
$
58
JV interests in EBITDA
$
1,798
$
—
$
1,798
$
1,880
$
—
$
1,880
$
2,387
$
—
$
2,387
$
811
$
—
$
811
Actual
Non-comparable Adjustments
Comparable
2022
2022
2022
TTM
TTM
TTM
Total Hotel Revenue
$
675,072
$
71,228
$
746,300
Hotel net income (loss)
$
90,713
$
5,251
$
95,964
Hotel net income (loss) margin
13.44
%
12.86
%
Hotel EBITDA
$
200,505
$
21,421
$
221,926
Hotel EBITDA margin
29.70
%
29.74
%
Hotel net income (loss) % of total TTM
100.0
%
100.0
%
EBITDA % of total TTM
100.0
%
100.0
%
JV interests in Hotel net income (loss)
$
3,572
$
—
$
3,572
JV interests in EBITDA
$
6,876
$
—
$
6,876
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
24
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2022
(in thousands, except share price)
(unaudited)
December 31, 2022
Common stock shares outstanding
69,919
Partnership units outstanding (common stock equivalents)
8,283
Combined common stock shares and partnership units outstanding
78,202
Common stock price
$
4.11
Market capitalization
$
321,410
Series B cumulative convertible preferred stock
$
76,950
Series D cumulative preferred stock
$
40,000
Series E redeemable preferred stock
$
316,413
Series M redeemable preferred stock
$
35,708
Indebtedness
$
1,336,750
Joint venture partner's share of consolidated indebtedness
$
(48,750)
Net working capital (see below)
$
(244,313)
Total enterprise value (TEV)
$
1,834,168
Cash and cash equivalents
$
259,391
Restricted cash
$
51,689
Accounts receivable, net
$
50,232
Prepaid expenses
$
6,846
Due from third-party hotel managers, net
$
24,817
Total current assets
$
392,975
Accounts payable, net & accrued expenses
$
131,658
Dividends and distributions payable
$
8,184
Due to affiliates, net
$
8,820
Total current liabilities
$
148,662
Net working capital*
$
244,313
* Includes the Company's pro rata share of net working capital in joint ventures.
25
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2022
2023
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Actual
Actual
Estimated
Estimated
Estimated
Estimated
Bardessono Hotel and Spa
65
x
Capital Hilton Washington D.C.
550
x
x
x
x
Hotel Yountville
80
x
Marriott Seattle Waterfront
361
x
x
x
x
Park Hyatt Beaver Creek
190
x
x
x
The Ritz-Carlton Lake Tahoe
170
x
x
x
The Ritz-Carlton Sarasota
266
x
x
Total
1
1
1
2
1
3
4
5
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 and 2023 are included in this table.
26
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2022
2022
2022
2022
December 31, 2022
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
TTM
Net income (loss)
$
13,699
$
13,551
$
31,259
$
32,204
$
90,713
Non-property adjustments
(55)
(1)
—
76
20
Interest income
(145)
(63)
(14)
(11)
(233)
Interest expense
8,416
6,373
4,522
3,646
22,957
Amortization of loan costs
476
496
462
553
1,987
Depreciation and amortization
20,506
19,604
19,571
18,441
78,122
Income tax expense (benefit)
219
(99)
424
223
767
Non-hotel EBITDA ownership expense
3,949
832
842
549
6,172
Hotel EBITDA including amounts attributable to noncontrolling interest
47,065
40,693
57,066
55,681
200,505
Non-comparable adjustments
5,141
(598)
6,404
10,474
21,421
Comparable hotel EBITDA
$
52,206
$
40,095
$
63,470
$
66,155
$
221,926
27
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(21)
$
2,876
$
(91)
$
702
$
1,655
$
672
$
322
$
799
$
(1,477)
$
1,194
$
681
$
283
$
3,752
$
(816)
$
2,235
$
933
$
13,699
$
(18,252)
$
(4,553)
