DALLAS, May 1, 2019 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported the following results and performance measures for the first quarter ended March 31, 2019. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of March 31, 2019 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2019, with the first quarter ended March 31, 2018 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
STRATEGIC OVERVIEW
- Focused strategy of investing in luxury hotels and resorts
- Targets conservative leverage levels of 45% Net Debt to Gross Assets
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 4.6%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders for the quarter was $3.5 million or $0.11 per diluted share.
- Actual RevPAR for all hotels increased 14.3% to $239.17 during the quarter.
- Comparable RevPAR for all hotels increased 3.0% to $242.75 during the quarter.
- Comparable RevPAR for all hotels not under renovation increased 2.6% to $263.13 during the quarter.
- Adjusted funds from operations (AFFO) was $0.44 per diluted share for the quarter.
- Adjusted EBITDAre was $34.8 million for the quarter, representing a 15.3% increase over the prior-year quarter.
- During the quarter, the Company entered into a $50 million Enhanced Return Funding Program agreement with Ashford Inc.
- During the quarter, the Company completed the acquisition of the 170-room Ritz-Carlton Lake Tahoe in Truckee, California.
- During the quarter, the Company refinanced a mortgage loan on 2 hotels with a new loan totaling $195 million.
- The Company announced the planned opening of the Notary Hotel, an Autograph Collection property, in downtown Philadelphia. The re-branded property, a conversion of the Courtyard Philadelphia Downtown, is expected to officially launch in early summer 2019.
- Capex invested during the quarter was $36.6 million.
UPDATE ON BUSINESS INTERRUPTION INCOME
During the first quarter 2019, the Company recognized $6.0 million of business interruption ("BI") income for the Ritz-Carlton St. Thomas related to lost profits for the period of December 2018 through February 2019 due to the impact of Hurricane Irma.
The Company will continue to work with its insurers on the claims at the Ritz-Carlton St. Thomas and expects to continue to receive additional BI income through at least the reopening of the property which is scheduled for October 2019.
ENHANCED RETURN FUNDING PROGRAM
On January 17, 2019, the Company announced that it had entered into an Enhanced Return Funding Program ("ERFP") with Ashford Inc. (NYSE American: AINC). Subject to the terms of the two-year programmatic agreement, Ashford Inc. has committed to effectively fund amounts equal to 10% of the purchase price of future Braemar hotel acquisitions, up to an amount of $50 million in aggregate funding. The Program has the potential to be upsized to $100 million based upon mutual agreement.
To date, the Company has completed one acquisition under the ERFP, which amounts to $10.3 million in committed funding, or approximately 21% committed utilization of the pledged $50 million of ERFP funding from Ashford Inc.
RITZ-CARLTON LAKE TAHOE ACQUISITION
On January 15, 2019, the Company completed the acquisition of the 170-room Ritz-Carlton Lake Tahoe in Truckee, California for total consideration of $120 million.
The purchase of the Ritz-Carlton Lake Tahoe is the Company's first hotel acquisition to benefit from the ERFP. In connection with this acquisition and subject to the terms of the ERFP, Ashford Inc. has committed to providing Braemar with approximately $10.3 million of cash via the future purchase of hotel furniture, fixtures, and equipment at Braemar properties. Concurrent with the completion of the acquisition, the Company entered into a $54 million non-recourse mortgage loan. The loan is interest-only, has a five-year term, and bears interest at LIBOR + 2.10%. The hotel will continue to be managed by Ritz-Carlton.
PLANNED OPENING OF THE NOTARY HOTEL
The Company recently announced the planned opening of The Notary Hotel, an Autograph Collection property, in Downtown Philadelphia in early summer 2019. This is the new branding for the Company's Courtyard Philadelphia Downtown. Listed on the National Register of Historic Places, the deluxe hotel has undergone a multi-million dollar renovation, fusing Philadelphia's unique soul with its historic legacy and now joins Marriott International's Autograph Collection, a diverse portfolio of independent hotels around the world that reflect unique vision, design and craft.
CAPITAL STRUCTURE
At March 31, 2019, the Company had total assets of $1.8 billion. As of March 31, 2019, the Company had $1.1 billion of mortgage loans of which $49 million related to its joint venture partner's share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company's total combined mortgage loans had a blended average interest rate of 4.8%.
On January 22, 2019, the Company announced that it had refinanced its Aareal Capital mortgage loan with an existing outstanding balance totaling approximately $187 million and a final maturity date in November 2021. The new loan totals $195 million and has a five-year term. The loan is interest only and provides for a floating interest rate of LIBOR + 1.70%. The loan remains secured by the same two hotels: the Capital Hilton in Washington, D.C. and Hilton La Jolla Torrey Pines in La Jolla, CA. Braemar has a 75% ownership interest in the properties.
