DALLAS – July 31, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2024. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of June 30, 2024, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2024 with the second quarter ended June 30, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 1.5% over the prior year quarter to $305. Comparable ADR decreased 4.1% over the prior year quarter to $418 and Comparable Occupancy increased 2.7% over the prior year quarter to 72.8%.
•Net loss attributable to common stockholders for the quarter was $(21.9) million or $(0.33) per diluted share.
•Adjusted funds from operations (AFFO) was $0.10 per diluted share for the quarter.
•Adjusted EBITDAre was $42.7 million for the quarter.
•Comparable Hotel EBITDA was $51.1 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $120.3 million and restricted cash of $60.7 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 $17.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net debt to gross assets was 40.4% at the end of the second quarter.
•Capex invested during the quarter was $15.9 million.
RECENT OPERATING HIGHLIGHTS
•Subsequent to quarter end, the Company announced it closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). This hotel was owned by a joint venture in which the Company had a 75% ownership interest.
BHR Reports Second Quarter Results
Page 2
July 31, 2024
CAPITAL STRUCTURE
As of June 30, 2024, the Company had total assets of $2.2 billion and $1.2 billion of loans of which $44.3 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 8.1%, 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 77% of the Company’s consolidated debt is effectively fixed and approximately 23% is effectively floating.
During the quarter, the Company paid off the $30 million loan secured by the 143-room Cameo Beverly Hills in Beverly Hills, California.
During the quarter, the Company announced a shareholder value creation plan that includes the sale of the Hilton La Jolla Torrey Pines as well as the potential sale of one or two additional hotels, the payoff of its remaining 2024 debt maturities, a $50 million preferred share redemption program, and a new $50 million share buyback authorization. To date, the Company has redeemed approximately $40.1 million of its non-traded preferred stock.
Subsequent to quarter end, the Company closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). Including anticipated capital expenditures of $40 million, the sale price represented a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024.
DIVIDENDS
On July 11, 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 third quarter ending September 30, 2024. The dividend, which equates to an annual rate of $0.20 per share, will be paid on October 15, 2024, to stockholders of record as of September 30, 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.
“We are very pleased with the performance of our urban hotels during the quarter, which reported a RevPAR increase of 6.3% over the prior year quarter,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “As we look ahead, we believe our portfolio is well-positioned to outperform in both the near-term and long-term.” Mr. Stockton continued, “Additionally, we continue to make meaningful progress executing against our recently announced shareholder value creation plan. Demonstrating our focus on maximizing value for our investors, this includes our recent sale of the Hilton La Jolla Torrey Pines at a very attractive cap rate, the continued evaluation of additional potential asset sales, our $50 million preferred share redemption program, and the $50 million share buyback authorization.”
BHR Reports Second Quarter Results
Page 3
July 31, 2024
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, August 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 Thursday, August 8, 2024, by dialing (609) 800-9909 and entering the confirmation number, 2925607.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2024 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Thursday, August 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.
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
BHR Reports Second Quarter Results
Page 4
July 31, 2024
these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
June 30, 2024
December 31, 2023
ASSETS
Investments in hotel properties, gross
$
2,269,523
$
2,382,716
Accumulated depreciation
(469,885)
(498,508)
Investments in hotel properties, net
1,799,638
1,884,208
Cash and cash equivalents
114,607
85,599
Restricted cash
52,339
80,904
Accounts receivable, net of allowance of $201 and $237, respectively
32,412
39,199
Inventories
4,634
5,003
Prepaid expenses
4,929
9,938
Deferred costs, net
75
75
Investment in OpenKey
1,540
1,674
Derivative assets
2,177
2,847
Other assets
19,349
17,751
Operating lease right-of-use assets
34,317
78,383
Intangible assets, net
3,314
3,504
Due from related parties, net
365
—
Due from third-party hotel managers
17,088
17,739
Assets held for sale
124,931
—
Total assets
$
2,211,715
$
2,226,824
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net
$
1,128,439
$
1,162,444
Accounts payable and accrued expenses
129,667
149,867
Dividends and distributions payable
9,333
9,158
Due to Ashford Inc., net
2,571
1,471
Due to related parties, net
—
603
Due to third-party hotel managers
674
1,608
Operating lease liabilities
19,110
60,379
Derivative liabilities
—
12
Other liabilities
23,740
22,756
Liabilities associated with assets held for sale
113,460
—
Total liabilities
1,426,994
1,408,298
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2024 and December 31, 2023
65,426
65,426
Series E Redeemable Preferred Stock, $0.01 par value,16,142,351 and 16,316,315 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
374,847
377,035
Series M Redeemable Preferred Stock, $0.01 par value, 1,622,773 and 1,832,805 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
40,569
45,623
Redeemable noncontrolling interests in operating partnership
31,579
32,395
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at June 30, 2024 and December 31, 2023
16
16
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,522,206 and 66,636,353 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively
665
666
Additional paid-in capital
718,901
718,498
Accumulated deficit
(437,302)
(412,199)
Total stockholders' equity of the Company
282,280
306,981
Noncontrolling interest in consolidated entities
(9,980)
(8,934)
Total equity
272,300
298,047
Total liabilities and equity
$
2,211,715
$
2,226,824
5
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
REVENUE
Rooms
$
116,227
$
117,137
$
254,779
$
254,664
Food and beverage
47,563
47,776
101,110
100,004
Other
23,797
21,794
50,777
47,340
Total hotel revenue
187,587
186,707
406,666
402,008
EXPENSES
Hotel operating expenses:
Rooms
27,476
26,705
55,740
54,063
Food and beverage
36,664
36,365
77,381
76,104
Other expenses
58,155
56,297
118,231
118,592
Management fees
6,068
5,880
13,044
12,585
Total hotel operating expenses
128,363
125,247
264,396
261,344
Property taxes, insurance and other
10,058
9,396
20,755
17,512
Depreciation and amortization
24,694
22,567
50,114
45,088
Advisory services fee:
Base advisory fee
3,336
3,667
6,663
7,307
Reimbursable expenses
2,961
2,042
5,226
4,064
Incentive fee
648
—
648
—
Stock/unit-based compensation
883
2,506
1,991
4,792
Corporate, general and administrative:
Stock/unit-based compensation
252
391
269
428
Other general and administrative
4,217
3,505
1,962
6,288
Total operating expenses
175,412
169,321
352,024
346,823
OPERATING INCOME (LOSS)
12,175
17,386
54,642
55,185
Equity in earnings (loss) of unconsolidated entity
(85)
(75)
(134)
(148)
Interest income
1,072
2,295
1,868
4,403
Other income (expense)
—
—
—
—
Interest expense
(25,834)
(22,915)
(51,014)
(45,026)
Amortization of loan costs
(1,451)
(685)
(2,762)
(1,447)
Write-off of loan costs and exit fees
(82)
(248)
(803)
(260)
Gain (loss) on extinguishment of debt
(22)
—
(22)
2,318
Realized and unrealized gain (loss) on derivatives
326
1,029
1,258
695
INCOME (LOSS) BEFORE INCOME TAXES
(13,901)
(3,213)
3,033
15,720
Income tax (expense) benefit
114
75
(1,338)
(2,254)
NET INCOME (LOSS)
(13,787)
(3,138)
1,695
13,466
(Income) loss attributable to noncontrolling interest in consolidated entities
303
367
1,046
58
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
1,919
925
1,623
664
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(11,565)
(1,846)
4,364
14,188
Preferred dividends
(10,329)
(10,877)
(20,736)
(21,227)
Deemed dividends on redeemable preferred stock
(26)
(301)
(2,024)
(2,755)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(21,920)
$
(13,024)
$
(18,396)
$
(9,794)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(0.33)
$
(0.20)
$
(0.28)
$
(0.14)
Weighted average common shares outstanding – basic
66,501
65,806
66,478
68,378
Diluted:
Net income (loss) attributable to common stockholders
$
(0.33)
$
(0.20)
$
(0.28)
$
(0.14)
Weighted average common shares outstanding – diluted
66,501
65,806
66,478
68,378
Dividends declared per common share
$
0.05
$
0.05
$
0.10
$
0.10
6
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net income (loss)
$
(13,787)
$
(3,138)
$
1,695
$
13,466
Interest expense and amortization of loan costs
27,285
23,600
53,776
46,473
Depreciation and amortization
24,694
22,567
50,114
45,088
Income tax expense (benefit)
(114)
(75)
1,338
2,254
Equity in (earnings) loss of unconsolidated entity
85
75
134
148
Company's portion of EBITDA of OpenKey
(82)
(80)
(139)
(157)
EBITDA and EBITDAre
38,081
42,949
106,918
107,272
Amortization of favorable (unfavorable) contract assets (liabilities)
118
118
237
237
Transaction and conversion costs
53
1,056
(5,574)
2,251
Write-off of loan costs and exit fees
82
248
803
260
Realized and unrealized (gain) loss on derivatives
(326)
(1,029)
(1,258)
(695)
Stock/unit-based compensation
1,135
2,899
2,262
5,227
Legal, advisory and settlement costs
2,870
12
4,817
81
Advisory services incentive fee
648
—
648
—
(Gain) loss on extinguishment of debt
22
—
22
(2,318)
Company's portion of adjustments to EBITDAre of OpenKey
3
—
3
—
Adjusted EBITDAre
$
42,686
$
46,253
$
108,878
$
112,315
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Net income (loss)
$
(13,787)
$
(3,138)
$
1,695
$
13,466
(Income) loss attributable to noncontrolling interest in consolidated entities
303
367
1,046
58
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
1,919
925
1,623
664
Preferred dividends
(10,329)
(10,877)
(20,736)
(21,227)
Deemed dividends on redeemable preferred stock
(26)
(301)
(2,024)
(2,755)
Net income (loss) attributable to common stockholders
(21,920)
(13,024)
(18,396)
(9,794)
Depreciation and amortization on real estate
23,696
21,763
47,876
43,548
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(1,919)
(925)
(1,623)
(664)
Equity in (earnings) loss of unconsolidated entity
85
75
134
148
Company's portion of FFO of OpenKey
(95)
(85)
(162)
(163)
FFO available to common stockholders and OP unitholders
(153)
7,804
27,829
33,075
Deemed dividends on redeemable preferred stock
26
301
2,024
2,755
Transaction and conversion costs
53
1,056
(5,574)
2,251
Write-off of premiums, loan costs and exit fees
82
248
803
260
Unrealized (gain) loss on derivatives
1,213
1,253
1,952
3,454
Stock/unit-based compensation
1,135
2,899
2,262
5,227
Legal, advisory and settlement costs
2,870
12
4,817
81
Interest expense accretion on refundable membership club deposits
150
164
315
342
Amortization of loan costs
1,319
661
2,527
1,400
Advisory services incentive fee
648
—
648
—
(Gain) loss on extinguishment of debt
22
—
22
(2,318)
Company's portion of adjustments to FFO of OpenKey
3
—
3
—
Adjusted FFO available to common stockholders and OP unitholders
$
7,368
$
14,398
$
37,628
$
46,527
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
0.10
$
0.20
$
0.52
$
0.63
Weighted average diluted shares
72,904
71,317
72,637
74,300
7
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 30, 2024
(dollars in thousands)
(unaudited)
Lender
Hotels
Current Maturity
Final
Maturity (12)
Interest Rate
Fixed-Rate Debt
Floating-Rate Debt
Total Debt
TTM Hotel Net Income
TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (13)
Comparable TTM Hotel EBITDA Debt Yield
Prudential
Hilton La Jolla Torrey Pines
August 2024
August 2024
9.00%
$
66,600
$
—
(3)
$
66,600
$
13,509
20.3
%
$
18,045
27.1
%
BAML
The Ritz-Carlton Lake Tahoe
January 2025
January 2026
SOFR (1) + 3.60%
—
53,413
(4)
53,413
(9,997)
(18.7)
%
3,068
5.7
%
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
February 2025
February 2027
SOFR (1) + 2.86%
—
70,500
(5)
70,500
1,193
1.7
%
12,315
17.5
%
BAML
See footnote
June 2025
June 2025
SOFR (1) + 2.66%
—
293,180
(6)
293,180
10,427
3.6
%
39,354
13.4
%
Apollo
The Ritz-Carlton St. Thomas
August 2025
August 2026
SOFR (1) + 4.35%
—
42,500
(7)
42,500
10,229
24.1
%
22,857
53.8
%
BAML
Pier House Resort & Spa
September 2025
September 2026
SOFR (1) + 3.60%
—
80,000
(4)
80,000
5,145
6.4
%
14,192
17.7
%
Macquarie CAF LLC
The Ritz-Carlton Reserve Dorado Beach
March 2026
March 2026
SOFR (1) + 4.75%
—
62,000
62,000
10,583
17.1
%
20,004
32.3
%
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
(8)
200,000
18,720
9.4
%
32,359
16.2
%
Aareal Capital Corporation
Four Seasons Resort Scottsdale
December 2026
December 2028
SOFR (1) + 3.75%
—
140,000
(9)
140,000
504
0.4
%
23,564
16.8
%
Aareal Capital Corporation
Capital Hilton
December 2026
December 2028
SOFR (1) + 3.75%
—
110,600
(10)
110,600
3,564
3.2
%
17,171
15.5
%
Unencumbered hotel
Cameo Beverly Hills
—
—
—
(5,876)
N/A
(889)
N/A
Total
$
152,850
$
1,052,193
$
1,205,043
$
58,001
4.8
%
$
202,040
16.8
%
Percentage
12.7
%
87.3
%
100.0
%
Weighted average interest rate (11)
6.46
%
8.32
%
8.08
%
All indebtedness is non-recourse with the exception of the convertible senior notes and the credit facility.
