DALLAS – February 29, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 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 December 31, 2023, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2023 with the fourth quarter and full year ended December 31, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 4% over the prior year quarter to $288. Comparable ADR decreased 3.6% over the prior year quarter to $452 and Comparable Occupancy decreased 0.9% over the prior year quarter to 63.6%.
•Net loss attributable to common stockholders for the quarter was $(31.1) million or $(0.47) per diluted share.
•Adjusted funds from operations (AFFO) was $0.04 per diluted share for the quarter.
•Adjusted EBITDAre was $37.4 million for the quarter.
•Comparable Hotel EBITDA was $45.1 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $85.6 million and restricted cash of $80.9 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 $17.7 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 39.7% at the end of the fourth quarter.
•Capex invested during the quarter was $21.5 million.
FULL YEAR 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 1.6% over the prior year to $307. Comparable ADR decreased 4.9% over the prior year to $458 and Comparable Occupancy increased 3.5% over the prior year to 66.9%.
•For the year, net loss attributable to common stockholders was $(74.0) million or $(1.13) per diluted share.
BHR Reports Fourth Quarter Results
Page 2
February 29, 2024
•For the year, AFFO per diluted share was $0.61.
•Adjusted EBITDAre for the year was $176.7 million, which reflected a growth rate of 3% over the prior year.
•Comparable Hotel EBITDA for the year was $206.4 million.
•Capex invested during the year was $77.1 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company extended its mortgage loan secured by the Ritz-Carlton Lake Tahoe.
•During the quarter, the Company refinanced its mortgage loan secured by the Capital Hilton.
•Subsequent to quarter end, the Company extended its mortgage loan secured by the Pier House Resort & Spa.
•Subsequent to quarter end, the Company extended its mortgage loan secured by the Ritz-Carlton St. Thomas.
•Subsequent to quarter end, the Company received a six month forbearance, through August 5, 2024, on its mortgage loan secured by the Hilton La Jolla Torry Pines.
CAPITAL STRUCTURE
As of December 31, 2023, the Company had total assets of $2.2 billion and $1.2 billion of loans of which $44 million related to its joint venture partner’s share of the mortgage loans on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of 7.4%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 74% of the Company’s consolidated debt is effectively fixed and approximately 26% is effectively floating.
During the quarter, the Company successfully closed on the extension of the mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe in Truckee, California. The non-recourse loan now totals $53.4 million and has a one-year initial term with one one-year extension option, subject to the satisfaction of certain conditions. The loan is interest only and has a floating interest rate of SOFR + 3.60%.
During the quarter, the Company refinanced the 550-room Capital Hilton in Washington, D.C. with a new $110.6 million mortgage loan. The new loan has an initial maturity date of December 2026 with two one-year extension options, subject to the satisfaction of certain conditions and bears interest at a floating interest rate of SOFR + 3.75%. The property continues to be owned by a joint venture in which Braemar owns a 75% equity interest (the “Hilton JV”). The Hilton La Jolla Torrey Pines remains encumbered by the original mortgage loan, which now has been partially paid down to a remaining balance of $66.6 million. While the Company considers its alternatives regarding refinancing the loan or potentially selling the asset, the lender has provided a six month forbearance agreement. During this time, the loan bears an annual fixed interest rate of 9.0%. This property also continues to be owned by the Hilton JV.
Subsequent to quarter end, the Company extended the loan secured by the 142-room Pier House Resort & Spa in Key West, Florida. The loan now has an initial maturity date of September 2025 with one one-year extension option, subject to the satisfaction of certain conditions, continues to have a balance of $80.0 million, and bears interest at a floating interest rate of SOFR + 3.60%.
Subsequent to quarter end, the Company also extended the loan secured by the 180-room Ritz-Carlton St. Thomas in St. Thomas, USVI. The loan now has an initial maturity date of August 2025 with one one-year extension option, subject to the satisfaction of certain conditions, continues to have a balance of $42.5 million, and bears interest at a floating interest rate of SOFR + 4.35%.
BHR Reports Fourth Quarter Results
Page 3
February 29, 2024
DIVIDENDS
On January 8, 2024, 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 first quarter ending March 31, 2024. The dividend, which equates to an annual rate of $0.20 per share, will be paid on April 15, 2024, to stockholders of record as of March 28, 2024. 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.
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.
“During the fourth quarter, our resort hotel performance continued to meaningfully outperform pre-pandemic levels while our urban hotel portfolio continues on its upward recovery trend as business transient and corporate group demand rises steadily,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “We also remain pleased with the performance of our two most recent acquisitions, the Ritz-Carlton Reserve Dorado Beach and the Four Seasons Resort Scottsdale at Toon North, which reported strong RevPAR growth of 9% and 5%, respectively, during the quarter. We enter 2024 encouraged by the expected ramp-up of group pace and we believe our portfolio is well-positioned to outperform in both the near-term and long-term.” He added, “On the capital markets front, we recently refinanced or extended almost all of our 2024 debt maturities. Looking ahead, we expect a more favorable refinancing environment going forward, which will continue to reduce the Company’s interest expense on these and other future financings.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Friday, March 1, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Friday, March 9, 2024, by dialing (647) 362-9199 and entering the confirmation number, 2925607.
The Company will also provide an online simulcast and rebroadcast of its fourth 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 Friday, March 1, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported. Effective beginning with the
BHR Reports Fourth Quarter Results
Page 4
February 29, 2024
third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes the change has been applied retrospectively.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
December 31, 2023
December 31, 2022
ASSETS
Investments in hotel properties, gross
$
2,382,716
$
2,325,093
Accumulated depreciation
(498,508)
(440,492)
Investments in hotel properties, net
1,884,208
1,884,601
Cash and cash equivalents
85,599
261,541
Restricted cash
80,904
54,155
Accounts receivable, net of allowance of $237 and $339, respectively
39,199
51,448
Inventories
5,003
5,238
Prepaid expenses
9,938
7,044
Deferred costs, net
75
—
Investment in OpenKey
1,674
1,689
Derivative assets
2,847
6,482
Other assets
17,751
14,621
Operating lease right-of-use assets
78,383
79,449
Intangible assets, net
3,504
3,883
Due from related parties, net
—
938
Due from third-party hotel managers
17,739
26,625
Total assets
$
2,226,824
$
2,397,714
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net
$
1,162,444
$
1,334,130
Accounts payable and accrued expenses
149,867
133,978
Dividends and distributions payable
9,158
8,184
Due to Ashford Inc., net
1,471
10,005
Due to related parties, net
603
—
Due to third-party hotel managers
1,608
2,096
Operating lease liabilities
60,379
60,692
Derivative liabilities
12
284
Other liabilities
22,756
22,343
Total liabilities
1,408,298
1,571,712
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2023 and December 31, 2022
65,426
65,426
Series E Redeemable Preferred Stock, $0.01 par value, 16,316,315 and 12,656,529 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively
377,035
291,076
Series M Redeemable Preferred Stock, $0.01 par value, 1,832,805 and 1,428,332 shares issued and outstanding at December 31,2023 and December 31, 2022, respectively
45,623
35,182
Redeemable noncontrolling interests in operating partnership
32,395
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 December 31, 2023 and December 31, 2022
16
16
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,636,353 and 69,919,065 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively
666
699
Additional paid-in capital
718,498
734,134
Accumulated deficit
(412,199)
(324,740)
Total stockholders' equity of the Company
306,981
410,109
Noncontrolling interest in consolidated entities
(8,934)
(16,346)
Total equity
298,047
393,763
Total liabilities and equity
$
2,226,824
$
2,397,714
5
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
REVENUE
Rooms
$
109,497
$
109,293
$
464,899
$
431,515
Food and beverage
46,790
42,641
185,331
159,241
Other
21,247
19,688
89,113
78,829
Total hotel revenue
177,534
171,622
739,343
669,585
EXPENSES
Hotel operating expenses:
Rooms
25,477
24,668
105,439
94,410
Food and beverage
35,690
34,313
144,544
125,555
Other expenses
56,596
56,243
227,913
205,373
Management fees
5,600
5,347
23,261
20,149
Total hotel operating expenses
123,363
120,571
501,157
445,487
Property taxes, insurance and other
10,646
8,035
38,629
30,766
Depreciation and amortization
25,481
20,506
93,272
78,122
Advisory services fee:
Base advisory fee
3,282
3,356
13,982
12,790
Reimbursable expenses
2,261
1,193
8,353
4,653
Incentive fee
—
(491)
—
803
Stock/unit-based compensation
2,363
2,308
8,754
10,601
(Gain) loss on legal settlements
—
—
—
(114)
Corporate, general and administrative:
Stock/unit-based compensation
24
32
479
659
Other general and administrative
4,277
4,044
13,044
17,425
Total operating expenses
171,697
159,554
677,670
601,192
OPERATING INCOME (LOSS)
5,837
12,068
61,673
68,393
Equity in earnings (loss) of unconsolidated entity
(45)
(108)
(253)
(328)
Interest income
1,012
1,745
6,401
2,677
Other income (expense)
—
—
293
—
Interest expense
(23,385)
(18,278)
(90,836)
(49,710)
Amortization of loan costs
(1,055)
(595)
(3,383)
(2,456)
Write-off of loan costs and exit fees
(641)
(40)
(3,489)
(146)
Gain (loss) on extinguishment of debt
—
—
2,318
—
Realized and unrealized gain (loss) on derivatives
(1,581)
915
(663)
4,961
INCOME (LOSS) BEFORE INCOME TAXES
(19,858)
(4,293)
(27,939)
23,391
Income tax (expense) benefit
(1,625)
(260)
(2,689)
(4,043)
NET INCOME (LOSS)
(21,483)
(4,553)
(30,628)
19,348
(Income) loss attributable to noncontrolling interest in consolidated entities
96
202
(1,619)
(2,063)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
