Braemar Hotels & Resorts (BHR) Q4 2024 earnings summary

Executive summary

• Achieved 1.9% comparable RevPAR growth in Q4 2024 after six quarters of decline, with 5.3% comparable total revenue growth year-over-year; Q4 RevPAR reached $305, ADR $480, and occupancy 63.5%.

• Net loss attributable to common stockholders was $31.1 million for Q4 and $50.9 million for the full year 2024.

• Strong group bookings and urban hotel performance drove results, with January 2025 RevPAR up 13% year-over-year.

• Active refinancing of $293 million loan maturing in June 2025; no other final debt maturities in 2025 post-refinancing.

• Redeemed $80 million of non-traded preferred stock, about 17% of the original capital raise, as part of shareholder value creation.

Financial highlights

• Comparable hotel EBITDA for Q4 was $41.1 million, up 0.7% year-over-year; full-year comparable hotel EBITDA was $179.0 million.

• Adjusted EBITDA for Q4 was $30.2 million; full year adjusted EBITDA was $157.6 million.

• AFFO per diluted share was negative $0.06 for Q4 and $0.21 for the full year.

• Total assets at year-end were $2.1 billion; cash and cash equivalents were $135.5 million.

• Capex was $15.8 million in Q4 and $70.6 million for the year.

Outlook and guidance

• Strong forward booking pace for 2025, with group rooms revenue pacing 8% ahead of prior year.

• Management expects continued momentum in 2025, citing strong bookings, improving industry fundamentals, and supply constraints.

• Anticipated steady growth in the resort segment due to supply constraints and low new hotel construction.

• Portfolio is positioned to benefit from potential interest rate cuts, which would lower debt costs and improve cash flow.

• Capital expenditures expected between $75 million and $95 million in 2025 to enhance the luxury portfolio.