(1) SOFR rate was 5.34% at June 30, 2024.
(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 July 17, 2024, we sold this property for $165.0 million and repaid this mortgage loan.
(4) This mortgage loan has one one-year extension option subject to satisfaction of certain conditions.
(5) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2024.
(6) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(7) This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This amended mortgage loan has a SOFR floor of 4.00%.
(8) 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.
(9) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(10) 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%.
(11) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(12) The final maturity date assumes all available extension options will be exercised.
(13) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
June 30, 2024
(dollars in thousands)
(unaudited)
Lender
Hotels
2024
2025
2026
2027
2028
Thereafter
Total
Prudential
Hilton La Jolla Torrey Pines (1)
$
66,600
$
—
$
—
$
—
$
—
$
—
$
66,600
BAML
See footnote 2
—
293,180
—
—
—
—
293,180
Apollo
The Ritz-Carlton St. Thomas
—
—
42,500
—
—
—
42,500
BAML
Pier House Resort & Spa
—
—
80,000
—
—
—
80,000
BAML
The Ritz-Carlton Lake Tahoe
—
—
53,413
—
—
—
53,413
Macquarie CAF LLC
The Ritz-Carlton Reserve Dorado Beach
—
—
62,000
—
—
—
62,000
Convertible Senior Notes
N/A
—
—
86,250
—
—
—
86,250
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
—
—
—
70,500
—
—
70,500
BAML Credit Facility
See footnote 3
—
—
—
200,000
—
—
200,000
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
$
66,600
$
293,180
$
324,163
$
270,500
$
242,600
$
—
$
1,197,043
Scheduled amortization payments remaining
—
—
—
4,000
4,000
—
8,000
Total indebtedness
$
66,600
$
293,180
$
324,163
$
274,500
$
246,600
$
—
$
1,205,043
(1) On July 17, 2024, we sold this property for $165.0 million and repaid this mortgage loan.
(2) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(3) 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 June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
Rooms revenue (in thousands)
$
117,107
$
—
$
117,107
$
118,603
$
—
$
118,603
(1.26)
%
(1.26)
%
RevPAR
$
304.66
$
—
$
304.66
$
309.21
$
—
$
309.21
(1.47)
%
(1.47)
%
Occupancy
72.82
%
—
%
72.82
%
70.91
%
—
%
70.91
%
2.69
%
2.69
%
ADR
$
418.38
$
—
$
418.38
$
436.07
$
—
$
436.07
(4.06)
%
(4.06)
%
ALL HOTELS:
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
Rooms revenue (in thousands)
$
258,542
$
—
$
258,542
$
258,426
$
—
$
258,426
0.04
%
0.04
%
RevPAR
$
336.37
$
—
$
336.37
$
338.78
$
—
$
338.78
(0.71)
%
(0.71)
%
Occupancy
69.10
%
—
%
69.10
%
67.90
%
—
%
67.90
%
1.77
%
1.77
%
ADR
$
486.76
$
—
$
486.76
$
498.95
$
—
$
498.95
(2.44)
%
(2.44)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
ALL HOTELS
NOT UNDER RENOVATION:
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
Rooms revenue (in thousands)
$
113,283
$
—
$
113,283
$
114,070
$
—
$
114,070
(0.69)
%
(0.69)
%
RevPAR
$
308.06
$
—
$
308.06
$
310.89
$
—
$
310.89
(0.91)
%
(0.91)
%
Occupancy
74.18
%
—
%
74.18
%
71.72
%
—
%
71.72
%
3.43
%
3.43
%
ADR
$
415.27
$
—
$
415.27
$
433.48
$
—
$
433.48
(4.20)
%
(4.20)
%
ALL HOTELS
NOT UNDER RENOVATION:
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
Rooms revenue (in thousands)
$
243,114
$
—
$
243,114
$
241,153
$
—
$
241,153
0.81
%
0.81
%
RevPAR
$
330.62
$
—
$
330.62
$
330.48
$
—
$
330.48
0.04
%
0.04
%
Occupancy
69.91
%
—
%
69.91
%
68.26
%
—
%
68.26
%
2.42
%
2.42
%
ADR
$
472.90
$
—
$
472.90
$
484.18
$
—
$
484.18
(2.33)
%
(2.33)
%
NOTES:
(1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2024, and not under renovation during the three months ended June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(3) Excluded hotels under renovation:
The 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
Six Months Ended
June 30,
June 30,
2024
2023
% Variance
2024
2023
% Variance
Total hotel revenue
$
188,307
$
187,905
0.21
%
$
409,745
$
405,085
1.15
%
Non-comparable adjustments
—
—
—
—
Comparable total hotel revenue
$
188,307
$
187,905
0.21
%
$
409,745
$
405,085
1.15
%
Hotel net income (loss)
$
14,032
$
18,143
(22.66)
%
$
50,270
$
55,896
(10.07)
%
Non-comparable adjustments
—
—
—
—
Comparable hotel net income (loss)
$
14,032
$
18,143
(22.66)
%
$
50,270
$
55,896
(10.07)
%
Hotel net income (loss) margin
7.45
%
9.66
%
(2.21)
%
12.27
%
13.80
%
(1.53)
%
Comparable hotel net income margin
7.45
%
—
%
7.45
%
12.27
%
13.80
%
(1.53)
%
Hotel EBITDA
$
51,078
$
53,660
(4.81)
%
$
122,057
$
126,456
(3.48)
%
Non-comparable adjustments
—
—
—
—
Comparable hotel EBITDA
$
51,078
$
53,660
(4.81)
%
$
122,057
$
126,456
(3.48)
%
Hotel EBITDA margin
27.12
%
28.56
%
(1.44)
%
29.79
%
31.22
%
(1.43)
%
Comparable hotel EBITDA margin
27.12
%
28.56
%
(1.44)
%
29.79
%
31.22
%
(1.43)
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
2,066
$
1,757
17.57
%
$
2,737
$
2,911
(5.98)
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
11,966
$
16,386
(26.97)
%
$
47,533
$
52,985
(10.29)
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
11,966
$
16,386
(26.97)
%
$
47,533
$
52,985
(10.29)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
3,211
$
2,618
22.64
%
$
5,186
$
4,561
13.71
%
Hotel EBITDA attributable to the Company and OP unitholders
$
47,867
$
51,042
(6.22)
%
$
116,871
$
121,896
(4.12)
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
47,867
$
51,042
(6.22)
%
$
116,871
$
121,896
(4.12)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
11
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
% Variance
2024
2023
% Variance
Total hotel revenue
$
180,644
$
178,042
1.46
%
$
384,176
$
375,398
2.34
%
Non-comparable adjustments
—
—
—
—
Comparable total hotel revenue
$
180,644
$
178,042
1.46
%
$
384,176
$
375,398
2.34
%
Hotel net income (loss)
$
18,694
$
20,593
(9.22)
%
$
54,399
$
54,717
(0.58)
%
Non-comparable adjustments
—
—
—
—
Comparable hotel net income (loss)
$
18,694
$
20,593
(9.22)
%
$
54,399
$
54,717
(0.58)
%
Hotel net income (loss) margin
10.35
%
11.57
%
(1.22)
%
14.16
%
14.58
%
(0.42)
%
Comparable hotel net income margin
10.35
%
11.57
%
(1.22)
%
14.16
%
14.58
%
(0.42)
%
Hotel EBITDA
$
52,128
$
53,775
(3.06)
%
$
119,077
$
120,462
(1.15)
%
Non-comparable adjustments
—
—
—
—
Comparable hotel EBITDA
$
52,128
$
53,775
(3.06)
%
$
119,077
$
120,462
(1.15)
%
Hotel EBITDA margin
28.86
%
30.20
%
(1.34)
%
31.00
%
32.09
%
(1.09)
%
Comparable hotel EBITDA margin
28.86
%
30.20
%
(1.34)
%
31.00
%
32.09
%
(1.09)
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
2,066
$
1,757
17.57
%
$
2,737
$
2,911
(5.98)
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
16,628
$
18,836
(11.72)
%
$
51,662
$
51,806
(0.28)
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
16,628
$
18,836
(11.72)
%
$
51,662
$
51,806
(0.28)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
3,211
$
2,618
22.64
%
$
5,186
$
4,561
13.71
%
Hotel EBITDA attributable to the Company and OP unitholders
$
48,917
$
51,157
(4.38)
%
$
113,891
$
115,902
(1.73)
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
48,917
$
51,157
(4.38)
%
$
113,891
$
115,902
(1.73)
%
NOTES:
(1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2024, and not under renovation during the three months ended June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(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:
The 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 June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
13,511
$
—
$
13,511
$
11,433
$
—
$
11,433
18.18
%
18.18
%
Total hotel revenue
$
19,966
$
—
$
19,966
$
17,580
$
—
$
17,580
13.57
%
13.57
%
Hotel net income (loss)
$
4,307
$
—
$
4,307
$
3,924
$
—
$
3,924
9.76
%
9.76
%
Hotel net income (loss) margin
21.57
%
21.57
%
22.32
%
22.32
%
(0.75)
%
(0.75)
%
Hotel EBITDA
$
7,856
$
—
$
7,856
$
6,342
$
—
$
6,342
23.87
%
23.87
%
Hotel EBITDA margin
39.35
%
39.35
%
36.08
%
36.08
%
3.27
%
3.27
%
Selected Operating Information:
RevPAR
$
265.60
$
—
$
265.60
$
228.41
$
—
$
228.41
16.28
%
16.28
%
Occupancy
89.25
%
—
%
89.25
%
82.06
%
—
%
82.06
%
8.76
%
8.76
%
ADR
$
297.60
$
—
$
297.60
$
278.35
$
—
$
278.35
6.92
%
6.92
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
7,832
$
—
$
7,832
$
7,242
$
—
$
7,242
8.15
%
8.15
%
Total hotel revenue
$
14,112
$
—
$
14,112
$
12,411
$
—
$
12,411
13.71
%
13.71
%
Hotel net income (loss)
$
3,957
$
—
$
3,957
$
3,105
$
—
$
3,105
27.44
%
27.44
%
Hotel net income (loss) margin
28.04
%
28.04
%
25.02
%
25.02
%
3.02
%
3.02
%
Hotel EBITDA
$
4,987
$
—
$
4,987
$
4,130
$
—
$
4,130
20.75
%
20.75
%
Hotel EBITDA margin
35.34
%
35.34
%
33.28
%
33.28
%
2.06
%
2.06
%
Selected Operating Information:
RevPAR
$
218.44
$
—
$
218.44
$
201.99
$
—
$
201.99
8.14
%
8.14
%
Occupancy
86.08
%
—
%
86.08
%
82.23
%
—
%
82.23
%
4.68
%
4.68
%
ADR
$
253.77
$
—
$
253.77
$
245.65
$
—
$
245.65
3.31
%
3.31
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