2,212
1,123
5,230
476
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(19,175)
(3,228)
(27,017)
17,761
Preferred dividends
(10,495)
(8,108)
(42,304)
(21,503)
Deemed dividends on redeemable preferred stock
(1,448)
(2,152)
(4,719)
(6,954)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(31,118)
$
(13,488)
$
(74,040)
$
(10,696)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(0.47)
$
(0.19)
$
(1.13)
$
(0.15)
Weighted average common shares outstanding – basic
65,833
70,839
65,989
69,687
Diluted:
Net income (loss) attributable to common stockholders
$
(0.47)
$
(0.19)
$
(1.13)
$
(0.15)
Weighted average common shares outstanding – diluted
65,833
70,839
65,989
69,687
Dividends declared per common share
$
0.05
$
0.05
$
0.20
$
0.08
6
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Net income (loss)
$
(21,483)
$
(4,553)
$
(30,628)
$
19,348
Interest expense and amortization of loan costs
24,440
18,873
94,219
52,166
Depreciation and amortization
25,481
20,506
93,272
78,122
Income tax expense (benefit)
1,625
260
2,689
4,043
Equity in (earnings) loss of unconsolidated entity
45
108
253
328
Company's portion of EBITDA of OpenKey
(54)
(114)
(274)
(334)
EBITDA and EBITDAre
30,054
35,080
159,531
153,673
Amortization of favorable (unfavorable) contract assets (liabilities)
118
118
474
463
Transaction and conversion costs
1,332
2,791
4,561
9,679
Write-off of loan costs and exit fees
641
40
3,489
146
Realized and unrealized (gain) loss on derivatives
1,581
(915)
663
(4,961)
Stock/unit-based compensation
2,390
2,344
9,244
11,285
Legal, advisory and settlement costs
1,316
1,069
1,397
2,170
Advisory services incentive fee
—
(1,294)
—
—
(Gain) loss on extinguishment of debt
—
—
(2,318)
—
Other (income) loss
—
—
(293)
—
(Gain) loss on insurance settlement
—
(55)
—
(55)
Company's portion of adjustments to EBITDAre of OpenKey
—
2
—
8
Adjusted EBITDAre
$
37,432
$
39,180
$
176,748
$
172,408
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Net income (loss)
$
(21,483)
$
(4,553)
$
(30,628)
$
19,348
(Income) loss attributable to noncontrolling interest in consolidated entities
96
202
(1,619)
(2,063)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
2,212
1,123
5,230
476
Preferred dividends
(10,495)
(8,108)
(42,304)
(21,503)
Deemed dividends on redeemable preferred stock
(1,448)
(2,152)
(4,719)
(6,954)
Net income (loss) attributable to common stockholders
(31,118)
(13,488)
(74,040)
(10,696)
Depreciation and amortization on real estate
24,597
19,830
90,031
75,508
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(2,212)
(1,123)
(5,230)
(476)
Equity in (earnings) loss of unconsolidated entity
45
108
253
328
Company's portion of FFO of OpenKey
(62)
(113)
(296)
(333)
FFO available to common stockholders and OP unitholders
(8,750)
5,214
10,718
64,331
Deemed dividends on redeemable preferred stock
1,448
2,152
4,719
6,954
Transaction and conversion costs
1,332
2,791
4,561
9,679
Write-off of premiums, loan costs and exit fees
641
40
3,489
146
Unrealized (gain) loss on derivatives
3,169
(445)
8,413
(4,464)
Stock/unit-based compensation
2,390
2,344
9,244
11,285
Legal, advisory and settlement costs
1,316
1,069
1,397
2,170
Interest expense accretion on refundable membership club deposits
164
178
671
723
Amortization of loan costs
1,031
572
3,289
2,365
Advisory services incentive fee
—
(1,294)
—
—
(Gain) loss on extinguishment of debt
—
—
(2,318)
—
Other (income) loss
—
—
(293)
—
(Gain) loss on insurance settlement
—
(55)
—
(55)
Company's portion of adjustments to FFO of OpenKey
—
2
—
8
Adjusted FFO available to common stockholders and OP unitholders
$
2,741
$
12,568
$
43,890
$
93,142
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.04
$
0.16
$
0.61
$
1.23
Weighted average diluted shares
71,386
76,848
71,753
75,635
7
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2023
(dollars in thousands)
(unaudited)
Lender
Hotels
Current Maturity
Final
Maturity (14)
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 (15)
Comparable TTM Hotel EBITDA Debt Yield
Prudential
Hilton La Jolla Torrey Pines
February 2024
February 2024
SOFR (1) + 1.70%
$
—
$
66,600
(3)
$
66,600
$
12,836
19.3
%
$
17,289
26.0
%
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
February 2024
February 2027
SOFR (1) + 2.86%
—
70,500
(4)
70,500
1,088
1.5
%
12,273
17.4
%
BAML
See footnote
June 2024
June 2025
SOFR (1) + 2.66%
—
293,180
(5)
293,180
10,472
3.6
%
40,592
13.8
%
LoanCore
Cameo Beverly Hills
August 2024
August 2024
SOFR (1) + 3.66%
—
30,000
(6)
30,000
(4,222)
(14.1)
%
987
3.3
%
Apollo
The Ritz-Carlton St. Thomas
August 2024
August 2024
SOFR (1) + 4.04%
—
42,500
(7)
42,500
8,322
19.6
%
22,628
53.2
%
BAML
Pier House Resort & Spa
September 2024
September 2024
SOFR (1) + 1.95%
—
80,000
(8)
80,000
6,799
8.5
%
15,011
18.8
%
BAML
The Ritz-Carlton Lake Tahoe
January 2025
January 2026
SOFR (1) + 3.60%
—
53,413
(9)
53,413
(4,690)
(8.8)
%
6,082
11.4
%
Convertible Senior Notes
N/A
June 2026
June 2026
4.50%
86,250
—
86,250
N/A
N/A
N/A
N/A
BAML Credit Facility
See footnote
July 2026
July 2027
Base Rate (2) + 1.25% to 2.00% or SOFR (1) + 2.35% to 3.10%
—
200,000
(10)
200,000
13,470
6.7
%
33,363
16.7
%
Aareal Capital Corporation
Four Seasons Resort Scottsdale
December 2026
December 2028
SOFR (1) + 3.75%
—
140,000
(11)
140,000
1,138
0.8
%
21,863
15.6
%
Aareal Capital Corporation
Capital Hilton
December 2026
December 2028
SOFR (1) + 3.75%
—
110,600
(12)
110,600
4,934
4.5
%
15,427
13.9
%
Unencumbered Hotel
The Ritz-Carlton Reserve Dorado Beach
—
—
—
13,480
N/A
20,924
N/A
Total
$
86,250
$
1,086,793
$
1,173,043
$
63,627
5.4
%
$
206,439
17.6
%
Percentage
7.4
%
92.6
%
100.0
%
Weighted average interest rate (13)
4.50
%
7.66
%
7.42
%
All indebtedness is non-recourse with the exception of the convertible senior notes and the credit facility.
(1) SOFR rate was 5.35% at December 31, 2023.
(2) Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%.
(3) On February 5, 2024, we amended this mortgage loan. Terms of the amendment included extending the maturity date six months from February 2024 to August 2024, and converting the interest rate from a variable rate of SOFR + 1.70% to a fixed rate of 9.00%..
(4) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2024.
(5) 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.
(6) This mortgage loan has a SOFR floor of 1.50%.
(7) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in August 2023. This mortgage loan has a SOFR floor of 1.00%. On January 29, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to August 2025, and the variable rate increased from SOFR + 4.04% to SOFR 4.35%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This amended mortgage loan has a SOFR floor of 4.00%.
(8) On January 3, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to September 2025, and the variable rate increased from SOFR + 1.95% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(9) This mortgage loan has one one-year extension option subject to satisfaction of certain conditions.
(10) This credit facility has one one-year extension option subject to satisfaction of certain conditions. This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(11) 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%.
(12) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(13) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(14) The final maturity date assumes all available extension options will be exercised.
(15) 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
December 31, 2023
(dollars in thousands)
(unaudited)
Lender
Hotels
2024
2025
2026
2027
2028
Thereafter
Total
Prudential
Hilton La Jolla Torrey Pines (1)
$
66,600
$
—
$
—
$
—
$
—
$
—
$
66,600
Apollo
The Ritz-Carlton St. Thomas (2)
42,500
—
—
—
—
—
42,500
LoanCore
Cameo Beverly Hills Hotel
30,000
—
—
—
—
—
30,000
BAML
Pier House Resort & Spa (3)
80,000
—
—
—
—
—
80,000
BAML
See footnote 4
—
293,180
—
—
—
—
293,180
BAML
The Ritz-Carlton Lake Tahoe
—
—
53,413
—
—
—
53,413
Convertible Senior Notes
N/A
—
—
86,250
—
—
—
86,250
BAML Credit Facility
See footnote 5
—
—
—
200,000
—
—
200,000
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
—
—
—
70,500
—
—
70,500
Aareal Capital Corporation
Four Seasons Resort Scottsdale
—
—
—
—
136,000
—
136,000
Aareal Capital Corporation
Capital Hilton
—
—
—
—
106,600
—
106,600
Principal due in future periods
$
219,100
$
293,180
$
139,663
$
270,500
$
242,600
$
—
$
1,165,043
Scheduled amortization payments remaining
—
—
—
4,000
4,000
—
8,000
Total indebtedness
$
219,100
$
293,180
$
139,663
$
274,500
$
246,600
$
—
$
1,173,043
(1) On February 5, 2024, we amended this mortgage loan. Terms of the amendment included extending the maturity date six months from February 2024 to August 2024, and converting the interest rate from a variable rate of SOFR + 1.70% to a fixed rate of 9.00%..
(2) On January 29, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to August 2025, and the variable rate increased from SOFR + 4.04% to SOFR 4.35%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This amended mortgage loan has a SOFR floor of 4.00%.
(3) On January 3, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to September 2025, and the variable rate increased from SOFR + 1.95% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(4) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(5) This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
9
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
111,550
$
—
$
111,550
$
111,422
$
4,960
$
116,382
0.11
%
(4.15)
%
RevPAR
$
287.67
$
—
$
287.67
$
298.03
$
387.17
$
300.98
(3.48)
%
(4.42)
%
Occupancy
63.61
%
—
%
63.61
%
64.50
%
54.47
%
64.17
%
(1.38)
%
(0.87)
%
ADR
$
452.21
$
—
$
452.21
$
462.04
$
710.76
$
469.03
(2.13)
%
(3.59)
%
ALL HOTELS:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
471,808
$
—
$
471,808
$
438,220
$
39,586
$
477,806
7.66
%
(1.26)
%
RevPAR
$
306.69
$
—
$
306.69
$
300.90
$
511.09
$
311.51
1.92
%
(1.55)
%
Occupancy
66.94
%
—
%
66.94
%
65.62
%
46.76
%
64.66
%
2.01
%
3.53
%
ADR
$
458.19
$
—
$
458.19
$
458.58
$
1,093.04
$
481.75
(0.09)
%
(4.89)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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 December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
90,055
$
—
$
90,055
$
85,463
$
4,960
$
90,423
5.37
%
(0.41)
%
RevPAR
$
305.32
$
—
$
305.32
$
304.00
$
387.17
$
307.62
0.43
%
(0.75)
%
Occupancy
65.28
%
—
%
65.28
%
63.25
%
54.47
%
62.87
%
3.21
%
3.83
%
ADR
$
467.71
$
—
$
467.71
$
480.61
$
710.76
$
489.30
(2.68)
%
(4.41)
%
ALL HOTELS
NOT UNDER RENOVATION:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
Rooms revenue (in thousands)
$
370,120
$
—
$
370,120
$
330,871
$
39,586
$
370,457
11.86
%
(0.09)
%
RevPAR
$
316.32
$
—
$
316.32
$
303.91
$
511.09
$
317.67
4.08
%
(0.42)
%
Occupancy
67.22
%
—
%
67.22
%
65.45
%
46.76
%
64.21
%
2.70
%
4.69
%
ADR
$
470.59
$
—
$
470.59
$
464.30
$
1,093.04
$
494.71
1.35
%
(4.88)
%
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2023, and not under renovation during the three months ended December 31, 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, Ritz-Carlton Lake Tahoe.
