Braemar Hotels & Resorts Updates

Braemar Hotels & Resorts Inc. (“Braemar” or the “Company”) reported today preliminary portfolio occupancy of approximately 64% for the month of November 2022 with an average daily rate (“ADR”) of approximately $394 resulting in RevPAR of approximately $253. This RevPAR reflects an approximate increase of 5% versus November 2021 and an approximate increase of 15% compared to November 2019.

Additionally, for the month of October 2022,  preliminary portfolio occupancy was approximately 73% with an ADR of approximately $382 resulting in RevPAR of approximately $280. This RevPAR reflects an approximate increase of 25% versus October 2021 and an approximate increase of 14% compared to October 2019. The preliminary operating information discussed above assumes the 15 hotel properties owned and included in the Company’s operations at November 30, 2022, were owned as of the beginning of 2019.

“We are extremely pleased with Braemar’s preliminary October and November results, despite the fourth quarter typically being our weakest quarter from a seasonality perspective,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Importantly, RevPAR significantly exceeded its previous peak in 2019 for both months, solidifying a strong trend in consistently high ADRs and continuing occupancy growth.  Looking forward, we expect occupancies to continue to rise towards pre-pandemic levels as the next leg of growth for our portfolio.”

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

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