Braemar Hotels & Resorts Inc. (NYSE: BHR) reported today preliminary portfolio occupancy of 59.2% for the month of August with an average daily rate (ADR) of approximately $345.88 resulting in RevPAR of approximately $204.69. This RevPAR result represents an approximate increase of 149% versus August 2020 and an approximate decrease of 12% versus August 2019.
Additionally, for the month of August, Hotel Net Income was $0.9 million. Comparable Hotel EBITDA for the month of August was $9.2 million, a 2% decrease versus August 2019's Comparable Hotel EBITDA of $9.3 million.
"It is especially encouraging that all of our resorts and all but one of our urban properties had positive Hotel EBITDA for the month," said Richard J. Stockton, Braemar's President and Chief Executive Officer. He added, "Some of our resorts continue to set records, with our Bardessono property achieving an ADR of over $1,350 for the month." He concluded, "We are closely monitoring the number of reported cases of COVID-19 and have been encouraged by what appears to be a flattening or declining daily case load globally. Additionally, while the Caldor fire in Lake Tahoe is impacting lodging demand, it currently poses no physical threat to our property in the region, as it is located primarily south of Lake Tahoe. Looking ahead, the September/October crush in Napa Valley is already solidifying a strong book of business, while our Park Hyatt Beaver Creek is benefiting from a strong pipeline of social groups and associations during the same time period."
The following tables are reconciliations of the Company's Hotel EBITDA for the months of August 2021 and August 2019:
| BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES | ||||||||
| RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA | ||||||||
| (in millions) | ||||||||
| (unaudited) | ||||||||
| August 2021 | August 2019 | |||||||
| Net income (loss) | $ | 0.9 | $ | 1.2 | ||||
| Non-property adjustments | 0.4 | 0.1 | ||||||
| Interest expense | 1.2 | 1.5 | ||||||
| Amortization of loan cost | 0.5 | 0.1 | ||||||
| Depreciation and amortization | 5.8 | 5.4 | ||||||
| Non-hotel EBITDA ownership expense | 0.3 | 0.3 | ||||||
| Hotel EBITDA | $ | 9.1 | $ | 8.6 | ||||
| Non-comparable adjustments | 0.1 | 0.7 | ||||||
| Comparable Hotel EBITDA | $ | 9.2 | $ | 9.3 | ||||
| The above comparable information assumes the fourteen hotel properties owned and included in the Company's operations at August 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from the acquisition of the Mr. C Beverly Hills Hotel. | |||||
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.