8,347
$
—
$
8,347
$
7,738
$
—
$
7,738
7.87
%
7.87
%
Total hotel revenue
$
11,345
$
—
$
11,345
$
10,097
$
—
$
10,097
12.36
%
12.36
%
Hotel net income (loss)
$
2,645
$
—
$
2,645
$
1,890
$
—
$
1,890
39.95
%
39.95
%
Hotel net income (loss) margin
23.31
%
23.31
%
18.72
%
18.72
%
4.59
%
4.59
%
Hotel EBITDA
$
3,801
$
—
$
3,801
$
3,033
$
—
$
3,033
25.32
%
25.32
%
Hotel EBITDA margin
33.50
%
33.50
%
30.04
%
30.04
%
3.46
%
3.46
%
Selected Operating Information:
RevPAR
$
221.02
$
—
$
221.02
$
204.90
$
—
$
204.90
7.87
%
7.87
%
Occupancy
80.03
%
—
%
80.03
%
74.60
%
—
%
74.60
%
7.28
%
7.28
%
ADR
$
276.16
$
—
$
276.16
$
274.66
$
—
$
274.66
0.55
%
0.55
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
4,477
$
—
$
4,477
$
4,761
$
—
$
4,761
(5.97)
%
(5.97)
%
Total hotel revenue
$
5,912
$
—
$
5,912
$
6,283
$
—
$
6,283
(5.90)
%
(5.90)
%
Hotel net income (loss)
$
1,030
$
—
$
1,030
$
764
$
—
$
764
34.82
%
34.82
%
Hotel net income (loss) margin
17.42
%
17.42
%
12.16
%
12.16
%
5.26
%
5.26
%
Hotel EBITDA
$
1,810
$
—
$
1,810
$
2,244
$
—
$
2,244
(19.34)
%
(19.34)
%
Hotel EBITDA margin
30.62
%
30.62
%
35.72
%
35.72
%
(5.10)
%
(5.10)
%
Selected Operating Information:
RevPAR
$
756.79
$
—
$
756.79
$
804.88
$
—
$
804.88
(5.97)
%
(5.97)
%
Occupancy
72.36
%
—
%
72.36
%
72.87
%
—
%
72.87
%
(0.70)
%
(0.70)
%
ADR
$
1,045.90
$
—
$
1,045.90
$
1,104.60
$
—
$
1,104.60
(5.31)
%
(5.31)
%
13
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
5,567
$
—
$
5,567
$
5,903
$
—
$
5,903
(5.69)
%
(5.69)
%
Total hotel revenue
$
7,251
$
—
$
7,251
$
7,484
$
—
$
7,484
(3.11)
%
(3.11)
%
Hotel net income (loss)
$
832
$
—
$
832
$
1,709
$
—
$
1,709
(51.32)
%
(51.32)
%
Hotel net income (loss) margin
11.47
%
11.47
%
22.84
%
22.84
%
(11.37)
%
(11.37)
%
Hotel EBITDA
$
3,257
$
—
$
3,257
$
3,775
$
—
$
3,775
(13.72)
%
(13.72)
%
Hotel EBITDA margin
44.92
%
44.92
%
50.44
%
50.44
%
(5.52)
%
(5.52)
%
Selected Operating Information:
RevPAR
$
430.83
$
—
$
430.83
$
456.90
$
—
$
456.90
(5.71)
%
(5.71)
%
Occupancy
68.60
%
—
%
68.60
%
71.18
%
—
%
71.18
%
(3.62)
%
(3.62)
%
ADR
$
628.07
$
—
$
628.07
$
641.89
$
—
$
641.89
(2.15)
%
(2.15)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
3,282
$
—
$
3,282
$
3,254
$
—
$
3,254
0.86
%
0.86
%
Total hotel revenue
$
4,260
$
—
$
4,260
$
3,982
$
—
$
3,982
6.98
%
6.98
%
Hotel net income (loss)
$
1,005
$
—
$
1,005
$
13
$
—
$
13
7,630.77
%
7,630.77
%
Hotel net income (loss) margin
23.59
%
23.59
%
0.33
%
0.33
%
23.26
%
23.26
%
Hotel EBITDA
$
1,441
$
—
$
1,441
$
1,420
$
—
$
1,420
1.48
%
1.48
%
Hotel EBITDA margin
33.83
%
33.83
%
35.66
%
35.66
%
(1.83)
%
(1.83)
%
Selected Operating Information:
RevPAR
$
450.86
$
—
$
450.86
$
447.05
$
—
$
447.05
0.85
%
0.85
%
Occupancy
65.27
%
—
%
65.27
%
58.54
%
—
%
58.54
%
11.50
%
11.50
%
ADR
$
690.72
$
—
$
690.72
$
763.61
$
—
$
763.61
(9.55)
%
(9.55)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
1,912
$
—
$
1,912
$
1,866
$
—
$
1,866
2.47
%
2.47
%
Total hotel revenue
$
5,395
$
—
$
5,395
$
5,366
$
—
$
5,366
0.54
%
0.54
%
Hotel net income (loss)
$
(3,583)
$
—
$
(3,583)
$
(4,002)
$
—
$
(4,002)
10.47
%
10.47
%
Hotel net income (loss) margin
(66.41)
%
(66.41)
%
(74.58)
%
(74.58)
%
8.17
%
8.17
%
Hotel EBITDA
$
(942)
$
—
$
(942)
$
(1,190)
$
—
$
(1,190)
20.84
%
20.84
%
Hotel EBITDA margin
(17.46)
%
(17.46)
%
(22.18)
%
(22.18)
%
4.72
%
4.72
%
Selected Operating Information:
RevPAR
$
108.81
$
—
$
108.81
$
106.17
$
—
$
106.17
2.49
%
2.49
%
Occupancy
38.06
%
—
%
38.06
%
33.93
%
—
%
33.93
%
12.17
%
12.17
%
ADR
$
285.88
$
—
$
285.88
$
312.86
$
—
$
312.86
(8.62)
%
(8.62)
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
8,642
$
—
$
8,642
$
7,643
$
—
$
7,643
13.07
%
13.07
%
Total hotel revenue
$
10,753
$
—
$
10,753
$
9,642
$
—
$
9,642
11.52
%
11.52
%
Hotel net income (loss)
$
2,744
$
—
$
2,744
$
1,388
$
—
$
1,388
97.69
%
97.69
%
Hotel net income (loss) margin
25.52
%
25.52
%
14.40
%
14.40
%
11.12
%
11.12
%
Hotel EBITDA
$
4,286
$
—
$
4,286
$
3,586
$
—
$
3,586
19.52
%
19.52
%
Hotel EBITDA margin
39.86
%
39.86
%
37.19
%
37.19
%
2.67
%
2.67
%
Selected Operating Information:
RevPAR
$
190.31
$
—
$
190.31
$
168.33
$
—
$
168.33
13.06
%
13.06
%
Occupancy
76.10
%
—
%
76.10
%
70.66
%
—
%
70.66
%
7.70
%
7.70
%
ADR
$
250.09
$
—
$
250.09
$
238.24
$
—
$
238.24
4.97
%
4.97
%
14
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue
$
7,668
$
—
$
7,668
$
8,217
$
—
$
8,217
(6.68)
%
(6.68)
%
Total hotel revenue
$
9,379
$
—
$
9,379
$
9,779
$
—
$
9,779
(4.09)
%
(4.09)
%
Hotel net income (loss)
$
(983)
$
—
$
(983)
$
37
$
—
$
37
(2,756.76)
%
(2,756.76)
%
Hotel net income (loss) margin
(10.48)
%
(10.48)
%
0.38
%
0.38
%
(10.86)
%
(10.86)
%
Hotel EBITDA
$
1,460
$
—
$
1,460
$
2,450
$
—
$
2,450
(40.41)
%
(40.41)
%
Hotel EBITDA margin
15.57
%
15.57
%
25.05
%
25.05
%
(9.48)
%
(9.48)
%
Selected Operating Information:
RevPAR
$
205.53
$
—
$
205.53
$
220.23
$
—
$
220.23
(6.67)
%
(6.67)
%
Occupancy
70.66
%
—
%
70.66
%
75.35
%
—
%
75.35
%
(6.22)
%
(6.22)
%
ADR
$
290.89
$
—
$
290.89
$
292.28
$
—
$
292.28
(0.48)
%
(0.48)
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
9,357
$
—
$
9,357
$
9,387
$
—
$
9,387
(0.32)
%
(0.32)
%
Total hotel revenue
$
22,824
$
—
$
22,824
$
22,101
$
—
$
22,101
3.27
%
3.27
%
Hotel net income (loss)
$
3,478
$
—
$
3,478
$
2,593
$
—
$
2,593
34.13
%
34.13
%
Hotel net income (loss) margin
15.24
%
15.24
%
11.73
%
11.73
%
3.51
%
3.51
%
Hotel EBITDA
$
5,472
$
—
$
5,472
$
6,120
$
—
$
6,120
(10.59)
%
(10.59)
%
Hotel EBITDA margin
23.97
%
23.97
%
27.69
%
27.69
%
(3.72)
%
(3.72)
%
Selected Operating Information:
RevPAR
$
372.52
$
—
$
372.52
$
373.75
$
—
$
373.75
(0.33)
%
(0.33)
%
Occupancy
67.68
%
—
%
67.68
%
63.35
%
—
%
63.35
%
6.84
%
6.84
%
ADR
$
550.40
$
—
$
550.40
$
590.01
$
—
$
590.01
(6.71)
%
(6.71)
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
3,824
$
—
$
3,824
$
4,533
$
—
$
4,533
(15.64)
%
(15.64)
%
Total hotel revenue
$
7,663
$
—
$
7,663
$
9,863
$
—
$
9,863
(22.31)
%
(22.31)
%
Hotel net income (loss)
$
(4,662)
$
—
$
(4,662)
$
(2,450)
$
—
$
(2,450)
(90.29)
%
(90.29)
%
Hotel net income (loss) margin
(60.84)
%
(60.84)
%
(24.84)
%
(24.84)
%
(36.00)
%
(36.00)
%
Hotel EBITDA
$
(1,050)
$
—
$
(1,050)
$
(115)
$
—
$
(115)
(813.04)
%
(813.04)
%
Hotel EBITDA margin
(13.70)
%
(13.70)
%
(1.17)
%
(1.17)
%
(12.53)
%
(12.53)
%
Selected Operating Information:
RevPAR
$
229.69
$
—
$
229.69
$
272.17
$
—
$
272.17
(15.61)
%
(15.61)
%
Occupancy
42.73
%
—
%
42.73
%
53.05
%
—
%
53.05
%
(19.45)
%
(19.45)
%
ADR
$
537.60
$
—
$
537.60
$
513.08
$
—
$
513.08
4.78
%
4.78
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
8,786
$
—
$
8,786
$
8,193
$
—
$
8,193
7.24
%
7.24
%
Total hotel revenue
$
10,967
$
—
$
10,967
$
9,941
$
—
$
9,941
10.32
%
10.32
%
Hotel net income (loss)
$
2,995
$
—
$
2,995
$
2,729
$
—
$
2,729
9.75
%
9.75
%
Hotel net income (loss) margin
27.31
%
27.31
%
27.45
%
27.45
%
(0.14)
%
(0.14)
%
Hotel EBITDA
$
4,737
$
—
$
4,737
$
4,313
$
—
$
4,313
9.83
%
9.83
%
Hotel EBITDA margin
43.19
%
43.19
%
43.39
%
43.39
%
(0.20)
%
(0.20)
%
Selected Operating Information:
RevPAR
$
261.65
$
—
$
261.65
$
243.99
$
—
$
243.99
7.24
%
7.24
%
Occupancy
80.29
%
—
%
80.29
%
78.58
%
—
%
78.58
%
2.18
%
2.18
%
ADR
$
325.90
$
—
$
325.90
$
310.50
$
—
$
310.50
4.96
%
4.96
%
15
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
11,863
$
—
$
11,863
$
13,176
$
—
$
13,176
(9.97)
%
(9.97)
%
Total hotel revenue
$
20,307
$
—
$
20,307
$
21,544
$
—
$
21,544
(5.74)
%
(5.74)
%
Hotel net income (loss)
$
2,564
$
—
$
2,564
$
3,586
$
—
$
3,586
(28.50)
%
(28.50)
%
Hotel net income (loss) margin
12.63
%
12.63
%
16.65
%
16.65
%
(4.02)
%
(4.02)
%
Hotel EBITDA
$
5,967
$
—
$
5,967
$
6,848
$
—
$
6,848
(12.87)
%
(12.87)
%
Hotel EBITDA margin
29.38
%
29.38
%
31.79
%
31.79
%
(2.41)
%
(2.41)
%
Selected Operating Information:
RevPAR
$
724.27
$
—
$
724.27
$
804.45
$
—
$
804.45
(9.97)
%
(9.97)
%
Occupancy
71.06
%
—
%
71.06
%
75.53
%
—
%
75.53
%
(5.92)
%
(5.92)
%
ADR
$
1,019.21
$
—
$
1,019.21
$
1,065.06
$
—
$
1,065.06
(4.30)
%
(4.30)
%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue
$
2,712
$
—
$
2,712
$
3,306
$
—
$
3,306
(17.97)
%
(17.97)
%
Total hotel revenue
$
3,655
$
—
$
3,655
$
4,632
$
—
$
4,632
(21.09)
%
(21.09)
%
Hotel net income (loss)
$
(936)
$
—
$
(936)
$
(595)
$
—
$
(595)
(57.31)
%
(57.31)
%
Hotel net income (loss) margin
(25.61)
%
(25.61)
%
(12.85)
%
(12.85)
%
(12.76)
%
(12.76)
%
Hotel EBITDA
$
(51)
$
—
$
(51)
$
648
$
—
$
648
(107.87)
%
(107.87)
%
Hotel EBITDA margin
(1.40)
%
(1.40)
%
13.99
%
13.99
%
(15.39)
%
(15.39)
%
Selected Operating Information:
RevPAR
$
208.42
$
—
$
208.42
$
254.01
$
—
$
254.01
(17.95)
%
(17.95)
%
Occupancy
70.38
%
—
%
70.38
%
79.52
%
—
%
79.52
%
(11.49)
%
(11.49)
%
ADR
$
296.12
$
—
$
296.12
$
319.43
$
—
$
319.43
(7.30)
%
(7.30)
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
10,594
$
—
$
10,594
$
14,027
$
—
$
14,027
(24.47)
%
(24.47)
%
Total hotel revenue
$
17,287
$
—
$
17,287
$
21,965
$
—
$
21,965
(21.30)
%
(21.30)
%
Hotel net income (loss)