10
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
% Variance
2023
2022
% Variance
Total hotel revenue
$
179,216
$
173,363
3.38
%
$
744,998
$
675,072
10.36
%
Non-comparable adjustments
—
12,554
—
69,853
Comparable total hotel revenue
$
179,216
$
185,917
(3.60)
%
$
744,998
$
744,925
0.01
%
Hotel net income (loss)
$
6,943
$
13,699
(49.32)
%
$
63,627
$
90,713
(29.86)
%
Non-comparable adjustments
—
1,573
—
5,251
Comparable hotel net income (loss)
$
6,943
$
15,272
(54.54)
%
$
63,627
$
95,964
(33.70)
%
Hotel net income (loss) margin
3.87
%
7.90
%
(4.03)
%
8.54
%
13.44
%
(4.90)
%
Comparable hotel net income margin
3.87
%
8.21
%
(4.34)
%
8.54
%
12.88
%
(4.34)
%
Hotel EBITDA
$
45,116
$
47,065
(4.14)
%
$
206,439
$
200,505
2.96
%
Non-comparable adjustments
—
3,767
—
20,046
Comparable hotel EBITDA
$
45,116
$
50,832
(11.24)
%
$
206,439
$
220,551
(6.40)
%
Hotel EBITDA margin
25.17
%
27.15
%
(1.98)
%
27.71
%
29.70
%
(1.99)
%
Comparable hotel EBITDA margin
25.17
%
27.34
%
(2.17)
%
27.71
%
29.61
%
(1.90)
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
702
$
714
(1.72)
%
$
4,443
$
3,572
24.37
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
6,242
$
12,985
(51.93)
%
$
59,185
$
87,141
(32.08)
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
6,242
$
14,558
(57.13)
%
$
59,185
$
92,392
(35.94)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
1,769
$
1,798
(1.61)
%
$
8,179
$
6,876
18.95
%
Hotel EBITDA attributable to the Company and OP unitholders
$
43,347
$
45,267
(4.24)
%
$
198,260
$
193,629
2.39
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
43,347
$
49,034
(11.60)
%
$
198,260
$
213,675
(7.21)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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
Year Ended
December 31,
December 31,
2023
2022
% Variance
2023
2022
% Variance
Total hotel revenue
$
137,265
$
123,544
11.11
%
$
551,479
$
476,816
15.66
%
Non-comparable adjustments
—
12,555
—
69,853
Comparable total hotel revenue
$
137,265
$
136,099
0.86
%
$
551,479
$
546,669
0.88
%
Hotel net income (loss)
$
8,579
$
11,844
(27.57)
%
$
52,210
$
66,927
(21.99)
%
Non-comparable adjustments
—
1,573
—
5,251
Comparable hotel net income (loss)
$
8,579
$
13,417
(36.06)
%
$
52,210
$
72,178
(27.66)
%
Hotel net income (loss) margin
6.25
%
9.59
%
(3.34)
%
9.47
%
14.04
%
(4.57)
%
Comparable hotel net income margin
6.25
%
9.86
%
(3.61)
%
9.47
%
13.20
%
(3.73)
%
Hotel EBITDA
$
38,437
$
35,042
9.69
%
$
162,549
$
148,571
9.41
%
Non-comparable adjustments
—
3,767
—
20,046
Comparable hotel EBITDA
$
38,437
$
38,809
(0.96)
%
$
162,549
$
168,617
(3.60)
%
Hotel EBITDA margin
28.00
%
28.36
%
(0.36)
%
29.48
%
31.16
%
(1.68)
%
Comparable hotel EBITDA margin
28.00
%
28.52
%
(0.52)
%
29.48
%
30.84
%
(1.36)
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
728
$
719
1.29
%
$
3,209
$
3,291
(2.48)
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
7,851
$
11,125
(29.43)
%
$
49,001
$
63,637
(23.00)
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
7,851
$
12,698
(38.17)
%
$
49,001
$
68,888
(28.87)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
1,076
$
977
10.08
%
$
4,322
$
4,332
(0.22)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
37,361
$
34,065
9.68
%
$
158,227
$
144,239
9.70
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
37,361
$
37,832
(1.24)
%
$
158,227
$
164,285
(3.69)
%
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2023, and not under renovation during the three months ended December 31, 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, Ritz-Carlton Lake Tahoe.
12
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2023
2023
2023
2022
2022
2022
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
8,141
$
—
$
8,141
$
8,532
$
—
$
8,532
(4.58)
%
(4.58)
%
Total hotel revenue
$
12,903
$
—
$
12,903
$
13,183
$
—
$
13,183
(2.12)
%
(2.12)
%
Hotel net income (loss)
$
(108)
$
—
$
(108)
$
(21)
$
—
$
(21)
(414.29)
%
(414.29)
%
Hotel net income (loss) margin
(0.84)
%
(0.84)
%
(0.16)
%
(0.16)
%
(0.68)
%
(0.68)
%
Hotel EBITDA
$
2,774
$
—
$
2,774
$
3,284
$
—
$
3,284
(15.53)
%
(15.53)
%
Hotel EBITDA margin
21.50
%
21.50
%
24.91
%
24.91
%
(3.41)
%
(3.41)
%
Selected Operating Information:
RevPAR
$
160.88
$
—
$
160.88
$
168.61
$
—
$
168.61
(4.58)
%
(4.58)
%
Occupancy
64.56
%
—
%
64.56
%
72.96
%
—
%
72.96
%
(11.51)
%
(11.51)
%
ADR
$
249.20
$
—
$
249.20
$
231.08
$
—
$
231.08
7.84
%
7.84
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
6,383
$
—
$
6,383
$
6,067
$
—
$
6,067
5.21
%
5.21
%
Total hotel revenue
$
12,746
$
—
$
12,746
$
11,535
$
—
$
11,535
10.50
%
10.50
%
Hotel net income (loss)
$
2,914
$
—
$
2,914
$
2,876
$
—
$
2,876
1.32
%
1.32
%
Hotel net income (loss) margin
22.86
%
22.86
%
24.93
%
24.93
%
(2.07)
%
(2.07)
%
Hotel EBITDA
$
4,304
$
—
$
4,304
$
3,909
$
—
$
3,909
10.10
%
10.10
%
Hotel EBITDA margin
33.77
%
33.77
%
33.89
%
33.89
%
(0.12)
%
(0.12)
%
Selected Operating Information:
RevPAR
$
176.12
$
—
$
176.12
$
167.37
$
—
$
167.37
5.23
%
5.23
%
Occupancy
73.50
%
—
%
73.50
%
70.27
%
—
%
70.27
%
4.60
%
4.60
%
ADR
$
239.61
$
—
$
239.61
$
238.16
$
—
$
238.16
0.61
%
0.61
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
6,473
$
—
$
6,473
$
6,363
$
—
$
6,363
1.73
%
1.73
%
Total hotel revenue
$
8,781
$
—
$
8,781
$
8,559
$
—
$
8,559
2.59
%
2.59
%
Hotel net income (loss)
$
278
$
—
$
278
$
(91)
$
—
$
(91)
405.49
%
405.49
%
Hotel net income (loss) margin
3.17
%
3.17
%
(1.06)
%
(1.06)
%
4.23
%
4.23
%
Hotel EBITDA
$
1,521
$
—
$
1,521
$
1,320
$
—
$
1,320
15.23
%
15.23
%
Hotel EBITDA margin
17.32
%
17.32
%
15.42
%
15.42
%
1.90
%
1.90
%
Selected Operating Information:
RevPAR
$
169.52
$
—
$
169.52
$
166.66
$
—
$
166.66
1.72
%
1.72
%
Occupancy
73.26
%
—
%
73.26
%
66.17
%
—
%
66.17
%
10.71
%
10.71
%
ADR
$
231.40
$
—
$
231.40
$
251.85
$
—
$
251.85
(8.12)
%
(8.12)
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
3,789
$
—
$
3,789
$
4,460
$
—
$
4,460
(15.04)
%
(15.04)
%
Total hotel revenue
$
5,195
$
—
$
5,195
$
6,083
$
—
$
6,083
(14.60)
%
(14.60)
%
Hotel net income (loss)
$
505
$
—
$
505
$
702
$
—
$
702
(28.06)
%
(28.06)
%
Hotel net income (loss) margin
9.72
%
9.72
%
11.54
%
11.54
%
(1.82)
%
(1.82)
%
Hotel EBITDA
$
1,210
$
—
$
1,210
$
2,038
$
—
$
2,038
(40.63)
%
(40.63)
%
Hotel EBITDA margin
23.29
%
23.29
%
33.50
%
33.50
%
(10.21)
%
(10.21)
%
Selected Operating Information:
RevPAR
$
633.55
$
—
$
633.55
$
745.87
$
—
$
745.87
(15.06)
%
(15.06)
%
Occupancy
62.32
%
—
%
62.32
%
60.75
%
—
%
60.75
%
2.58
%
2.58
%
ADR
$
1,016.54
$
—
$
1,016.54
$
1,227.73
$
—
$
1,227.73
(17.20)
%
(17.20)
%
13
Three Months Ended December 31,
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
$
5,780
$
—
$
5,780
$
5,758
$
—
$
5,758
0.38
%
0.38
%
Total hotel revenue
$
7,378
$
—
$
7,378
$
7,316
$
—
$
7,316
0.85
%
0.85
%
Hotel net income (loss)
$
1,248
$
—
$
1,248
$
1,655
$
—
$
1,655
(24.59)
%
(24.59)
%
Hotel net income (loss) margin
16.92
%
16.92
%
22.62
%
22.62
%
(5.70)
%
(5.70)
%
Hotel EBITDA
$
3,363
$
—
$
3,363
$
3,503
$
—
$
3,503
(4.00)
%
(4.00)
%
Hotel EBITDA margin
45.58
%
45.58
%
47.88
%
47.88
%
(2.30)
%
(2.30)
%
Selected Operating Information:
RevPAR
$
442.42
$
—
$
442.42
$
440.75
$
—
$
440.75
0.38
%
0.38
%
Occupancy
68.31
%
—
%
68.31
%
63.70
%
—
%
63.70
%
7.24
%
7.24
%
ADR
$
647.66
$
—
$
647.66
$
691.90
$
—
$
691.90
(6.39)
%
(6.39)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
3,032
$
—
$
3,032
$
3,486
$
—
$
3,486
(13.02)
%
(13.02)
%
Total hotel revenue
$
3,774
$
—
$
3,774
$
4,269
$
—
$
4,269
(11.60)
%
(11.60)
%
Hotel net income (loss)
$
621
$
—
$
621
$
672
$
—
$
672
(7.59)
%
(7.59)
%
Hotel net income (loss) margin
16.45
%
16.45
%
15.74
%
15.74
%
0.71
%
0.71
%
Hotel EBITDA
$
1,071
$
—
$
1,071
$
1,884
$
—
$
1,884
(43.15)
%
(43.15)
%
Hotel EBITDA margin
28.38
%
28.38
%
44.13
%
44.13
%
(15.75)
%
(15.75)
%
Selected Operating Information:
RevPAR
$
412.00
$
—
$
412.00
$
473.63
$
—
$
473.63
(13.01)
%
(13.01)
%
Occupancy
58.36
%
—
%
58.36
%
54.47
%
—
%
54.47
%
7.14
%
7.14
%
ADR
$
706.01
$
—
$
706.01
$
869.53
$
—
$
869.53
(18.81)
%
(18.81)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
5,678
$
—
$
5,678
$
6,556
$
—
$
6,556
(13.39)
%
(13.39)
%
Total hotel revenue
$
10,729
$
—
$
10,729
$
11,602
$
—
$
11,602
(7.52)
%
(7.52)
%
Hotel net income (loss)
$
(1,113)
$
—
$
(1,113)
$
322
$
—
$
322
(445.65)
%
(445.65)
%
Hotel net income (loss) margin
(10.37)
%
(10.37)
%
2.78
%
2.78
%
(13.15)
%
(13.15)
%
Hotel EBITDA
$
1,831
$
—
$
1,831
$
2,734
$
—
$
2,734
(33.03)
%
(33.03)
%
Hotel EBITDA margin
17.07
%
17.07
%
