DallasAnd December 17, 2021 /PRNewswire/ – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or “the Company”) today reported initial portfolio occupancy of 60.8% for the month of November at an average daily rate (“ADR”) of approx. $349 Resulting in RevPAR of approx $212. This RevPAR score represents an approximate increase of 151% vs. November 2020 An approximate increase of 3.8% vs. November 2019.

In addition, for the month of November, hotel net income $1.2 million. EBITDA comparison for hotels for the month of November was $8.3 million, which is a significant increase against EBITDA for comparable hotels for the month of November 2020 $1.7 million An approximate increase of 19% compared to EBITDA for comparable hotels for the month of November 2019 of $7.0 million.

“We are pleased with our results for November, the fourth quarter is historically our weakest quarter from a seasonal perspective, however all but one of our urban properties delivered positive EBITDA as we continue to see slow and steady improvement in Business transit demand across our markets,” said Richard J Stockton, President and CEO of Braemar. He added, “In addition, our resort hotels continued to benefit from strong leisure demand, with six out of eight resort hotels achieving a positive EBITDA in November. Three of our hotels – Bardessono, Hotel Yountville and Ritz-Carlton St. Thomas – achieved ADRs.” Approximately 1300 dollarsAnd $900, And $980 straight for the month.”

We use certain non-GAAP measures, in addition to required GAAP presentations, because we believe these measures improve understanding of our operating results and make comparisons of operating results between peer REITs more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP standards, used in this press release is Hotel EBITDA. Please refer to our most recent Annual Report on Form 10-K for a more detailed description of how these non-GAAP-compliant actions are accounted for. Reconciliations for non-GAAP metrics with the closest GAAP procedures are provided below and provide more details of our results for the reporting period.

The following tables are adjustments to the company’s comparable hotel earnings for months November 2021And November 2020 And November 2019:

Primar Hotels and Resorts Corporation and its subsidiaries
Adjustment of net income (loss) to EBITDA for hotels
(in millions)




net income (loss)







interest expense




Amortize the cost of the loan




Depreciation and amortization of debt




EBITDA Equity Calculation for Non-Hotels











Unmatched mods


Similar hotels to EBITDA








The above comparative information assumes that fourteen hotel properties are owned and included in the Company’s operations in November 30, 2021, was owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from the acquisition of Mr. C. Beverly Hills Hotel.

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

Preliminary estimated results for the month ending November 30, 2021 Included in this statement, which is the responsibility of the management, prepared by the company’s management in connection with the preparation of the company’s financial statements and is based on the preliminary results of operating the hotel and a number of subjective judgments and assumptions. Additional items may be identified that may require adjustments to the Company’s preliminary estimated financial information and could result in material changes to the Company’s preliminary estimated results. Company closing procedures for the month ended November 30, 2021 Not yet completed, and as a result, the Company’s final results upon completion of closing procedures may differ from the preliminary estimates above. BDO . Independent Public Accounting Firm United States of America, LLP, has not reviewed, reviewed, compiled or performed any procedures with respect to the preliminary discretionary financial information, nor has it expressed any opinion or other form of assurance as to such information or its realizability, and assumes no responsibility for, and disclaims any responsibility for Link to this preliminary estimated financial information. Furthermore, these preliminary estimated results are not a comprehensive statement or estimate of the company’s financial position or operating results for the month ended November 30, 2021. These preliminary discretionary results should not be viewed as a substitute for full quarterly financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) or as a measure of the company’s performance. In addition, preliminary discretionary financial information is not necessarily indicative of the results that will be achieved in any future period. Accordingly, investors are cautioned not to place undue reliance on this preliminary discretionary financial information. Review the information below under “Forward-looking Statements,” “Risk Factors,” and “Management’s Discussion of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Certain statements and assumptions made in this press release contain or are based on “forward-looking” information and are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained 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 “likely to produce,” “may,” “expect,” “estimate,” “should,” “expect,” “believe,” “intent” or similar expressions, it is our intention to identify the forward-looking formulations. Such statements are subject to many assumptions and uncertainties, many of which are beyond 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 expected, including, but not limited to: the impact of COVID-19, the rate of adoption and effectiveness of vaccines for COVID-19 prevention, on our business strategy and investments ; the timing and outcome of the Securities and Exchange Commission’s investigation; Our ability to repay, refinance or restructure our debts and the debts of some of our affiliates; Expected or anticipated purchases or sales of assets; Our expected operating results; complete any pending transactions; our understanding of our competition; market trends; expected capital expenditures; the impact of technology on our operations and business; general fluctuations in the capital markets and the market price of our common stock and preferred stock; Availability, conditions and distribution of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; The degree and nature of competition. These and other risk factors are fully discussed in Braemar’s filings with the Securities and Exchange Commission.

The forward-looking statements contained in this press release are made only as of the date of this press release. These 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 possible events or factors, not all of which are known to us. In the event of a change, our business, financial position, liquidity, results of operations and other plans and objectives could differ materially from those expressed in our forward-looking statements. You should carefully consider these risks when making an investment decision regarding our securities. Investors should not place undue reliance on these forward-looking statements. The Company can make no guarantees that these forward-looking statements will be realized or that no deviation will occur. We are under no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or conditions, changes in expectations, or otherwise, except to the extent required by law.

SOURCE Braemar Hotels & Resorts Inc.


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