$
(583)
$
—
$
(583)
$
3,960
$
—
$
3,960
(114.72)
%
(114.72)
%
Hotel net income (loss) margin
(3.37)
%
(3.37)
%
18.03
%
18.03
%
(21.40)
%
(21.40)
%
Hotel EBITDA
$
2,905
$
—
$
2,905
$
5,826
$
—
$
5,826
(50.14)
%
(50.14)
%
Hotel EBITDA margin
16.80
%
16.80
%
26.52
%
26.52
%
(9.72)
%
(9.72)
%
Selected Operating Information:
RevPAR
$
1,098.31
$
—
$
1,098.31
$
1,454.20
$
—
$
1,454.20
(24.47)
%
(24.47)
%
Occupancy
53.78
%
—
%
53.78
%
64.07
%
—
%
64.07
%
(16.06)
%
(16.06)
%
ADR
$
2,042.08
$
—
$
2,042.08
$
2,269.78
$
—
$
2,269.78
(10.03)
%
(10.03)
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
8,733
$
—
$
8,733
$
7,924
$
—
$
7,924
10.21
%
10.21
%
Total hotel revenue
$
17,231
$
—
$
17,231
$
15,235
$
—
$
15,235
13.10
%
13.10
%
Hotel net income (loss)
$
(778)
$
—
$
(778)
$
(508)
$
—
$
(508)
(53.15)
%
(53.15)
%
Hotel net income (loss) margin
(4.52)
%
(4.52)
%
(3.33)
%
(3.33)
%
(1.19)
%
(1.19)
%
Hotel EBITDA
$
5,142
$
—
$
5,142
$
4,230
$
—
$
4,230
21.56
%
21.56
%
Hotel EBITDA margin
29.84
%
29.84
%
27.77
%
27.77
%
2.07
%
2.07
%
Selected Operating Information:
RevPAR
$
457.03
$
—
$
457.03
$
414.67
$
—
$
414.67
10.22
%
10.22
%
Occupancy
56.85
%
—
%
56.85
%
48.66
%
—
%
48.66
%
16.83
%
16.83
%
ADR
$
803.92
$
—
$
803.92
$
852.18
$
—
$
852.18
(5.66)
%
(5.66)
%
16
Three Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
67,441
$
—
$
67,441
$
72,073
$
—
$
72,073
(6.43)
%
(6.43)
%
Total hotel revenue
$
122,242
$
—
$
122,242
$
126,234
$
—
$
126,234
(3.16)
%
(3.16)
%
Hotel net income (loss)
$
3,260
$
—
$
3,260
$
8,770
$
—
$
8,770
(62.83)
%
(62.83)
%
Hotel net income (loss) margin
2.67
%
2.67
%
6.95
%
6.95
%
(4.28)
%
(4.28)
%
Hotel EBITDA
$
28,989
$
—
$
28,989
$
33,288
$
—
$
33,288
(12.91)
%
(12.91)
%
Hotel EBITDA margin
23.71
%
23.71
%
26.37
%
26.37
%
(2.66)
%
(2.66)
%
Selected Operating Information:
RevPAR
$
405.20
$
—
$
405.20
$
433.04
$
—
$
433.04
(6.43)
%
(6.43)
%
Occupancy
64.44
%
—
%
64.44
%
63.57
%
—
%
63.57
%
1.37
%
1.37
%
ADR
$
628.83
$
—
$
628.83
$
681.19
$
—
$
681.19
(7.69)
%
(7.69)
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
49,666
$
—
$
49,666
$
46,530
$
—
$
46,530
6.74
%
6.74
%
Total hotel revenue
$
66,065
$
—
$
66,065
$
61,671
$
—
$
61,671
7.12
%
7.12
%
Hotel net income (loss)
$
10,772
$
—
$
10,772
$
9,373
$
—
$
9,373
14.93
%
14.93
%
Hotel net income (loss) margin
16.31
%
16.31
%
15.20
%
15.20
%
1.11
%
1.11
%
Hotel EBITDA
$
22,089
$
—
$
22,089
$
20,372
$
—
$
20,372
8.43
%
8.43
%
Hotel EBITDA margin
33.44
%
33.44
%
33.03
%
33.03
%
0.41
%
0.41
%
Selected Operating Information:
RevPAR
$
227.88
$
—
$
227.88
$
214.30
$
—
$
214.30
6.34
%
6.34
%
Occupancy
79.22
%
—
%
79.22
%
76.53
%
—
%
76.53
%
3.51
%
3.51
%
ADR
$
287.66
$
—
$
287.66
$
280.00
$
—
$
280.00
2.74
%
2.74
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
117,107
$
—
$
117,107
$
118,603
$
—
$
118,603
(1.26)
%
(1.26)
%
Total hotel revenue
$
188,307
$
—
$
188,307
$
187,905
$
—
$
187,905
0.21
%
0.21
%
Hotel net income (loss)
$
14,032
$
—
$
14,032
$
18,143
$
—
$
18,143
(22.66)
%
(22.66)
%
Hotel net income (loss) margin
7.45
%
7.45
%
9.66
%
9.66
%
(2.21)
%
(2.21)
%
Hotel EBITDA
$
51,078
$
—
$
51,078
$
53,660
$
—
$
53,660
(4.81)
%
(4.81)
%
Hotel EBITDA margin
27.12
%
27.12
%
28.56
%
28.56
%
(1.44)
%
(1.44)
%
Selected Operating Information:
RevPAR
$
304.66
$
—
$
304.66
$
309.21
$
—
$
309.21
(1.47)
%
(1.47)
%
Occupancy
72.82
%
—
%
72.82
%
70.91
%
—
%
70.91
%
2.69
%
2.69
%
ADR
$
418.38
$
—
$
418.38
$
436.07
$
—
$
436.07
(4.06)
%
(4.06)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(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)
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
22,643
$
—
$
22,643
$
20,210
$
—
$
20,210
12.04
%
12.04
%
Total hotel revenue
$
35,423
$
—
$
35,423
$
32,278
$
—
$
32,278
9.74
%
9.74
%
Hotel net income (loss)
$
4,288
$
—
$
4,288
$
5,658
$
—
$
5,658
(24.21)
%
(24.21)
%
Hotel net income (loss) margin
12.11
%
12.11
%
17.53
%
17.53
%
(5.42)
%
(5.42)
%
Hotel EBITDA
$
11,984
$
—
$
11,984
$
10,240
$
—
$
10,240
17.03
%
17.03
%
Hotel EBITDA margin
33.83
%
33.83
%
31.72
%
31.72
%
2.11
%
2.11
%
Selected Operating Information:
RevPAR
$
222.88
$
—
$
222.88
$
203.01
$
—
$
203.01
9.79
%
9.79
%
Occupancy
80.64
%
—
%
80.64
%
76.73
%
—
%
76.73
%
5.10
%
5.10
%
ADR
$
276.38
$
—
$
276.38
$
264.58
$
—
$
264.58
4.46
%
4.46
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
14,127
$
—
$
14,127
$
13,904
$
—
$
13,904
1.60
%
1.60
%
Total hotel revenue
$
25,852
$
—
$
25,852
$
24,281
$
—
$
24,281
6.47
%
6.47
%
Hotel net income (loss)
$
6,660
$
—
$
6,660
$
5,987
$
—
$
5,987
11.24
%
11.24
%
Hotel net income (loss) margin
25.76
%
25.76
%
24.66
%
24.66
%
1.10
%
1.10
%
Hotel EBITDA
$
8,758
$
—
$
8,758
$
8,002
$
—
$
8,002
9.45
%
9.45
%
Hotel EBITDA margin
33.88
%
33.88
%
32.96
%
32.96
%
0.92
%
0.92
%
Selected Operating Information:
RevPAR
$
197.01
$
—
$
197.01
$
194.97
$
—
$
194.97
1.05
%
1.05
%
Occupancy
78.59
%
—
%
78.59
%
78.59
%
—
%
78.59
%
—
%
—
%
ADR
$
250.70
$
—
$
250.70
$
248.09
$
—
$
248.09
1.05
%
1.05
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
11,721
$
—
$
11,721
$
11,304
$
—
$
11,304
3.69
%
3.69
%
Total hotel revenue
$
16,075
$
—
$
16,075
$
15,001
$
—
$
15,001
7.16
%
7.16
%
Hotel net income (loss)
$
(100)
$
—
$
(100)
$
967
$
—
$
967
(110.34)
%
(110.34)
%
Hotel net income (loss) margin
(0.62)
%
(0.62)
%
6.45
%
6.45
%
(7.07)
%
(7.07)
%
Hotel EBITDA
$
2,185
$
—
$
2,185
$
3,418
$
—
$
3,418
(36.07)
%
(36.07)
%
Hotel EBITDA margin
13.59
%
13.59
%
22.79
%
22.79
%
(9.20)
%
(9.20)
%
Selected Operating Information:
RevPAR
$
155.18
$
—
$
155.18
$
150.49
$
—
$
150.49
3.12
%
3.12
%
Occupancy
66.36
%
—
%
66.36
%
64.75
%
—
%
64.75
%
2.49
%
2.49
%
ADR
$
233.86
$
—
$
233.86
$
232.43
$
—
$
232.43
0.62
%
0.62
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
6,528
$
—
$
6,528
$
7,435
$
—
$
7,435
(12.20)
%
(12.20)
%
Total hotel revenue
$
8,932
$
—
$
8,932
$
10,061
$
—
$
10,061
(11.22)
%
(11.22)
%
Hotel net income (loss)
$
(190)
$
—
$
(190)
$
(540)
$
—
$
(540)
64.81
%
64.81
%
Hotel net income (loss) margin
(2.13)
%
(2.13)
%
(5.37)
%
(5.37)
%
3.24
%
3.24
%
Hotel EBITDA
$
1,371
$
—
$
1,371
$
2,364
$
—
$
2,364
(42.01)
%
(42.01)
%
Hotel EBITDA margin
15.35
%
15.35
%
23.50
%
23.50
%
(8.15)
%
(8.15)
%
Selected Operating Information:
RevPAR
$
551.79
$
—
$
551.79
$
631.94
$
—
$
631.94
(12.68)
%
(12.68)
%
Occupancy
57.10
%
—
%
57.10
%
61.04
%
—
%
61.04
%
(6.45)
%
(6.45)
%
ADR
$
966.35
$
—
$
966.35
$
1,035.33
$
—
$
1,035.33
(6.66)
%
(6.66)
%
18
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
13,447
$
—
$
13,447
$
13,917
$
—
$
13,917
(3.38)
%
(3.38)
%
Total hotel revenue
$
17,026
$
—
$
17,026
$
17,343
$
—
$
17,343
(1.83)
%
(1.83)
%
Hotel net income (loss)
$
3,869
$
—
$
3,869
$
5,523
$
—
$
5,523
(29.95)
%
(29.95)
%
Hotel net income (loss) margin
22.72
%
22.72
%
31.85
%
31.85
%
(9.13)
%
(9.13)
%
Hotel EBITDA
$
8,714
$
—
$
8,714
$
9,533
$
—
$
9,533
(8.59)
%
(8.59)
%
Hotel EBITDA margin
51.18
%
51.18
%
54.97
%
54.97
%
(3.79)
%
(3.79)
%
Selected Operating Information:
RevPAR
$
520.32
$
—
$
520.32
$
541.48
$
—
$
541.48
(3.91)
%
(3.91)
%
Occupancy
74.21
%
—
%
74.21
%
76.48
%
—
%
76.48
%
(2.97)
%
(2.97)
%
ADR
$
701.14
$
—
$
701.14
$
708.03
$
—
$
708.03
(0.97)
%
(0.97)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
5,144
$
—
$
5,144
$
5,306
$
—
$
5,306
(3.05)
%
(3.05)
%
Total hotel revenue
$
6,724
$
—
$
6,724
$
6,595
$
—
$
6,595
1.96
%
1.96
%
Hotel net income (loss)
$
539
$
—
$
539
$
(984)
$
—
$
(984)
154.78
%
154.78
%
Hotel net income (loss) margin
8.02
%
8.02
%
(14.92)
%
(14.92)
%
22.94
%
22.94
%
Hotel EBITDA
$
1,418
$
—
$
1,418
$
1,738
$
—
$
1,738
(18.41)
%
(18.41)
%
Hotel EBITDA margin
21.09
%
21.09
%
26.35
%
26.35
%
(5.26)
%
(5.26)
%
Selected Operating Information:
RevPAR
$
353.32
$
—
$
353.32
$
366.46
$
—
$
366.46
(3.59)
%
(3.59)
%
Occupancy
57.27
%
—
%
57.27
%
53.64
%
—
%
53.64
%
6.77
%
6.77
%
ADR
$
616.97
$
—
$
616.97
$
683.20
$
—
$
683.20
(9.69)
%
(9.69)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
15,093
$
—
$
15,093
$
16,207
$
—
$
16,207
(6.87)
%
(6.87)
%
Total hotel revenue
$
27,977
$
—
$
27,977
$
29,051
$
—
$
29,051
(3.70)
%
(3.70)
%
Hotel net income (loss)
$
3,561
$
—
$
3,561
$
3,456
$
—
$
3,456
3.04
%
3.04
%
Hotel net income (loss) margin
12.73
%
12.73
%
11.90
%
11.90
%
0.83
%
0.83
%
Hotel EBITDA
$
8,933
$
—
$
8,933
$
8,891
$
—
$
8,891
0.47
%
0.47
%
Hotel EBITDA margin
31.93
%
31.93
%
30.60
%
30.60
%
1.33
%
1.33
%
Selected Operating Information:
RevPAR
$
429.67
$
—
$
429.67
$
465.17
$
—
$
465.17
(7.63)
%
(7.63)
%
Occupancy
58.29
%
—
%
58.29
%
57.40
%
—
%
57.40
%
1.55
%
1.55
%
ADR
$
737.16
$
—
$
737.16
$
810.41
$
—
$
810.41
(9.04)
%
(9.04)
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
13,138
$
—
$
13,138
$
12,163
$
—
$
12,163
8.02
%
8.02
%
Total hotel revenue
$
16,662
$
—
$
16,662
$
15,440
$
—
$
15,440
7.91
%
7.91
%
Hotel net income (loss)
$
1,419
$
—
$
1,419
$
30
$
—
$
30
4,630.00
%
4,630.00