23.56
%
23.56
%
(6.49)
%
(6.49)
%
Selected Operating Information:
RevPAR
$
319.82
$
—
$
319.82
$
375.04
$
—
$
375.04
(14.72)
%
(14.72)
%
Occupancy
52.46
%
—
%
52.46
%
52.04
%
—
%
52.04
%
0.81
%
0.81
%
ADR
$
609.69
$
—
$
609.69
$
720.64
$
—
$
720.64
(15.40)
%
(15.40)
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
7,686
$
—
$
7,686
$
6,981
$
—
$
6,981
10.10
%
10.10
%
Total hotel revenue
$
9,741
$
—
$
9,741
$
8,735
$
—
$
8,735
11.52
%
11.52
%
Hotel net income (loss)
$
1,665
$
—
$
1,665
$
799
$
—
$
799
108.39
%
108.39
%
Hotel net income (loss) margin
17.09
%
17.09
%
9.15
%
9.15
%
7.94
%
7.94
%
Hotel EBITDA
$
3,688
$
—
$
3,688
$
2,865
$
—
$
2,865
28.73
%
28.73
%
Hotel EBITDA margin
37.86
%
37.86
%
32.80
%
32.80
%
5.06
%
5.06
%
Selected Operating Information:
RevPAR
$
167.44
$
—
$
167.44
$
152.07
$
—
$
152.07
10.11
%
10.11
%
Occupancy
66.25
%
—
%
66.25
%
63.14
%
—
%
63.14
%
4.93
%
4.93
%
ADR
$
252.72
$
—
$
252.72
$
240.84
$
—
$
240.84
4.93
%
4.93
%
14
Three Months Ended December 31,
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
$
7,644
$
—
$
7,644
$
7,183
$
—
$
7,183
6.42
%
6.42
%
Total hotel revenue
$
8,940
$
—
$
8,940
$
8,373
$
—
$
8,373
6.77
%
6.77
%
Hotel net income (loss)
$
(704)
$
—
$
(704)
$
(1,477)
$
—
$
(1,477)
52.34
%
52.34
%
Hotel net income (loss) margin
(7.87)
%
(7.87)
%
(17.64)
%
(17.64)
%
9.77
%
9.77
%
Hotel EBITDA
$
1,697
$
—
$
1,697
$
1,190
$
—
$
1,190
42.61
%
42.61
%
Hotel EBITDA margin
18.98
%
18.98
%
14.21
%
14.21
%
4.77
%
4.77
%
Selected Operating Information:
RevPAR
$
202.64
$
—
$
202.64
$
190.44
$
—
$
190.44
6.41
%
6.41
%
Occupancy
66.25
%
—
%
66.25
%
65.61
%
—
%
65.61
%
0.98
%
0.98
%
ADR
$
305.86
$
—
$
305.86
$
290.25
$
—
$
290.25
5.38
%
5.38
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
8,379
$
—
$
8,379
$
9,677
$
—
$
9,677
(13.41)
%
(13.41)
%
Total hotel revenue
$
20,364
$
—
$
20,364
$
22,971
$
—
$
22,971
(11.35)
%
(11.35)
%
Hotel net income (loss)
$
3,108
$
—
$
3,108
$
1,194
$
—
$
1,194
160.30
%
160.30
%
Hotel net income (loss) margin
15.26
%
15.26
%
5.20
%
5.20
%
10.06
%
10.06
%
Hotel EBITDA
$
5,132
$
—
$
5,132
$
6,158
$
—
$
6,158
(16.66)
%
(16.66)
%
Hotel EBITDA margin
25.20
%
25.20
%
26.81
%
26.81
%
(1.61)
%
(1.61)
%
Selected Operating Information:
RevPAR
$
329.99
$
—
$
329.99
$
381.12
$
—
$
381.12
(13.42)
%
(13.42)
%
Occupancy
61.87
%
—
%
61.87
%
66.71
%
—
%
66.71
%
(7.26)
%
(7.26)
%
ADR
$
533.33
$
—
$
533.33
$
571.31
$
—
$
571.31
(6.65)
%
(6.65)
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
4,975
$
—
$
4,975
$
7,751
$
—
$
7,751
(35.81)
%
(35.81)
%
Total hotel revenue
$
8,682
$
—
$
8,682
$
13,666
$
—
$
13,666
(36.47)
%
(36.47)
%
Hotel net income (loss)
$
(4,634)
$
—
$
(4,634)
$
681
$
—
$
681
(780.47)
%
(780.47)
%
Hotel net income (loss) margin
(53.37)
%
(53.37)
%
4.98
%
4.98
%
(58.35)
%
(58.35)
%
Hotel EBITDA
$
(1,229)
$
—
$
(1,229)
$
2,581
$
—
$
2,581
(147.62)
%
(147.62)
%
Hotel EBITDA margin
(14.16)
%
(14.16)
%
18.89
%
18.89
%
(33.05)
%
(33.05)
%
Selected Operating Information:
RevPAR
$
295.51
$
—
$
295.51
$
462.91
$
—
$
462.91
(36.16)
%
(36.16)
%
Occupancy
34.16
%
—
%
34.16
%
56.59
%
—
%
56.59
%
(39.64)
%
(39.64)
%
ADR
$
865.09
$
—
$
865.09
$
818.04
$
—
$
818.04
5.75
%
5.75
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
5,542
$
—
$
5,542
$
5,031
$
—
$
5,031
10.16
%
10.16
%
Total hotel revenue
$
7,092
$
—
$
7,092
$
6,440
$
—
$
6,440
10.12
%
10.12
%
Hotel net income (loss)
$
(671)
$
—
$
(671)
$
283
$
—
$
283
(337.10)
%
(337.10)
%
Hotel net income (loss) margin
(9.46)
%
(9.46)
%
4.39
%
4.39
%
(13.85)
%
(13.85)
%
Hotel EBITDA
$
1,899
$
—
$
1,899
$
1,785
$
—
$
1,785
6.39
%
6.39
%
Hotel EBITDA margin
26.78
%
26.78
%
27.72
%
27.72
%
(0.94)
%
(0.94)
%
Selected Operating Information:
RevPAR
$
163.26
$
—
$
163.26
$
151.49
$
—
$
151.49
7.77
%
7.77
%
Occupancy
63.02
%
—
%
63.02
%
60.21
%
—
%
60.21
%
4.67
%
4.67
%
ADR
$
259.05
$
—
$
259.05
$
251.61
$
—
$
251.61
2.96
%
2.96
%
15
Three Months Ended December 31,
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
$
10,208
$
—
$
10,208
$
13,280
$
(1,652)
$
11,628
(23.13)
%
(12.21)
%
Total hotel revenue
$
16,199
$
—
$
16,199
$
19,725
$
(1,652)
$
18,073
(17.88)
%
(10.37)
%
Hotel net income (loss)
$
(409)
$
—
$
(409)
$
3,752
$
(1,653)
$
2,099
(110.90)
%
(119.49)
%
Hotel net income (loss) margin
(2.52)
%
(2.52)
%
19.02
%
11.61
%
(21.54)
%
(14.13)
%
Hotel EBITDA
$
4,244
$
—
$
4,244
$
6,606
$
(1,652)
$
4,954
(35.76)
%
(14.33)
%
Hotel EBITDA margin
—
%
—
%
33.49
%
27.41
%
(33.49)
%
(27.41)
%
Selected Operating Information:
RevPAR
$
616.40
$
—
$
616.40
$
801.98
$
—
$
702.18
(23.14)
%
(12.22)
%
Occupancy
54.98
%
—
%
54.98
%
59.30
%
—
%
59.30
%
(7.28)
%
(7.28)
%
ADR
$
1,121.10
$
—
$
1,121.10
$
1,352.42
$
—
$
1,184.13
(17.10)
%
(5.32)
%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue
$
2,547
$
—
$
2,547
$
3,298
$
—
$
3,298
(22.77)
%
(22.77)
%
Total hotel revenue
$
3,324
$
—
$
3,324
$
4,656
$
—
$
4,656
(28.61)
%
(28.61)
%
Hotel net income (loss)
$
(1,862)
$
—
$
(1,862)
$
(816)
$
—
$
(816)
(128.19)
%
(128.19)
%
Hotel net income (loss) margin
(56.02)
%
(56.02)
%
(17.53)
%
(17.53)
%
(38.49)
%
(38.49)
%
Hotel EBITDA
$
(274)
$
—
$
(274)
$
456
$
—
$
456
(160.09)
%
(160.09)
%
Hotel EBITDA margin
(8.24)
%
(8.24)
%
9.79
%
9.79
%
(18.03)
%
(18.03)
%
Selected Operating Information:
RevPAR
$
193.66
$
—
$
193.66
$
250.68
$
—
$
250.68
(22.75)
%
(22.75)
%
Occupancy
70.68
%
—
%
70.68
%
76.14
%
—
%
76.14
%
(7.17)
%
(7.17)
%
ADR
$
273.98
$
—
$
273.98
$
329.23
$
—
$
329.23
(16.78)
%
(16.78)
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
15,126
$
—
$
15,126
$
13,892
$
—
$
13,892
8.88
%
8.88
%
Total hotel revenue
$
22,451
$
—
$
22,451
$
21,056
$
—
$
21,056
6.63
%
6.63
%
Hotel net income (loss)
$
3,920
$
—
$
3,920
$
2,235
$
—
$
2,235
75.39
%
75.39
%
Hotel net income (loss) margin
17.46
%
17.46
%
10.61
%
10.61
%
6.85
%
6.85
%
Hotel EBITDA
$
5,782
$
—
$
5,782
$
5,042
$
—
$
5,042
14.68
%
14.68
%
Hotel EBITDA margin
25.75
%
25.75
%
23.95
%
23.95
%
1.80
%
1.80
%
Selected Operating Information:
RevPAR
$
1,551.02
$
—
$
1,551.02
$
1,424.51
$
—
$
1,424.51
8.88
%
8.88
%
Occupancy
57.91
%
—
%
57.91
%
56.54
%
—
%
56.54
%
2.42
%
2.42
%
ADR
$
2,678.52
$
—
$
2,678.52
$
2,519.37
$
—
$
2,519.37
6.32
%
6.32
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
10,167
$
—
$
10,167
$
3,107
$
6,612
$
9,719
227.23
%
4.61
%
Total hotel revenue
$
20,917
$
—
$
20,917
$
5,194
$
14,206
$
19,400
302.71
%
7.82
%
Hotel net income (loss)
$
2,185
$
—
$
2,185
$
933
$
3,226
$
4,159
134.19
%
(47.46)
%
Hotel net income (loss) margin
10.45
%
10.45
%
17.96
%
21.44
%
(7.51)
%
(10.99)
%
Hotel EBITDA
$
8,103
$
—
$
8,103
$
1,710
$
5,419
$
7,129
373.86
%
13.66
%
Hotel EBITDA margin
38.74
%
38.74
%
32.92
%
36.75
%
5.82
%
1.99
%
Selected Operating Information:
RevPAR
$
526.22
$
—
$
526.22
$
477.19
$
516.18
$
503.04
10.27
%
4.61
%
Occupancy
56.01
%
—
%
56.01
%
45.15
%
54.47
%
51.33
%
24.05
%
9.12
%
ADR
$
939.53
$
—
$
939.53
$
1,056.99
$
947.59
$
980.01
(11.11)
%
(4.13)
%
16
Three Months Ended December 31,
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
$
73,517
$
—
$
73,517
$
74,034
$
4,960
$
78,994
(0.70)
%
(6.93)
%
Total hotel revenue
$
128,435
$
—
$
128,435
$
123,417
$
12,554
$
135,971
4.07
%
(5.54)
%
Hotel net income (loss)
$
8,345
$
—
$
8,345
$
15,024
$
1,573
$
16,597
(44.46)
%
(49.72)
%
Hotel net income (loss) margin
6.50
%
6.50
%
12.17
%
12.21
%
(5.67)
%
(5.71)
%
Hotel EBITDA
$
33,811
$
—
$
33,811
$
36,165
$
3,767
$
39,932
(6.51)
%
(15.33)
%
Hotel EBITDA margin
26.33
%
26.33
%
29.30
%
29.37
%
(2.97)
%
(3.04)
%
Selected Operating Information:
RevPAR
$
436.91
$
—
$
436.91
$
477.36
$
387.17
$
470.48
(8.47)
%
(7.14)
%
Occupancy
59.39
%
—
%
59.39
%
61.40
%
54.47
%
60.87
%
(3.27)
%
(2.43)
%
ADR
$
735.63
$
—
$
735.63
$
777.50
$
710.76
$
772.94
(5.39)
%
(4.83)
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
38,033
$
—
$
38,033
$
37,388
$
—
$
37,388
1.73
%
1.73
%
Total hotel revenue
$
50,781
$
—
$
50,781
$
49,946
$
—
$
49,946
1.67
%
1.67
%
Hotel net income (loss)
$
(1,402)
$
—
$
(1,402)
$
(1,325)
$
—
$
(1,325)
(5.81)
%
(5.81)
%
Hotel net income (loss) margin
(2.76)
%
(2.76)
%
(2.65)
%
(2.65)
%
(0.11)
%
(0.11)
%
Hotel EBITDA
$
11,305
$
—
$
11,305
$
10,900
$
—
$
10,900
3.72
%
3.72
%
Hotel EBITDA margin
22.26
%
22.26
%
21.82
%
21.82
%
0.44
%
0.44
%
Selected Operating Information:
RevPAR
$
173.26
$
—
$
173.26
$
170.90
$
—
$
170.90
1.38
%
1.38
%
Occupancy
66.85
%
—
%
66.85
%
66.71
%
—
%
66.71
%
0.21
%
0.21
%
ADR
$
259.19
$
—
$
259.19
$
256.20
$
—
$
