DALLAS – August 1, 2023 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2023. 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 June 30, 2023, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2023 with the second quarter ended June 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 4.2% over the prior year quarter to $309. Comparable ADR decreased 5.2% over the prior year quarter to $436 and Comparable Occupancy increased 1.0% over the prior year quarter to 70.9%.
•Net loss attributable to common stockholders for the quarter was $(13.0) million or $(0.20) per diluted share.
•Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter.
•Adjusted EBITDAre was $46.3 million for the quarter.
•Comparable Hotel EBITDA was $53.7 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $128.0 million and restricted cash of $63.4 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 $15.4 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 37.3% at the end of the second quarter.
•Capex invested during the quarter was $17.5 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company finalized an extension of its $435 million mortgage loan secured by four properties: The Notary Hotel, The Clancy, Sofitel Chicago Magnificent Mile, and Marriott Seattle Waterfront. The loan was paid down by $142 million and has a current balance of $293.2 million.
•Subsequent to quarter end, the Company entered into a new $200 million corporate financing that includes a $150 million term loan and a $50 million credit facility.
BHR Reports First Quarter Results
Page 2
August 1, 2023
•Subsequent to quarter end, the Company announced the planned conversion of its Mr. C Beverly Hills Hotel to Hilton’s LXR brand under the new name, Cameo Beverly Hills.
MR. C BRAND CONVERSION
Subsequent to quarter end, the Company announced the rebranding and planned conversion of its Mr. C Beverly Hills (“Mr. C”) in Los Angeles, California to the Cameo Beverly Hills. Beginning August 4, 2023, Cameo Beverly Hills will be available for booking on Hilton’s website at hilton.com and join Hilton Honors, Hilton’s award-winning guest loyalty program. Following an extensive renovation, which is expected to be completed by the end of 2025, the hotel will join LXR Hotels & Resorts (“LXR”). One of Hilton’s iconic luxury brands, LXR is a collection of unique, independent luxury properties around the world that focuses on individualized service and one-of-a-kind stays.
The conversion of the hotel, which was built in 1965, will reflect its unique history and distinctive location in the heart of West Los Angeles near iconic amenities and high-end shopping on Rodeo Drive. The Company is planning an approximately $25 million renovation to further elevate this distinctive hotel that will enable a revitalized luxury guest experience when it is completed. Added amenities and enhanced design elements will include upgrades to the guestrooms, guest bathrooms, restaurant, lobby, pool, fitness area, and meeting spaces. Remington will continue to manage the property after the conversion under a management agreement.
CAPITAL STRUCTURE
As of June 30, 2023, the Company had total assets of $2.3 billion and $1.1 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 7.0%, 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 79% of the Company’s consolidated debt is effectively fixed and approximately 21% is effectively floating.
During the quarter, the Company finalized an extension of its $435 million mortgage loan secured by four properties: The Notary Hotel, The Clancy, Sofitel Chicago Magnificent Mile, and Marriott Seattle Waterfront. The loan was extended until June 2024. In conjunction with the extension, the Company paid down $142 million of the loan utilizing corporate cash on hand, which reduced the loan balance to approximately $293 million. As part of the extension the Company also purchased an interest rate cap through June 2024 with a strike rate of 4.69%.
Subsequent to quarter end, the Company completed a $200 million corporate financing. The financing includes a $150 million term loan and $50 million credit facility. The corporate financing is secured by The Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel and Spa.
DIVIDENDS
On July 11, 2023, 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 third quarter ending September 30, 2023. The dividend, which equates to an annual rate of $0.20 per share, will be paid on October 16, 2023, to stockholders of record as of September 29, 2023. 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.
BHR Reports First Quarter Results
Page 3
August 1, 2023
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.
“Braemar’s urban hotels delivered solid second quarter operating performance,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “We remain extremely pleased with the continued momentum of these hotels which has been driven by strong corporate and group demand. Further, despite challenging year-over-year comparisons, our resorts continued to perform well with strong margins. We also continue to make solid progress addressing loan maturities and look forward to making additional announcements related to our liability management program,” he added. “We couldn’t be more excited about the conversion of our Mr. C Beverly Hills to Hilton’s LXR brand and expect the strength of Hilton’s reservation system to have a significant positive impact on the demand at that property. Looking ahead to the second half of 2023, we believe our portfolio is well-positioned for continued strong performance.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Wednesday, August 2, 2023, at 12:00 p.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Wednesday, August 9, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13739430.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2023 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 Wednesday, August 2, 2023, beginning at 12:00 p.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.
* * * * *
BHR Reports First Quarter Results
Page 4
August 1, 2023
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.
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)
June 30, 2023
December 31, 2022
ASSETS
Investments in hotel properties, gross
$
2,360,842
$
2,325,093
Accumulated depreciation
(470,484)
(440,492)
Investments in hotel properties, net
1,890,358
1,884,601
Cash and cash equivalents
128,025
261,541
Restricted cash
63,439
54,155
Accounts receivable, net of allowance of $200 and $339, respectively
32,864
51,448
Inventories
5,119
5,238
Prepaid expenses
18,172
7,044
Deferred costs, net
75
—
Investment in OpenKey
1,699
1,689
Derivative assets
6,308
6,482
Other assets
17,078
14,621
Operating lease right-of-use assets
78,917
79,449
Intangible assets, net
3,693
3,883
Due from related parties, net
333
938
Due from third-party hotel managers
15,430
26,625
Total assets
$
2,261,510
$
2,397,714
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net
$
1,135,958
$
1,334,130
Accounts payable and accrued expenses
135,096
133,978
Dividends and distributions payable
8,917
8,184
Due to Ashford Inc., net
4,558
10,005
Due to third-party hotel managers
1,579
2,096
Operating lease liabilities
60,538
60,692
Derivative liabilities
165
284
Other liabilities
22,508
22,343
Total liabilities
1,369,319
1,571,712
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2023 and December 31, 2022
65,426
65,426
Series E Redeemable Preferred Stock, $0.01 par value, 16,485,987 and 12,656,529 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
379,403
291,076
Series M Redeemable Preferred Stock, $0.01 par value, 1,959,622 and 1,428,332 shares issued and outstanding at June 30,2023 and December 31, 2022, respectively
48,405
35,182
Redeemable noncontrolling interests in operating partnership
35,174
40,555
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 June 30, 2023 and December 31, 2022
16
16
Common stock, $0.01 par value, 250,000,000 shares authorized, 65,993,893 and 69,919,065 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
659
699
Additional paid-in capital
716,987
734,134
Accumulated deficit
(341,210)
(324,740)
Total stockholders' equity of the Company
376,452
410,109
Noncontrolling interest in consolidated entities
(12,669)
(16,346)
Total equity
363,783
393,763
Total liabilities and equity
$
2,261,510
$
2,397,714
5
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
REVENUE
Rooms
$
117,137
$
112,527
$
254,664
$
217,719
Food and beverage
47,776
42,269
100,004
78,976
Other
21,794
20,098
47,340
40,079
Total hotel revenue
186,707
174,894
402,008
336,774
EXPENSES
Hotel operating expenses:
Rooms
26,705
24,134
54,063
44,318
Food and beverage
36,365
31,894
76,104
59,922
Other expenses
56,297
52,087
118,592
98,294
Management fees
5,880
5,538
12,585
9,686
Total hotel operating expenses
125,247
113,653
261,344
212,220
Property taxes, insurance and other
9,396
5,277
17,512
13,880
Depreciation and amortization
22,567
19,571
45,088
38,012
Advisory services fee:
Base advisory fee
3,667
3,226
7,307
6,165
Reimbursable expenses
2,042
1,173
4,064
2,269
Incentive fee
—
(731)
—
246
Stock/unit-based compensation
2,506
2,637
4,792
4,947
(Gain) loss on legal settlements
—
(114)
—
(114)
Corporate, general and administrative:
Stock/unit-based compensation
391
543
428
588
Other general and administrative
3,505
2,895
6,288
5,345
Total operating expenses
169,321
148,130
346,823
283,558
OPERATING INCOME (LOSS)
17,386
26,764
55,185
53,216
Equity in earnings (loss) of unconsolidated entity
(75)
(74)
(148)
(146)
Interest income
2,295
162
4,403
187
Interest expense
(22,915)
(9,705)
(45,026)
(17,563)
Amortization of loan costs
(685)
(576)
(1,447)
(1,240)
Write-off of loan costs and exit fees
(248)
(22)
(260)
(98)
Gain (loss) on extinguishment of debt
—
—
2,318
—
Realized and unrealized gain (loss) on derivatives
1,029
1,208
695
1,616
INCOME (LOSS) BEFORE INCOME TAXES
(3,213)
17,757
15,720
35,972
Income tax (expense) benefit
75
(1,077)
(2,254)
(3,688)
NET INCOME (LOSS)
(3,138)
16,680
13,466
32,284
(Income) loss attributable to noncontrolling interest in consolidated entities
367
(1,468)
58
(1,442)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
925
(846)
664
(1,813)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(1,846)
14,366
14,188
29,029
Preferred dividends
(10,877)
(4,064)
(21,227)
(7,367)
Deemed dividends on redeemable preferred stock
(301)
—
(2,755)
—
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(13,024)
$
10,302
$
(9,794)
$
21,662
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(0.20)
$
0.14
$
(0.14)
$
0.31
Weighted average common shares outstanding – basic
65,806
70,740
68,378
68,325
Diluted:
Net income (loss) attributable to common stockholders
$
(0.20)
$
0.12
$
(0.14)
$
0.27
Weighted average common shares outstanding – diluted
65,806
107,669
68,378
98,798
Dividends declared per common share:
$
0.05
$
0.01
$
0.10
$
0.02
6
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Net income (loss)
$
(3,138)
$
16,680
$
13,466
$
32,284
Interest expense and amortization of loan costs
23,600
10,281
46,473
18,803
Depreciation and amortization
22,567
19,571
45,088
38,012
Income tax expense (benefit)
(75)
1,077
2,254
3,688
Equity in (earnings) loss of unconsolidated entity
75
74
148
146
Company's portion of EBITDA of OpenKey
(80)
(75)
(157)
(146)
EBITDA and EBITDAre
42,949
47,608
107,272
92,787
Amortization of favorable (unfavorable) contract assets (liabilities)
118
118
237
226
Transaction and conversion costs
1,056
771
2,251
1,326
Write-off of loan costs and exit fees
248
22
260
98
Realized and unrealized (gain) loss on derivatives
(1,029)
(1,208)
(695)
(1,616)
Stock/unit-based compensation
2,899
3,185
5,227
5,550
Legal, advisory and settlement costs
12
315
81
632
Advisory services incentive fee
—
(731)
—
246
(Gain) loss on extinguishment of debt
—
—
(2,318)
—
Company's portion of adjustments to EBITDAre of OpenKey
—
(1)
—
5
Adjusted EBITDAre
$
46,253
$
50,079
$
112,315
$
99,254
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
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Net income (loss)
$
(3,138)
$
16,680
$
13,466
$
32,284
(Income) loss attributable to noncontrolling interest in consolidated entities
367
(1,468)
58
(1,442)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
925
(846)
664
(1,813)
Preferred dividends
(10,877)
(4,064)
(21,227)
(7,367)
Deemed dividends on redeemable preferred stock
(301)
—
(2,755)
—
Net income (loss) attributable to common stockholders
(13,024)
10,302
(9,794)
21,662
Depreciation and amortization on real estate
21,763
18,927
43,548
36,722
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(925)
846
(664)
1,813
Equity in (earnings) loss of unconsolidated entity
75
74
148
146
Company's portion of FFO of OpenKey
(85)
(74)
(163)
(146)
FFO available to common stockholders and OP unitholders
7,804
30,075
33,075
60,197
Deemed dividends on redeemable preferred stock
301
—
2,755
—
Transaction and conversion costs
1,056
771
2,251
1,326
Write-off of loan costs and exit fees
248
22
260
98
Unrealized (gain) loss on derivatives
1,253
(1,208)
3,454
(1,616)
Stock/unit-based compensation
2,899
3,185
5,227
5,550
Legal, advisory and settlement costs
12
315
81
632
Interest expense accretion on refundable membership club deposits
164
178
342
368
Amortization of loan costs
661
553
1,400
1,195
Advisory services incentive fee
—
(731)
—
246
(Gain) loss on extinguishment of debt
—
—
(2,318)
—
Company's portion of adjustments to FFO of OpenKey
—
(1)
—
5
Adjusted FFO available to common stockholders and OP unitholders
$
14,398
$
33,159
$
46,527
$
68,001
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.20
$
0.43
$
0.63
$
0.92
Weighted average diluted shares
71,317
76,642
74,300
74,214
7
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 30, 2023
(dollars in thousands)
(unaudited)
Lender
Hotels
Current Maturity
Final
Maturity (10)
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(11)
Comparable TTM Hotel EBITDA Debt Yield
BAML
Bardessono Hotel and Spa
August 2023
August 2023
SOFR (2) + 2.65%
$
—
$
40,000
$
40,000
$
1,743
4.4
%
$
7,179
17.9
%
Apollo
The Ritz-Carlton St. Thomas
August 2023
August 2024
LIBOR (1) + 3.95%
—
42,500
(3)
42,500
12,899
30.4
%
24,970
58.8
%
BAML
The Ritz-Carlton Sarasota
October 2023
April 2024
SOFR (2) + 3.60%
—
98,000
(4)
98,000
10,147
10.4
%
25,023
25.5
%
BAML
Hotel Yountville
November 2023
May 2024
SOFR (2) + 2.65%
—
51,000
(4)
51,000
945
1.9
%
6,014
11.8
%
BAML
The Ritz-Carlton Lake Tahoe
January 2024
January 2024
SOFR (2) + 2.20%
—
54,000
54,000
2,614
4.8
%
10,904
20.2
%
Prudential
Capital Hilton and Hilton La Jolla Torrey Pines
February 2024
February 2024
LIBOR (1) + 1.70%
—
195,000
195,000
19,174
9.8
%
32,954
16.9
%
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
February 2024
February 2027
SOFR (2) + 2.86%
—
70,500
70,500
3,706
5.3
%
13,666
19.4
%
BAML
See footnote
June 2024
June 2025
LIBOR (1) + 2.61%
—
293,180
(6)
293,180
7,562
2.6
%
37,749
12.9
%
LoanCore
Mr. C Beverly Hills Hotel
August 2024
August 2024
LIBOR (1) + 3.60%
—
30,000
(7)
30,000
(2,274)
(7.6)
%
2,641
8.8
%
BAML
Pier House Resort & Spa
September 2024
September 2024
SOFR (2) + 1.95%
—
80,000
80,000
8,544
10.7
%
15,925
19.9
%
Aareal Capital Corporation
Four Seasons Resort Scottsdale
December 2025
December 2027
SOFR (2) + 3.75%
—
100,000
(8)
100,000
3,889
3.9
%
21,692
21.7
%
Convertible Senior Notes
N/A
June 2026
June 2026
4.50%
86,250
—
86,250
N/A
N/A
N/A
N/A
Unencumbered Hotel
The Ritz-Carlton Reserve Dorado Beach
—
—
—
11,203
N/A
20,040
N/A
Total
$
86,250
$
1,054,180
$
1,140,430
$
80,152
7.0
%
$
218,757
19.2
%
Percentage
7.6
%
92.4
%
100.0
%
Weighted average interest rate (9)
4.50
%
7.18
%
6.97
%
All indebtedness is non-recourse with the exception of the convertible senior notes.