Non-property adjustments
—
—
—
—
—
—
—
(16)
—
—
—
—
(39)
—
—
—
(55)
55
—
Interest income
(38)
(50)
—
—
—
—
—
(4)
(15)
(25)
—
(7)
(2)
—
—
(4)
(145)
145
—
Interest expense
—
—
—
638
1,117
809
1,168
—
—
1,717
774
20
828
574
771
—
8,416
9,862
18,278
Amortization of loan cost
—
—
—
—
78
—
197
—
—
94
38
—
26
43
—
—
476
119
595
Depreciation and amortization
1,901
1,070
1,382
584
648
395
1,051
2,029
2,683
1,419
852
1,488
2,002
619
1,602
781
20,506
—
20,506
Income tax expense (benefit)
—
—
—
—
—
—
—
6
—
—
—
—
(124)
—
337
—
219
41
260
Non-hotel EBITDA ownership expense
1,442
13
29
114
5
8
(4)
51
(1)
1,759
236
1
164
36
97
(1)
3,949
(3,949)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
3,284
3,909
1,320
2,038
3,503
1,884
2,734
2,865
1,190
6,158
2,581
1,785
6,607
456
5,042
1,709
47,065
(11,979)
35,086
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(821)
(977)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,798)
1,798
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
108
108
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(114)
(114)
Hotel EBITDA attributable to the Company and OP unitholders
$
2,463
$
2,932
$
1,320
$
2,038
$
3,503
$
1,884
$
2,734
$
2,865
$
1,190
$
6,158
$
2,581
$
1,785
$
6,607
$
456
$
5,042
$
1,709
$
45,267
$
(10,187)
$
35,080
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1,653)
—
—
6,794
5,141
Comparable hotel EBITDA
$
3,284
$
3,909
$
1,320
$
2,038
$
3,503
$
1,884
$
2,734
$
2,865
$
1,190
$
6,158
$
2,581
$
1,785
$
4,954
$
456
$
5,042
$
8,503
$
52,206
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
3,284
$
3,909
$
1,320
$
2,038
$
3,503
$
1,884
$
—
$
2,865
$
1,190
$
6,158
$
2,581
$
—
$
6,607
$
456
$
5,042
$
1,709
$
42,546
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1,653)
—
—
6,794
5,141
Comparable hotel EBITDA
$
3,284
$
3,909
$
1,320
$
2,038
$
3,503
$
1,884
$
—
$
2,865
$
1,190
$
6,158
$
2,581
$
—
$
4,954
$
456
$
5,042
$
8,503
$
47,687
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
3,909
$
—
$
2,038
$
3,503
$
1,884
$
2,734
$
—
$
—
$
6,158
$
2,581
$
—
$
6,607
$
—
$
5,042
$
1,709
$
36,165
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1,653)
—
—
6,794
5,141
Comparable hotel EBITDA
$
—
$
3,909
$
—
$
2,038
$
3,503
$
1,884
$
2,734
$
—
$
—
$
6,158
$
2,581
$
—
$
4,954
$
—
$
5,042
$
8,503
$
41,306
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
3,284
$
—
$
1,320
$
—
$
—
$
—
$
—
$
2,865
$
1,190
$
—
$
—
$
1,785
$
—
$
456
$
—
$
—
$
10,900
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
3,284
$
—
$
1,320
$
—
$
—
$
—
$
—
$
2,865
$
1,190
$
—
$
—
$
1,785
$
—
$
456
$
—
$
—
$
10,900
28
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
BAML (Pier House Resort & Spa)
$
—
$
—
$
—
$
—
$
3,503
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
3,503
BAML (Bardessono Hotel and Spa)
—
—
—
2,038
—
—
—
—
—
—
—
—
—
—
—
—
2,038
BAML (Hotel Yountville)
—
—
—
—
—
1,884
—
—
—
—
—
—
—
—
—
—
1,884
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
4,954
—
—
—
4,954
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)
3,284
3,909
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7,193
BAML Pool (see footnote 3)
—
—
1,320
—
—
—
—
2,865
1,190
—
—
1,785
—
—
—
—
7,160
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
2,734
—
—
—
—
—
—
—
—
—
2,734
BAML (The Ritz-Carlton Sarasota)
—
—
—
—
—
—
—
—
—
6,158
—
—
—
—
—
—
6,158
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
2,581
—
—