PORTFOLIO REVPAR
As of March 31, 2019, the portfolio consisted of thirteen properties. During the first quarter of 2019, ten of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 13 hotels) and comparable not under renovation basis (10 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.
- Comparable RevPAR increased 3.0% to $242.75 for all hotels on a 5.9% increase in ADR and a 2.8% decrease in occupancy
- Comparable RevPAR increased 2.6% to $263.13 for hotels not under renovation on a 2.7% increase in ADR and relatively flat occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the thirteen hotels are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On March 13, 2019, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.16 per diluted share for the Company's common stock for the first quarter ending March 31, 2019. The dividend, which equates to an annual rate of $0.64 per share, was paid on April 15, 2019, to shareholders of record as of March 29, 2019.
"We continue to diligently execute on our strategic objectives focusing on the luxury hotel segment," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "By clearly aligning our platform with this segment, we believe Braemar is well-positioned to capitalize on strong consumer confidence trends and a healthy macroeconomic outlook. We have made great progress on our portfolio repositioning and remain on track with our conversion of the Courtyard Philadelphia Downtown to The Notary Hotel by the end of the second quarter. Shortly thereafter, we expect to complete our Autograph Collection conversion of the Courtyard San Francisco Downtown by the end of the year. On the investments front, we are very pleased with our January purchase of the Ritz-Carlton Lake Tahoe, which delivered strong first quarter performance, resulting in impressive initial returns bolstered by the Enhanced Return Funding Program with Ashford Inc. Looking ahead, we remain committed to enhancing shareholder value with our continued focus on solid operational performance in 2019."
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, May 2, 2019, at 12:00 p.m. ET. The number to call for this interactive teleconference is (323) 794-2597. A replay of the conference call will be available through Thursday, March 9, 2019, by dialing (719) 457-0820 and entering the confirmation number, 6337154.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2019 earnings release conference call. The live broadcast of Braemar's quarterly conference call will be available online at the Company's web site, www.bhrreit.com on Thursday, May 2, 2019, beginning at 12:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closing GAAP measures are provided below and provide further details of our results for the period being reported.
* * * * *
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. Forward-looking statements in this press release may include, among others, statements about the implied share price for the Company's common stock. 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: general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. 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.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands, except share amounts)
|
(unaudited)
|
|
| March 31,
2019
|
| December 31,
2018
|
ASSETS
|
|
|
|
Investments in hotel properties, gross
| $
| 1,719,275
|
|
| $
| 1,562,806
|
|
Accumulated depreciation
| (276,799)
|
|
| (262,905)
|
|
Investments in hotel properties, net
| 1,442,476
|
|
| 1,299,901
|
|
Cash and cash equivalents
| 73,802
|
|
| 182,578
|
|
Restricted cash
| 86,309
|
|
| 75,910
|
|
Accounts receivable, net of allowance of $108 and $101, respectively
| 23,314
|
|
| 12,739
|
|
Inventories
| 2,358
|
|
| 1,862
|
|
Prepaid expenses
| 7,275
|
|
| 4,409
|
|
Investment in Ashford Inc., at fair value
| 10,821
|
|
| 10,114
|
|
Investment in OpenKey
| 1,872
|
|
| 1,766
|
|
Derivative assets
| 815
|
|
| 772
|
|
Other assets
| 10,314
|
|
| 13,831
|
|
Operating lease right-of-use assets
| 82,308
|
|
| —
|
|
Intangible assets, net