(1) LIBOR rate was 5.22% at June 30, 2023.
(2) SOFR rate was 5.14% at June 30, 2023.
(3) 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%.
(4) This mortgage loan has one six-month extension option subject to satisfaction of certain conditions.
(5) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.
(6) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(7) This mortgage loan has a LIBOR floor of 1.50%.
(8) 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%.
(9) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(10) The final maturity date assumes all available extension options will be exercised.
(11) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
June 30, 2023
(dollars in thousands)
(unaudited)
Lender
Hotels
2023
2024
2025
2026
2027
Thereafter
Total
BAML
Bardessono Hotel and Spa
$
40,000
$
—
$
—
$
—
$
—
$
—
$
40,000
BAML
Hotel Yountville
—
51,000
—
—
—
—
51,000
BAML
The Ritz-Carlton Lake Tahoe
—
54,000
—
—
—
—
54,000
Prudential
Capital Hilton and Hilton La Jolla Torrey Pines
—
195,000
—
—
—
—
195,000
BAML
The Ritz-Carlton Sarasota
—
97,000
—
—
—
—
97,000
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
—
—
293,180
—
—
—
293,180
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
$
40,000
$
549,500
$
293,180
$
86,250
$
166,500
$
—
$
1,135,430
Scheduled amortization payments remaining
500
500
—
2,000
2,000
—
5,000
Total indebtedness
$
40,500
$
550,000
$
293,180
$
88,250
$
168,500
$
—
$
1,140,430
(1) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
9
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
118,603
$
—
$
118,603
$
113,978
$
9,509
$
123,487
4.06
%
(3.96)
%
RevPAR
$
309.21
$
—
$
309.21
$
313.68
$
497.61
$
322.87
(1.43)
%
(4.23)
%
Occupancy
70.91
%
—
%
70.91
%
71.15
%
52.61
%
70.23
%
(0.34)
%
0.97
%
ADR
$
436.07
$
—
$
436.07
$
440.85
$
945.93
$
459.75
(1.08)
%
(5.15)
%
ALL HOTELS:
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
258,426
$
—
$
258,426
$
221,029
$
31,160
$
252,189
16.92
%
2.47
%
RevPAR
$
338.78
$
—
$
338.78
$
308.95
$
687.51
$
331.51
9.66
%
2.19
%
Occupancy
67.90
%
—
%
67.90
%
63.18
%
52.47
%
62.54
%
7.47
%
8.57
%
ADR
$
498.95
$
—
$
498.95
$
489.02
$
1,310.20
$
530.07
2.03
%
(5.87)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(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) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
ALL HOTELS
NOT UNDER RENOVATION:
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
97,783
$
—
$
97,783
$
91,643
$
9,509
$
101,152
6.70
%
(3.33)
%
RevPAR
$
317.07
$
—
$
317.07
$
317.99
$
497.61
$
329.16
(0.29)
%
(3.67)
%
Occupancy
69.72
%
—
%
69.72
%
69.06
%
52.61
%
68.04
%
0.96
%
2.47
%
ADR
$
454.81
$
—
$
454.81
$
460.46
$
945.93
$
483.80
(1.23)
%
(5.99)
%
ALL HOTELS
NOT UNDER RENOVATION:
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
215,194
$
—
$
215,194
$
179,096
$
31,160
$
210,256
20.16
%
2.35
%
RevPAR
$
350.87
$
—
$
350.87
$
316.48
$
687.51
$
343.99
10.87
%
2.00
%
Occupancy
66.34
%
—
%
66.34
%
62.56
%
52.47
%
61.81
%
6.04
%
7.33
%
ADR
$
528.89
$
—
$
528.89
$
505.90
$
1,310.20
$
556.53
4.54
%
(4.97)
%
NOTES:
(1) The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, 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.
(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) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4) Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota.
10
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
% Variance
2023
2022
% Variance
Total hotel revenue
$
187,905
$
176,082
6.71
%
$
405,085
$
339,484
19.32
%
Non-comparable adjustments
—
16,915
—
50,226
Comparable total hotel revenue
$
187,905
$
192,997
(2.64)
%
$
405,085
$
389,710
3.95
%
Hotel net income (loss)
$
18,143
$
31,259
(41.96)
%
$
55,896
$
63,463
(11.92)
%
Non-comparable adjustments
—
2,784
—
8,246
Comparable hotel net income (loss)
$
18,143
$
34,043
(46.71)
%
$
55,896
$
71,709
(22.05)
%
Hotel net income (loss) margin
9.66
%
17.75
%
(8.09)
%
13.80
%
18.69
%
(4.89)
%
Comparable hotel net income margin
—
%
17.64
%
(17.64)
%
13.80
%
18.40
%
(4.60)
%
Hotel EBITDA
$
53,660
$
57,066
(5.97)
%
$
126,456
$
112,747
12.16
%
Non-comparable adjustments
—
6,404
—
16,878
Comparable hotel EBITDA
$
53,660
$
63,470
(15.46)
%
$
126,456
$
129,625
(2.44)
%
Hotel EBITDA margin
28.56
%
32.41
%
(3.85)
%
31.22
%
33.21
%
(1.99)
%
Comparable hotel EBITDA margin
28.56
%
32.89
%
(4.33)
%
31.22
%
33.26
%
(2.04)
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
1,757
$
1,630
7.82
%
$
2,911
$
1,689
72.38
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
16,386
$
29,629
(44.70)
%
$
52,985
$
61,774
(14.23)
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
16,386
$
32,413
(49.45)
%
$
52,985
$
70,020
(24.33)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
2,618
$
2,387
9.70
%
$
4,561
$
3,198
42.63
%
Hotel EBITDA attributable to the Company and OP unitholders
$
51,042
$
54,679
(6.65)
%
$
121,896
$
109,550
11.27
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
51,042
$
61,083
(16.44)
%
$
121,896
$
126,428
(3.58)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(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) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
11
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
% Variance
2023
2022
% Variance
Total hotel revenue
$
148,224
$
135,136
9.69
%
$
321,746
$
261,484
23.05
%
Non-comparable adjustments
—
16,915
—
50,226
Comparable total hotel revenue
$
148,224
$
152,051
(2.52)
%
$
321,746
$
311,710
3.22
%
Hotel net income (loss)
$
11,623
$
22,089
(47.38)
%
$
40,891
$
45,883
(10.88)
%
Non-comparable adjustments
—
2,784
—
8,246
Comparable hotel net income (loss)
$
11,623
$
24,873
(53.27)
%
$
40,891
$
54,129
(24.46)
%
Hotel net income (loss) margin
7.84
%
16.35
%
(8.51)
%
12.71
%
17.55
%
(4.84)
%
Comparable hotel net income margin
7.84
%
16.36
%
(8.52)
%
12.71
%
17.37
%
(4.66)
%
Hotel EBITDA
$
41,198
$
43,487
(5.26)
%
$
100,090
$
86,603
15.57
%
Non-comparable adjustments
—
6,404
—
16,878
Comparable hotel EBITDA
$
41,198
$
49,891
(17.42)
%
$
100,090
$
103,481
(3.28)
%
Hotel EBITDA margin
27.79
%
32.18
%
(4.39)
%
31.11
%
33.12
%
(2.01)
%
Comparable hotel EBITDA margin
27.79
%
32.81
%
(5.02)
%
31.11
%
33.20
%
(2.09)
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
1,757
$
1,630
7.82
%
$
2,911
$
1,689
72.38
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
9,866
$
20,459
(51.78)
%
$
37,980
$
44,194
(14.06)
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
9,866
$
23,243
(57.55)
%
$
37,980
$
52,440
(27.57)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
2,618
$
2,387
9.70
%
$
4,561
$
3,198
42.63
%
Hotel EBITDA attributable to the Company and OP unitholders
$
38,580
$
41,100
(6.13)
%
$
95,530
$
83,406
14.54
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
38,580
$
47,504
(18.79)
%
$
95,530
$
100,284
(4.74)
%
NOTES:
(1) The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at June 30, 2023, and not under renovation during the three months ended June 30, 2023, 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.
(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) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5) Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota.