—
—
—
2,581
LoanCore (Mr. C Beverly Hills Hotel)
—
—
—
—
—
—
—
—
—
—
—
—
—
456
—
—
456
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,042
—
5,042
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
8,503
8,503
Total
$
3,284
$
3,909
$
1,320
$
2,038
$
3,503
$
1,884
$
2,734
$
2,865
$
1,190
$
6,158
$
2,581
$
1,785
$
4,954
$
456
$
5,042
$
8,503
$
52,206
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4) Excluded hotels under renovation:
Marriott Seattle Waterfront; Park Hyatt Beaver Creek
29
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
404
$
4,270
$
1,129
$
1,581
$
1,366
$
1,257
$
(72)
$
294
$
541
$
(391)
$
755
$
3,103
$
846
$
(370)
$
(1,162)
$
—
$
13,551
$
(21,934)
$
(8,383)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1)
—
—
—
(1)
1
—
Interest income
(15)
(22)
—
—
—
—
—
(1)
(5)
(16)
—
(2)
(2)
—
—
—
(63)
63
—
Interest expense
—
—
—
470
808
621
901
—
—
1,356
575
(62)
669
461
574
—
6,373
7,496
13,869
Amortization of loan cost
—
—
—
34
77
—
195
—
—
93
38
—
17
42
—
—
496
125
621
Depreciation and amortization
1,840
1,020
1,476
590
633
435
1,011
2,005
2,760
1,329
802
1,432
2,059
613
1,599
—
19,604
—
19,604
Income tax expense (benefit)
—
—
—
—
—
—
—
4
—
—
—
—
13
—
(116)
—
(99)
194
95
Non-hotel EBITDA ownership expense
(3)
25
4
102
5
79
6
25
17
368
159
1
3
37
4
—
832
(832)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
2,226
5,293
2,609
2,777
2,889
2,392
2,041
2,327
3,313
2,739
2,329
4,472
3,604
783
899
—
40,693
(14,887)
25,806
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(556)
(1,324)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,880)
1,880
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
74
74
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(74)
(74)
Hotel EBITDA attributable to the Company and OP unitholders
$
1,670
$
3,969
$
2,609
$
2,777
$
2,889
$
2,392
$
2,041
$
2,327
$
3,313
$
2,739
$
2,329
$
4,472
$
3,604
$
783
$
899
$
—
$
38,813
$
(13,007)
$
25,806
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
563
—
—
(1,161)
(598)
Comparable hotel EBITDA
$
2,226
$
5,293
$
2,609
$
2,777
$
2,889
$
2,392
$
2,041
$
2,327
$
3,313
$
2,739
$
2,329
$
4,472
$
4,167
$
783
$
899
$
(1,161)
$
40,095
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
5,293
$
—
$
2,777
$
2,889
$
2,392
$
2,041
$
—
$
—
$
2,739
$
2,329
$
—
$
3,604
$
—
$
899
$
—
$
24,963
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
563
—
—
(1,161)
(598)
Comparable hotel EBITDA
$
—
$
5,293
$
—
$
2,777
$
2,889
$
2,392
$
2,041
$
—
$
—
$
2,739
$
2,329
$
—
$
4,167
$
—
$
899
$
(1,161)
$
24,365
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
2,226
$
—
$
2,609
$
—
$
—
$
—
$
—
$
2,327
$
3,313
$
—
$
—
$
4,472
$
—
$
783
$
—
$
—
$
15,730
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
2,226
$
—
$
2,609
$
—
$
—
$
—
$
—
$
2,327
$
3,313
$
—
$
—
$
4,472
$
—
$
783
$
—
$
—
$
15,730
30
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
BAML (Pier House Resort & Spa)
$
—
$
—
$
—
$
—
$
2,889
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
2,889
BAML (Bardessono Hotel and Spa)
—
—
—
2,777
—
—
—
—
—
—
—
—
—
—
—
—
2,777
BAML (Hotel Yountville)
—
—
—
—
—
2,392
—
—
—
—
—
—
—
—
—
—
2,392
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
4,167
—
—
—
4,167
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)
2,226
5,293
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7,519
BAML Pool (see footnote 3)
—
—
2,609
—
—
—
—