| 5,303
|
|
| 27,678
|
|
Due from related party, net
| 350
|
|
| —
|
|
Due from third-party hotel managers
| 14,402
|
|
| 4,927
|
|
Total assets
| $
| 1,761,719
|
|
| $
| 1,636,487
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness, net
| $
| 1,046,749
|
|
| $
| 985,873
|
|
Accounts payable and accrued expenses
| 76,777
|
|
| 64,116
|
|
Dividends and distributions payable
| 9,174
|
|
| 8,514
|
|
Due to Ashford Inc., net
| 5,114
|
|
| 4,001
|
|
Due to related party, net
| —
|
|
| 224
|
|
Due to third-party hotel managers
| 2,415
|
|
| 1,633
|
|
Operating lease liabilities
| 60,617
|
|
| —
|
|
Other liabilities
| 26,524
|
|
| 29,033
|
|
Total liabilities
| 1,227,370
|
|
| 1,093,394
|
|
|
|
|
|
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 4,965,850 shares issued and outstanding at
March 31, 2019 and December 31, 2018
| 106,123
|
|
| 106,123
|
|
Redeemable noncontrolling interests in operating partnership
| 51,010
|
|
| 44,885
|
|
Equity:
|
|
|
|
Preferred stock, $0.01 value, 50,000,000 shares authorized:
|
|
|
|
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding as of March 31, 2019 and December
31, 2018
| 16
|
|
| 16
|
|
Common stock, $0.01 par value, 200,000,000 shares authorized, 32,841,263 and 32,511,660 shares issued and
outstanding at March 31, 2019 and December 31, 2018, respectively
| 328
|
|
| 325
|
|
Additional paid-in capital
| 514,739
|
|
| 512,545
|
|
Accumulated deficit
| (132,575)
|
|
| (115,410)
|
|
Total stockholders' equity of the Company
| 382,508
|
|
| 397,476
|
|
Noncontrolling interest in consolidated entities
| (5,292)
|
|
| (5,391)
|
|
Total equity
| 377,216
|
|
| 392,085
|
|
Total liabilities and equity
| $
| 1,761,719
|
|
| $
| 1,636,487
|
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
| Three Months Ended
|
| March 31,
|
| 2019
|
| 2018
|
REVENUE
|
|
|
|
Rooms
| $
| 76,731
|
|
| $
| 65,507
|
|
Food and beverage
| 32,114
|
|
| 23,500
|
|
Other
| 19,663
|
|
| 13,482
|
|
Total hotel revenue
| 128,508
|
|
| 102,489
|
|
Other
| 5
|
|
| —
|
|
Total revenue
| 128,513
|
|
| 102,489
|
|
EXPENSES
|
|
|
|
Hotel operating expenses:
|
|
|
|
Rooms
| 16,982
|
|
| 14,918
|
|
Food and beverage
| 22,210
|
|
| 15,620
|
|
Other expenses
| 38,895
|
|
| 29,664
|
|
Management fees
| 4,416
|
|
| 3,617
|
|
Total hotel operating expenses
| 82,503
|
|
| 63,819
|
|
Property taxes, insurance and other
| 7,460
|
|
| 5,604
|
|
Depreciation and amortization
| 16,686
|
|
| 13,006
|
|
Impairment charges
| —
|
|
| 12
|
|
Advisory services fee:
|
|
|
|
Base advisory fee
| 2,660
|
|
| 2,107
|
|
Reimbursable expenses
| 580
|
|
| 420
|
|
Incentive fee
| 1,314
|
|
| 170
|
|
Non-cash stock/unit-based compensation
| 1,470
|
|
| 2,547
|
|
Transaction costs
| 634
|
|
| 488
|
|
Corporate, general and administrative:
|
|
|
|
Non-cash stock/unit-based compensation
| 19
|
|
| —
|
|
Other general and administrative
| 1,107
|
|
| 28
|
|
Total operating expenses
| 114,433
|
|
| 88,201
|
|
OPERATING INCOME (LOSS)
| 14,080
|
|
| 14,288
|
|
Equity in earnings (loss) of unconsolidated entity
| (50)
|
|
| (3)
|
|
Interest income
| 362
|
|
| 200
|
|
Other income (expense)
| (117)
|
|
| (63)
|
|
Interest expense
| (13,013)
|
|
| (9,191)
|
|
Amortization of loan costs
| (1,180)
|
|
| (988)
|
|
Write-off of loan costs and exit fees
| (312)
|
|
| (2)
|
|
Unrealized gain (loss) on investments
| 707
|
|
| 528
|
|
Unrealized gain (loss) on derivatives
| (872)
|
|
| 73
|
|
INCOME (LOSS) BEFORE INCOME TAXES
| (395)
|
|
| 4,842
|
|
Income tax (expense) benefit
| (927)
|
|
| (572)
|
|
NET INCOME (LOSS)
| (1,322)
|
|
| 4,270
|
|
(Income) loss from consolidated entities attributable to noncontrolling interest
| (99)
|
|
| 42
|
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
| 440
|
|
| (292)
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
| (981)
|
|
| 4,020
|
|
Preferred dividends
| (2,532)
|
|
| (1,707)
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
| $
| (3,513)
|
|
| $
| 2,313
|
|
|
|
|
|
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
|
|
|
|
Basic:
|
|
|
|