%
Hotel net income (loss) margin
8.52
%
8.52
%
0.19
%
0.19
%
8.33
%
8.33
%
Hotel EBITDA
$
4,692
$
—
$
4,692
$
4,280
$
—
$
4,280
9.63
%
9.63
%
Hotel EBITDA margin
28.16
%
28.16
%
27.72
%
27.72
%
0.44
%
0.44
%
Selected Operating Information:
RevPAR
$
144.66
$
—
$
144.66
$
134.66
$
—
$
134.66
7.43
%
7.43
%
Occupancy
64.11
%
—
%
64.11
%
60.60
%
—
%
60.60
%
5.79
%
5.79
%
ADR
$
225.63
$
—
$
225.63
$
222.21
$
—
$
222.21
1.54
%
1.54
%
19
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue
$
16,531
$
—
$
16,531
$
16,467
$
—
$
16,467
0.39
%
0.39
%
Total hotel revenue
$
20,086
$
—
$
20,086
$
19,540
$
—
$
19,540
2.79
%
2.79
%
Hotel net income (loss)
$
(540)
$
—
$
(540)
$
(114)
$
—
$
(114)
(373.68)
%
(373.68)
%
Hotel net income (loss) margin
(2.69)
%
(2.69)
%
(0.58)
%
(0.58)
%
(2.11)
%
(2.11)
%
Hotel EBITDA
$
4,121
$
—
$
4,121
$
4,845
$
—
$
4,845
(14.94)
%
(14.94)
%
Hotel EBITDA margin
20.52
%
20.52
%
24.80
%
24.80
%
(4.28)
%
(4.28)
%
Selected Operating Information:
RevPAR
$
221.54
$
—
$
221.54
$
221.90
$
—
$
221.90
(0.16)
%
(0.16)
%
Occupancy
69.75
%
—
%
69.75
%
69.44
%
—
%
69.44
%
0.45
%
0.45
%
ADR
$
317.60
$
—
$
317.60
$
319.54
$
—
$
319.54
(0.61)
%
(0.61)
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
23,525
$
—
$
23,525
$
23,022
$
—
$
23,022
2.18
%
2.18
%
Total hotel revenue
$
52,748
$
—
$
52,748
$
51,061
$
—
$
51,061
3.30
%
3.30
%
Hotel net income (loss)
$
12,721
$
—
$
12,721
$
9,344
$
—
$
9,344
36.14
%
36.14
%
Hotel net income (loss) margin
24.12
%
24.12
%
18.30
%
18.30
%
5.82
%
5.82
%
Hotel EBITDA
$
16,435
$
—
$
16,435
$
16,126
$
—
$
16,126
1.92
%
1.92
%
Hotel EBITDA margin
31.16
%
31.16
%
31.58
%
31.58
%
(0.42)
%
(0.42)
%
Selected Operating Information:
RevPAR
$
468.32
$
—
$
468.32
$
460.84
$
—
$
460.84
1.62
%
1.62
%
Occupancy
73.56
%
—
%
73.56
%
69.41
%
—
%
69.41
%
5.98
%
5.98
%
ADR
$
636.68
$
—
$
636.68
$
663.95
$
—
$
663.95
(4.11)
%
(4.11)
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
15,428
$
—
$
15,428
$
17,273
$
—
$
17,273
(10.68)
%
(10.68)
%
Total hotel revenue
$
25,569
$
—
$
25,569
$
29,688
$
—
$
29,688
(13.87)
%
(13.87)
%
Hotel net income (loss)
$
(4,129)
$
—
$
(4,129)
$
1,178
$
—
$
1,178
(450.51)
%
(450.51)
%
Hotel net income (loss) margin
(16.15)
%
(16.15)
%
3.97
%
3.97
%
(20.12)
%
(20.12)
%
Hotel EBITDA
$
2,980
$
—
$
2,980
$
5,994
$
—
$
5,994
(50.28)
%
(50.28)
%
Hotel EBITDA margin
11.65
%
11.65
%
20.19
%
20.19
%
(8.54)
%
(8.54)
%
Selected Operating Information:
RevPAR
$
463.23
$
—
$
463.23
$
521.47
$
—
$
521.47
(11.17)
%
(11.17)
%
Occupancy
51.23
%
—
%
51.23
%
60.00
%
—
%
60.00
%
(14.62)
%
(14.62)
%
ADR
$
904.24
$
—
$
904.24
$
869.11
$
—
$
869.11
4.04
%
4.04
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
13,245
$
—
$
13,245
$
12,414
$
—
$
12,414
6.69
%
6.69
%
Total hotel revenue
$
16,670
$
—
$
16,670
$
15,274
$
—
$
15,274
9.14
%
9.14
%
Hotel net income (loss)
$
2,157
$
—
$
2,157
$
2,098
$
—
$
2,098
2.81
%
2.81
%
Hotel net income (loss) margin
12.94
%
12.94
%
13.74
%
13.74
%
(0.80)
%
(0.80)
%
Hotel EBITDA
$
5,632
$
—
$
5,632
$
5,325
$
—
$
5,325
5.77
%
5.77
%
Hotel EBITDA margin
33.79
%
33.79
%
34.86
%
34.86
%
(1.07)
%
(1.07)
%
Selected Operating Information:
RevPAR
$
197.22
$
—
$
197.22
$
185.87
$
—
$
185.87
6.11
%
6.11
%
Occupancy
69.85
%
—
%
69.85
%
68.82
%
—
%
68.82
%
1.50
%
1.50
%
ADR
$
282.36
$
—
$
282.36
$
270.09
$
—
$
270.09
4.54
%
4.54
%
20
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
28,676
$
—
$
28,676
$
29,476
$
—
$
29,476
(2.71)
%
(2.71)
%
Total hotel revenue
$
45,302
$
—
$
45,302
$
45,309
$
—
$
45,309
(0.02)
%
(0.02)
%
Hotel net income (loss)
$
11,297
$
—
$
11,297
$
9,390
$
—
$
9,390
20.31
%
20.31
%
Hotel net income (loss) margin
24.94
%
24.94
%
20.72
%
20.72
%
4.22
%
4.22
%
Hotel EBITDA
$
16,078
$
—
$
16,078
$
15,849
$
—
$
15,849
1.44
%
1.44
%
Hotel EBITDA margin
35.49
%
35.49
%
34.98
%
34.98
%
0.51
%
0.51
%
Selected Operating Information:
RevPAR
$
875.35
$
—
$
875.35
$
904.73
$
—
$
904.73
(3.25)
%
(3.25)
%
Occupancy
73.83
%
—
%
73.83
%
75.16
%
—
%
75.16
%
(1.77)
%
(1.77)
%
ADR
$
1,185.56
$
—
$
1,185.56
$
1,203.70
$
—
$
1,203.70
(1.51)
%
(1.51)
%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue
$
5,001
$
—
$
5,001
$
6,501
$
—
$
6,501
(23.07)
%
(23.07)
%
Total hotel revenue
$
6,756
$
—
$
6,756
$
9,176
$
—
$
9,176
(26.37)
%
(26.37)
%
Hotel net income (loss)
$
(2,742)
$
—
$
(2,742)
$
(1,088)
$
—
$
(1,088)
(152.02)
%
(152.02)
%
Hotel net income (loss) margin
(40.59)
%
(40.59)
%
(11.86)
%
(11.86)
%
(28.73)
%
(28.73)
%
Hotel EBITDA
$
(474)
$
—
$
(474)
$
1,402
$
—
$
1,402
(133.81)
%
(133.81)
%
Hotel EBITDA margin
(7.02)
%
(7.02)
%
15.28
%
15.28
%
(22.30)
%
(22.30)
%
Selected Operating Information:
RevPAR
$
192.16
$
—
$
192.16
$
251.17
$
—
$
251.17
(23.49)
%
(23.49)
%
Occupancy
68.80
%
—
%
68.80
%
77.52
%
—
%
77.52
%
(11.25)
%
(11.25)
%
ADR
$
279.30
$
—
$
279.30
$
324.00
$
—
$
324.00
(13.80)
%
(13.80)
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
31,447
$
—
$
31,447
$
30,746
$
—
$
30,746
2.28
%
2.28
%
Total hotel revenue
$
46,017
$
—
$
46,017
$
46,461
$
—
$
46,461
(0.96)
%
(0.96)
%
Hotel net income (loss)
$
7,233
$
—
$
7,233
$
10,130
$
—
$
10,130
(28.60)
%
(28.60)
%
Hotel net income (loss) margin
15.72
%
15.72
%
21.80
%
21.80
%
(6.08)
%
(6.08)
%
Hotel EBITDA
$
13,179
$
—
$
13,179
$
14,099
$
—
$
14,099
(6.53)
%
(6.53)
%
Hotel EBITDA margin
28.64
%
28.64
%
30.35
30.35
%
(1.71)
%
(1.71)
%
Selected Operating Information:
RevPAR
$
1,630.05
$
—
$
1,630.05
$
1,602.55
$
—
$
1,602.55
1.72
%
1.72
%
Occupancy
59.63
%
—
%
59.63
%
60.19
%
—
%
60.19
%
(0.93)
%
(0.93)
%
ADR
$
2,733.57
$
—
$
2,733.57
$
2,662.50
$
—
$
2,662.50
2.67
%
2.67
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
22,848
$
—
$
22,848
$
22,081
$
—
$
22,081
3.47
%
3.47
%
Total hotel revenue
$
41,926
$
—
$
41,926
$
38,526
$
—
$
38,526
8.83
%
8.83
%
Hotel net income (loss)
$
4,227
$
—
$
4,227
$
4,861
$
—
$
4,861
(13.04)
%
(13.04)
%
Hotel net income (loss) margin
10.08
%
10.08
%
12.62
%
12.62
%
(2.54)
%
(2.54)
%
Hotel EBITDA
$
16,051
$
—
$
16,051
$
14,350
$
—
$
14,350
11.85
%
11.85
%
Hotel EBITDA margin
38.28
%
38.28
%
37.25
37.25
%
1.03
%
1.03
%
Selected Operating Information:
RevPAR
$
597.81
$
—
$
597.81
$
580.93
$
—
$
580.93
2.91
%
2.91
%
Occupancy
60.74
%
—
%
60.74
%
51.02
%
—
%
51.02
%
19.05
%
19.05
%
ADR
$
984.29
$
—
$
984.29
$
1,138.74
$
—
$
1,138.74
(13.56)
%
(13.56)
%
21
Six Months Ended June 30,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2024
2024
2024
2023
2023
2023
% Variance
% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
176,263
$
—
$
176,263
$
179,367
$
—
$
179,367
(1.73)
%
(1.73)
%
Total hotel revenue
$
298,073
$
—
$
298,073
$
298,376
$
—
$
298,376
(0.10)
%
(0.10)
%
Hotel net income (loss)
$
45,788
$
—
$
45,788
$
48,345
$
—
$
48,345
(5.29)
%
(5.29)
%
Hotel net income (loss) margin
15.36
%
15.36
%
16.20
%
16.20
%
(0.84)
%
(0.84)
%
Hotel EBITDA
$
93,917
$
—
$
93,917
$
96,946
$
—
$
96,946
(3.12)
%
(3.12)
%
Hotel EBITDA margin
31.51
%
31.51
%
32.49
%
32.49
%
(0.98)
%
(0.98)
%
Selected Operating Information:
RevPAR
$
529.51
$
—
$
529.51
$
541.97
$
—
$
541.97
(2.30)
%
(2.30)
%
Occupancy
67.30
%
—
%
67.30
%
66.66
%
—
%
66.66
%
0.96
%
0.96
%
ADR
$
786.84
$
—
$
786.84
$
813.01
$
—
$
813.01
(3.22)
%
(3.22)
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
82,279
$
—
$
82,279
$
79,059
$
—
$
79,059
4.07
%
4.07
%
Total hotel revenue
$
111,672
$
—
$
111,672
$
106,709
$
—
$
106,709
4.65
%
4.65
%
Hotel net income (loss)
$
4,482
$
—
$
4,482
$
7,551
$
—
$
7,551
(40.64)
%
(40.64)
%
Hotel net income (loss) margin
4.01
%
4.01
%
7.08
%
7.08
%
(3.07)
%
(3.07)
%
Hotel EBITDA
$
28,140
$
—
$
28,140
$
29,510
$
—
$
29,510
(4.64)
%
(4.64)
%
Hotel EBITDA margin
25.20
%
25.20
%
27.65
%
27.65
%
(2.45)
%
(2.45)
%
Selected Operating Information:
RevPAR
$
188.82
$
—
$
188.82
$
183.06
$
—
$
183.06
3.15
%
3.15
%
Occupancy
70.49
%
—
%
70.49
%
68.84
%
—
%
68.84
%
2.40
%
2.40
%
ADR
$
267.89
$
—
$
267.89
$
265.91
$
—
$
265.91
0.74
%
0.74
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
258,542
$
—
$
258,542
$
258,426
$
—
$
258,426
0.04
%
0.04
%
Total hotel revenue
$
409,745
$
—
$
409,745
$
405,085
$
—
$
405,085
1.15
%
1.15
%
Hotel net income (loss)
$
50,270
$
—
$
50,270
$
55,896
$
—
$
55,896
(10.07)
%
(10.07)
%
Hotel net income (loss) margin
12.27
%
12.27
%
13.80
%
13.80
%
(1.53)
%
(1.53)
%
Hotel EBITDA
$
122,057
$
—
$
122,057
$
126,456
$
—
$
126,456
(3.48)
%
(3.48)
%
Hotel EBITDA margin
29.79
%
29.79
%
31.22
%
31.22
%
(1.43)
%
(1.43)
%
Selected Operating Information:
RevPAR
$
336.37
$
—
$
336.37
$
338.78
$
—
$
338.78
(0.71)
%
(0.71)
%
Occupancy
69.10
%
—
%
69.10
%
67.90
%
—
%
67.90
%
1.77
%
1.77
%
ADR
$
486.76
$
—
$
486.76
$
498.95
$
—
$
498.95
(2.44)
%
(2.44)
%
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(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
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2024
2024
2024
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