2,327
3,313
—
—
4,472
—
—
—
—
12,721
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
2,041
—
—
—
—
—
—
—
—
—
2,041
BAML (The Ritz-Carlton Sarasota)
—
—
—
—
—
—
—
—
—
2,739
—
—
—
—
—
—
2,739
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
2,329
—
—
—
—
—
2,329
LoanCore (Mr. C Beverly Hills Hotel)
—
—
—
—
—
—
—
—
—
—
—
—
—
783
—
—
783
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
899
—
899
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,161)
(1,161)
Total
$
2,226
$
5,293
$
2,609
$
2,777
$
2,889
$
2,392
$
2,041
$
2,327
$
3,313
$
2,739
$
2,329
$
4,472
$
4,167
$
783
$
899
$
(1,161)
$
40,095
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
31
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
2,584
$
3,939
$
4,103
$
1,820
$
3,530
$
1,247
$
(1,949)
$
402
$
931
$
6,586
$
(2,170)
$
1,510
$
5,742
$
(34)
$
3,018
$
—
$
31,259
$
(14,579)
$
16,680
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Interest income
(2)
(1)
—
—
—
—
—
—
(2)
(6)
—
(1)
(2)
—
—
—
(14)
14
—
Interest expense
—
—
—
310
482
415
633
—
—
984
371
34
534
396
363
—
4,522
5,183
9,705
Amortization of loan cost
—
—
—
51
76
42
193
—
—
92
37
—
—
41
(70)
—
462
114
576
Depreciation and amortization
1,839
1,006
1,490
594
662
540
943
2,011
2,814
1,327
788
1,295
2,079
611
1,572
—
19,571
—
19,571
Income tax expense (benefit)
—
—
—
—
—
—
—
6
—
—
—
—
306
—
112
—
424
653
1,077
Non-hotel EBITDA ownership expense
163
19
49
128
4
9
—
61
6
12
358
2
5
27
(1)
—
842
(842)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
4,584
4,963
5,642
2,903
4,754
2,253
(180)
2,480
3,749
8,995
(616)
2,840
8,664
1,041
4,994
—
57,066
(9,457)
47,609
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(1,146)
(1,241)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(2,387)
2,387
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
74
74
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(75)
(75)
Hotel EBITDA attributable to the Company and OP unitholders
$
3,438
$
3,722
$
5,642
$
2,903
$
4,754
$
2,253
$
(180)
$
2,480
$
3,749
$
8,995
$
(616)
$
2,840
$
8,664
$
1,041
$
4,994
$
—
$
54,679
$
(7,071)
$
47,608
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
952
—
355
5,097
6,404
Comparable hotel EBITDA
$
4,584
$
4,963
$
5,642
$
2,903
$
4,754
$
2,253
$
(180)
$
2,480
$
3,749
$
8,995
$
(616)
$
2,840
$
9,616
$
1,041
$
5,349
$
5,097
$
63,470
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
4,963
$
—
$
2,903
$
4,754
$
2,253
$
(180)
$
—
$
—
$
8,995
$
(616)
$
—
$
8,664
$
—
$
4,994
$
—
$
36,730
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
952
—
355
5,097
6,404
Comparable hotel EBITDA
$
—
$
4,963
$
—
$
2,903
$
4,754
$
2,253
$
(180)
$
—
$
—
$
8,995
$
(616)
$
—
$
9,616
$
—
$
5,349
$
5,097
$
43,134
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
4,584
$
—
$
5,642
$
—
$
—
$
—
$
—
$
2,480
$
3,749
$
—
$
—
$
2,840
$
—
$
1,041
$
—
$
—
$
20,336
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
4,584
$
—
$
5,642
$
—
$
—
$
—
$
—
$
2,480
$
3,749
$
—
$
—
$
2,840
$
—
$
1,041
$
—
$
—
$
20,336
32
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
BAML (Pier House Resort & Spa)
$
—
$
—
$
—
$
—
$
4,754
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
4,754
BAML (Bardessono Hotel and Spa)
—
—
—
2,903
—
—
—
—
—
—
—
—
—
—
—
—
2,903
BAML (Hotel Yountville)
—
—
—
—
—
2,253
—
—
—
—
—
—
—
—
—
—
2,253
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
9,616
—
—
—
9,616