12
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
11,433
$
—
$
11,433
$
9,719
$
—
$
9,719
17.64
%
17.64
%
Total hotel revenue
$
17,580
$
—
$
17,580
$
13,694
$
—
$
13,694
28.38
%
28.38
%
Hotel net income (loss)
$
3,924
$
—
$
3,924
$
2,584
$
—
$
2,584
51.86
%
51.86
%
Hotel net income (loss) margin
22.32
%
22.32
%
18.87
%
18.87
%
3.45
%
3.45
%
Hotel EBITDA
$
6,342
$
—
$
6,342
$
4,584
$
—
$
4,584
38.35
%
38.35
%
Hotel EBITDA margin
36.08
%
36.08
%
33.47
%
33.47
%
2.61
%
2.61
%
Selected Operating Information:
RevPAR
$
228.41
$
—
$
228.41
$
194.18
$
—
$
194.18
17.63
%
17.63
%
Occupancy
82.06
%
—
%
82.06
%
75.86
%
—
%
75.86
%
8.17
%
8.17
%
ADR
$
278.35
$
—
$
278.35
$
255.97
$
—
$
255.97
8.74
%
8.74
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
7,242
$
—
$
7,242
$
7,638
$
—
$
7,638
(5.18)
%
(5.18)
%
Total hotel revenue
$
12,411
$
—
$
12,411
$
13,222
$
—
$
13,222
(6.13)
%
(6.13)
%
Hotel net income (loss)
$
3,105
$
—
$
3,105
$
3,939
$
—
$
3,939
(21.17)
%
(21.17)
%
Hotel net income (loss) margin
25.02
%
25.02
%
29.79
%
29.79
%
(4.77)
%
(4.77)
%
Hotel EBITDA
$
4,130
$
—
$
4,130
$
4,963
$
—
$
4,963
(16.78)
%
(16.78)
%
Hotel EBITDA margin
33.28
%
33.28
%
37.54
%
37.54
%
(4.26)
%
(4.26)
%
Selected Operating Information:
RevPAR
$
201.99
$
—
$
201.99
$
213.03
$
—
$
213.03
(5.18)
%
(5.18)
%
Occupancy
82.23
%
—
%
82.23
%
85.40
%
—
%
85.40
%
(3.71)
%
(3.71)
%
ADR
$
245.65
$
—
$
245.65
$
249.46
$
—
$
249.46
(1.53)
%
(1.53)
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
7,738
$
—
$
7,738
$
7,542
$
—
$
7,542
2.60
%
2.60
%
Total hotel revenue
$
10,097
$
—
$
10,097
$
10,162
$
—
$
10,162
(0.64)
%
(0.64)
%
Hotel net income (loss)
$
1,890
$
—
$
1,890
$
4,103
$
—
$
4,103
(53.94)
%
(53.94)
%
Hotel net income (loss) margin
18.72
%
18.72
%
40.38
%
40.38
%
(21.66)
%
(21.66)
%
Hotel EBITDA
$
3,033
$
—
$
3,033
$
5,642
$
—
$
5,642
(46.24)
%
(46.24)
%
Hotel EBITDA margin
30.04
%
30.04
%
55.52
%
55.52
%
(25.48)
%
(25.48)
%
Selected Operating Information:
RevPAR
$
204.90
$
—
$
204.90
$
199.71
$
—
$
199.71
2.60
%
2.60
%
Occupancy
74.60
%
—
%
74.60
%
74.33
%
—
%
74.33
%
0.36
%
0.36
%
ADR
$
274.66
$
—
$
274.66
$
268.69
$
—
$
268.69
2.22
%
2.22
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
4,761
$
—
$
4,761
$
5,699
$
—
$
5,699
(16.46)
%
(16.46)
%
Total hotel revenue
$
6,283
$
—
$
6,283
$
7,293
$
—
$
7,293
(13.85)
%
(13.85)
%
Hotel net income (loss)
$
764
$
—
$
764
$
1,820
$
—
$
1,820
(58.02)
%
(58.02)
%
Hotel net income (loss) margin
12.16
%
12.16
%
24.96
%
24.96
%
(12.80)
%
(12.80)
%
Hotel EBITDA
$
2,244
$
—
$
2,244
$
2,903
$
—
$
2,903
(22.70)
%
(22.70)
%
Hotel EBITDA margin
35.72
%
35.72
%
39.81
%
39.81
%
(4.09)
%
(4.09)
%
Selected Operating Information:
RevPAR
$
804.88
$
—
$
804.88
$
963.50
$
—
$
963.50
(16.46)
%
(16.46)
%
Occupancy
72.87
%
—
%
72.87
%
71.85
%
—
%
71.85
%
1.42
%
1.42
%
ADR
$
1,104.60
$
—
$
1,104.60
$
1,340.96
$
—
$
1,340.96
(17.63)
%
(17.63)
%
13
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
5,903
$
—
$
5,903
$
7,015
$
—
$
7,015
(15.85)
%
(15.85)
%
Total hotel revenue
$
7,484
$
—
$
7,484
$
8,710
$
—
$
8,710
(14.08)
%
(14.08)
%
Hotel net income (loss)
$
1,709
$
—
$
1,709
$
3,530
$
—
$
3,530
(51.59)
%
(51.59)
%
Hotel net income (loss) margin
22.84
%
22.84
%
40.53
%
40.53
%
(17.69)
%
(17.69)
%
Hotel EBITDA
$
3,775
$
—
$
3,775
$
4,754
$
—
$
4,754
(20.59)
%
(20.59)
%
Hotel EBITDA margin
50.44
%
50.44
%
54.58
%
54.58
%
(4.14)
%
(4.14)
%
Selected Operating Information:
RevPAR
$
456.90
$
—
$
456.90
$
542.86
$
—
$
542.86
(15.83)
%
(15.83)
%
Occupancy
71.18
%
—
%
71.18
%
74.42
%
—
%
74.42
%
(4.35)
%
(4.35)
%
ADR
$
641.89
$
—
$
641.89
$
729.50
$
—
$
729.50
(12.01)
%
(12.01)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
3,254
$
—
$
3,254
$
4,309
$
—
$
4,309
(24.48)
%
(24.48)
%
Total hotel revenue
$
3,982
$
—
$
3,982
$
5,122
$
—
$
5,122
(22.26)
%
(22.26)
%
Hotel net income (loss)
$
13
$
—
$
13
$
1,247
$
—
$
1,247
(98.96)
%
(98.96)
%
Hotel net income (loss) margin
0.33
%
0.33
%
24.35
%
24.35
%
(24.02)
%
(24.02)
%
Hotel EBITDA
$
1,420
$
—
$
1,420
$
2,253
$
—
$
2,253
(36.97)
%
(36.97)
%
Hotel EBITDA margin
35.66
%
35.66
%
43.99
%
43.99
%
(8.33)
%
(8.33)
%
Selected Operating Information:
RevPAR
$
447.05
$
—
$
447.05
$
591.91
$
—
$
591.91
(24.47)
%
(24.47)
%
Occupancy
58.54
%
—
%
58.54
%
61.32
%
—
%
61.32
%
(4.53)
%
(4.53)
%
ADR
$
763.61
$
—
$
763.61
$
965.30
$
—
$
965.30
(20.89)
%
(20.89)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
1,866
$
—
$
1,866
$
2,306
$
—
$
2,306
(19.08)
%
(19.08)
%
Total hotel revenue
$
5,366
$
—
$
5,366
$
6,652
$
—
$
6,652
(19.33)
%
(19.33)
%
Hotel net income (loss)
$
(4,002)
$
—
$
(4,002)
$
(1,949)
$
—
$
(1,949)
(105.34)
%
(105.34)
%
Hotel net income (loss) margin
(74.58)
%
(74.58)
%
(29.30)
%
(29.30)
%
(45.28)
%
(45.28)
%
Hotel EBITDA
$
(1,190)
$
—
$
(1,190)
$
(180)
$
—
$
(180)
(561.11)
%
(561.11)
%
Hotel EBITDA margin
(22.18)
%
(22.18)
%
(2.71)
%
(2.71)
%
(19.47)
%
(19.47)
%
Selected Operating Information:
RevPAR
$
106.17
$
—
$
106.17
$
133.35
$
—
$
133.35
(20.38)
%
(20.38)
%
Occupancy
33.93
%
—
%
33.93
%
44.90
%
—
%
44.90
%
(24.43)
%
(24.43)
%
ADR
$
312.86
$
—
$
312.86
$
297.00
$
—
$
297.00
5.34
%
5.34
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
7,643
$
—
$
7,643
$
6,158
$
—
$
6,158
24.11
%
24.11
%
Total hotel revenue
$
9,642
$
—
$
9,642
$
7,587
$
—
$
7,587
27.09
%
27.09
%
Hotel net income (loss)
$
1,388
$
—
$
1,388
$
402
$
—
$
402
245.27
%
245.27
%
Hotel net income (loss) margin
14.40
%
14.40
%
5.30
%
5.30
%
9.10
%
9.10
%
Hotel EBITDA
$
3,586
$
—
$
3,586
$
2,480
$
—
$
2,480
44.60
%
44.60
%
Hotel EBITDA margin
37.19
%
37.19
%
32.69
%
32.69
%
4.50
%
4.50
%
Selected Operating Information:
RevPAR
$
168.33
$
—
$
168.33
$
135.62
$
—
$
135.62
24.12
%
24.12
%
Occupancy
70.66
%
—
%
70.66
%
62.18
%
—
%
62.18
%
13.64
%
13.64
%
ADR
$
238.24
$
—
$
238.24
$
218.10
$
—
$
218.10
9.23
%
9.23
%
14
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue
$
8,217
$
—
$
8,217
$
9,753
$
—
$
9,753
(15.75)
%
(15.75)
%
Total hotel revenue
$
9,779
$
—
$
9,779
$
11,094
$
—
$
11,094
(11.85)
%
(11.85)
%
Hotel net income (loss)
$
37
$
—
$
37
$
931
$
—
$
931
(96.03)
%
(96.03)
%
Hotel net income (loss) margin
0.38
%
0.38
%
8.39
%
8.39
%
(8.01)
%
(8.01)
%
Hotel EBITDA
$
2,450
$
—
$
2,450
$
3,749
$
—
$
3,749
(34.65)
%
(34.65)
%
Hotel EBITDA margin
25.05
%
25.05
%
33.79
%
33.79
%
(8.74)
%
(8.74)
%
Selected Operating Information:
RevPAR
$
220.23
$
—
$
220.23
$
261.39
$
—
$
261.39
(15.75)
%
(15.75)
%
Occupancy
75.35
%
—
%
75.35
%
79.31
%
—
%
79.31
%
(4.99)
%
(4.99)
%
ADR
$
292.28
$
—
$
292.28
$
329.57
$
—
$
329.57
(11.31)
%
(11.31)
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
9,387
$
—
$
9,387
$
12,616
$
—
$
12,616
(25.59)
%
(25.59)
%
Total hotel revenue
$
22,101
$
—
$
22,101
$
27,252
$
—
$
27,252
(18.90)
%
(18.90)
%
Hotel net income (loss)
$
2,593
$
—
$
2,593
$
6,586
$
—
$
6,586
(60.63)
%
(60.63)
%
Hotel net income (loss) margin
11.73
%
11.73
%
24.17
%
24.17
%
(12.44)
%
(12.44)
%
Hotel EBITDA
$
6,120
$
—
$
6,120
$
8,995
$
—
$
8,995
(31.96)
%
(31.96)
%
Hotel EBITDA margin
27.69
%
27.69
%
33.01
%
33.01
%
(5.32)
%
(5.32)
%
Selected Operating Information:
RevPAR
$
373.75
$
—
$
373.75
$
502.29
$
—
$
502.29
(25.59)
%
(25.59)
%
Occupancy
63.35
%
—
%
63.35
%
85.79
%
—
%
85.79
%
(26.16)
%
(26.16)
%
ADR
$
590.01
$
—
$
590.01
$
585.49
$
—
$
585.49
0.77
%
0.77
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
4,533
$
—
$
4,533
$
3,787
$
—
$
3,787
19.70
%
19.70
%
Total hotel revenue
$
9,863
$
—
$
9,863
$
8,310
$
—
$
8,310
18.69
%
18.69
%
Hotel net income (loss)
$
(2,450)
$
—
$
(2,450)
$
(2,170)
$
—
$
(2,170)
(12.90)
%
(12.90)
%
Hotel net income (loss) margin
(24.84)
%
(24.84)
%
(26.11)
%
(26.11)
%
1.27
%
1.27
%
Hotel EBITDA
$
(115)
$
—
$
(115)
$
(616)
$
—
$
(616)
81.33
%
81.33
%
Hotel EBITDA margin
(1.17)
%
(1.17)
%
(7.41)
%
(7.41)
%
6.24
%
6.24
%
Selected Operating Information:
RevPAR
$
272.17
$
—
$
272.17
$
228.65
$
—
$
228.65
19.03
%
19.03
%
Occupancy
53.05
%
—
%
53.05
%
45.27
%
—
%
45.27
%
17.19
%
17.19
%
ADR
$
513.08
$
—
$
513.08
$
505.05
$
—
$
505.05
1.59
%
1.59
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
8,193
$
—
$
8,193
$
5,587
$
—
$
5,587
46.64
%
46.64
%
Total hotel revenue
$
9,941
$
—
$
9,941
$
6,790
$
—
$
6,790
46.41
%
46.41
%
Hotel net income (loss)
$
2,729
$
—
$
2,729
$
1,510
$
—
$
1,510
80.73
%
80.73
%
Hotel net income (loss) margin
27.45
%
27.45
%
22.24
%
22.24
%
5.21
%
5.21
%
Hotel EBITDA
$
4,313
$
—
$
4,313
$
2,840
$
—
$
2,840
51.87
%
51.87
%
Hotel EBITDA margin
43.39
%
43.39
%
41.83
%
41.83
%
1.56
%
1.56
%
Selected Operating Information:
RevPAR
$
243.99
$
—
$
243.99
$
170.06
$
—
$
170.06
43.47
%
43.47
%
Occupancy
78.58
%
—
%
78.58
%
56.96
%
—
%
56.96
%
37.96
%
37.96
%
ADR
$
310.50
$
—
$
310.50
$
298.54
$
—
$
298.54
4.01
%
4.01
%
15
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