Net income (loss) attributable to common stockholders
| $
| (0.11)
|
|
| $
| 0.07
|
|
Weighted average common shares outstanding – basic
| 32,115
|
|
| 31,680
|
|
Diluted:
|
|
|
|
Net income (loss) attributable to common stockholders
| $
| (0.11)
|
|
| $
| 0.07
|
|
Weighted average common shares outstanding – diluted
| 32,115
|
|
| 31,683
|
|
Dividends declared per common share:
| $
| 0.16
|
|
| $
| 0.16
|
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
|
(in thousands)
|
(unaudited)
|
|
| Three Months Ended
|
| March 31,
|
| 2019
|
| 2018
|
Net income (loss)
| $
| (1,322)
|
|
| $
| 4,270
|
|
Interest expense and amortization of loan costs
| 14,193
|
|
| 10,179
|
|
Depreciation and amortization
| 16,686
|
|
| 13,006
|
|
Income tax expense (benefit)
| 927
|
|
| 572
|
|
Equity in (earnings) loss of unconsolidated entity
| 50
|
|
| 3
|
|
Company's portion of EBITDA of OpenKey
| (49)
|
|
| (2)
|
|
EBITDA
| 30,485
|
|
| 28,028
|
|
Impairment charges on real estate
| —
|
|
| 12
|
|
EBITDAre
| 30,485
|
|
| 28,040
|
|
Amortization of favorable (unfavorable) contract assets (liabilities)
| 119
|
|
| 43
|
|
Transaction and management conversion costs
| 634
|
|
| 503
|
|
Other (income) expense
| 117
|
|
| 63
|
|
Write-off of loan costs and exit fees
| 312
|
|
| 2
|
|
Unrealized (gain) loss on investments
| (707)
|
|
| (528)
|
|
Unrealized (gain) loss on derivatives
| 872
|
|
| (73)
|
|
Non-cash stock/unit-based compensation
| 1,528
|
|
| 2,593
|
|
Legal, advisory and settlement costs
| 71
|
|
| (1,141)
|
|
Advisory services incentive fee
| 1,314
|
|
| 170
|
|
Uninsured hurricane and wildfire related costs
| —
|
|
| 467
|
|
Company's portion of adjustments to EBITDAre of OpenKey
| 11
|
|
| —
|
|
Adjusted EBITDAre
| $
| 34,756
|
|
| $
| 30,139
|
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
| Three Months Ended
|
| March 31,
|
| 2019
|
| 2018
|
Net income (loss)
| $
| (1,322)
|
|
| $
| 4,270
|
|
(Income) loss from consolidated entities attributable to noncontrolling interest
| (99)
|
|
| 42
|
|
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
| 440
|
|
| (292)
|
|
Preferred dividends
| (2,532)
|
|
| (1,707)
|
|
Net income (loss) attributable to common stockholders
| (3,513)
|
|
| 2,313
|
|
Depreciation and amortization on real estate
| 15,904
|
|
| 12,258
|
|
Impairment charges on real estate
| —
|
|
| 12
|
|
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
| (440)
|
|
| 292
|
|
Equity in (earnings) loss of unconsolidated entity
| 50
|
|
| 3
|
|
Company's portion of FFO of OpenKey
| (51)
|
|
| (2)
|
|
FFO available to common stockholders and OP unitholders
| 11,950
|
|
| 14,876
|
|
Series B Cumulative Convertible Preferred Stock dividends
| 1,707
|
|
| 1,707
|
|
Transaction and management conversion costs
| 634
|
|
| 503
|
|
Other (income) expense
| 117
|
|
| 63
|
|
Interest expense accretion on refundable membership club deposits
| 225
|
|
| —
|
|
Write-off of loan costs and exit fees
| 312
|
|
| 2
|
|
Amortization of loan costs
| 1,155
|
|
| 964
|
|
Unrealized (gain) loss on investments
| (707)
|
|
| (528)
|
|
Unrealized (gain) loss on derivatives
| 872
|
|
| (73)
|
|
Non-cash stock/unit-based compensation
| 1,528
|
|
| 2,593
|
|
Legal, advisory and settlement costs
| 71
|
|
| (1,141)
|
|
Advisory services incentive fee
| 1,314
|
|
| 170
|
|
Uninsured hurricane and wildfire related costs
| —
|
|
| 467
|
|
Company's portion of adjustments to FFO of OpenKey
| 11
|
|
| —
|
|
Adjusted FFO available to common stockholders and OP unitholders
| $
| 19,189
|
|
| $
| 19,603
|
|
Adjusted FFO per diluted share available to common stockholders and OP unitholders
| $
| 0.44
|
|
| $
| 0.46
|
|
Weighted average diluted shares
| 43,474
|
|
| 42,440
|
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
SUMMARY OF INDEBTEDNESS
|
MARCH 31, 2019
|
(dollars in thousands)
|
(unaudited)
|
|
Lender
|
| Hotels
|
| Maturity
|
| Interest Rate
|
| Fixed-Rate
Debt
|
| Floating-Rate
Debt
|
| Total
Debt
|
| Comparable TTM
Hotel EBITDA (7)
|
| Comparable TTM EBITDA
Debt Yield
|
JPMorgan
|