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)
4,584
4,963
—
—
—
—
—
—
—
—
—
—
—
—
—
—
9,547
BAML Pool (see footnote 3)
—
—
5,642
—
—
—
—
2,480
3,749
—
—
2,840
—
—
—
—
14,711
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
(180)
—
—
—
—
—
—
—
—
—
(180)
BAML (The Ritz-Carlton Sarasota)
—
—
—
—
—
—
—
—
—
8,995
—
—
—
—
—
—
8,995
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
(616)
—
—
—
—
—
(616)
LoanCore (Mr. C Beverly Hills Hotel)
—
—
—
—
—
—
—
—
—
—
—
—
—
1,041
—
—
1,041
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,349
—
5,349
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,097
5,097
Total
$
4,584
$
4,963
$
5,642
$
2,903
$
4,754
$
2,253
$
(180)
$
2,480
$
3,749
$
8,995
$
(616)
$
2,840
$
9,616
$
1,041
$
5,349
$
5,097
$
63,470
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
33
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(1,842)
$
2,077
$
(2,915)
$
385
$
5,826
$
(629)
$
7,367
$
(2,000)
$
(2,867)
$
10,252
$
5,754
$
(1,106)
$
8,580
$
(170)
$
3,492
$
—
$
32,204
$
(16,600)
$
15,604
Non-property adjustments
—
—
—
—
—
—
76
—
—
—
—
—
—
—
—
—
76
(76)
—
Interest income
—
—
—
—
—
—
—
—
(2)
(5)
—
(2)
(2)
—
—
—
(11)
11
—
Interest expense
—
—
—
256
395
320
526
—
—
862
297
34
526
391
39
—
3,646
4,212
7,858
Amortization of loan cost
—
—
—
50
76
60
128
—
—
91
37
—
—
41
70
—
553
111
664
Depreciation and amortization
1,840
1,022
1,627
603
668
676
927
1,983
2,969
1,251
792
1,191
1,932
609
351
—
18,441
—
18,441
Income tax expense (benefit)
—
—
—
—
—
—
—
3
—
—
—
—
220
—
—
—
223
2,388
2,611
Non-hotel EBITDA ownership expense
82
64
5
115
4
2
1
15
2
34
209
3
7
6
—
—
549
(549)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
80
3,163
(1,283)
1,409
6,969
429
9,025
1
102
12,485
7,089
120
11,263
877
3,952
—
55,681
(10,503)
45,178
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(20)
(791)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(811)
811
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
72
72
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(71)
(71)
Hotel EBITDA attributable to the Company and OP unitholders
$
60
$
2,372
$
(1,283)
$
1,409
$
6,969
$
429
$
9,025
$
1
$
102
$
12,485
$
7,089
$
120
$
11,263
$
877
$
3,952
$
—
$
54,870
$
(9,691)
$
45,179
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
137
—
3,279
7,058
10,474
Comparable hotel EBITDA
$
80
$
3,163
$
(1,283)
$
1,409
$
6,969
$
429
$
9,025
$
1
$
102
$
12,485
$
7,089
$
120
$
11,400
$
877
$
7,231
$
7,058
$
66,155
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
3,163
$
—
$
1,409
$
6,969
$
429
$
9,025
$
—
$
—
$
12,485
$
7,089
$
—
$
11,263
$
—
$
3,952
$
—
$
55,784
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
137
—
3,279
7,058
10,474
Comparable hotel EBITDA
$
—
$
3,163
$
—
$
1,409
$
6,969
$
429
$
9,025
$
—
$
—
$
12,485
$
7,089
$
—
$
11,400
$
—
$
7,231
$
7,058
$
66,258
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
80
$
—
$
(1,283)
$
—
$
—
$
—
$
—
$
1
$
102
$
—
$
—
$
120
$
—
$
877
$
—
$
—
$
(103)
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
80
$
—
$
(1,283)
$
—
$
—
$
—
$
—
$
1
$
102
$
—
$
—
$
120
$
—
$
877
$
—
$
—
$
(103)
34
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
BAML (Pier House Resort & Spa)
$
—
$
—
$
—
$
—
$
6,969
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
6,969
BAML (Bardessono Hotel and Spa)
—
—
—
1,409
—
—
—
—
—
—
—
—
—
—
—
—
1,409
BAML (Hotel Yountville)
—
—
—
—
—
429
—
—
—