256.20
1.17
%
1.17
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
111,550
$
—
$
111,550
$
111,422
$
4,960
$
116,382
0.11
%
(4.15)
%
Total hotel revenue
$
179,216
$
—
$
179,216
$
173,363
$
12,554
$
185,917
3.38
%
(3.60)
%
Hotel net income (loss)
$
6,943
$
—
$
6,943
$
13,699
$
1,573
$
15,272
(49.32)
%
(54.54)
%
Hotel net income (loss) margin
3.87
%
3.87
%
7.90
%
8.21
%
(4.03)
%
(4.34)
%
Hotel EBITDA
$
45,116
$
—
$
45,116
$
47,065
$
3,767
$
50,832
(4.14)
%
(11.24)
%
Hotel EBITDA margin
25.17
%
25.17
%
27.15
%
27.34
%
(1.98)
%
(2.17)
%
Selected Operating Information:
RevPAR
$
287.67
$
—
$
287.67
$
298.03
$
387.17
$
300.98
(3.48)
%
(4.42)
%
Occupancy
63.61
%
—
%
63.61
%
64.50
%
54.47
%
64.17
%
(1.38)
%
(0.87)
%
ADR
$
452.21
$
—
$
452.21
$
462.04
$
710.76
$
469.03
(2.13)
%
(3.59)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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, Cameo Beverly Hills
(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)
Year Ended December 31,
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
$
36,615
$
—
$
36,615
$
29,877
$
—
$
29,877
22.55
%
22.55
%
Total hotel revenue
$
57,716
$
—
$
57,716
$
45,113
$
—
$
45,113
27.94
%
27.94
%
Hotel net income (loss)
$
4,934
$
—
$
4,934
$
1,125
$
—
$
1,125
338.58
%
338.58
%
Hotel net income (loss) margin
8.55
%
8.55
%
2.49
%
2.49
%
6.06
%
6.06
%
Hotel EBITDA
$
15,427
$
—
$
15,427
$
10,174
$
—
$
10,174
51.63
%
51.63
%
Hotel EBITDA margin
26.73
%
26.73
%
22.55
%
22.55
%
4.18
%
4.18
%
Selected Operating Information:
RevPAR
$
182.39
$
—
$
182.39
$
148.82
$
—
$
148.82
22.56
%
22.56
%
Occupancy
72.92
%
—
%
72.92
%
65.17
%
—
%
65.17
%
11.89
%
11.89
%
ADR
$
250.11
$
—
$
250.11
$
228.36
$
—
$
228.36
9.52
%
9.52
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
28,735
$
—
$
28,735
$
27,880
$
—
$
27,880
3.07
%
3.07
%
Total hotel revenue
$
50,715
$
—
$
50,715
$
49,076
$
—
$
49,076
3.34
%
3.34
%
Hotel net income (loss)
$
12,836
$
—
$
12,836
$
13,162
$
—
$
13,162
(2.48)
%
(2.48)
%
Hotel net income (loss) margin
25.31
%
25.31
%
26.82
%
26.82
%
(1.51)
%
(1.51)
%
Hotel EBITDA
$
17,289
$
—
$
17,289
$
17,328
$
—
$
17,328
(0.23)
%
(0.23)
%
Hotel EBITDA margin
34.09
%
34.09
%
35.31
%
35.31
%
(1.22)
%
(1.22)
%
Selected Operating Information:
RevPAR
$
199.82
$
—
$
199.82
$
193.87
$
—
$
193.87
3.07
%
3.07
%
Occupancy
78.76
%
—
%
78.76
%
77.25
%
—
%
77.25
%
1.95
%
1.95
%
ADR
$
253.71
$
—
$
253.71
$
250.95
$
—
$
250.95
1.10
%
1.10
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
25,512
$
—
$
25,512
$
24,829
$
—
$
24,829
2.75
%
2.75
%
Total hotel revenue
$
33,917
$
—
$
33,917
$
33,635
$
—
$
33,635
0.84
%
0.84
%
Hotel net income (loss)
$
3,392
$
—
$
3,392
$
2,226
$
—
$
2,226
52.38
%
52.38
%
Hotel net income (loss) margin
10.00
%
10.00
%
6.62
%
6.62
%
3.38
%
3.38
%
Hotel EBITDA
$
8,183
$
—
$
8,183
$
8,288
$
—
$
8,288
(1.27)
%
(1.27)
%
Hotel EBITDA margin
24.13
%
24.13
%
24.64
%
24.64
%
(0.51)
%
(0.51)
%
Selected Operating Information:
RevPAR
$
168.42
$
—
$
168.42
$
163.92
$
—
$
163.92
2.75
%
2.75
%
Occupancy
70.30
%
—
%
70.30
%
65.36
%
—
%
65.36
%
7.56
%
7.56
%
ADR
$
239.57
$
—
$
239.57
$
250.78
$
—
$
250.78
(4.47)
%
(4.47)
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
16,429
$
—
$
16,429
$
19,082
$
—
$
19,082
(13.90)
%
(13.90)
%
Total hotel revenue
$
22,159
$
—
$
22,159
$
25,259
$
—
$
25,259
(12.27)
%
(12.27)
%
Hotel net income (loss)
$
1,428
$
—
$
1,428
$
4,488
$
—
$
4,488
(68.18)
%
(68.18)
%
Hotel net income (loss) margin
6.44
%
6.44
%
17.77
%
17.77
%
(11.33)
%
(11.33)
%
Hotel EBITDA
$
6,067
$
—
$
6,067
$
9,127
$
—
$
9,127
(33.53)
%
(33.53)
%
Hotel EBITDA margin
27.38
%
27.38
%
36.13
%
36.13
%
(8.75)
%
(8.75)
%
Selected Operating Information:
RevPAR
$
692.48
$
—
$
692.48
$
804.31
$
—
$
804.31
(13.90)
%
(13.90)
%
Occupancy
66.22
%
—
%
66.22
%
63.96
%
—
%
63.96
%
3.53
%
3.53
%
ADR
$
1,045.70
$
—
$
1,045.70
$
1,257.56
$
—
$
1,257.56
(16.85)
%
(16.85)
%
18
Year Ended December 31,
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
$
24,168
$
—
$
24,168
$
27,419
$
—
$
27,419
(11.86)
%
(11.86)
%
Total hotel revenue
$
30,641
$
—
$
30,641
$
34,104
$
—
$
34,104
(10.15)
%
(10.15)
%
Hotel net income (loss)
$
6,799
$
—
$
6,799
$
12,377
$
—
$
12,377
(45.07)
%
(45.07)
%
Hotel net income (loss) margin
22.19
%
22.19
%
36.29
%
36.29
%
(14.10)
%
(14.10)
%
Hotel EBITDA
$
15,011
$
—
$
15,011
$
18,115
$
—
$
18,115
(17.13)
%
(17.13)
%
Hotel EBITDA margin
48.99
%
48.99
%
53.12
%
53.12
%
(4.13)
%
(4.13)
%
Selected Operating Information:
RevPAR
$
466.29
$
—
$
466.29
$
529.03
$
—
$
529.03
(11.86)
%
(11.86)
%
Occupancy
72.66
%
—
%
72.66
%
74.81
%
—
%
74.81
%
(2.87)
%
(2.87)
%
ADR
$
641.70
$
—
$
641.70
$
707.12
$
—
$
707.12
(9.25)
%
(9.25)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
12,325
$
—
$
12,325
$
14,314
$
—
$
14,314
(13.90)
%
(13.90)
%
Total hotel revenue
$
15,296
$
—
$
15,296
$
17,194
$
—
$
17,194
(11.04)
%
(11.04)
%
Hotel net income (loss)
$
871
$
—
$
871
$
2,547
$
—
$
2,547
(65.80)
%
(65.80)
%
Hotel net income (loss) margin
5.69
%
5.69
%
14.81
%
14.81
%
(9.12)
%
(9.12)
%
Hotel EBITDA
$
4,915
$
—
$
4,915
$
6,958
$
—
$
6,958
(29.36)
%
(29.36)
%
Hotel EBITDA margin
32.13
%
32.13
%
40.47
%
40.47
%
(8.34)
%
(8.34)
%
Selected Operating Information:
RevPAR
$
422.10
$
—
$
422.10
$
490.21
$
—
$
490.21
(13.89)
%
(13.89)
%
Occupancy
60.78
%
—
%
60.78
%
54.06
%
—
%
54.06
%
12.43
%
12.43
%
ADR
$
694.51
$
—
$
694.51
$
906.82
$
—
$
906.82
(23.41)
%
(23.41)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
25,351
$
—
$
25,351
$
25,253
$
—
$
25,253
0.39
%
0.39
%
Total hotel revenue
$
49,335
$
—
$
49,335
$
50,615
$
—
$
50,615
(2.53)
%
(2.53)
%
Hotel net income (loss)
$
1,088
$
—
$
1,088
$
5,668
$
—
$
5,668
(80.80)
%
(80.80)
%
Hotel net income (loss) margin
2.21
%
2.21
%
11.20
%
11.20
%
(8.99)
%
(8.99)
%
Hotel EBITDA
$
12,273
$
—
$
12,273
$
13,620
$
—
$
13,620
(9.89)
%
(9.89)
%
Hotel EBITDA margin
24.88
%
24.88
%
26.91
%
26.91
%
(2.03)
%
(2.03)
%
Selected Operating Information:
RevPAR
$
360.35
$
—
$
360.35
$
364.13
$
—
$
364.13
(1.04)
%
(1.04)
%
Occupancy
55.81
%
—
%
55.81
%
60.58
%
—
%
60.58
%
(7.87)
%
(7.87)
%
ADR
$
645.73
$
—
$
645.73
$
601.05
$
—
$
601.05
7.43
%
7.43
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
26,222
$
—
$
26,222
$
22,237
$
—
$
22,237
17.92
%
17.92
%
Total hotel revenue
$
33,117
$
—
$
33,117
$
27,536
$
—
$
27,536
20.27
%
20.27
%
Hotel net income (loss)
$
2,071
$
—
$
2,071
$
(505)
$
—
$
(505)
510.10
%
510.10
%
Hotel net income (loss) margin
6.25
%
6.25
%
(1.83)
%
(1.83)
%
8.08
%
8.08
%
Hotel EBITDA
$
10,317
$
—
$
10,317
$
7,673
$
—
$
7,673
34.46
%
34.46
%
Hotel EBITDA margin
31.15
%
31.15
%
27.87
%
27.87
%
3.28
%
3.28
%
Selected Operating Information:
RevPAR
$
143.97
$
—
$
143.97
$
122.10
$
—
$
122.10
17.91
%
17.91
%
Occupancy
62.44
%
—
%
62.44
%
55.92
%
—
%
55.92
%
11.66
%
11.66
%
ADR
$
230.59
$
—
$
230.59
$
218.34
$
—
$
218.34
5.61
%
5.61
%
19
Year Ended December 31,
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
$
32,767
$
—
$
32,767
$
31,334
$
—
$
31,334
4.57
%
4.57
%
Total hotel revenue
$
38,754
$
—
$
38,754
$
36,163
$
—
$
36,163
7.16
%
7.16
%
Hotel net income (loss)
$
(462)
$
—
$
(462)
$
(2,872)
$
—
$
(2,872)
83.91
%
83.91
%
Hotel net income (loss) margin
(1.19)
%
(1.19)
%
(7.94)
%
(7.94)
%
6.75
%
6.75
%
Hotel EBITDA
$
9,276
$
—
$
9,276
$
8,354
$
—
$
8,354
11.04
%
11.04
%
Hotel EBITDA margin
23.94
%
23.94
%
23.10
%
23.10
%
0.84
%
0.84
%
Selected Operating Information:
RevPAR
$
218.95
$
—
$
218.95
$
209.38
$
—
$
209.38
4.57
%
4.57
%
Occupancy
70.81
%
—
%
70.81
%
70.05
%
—
%
70.05
%
1.08
%
1.08
%
ADR
$
309.19
$
—
$
309.19
$
298.91
$
—
$
298.91
3.44
%
3.44
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
37,278
$
—
$
37,278
$
46,210
$
—
$
46,210
(19.33)
%
(19.33)
%
Total hotel revenue
$
85,520
$
—
$
85,520
$
98,364
$
—
$
98,364
(13.06)
%
(13.06)
%
Hotel net income (loss)
$
11,171
$
—
$
11,171
$
17,641
$
—
$
17,641
(36.68)
%
(36.68)
%
Hotel net income (loss) margin
13.06
%
13.06
%
17.93
%
17.93
%
(4.87)
%
(4.87)
%
Hotel EBITDA
$
22,381
$
—
$
22,381
$
30,377
$
—
$
30,377
(26.32)
%
(26.32)
%
Hotel EBITDA margin
26.17
%
26.17
%
30.88
%
30.88
%
(4.71)
%
(4.71)
%
Selected Operating Information:
RevPAR
$
370.04
$
—
$
370.04
$
459.97
$
—
$
459.97
(19.55)
%
(19.55)
%
Occupancy
62.98
%
—
%
62.98
%
74.47
%
—
%
74.47
%
(15.43)
%
(15.43)
%
ADR
$
587.54
$
—
$
587.54
$
617.66
$
—
$
617.66
(4.88)
%
(4.88)
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
27,797
$
—
$
27,797
$
31,263
$
—
$
31,263
(11.09)
%