| Park Hyatt Beaver Creek
|
| April 2019
|
| LIBOR + 2.75%
|
| $
| —
|
|
| $
| 67,500
|
| (1)
| $
| 67,500
|
|
| $
| 8,808
|
|
| 13.0
| %
|
BAML secured
revolving credit facility
|
| Various
|
| November 2019
|
| Base Rate(3) + 1.25% to 2.50%
or LIBOR + 2.25% to 3.50%
|
| —
|
|
| —
|
| (2)
| —
|
|
| N/A
|
|
| N/A
|
|
Apollo
|
| Ritz-Carlton St. Thomas
|
| December 2019
|
| LIBOR + 4.95%
|
| —
|
|
| 42,000
|
| (4)
| 42,000
|
|
| 11,415
|
|
| 27.2
| %
|
Credit Agricole
|
| Pier House
|
| March 2020
|
| LIBOR + 2.25%
|
| —
|
|
| 70,000
|
| (5)
| 70,000
|
|
| 11,195
|
|
| 16.0
| %
|
BAML
|
| See footnote
|
| June 2020
|
| LIBOR + 2.16%
|
| —
|
|
| 435,000
|
| (6)
| 435,000
|
|
| 49,892
|
|
| 11.5
| %
|
BAML
|
| Hotel Yountville
|
| May 2022
|
| LIBOR + 2.55%
|
| —
|
|
| 51,000
|
|
| 51,000
|
|
| 5,670
|
|
| 11.1
| %
|
BAML
|
| Bardessono
|
| August 2022
|
| LIBOR + 2.55%
|
| —
|
|
| 40,000
|
|
| 40,000
|
|
| 5,917
|
|
| 14.8
| %
|
BAML
|
| Ritz-Carlton Sarasota
|
| April 2023
|
| LIBOR + 2.65%
|
| —
|
|
| 100,000
|
|
| 100,000
|
|
| 13,261
|
|
| 13.3
| %
|
BAML
|
| Ritz-Carlton Lake Tahoe
|
| January 2024
|
| LIBOR + 2.10%
|
| —
|
|
| 54,000
|
|
| 54,000
|
|
| 9,585
|
|
| 17.8
| %
|
Prudential
|
| Capital Hilton and Hilton
Torrey Pines
|
| February 2024
|
| LIBOR + 1.70%
|
| —
|
|
| 195,000
|
|
| 195,000
|
|
| 28,718
|
|
| 14.7
| %
|
Total
|
|
|
|
|
|
|
| $
| —
|
|
| $
| 1,054,500
|
|
| $
| 1,054,500
|
|
| $
| 144,461
|
|
| 13.7
| %
|
Percentage
|
|
|
|
|
|
|
| —
| %
|
| 100.0
| %
|
| 100.0
| %
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
|
| —
| %
|
| 4.80
| %
|
| 4.80
| %
|
|
|
|
|
All indebtedness is non-recourse with the exception of the secured revolving credit facility.
|
(1)
| This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in April 2019.
|
(2)
| This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning November 2019.
|
(3)
| Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.
|
(4)
| This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in December 2018.
|
(5)
| This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in March 2019.
|
(6)
| This mortgage loan has five one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown and Seattle Marriott Waterfront.
|
(7)
| See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
|
MARCH 31, 2019
|
(dollars in thousands)
|
(unaudited)
|
|
Lender
|
| Hotels
|
| 2019
|
| 2020
|
| 2021
|
| 2022
|
| 2023
|
| Thereafter
|
| Total
|
BAML secured
revolving credit facility
|
| Various
|
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
Credit Agricole
|
| Pier House
|
| —
|
|
| 70,000
|
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| 70,000
|
|
Apollo
|
| Ritz-Carlton St. Thomas
|
| —
|
|
| 42,000
|
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| 42,000
|
|
JPMorgan
|
| Park Hyatt Beaver Creek
|
| —
|
|
| —
|
|
| —
|
|
| 67,500
|
|
| —
|
|
| —
|
|
| 67,500
|
|
BAML
|
| Hotel Yountville
|
| —
|
|
| —
|
|
| —
|
|
| 51,000
|
|
| —
|
|
| —
|
|
| 51,000
|
|
BAML
|
| Bardessono
|
| —
|
|
| —
|
|
| —
|
|
| 40,000
|
|
| —
|
|
| —
|
|
| 40,000
|
|
BAML
|
| Ritz-Carlton Sarasota
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| 98,000
|
|
| —
|
|
| 98,000
|
|
BAML
|
| Ritz-Carlton Lake Tahoe
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| 54,000
|
|
| 54,000
|
|
Prudential
|
| Capital Hilton and Hilton
Torrey Pines
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| 195,000
|
|
| 195,000
|
|
BAML Pool
|
| See footnote
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| —
|
|
| 435,000
|
|
| 435,000
|
|
Principal due in future periods
|
|
|
| $
| —
|
|
| $
| 112,000
|
|
| $
| —
|
|
| $
| 158,500
|
|
| $
| 98,000
|
|
| $
| 684,000
|
|
| $
| 1,052,500
|
|
Scheduled amortization
payments remaining
|
|
|
| —
|
|
| —
|
|
| 500
|
|
| 1,000
|
|
| 500
|
|
| —
|
|
| 2,000
|
|
Total indebtedness
|
|
|
| $
| —
|
|
| $
| 112,000
|
|
| $
| 500
|
|
| $
| 159,500
|
|
| $
| 98,500
|
|
| $
| 684,000
|
|
| $
| 1,054,500
|
|
(1)
| This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown and Seattle Marriott Waterfront.