39,048
$
—
$
39,048
Total hotel revenue
$
60,861
$
—
$
60,861
Hotel net income
$
3,564
$
—
$
3,564
Hotel net income margin
9.13
%
9.13
%
Hotel EBITDA
$
17,171
$
—
$
17,171
Hotel EBITDA margin
28.21
%
28.21
%
Selected Operating Information:
RevPAR
$
192.55
$
—
$
192.55
Occupancy
74.92
%
—
%
74.92
%
ADR
$
257.00
$
—
$
257.00
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
28,958
$
—
$
28,958
Total hotel revenue
$
52,286
$
—
$
52,286
Hotel net income
$
13,509
$
—
$
13,509
Hotel net income margin
46.65
%
46.65
%
Hotel EBITDA
$
18,045
$
—
$
18,045
Hotel EBITDA margin
34.51
%
34.51
%
Selected Operating Information:
RevPAR
$
200.82
$
—
$
200.82
Occupancy
78.75
%
—
%
78.75
%
ADR
$
254.99
$
—
$
254.99
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
25,929
$
—
$
25,929
Total hotel revenue
$
34,991
$
—
$
34,991
Hotel net income
$
2,325
$
—
$
2,325
Hotel net income margin
8.97
%
8.97
%
Hotel EBITDA
$
6,950
$
—
$
6,950
Hotel EBITDA margin
19.86
%
19.86
%
Selected Operating Information:
RevPAR
$
170.71
$
—
$
170.71
Occupancy
71.09
%
—
%
71.09
%
ADR
$
240.13
$
—
$
240.13
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
15,522
$
—
$
15,522
Total hotel revenue
$
21,030
$
—
$
21,030
Hotel net income
$
1,778
$
—
$
1,778
Hotel net income margin
11.45
%
11.45
%
Hotel EBITDA
$
5,074
$
—
$
5,074
Hotel EBITDA margin
24.13
%
24.13
%
Selected Operating Information:
RevPAR
$
652.46
$
—
$
652.46
Occupancy
64.25
%
—
%
64.25
%
ADR
$
1,015.51
$
—
$
1,015.51
23
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2024
2024
2024
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
23,698
$
—
$
23,698
Total hotel revenue
$
30,324
$
—
$
30,324
Hotel net income
$
5,145
$
—
$
5,145
Hotel net income margin
21.71
%
21.71
%
Hotel EBITDA
$
14,192
$
—
$
14,192
Hotel EBITDA margin
46.80
%
46.80
%
Selected Operating Information:
RevPAR
$
455.97
$
—
$
455.97
Occupancy
71.55
%
—
%
71.55
%
ADR
$
637.30
$
—
$
637.30
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
12,163
$
—
$
12,163
Total hotel revenue
$
15,425
$
—
$
15,425
Hotel net income
$
2,394
$
—
$
2,394
Hotel net income margin
19.68
%
19.68
%
Hotel EBITDA
$
4,595
$
—
$
4,595
Hotel EBITDA margin
29.79
%
29.79
%
Selected Operating Information:
RevPAR
$
415.41
$
—
$
415.41
Occupancy
62.56
%
—
%
62.56
%
ADR
$
664.01
$
—
$
664.01
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
24,237
$
—
$
24,237
Total hotel revenue
$
48,261
$
—
$
48,261
Hotel net income
$
1,193
$
—
$
1,193
Hotel net income margin
4.92
%
4.92
%
Hotel EBITDA
$
12,315
$
—
$
12,315
Hotel EBITDA margin
25.52
%
25.52
%
Selected Operating Information:
RevPAR
$
343.12
$
—
$
343.12
Occupancy
56.25
%
—
%
56.25
%
ADR
$
609.96
$
—
$
609.96
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
27,197
$
—
$
27,197
Total hotel revenue
$
34,339
$
—
$
34,339
Hotel net income
$
3,460
$
—
$
3,460
Hotel net income margin
12.72
%
12.72
%
Hotel EBITDA
$
10,729
$
—
$
10,729
Hotel EBITDA margin
31.24
%
31.24
%
Selected Operating Information:
RevPAR
$
148.92
$
—
$
148.92
Occupancy
64.18
%
—
%
64.18
%
ADR
$
232.04
$
—
$
232.04
24
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2024
2024
2024
THE CLANCY
Selected Financial Information:
Rooms revenue
$
32,831
$
—
$
32,831
Total hotel revenue
$
39,300
$
—
$
39,300
Hotel net income
$
(888)
$
—
$
(888)
Hotel net income margin
(2.70)
%
(2.70)
%
Hotel EBITDA
$
8,552
$
—
$
8,552
Hotel EBITDA margin
21.76
%
21.76
%
Selected Operating Information:
RevPAR
$
218.78
$
—
$
218.78
Occupancy
70.96
%
—
%
70.96
%
ADR
$
308.30
$
—
$
308.30
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
37,781
$
—
$
37,781
Total hotel revenue
$
87,207
$
—
$
87,207
Hotel net income
$
14,548
$
—
$
14,548
Hotel net income margin
38.51
%
38.51
%
Hotel EBITDA
$
22,690
$
—
$
22,690
Hotel EBITDA margin
26.02
%
26.02
%
Selected Operating Information:
RevPAR
$
374.01
$
—
$
374.01
Occupancy
65.06
%
—
%
65.06
%
ADR
$
574.86
$
—
$
574.86
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
25,952
$
—
$
25,952
Total hotel revenue
$
46,163
$
—
$
46,163
Hotel net income
$
(9,997)
$
—
$
(9,997)
Hotel net income margin
(38.52)
%
(38.52)
%
Hotel EBITDA
$
3,068
$
—
$
3,068
Hotel EBITDA margin
6.65
%
6.65
%
Selected Operating Information:
RevPAR
$
387.48
$
—
$
387.48
Occupancy
45.65
%
—
%
45.65
%
ADR
$
848.77
$
—
$
848.77
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
29,241
$
—
$
29,241
Total hotel revenue
$
36,025
$
—
$
36,025
Hotel net income
$
5,530
$
—
$
5,530
Hotel net income margin
18.91
%
18.91
%
Hotel EBITDA
$
13,123
$
—
$
13,123
Hotel EBITDA margin
36.43
%
36.43
%
Selected Operating Information:
RevPAR
$
216.52
$
—
$
216.52
Occupancy
71.20
%
—
%
71.20
%
ADR
$
304.09
$
—
$
304.09
25
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2024
2024
2024
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
47,171
$
—
$
47,171
Total hotel revenue
$
75,387
$
—
$
75,387
Hotel net income
$
10,229
$
—
$
10,229
Hotel net income margin
21.68
%
21.68
%
Hotel EBITDA
$
22,857
$
—
$
22,857
Hotel EBITDA margin
30.32
%
30.32
%
Selected Operating Information:
RevPAR
$
716.01
$
—
$
716.01
Occupancy
65.79
%
—
%
65.79
%
ADR
$
1,088.29
$
—
$
1,088.29
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue
$
10,227
$
—
$
10,227
Total hotel revenue
$
13,693
$
—
$
13,693
Hotel net income
$
(5,876)
$
—
$
(5,876)
Hotel net income margin
(57.46)
%
(57.46)
%
Hotel EBITDA
$
(889)
$
—
$
(889)
Hotel EBITDA margin
(6.49)
%
(6.49)
%
Selected Operating Information:
RevPAR
$
195.41
$
—
$
195.41
Occupancy
68.46
%
—
%
68.46
%
ADR
$
285.44
$
—
$
285.44
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
55,413
$
—
$
55,413
Total hotel revenue
$
83,300
$
—
$
83,300
Hotel net income
$
10,583
$
—
$
10,583
Hotel net income margin
19.10
%
19.10
%
Hotel EBITDA
$
20,004
$
—
$
20,004
Hotel EBITDA margin
24.01
%
24.01
%
Selected Operating Information:
RevPAR
$
1,428.30
$
—
$
1,428.30
Occupancy
58.73
%
—
%
58.73
%
ADR
$
2,432.17
$
—
$
2,432.17
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
36,556
$
—
$
36,556
Total hotel revenue
$
71,066
$
—
$
71,066
Hotel net income (loss)
$
504
$
—
$
504
Hotel net income (loss) margin
1.38
%
1.38
%
Hotel EBITDA
$
23,564
$
—
$
23,564
Hotel EBITDA margin
33.16
%
33.16
%
Selected Operating Information:
RevPAR
$
475.62
$
—
$
475.62
Occupancy
53.11
%
—
%
53.11
%
ADR
$
895.46
$
—
$
895.46
26
TTM Ended June 30,
Actual
Non-comparable Adjustments
Comparable
2024
2024
2024
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
307,451
$
—
$
307,451
Total hotel revenue
$
530,449
$
—
$
530,449
Hotel net income
$
49,886
$
—
$
49,886
Hotel net income margin
16.23
%
16.23
%
Hotel EBITDA
$
146,404
$
—
$
146,404
Hotel EBITDA margin
27.60
%
27.60
%
Selected Operating Information:
RevPAR
$
459.29
$
—
$
459.29
Occupancy
63.84
%
—
%
63.84
%
ADR
$
719.45
$
—
$
719.45
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
164,473
$
—
$
164,473
Total hotel revenue
$
219,209
$
—
$
219,209
Hotel net income
$
8,115
$
—
$
8,115
Hotel net income margin
4.93
%
4.93
%
Hotel EBITDA
$
55,636
$
—
$
55,636
Hotel EBITDA margin
25.38
%
25.38
%
Selected Operating Information:
RevPAR
$
188.02
$
—
$
188.02
Occupancy
70.37
%
—
%
70.37
%
ADR
$
267.17
$
—
$
267.17
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
471,924
$
—
$
471,924
Total hotel revenue
$
749,658
$
—
$
749,658
Hotel net income
$
58,001
$
—
$
58,001
Hotel net income margin
12.29
%
12.29
%
Hotel EBITDA
$
202,040
$
—
$
202,040
Hotel EBITDA margin
26.95
%
26.95
%
Selected Operating Information:
RevPAR
$
305.62
$
—
$
305.62
Occupancy
67.54
%
—
%
67.54
%
ADR
$
452.49
$
—
$
452.49
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(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
27
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
2024
2024
2024
2024
2024
2024
2023
2023
2023
2023
2023
2023
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
Total hotel revenue
$
188,307
$
—
$
188,307
$
221,438
$
—
$
221,438
$
179,216
$
—
$
179,216
$
160,697
$
—
$
160,697
Hotel net income (loss)
$
14,032
$
—
$
14,032
$
36,238
$
—
$
36,238
$
6,943
$
—
$
6,943
$
788
$
—
$
788
Hotel net income (loss) margin
7.45
%
7.45
%
16.36
%
16.36
%
3.87
%
3.87
%
0.49
%
0.49
%
Hotel EBITDA
$
51,078
$
—
$
51,078
$
70,979
$
—
$
70,979
$
45,116
$
—
$
45,116
$
34,867
$
—
$
34,867
Hotel EBITDA margin
27.12
%
27.12
%
32.05
%
32.05
%
25.17
%
25.17
%
21.70
%
21.70
%
Hotel net income (loss) % of total TTM
24.2
%
24.2
%
62.5
%
62.5
%
12.0
%
12.0
%
1.3
%
1.3
%
EBITDA % of total TTM
25.3
%
25.3
%
35.1
%
35.1
%
22.3
%
22.3
%
17.3
%
17.3
%
JV interests in Hotel net income (loss)
$
2,066
$
—
$
2,066
$
671
$
—
$
671
$
702
$
—
$
702
$
830
$
—
$
830
JV interests in EBITDA
$
3,211
$
—
$
3,211
$
1,975
$
—
$
1,975
$
1,769
$
—
$
1,769
$
1,849
$
—
$
1,849
Actual
Non-comparable Adjustments
Comparable
2024
2024
2024
TTM
TTM
TTM
Total hotel revenue
$
749,658
$
—
$
749,658
Hotel net income (loss)
$
58,001
$
—
$
58,001