(11.09)
%
Total hotel revenue
$
50,282
$
—
$
50,282
$
54,779
$
—
$
54,779
(8.21)
%
(8.21)
%
Hotel net income (loss)
$
(4,690)
$
—
$
(4,690)
$
5,020
$
—
$
5,020
(193.43)
%
(193.43)
%
Hotel net income (loss) margin
(9.33)
%
(9.33)
%
9.16
%
9.16
%
(18.49)
%
(18.49)
%
Hotel EBITDA
$
6,082
$
—
$
6,082
$
11,383
$
—
$
11,383
(46.57)
%
(46.57)
%
Hotel EBITDA margin
12.10
%
12.10
%
20.78
%
20.78
%
(8.68)
%
(8.68)
%
Selected Operating Information:
RevPAR
$
416.16
$
—
$
416.16
$
470.61
$
—
$
470.61
(11.57)
%
(11.57)
%
Occupancy
49.99
%
—
%
49.99
%
56.22
%
—
%
56.22
%
(11.08)
%
(11.08)
%
ADR
$
832.52
$
—
$
832.52
$
837.16
$
—
$
837.16
(0.55)
%
(0.55)
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
28,410
$
—
$
28,410
$
21,445
$
—
$
21,445
32.48
%
32.48
%
Total hotel revenue
$
34,629
$
—
$
34,629
$
26,385
$
—
$
26,385
31.25
%
31.25
%
Hotel net income (loss)
$
5,471
$
—
$
5,471
$
3,790
$
—
$
3,790
44.35
%
44.35
%
Hotel net income (loss) margin
15.80
%
15.80
%
14.36
%
14.36
%
1.44
%
1.44
%
Hotel EBITDA
$
12,816
$
—
$
12,816
$
9,217
$
—
$
9,217
39.05
%
39.05
%
Hotel EBITDA margin
37.01
%
37.01
%
34.93
%
34.93
%
2.08
%
2.08
%
Selected Operating Information:
RevPAR
$
210.94
$
—
$
210.94
$
162.75
$
—
$
162.75
29.61
%
29.61
%
Occupancy
70.69
%
—
%
70.69
%
56.88
%
—
%
56.88
%
24.28
%
24.28
%
ADR
$
298.39
$
—
$
298.39
$
286.14
$
—
$
286.14
4.28
%
4.28
%
20
Year Ended December 31,
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
$
47,971
$
—
$
47,971
$
58,426
$
—
$
58,426
(17.89)
%
(17.89)
%
Total hotel revenue
$
75,394
$
—
$
75,394
$
87,654
$
—
$
87,654
(13.99)
%
(13.99)
%
Hotel net income (loss)
$
8,322
$
—
$
8,322
$
18,920
$
—
$
18,920
(56.01)
%
(56.01)
%
Hotel net income (loss) margin
11.04
%
11.04
%
21.58
%
21.58
%
(10.54)
%
(10.54)
%
Hotel EBITDA
$
22,628
$
—
$
22,628
$
30,137
$
—
$
30,137
(24.92)
%
(24.92)
%
Hotel EBITDA margin
30.01
%
30.01
%
34.38
%
34.38
%
(4.37)
%
(4.37)
%
Selected Operating Information:
RevPAR
$
730.15
$
—
$
730.15
$
889.30
$
—
$
889.30
(17.90)
%
(17.90)
%
Occupancy
66.43
%
—
%
66.43
%
73.81
%
—
%
73.81
%
(10.00)
%
(10.00)
%
ADR
$
1,099.14
$
—
$
1,099.14
$
1,204.88
$
—
$
1,204.88
(8.78)
%
(8.78)
%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue
$
11,727
$
—
$
11,727
$
13,472
$
—
$
13,472
(12.95)
%
(12.95)
%
Total hotel revenue
$
16,113
$
—
$
16,113
$
19,484
$
—
$
19,484
(17.30)
%
(17.30)
%
Hotel net income (loss)
$
(4,222)
$
—
$
(4,222)
$
(1,390)
$
—
$
(1,390)
(203.74)
%
(203.74)
%
Hotel net income (loss) margin
(26.20)
%
(26.20)
%
(7.13)
%
(7.13)
%
(19.07)
%
(19.07)
%
Hotel EBITDA
$
987
$
—
$
987
$
3,157
$
—
$
3,157
(68.74)
%
(68.74)
%
Hotel EBITDA margin
6.13
%
6.13
%
16.20
%
16.20
%
(10.07)
%
(10.07)
%
Selected Operating Information:
RevPAR
$
224.69
$
—
$
224.69
$
258.10
$
—
$
258.10
(12.94)
%
(12.94)
%
Occupancy
72.78
%
—
%
72.78
%
74.26
%
—
%
74.26
%
(1.99)
%
(1.99)
%
ADR
$
308.71
$
—
$
308.71
$
347.57
$
—
$
347.57
(11.18)
%
(11.18)
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
54,712
$
—
$
54,712
$
42,072
$
10,256
$
52,328
30.04
%
4.56
%
Total hotel revenue
$
83,744
$
—
$
83,744
$
64,517
$
15,169
$
79,686
29.80
%
5.09
%
Hotel net income (loss)
$
13,480
$
—
$
13,480
$
7,583
$
2,089
$
9,672
77.77
%
39.37
%
Hotel net income (loss) margin
16.10
%
16.10
%
11.75
%
12.14
%
4.35
%
3.96
%
Hotel EBITDA
$
20,924
$
—
$
20,924
$
14,887
$
3,634
$
18,521
40.55
%
12.97
%
Hotel EBITDA margin
24.99
%
24.99
%
23.07
23.24
%
1.92
%
1.75
%
Selected Operating Information:
RevPAR
$
1,414.11
$
—
$
1,414.11
$
1,340.90
$
1,402.17
$
1,352.48
5.46
%
4.56
%
Occupancy
59.00
%
—
%
59.00
%
60.40
%
50.36
%
58.50
%
(2.32)
%
0.85
%
ADR
$
2,396.80
$
—
$
2,396.80
$
2,220.05
$
2,784.54
$
2,311.90
7.96
%
3.67
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
35,789
$
—
$
35,789
$
3,107
$
29,330
$
32,437
1,051.88
%
10.33
%
Total hotel revenue
$
67,666
$
—
$
67,666
$
5,194
$
54,684
$
59,878
1,202.77
%
13.01
%
Hotel net income (loss)
$
1,138
$
—
$
1,138
$
933
$
3,162
$
4,095
21.97
%
(72.21)
%
Hotel net income (loss) margin
1.68
%
1.68
%
17.96
%
6.84
%
(16.28)
%
(5.16)
%
Hotel EBITDA
$
21,863
$
—
$
21,863
$
1,710
$
16,412
$
18,122
1,178.54
%
20.64
%
Hotel EBITDA margin
32.31
%
32.31
%
32.92
30.26
%
(0.61)
%
2.05
%
Selected Operating Information:
RevPAR
$
466.92
$
—
$
466.92
$
477.19
$
418.17
$
423.18
(2.15)
%
10.34
%
Occupancy
48.27
%
—
%
48.27
%
45.15
%
46.38
%
46.28
%
6.91
%
4.30
%
ADR
$
967.22
$
—
$
967.22
$
1,056.99
$
901.55
$
914.43
(8.49)
%
5.77
%
21
Year Ended December 31,
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
$
310,555
$
—
$
310,555
$
295,026
$
39,586
$
334,612
5.26
%
(7.19)
%
Total hotel revenue
$
530,752
$
—
$
530,752
$
486,756
$
69,853
$
556,609
9.04
%
(4.65)
%
Hotel net income (loss)
$
52,442
$
—
$
52,442
$
88,339
$
5,251
$
93,590
(40.64)
%
(43.97)
%
Hotel net income (loss) margin
9.88
%
9.88
%
18.15
%
16.81
%
(8.27)
%
(6.93)
%
Hotel EBITDA
$
149,433
$
—
$
149,433
$
153,642
$
20,046
$
173,688
(2.74)
%
(13.96)
%
Hotel EBITDA margin
28.15
%
28.15
%
31.56
%
31.20
%
(3.41)
%
(3.05)
%
Selected Operating Information:
RevPAR
$
465.26
$
—
$
465.26
$
501.41
$
511.09
$
502.54
(7.21)
%
(7.42)
%
Occupancy
63.51
%
—
%
63.51
%
68.90
%
46.76
%
66.32
%
(7.82)
%
(4.24)
%
ADR
$
732.53
$
—
$
732.53
$
727.76
$
1,093.04
$
757.72
0.66
%
(3.32)
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
161,253
$
—
$
161,253
$
143,194
$
—
$
143,194
12.61
%
12.61
%
Total hotel revenue
$
214,246
$
—
$
214,246
$
188,316
$
—
$
188,316
13.77
%
13.77
%
Hotel net income (loss)
$
11,183
$
—
$
11,183
$
2,374
$
—
$
2,374
371.06
%
371.06
%
Hotel net income (loss) margin
5.22
%
5.22
%
1.26
%
1.26
%
3.96
%
3.96
%
Hotel EBITDA
$
57,006
$
—
$
57,006
$
46,863
$
—
$
46,863
21.64
%
21.64
%
Hotel EBITDA margin
26.61
%
26.61
%
24.89
%
24.89
%
1.72
%
1.72
%
Selected Operating Information:
RevPAR
$
185.16
$
—
$
185.16
$
164.98
$
—
$
164.98
12.23
%
12.23
%
Occupancy
69.56
%
—
%
69.56
%
63.39
%
—
%
63.39
%
9.73
%
9.73
%
ADR
$
266.19
$
—
$
266.19
$
260.25
$
—
$
260.25
2.28
%
2.28
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
471,808
$
—
$
471,808
$
438,220
$
39,586
$
477,806
7.66
%
(1.26)
%
Total hotel revenue
$
744,998
$
—
$
744,998
$
675,072
$
69,853
$
744,925
10.36
%
0.01
%
Hotel net income (loss)
$
63,627
$
—
$
63,627
$
90,713
$
5,251
$
95,964
(29.86)
%
(33.70)
%
Hotel net income (loss) margin
8.54
%
8.54
%
13.44
%
12.88
%
(4.90)
%
(4.34)
%
Hotel EBITDA
$
206,439
$
—
$
206,439
$
200,505
$
20,046
$
220,551
2.96
%
(6.40)
%
Hotel EBITDA margin
27.71
%
27.71
%
29.70
%
29.61
%
(1.99)
%
(1.90)
%
Selected Operating Information:
RevPAR
$
306.69
$
—
$
306.69
$
300.90
$
511.09
$
311.51
1.92
%
(1.55)
%
Occupancy
66.94
%
—
%
66.94
%
65.62
%
46.76
%
64.66
%
2.01
%
3.53
%
ADR
$
458.19
$
—
$
458.19
$
458.58
$
1,093.04
$
481.75
(0.09)
%
(4.89)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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, Cameo Beverly Hills
(6) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
22
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
2023
2023
2023
2023
2023
2023
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
Total hotel revenue
$
179,216
$
—
$
179,216
$
160,697
$
—
$
160,697
$
187,905
$
—
$
187,905
$
217,180
$
—
$
217,180
Hotel net income (loss)
$
6,943
$
—
$
6,943
$
788
$
—
$
788
$
18,143
$
—
$
18,143
$
37,753
$
—
$
37,753
Hotel net income (loss) margin
3.87
%
3.87
%
0.49
%
0.49
%
9.66
%
9.66
%
17.38
%
17.38
%
Hotel EBITDA
$
45,116
$
—
$
45,116
$
34,867
$
—
$
34,867
$
53,660
$
—
$
53,660
$
72,796
$
—
$
72,796
Hotel EBITDA margin
25.17
%
25.17
%
21.70
%
21.70
%
28.56
%
28.56
%
33.52
%
33.52
%
Hotel net income (loss) % of total TTM
10.9
%
10.9
%
1.2
%
1.2
%
28.5
%
28.5
%
59.4
%
59.4
%
EBITDA % of total TTM
21.9
%
22.0
%
16.9
%
16.9
%
26.0
%
26.0
%
35.2
%
35.1
%
JV interests in Hotel net income (loss)
$
702
$
—
$
702
$
830
$
—
$
830
$
1,757
$
—
$
1,757
$
1,154
$
—
$
1,154
JV interests in EBITDA
$
1,769
$
—
$
1,769
$
1,849
$
—
$
1,849
$
2,618
$
—
$
2,618
$
1,943
$
—
$
1,943
Actual
Non-comparable Adjustments
Comparable
2023
2023
2023
TTM
TTM
TTM
Total hotel revenue
$
744,998
$
—
$
744,998
Hotel net income (loss)
$
63,627
$
—
$
63,627
Hotel net income (loss) margin
8.54
%
8.54
%
Hotel EBITDA
$
206,439
$
—
$
206,439
Hotel EBITDA margin
27.71
%
27.71
%
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)
$
4,443
$
—
$
4,443
JV interests in EBITDA
$
8,179
$
—
$
8,179
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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.
