DALLAS, Dec. 10, 2020 /PRNewswire/ -- Braemar Hotels
& Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today
provided an update on its hotel operations. The table provided in
this release includes monthly operating information for the
Company's portfolio for the months of October and November.
BRAEMAR HOTELS
& RESORTS INC. AND SUBSIDIARIES
MONTHLY OPERATING
INFORMATION (unaudited)
|
|
|
|
October
2020
|
|
Variance to
October 2019
|
|
November
2020
|
|
Variance to
November 2019
|
Resort
|
|
|
|
|
|
|
|
|
Number of
hotels
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
Occupancy
|
|
48.9
|
%
|
|
(33.6)
|
%
|
|
44.9
|
%
|
|
(34.7)
|
%
|
Average daily
rate
|
|
$
|
341.78
|
|
|
(0.9)
|
%
|
|
$
|
388.63
|
|
|
15.3
|
%
|
RevPAR
|
|
$
|
167.08
|
|
|
(34.2)
|
%
|
|
$
|
174.58
|
|
|
(24.7)
|
%
|
Total hotel revenue
(in thousands)
|
|
$
|
13,832
|
|
|
(30.8)
|
%
|
|
$
|
14,317
|
|
|
(27.9)
|
%
|
|
|
|
|
|
|
|
|
|
Urban
|
|
|
|
|
|
|
|
|
Number of
hotels
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
Occupancy
|
|
19.5
|
%
|
|
(77.9)
|
%
|
|
15.8
|
%
|
|
(80.1)
|
%
|
Average daily
rate
|
|
$
|
152.37
|
|
|
(42.5)
|
%
|
|
$
|
140.61
|
|
|
(39.4)
|
%
|
RevPAR
|
|
$
|
29.69
|
|
|
(87.3)
|
%
|
|
$
|
22.15
|
|
|
(88.0)
|
%
|
Total hotel revenue
(in thousands)
|
|
$
|
2,438
|
|
|
(88.4)
|
%
|
|
$
|
1,897
|
|
|
(88.2)
|
%
|
|
|
|
|
|
|
|
|
|
All
|
|
|
|
|
|
|
|
|
Number of
hotels
|
|
13
|
|
|
—
|
|
|
13
|
|
|
—
|
|
Occupancy
|
|
31.2
|
%
|
|
(62.2)
|
%
|
|
27.4
|
%
|
|
(63.5)
|
%
|
Average daily
rate
|
|
$
|
270.81
|
|
|
(7.0)
|
%
|
|
$
|
303.03
|
|
|
12.4
|
%
|
RevPAR
|
|
$
|
84.58
|
|
|
(64.9)
|
%
|
|
$
|
83.05
|
|
|
(59.0)
|
%
|
Total hotel revenue
(in thousands)
|
|
$
|
16,270
|
|
|
(60.3)
|
%
|
|
$
|
16,214
|
|
|
(54.9)
|
%
|
|
(1) The above
information, excluding total hotel revenue, does not include the
operations of ten condominium units not owned by the Lake Tahoe
Ritz-Carlton.
|
The Company also announced that as of December 3, 2020, forward bookings for rooms
revenue for December 2020 reflect a
39% decrease from the forward bookings for rooms revenue for
December 2019, calculated as of the
same time in the prior year. In addition, as of December 3, 2020, forward bookings for rooms
revenue for January 2021 reflect a
36% decrease from the forward bookings for rooms revenue for
January 2020, calculated as of the
same time in the prior year. As of December 9, 2020, the average daily rate for all
forward bookings through March 2021
is over $400.
"We continue to be pleased with the recovery trends we are
seeing at our hotels during these challenging times," said
Richard J. Stockton, Braemar's
President and Chief Executive Officer. "Across our entire
portfolio, our average daily rate was 12% higher in November than
in the same month last year. Total hotel revenue for November was
down only 55%, which is 5% better year-over-year than it was in
October. Although virus cases have been on the rise lately, we are
encouraged by the news regarding vaccines and believe our portfolio
is well-positioned as we come out of this pandemic."
Braemar Hotels & Resorts is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free download
at Apple's App Store and the Google
Play Store by searching "Ashford."
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 federal
securities regulations. 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: the impact of COVID-19 (including on cancellation
rates) and the rate of adoption and efficacy of vaccines to prevent
COVID-19 on our business and investment strategy; the ability of
the Company's advisor, Ashford Inc., to continue as a going
concern; the timing and outcome of the Securities and Exchange
Commission's investigation; anticipated or expected purchases or
sales of assets; our projected operating results; completion of any
pending transactions; our understanding of our competition; market
trends; projected capital expenditures; and the impact of
technology on our operations and business. 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.
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. 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.
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SOURCE Braemar Hotels & Resorts Inc.