13,176
$
—
$
13,176
$
15,344
$
952
$
16,296
(14.13)
%
(19.15)
%
Total hotel revenue
$
21,544
$
—
$
21,544
$
24,413
$
952
$
25,365
(11.75)
%
(15.06)
%
Hotel net income (loss)
$
3,586
$
—
$
3,586
$
5,742
$
952
$
6,694
(37.55)
%
(46.43)
%
Hotel net income (loss) margin
16.65
%
16.65
%
23.52
%
26.39
%
(6.87)
%
(9.74)
%
Hotel EBITDA
$
6,848
$
—
$
6,848
$
8,664
$
952
$
9,616
(20.96)
%
(28.79)
%
Hotel EBITDA margin
31.79
%
31.79
%
35.49
%
37.91
%
(3.70)
%
(6.12)
%
Selected Operating Information:
RevPAR
$
804.45
$
—
$
804.45
$
936.76
$
—
$
994.90
(14.12)
%
(19.14)
%
Occupancy
75.53
%
—
%
75.53
%
83.02
%
—
%
83.02
%
(9.02)
%
(9.02)
%
ADR
$
1,065.06
$
—
$
1,065.06
$
1,128.41
$
—
$
1,198.44
(5.61)
%
(11.13)
%
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue
$
3,306
$
—
$
3,306
$
3,418
$
104
$
3,522
(3.28)
%
(6.13)
%
Total hotel revenue
$
4,632
$
—
$
4,632
$
5,297
$
—
$
5,297
(12.55)
%
(12.55)
%
Hotel net income (loss)
$
(595)
$
—
$
(595)
$
(34)
$
—
$
(34)
(1,650.00)
%
(1,650.00)
%
Hotel net income (loss) margin
(12.85)
%
(12.85)
%
(0.64)
%
(0.64)
%
(12.21)
%
(12.21)
%
Hotel EBITDA
$
648
$
—
$
648
$
1,041
$
—
$
1,041
(37.75)
%
(37.75)
%
Hotel EBITDA margin
13.99
%
13.99
%
19.65
%
19.65
%
(5.66)
%
(5.66)
%
Selected Operating Information:
RevPAR
$
254.01
$
—
$
254.01
$
262.67
$
—
$
270.63
(3.30)
%
(6.14)
%
Occupancy
79.52
%
—
%
79.52
%
78.87
%
—
%
78.87
%
0.82
%
0.82
%
ADR
$
319.43
$
—
$
319.43
$
333.02
$
—
$
343.11
(4.08)
%
(6.90)
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
14,027
$
—
$
14,027
$
13,087
$
—
$
13,087
7.18
%
7.18
%
Total hotel revenue
$
21,965
$
—
$
21,965
$
20,484
$
—
$
20,484
7.23
%
7.23
%
Hotel net income (loss)
$
3,960
$
—
$
3,960
$
3,018
$
355
$
3,373
31.21
%
17.40
%
Hotel net income (loss) margin
18.03
%
18.03
%
14.73
%
16.47
%
3.30
%
1.56
%
Hotel EBITDA
$
5,826
$
—
$
5,826
$
4,994
$
355
$
5,349
16.66
%
8.92
%
Hotel EBITDA margin
26.52
%
26.52
%
24.38
%
26.11
%
2.14
%
0.41
%
Selected Operating Information:
RevPAR
$
1,454.20
$
—
$
1,454.20
$
1,356.87
$
—
$
1,356.87
7.17
%
7.17
%
Occupancy
64.07
%
—
%
64.07
%
65.76
%
—
%
65.76
%
(2.57)
%
(2.57)
%
ADR
$
2,269.78
$
—
$
2,269.78
$
2,063.44
$
—
$
2,063.44
10.00
%
10.00
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
7,924
$
—
$
7,924
$
—
$
8,453
$
8,453
—
%
(6.26)
%
Total hotel revenue
$
15,235
$
—
$
15,235
$
—
$
15,963
$
15,963
—
%
(4.56)
%
Hotel net income (loss)
$
(508)
$
—
$
(508)
$
—
$
1,477
$
1,477
—
%
(134.39)
%
Hotel net income (loss) margin
(3.33)
%
(3.33)
%
—
%
9.25
%
(3.33)
%
(12.58)
%
Hotel EBITDA
$
4,230
$
—
$
4,230
$
—
$
5,097
$
5,097
—
%
(17.01)
%
Hotel EBITDA margin
27.77
%
27.77
%
—
%
31.93
%
27.77
%
(4.16)
%
Selected Operating Information:
RevPAR
$
414.67
$
—
$
414.67
$
—
$
442.36
$
442.36
—
%
(6.26)
%
Occupancy
48.66
%
—
%
48.66
%
—
%
52.61
%
52.61
%
—
%
(7.51)
%
ADR
$
852.18
$
—
$
852.18
$
—
$
840.90
$
840.90
—
%
1.34
%
16
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
72,073
$
—
$
72,073
$
71,801
$
9,405
$
81,206
0.38
%
(11.25)
%
Total hotel revenue
$
126,234
$
—
$
126,234
$
121,458
$
16,915
$
138,373
3.93
%
(8.77)
%
Hotel net income (loss)
$
8,770
$
—
$
8,770
$
21,763
$
2,784
$
24,547
(59.70)
%
(64.27)
%
Hotel net income (loss) margin
6.95
%
6.95
%
17.92
%
17.74
%
(10.97)
%
(10.79)
%
Hotel EBITDA
$
33,288
$
—
$
33,288
$
36,730
$
6,404
$
43,134
(9.37)
%
(22.83)
%
Hotel EBITDA margin
26.37
%
26.37
%
30.24
%
31.17
%
(3.87)
%
(4.80)
%
Selected Operating Information:
RevPAR
$
433.04
$
—
$
433.04
$
488.56
$
492.20
$
488.98
(11.36)
%
(11.44)
%
Occupancy
63.57
%
—
%
63.57
%
71.92
%
52.61
%
69.70
%
(11.61)
%
(8.79)
%
ADR
$
681.19
$
—
$
681.19
$
679.32
$
935.63
$
701.58
0.28
%
(2.91)
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
46,530
$
—
$
46,530
$
42,177
$
104
$
42,281
10.32
%
10.05
%
Total hotel revenue
$
61,671
$
—
$
61,671
$
54,624
$
—
$
54,624
12.90
%
12.90
%
Hotel net income (loss)
$
9,373
$
—
$
9,373
$
9,496
$
—
$
9,496
(1.30)
%
(1.30)
%
Hotel net income (loss) margin
15.20
%
15.20
%
17.38
%
17.38
%
(2.18)
%
(2.18)
%
Hotel EBITDA
$
20,372
$
—
$
20,372
$
20,336
$
—
$
20,336
0.18
%
0.18
%
Hotel EBITDA margin
33.03
%
33.03
%
37.23
%
37.23
%
(4.20)
%
(4.20)
%
Selected Operating Information:
RevPAR
$
214.30
$
—
$
214.30
$
194.90
$
—
$
195.38
9.95
%
9.68
%
Occupancy
76.53
%
—
%
76.53
%
70.63
%
—
%
70.63
%
8.35
%
8.35
%
ADR
$
280.00
$
—
$
280.00
$
275.94
$
—
$
276.62
1.47
%
1.22
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
118,603
$
—
$
118,603
$
113,978
$
9,509
$
123,487
4.06
%
(3.96)
%
Total hotel revenue
$
187,905
$
—
$
187,905
$
176,082
$
16,915
$
192,997
6.71
%
(2.64)
%
Hotel net income (loss)
$
18,143
$
—
$
18,143
$
31,259
$
2,784
$
34,043
(41.96)
%
(46.71)
%
Hotel net income (loss) margin
9.66
%
9.66
%
17.75
%
17.64
%
(8.09)
%
(7.98)
%
Hotel EBITDA
$
53,660
$
—
$
53,660
$
57,066
$
6,404
$
63,470
(5.97)
%
(15.46)
%
Hotel EBITDA margin
28.56
%
28.56
%
32.41
%
32.89
%
(3.85)
%
(4.33)
%
Selected Operating Information:
RevPAR
$
309.21
$
—
$
309.21
$
313.68
$
497.61
$
322.87
(1.43)
%
(4.23)
%
Occupancy
70.91
%
—
%
70.91
%
71.15
%
52.61
%
70.23
%
(0.34)
%
0.97
%
ADR
$
436.07
$
—
$
436.07
$
440.85
$
945.93
$
459.75
(1.08)
%
(5.15)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(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.
17
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
20,210
$
—
$
20,210
$
13,600
$
—
$
13,600
48.60
%
48.60
%
Total hotel revenue
$
32,278
$
—
$
32,278
$
20,325
$
—
$
20,325
58.81
%
58.81
%
Hotel net income (loss)
$
5,658
$
—
$
5,658
$
742
$
—
$
742
662.53
%
662.53
%
Hotel net income (loss) margin
17.53
%
17.53
%
3.65
%
3.65
%
13.88
%
13.88
%
Hotel EBITDA
$
10,240
$
—
$
10,240
$
4,664
$
—
$
4,664
119.55
%
119.55
%
Hotel EBITDA margin
31.72
%
31.72
%
22.95
%
22.95
%
8.77
%
8.77
%
Selected Operating Information:
RevPAR
$
203.01
$
—
$
203.01
$
136.61
$
—
$
136.61
48.61
%
48.61
%
Occupancy
76.73
%
—
%
76.73
%
57.22
%
—
%
57.22
%
34.10
%
34.10
%
ADR
$
264.58
$
—
$
264.58
$
238.75
$
—
$
238.75
10.82
%
10.82
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
13,904
$
—
$
13,904
$
12,896
$
—
$
12,896
7.82
%
7.82
%
Total hotel revenue
$
24,281
$
—
$
24,281
$
23,015
$
—
$
23,015
5.50
%
5.50
%
Hotel net income (loss)
$
5,987
$
—
$
5,987
$
6,016
$
—
$
6,016
(0.48)
%
(0.48)
%
Hotel net income (loss) margin
24.66
%
24.66
%
26.14
%
26.14
%
(1.48)
%
(1.48)
%
Hotel EBITDA
$
8,002
$
—
$
8,002
$
8,126
$
—
$
8,126
(1.53)
%
(1.53)
%
Hotel EBITDA margin
32.96
%
32.96
%
35.31
%
35.31
%
(2.35)
%
(2.35)
%
Selected Operating Information:
RevPAR
$
194.97
$
—
$
194.97
$
180.83
$
—
$
180.83
7.82
%
7.82
%
Occupancy
78.59
%
—
%
78.59
%
75.87
%
—
%
75.87
%
3.59
%
3.59
%
ADR
$
248.09
$
—
$
248.09
$
238.34
$
—
$
238.34
4.09
%
4.09
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
11,304
$
—
$
11,304
$
10,301
$
—
$
10,301
9.74
%
9.74
%
Total hotel revenue
$
15,001
$
—
$
15,001
$
14,047
$
—
$
14,047
6.79
%
6.79
%
Hotel net income (loss)
$
967
$
—
$
967
$
1,188
$
—
$
1,188
(18.60)
%
(18.60)
%
Hotel net income (loss) margin
6.45
%
6.45
%
8.46
%
8.46
%
(2.01)
%
(2.01)
%
Hotel EBITDA
$
3,418
$
—
$
3,418
$
4,359
$
—
$
4,359
(21.59)
%
(21.59)
%
Hotel EBITDA margin
22.79
%
22.79
%
31.03
%
31.03
%
(8.24)
%
(8.24)
%
Selected Operating Information:
RevPAR
$
150.49
$
—
$
150.49
$
137.14
$
—
$
137.14
9.73
%
9.73
%
Occupancy
64.75
%
—
%
64.75
%
59.25
%
—
%
59.25
%
9.28
%
9.28
%
ADR
$
232.43
$
—
$
232.43
$
231.45
$
—
$
231.45
0.42
%
0.42
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
7,435
$
—
$
7,435
$
9,206
$
—
$
9,206
(19.24)
%
(19.24)
%
Total hotel revenue
$
10,061
$
—
$
10,061
$
12,208
$
—
$
12,208
(17.59)
%
(17.59)
%
Hotel net income (loss)
$
(540)
$
—
$
(540)
$
2,205
$
—
$
2,205
(124.49)
%
(124.49)
%
Hotel net income (loss) margin
(5.37)
%
(5.37)
%
18.06
%
18.06
%
(23.43)
%
(23.43)
%
Hotel EBITDA
$
2,364
$
—
$
2,364
$
4,312
$
—
$
4,312
(45.18)
%
(45.18)
%
Hotel EBITDA margin
23.50
%
23.50
%
35.32
%
35.32
%
(11.82)
%
(11.82)
%
Selected Operating Information:
RevPAR
$
631.94
$
—
$
631.94
$
782.51
$
—
$
782.51
(19.24)
%
(19.24)
%
Occupancy
61.04
%
—
%
61.04
%
64.57
%
—
%
64.57
%
(5.47)
%
(5.47)
%
ADR
$
1,035.33
$
—
$
1,035.33
$
1,211.82
$
—
$
1,211.82
(14.56)
%
(14.56)
%
18
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
13,917
$
—
$
13,917
$
16,381
$
—
$
16,381
(15.04)
%
(15.04)
%
Total hotel revenue
$
17,343
$
—
$
17,343
$
19,935
$
—
$
19,935
(13.00)
%
(13.00)
%
Hotel net income (loss)
$
5,523
$
—
$
5,523
$
9,356
$
—
$
9,356
(40.97)
%
(40.97)
%
Hotel net income (loss) margin
31.85
%
31.85
%
46.93
%
46.93
%
(15.08)
%
(15.08)
%
Hotel EBITDA
$
9,533
$
—
$
9,533
$
11,723
$
—
$
11,723
(18.68)
%
(18.68)
%
Hotel EBITDA margin
54.97
%
54.97
%
58.81
%
58.81
%
(3.84)
%
(3.84)
%
Selected Operating Information:
RevPAR
$
541.48
$
—
$
541.48
$
637.33
$
—
$
637.33
(15.04)
%
(15.04)
%