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
KEY PERFORMANCE INDICATORS
|
(unaudited)
|
|
ALL HOTELS:
|
|
|
| Three Months Ended March 31,
|
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Comparable
|
|
| 2019
|
| 2019
|
| 2019
|
| 2018
|
| 2018
|
| 2018
|
| % Variance
|
| % Variance
|
| Rooms revenue (in thousands)
| $
| 76,249
|
|
| $
| 1,719
|
|
| $
| 77,968
|
|
| $
| 65,507
|
|
| $
| 11,321
|
|
| $
| 76,828
|
|
| 16.40
| %
|
| 1.48
| %
|
| RevPAR
| $
| 239.17
|
|
| $
| 722.13
|
|
| $
| 242.75
|
|
| $
| 209.27
|
|
| $
| 879.63
|
|
| $
| 235.74
|
|
| 14.29
| %
|
| 2.97
| %
|
| Occupancy
| 75.48
| %
|
| 77.52
| %
|
| 75.50
| %
|
| 78.67
| %
|
| 53.10
| %
|
| 77.66
| %
|
| (4.05)
| %
|
| (2.78)
| %
|
| ADR
| $
| 316.86
|
|
| $
| 931.53
|
|
| $
| 321.54
|
|
| $
| 266.01
|
|
| $
| 1,656.55
|
|
| $
| 303.56
|
|
| 19.12
| %
|
| 5.92
| %
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
ALL HOTELS
|
|
NOT UNDER RENOVATION:
| Three Months Ended March 31,
|
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Comparable
|
|
| 2019
|
| 2019
|
| 2019
|
| 2018
|
| 2018
|
| 2018
|
| % Variance
|
| % Variance
|
| Rooms revenue (in thousands)
| $
| 60,564
|
|
| $
| 1,719
|
|
| $
| 62,283
|
|
| $
| 49,373
|
|
| $
| 11,321
|
|
| $
| 60,694
|
|
| 22.67
| %
|
| 2.62
| %
|
| RevPAR
| $
| 258.47
|
|
| $
| 722.13
|
|
| $
| 263.13
|
|
| $
| 220.58
|
|
| $
| 879.63
|
|
| $
| 256.42
|
|
| 17.18
| %
|
| 2.62
| %
|
| Occupancy
| 76.63
| %
|
| 77.52
| %
|
| 76.64
| %
|
| 78.03
| %
|
| 53.10
| %
|
| 76.67
| %
|
| (1.79)
| %
|
| (0.04)
| %
|
| ADR
| $
| 337.28
|
|
| $
| 931.53
|
|
| $
| 343.32
|
|
| $
| 282.70
|
|
| $
| 1,656.55
|
|
| $
| 334.43
|
|
| 19.31
| %
|
| 2.66
| %
|
NOTES:
|
(1)
| The above comparable information assumes the ten hotel properties owned and included in the Company's operations at March 31, 2019, and not under renovation during the three months ended March 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| Excluded Hotels Under Renovation:
|
| Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
HOTEL EBITDA
|
(dollars in thousands)
|
(unaudited)
|
|
ALL HOTELS:
| Three Months Ended
|
|
| March 31,
|
|
| 2019
|
| 2018
|
| % Variance
|
| Total hotel revenue
| $
| 128,026
|
|
| $
| 102,489
|
|
| 24.92
| %
|
| Non-comparable adjustments
| 2,671
|
|
| 24,816
|
|
|
|
| Comparable total hotel revenue
| $
| 130,697
|
|
| $
| 127,305
|
|
| 2.66
| %
|
|
|
|
|
|
|
|
| Hotel EBITDA
| $
| 39,689
|
|
| $
| 33,605
|
|
| 18.10
| %
|
| Non-comparable adjustments
| 744
|
|
| 7,055
|
|
|
|
| Comparable hotel EBITDA
| $
| 40,433
|
|
| $
| 40,660
|
|
| (0.56)
| %
|
| Hotel EBITDA margin
| 31.00
| %
|
| 32.79
| %
|
| (1.79)
| %
|
| Comparable hotel EBITDA margin
| 30.94
| %
|
| 31.94
| %
|
| (1.00)
| %
|
|
|
|
|
|
|
|
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
| $
| 1,866
|
|
| $
| 1,990
|
|
| (6.23)
| %
|
| Hotel EBITDA attributable to the Company and OP unitholders
| $
| 37,823
|
|
| $
| 31,615
|
|
| 19.64
| %
|