—
—
—
—
—
—
—
429
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
11,400
—
—
—
11,400
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)
80
3,163
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3,243
BAML Pool (see footnote 3)
—
—
(1,283)
—
—
—
—
1
102
—
—
120
—
—
—
—
(1,060)
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
9,025
—
—
—
—
—
—
—
—
—
9,025
BAML (The Ritz-Carlton Sarasota)
—
—
—
—
—
—
—
—
—
12,485
—
—
—
—
—
—
12,485
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
7,089
—
—
—
—
—
7,089
LoanCore (Mr. C Beverly Hills Hotel)
—
—
—
—
—
—
—
—
—
—
—
—
—
877
—
—
877
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7,231
—
7,231
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7,058
7,058
Total
$
80
$
3,163
$
(1,283)
$
1,409
$
6,969
$
429
$
9,025
$
1
$
102
$
12,485
$
7,089
$
120
$
11,400
$
877
$
7,231
$
7,058
$
66,155
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
35
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2021
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(1,447)
$
1,388
$
(1,776)
$
1,731
$
3,787
$
1,059
$
577
$
(683)
$
(3,338)
$
4,512
$
2,544
$
261
$
3,745
$
(427)
$
—
$
—
$
11,933
$
(14,227)
$
(2,294)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
(9)
—
—
(9)
9
—
Interest income
—
—
—
—
—
—
—
—
(1)
(6)
—
(3)
(1)
—
—
—
(11)
11
—
Interest expense
—
—
—
262
405
328
534
—
—
880
304
34
538
400
—
—
3,685
4,411
8,096
Amortization of loan cost
—
—
—
49
75
60
—
—
—
89
37
—
—
40
—
—
350
109
459
Depreciation and amortization
1,821
1,035
1,628
605
696
665
901
1,981
3,498
1,422
754
1,044
2,232
599
—
—
18,881
—
18,881
Income tax expense (benefit)
—
—
—
—
—
—
—
(12)
—
—
—
—
39
—
—
—
27
531
558
Non-hotel EBITDA ownership expense
35
22
22
124
2
9
11
7
(2)
47
255
5
85
20
—
—
642
(642)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
409
2,445
(126)
2,771
4,965
2,121
2,023
1,293
157
6,944
3,894
1,341
6,638
623
—
—
35,498
(9,798)
25,700
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(102)
(611)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(713)
713
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
54
54
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(54)
(54)
Hotel EBITDA attributable to the Company and OP unitholders
$
307
$
1,834
$
(126)
$
2,771
$
4,965
$
2,121
$
2,023
$
1,293
$
157
$
6,944
$
3,894
$
1,341
$
6,638
$
623
$
—
$
—
$
34,785
$
(9,085)
$
25,700
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,195
7,448
12,643
Comparable hotel EBITDA
$
409
$
2,445
$
(126)
$
2,771
$
4,965
$
2,121
$
2,023
$
1,293
$
157
$
6,944
$
3,894
$
1,341
$
6,638
$
623
$
5,195
$
7,448
$
48,141
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
409
$
2,445
$
(126)
$
2,771
$
4,965
$
2,121
$
—
$
1,293
$
157
$
6,944
$
3,894
$
—
$
6,638
$
623
$
—
$
—
$
32,134
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,195
7,448
12,643
Comparable hotel EBITDA
$
409
$
2,445
$
(126)
$
2,771
$
4,965
$
2,121
$
—
$
1,293
$
157
$
6,944
$
3,894
$
—
$
6,638
$
623
$
5,195
$
7,448
$
44,777
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
2,445
$
—
$
2,771
$
4,965
$
2,121
$
2,023
$
—
$
—
$
6,944
$
3,894
$
—
$
6,638
$
—
$
—
$
—
$
31,801
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,195
7,448
12,643
Comparable hotel EBITDA
$
—
$
2,445
$
—
$
2,771
$
4,965
$
2,121
$
2,023
$
—
$
—
$
6,944
$
3,894
$
—
$
6,638
$
—
$
5,195
$
7,448
$
44,444
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