Occupancy
76.48
%
—
%
76.48
%
80.69
%
—
%
80.69
%
(5.22)
%
(5.22)
%
ADR
$
708.03
$
—
$
708.03
$
789.81
$
—
$
789.81
(10.35)
%
(10.35)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
5,306
$
—
$
5,306
$
6,440
$
—
$
6,440
(17.61)
%
(17.61)
%
Total hotel revenue
$
6,595
$
—
$
6,595
$
7,809
$
—
$
7,809
(15.55)
%
(15.55)
%
Hotel net income (loss)
$
(984)
$
—
$
(984)
$
618
$
—
$
618
(259.22)
%
(259.22)
%
Hotel net income (loss) margin
(14.92)
%
(14.92)
%
7.91
%
7.91
%
(22.83)
%
(22.83)
%
Hotel EBITDA
$
1,738
$
—
$
1,738
$
2,682
$
—
$
2,682
(35.20)
%
(35.20)
%
Hotel EBITDA margin
26.35
%
26.35
%
34.34
%
34.34
%
(7.99)
%
(7.99)
%
Selected Operating Information:
RevPAR
$
366.46
$
—
$
366.46
$
444.79
$
—
$
444.79
(17.61)
%
(17.61)
%
Occupancy
53.64
%
—
%
53.64
%
50.21
%
—
%
50.21
%
6.83
%
6.83
%
ADR
$
683.20
$
—
$
683.20
$
885.91
$
—
$
885.91
(22.88)
%
(22.88)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
16,207
$
—
$
16,207
$
14,483
$
—
$
14,483
11.90
%
11.90
%
Total hotel revenue
$
29,051
$
—
$
29,051
$
28,093
$
—
$
28,093
3.41
%
3.41
%
Hotel net income (loss)
$
3,456
$
—
$
3,456
$
5,418
$
—
$
5,418
(36.21)
%
(36.21)
%
Hotel net income (loss) margin
11.90
%
11.90
%
19.29
%
19.29
%
(7.39)
%
(7.39)
%
Hotel EBITDA
$
8,891
$
—
$
8,891
$
8,845
$
—
$
8,845
0.52
%
0.52
%
Hotel EBITDA margin
30.60
%
30.60
%
31.48
%
31.48
%
(0.88)
%
(0.88)
%
Selected Operating Information:
RevPAR
$
465.17
$
—
$
465.17
$
421.14
$
—
$
421.14
10.45
%
10.45
%
Occupancy
57.40
%
—
%
57.40
%
61.05
%
—
%
61.05
%
(5.98)
%
(5.98)
%
ADR
$
810.41
$
—
$
810.41
$
689.83
$
—
$
689.83
17.48
%
17.48
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
12,163
$
—
$
12,163
$
9,233
$
—
$
9,233
31.73
%
31.73
%
Total hotel revenue
$
15,440
$
—
$
15,440
$
11,379
$
—
$
11,379
35.69
%
35.69
%
Hotel net income (loss)
$
30
$
—
$
30
$
(1,598)
$
—
$
(1,598)
101.88
%
101.88
%
Hotel net income (loss) margin
0.19
%
0.19
%
(14.04)
%
(14.04)
%
14.23
%
14.23
%
Hotel EBITDA
$
4,280
$
—
$
4,280
$
2,481
$
—
$
2,481
72.51
%
72.51
%
Hotel EBITDA margin
27.72
%
27.72
%
21.80
%
21.80
%
5.92
%
5.92
%
Selected Operating Information:
RevPAR
$
134.66
$
—
$
134.66
$
102.23
$
—
$
102.23
31.72
%
31.72
%
Occupancy
60.60
%
—
%
60.60
%
50.46
%
—
%
50.46
%
20.10
%
20.10
%
ADR
$
222.21
$
—
$
222.21
$
202.61
$
—
$
202.61
9.67
%
9.67
%
19
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue
$
16,467
$
—
$
16,467
$
14,489
$
—
$
14,489
13.65
%
13.65
%
Total hotel revenue
$
19,540
$
—
$
19,540
$
16,694
$
—
$
16,694
17.05
%
17.05
%
Hotel net income (loss)
$
(114)
$
—
$
(114)
$
(1,936)
$
—
$
(1,936)
94.11
%
94.11
%
Hotel net income (loss) margin
(0.58)
%
(0.58)
%
(11.60)
%
(11.60)
%
11.02
%
11.02
%
Hotel EBITDA
$
4,845
$
—
$
4,845
$
3,851
$
—
$
3,851
25.81
%
25.81
%
Hotel EBITDA margin
24.80
%
24.80
%
23.07
%
23.07
%
1.73
%
1.73
%
Selected Operating Information:
RevPAR
$
221.90
$
—
$
221.90
$
195.24
$
—
$
195.24
13.65
%
13.65
%
Occupancy
69.44
%
—
%
69.44
%
66.13
%
—
%
66.13
%
5.01
%
5.01
%
ADR
$
319.54
$
—
$
319.54
$
295.25
$
—
$
295.25
8.23
%
8.23
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
23,022
$
—
$
23,022
$
28,333
$
—
$
28,333
(18.74)
%
(18.74)
%
Total hotel revenue
$
51,061
$
—
$
51,061
$
57,675
$
—
$
57,675
(11.47)
%
(11.47)
%
Hotel net income (loss)
$
9,344
$
—
$
9,344
$
16,838
$
—
$
16,838
(44.51)
%
(44.51)
%
Hotel net income (loss) margin
18.30
%
18.30
%
29.19
%
29.19
%
(10.89)
%
(10.89)
%
Hotel EBITDA
$
16,126
$
—
$
16,126
$
21,480
$
—
$
21,480
(24.93)
%
(24.93)
%
Hotel EBITDA margin
31.58
%
31.58
%
37.24
%
37.24
%
(5.66)
%
(5.66)
%
Selected Operating Information:
RevPAR
$
460.84
$
—
$
460.84
$
567.15
$
—
$
567.15
(18.74)
%
(18.74)
%
Occupancy
69.41
%
—
%
69.41
%
82.08
%
—
%
82.08
%
(15.44)
%
(15.44)
%
ADR
$
663.95
$
—
$
663.95
$
691.00
$
—
$
691.00
(3.91)
%
(3.91)
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
17,273
$
—
$
17,273
$
16,973
$
—
$
16,973
1.77
%
1.77
%
Total hotel revenue
$
29,688
$
—
$
29,688
$
28,406
$
—
$
28,406
4.51
%
4.51
%
Hotel net income (loss)
$
1,178
$
—
$
1,178
$
3,584
$
—
$
3,584
(67.13)
%
(67.13)
%
Hotel net income (loss) margin
3.97
%
3.97
%
12.62
%
12.62
%
(8.65)
%
(8.65)
%
Hotel EBITDA
$
5,994
$
—
$
5,994
$
6,473
$
—
$
6,473
(7.40)
%
(7.40)
%
Hotel EBITDA margin
20.19
%
20.19
%
22.79
%
22.79
%
(2.60)
%
(2.60)
%
Selected Operating Information:
RevPAR
$
521.47
$
—
$
521.47
$
515.23
$
—
$
515.23
1.21
%
1.21
%
Occupancy
60.00
%
—
%
60.00
%
55.09
%
—
%
55.09
%
8.91
%
8.91
%
ADR
$
869.11
$
—
$
869.11
$
935.23
$
—
$
935.23
(7.07)
%
(7.07)
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
12,414
$
—
$
12,414
$
8,175
$
—
$
8,175
51.85
%
51.85
%
Total hotel revenue
$
15,274
$
—
$
15,274
$
10,098
$
—
$
10,098
51.26
%
51.26
%
Hotel net income (loss)
$
2,098
$
—
$
2,098
$
404
$
—
$
404
419.31
%
419.31
%
Hotel net income (loss) margin
13.74
%
13.74
%
4.00
%
4.00
%
9.74
%
9.74
%
Hotel EBITDA
$
5,325
$
—
$
5,325
$
2,960
$
—
$
2,960
79.90
%
79.90
%
Hotel EBITDA margin
34.86
%
34.86
%
29.31
%
29.31
%
5.55
%
5.55
%
Selected Operating Information:
RevPAR
$
185.87
$
—
$
185.87
$
125.11
$
—
$
125.11
48.57
%
48.57
%
Occupancy
68.82
%
—
%
68.82
%
49.52
%
—
%
49.52
%
38.97
%
38.97
%
ADR
$
270.09
$
—
$
270.09
$
252.67
$
—
$
252.67
6.89
%
6.89
%
20
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
29,476
$
—
$
29,476
$
34,526
$
1,089
$
35,615
(14.63)
%
(17.24)
%
Total hotel revenue
$
45,309
$
—
$
45,309
$
51,309
$
1,089
$
52,398
(11.69)
%
(13.53)
%
Hotel net income (loss)
$
9,390
$
—
$
9,390
$
14,322
$
1,089
$
15,411
(34.44)
%
(39.07)
%
Hotel net income (loss) margin
20.72
%
20.72
%
27.91
%
29.41
%
(7.19)
%
(8.69)
%
Hotel EBITDA
$
15,849
$
—
$
15,849
$
19,927
$
1,089
$
21,016
(20.46)
%
(24.59)
%
Hotel EBITDA margin
34.98
%
34.98
%
38.84
%
40.11
%
(3.86)
%
(5.13)
%
Selected Operating Information:
RevPAR
$
904.73
$
—
$
904.73
$
1,059.74
$
—
$
1,093.18
(14.63)
%
(17.24)
%
Occupancy
75.16
%
—
%
75.16
%
82.49
%
—
%
82.49
%
(8.89)
%
(8.89)
%
ADR
$
1,203.70
$
—
$
1,203.70
$
1,284.70
$
—
$
1,325.23
(6.30)
%
(9.17)
%
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue
$
6,501
$
—
$
6,501
$
6,703
$
—
$
6,703
(3.01)
%
(3.01)
%
Total hotel revenue
$
9,176
$
—
$
9,176
$
9,917
$
—
$
9,917
(7.47)
%
(7.47)
%
Hotel net income (loss)
$
(1,088)
$
—
$
(1,088)
$
(204)
$
—
$
(204)
(433.33)
%
(433.33)
%
Hotel net income (loss) margin
(11.86)
%
(11.86)
%
(2.06)
%
(2.06)
%
(9.80)
%
(9.80)
%
Hotel EBITDA
$
1,402
$
—
$
1,402
$
1,918
$
—
$
1,918
(26.90)
%
(26.90)
%
Hotel EBITDA margin
15.28
%
15.28
%
19.34
%
19.34
%
(4.06)
%
(4.06)
%
Selected Operating Information:
RevPAR
$
251.17
$
—
$
251.17
$
258.96
$
—
$
258.96
(3.01)
%
(3.01)
%
Occupancy
77.52
%
—
%
77.52
%
72.57
%
—
%
72.57
%
6.82
%
6.82
%
ADR
$
324.00
$
—
$
324.00
$
356.87
$
—
$
356.87
(9.21)
%
(9.21)
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
30,746
$
—
$
30,746
$
19,290
$
10,256
$
29,546
59.39
%
4.06
%
Total hotel revenue
$
46,461
$
—
$
46,461
$
28,574
$
15,168
$
43,742
62.60
%
6.22
%
Hotel net income (loss)
$
10,130
$
—
$
10,130
$
6,510
$
2,090
$
8,600
55.61
%
17.79
%
Hotel net income (loss) margin
21.80
%
21.80
%
22.78
%
19.66
%
(0.98)
%
2.14
%
Hotel EBITDA
$
14,099
$
—
$
14,099
$
8,946
$
3,634
$
12,580
57.60
%
12.07
%
Hotel EBITDA margin
30.35
%
30.35
%
31.31
28.76
%
(0.96)
%
1.59
%
Selected Operating Information:
RevPAR
$
1,602.55
$
—
$
1,602.55
$
1,625.00
$
1,402.17
$
1,540.06
(1.38)
%
4.06
%
Occupancy
60.19
%
—
%
60.19
%
67.38
%
50.36
%
60.89
%
(10.67)
%
(1.15)
%
ADR
$
2,662.50
$
—
$
2,662.50
$
2,411.81
$
2,784.54
$
2,529.32
10.39
%
5.27
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
22,081
$
—
$
22,081
$
—
$
19,815
$
19,815
—
%
11.44
%
Total hotel revenue
$
38,526
$
—
$
38,526
$
—
$
33,969
$
33,969
—
%
13.42
%
Hotel net income (loss)
$
4,861
$
—
$
4,861
$
—
$
5,067
$
5,067
—
%
(4.07)
%
Hotel net income (loss) margin
12.62
%
12.62
%
—
%
14.92
%
12.62
%
(2.30)
%
Hotel EBITDA
$
14,350
$
—
$
14,350
$
—
$
12,155
$
12,155
—
%
18.06
%
Hotel EBITDA margin
37.25
%
37.25
%
—
35.78
%
37.25
%
1.47
%
Selected Operating Information:
RevPAR
$
580.93
$
—
$
580.93
$
—
$
521.33
$
521.33
—
%
11.43
%
Occupancy
51.02
%
—
%
51.02
%
—
%
52.88
%
52.88
%
—
%
(3.52)
%
ADR
$
1,138.74
$
—
$
1,138.74
$
—
$
985.86
$
985.86
—
%
15.51
%
21
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
179,367
$
—
$
179,367
$
158,528
$
31,160
$
189,688
13.15
%
(5.44)
%
Total hotel revenue
$
298,376
$
—
$
298,376
$
257,024
$
50,226
$
307,250
16.09
%
(2.89)
%
Hotel net income (loss)
$
48,345
$
—
$
48,345
$
64,867
$
8,246
$
73,113
(25.47)
%
(33.88)
%
Hotel net income (loss) margin
16.20
%
16.20
%
25.24
%
23.80
%
(9.04)
%
(7.60)
%
Hotel EBITDA
$
96,946
$
—
$
96,946
$
92,514
$
16,878
$
109,392
4.79
%
(11.38)
%
Hotel EBITDA margin
32.49
%
32.49
%
35.99
%
35.60
%
(3.50)
%
(3.11)
%
Selected Operating Information:
RevPAR
$
541.97
$
—
$
541.97