23
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2023
(in thousands, except share price)
(unaudited)
December 31, 2023
Common stock shares outstanding
66,636
Partnership units outstanding (common stock equivalents)
7,224
Combined common stock shares and partnership units outstanding
73,860
Common stock price
$
2.50
Market capitalization
$
184,650
Series B cumulative convertible preferred stock
$
76,950
Series D cumulative preferred stock
$
40,000
Series E redeemable preferred stock
$
407,908
Series M redeemable preferred stock
$
45,820
Indebtedness
$
1,173,043
Joint venture partner's share of consolidated indebtedness
$
(44,300)
Net working capital (see below)
$
(69,610)
Total enterprise value (TEV)
$
1,814,461
Cash and cash equivalents
$
83,252
Restricted cash
$
78,395
Accounts receivable, net
$
37,929
Prepaid expenses
$
9,675
Due from third-party hotel managers, net
$
16,375
Total current assets
$
225,626
Accounts payable, net & accrued expenses
$
145,013
Dividends and distributions payable
$
9,158
Due to affiliates, net
$
1,845
Total current liabilities
$
156,016
Net working capital*
$
69,610
* Includes the Company's pro rata share of net working capital in joint ventures.
24
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2023
2024
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Actual
Actual
Estimated
Estimated
Estimated
Estimated
Bardessono Hotel and Spa
65
x
x
Capital Hilton Washington D.C.
550
x
x
x
x
x
The Ritz-Carlton Lake Tahoe
170
x
x
x
x
Cameo Beverly Hills
143
x
The Ritz-Carlton St. Thomas
180
x
x
The Ritz-Carlton Sarasota
276
x
x
x
x
Total
1
2
3
3
3
2
2
2
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 and 2024 are included in this table.
25
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2023
2023
2023
2023
December 31, 2023
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
TTM
Net income (loss)
$
6,943
$
788
$
18,143
$
37,753
$
63,627
Non-property adjustments
249
203
(12)
12
452
Interest income
(315)
(316)
(259)
(235)
(1,125)
Interest expense
9,250
9,557
11,425
11,066
41,298
Amortization of loan costs
622
556
562
642
2,382
Depreciation and amortization
25,478
22,703
22,567
22,521
93,269
Income tax expense (benefit)
1,587
13
507
340
2,447
Non-hotel EBITDA ownership expense
1,302
1,363
727
697
4,089
Hotel EBITDA including amounts attributable to noncontrolling interest
45,116
34,867
53,660
72,796
206,439
Non-comparable adjustments
—
—
—
—
—
Comparable hotel EBITDA
$
45,116
$
34,867
$
53,660
$
72,796
$
206,439
26
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(108)
$
2,914
$
278
$
505
$
1,248
$
621
$
(1,113)
$
1,665
$
(704)
$
3,108
$
(4,634)
$
(671)
$
(409)
$
(1,862)
$
3,920
$
2,185
$
6,943
$
(28,426)
$
(21,483)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
249
—
—
—
—
—
249
(249)
—
Interest income
(40)
(95)
9
—
—
—
—
(16)
(48)
(83)
57
(27)
(13)
—
—
(59)
(315)
315
—
Interest expense
—
—
—
—
1,462
—
1,476
—
—
165
1,139
20
1,018
703
—
3,267
9,250
14,135
23,385
Amortization of loan cost
—
—
—
—
81
4
206
—
—
—
65
—
—
45
—
221
622
433
1,055
Depreciation and amortization
2,751
1,053
1,195
580
561
423
1,258
2,034
2,392
1,924
1,660
2,555
2,274
659
1,679
2,483
25,481
—
25,481
Income tax expense (benefit)
10
45
—
—
—
—
—
(4)
—
—
—
—
1,365
—
171
—
1,587
38
1,625
Non-hotel EBITDA ownership expense
161
387
39
125
11
23
4
9
57
18
235
22
9
181
12
6
1,299
(1,299)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
2,774
4,304
1,521
1,210
3,363
1,071
1,831
3,688
1,697
5,132
(1,229)
1,899
4,244
(274)
5,782
8,103
45,116
(15,053)
30,063
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(693)
(1,076)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,769)
1,769
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
45
45
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(54)
(54)
Hotel EBITDA attributable to the Company and OP unitholders
$
2,081
$
3,228
$
1,521
$
1,210
$
3,363
$
1,071
$
1,831
$
3,688
$
1,697
$
5,132
$
(1,229)
$
1,899
$
4,244
$
(274)
$
5,782
$
8,103
$
43,347
$
(13,293)
$
30,054
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
2,774
$
4,304
$
1,521
$
1,210
$
3,363
$
1,071
$
1,831
$
3,688
$
1,697
$
5,132
$
(1,229)
$
1,899
$
4,244
$
(274)
$
5,782
$
8,103
$
45,116
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
4,304
$
1,521
$
1,210
$
3,363
$
1,071
$
1,831
$
3,688
$
1,697
$
—
$
—
$
1,899
$
4,244
$
(274)
$
5,782
$
8,103
$
38,439
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
4,304
$
1,521
$
1,210
$
3,363
$
1,071
$
1,831
$
3,688
$
1,697
$
—
$
—
$
1,899
$
4,244
$
(274)
$
5,782
$
8,103
$
38,439
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
4,304
$
—
$
1,210
$
3,363
$
1,071
$
1,831
$
—
$
—
$
5,132
$
(1,229)
$
—
$
4,244
$
—
$
5,782
$
8,103
$
33,811
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
4,304
$
—
$
1,210
$
3,363
$
1,071
$
1,831
$
—
$
—
$
5,132
$
(1,229)
$
—
$
4,244
$
—
$
5,782
$
8,103
$
33,811
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
2,774
$
—
$
1,521
$
—
$
—
$
—
$
—
$
3,688
$
1,697
$
—
$
—
$
1,899
$
—
$
(274)
$
—
$
—
$
11,305
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
2,774
$
—
$
1,521
$
—
$
—
$
—
$
—
$
3,688
$
1,697
$
—
$
—
$
1,899
$
—
$
(274)
$
—
$
—
$
11,305
27
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended December 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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Aareal (Capital Hilton)
$
2,774
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
2,774
BAML Pool (see footnote 3)
—
—
1,521
—
—
—
—
3,688
1,697
—
—
1,899
—
—
—
—
8,805
BAML Credit Facility (see foonote 4)
—
—
—
1,210
—
1,071
—
—
—
5,132
—
—
—
—
—
—
7,413
BAML (Pier House Resort & Spa)
—
—
—
—
3,363
—
—
—
—
—
—
—
—
—
—
—
3,363
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
1,831
—
—
—
—
—
—
—
—
—
1,831
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
(1,229)
—
—
—
—
—
(1,229)
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
4,244
—
—
—
4,244
LoanCore (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
(274)
—
—
(274)
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
8,103
8,103
Prudential (Hilton La Jolla Torrey Pines)
—
4,304
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4,304
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,782
—
5,782
Total
$
2,774
$
4,304
$
1,521
$
1,210
$
3,363
$
1,071
$
1,831
$
3,688
$
1,697
$
5,132
$
(1,229)
$
1,899
$
4,244
$
(274)
$
5,782
$
8,103
$
45,116
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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) This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
(5) Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
28
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(616)
$
3,935
$
2,147
$
1,463
$
28
$
1,234
$
(1,255)
$
376
$
356
$
(1,281)
$
(1,234)
$
4,044
$
(659)
$
(1,272)
$
(570)
$
(5,908)
$
788
$
(23,399)
$
(22,611)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
(292)
—
495
203
(203)
—
Interest income
(68)
(94)
(3)
—
—
—
—
(12)
(42)
(56)
44
(22)
(12)
—
—
(51)
(316)
316
—
Interest expense
—
—
—
267
1,447
380
1,463
—
—
965
1,008
20
1,010
696
—
2,301
9,557
12,868
22,425
Amortization of loan cost
—
—
—
—
81
12
203
—
—
—
40
—
9
44
—
167
556
325
881
Depreciation and amortization
2,484
1,052
1,121
566
549
421
1,140
1,962
2,403
1,482
1,236
1,536
2,139
528
1,656
2,428
22,703
—
22,703
Income tax expense (benefit)
(35)
67
—
—
—
—
—
5
—
—
—
—
28
—
(52)
—
13
(1,203)
(1,190)
Non-hotel EBITDA ownership expense
648
23
(21)
197
10
59
—
18
17
13
223
14
20
155
9
(22)
1,363
(1,363)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
2,413
4,983
3,244
2,493
2,115
2,106
1,551
2,349
2,734
1,123
1,317
5,592
2,535
(141)
1,043
(590)
34,867
(12,659)
22,208
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(603)
(1,246)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,849)
1,849
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
60
60
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(63)
(63)
Hotel EBITDA attributable to the Company and OP unitholders
$
1,810
$
3,737
$
3,244
$
2,493
$
2,115
$
2,106
$
1,551
$
2,349
$
2,734
$
1,123
$
1,317
$
5,592
$
2,535
$
(141)
$
1,043
$
(590)
$
33,018
$
(10,813)
$
22,205
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
2,413
$
4,983
$
3,244
$
2,493
$
2,115
$
2,106
$
1,551
$
2,349
$
2,734
$
1,123
$
1,317
$
5,592
$
2,535
$
(141)
$
1,043
$
(590)
$
34,867
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
4,983
$
—
$
2,493
$
2,115
$
2,106
$
1,551
$
—
$
—
$
1,123
$
1,317
$
—
$
2,535
$
—
$
1,043
$
(590)
$
18,676
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
4,983
$
—
$
2,493
$
2,115
$
2,106
$
1,551
$
—
$
—
$
1,123
$
1,317
$
—
$
2,535
$
—
$
1,043
$
(590)
$
18,676
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
2,413
$
—
$
3,244
$
—
$
—
$
—
$
—
$
2,349
$
2,734
$
—
$
—
$
5,592
$
—
$
(141)
$
—
$
—
$
16,191
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
2,413
$
—
$
3,244
$
—
$
—
$
—
$
—
$
2,349
$
2,734
$
—
$
—
$
5,592
$
—
$
(141)
$
—
$
—
$
16,191
29
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended September 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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Aareal (Capital Hilton)
$
2,413
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
2,413
BAML Pool (see footnote 3)
—
—
3,244
—
—
—
—
2,349
2,734
—
—
5,592
—
—
—
—
13,919
BAML Credit Facility (see foonote 4)
—
—
—
2,493
—
2,106
—
—
—
1,123
—
—
—
—
—
—
5,722
BAML (Pier House Resort & Spa)
—
—
—
—
2,115
—
—
—
—
—
—
—
—
—
—
—
2,115
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
1,551
—
—
—
—
—
—
—
—
—
1,551
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
1,317
—
—
—
—
—
1,317
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
2,535
—
—
—
2,535
LoanCore (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
(141)
—
—
(141)
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(590)
(590)
Prudential (Hilton La Jolla Torrey Pines)
—
4,983
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4,983
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1,043
—
1,043
Total
$
2,413
$
4,983
$
3,244
$
2,493
$
2,115
$
2,106
$
1,551
$
2,349
$
2,734
$
1,123
$
1,317
$
5,592
$
2,535
$
(141)
$
1,043
$
(590)
$
34,867
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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) This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