Hotel net income (loss) margin
7.74
%
7.74
%
Hotel EBITDA
$
202,040
$
—
$
202,040
Hotel EBITDA margin
26.95
%
26.95
%
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)
$
4,269
$
—
$
4,269
JV interests in EBITDA
$
8,804
$
—
$
8,804
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
28
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
June 30, 2024
(in thousands, except share price)
(unaudited)
June 30, 2024
Common stock shares outstanding
66,522
Partnership units outstanding (common stock equivalents)
7,366
Combined common stock shares and partnership units outstanding
73,888
Common stock price
$
2.55
Market capitalization
$
188,414
Series B cumulative convertible preferred stock
$
76,950
Series D cumulative preferred stock
$
40,000
Series E redeemable preferred stock
$
403,559
Series M redeemable preferred stock
$
40,569
Indebtedness
$
1,205,043
Joint venture partner's share of consolidated indebtedness
$
(44,300)
Net working capital (see below)
$
(89,057)
Total enterprise value (TEV)
$
1,821,178
Cash and cash equivalents
$
117,673
Restricted cash
$
57,833
Accounts receivable, net
$
32,476
Prepaid expenses
$
5,079
Due from third-party hotel managers, net
$
16,096
Total current assets
$
229,157
Accounts payable, net & accrued expenses
$
128,515
Dividends and distributions payable
$
9,333
Due to affiliates, net
$
2,252
Total current liabilities
$
140,100
Net working capital*
$
89,057
* Includes the Company's pro rata share of net working capital in joint ventures.
29
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2024
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Estimated
Estimated
Bardessono Hotel and Spa
65
x
Capital Hilton Washington D.C.
559
x
The Ritz-Carlton Lake Tahoe
170
x
x
x
Cameo Beverly Hills
143
The Ritz-Carlton St. Thomas
180
x
x
The Ritz-Carlton Sarasota
276
x
Total
3
1
2
2
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024 are included in this table.
30
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2024
2024
2023
2023
June 30, 2024
2nd Quarter
1st Quarter
4th Quarter
3rd Quarter
TTM
Net income (loss)
$
14,032
$
36,238
$
6,943
$
788
$
58,001
Non-property adjustments
5
—
249
203
457
Interest income
(359)
(333)
(315)
(316)
(1,323)
Interest expense
10,510
10,001
9,250
9,557
39,318
Amortization of loan costs
571
552
622
556
2,301
Depreciation and amortization
24,694
25,420
25,481
22,703
98,298
Income tax expense (benefit)
322
666
1,587
13
2,588
Non-hotel EBITDA ownership expense
1,303
(1,565)
1,299
1,363
2,400
Hotel EBITDA including amounts attributable to noncontrolling interest
51,078
70,979
45,116
34,867
202,040
Non-comparable adjustments
—
—
—
—
—
Comparable hotel EBITDA
$
51,078
$
70,979
$
45,116
$
34,867
$
202,040
31
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
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)
$
4,307
$
3,957
$
2,645
$
1,030
$
832
$
1,005
$
(3,583)
$
2,744
$
(983)
$
3,478
$
(4,662)
$
2,995
$
2,564
$
(936)
$
(583)
$
(778)
$
14,032
$
(27,819)
$
(13,787)
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
5
—
—
—
—
—
5
(5)
—
Interest income
(48)
(110)
—
—
—
—
—
(19)
(55)
(93)
76
(34)
(9)
—
—
(67)
(359)
359
—
Interest expense
—
—
—
—
1,779
—
1,459
—
—
151
1,204
20
1,039
68
1,579
3,211
10,510
15,324
25,834
Amortization of loan cost
—
—
—
—
115
—
—
—
—
—
38
—
—
—
186
232
571
880
1,451
Depreciation and amortization
3,200
1,059
1,141
665
521
428
1,170
1,555
2,104
1,872
2,045
1,740
2,247
654
1,749
2,544
24,694
—
24,694
Income tax expense (benefit)
159
66
—
—
—
—
—
5
—
—
—
—
121
—
(29)
—
322
(436)
(114)
Non-hotel EBITDA ownership expense
238
15
15
115
10
8
12
1
394
64
244
16
5
163
3
—
1,303
(1,303)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
7,856
4,987
3,801
1,810
3,257
1,441
(942)
4,286
1,460
5,472
(1,050)
4,737
5,967
(51)
2,905
5,142
51,078
(13,000)
38,078
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(1,965)
(1,246)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(3,211)
3,211
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
85
85
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(82)
(82)
Hotel EBITDA attributable to the Company and OP unitholders
$
5,891
$
3,741
$
3,801
$
1,810
$
3,257
$
1,441
$
(942)
$
4,286
$
1,460
$
5,472
$
(1,050)
$
4,737
$
5,967
$
(51)
$
2,905
$
5,142
$
47,867
$
(9,786)
$
38,081
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
7,856
$
4,987
$
3,801
$
1,810
$
3,257
$
1,441
$
(942)
$
4,286
$
1,460
$
5,472
$
(1,050)
$
4,737
$
5,967
$
(51)
$
2,905
$
5,142
$
51,078
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
7,856
$
4,987
$
3,801
$
1,810
$
3,257
$
1,441
$
(942)
$
4,286
$
1,460
$
5,472
$
—
$
4,737
$
5,967
$
(51)
$
2,905
$
5,142
$
52,128
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
7,856
$
4,987
$
3,801
$
1,810
$
3,257
$
1,441
$
(942)
$
4,286
$
1,460
$
5,472
$
—
$
4,737
$
5,967
$
(51)
$
2,905
$
5,142
$
52,128
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
4,987
$
—
$
1,810
$
3,257
$
1,441
$
(942)
$
—
$
—
$
5,472
$
(1,050)
$
—
$
5,967
$
—
$
2,905
$
5,142
$
28,989
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
4,987
$
—
$
1,810
$
3,257
$
1,441
$
(942)
$
—
$
—
$
5,472
$
(1,050)
$
—
$
5,967
$
—
$
2,905
$
5,142
$
28,989
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
7,856
$
—
$
3,801
$
—
$
—
$
—
$
—
$
4,286
$
1,460
$
—
$
—
$
4,737
$
—
$
(51)
$
—
$
—
$
22,089
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
7,856
$
—
$
3,801
$
—
$
—
$
—
$
—
$
4,286
$
1,460
$
—
$
—
$
4,737
$
—
$
(51)
$
—
$
—
$
22,089
32
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
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)
$
7,856
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
7,856
BAML Pool (see footnote 3)
—
—
3,801
—
—
—
—
4,286
1,460
—
—
4,737
—
—
—
—
14,284
BAML Credit Facility (see foonote 4)
—
—
—
1,810
—
1,441
—
—
—
5,472
—
—
—
—
—
—
8,723
BAML (Pier House Resort & Spa)
—
—
—
—
3,257
—
—
—
—
—
—
—
—
—
—
—
3,257
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
(942)
—
—
—
—
—
—
—
—
—
(942)
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
(1,050)
—
—
—
—
—
(1,050)
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
5,967
—
—
—
5,967
LoanCore (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
(51)
—
—
(51)
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,142
5,142
Prudential (Hilton La Jolla Torrey Pines)
—
4,987
—
—
—
—
—
—
—
—
—
—
—
—
—
—
4,987
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2,905
—
2,905
Total
$
7,856
$
4,987
$
3,801
$
1,810
$
3,257
$
1,441
$
(942)
$
4,286
$
1,460
$
5,472
$
(1,050)
$
4,737
$
5,967
$
(51)
$
2,905
$
5,142
$
51,078
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(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:
The Ritz-Carlton Lake Tahoe
33
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
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)
$
(19)
$
2,703
$
(2,745)
$
(1,220)
$
3,037
$
(466)
$
7,144
$
(1,325)
$
443
$
9,243
$
533
$
(838)
$
8,733
$
(1,806)
$
7,816
$
5,005
$
36,238
$
(20,756)
$
15,482
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Interest income
(38)
(100)
—
—
—
—
—
(17)
(50)
(94)
71
(29)
(13)
—
—
(63)
(333)
333
—
Interest expense
—
—
—
—
1,774
—
1,461
—
—
165
1,207
20
1,030
695
434
3,215
10,001
15,179
25,180
Amortization of loan cost
—
—
—
—
113
—
69
—
—
—
37
—
—
46
61
226
552
759
1,311
Depreciation and amortization
4,137
1,090
1,123
607
517
418
1,199
1,696
2,212
1,696
1,923
1,750
2,227
594
1,710
2,521
25,420
—
25,420
Income tax expense (benefit)
46
64
—
—
—
—
—
5
—
—
—
—
302
—
249
—
666
786
1,452
Non-hotel EBITDA ownership expense
2
14
6
174
16
25
2
47
56
(47)
259
(8)
(2,168)
48
4
5
(1,565)
1,565
—
Hotel EBITDA including amounts attributable to noncontrolling interest
4,128
3,771
(1,616)
(439)
5,457
(23)
9,875
406
2,661
10,963
4,030
895
10,111
(423)
10,274
10,909
70,979
(2,134)
68,845
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(1,032)
(943)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,975)
1,975
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
49
49
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(57)
(57)
Hotel EBITDA attributable to the Company and OP unitholders
$
3,096
$
2,828
$
(1,616)
$
(439)
$
5,457
$
(23)
$
9,875
$
406
$
2,661
$
10,963
$
4,030
$
895
$
10,111
$
(423)
$
10,274
$
10,909
$
69,004
$
(167)
$
68,837
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
4,128
$
3,771
$
(1,616)
$
(439)
$
5,457
$
(23)
$
9,875
$
406
$
2,661
$
10,963
$
4,030
$
895
$
10,111
$
(423)
$
10,274
$
10,909
$
70,979
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
3,771
$
—
$
(439)
$
5,457
$
(23)
$
9,875
$
—
$
—
$
10,963
$
4,030
$
—
$
10,111
$
—
$
10,274
$
10,909
$
64,928
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
3,771
$
—
$
(439)
$
5,457
$
(23)
$
9,875
$
—
$
—
$
10,963
$
4,030
$
—
$
10,111
$
—
$
10,274
$
10,909
$
64,928
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
4,128
$
—
$
(1,616)
$
—
$
—
$
—
$
—