$
556.24
$
687.51
$
574.25
(2.57)
%
(5.62)
%
Occupancy
66.66
%
—
%
66.66
%
71.84
%
52.47
%
69.18
%
(7.21)
%
(3.64)
%
ADR
$
813.01
$
—
$
813.01
$
774.33
$
1,310.20
$
830.10
5.00
%
(2.06)
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
79,059
$
—
$
79,059
$
62,501
$
—
$
62,501
26.49
%
26.49
%
Total hotel revenue
$
106,709
$
—
$
106,709
$
82,460
$
—
$
82,460
29.41
%
29.41
%
Hotel net income (loss)
$
7,551
$
—
$
7,551
$
(1,404)
$
—
$
(1,404)
637.82
%
637.82
%
Hotel net income (loss) margin
7.08
%
7.08
%
(1.70)
%
(1.70)
%
8.78
%
8.78
%
Hotel EBITDA
$
29,510
$
—
$
29,510
$
20,233
$
—
$
20,233
45.85
%
45.85
%
Hotel EBITDA margin
27.65
%
27.65
%
24.54
%
24.54
%
3.11
%
3.11
%
Selected Operating Information:
RevPAR
$
183.06
$
—
$
183.06
$
145.21
$
—
$
145.21
26.07
%
26.07
%
Occupancy
68.84
%
—
%
68.84
%
57.44
%
—
%
57.44
%
19.85
%
19.85
%
ADR
$
265.91
$
—
$
265.91
$
252.78
$
—
$
252.78
5.19
%
5.19
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
258,426
$
—
$
258,426
$
221,029
$
31,160
$
252,189
16.92
%
2.47
%
Total hotel revenue
$
405,085
$
—
$
405,085
$
339,484
$
50,226
$
389,710
19.32
%
3.95
%
Hotel net income (loss)
$
55,896
$
—
$
55,896
$
63,463
$
8,246
$
71,709
(11.92)
%
(22.05)
%
Hotel net income (loss) margin
13.80
%
13.80
%
18.69
%
18.40
%
(4.89)
%
(4.60)
%
Hotel EBITDA
$
126,456
$
—
$
126,456
$
112,747
$
16,878
$
129,625
12.16
%
(2.44)
%
Hotel EBITDA margin
31.22
%
31.22
%
33.21
%
33.26
%
(1.99)
%
(2.04)
%
Selected Operating Information:
RevPAR
$
338.78
$
—
$
338.78
$
308.95
$
687.51
$
331.51
9.66
%
2.19
%
Occupancy
67.90
%
—
%
67.90
%
63.18
%
52.47
%
62.54
%
7.47
%
8.57
%
ADR
$
498.95
$
—
$
498.95
$
489.02
$
1,310.20
$
530.07
2.03
%
(5.87)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(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
22
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
36,487
$
—
$
36,487
Total hotel revenue
$
57,066
$
—
$
57,066
Hotel net income
$
6,041
$
—
$
6,041
Hotel net income margin
16.56
%
16.56
%
Hotel EBITDA
$
15,750
$
—
$
15,750
Hotel EBITDA margin
27.60
%
27.60
%
Selected Operating Information:
RevPAR
$
181.75
$
—
$
181.75
Occupancy
74.84
%
—
%
74.84
%
ADR
$
242.84
$
—
$
242.84
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
28,888
$
—
$
28,888
Total hotel revenue
$
50,342
$
—
$
50,342
Hotel net income
$
13,133
$
—
$
13,133
Hotel net income margin
45.46
%
45.46
%
Hotel EBITDA
$
17,204
$
—
$
17,204
Hotel EBITDA margin
34.17
%
34.17
%
Selected Operating Information:
RevPAR
$
200.88
$
—
$
200.88
Occupancy
78.60
%
—
%
78.60
%
ADR
$
255.56
$
—
$
255.56
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
25,832
$
—
$
25,832
Total hotel revenue
$
34,589
$
—
$
34,589
Hotel net income
$
2,005
$
—
$
2,005
Hotel net income margin
7.76
%
7.76
%
Hotel EBITDA
$
7,347
$
—
$
7,347
Hotel EBITDA margin
21.24
%
21.24
%
Selected Operating Information:
RevPAR
$
170.54
$
—
$
170.54
Occupancy
68.09
%
—
%
68.09
%
ADR
$
250.47
$
—
$
250.47
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
17,311
$
—
$
17,311
Total hotel revenue
$
23,112
$
—
$
23,112
Hotel net income
$
1,743
$
—
$
1,743
Hotel net income margin
10.07
%
10.07
%
Hotel EBITDA
$
7,179
$
—
$
7,179
Hotel EBITDA margin
31.06
%
31.06
%
Selected Operating Information:
RevPAR
$
729.64
$
—
$
729.64
Occupancy
62.20
%
—
%
62.20
%
ADR
$
1,172.97
$
—
$
1,172.97
23
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
24,955
$
—
$
24,955
Total hotel revenue
$
31,512
$
—
$
31,512
Hotel net income
$
8,544
$
—
$
8,544
Hotel net income margin
34.24
%
34.24
%
Hotel EBITDA
$
15,925
$
—
$
15,925
Hotel EBITDA margin
50.54
%
50.54
%
Selected Operating Information:
RevPAR
$
481.49
$
—
$
481.49
Occupancy
72.72
%
—
%
72.72
%
ADR
$
662.10
$
—
$
662.10
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
13,180
$
—
$
13,180
Total hotel revenue
$
15,980
$
—
$
15,980
Hotel net income
$
945
$
—
$
945
Hotel net income margin
7.17
%
7.17
%
Hotel EBITDA
$
6,014
$
—
$
6,014
Hotel EBITDA margin
37.63
%
37.63
%
Selected Operating Information:
RevPAR
$
451.37
$
—
$
451.37
Occupancy
55.76
%
—
%
55.76
%
ADR
$
809.48
$
—
$
809.48
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
26,977
$
—
$
26,977
Total hotel revenue
$
51,573
$
—
$
51,573
Hotel net income
$
3,706
$
—
$
3,706
Hotel net income margin
13.74
%
13.74
%
Hotel EBITDA
$
13,666
$
—
$
13,666
Hotel EBITDA margin
26.50
%
26.50
%
Selected Operating Information:
RevPAR
$
386.48
$
—
$
386.48
Occupancy
58.76
%
—
%
58.76
%
ADR
$
657.68
$
—
$
657.68
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
25,167
$
—
$
25,167
Total hotel revenue
$
31,597
$
—
$
31,597
Hotel net income
$
1,123
$
—
$
1,123
Hotel net income margin
4.46
%
4.46
%
Hotel EBITDA
$
9,472
$
—
$
9,472
Hotel EBITDA margin
29.98
%
29.98
%
Selected Operating Information:
RevPAR
$
138.18
$
—
$
138.18
Occupancy
60.95
%
—
%
60.95
%
ADR
$
226.71
$
—
$
226.71
24
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
THE CLANCY
Selected Financial Information:
Rooms revenue
$
33,312
$
—
$
33,312
Total hotel revenue
$
39,009
$
—
$
39,009
Hotel net income
$
(1,050)
$
—
$
(1,050)
Hotel net income margin
(3.15)
%
(3.15)
%
Hotel EBITDA
$
9,348
$
—
$
9,348
Hotel EBITDA margin
23.96
%
23.96
%
Selected Operating Information:
RevPAR
$
222.60
$
—
$
222.60
Occupancy
71.69
%
—
%
71.69
%
ADR
$
310.50
$
—
$
310.50
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
40,899
$
—
$
40,899
Total hotel revenue
$
91,750
$
—
$
91,750
Hotel net income
$
10,147
$
—
$
10,147
Hotel net income margin
24.81
%
24.81
%
Hotel EBITDA
$
25,023
$
—
$
25,023
Hotel EBITDA margin
27.27
%
27.27
%
Selected Operating Information:
RevPAR
$
407.10
$
—
$
407.10
Occupancy
68.17
%
—
%
68.17
%
ADR
$
597.18
$
—
$
597.18
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
31,563
$
—
$
31,563
Total hotel revenue
$
56,061
$
—
$
56,061
Hotel net income
$
2,614
$
—
$
2,614
Hotel net income margin
8.28
%
8.28
%
Hotel EBITDA
$
10,904
$
—
$
10,904
Hotel EBITDA margin
19.45
%
19.45
%
Selected Operating Information:
RevPAR
$
473.84
$
—
$
473.84
Occupancy
58.65
%
—
%
58.65
%
ADR
$
807.85
$
—
$
807.85
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
25,684
$
—
$
25,684
Total hotel revenue
$
31,561
$
—
$
31,561
Hotel net income
$
5,484
$
—
$
5,484
Hotel net income margin
21.35
%
21.35
%
Hotel EBITDA
$
11,582
$
—
$
11,582
Hotel EBITDA margin
36.70
%
36.70
%
Selected Operating Information:
RevPAR
$
192.81
$
—
$
192.81
Occupancy
66.47
%
—
%
66.47
%
ADR
$
290.04
$
—
$
290.04
25
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
53,376
$
(1,089)
$
52,287
Total hotel revenue
$
81,654
$
(1,089)
$
80,565
Hotel net income
$
13,988
$
(1,089)
$
12,899
Hotel net income margin
26.21
%
24.67
%
Hotel EBITDA
$
26,059
$
(1,089)
$
24,970
Hotel EBITDA margin
31.91
%
30.99
%
Selected Operating Information:
RevPAR
$
812.44
$
—
$
795.86
Occupancy
70.18
%
—
%
70.18
%
ADR
$
1,157.73
$
—
$
1,134.10
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue
$
13,270
$
—
$
13,270
Total hotel revenue
$
18,743
$
—
$
18,743
Hotel net income
$
(2,274)
$
—
$
(2,274)
Hotel net income margin
(17.14)
%
(17.14)
%
Hotel EBITDA
$
2,641
$
—
$
2,641
Hotel EBITDA margin
14.09
%
14.09
%
Selected Operating Information:
RevPAR
$
254.23
$
—
$
254.23
Occupancy
76.71
%
—
%
76.71
%
ADR
$
331.40
$
—
$
331.40
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
53,528
$
—
$
53,528
Total hotel revenue
$
82,404
$
—
$
82,404
Hotel net income
$
11,203
$
—
$
11,203
Hotel net income margin
20.93
%
20.93
%
Hotel EBITDA
$
20,040
$
—
$
20,040
Hotel EBITDA margin
24.32
%
24.32
%
Selected Operating Information:
RevPAR
$
1,383.48
$
—
$
1,383.48
Occupancy
58.15
%
—
%
58.15
%
ADR
$
2,378.97
$
—
$
2,378.97
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
25,188
$
9,515
$
34,703
Total hotel revenue
$
43,720
$
22,091
$
65,811
Hotel net income (loss)
$
5,794
$
(1,905)
$
3,889
Hotel net income (loss) margin
23.00
%
11.21
%
Hotel EBITDA
$
16,060
$
5,632
$
21,692
Hotel EBITDA margin
36.73
%
32.96
%
Selected Operating Information:
RevPAR
$
565.76
$
296.12
$
452.74
Occupancy
50.16
%
38.70
%
45.35
%
ADR
$
1,127.98
$
765.26
$
998.25
26
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
315,865
$
8,426
$
324,291
Total hotel revenue
$
528,108
$
21,002
$
549,110
Hotel net income
$
71,817
$
(2,994)
$
68,823
Hotel net income margin
22.74
%
21.22
%
Hotel EBITDA
$
158,074
$
4,543
$
162,617
Hotel EBITDA margin
29.93
%
29.61
%
Selected Operating Information:
RevPAR
$
497.93
$
262.22
$
486.57
Occupancy
66.41
%
38.70
%
65.07
%
ADR
$
749.78
$
677.65
$
747.71
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
159,752
$
—
$
159,752
Total hotel revenue
$
212,565
$
—
$
212,565
Hotel net income
$
11,329
$
—
$
11,329
Hotel net income margin
7.09
%
7.09
%
Hotel EBITDA
$
56,140
$
—
$
56,140
Hotel EBITDA margin
26.41
%
26.41
%
Selected Operating Information:
RevPAR