409
$
—
$
(126)
$
—
$
—
$
—
$
—
$
1,293
$
157
$
—
$
—
$
1,341
$
—
$
623
$
—
$
—
$
3,697
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
409
$
—
$
(126)
$
—
$
—
$
—
$
—
$
1,293
$
157
$
—
$
—
$
1,341
$
—
$
623
$
—
$
—
$
3,697
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded hotels under renovation:
Marriott Seattle Waterfront; Park Hyatt Beaver Creek
36
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
1,125
$
13,162
$
2,226
$
4,488
$
12,377
$
2,547
$
5,668
$
(505)
$
(2,872)
$
17,641
$
5,020
$
3,790
$
18,920
$
(1,390)
$
7,583
$
933
$
90,713
$
(71,365)
$
19,348
Non-property adjustments
—
—
—
—
—
—
76
(16)
—
—
—
—
(40)
—
—
—
20
(20)
—
Interest income
(55)
(73)
—
—
—
—
—
(5)
(24)
(52)
—
(12)
(8)
—
—
(4)
(233)
233
—
Interest expense
—
—
—
1,674
2,802
2,165
3,228
—
—
4,919
2,017
26
2,557
1,822
1,747
—
22,957
26,753
49,710
Amortization of loan cost
—
—
—
135
307
102
713
—
—
370
150
—
43
167
—
—
1,987
469
2,456
Depreciation and amortization
7,420
4,118
5,975
2,371
2,611
2,046
3,932
8,028
11,226
5,326
3,234
5,406
8,072
2,452
5,124
781
78,122
—
78,122
Income tax expense (benefit)
—
—
—
—
—
—
—
19
—
—
—
—
415
—
333
—
767
3,276
4,043
Non-hotel EBITDA ownership expense
1,684
121
87
459
18
98
3
152
24
2,173
962
7
179
106
100
(1)
6,172
(6,172)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
10,174
17,328
8,288
9,127
18,115
6,958
13,620
7,673
8,354
30,377
11,383
9,217
30,138
3,157
14,887
1,709
200,505
(46,826)
153,679
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(2,543)
(4,333)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(6,876)
6,876
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
328
328
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(334)
(334)
Hotel EBITDA attributable to the Company and OP unitholders
$
7,631
$
12,995
$
8,288
$
9,127
$
18,115
$
6,958
$
13,620
$
7,673
$
8,354
$
30,377
$
11,383
$
9,217
$
30,138
$
3,157
$
14,887
$
1,709
$
193,629
$
(39,956)
$
153,673
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1)
—
3,634
17,788
21,421
Comparable hotel EBITDA
$
10,174
$
17,328
$
8,288
$
9,127
$
18,115
$
6,958
$
13,620
$
7,673
$
8,354
$
30,377
$
11,383
$
9,217
$
30,137
$
3,157
$
18,521
$
19,497
$
221,926
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
10,174
$
17,328
$
8,288
$
9,127
$
18,115
$
6,958
$
—
$
7,673
$
8,354
$
30,377
$
11,383
$
—
$
30,138
$
3,157
$
14,887
$
1,709
$
177,668
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1)
—
3,634
17,788
21,421
Comparable hotel EBITDA
$
10,174
$
17,328
$
8,288
$
9,127
$
18,115
$
6,958
$
—
$
7,673
$
8,354
$
30,377
$
11,383
$
—
$
30,137
$
3,157
$
18,521
$
19,497
$
199,089
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
17,328
$
—
$
9,127
$
18,115
$
6,958
$
13,620
$
—
$
—
$
30,377
$
11,383
$
—
$
30,138
$
—
$
14,887
$
1,709
$
153,642
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1)
—
3,634
17,788
21,421
Comparable hotel EBITDA
$
—
$
17,328
$
—
$
9,127
$
18,115
$
6,958
$
13,620
$
—
$
—
$
30,377
$
11,383
$
—
$
30,137
$
—
$
18,521
$
19,497
$
175,063
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
10,174
$
—
$
8,288
$
—
$
—
$
—
$
—
$
7,673
$
8,354
$
—
$
—
$
9,217
$
—
$
3,157
$
—
$
—
$
46,863
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
10,174
$
—
$
8,288
$
—
$
—
$
—
$
—
$
7,673
$
8,354
$
—
$
—
$
9,217
$
—
$
3,157
$
—
$
—
$
46,863
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded hotels under renovation:
Marriott Seattle Waterfront; Park Hyatt Beaver Creek
37
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2021
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Mr. C Beverly Hills Hotel
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(11,082)
$
1,915
$
(10,181)
$
5,053
$
13,411
$
2,310
$
4,005
$
(6,261)
$
(15,467)
$
15,342
$
2,793
$
(293)
$
17,453
$
(1,630)
$
—
$
—
$
17,368
$
(50,279)
$
(32,911)
Non-property adjustments
—
—
—
(117)
(96)
—
—
—
—
1
1
—
(671)
936
—
—
54
(54)
—
Interest income
—
—
—
—
—
—
—
—
(3)
(22)
—
(12)
(2)
—
—
—
(39)
39
—
Interest expense
—
—
—
1,039
1,606
1,303
2,075
—
—
3,518
1,205
54
2,134
644
—
—
13,578
15,117
28,695
Amortization of loan cost
—
—
—
162
294
180
14
—
—
352
144
—
68
66
—
—
1,280
926
2,206
Depreciation and amortization
7,448
4,293
6,582
2,581
2,883
2,572
3,526
8,333
13,258
6,347
2,931
3,965
8,071
972
—
—
73,762
—
73,762
Income tax expense (benefit)
—
(43)
—
—
—
—
—
(7)
—
—
—
—
101
—
—
—
51
1,273
1,324
Non-hotel EBITDA ownership expense
292
70
39
490
(59)
68
(11)
(141)
(5)
125
761
(157)
396
64
—
—
1,932
(1,932)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
(3,342)
6,235
(3,560)
9,208
18,039
6,433
9,609
1,924
(2,217)
25,663
7,835
3,557
27,550
1,052
—
—
107,986
(34,910)
73,076
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
839
(1,562)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(723)
723
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
252
252
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(250)
(250)
Hotel EBITDA attributable to the Company and OP unitholders
$
(2,503)
$
4,673
$
(3,560)
$
9,208
$
18,039
$
6,433
$
9,609
$
1,924
$
(2,217)
$
25,663
$
7,835
$
3,557
$
27,550
$
1,052
$
—
$
—
$
107,263
$
(34,185)
$
73,078
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
1,228
16,838
16,402
34,468
Comparable hotel EBITDA
$
(3,342)
$
6,235
$
(3,560)
$
9,208
$
18,039
$
6,433
$
9,609
$
1,924
$
(2,217)
$
25,663
$
7,835
$
3,557
$
27,550
$
2,280
$
16,838
$
16,402
$
142,454
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
(3,342)
$
6,235
$
(3,560)
$
9,208
$
18,039
$
6,433
$
—
$
1,924
$
(2,217)
$
25,663
$
7,835
$
—
$
27,550
$
1,052
$
—
$
—
$
94,820
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
1,228
16,838
16,402
34,468
Comparable hotel EBITDA
$
(3,342)
$
6,235
$
(3,560)
$
9,208
$
18,039
$
6,433
$
—
$
1,924
$
(2,217)
$
25,663
$
7,835
$
—
$
27,550
$
2,280
$
16,838
$
16,402
$
129,288
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
6,235
$
—
$
9,208
$
18,039
$
6,433
$
9,609
$
—
$
—
$
25,663
$
7,835
$
—
$
27,550
$
—
$
—
$
—
$
110,572
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
16,838
16,402
33,240
Comparable hotel EBITDA
$
—
$
6,235
$
—
$
9,208
$
18,039
$
6,433
$
9,609
$
—
$
—
$
25,663
$
7,835
$
—
$
27,550
$
—
$
16,838
$
16,402
$
143,812
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
(3,342)
$
—
$
(3,560)
$
—
$
—
$
—
$
—
$
1,924
$
(2,217)
$
—
$
—
$
3,557
$
—
$
1,052
$
—
$
—
$
(2,586)
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
1,228
—
—
1,228
Comparable hotel EBITDA
$
(3,342)
$
—
$
(3,560)
$
—
$
—
$
—
$
—
$
1,924
$
(2,217)
$
—
$
—
$
3,557
$
—
$
2,280
$
—
$
—
$
(1,358)
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2022, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.
(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3) Excluded hotels under renovation:
Marriott Seattle Waterfront; Park Hyatt Beaver Creek
