Benzinga | Dec 17, 2021 08:01AM EST

Braemar Hotels & Resorts Offers Update On Recent Operating Performance: Occupancy 60.8% In Nov., Average Daily Rate ~$349

Braemar Hotels & Resorts Inc. (NYSE:BHR) ("Braemar" or the "Company") reported today preliminary portfolio occupancy of 60.8% for the month of November with an average daily rate ("ADR") of approximately $349 resulting in RevPAR of approximately $212. This RevPAR result represents an approximate increase of 151% versus November 2020 and an approximate increase of 3.8% versus November 2019.

Additionally, for the month of November, Hotel Net Income was $1.2 million. Comparable Hotel EBITDA for the month of November was $8.3 million, a significant increase versus November 2020's Comparable Hotel EBITDA of negative $1.7 million and an approximate 19% increase versus November 2019's Comparable Hotel EBITDA of $7.0 million.

"We are pleased with our November results as the fourth quarter is historically our weakest quarter from a seasonality perspective yet all but one of our urban properties achieved positive Hotel EBITDA as we continue to see a slow, steady improvement in business transient demand across our markets," said Richard J. Stockton, Braemar's President and Chief Executive Officer. He added, "Additionally, our resort properties continued to capitalize on strong leisure demand as six of the eight resort properties achieved positive Hotel EBITDA in November. Three of our properties - the Bardessono, the Hotel Yountville and the Ritz-Carlton St. Thomas - achieved an ADR of approximately $1,300, $900, and $980 respectively, for the month."