$
406
$
2,661
$
—
$
—
$
895
$
—
$
(423)
$
—
$
—
$
6,051
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
4,128
$
—
$
(1,616)
$
—
$
—
$
—
$
—
$
406
$
2,661
$
—
$
—
$
895
$
—
$
(423)
$
—
$
—
$
6,051
34
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
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)
$
4,128
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
4,128
BAML Pool (see footnote 3)
—
—
(1,616)
—
—
—
—
406
2,661
—
—
895
—
—
—
—
2,346
BAML Credit Facility (see foonote 4)
—
—
—
(439)
—
(23)
—
—
—
10,963
—
—
—
—
—
—
10,501
BAML (Pier House Resort & Spa)
—
—
—
—
5,457
—
—
—
—
—
—
—
—
—
—
—
5,457
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
9,875
—
—
—
—
—
—
—
—
—
9,875
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
4,030
—
—
—
—
—
4,030
Apollo (The Ritz-Carlton St. Thomas)
—
—
—
—
—
—
—
—
—
—
—
—
10,111
—
—
—
10,111
LoanCore (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
(423)
—
—
(423)
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10,909
10,909
Prudential (Hilton La Jolla Torrey Pines)
—
3,771
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3,771
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10,274
—
10,274
Total
$
4,128
$
3,771
$
(1,616)
$
(439)
$
5,457
$
(23)
$
9,875
$
406
$
2,661
$
10,963
$
4,030
$
895
$
10,111
$
(423)
$
10,274
$
10,909
$
70,979
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(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.
35
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 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
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
36
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 Scottsdale 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
Macquarie CAF LLC (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 June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(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.
37
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 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
38
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 Scottsdale 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
Macquarie CAF LLC (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 June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(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.
39
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 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
ALL HOTELS NOT UNDER RENOVATION:
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
$
—
$
4,313
$
6,848
$
648
$
5,826
$
4,230
$
53,775
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
$
—
$
4,313
$
6,848
$
648
$
5,826
$
4,230
$
53,775
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
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(3) Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe
40
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2024
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)
$
4,288
$
6,660
$
(100)
$
(190)
$
3,869
$
539
$
3,561
$
1,419
$
(540)
$
12,721
$
(4,129)
$
2,157
$
11,297
$
(2,742)
$
7,233
$
4,227
$
50,270
$
(48,575)
$
1,695
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
5
—
—
—
—
—
5
(5)
—
Interest income
(86)
(210)
—
—
—
—
—
(36)
(105)
(187)
147
(63)
(22)
—
—
(130)
(692)
692
—
Interest expense
—
—
—
—
3,553
—
2,920
—
—
316
2,411
40
2,069
763
2,013
6,426
20,511
30,503
51,014
Amortization of loan cost
—
—
—
—
228
—
69
—
—
—
75
—
—
46
247
458
1,123
1,639
2,762
Depreciation and amortization
7,337
2,149
2,264
1,272
1,038
846
2,369
3,251
4,316
3,568
3,968
3,490
4,474
1,248
3,459
5,065
50,114
—
50,114
Income tax expense (benefit)
205
130
—
—
—
—
—
10
—
—
—
—
423
—
220
—
988
350
1,338
Non-hotel EBITDA ownership expense
240
29
21
289
26
33
14
48
450
17
503
8
(2,163)
211
7
5
(262)
262
—
Hotel EBITDA including amounts attributable to noncontrolling interest
11,984
8,758
2,185
1,371
8,714
1,418
8,933
4,692
4,121
16,435
2,980
5,632
16,078
(474)
13,179
16,051
122,057
(15,134)
106,923
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(2,997)
(2,189)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(5,186)
5,186
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
134
134
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(139)
(139)
Hotel EBITDA attributable to the Company and OP unitholders
$
8,987
$
6,569
$
2,185
$
1,371
$
8,714
$
1,418
$
8,933
$
4,692
$
4,121
$
16,435
$
2,980
$
5,632
$
16,078
$
(474)
$
13,179
$
16,051
$
116,871
$
(9,953)
$
106,918
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
11,984
$
8,758
$
2,185
$
1,371
$
8,714
$
1,418
$
8,933
$
4,692
$
4,121
$
16,435
$
2,980
$
5,632
$
16,078
$
(474)
$
13,179
$
16,051
$
122,057
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
11,984
$
8,758
$
2,185
$
1,371
$
8,714
$
1,418
$
8,933
$
4,692
$
4,121
$
16,435
$
—
$
5,632
$
16,078
$
(474)
$
13,179
$
16,051
$
119,077
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
11,984
$
8,758
$
2,185
$
1,371
$
8,714
$
1,418
$
8,933
$
4,692
$
4,121
$
16,435
$
—
$
5,632
$
16,078
$
(474)
$
13,179
$
16,051
$
119,077
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
8,758
$
—
$
1,371
$
8,714
$
1,418
$
8,933
$
—
$
—
$
16,435
$
2,980
$
—
$
16,078
$
—
$
13,179
$
16,051
$
93,917
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
8,758
$
—
$
1,371
$
8,714
$
1,418
$
8,933
$
—
$
—
$
16,435
$
2,980
$
—
$
16,078
$
—
$
13,179
$
16,051
$
93,917
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
11,984
$
—
$
2,185
$
—
$
—
$
—
$
—
$
4,692
$
4,121
$
—
$
—
$
5,632
$
—
$
(474)
$
—
$
—
$
28,140
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
11,984
$
—
$
2,185
$
—
$
—
$
—
$
—
$
4,692
$
4,121
$
—
$
—
$
5,632
$
—
$
(474)
$
—
$
—
$
28,140
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
(3) Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe
41
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 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)
$
5,658
$
5,987
$
967
$
(540)
$
5,523
$
(984)
$
3,456
$
30
$
(114)
$
9,344
$
1,178
$
2,098
$
9,390
$
(1,088)
$
10,130
$
4,861
$
55,896
$
(42,430)
$
13,466
Non-property adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Interest income
(129)
(157)
(6)
—
—
—
—
(13)
(47)
(96)
27
(24)
(19)
—
—
(30)
(494)
494
—
Interest expense
—
—
—
1,489
2,646
1,883
2,700
—
—
3,966
1,855
40
1,864
1,289
281
4,478
22,491
22,535
45,026
Amortization of loan cost
—
—
—
—
159
8
400
—
—
95
78
—
54
87
—
323
1,204
243
1,447
Depreciation and amortization
4,624
2,071
2,381
1,182
1,180
799
2,226
4,066
4,990
2,749
2,347
3,161
4,259
1,064
3,274
4,715
45,088
—
45,088
Income tax expense (benefit)
151
61
—
—
—
—
—
9
—
—
—
—
269
—
357
—
847
1,407
2,254
Non-hotel EBITDA ownership expense
(64)
40
76
233
25
32
109
188
16
68
509
50
32
50
57
3
1,424
(1,424)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
10,240
8,002
3,418
2,364
9,533
1,738
8,891
4,280
4,845
16,126
5,994
5,325
15,849
1,402
14,099
14,350
126,456
(19,175)
107,281
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(2,561)
(2,000)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(4,561)
4,561
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
148
148
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(157)
(157)
Hotel EBITDA attributable to the Company and OP unitholders
$
7,679
$
6,002
$
3,418
$
2,364
$
9,533
$
1,738
$
8,891
$
4,280
$
4,845
$
16,126
$
5,994
$
5,325
$
15,849
$
1,402
$
14,099
$
14,350
$
121,895
$
(14,623)
$
107,272
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
10,240
$
8,002
$
3,418
$
2,364
$
9,533
$
1,738
$
8,891
$
4,280
$
4,845
$
16,126
$
5,994
$
5,325
$
15,849
$
1,402
$
14,099
$
14,350
$
126,456
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
10,240
$
8,002
$
3,418
$
2,364
$
9,533
$
1,738
$
8,891
$
4,280
$
4,845
$
16,126
$
—
$
5,325
$
15,849
$
1,402
$
14,099
$
14,350
$
120,462
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
10,240
$
8,002
$
3,418
$
2,364
$
9,533
$
1,738
$
8,891
$
4,280
$
4,845
$
16,126
$
—
$
5,325
$
15,849
$
1,402
$
14,099
$
14,350
$
120,462
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
8,002
$
—
$
2,364
$
9,533
$
1,738
$
8,891
$
—
$
—
$
16,126
$
5,994
$
—
$
15,849
$
—
$
14,099
$
14,350
$
96,946
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
—
$
8,002
$
—
$
2,364
$
9,533
$
1,738
$
8,891
$
—
$
—
$
16,126
$
5,994
$
—
$
15,849
$
—
$
14,099
$
14,350
$
96,946
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
10,240
$
—
$
3,418
$
—
$
—
$
—
$
—
$
4,280
$
4,845
$
—
$
—
$
5,325
$
—
$
1,402
$
—
$
—
$
29,510
Non-comparable adjustments
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Comparable hotel EBITDA
$
10,240
$
—
$
3,418
$
—
$
—
$
—
$
—
$
4,280
$
4,845
$
—
$
—
$
5,325
$
—
$
1,402
$
—
$
—
$
29,510
NOTES:
(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 30, 2024, were owned as of the beginning of each of the periods presented.
(2) 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.
