Benzinga | Sep 15, 2021 04:17PM EDT

Braemar Hotels & Resorts Reports Prelim. Portfolio Occupancy Of 59.2% For Aug., Average Daily Rate ~$345.88, Revenue Per Available Room $204.69

Braemar Hotels & Resorts Inc. (NYSE:BHR) ("Braemar" or the "Company") reported today preliminary portfolio occupancy of 59.2% for the month of August with an average daily rate ("ADR") of approximately $345.88 resulting in RevPAR of approximately $204.69. This RevPAR result represents an approximate increase of 149% versus August 2020 and an approximate decrease of 12% versus August 2019.

Additionally, for the month of August, Hotel Net Income was $0.9 million. Comparable Hotel EBITDA for the month of August was $9.2 million, a 2% decrease versus August 2019's Comparable Hotel EBITDA of $9.3 million.

"It is especially encouraging that all of our resorts and all but one of our urban properties had positive Hotel EBITDA for the month," said Richard J. Stockton, Braemar's President and Chief Executive Officer. He added, "Some of our resorts continue to set records, with our Bardessono property achieving an ADR of over $1,350 for the month." He concluded, "We are closely monitoring the number of reported cases of COVID-19 and have been encouraged by what appears tobe a flattening or declining daily case load globally. Additionally, while the Caldor fire in Lake Tahoe is impacting lodging demand, it currently poses no physical threat to our property in the region, as it is located primarily south of Lake Tahoe. Looking ahead, the September/October crush in Napa Valley is already solidifying a strong book of business, while our Park Hyatt Beaver Creek is benefiting from a strong pipeline of social groups and associations during the same time period."

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 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.

The following tables are reconciliations of the Company's Hotel EBITDA for the months of August 2021 and August 2019:

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in millions)

(unaudited)



August 2021 August 2019

Net income (loss) $ 0.9 $1.2

Non-property adjustments 0.4 0.1

Interest expense 1.2 1.5

Amortization of loan cost 0.5 0.1

Depreciation and amortization 5.8 5.4

Non-hotel EBITDA ownership expense0.3 0.3

Hotel EBITDA $ 9.1 $8.6

Non-comparable adjustments 0.1 0.7

Comparable Hotel EBITDA $ 9.2 $9.3

The above comparable information assumes the fourteen hotel properties ownedand included in the Company's operations at August 31, 2021, were owned as ofthe beginning of each of the periods presented. Non-comparable adjustmentsinclude pre-acquisition results from the acquisition of the Mr. C BeverlyHills Hotel.