$
183.75
$
—
$
183.75
Occupancy
69.04
%
—
%
69.04
%
ADR
$
266.13
$
—
$
266.13
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
475,617
$
8,426
$
484,043
Total hotel revenue
$
740,673
$
21,002
$
761,675
Hotel net income
$
83,146
$
(2,994)
$
80,152
Hotel net income margin
17.48
%
16.56
%
Hotel EBITDA
$
214,214
$
4,543
$
218,757
Hotel EBITDA margin
28.92
%
28.72
%
Selected Operating Information:
RevPAR
$
316.28
$
262.22
$
315.15
Occupancy
67.93
%
38.70
%
67.32
%
ADR
$
465.58
$
677.65
$
468.13
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(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
27
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
2023
2023
2023
2023
2023
2023
2022
2022
2022
2022
2022
2022
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
Total hotel revenue
$
187,905
$
—
$
187,905
$
217,180
$
—
$
217,180
$
173,363
$
13,930
$
187,293
$
162,225
$
7,072
$
169,297
Hotel net income (loss)
$
18,143
$
—
$
18,143
$
37,753
$
—
$
37,753
$
13,699
$
1,574
$
15,273
$
13,551
$
(4,569)
$
8,982
Hotel net income (loss) margin
9.66
%
9.66
%
17.38
%
17.38
%
7.90
%
8.15
%
8.35
%
5.31
%
Hotel EBITDA
$
53,660
$
—
$
53,660
$
72,796
$
—
$
72,796
$
47,065
$
5,141
$
52,206
$
40,693
$
(598)
$
40,095
Hotel EBITDA margin
28.56
%
28.56
%
33.52
%
33.52
%
27.15
%
27.87
%
25.08
%
23.68
%
Hotel net income (loss) % of total TTM
21.8
%
22.6
%
45.4
%
47.1
%
16.5
%
19.1
%
16.3
%
11.2
%
EBITDA % of total TTM
25.0
%
24.5
%
34.0
%
33.3
%
22.0
%
23.9
%
19.0
%
18.3
%
JV interests in Hotel net income (loss)
$
1,757
$
—
$
1,757
$
1,154
$
—
$
1,154
$
714
$
—
$
714
$
1,169
$
—
$
1,169
JV interests in EBITDA
$
2,618
$
—
$
2,618
$
1,943
$
—
$
1,943
$
1,798
$
—
$
1,798
$
1,880
$
—
$
1,880
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
TTM
TTM
TTM
Total hotel revenue
$
740,673
$
21,002
$
761,675
Hotel net income (loss)
$
83,146
$
(2,995)
$
80,151
Hotel net income (loss) margin
11.23
%
10.52
%
Hotel EBITDA
$
214,214
$
4,543
$
218,757
Hotel EBITDA margin
28.92
%
28.72
%
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)
$
4,793
$
—
$
4,793
JV interests in EBITDA
$
8,239
$
—
$
8,239
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(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) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
28
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
June 30, 2023
(in thousands, except share price)
(unaudited)
June 30, 2023
Common stock shares outstanding
65,994
Partnership units outstanding (common stock equivalents)
7,224
Combined common stock shares and partnership units outstanding
73,218
Common stock price
$
4.02
Market capitalization
$
294,336
Series B cumulative convertible preferred stock
$
76,950
Series D cumulative preferred stock
$
40,000
Series E redeemable preferred stock
$
412,150
Series M redeemable preferred stock
$
48,991
Indebtedness
$
1,140,430
Joint venture partner's share of consolidated indebtedness
$
(48,750)
Net working capital (see below)
$
(107,861)
Total enterprise value (TEV)
$
1,856,246
Cash and cash equivalents
$
125,809
Restricted cash
$
61,249
Accounts receivable, net
$
31,132
Prepaid expenses
$
17,675
Due from third-party hotel managers, net
$
14,044
Total current assets
$
249,909
Accounts payable, net & accrued expenses
$
129,520
Dividends and distributions payable
$
8,917
Due to affiliates, net
$
3,611
Total current liabilities
$
142,048
Net working capital*
$
107,861
* Includes the Company's pro rata share of net working capital in joint ventures.
29
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2023
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Estimated
Estimated
Bardessono Hotel and Spa
65
x
Capital Hilton Washington D.C.
550
x
x
x
x
Hotel Yountville
80
x
The Ritz-Carlton Lake Tahoe
170
x
x
The Ritz-Carlton Sarasota
276
x
x
x
Total
1
2
3
5
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 are included in this table.
30
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2023
2023
2022
2022
June 30, 2023
2nd Quarter
1st Quarter
4th Quarter
3rd Quarter
TTM
Net income (loss)
$
18,143
$
37,753
$
13,699
$
13,551
$
83,146
Non-property adjustments
(12)
12
(55)
(1)
(56)
Interest income
(259)
(235)
(145)
(63)
(702)
Interest expense
11,425
11,066
8,416
6,373
37,280
Amortization of loan costs
562
642
476
496
2,176
Depreciation and amortization
22,567
22,521
20,506
19,604
85,198
Income tax expense (benefit)
507
340
219
(99)
967
Non-hotel EBITDA ownership expense
727
697
3,949
832
6,205
Hotel EBITDA including amounts attributable to noncontrolling interest
53,660
72,796
47,065
40,693
214,214
Non-comparable adjustments
—
—
5,141
(598)
4,543
Comparable hotel EBITDA
$
53,660
$
72,796
$
52,206
$
40,095
$
218,757
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, 2023
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)
$
3,924
$
3,105
$
1,890
$
764
$
1,709
$
13
$
(4,002)
$
1,388
$
37
$
2,593
$
(2,450)
$
2,729
$
3,586
$
(595)
$
3,960
$
(508)
$
18,143
$
(21,281)
$
(3,138)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
(12)
—
—
—
—
—
(12)
12
—
Interest income
(64)
(84)
(6)
—
—
—
—
(8)
(28)
(54)
27
(15)
(10)
—
—
(17)
(259)
259
—
Interest expense
—
—
—
772
1,378
981
1,399
—
—
2,075
961
20
963
667
—
2,209
11,425
11,490
22,915
Amortization of loan cost
—
—
—
—
80
8
201
—
—
—
39
—
27
44
—
163
562
123
685
Depreciation and amortization
2,438
1,044
1,146
588
587
406
1,118
2,035
2,445
1,444
1,117
1,536
2,123
515
1,637
2,388
22,567
—
22,567
Income tax expense (benefit)
125
49
—
—
—
—
—
4
—
—
—
—
133
—
196
—
507
(582)
(75)
Non-hotel EBITDA ownership expense
(81)
16
3
120
21
12
94
167
(4)
62
203
43
26
17
33
(5)
727
(727)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
6,342
4,130
3,033
2,244
3,775
1,420
(1,190)
3,586
2,450
6,120
(115)
4,313
6,848
648
5,826
4,230
53,660
(10,706)
42,954
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(1,586)
(1,033)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(2,619)
2,619
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
75
75
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(80)
(80)
Hotel EBITDA attributable to the Company and OP unitholders
$
4,756
$
3,097
$
3,033
$
2,244
$
3,775
$
1,420
$
(1,190)
$
3,586
$
2,450
$
6,120
$
(115)
$
4,313
$
6,848
$
648
$
5,826
$
4,230
$
51,041
$
(8,092)
$
42,949
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
6,342
$
4,130
$
3,033
$
2,244
$
3,775
$
1,420
$
(1,190)
$
3,586
$
2,450
$
6,120
$
(115)
$
4,313
$
6,848
$
648
$
5,826
$
4,230
$
53,660
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
4,130
$
3,033
$
2,244
$
3,775
$
1,420
$
(1,190)
$
3,586
$
2,450
$
—
$
(115)
$
4,313
$
6,848
$
648
$
5,826
$
4,230
$
41,198
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
4,130
$
3,033
$
2,244
$
3,775
$
1,420
$
(1,190)
$
3,586
$
2,450
$
—
$
(115)
$
4,313
$
6,848
$
648
$
5,826
$
4,230
$
41,198
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
4,130
$
—
$
2,244
$
3,775
$
1,420
$
(1,190)
$
—
$
—
$
6,120
$
(115)
$
—
$
6,848
$
—
$
5,826
$
4,230
$
33,288
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
4,130
$
—
$
2,244
$
3,775
$
1,420
$
(1,190)
$
—
$
—
$
6,120
$
(115)
$
—
$
6,848
$
—
$
5,826
$
4,230
$
33,288
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
6,342
$
—
$
3,033
$
—
$
—
$
—
$
—
$
3,586
$
2,450
$
—
$
—
$
4,313
$
—
$
648
$
—
$
—
$
20,372
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
6,342
$
—
$
3,033
$
—
$
—
$
—
$
—
$
3,586
$
2,450
$
—
$
—
$
4,313
$
—
$
648
$
—
$
—
$
20,372
32
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
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)
$
—
$
—
$
—
$
—
$
3,775
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
3,775
BAML (Bardessono Hotel and Spa)
—
—
—
2,244
—
—
—
—
—
—
—
—
—
—
—
—
2,244
BAML (Hotel Yountville)
—
—
—
—
—
1,420
—
—
—
—
—
—
—
—
—
—
1,420
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
6,848
—
—
—
6,848
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)
6,342
4,130
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10,472
BAML Pool (see footnote 3)
—
—
3,033
—
—
—
—
3,586
2,450
—
—
4,313
—
—
—
—
13,382
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
(1,190)
—
—
—
—
—
—
—
—
—
(1,190)
BAML (The Ritz-Carlton Sarasota)
—
—
—
—
—
—
—
—
—
6,120
—
—
—
—
—
—
6,120
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
(115)
—
—
—
—
—
(115)
LoanCore (Mr. C Beverly Hills Hotel)
—
—
—
—
—
—
—
—
—
—
—
—
—
648
—
—
648
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,826
—
5,826
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4,230
4,230
Total
$
6,342
$
4,130
$
3,033
$
2,244
$
3,775
$
1,420
$
(1,190)
$
3,586
$
2,450
$
6,120
$
(115)
$
4,313
$
6,848
$
648
$
5,826
$
4,230
$
53,660
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(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:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota.