30
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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale 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)
(1,032)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(2,618)
2,618
—
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
$
3,098
$
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
$
51,042
$
(8,093)
$
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
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
31
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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Aareal (Capital Hilton)
$
6,342
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
6,342
BAML Pool (see footnote 3)
—
—
3,033
—
—
—
—
3,586
2,450
—
—
4,313
—
—
—
—
13,382
BAML Credit Facility (see foonote 4)
—
—
—
2,244
—
1,420
—
—
—
6,120
—
—
—
—
—
—
9,784
BAML (Pier House Resort & Spa)
—
—
—
—
3,775
—
—
—
—
—
—
—
—
—
—
—
3,775
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
(1,190)
—
—
—
—
—
—
—
—
—
(1,190)
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
(115)
—
—
—
—
—
(115)
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
6,848
—
—
—
6,848
LoanCore (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
648
—
—
648
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4,230
4,230
Prudential (Hilton La Jolla Torrey Pines)
—
4,130
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4,130
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,826
—
5,826
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 December 31, 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) This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
32
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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale 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
33
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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Aareal (Capital Hilton)
$
3,898
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
3,898
BAML Pool (see footnote 3)
—
—
385
—
—
—
—
694
2,395
—
—
1,012
—
—
—
—
4,486
BAML Credit Facility (see foonote 4)
—
—
—
120
—
318
—
—
—
10,006
—
—
—
—
—
—
10,444
BAML (Pier House Resort & Spa)
—
—
—
—
5,758
—
—
—
—
—
—
—
—
—
—
—
5,758
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
10,081
—
—
—
—
—
—
—
—
—
10,081
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
6,109
—
—
—
—
—
6,109
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
9,001
—
—
—
9,001
LoanCore (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
754
—
—
754
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10,120
10,120
Prudential (Hilton La Jolla Torrey Pines)
—
3,872
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3,872
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
8,273
—
8,273
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 December 31, 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) This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
34
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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale 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)
—
—
5,419
3,767
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
$
7,129
$
50,832
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
3,909
$
1,320
$
2,038
$
3,503
$
1,884
$
2,734
$
2,865
$
1,190
$
—
$
—
$
1,785
$
6,606
$
456
$
5,042
$
1,710
$
35,042
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
(1,652)
—
—
5,419
3,767
Comparable hotel EBITDA
$
—
$
3,909
$
1,320
$
2,038
$
3,503
$
1,884
$
2,734
$
2,865
$
1,190
$
—
$
—
$
1,785
$
4,954
$
456
$
5,042
$
7,129
$
38,809
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)
—
—
5,419
3,767
Comparable hotel EBITDA
$
—
$
3,909
$
—
$
2,038
$
3,503
$
1,884
$
2,734
$
—
$
—
$
6,158
$
2,581
$
—
$
4,954
$
—
$
5,042
$
7,129
$
39,932
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
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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, Ritz-Carlton Lake Tahoe.
35
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 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
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
4,934
$
12,836
$
3,392
$
1,428
$
6,799
$
871
$
1,088
$
2,071
$
(462)
$
11,171
$
(4,690)
$
5,471
$
8,322
$
(4,222)
$
13,480
$
1,138
$
63,627
$
(94,255)
$
(30,628)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
249
—
—
(292)
—
495
452
(452)
—
Interest income
(237)
(346)
—
—
—
—
—
(41)
(137)
(235)
128
(73)
(44)
—
—
(140)
(1,125)
1,125
—
Interest expense
—
—
—
1,756
5,555
2,263
5,639
—
—
5,096
4,002
80
3,892
2,688
281
10,046
41,298
49,538
90,836
Amortization of loan cost
—
—
—
—
321
24
809
—
—
95
183
—
63
176
—
711
2,382
1,001
3,383
Depreciation and amortization
9,859
4,176
4,697
2,328
2,290
1,643
4,624
8,062
9,785
6,155
5,243
7,252
8,672
2,251
6,609
9,626
93,272
—
93,272
Income tax expense (benefit)
126
173
—
—
—
—
—
10
—
—
—
—
1,662
—
476
—
2,447
242
2,689
Non-hotel EBITDA ownership expense
745
450
94
555
46
114
113
215
90
99
967
86
61
386
78
(13)
4,086
(4,086)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
15,427
17,289
8,183
6,067
15,011
4,915
12,273
10,317
9,276
22,381
6,082
12,816
22,628
987
20,924
21,863
206,439
(46,887)
159,552
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(3,857)
(4,322)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(8,179)
8,179
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
253
253
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(274)
(274)
Hotel EBITDA attributable to the Company and OP unitholders
$
11,570
$
12,967
$
8,183
$
6,067
$
15,011
$
4,915
$
12,273
$
10,317
$
9,276
$
22,381
$
6,082
$
12,816
$
22,628
$
987
$
20,924
$
21,863
$
198,260
$
(38,729)
$
159,531
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
15,427
$
17,289
$
8,183
$
6,067
$
15,011
$
4,915
$
12,273
$
10,317
$
9,276
$
22,381
$
6,082
$
12,816
$
22,628
$
987
$
20,924
$
21,863
$
206,439
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
17,289
$
8,183
$
6,067
$
15,011
$
4,915
$
12,273
$
10,317
$
9,276
$
—
$
—
$
12,816
$
22,628
$
987
$
20,924
$
21,863
$
162,549
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
17,289
$
8,183
$
6,067
$
15,011
$
4,915
$
12,273
$
10,317
$
9,276
$
—
$
—
$
12,816
$
22,628
$
987
$
20,924
$
21,863
$
162,549
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
17,289
$
—
$
6,067
$
15,011
$
4,915
$
12,273
$
—
$
—
$
22,381
$
6,082
$
—
$
22,628
$
—
$
20,924
$
21,863
$
149,433
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
17,289
$
—
$
6,067
$
15,011
$
4,915
$
12,273
$
—
$
—
$
22,381
$
6,082
$
—
$
22,628
$
—
$
20,924
$
21,863
$
149,433
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
15,427
$
—
$
8,183
$
—
$
—
$
—
$
—
$
10,317
$
9,276
$
—
$
—
$
12,816
$
—
$
987
$
—
$
—
$
57,006
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
15,427
$
—
$
8,183
$
—
$
—
$
—
$
—
$
10,317
$
9,276
$
—
$
—
$
12,816
$
—
$
987
$
—
$
—
$
57,006
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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, Ritz-Carlton Lake Tahoe.
36
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2022
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
1,125
$
13,162
$
2,226
$
4,488
$
12,377
$
2,547
$
5,668
$
(505)
$
(2,872)
$
17,641
$
5,020
$
3,790
$
18,920
$
(1,390)
$
7,583
$
933
$
90,713
$
(71,365)
$
19,348
Non-property adjustments
—
—
—
—
—
—
76
(16)
—
—
—
—
(40)
—
—
—
20
(20)
—
Interest income
(55)
(73)
—
—
—
—
—
(5)
(24)
(52)
—
(12)
(8)
—
—
(4)
(233)
233
—
Interest expense
—
—
—
1,674
2,802
2,165
3,228
—
—
4,919
2,017
26
2,557
1,822
1,747
—
22,957
26,753
49,710
Amortization of loan cost
—
—
—
135
307
102
713
—
—
370
150
—
43
167
—
—
1,987
469
2,456
Depreciation and amortization
7,420
4,118
5,975
2,371
2,611
2,046
3,932
8,028
11,226
5,326
3,234
5,406
8,072
2,452
5,124
781
78,122
—
78,122
Income tax expense (benefit)
—
—
—
—
—
—
—
19
—
—
—
—
415
—
333
—
767
3,276
4,043
Non-hotel EBITDA ownership expense
1,684
121
87
459
18
98
3
152
24
2,173
962
7
178
106
100
—
6,172
(6,172)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
10,174
17,328
8,288
9,127
18,115
6,958
13,620
7,673
8,354
30,377
11,383
9,217
30,137
3,157
14,887
1,710
200,505
(46,826)
153,679
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(2,543)
(4,333)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(6,876)
6,876
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
328
328
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(334)
(334)
Hotel EBITDA attributable to the Company and OP unitholders
$
7,631
$
12,995
$
8,288
$
9,127
$
18,115
$
6,958
$
13,620
$
7,673
$
8,354
$
30,377
$
11,383
$
9,217
$
30,137
$
3,157
$
14,887
$
1,710
$
193,629
$
(39,956)
$
153,673
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
1
—
3,634
16,412
20,047
Comparable hotel EBITDA
$
10,174
$
17,328
$
8,288
$
9,127
$
18,115
$
6,958
$
13,620
$
7,673
$
8,354
$
30,377
$
11,383
$
9,217
$
30,138
$
3,157
$
18,521
$
18,122
$
220,552
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
17,328
$
8,288
$
9,127
$
18,115
$
6,958
$
13,620
$
7,673
$
8,354
$
—
$
—
$
9,217
$
30,137
$
3,157
$
14,887
$
1,710
$
148,571
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
1
—
3,634
16,412
20,047
Comparable hotel EBITDA
$
—
$
17,328
$
8,288
$
9,127
$
18,115
$
6,958
$
13,620
$
7,673
$
8,354
$
—
$
—
$
9,217
$
30,138
$
3,157
$
18,521
$
18,122
$
168,618
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
17,328
$
—
$
9,127
$
18,115
$
6,958
$
13,620
$
—
$
—
$
30,377
$
11,383
$
—
$
30,137
$
—
$
14,887
$
1,710
$
153,642
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
1
—
3,634
16,412
20,047
Comparable hotel EBITDA
$
—
$
17,328
$
—
$
9,127
$
18,115
$
6,958
$
13,620
$
—
$
—
$
30,377
$
11,383
$
—
$
30,138
$
—
$
18,521
$
18,122
$
173,689
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
10,174
$
—
$
8,288
$
—
$
—
$
—
$
—
$
7,673
$
8,354
$
—
$
—
$
9,217
$
—
$
3,157
$
—
$
—
$
46,863
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
10,174
$
—
$
8,288
$
—
$
—
$
—
$
—
$
7,673
$
8,354
$
—
$
—
$
9,217
$
—
$
3,157
$
—
$
—
$
46,863
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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, Ritz-Carlton Lake Tahoe.