| Comparable hotel EBITDA attributable to the Company and OP unitholders
| $
| 38,567
|
|
| $
| 38,670
|
|
| (0.27)
| %
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
|
ALL HOTELS
| Three Months Ended
|
NOT UNDER RENOVATION:
| March 31,
|
|
| 2019
|
| 2018
|
| % Variance
|
| Total hotel revenue
| $
| 103,216
|
|
| $
| 79,025
|
|
| 30.61
| %
|
| Non-comparable adjustments
| 2,671
|
|
| 24,816
|
|
|
|
| Comparable total hotel revenue
| $
| 105,887
|
|
| $
| 103,841
|
|
| 1.97
| %
|
|
|
|
|
|
|
|
| Hotel EBITDA
| $
| 30,570
|
|
| $
| 24,544
|
|
| 24.55
| %
|
| Non-comparable adjustments
| 744
|
|
| 7,055
|
|
|
|
| Comparable hotel EBITDA
| $
| 31,314
|
|
| $
| 31,599
|
|
| (0.90)
| %
|
| Hotel EBITDA margin
| 29.62
| %
|
| 31.06
| %
|
| (1.44)
| %
|
| Comparable hotel EBITDA margin
| 29.57
| %
|
| 30.43
| %
|
| (0.86)
| %
|
|
|
|
|
|
|
|
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
| $
| 1,866
|
|
| $
| 1,990
|
|
| (6.23)
| %
|
| Hotel EBITDA attributable to the Company and OP unitholders
| $
| 28,704
|
|
| $
| 22,554
|
|
| 27.27
| %
|
| Comparable hotel EBITDA attributable to the Company and OP unitholders
| $
| 29,448
|
|
| $
| 29,609
|
|
| (0.54)
| %
|
NOTES:
|
(1)
| The above comparable information assumes the ten hotel properties owned and included in the Company's operations at March 31, 2019, and not under renovation during the three months ended March 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
|
(5)
| Excluded Hotels Under Renovation:
|
| Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
|
(in thousands, except operating information)
|
(unaudited)
|
|
|
| Three Months Ended March 31,
|
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Comparable
|
|
| 2019
|
| 2019
|
| 2019
|
| 2018
|
| 2018
|
| 2018
|
| % Variance
|
| % Variance
|
CAPITAL HILTON WASHINGTON D.C.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 8,708
|
|
| $
| —
|
|
| $
| 8,708
|
|
| $
| 8,961
|
|
| $
| —
|
|
| $
| 8,961
|
|
| (2.82)
| %
|
| (2.82)
| %
|
| Total hotel revenue
| $
| 13,651
|
|
| $
| —
|
|
| $
| 13,651
|
|
| $
| 13,584
|
|
| $
| —
|
|
| $
| 13,584
|
|
| 0.49
| %
|
| 0.49
| %
|
| Hotel EBITDA
| $
| 2,997
|
|
| $
| —
|
|
| $
| 2,997
|
|
| $
| 3,102
|
|
| $
| —
|
|
| $
| 3,102
|
|
| (3.38)
| %
|
| (3.38)
| %
|
| Hotel EBITDA margin
| 21.95
| %
|
|
|
| 21.95
| %
|
| 22.84
| %
|
|
|
| 22.84
| %
|
| (0.89)
| %
|
| (0.89)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 175.91
|
|
| $
| —
|
|
| $
| 175.91
|
|
| $
| 181.02
|
|
| $
| —
|
|
| $
| 181.02
|
|
| (2.82)
| %
|
| (2.82)
| %
|
| Occupancy
| 74.80
| %
|
| —
| %
|
| 74.80
| %
|
| 78.53
| %
|
| —
| %
|
| 78.53
| %
|
| (4.75)
| %
|
| (4.75)
| %
|
| ADR
| $
| 235.18
|
|
| $
| —
|
|
| $
| 235.18
|
|
| $
| 230.51
|
|
| $
| —
|
|
| $
| 230.51
|
|
| 2.03
| %
|
| 2.03
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 6,547
|
|
| $
| —
|
|
| $
| 6,547
|
|
| $
| 6,475
|
|
| $
| —
|
|
| $
| 6,475
|
|
| 1.11
| %
|
| 1.11
| %
|
| Total hotel revenue
| $
| 12,336
|
|
| $
| —
|
|
| $
| 12,336
|
|
| $
| 13,012
|
|
| $
| —
|
|