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, 2023
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)
$
1,734
$
2,882
$
(923)
$
(1,304)
$
3,814
$
(997)
$
7,458
$
(1,358)
$
(151)
$
6,751
$
3,628
$
(631)
$
5,804
$
(493)
$
6,170
$
5,369
$
37,753
$
(21,149)
$
16,604
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
12
—
—
—
—
—
12
(12)
—
Interest income
(65)
(73)
—
—
—
—
—
(5)
(19)
(42)
—
(9)
(9)
—
—
(13)
(235)
235
—
Interest expense
—
—
—
717
1,268
902
1,301
—
—
1,891
894
20
901
622
281
2,269
11,066
11,045
22,111
Amortization of loan cost
—
—
—
—
79
—
199
—
—
95
39
—
27
43
—
160
642
120
762
Depreciation and amortization
2,186
1,027
1,235
594
593
393
1,108
2,031
2,545
1,305
1,230
1,625
2,136
549
1,637
2,327
22,521
—
22,521
Income tax expense (benefit)
26
12
—
—
—
—
—
5
—
—
—
—
136
—
161
—
340
1,989
2,329
Non-hotel EBITDA ownership expense
17
24
73
113
4
20
15
21
20
6
306
7
6
33
24
8
697
(697)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
3,898
3,872
385
120
5,758
318
10,081
694
2,395
10,006
6,109
1,012
9,001
754
8,273
10,120
72,796
(8,469)
64,327
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(975)
(968)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,943)
1,943
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
73
73
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(77)
(77)
Hotel EBITDA attributable to the Company and OP unitholders
$
2,923
$
2,904
$
385
$
120
$
5,758
$
318
$
10,081
$
694
$
2,395
$
10,006
$
6,109
$
1,012
$
9,001
$
754
$
8,273
$
10,120
$
70,853
$
(6,530)
$
64,323
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
3,898
$
3,872
$
385
$
120
$
5,758
$
318
$
10,081
$
694
$
2,395
$
10,006
$
6,109
$
1,012
$
9,001
$
754
$
8,273
$
10,120
$
72,796
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
3,872
$
—
$
120
$
5,758
$
318
$
10,081
$
—
$
—
$
10,006
$
6,109
$
—
$
9,001
$
—
$
8,273
$
10,120
$
63,658
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
3,872
$
—
$
120
$
5,758
$
318
$
10,081
$
—
$
—
$
10,006
$
6,109
$
—
$
9,001
$
—
$
8,273
$
10,120
$
63,658
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
3,898
$
—
$
385
$
—
$
—
$
—
$
—
$
694
$
2,395
$
—
$
—
$
1,012
$
—
$
754
$
—
$
—
$
9,138
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
3,898
$
—
$
385
$
—
$
—
$
—
$
—
$
694
$
2,395
$
—
$
—
$
1,012
$
—
$
754
$
—
$
—
$
9,138
34
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
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)
$
—
$
—
$
—
$
—
$
5,758
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
5,758
BAML (Bardessono Hotel and Spa)
—
—
—
120
—
—
—
—
—
—
—
—
—
—
—
—
120
BAML (Hotel Yountville)
—
—
—
—
—
318
—
—
—
—
—
—
—
—
—
—
318
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
9,001
—
—
—
9,001
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)
3,898
3,872
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7,770
BAML Pool (see footnote 3)
—
—
385
—
—
—
—
694
2,395
—
—
1,012
—
—
—
—
4,486
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
10,081
—
—
—
—
—
—
—
—
—
10,081
BAML (The Ritz-Carlton Sarasota)
—
—
—
—
—
—
—
—
—
10,006
—
—
—
—
—
—
10,006
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
6,109
—
—
—
—
—
6,109
LoanCore (Mr. C Beverly Hills Hotel)
—
—
—
—
—
—
—
—
—
—
—
—
—
754
—
—
754
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
8,273
—
8,273
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10,120
10,120
Total
$
3,898
$
3,872
$
385
$
120
$
5,758
$
318
$
10,081
$
694
$
2,395
$
10,006
$
6,109
$
1,012
$
9,001
$
754
$
8,273
$
10,120
$
72,796
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(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, 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
163
36
97
—
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
6,606
456
5,042
1,710
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
$
6,606
$
456
$
5,042
$
1,710
$
45,267
$
(10,187)
$
35,080
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1,652)
—
—
6,793
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
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
3,909
$
—
$
2,038
$
3,503
$
1,884
$
2,734
$
—
$
—
$
6,158
$
2,581
$
—
$
6,606
$
—
$
5,042
$
1,710
$
36,165
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1,652)
—
—
6,793
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
36
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
Unencumbered hotel (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 June 30, 2023, 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.
(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.
37
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
38
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
Unencumbered hotel (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 June 30, 2023, 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.
(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.
39
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
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
4,963
$
5,642
$
2,903
$
4,754
$
2,253
$
(180)
$
2,480
$
3,749
$
—
$
(616)
$
2,840
$
8,664
$
1,041
$
4,994
$
—
$
43,487
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
952
—
355
5,097
6,404
Comparable hotel EBITDA
$
—
$
4,963
$
5,642
$
2,903
$
4,754
$
2,253
$
(180)
$
2,480
$
3,749
$
—
$
(616)
$
2,840
$
9,616
$
1,041
$
5,349
$
5,097
$
49,891
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
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(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:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota.
40
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2023
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)
$
5,658
$
5,987
$
967
$
(540)
$
5,523
$
(984)
$
3,456
$
30
$
(114)
$
9,344
$
1,178
$
2,098
$
9,390
$
(1,088)
$
10,130
$
4,861
$
55,896
$
(42,430)
$
13,466
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Interest income
(129)
(157)
(6)
—
—
—
—
(13)
(47)
(96)
27
(24)
(19)
—
—
(30)
(494)
494
—
Interest expense
—
—
—
1,489
2,646
1,883
2,700
—
—
3,966
1,855
40
1,864
1,289
281
4,478
22,491
22,535
45,026
Amortization of loan cost
—
—
—
—
159
8
400
—
—
95
78
—
54
87
—
323
1,204
243
1,447
Depreciation and amortization
4,624
2,071
2,381
1,182
1,180
799
2,226
4,066
4,990
2,749
2,347
3,161
4,259
1,064
3,274
4,715
45,088
—
45,088
Income tax expense (benefit)
151
61
—
—
—
—
—
9
—
—
—
—
269
—
357
—
847
1,407
2,254
Non-hotel EBITDA ownership expense
(64)
40
76
233
25
32
109
188
16
68
509
50
32
50
57
3
1,424
(1,424)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
10,240
8,002
3,418
2,364
9,533
1,738
8,891
4,280
4,845
16,126
5,994
5,325
15,849
1,402
14,099
14,350
126,456
(19,175)
107,281
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(2,561)
(2,001)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(4,562)
4,562
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
148
148
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(157)
(157)
Hotel EBITDA attributable to the Company and OP unitholders
$
7,679
$
6,001
$
3,418
$
2,364
$
9,533
$
1,738
$
8,891
$
4,280
$
4,845
$
16,126
$
5,994
$
5,325
$
15,849
$
1,402
$
14,099
$
14,350
$
121,894
$
(14,622)
$
107,272
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
10,240
$
8,002
$
3,418
$
2,364
$
9,533
$
1,738
$
8,891
$
4,280
$
4,845
$
16,126
$
5,994
$
5,325
$
15,849
$
1,402
$
14,099
$
14,350
$
126,456
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
8,002
$
3,418
$
2,364
$
9,533
$
1,738
$
8,891
$
4,280
$
4,845
$
—
$
5,994
$
5,325
$
15,849
$
1,402
$
14,099
$
14,350
$
100,090
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
8,002
$
3,418
$
2,364
$
9,533
$
1,738
$
8,891
$
4,280
$
4,845
$
—
$
5,994
$
5,325
$
15,849
$
1,402
$
14,099
$
14,350
$
100,090
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
8,002
$
—
$
2,364
$
9,533
$
1,738
$
8,891
$
—
$
—
$
16,126
$
5,994
$
—
$
15,849
$
—
$
14,099
$
14,350
$
96,946
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
8,002
$
—
$
2,364
$
9,533
$
1,738
$
8,891
$
—
$
—
$
16,126
$
5,994
$
—
$
15,849
$
—
$
14,099
$
14,350
$
96,946
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
10,240
$
—
$
3,418
$
—
$
—
$
—
$
—
$
4,280
$
4,845
$
—
$
—
$
5,325
$
—
$
1,402
$
—
$
—
$
29,510
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
10,240
$
—
$
3,418
$
—
$
—
$
—
$
—
$
4,280
$
4,845
$
—
$
—
$
5,325
$
—
$
1,402
$
—
$
—
$
29,510
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(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:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota.
41
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six 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)
$
742
$
6,016
$
1,188
$
2,205
$
9,356
$
618
$
5,418
$
(1,598)
$
(1,936)
$
16,838
$
3,584
$
404
$
14,322
$
(204)
$
6,510
$
—
$
63,463
$
(31,179)
$
32,284
Non-property adjustments
—
—
—
—
—
—
76
—
—
—
—
—
—
—
—
—
76
(76)
—
Interest income
(2)
(1)
—
—
—
—
—
—
(4)
(11)
—
(3)
(4)
—
—
—
(25)
25
—
Interest expense
—
—
—
566
877
735
1,159
—
—
1,846
668
68
1,060
787
402
—
8,168
9,395
17,563
Amortization of loan cost
—
—
—
101
152
102
321
—
—
183
74
—
—
82
—
—
1,015
225
1,240
Depreciation and amortization
3,679
2,028
3,117
1,197
1,330
1,216
1,870
3,994
5,783
2,578
1,580
2,486
4,011
1,220
1,923
—
38,012
—
38,012
Income tax expense (benefit)
—
—
—
—
—
—
—
9
—
—
—
—
526
—
112
—
647
3,041
3,688
Non-hotel EBITDA ownership expense
245
83
54
243
8
11
1
76
8
46
567
5
12
33
(1)
—
1,391
(1,391)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
4,664
8,126
4,359
4,312
11,723
2,682
8,845
2,481
3,851
21,480
6,473
2,960
19,927
1,918
8,946
—
112,747
(19,960)
92,787
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(1,166)
(2,032)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(3,198)
3,198
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
146
146
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(146)
(146)
Hotel EBITDA attributable to the Company and OP unitholders
$
3,498
$
6,094
$
4,359
$
4,312
$
11,723
$
2,682
$
8,845
$
2,481
$
3,851
$
21,480
$
6,473
$
2,960
$
19,927
$
1,918
$
8,946
$
—
$
109,549
$
(16,762)
$
92,787
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
1,089
—
3,634
12,155
16,878
Comparable hotel EBITDA
$
4,664
$
8,126
$
4,359
$
4,312
$
11,723
$
2,682
$
8,845
$
2,481
$
3,851
$
21,480
$
6,473
$
2,960
$
21,016
$
1,918
$
12,580
$
12,155
$
129,625
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
8,126
$
4,359
$
4,312
$
11,723
$
2,682
$
8,845
$
2,481
$
3,851
$
—
$
6,473
$
2,960
$
19,927
$
1,918
$
8,946
$
—
$
86,603
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
1,089
—
3,634
12,155
16,878
Comparable hotel EBITDA
$
—
$
8,126
$
4,359
$
4,312
$
11,723
$
2,682
$
8,845
$
2,481
$
3,851
$
—
$
6,473
$
2,960
$
21,016
$
1,918
$
12,580
$
12,155
$
103,481
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
8,126
$
—
$
4,312
$
11,723
$
2,682
$
8,845
$
—
$
—
$
21,480
$
6,473
$
—
$
19,927
$
—
$
8,946
$
—
$
92,514
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
1,089
—
3,634
12,155
16,878
Comparable hotel EBITDA
$
—
$
8,126
$
—
$
4,312
$
11,723
$
2,682
$
8,845
$
—
$
—
$
21,480
$
6,473
$
—
$
21,016
$
—
$
12,580
$
12,155
$
109,392
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
4,664
$
—
$
4,359
$
—
$
—
$
—
$
—
$
2,481
$
3,851
$
—
$
—
$
2,960
$
—
$
1,918
$
—
$
—
$
20,233
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
4,664
$
—
$
4,359
$
—
$
—
$
—
$
—
$
2,481
$
3,851
$
—
$
—
$
2,960
$
—
$
1,918
$
—
$
—
$
20,233
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2023, 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.
(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:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota.