| $
| 13,012
|
|
| (5.20)
| %
|
| (5.20)
| %
|
| Hotel EBITDA
| $
| 4,466
|
|
| $
| —
|
|
| $
| 4,466
|
|
| $
| 4,859
|
|
| $
| —
|
|
| $
| 4,859
|
|
| (8.09)
| %
|
| (8.09)
| %
|
| Hotel EBITDA margin
| 36.20
| %
|
|
|
| 36.20
| %
|
| 37.34
| %
|
|
|
| 37.34
| %
|
| (1.14)
| %
|
| (1.14)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 184.62
|
|
| $
| —
|
|
| $
| 184.62
|
|
| $
| 182.60
|
|
| $
| —
|
|
| $
| 182.60
|
|
| 1.11
| %
|
| 1.11
| %
|
| Occupancy
| 82.28
| %
|
| —
| %
|
| 82.28
| %
|
| 86.27
| %
|
| —
| %
|
| 86.27
| %
|
| (4.63)
| %
|
| (4.63)
| %
|
| ADR
| $
| 224.38
|
|
| $
| —
|
|
| $
| 224.38
|
|
| $
| 211.67
|
|
| $
| —
|
|
| $
| 211.67
|
|
| 6.00
| %
|
| 6.00
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 3,323
|
|
| $
| —
|
|
| $
| 3,323
|
|
| $
| 3,419
|
|
| $
| —
|
|
| $
| 3,419
|
|
| (2.81)
| %
|
| (2.81)
| %
|
| Total hotel revenue
| $
| 4,757
|
|
| $
| —
|
|
| $
| 4,757
|
|
| $
| 4,880
|
|
| $
| —
|
|
| $
| 4,880
|
|
| (2.52)
| %
|
| (2.52)
| %
|
| Hotel EBITDA
| $
| (1,378)
|
|
| $
| —
|
|
| $
| (1,378)
|
|
| $
| (1,143)
|
|
| $
| —
|
|
| $
| (1,143)
|
|
| (20.56)
| %
|
| (20.56)
| %
|
| Hotel EBITDA margin
| (28.97)
| %
|
|
|
| (28.97)
| %
|
| (23.42)
| %
|
|
|
| (23.42)
| %
|
| (5.55)
| %
|
| (5.55)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 88.98
|
|
| $
| —
|
|
| $
| 88.98
|
|
| $
| 91.54
|
|
| $
| —
|
|
| $
| 91.54
|
|
| (2.80)
| %
|
| (2.80)
| %
|
| Occupancy
| 67.09
| %
|
| —
| %
|
| 67.09
| %
|
| 63.09
| %
|
| —
| %
|
| 63.09
| %
|
| 6.34
| %
|
| 6.34
| %
|
| ADR
| $
| 132.62
|
|
| $
| —
|
|
| $
| 132.62
|
|
| $
| 145.11
|
|
| $
| —
|
|
| $
| 145.11
|
|
| (8.61)
| %
|
| (8.61)
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 2,239
|
|
| $
| —
|
|
| $
| 2,239
|
|
| $
| 2,348
|
|
| $
| —
|
|
| $
| 2,348
|
|
| (4.64)
| %
|
| (4.64)
| %
|
| Total hotel revenue
| $
| 3,573
|
|
| $
| —
|
|
| $
| 3,573
|
|
| $
| 4,172
|
|
| $
| —
|
|
| $
| 4,172
|
|
| (14.36)
| %
|
| (14.36)
| %
|
| Hotel EBITDA
| $
| 507
|
|
| $
| —
|
|
| $
| 507
|
|
| $
| 1,048
|
|
| $
| (2)
|
|
| $
| 1,046
|
|
| (51.62)
| %
|
| (51.53)
| %
|
| Hotel EBITDA margin
| 14.19
| %
|
|
|
| 14.19
| %
|
| 25.12
| %
|
|
|
| 25.07
| %
|
| (10.93)
| %
|
| (10.88)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 401.33
|
|
| $
| —
|
|
| $
| 401.33
|
|
| $
| 420.83
|
|
| $
| —
|
|
| $
| 420.83
|
|
| (4.63)
| %
|
| (4.63)
| %
|
| Occupancy
| 68.73
| %
|
| —
| %
|
| 68.73
| %
|
| 71.36
| %
|
| —
| %
|
| 71.36
| %
|
| (3.69)
| %
|
| (3.69)
| %
|
| ADR
| $
| 583.94
|
|
| $
| —
|
|
| $
| 583.94
|
|
| $
| 589.71
|
|
| $
| —
|
|
| $
| 589.71
|
|
| (0.98)
| %
|
| (0.98)
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 6,033
|
|
| $
| —
|
|
| $
| 6,033
|
|
| $
| 5,473
|
|
| $
| —
|
|
| $
| 5,473
|
|
| 10.23
| %
|
| 10.23
| %
|
| Total hotel revenue
| $
| 7,559
|
|
| $
| —
|
|
| $
| 7,559
|
|
| $
| 7,027
|
|
| $
| —
|
|
| $
| 7,027
|
|
| 7.57
| %
|
| 7.57
| %
|
| Hotel EBITDA
| $
| 4,127
|
|
| $
| —
|
|
| $
| 4,127
|
|
| $
| 3,851
|
|
| $
| 4
|
|
| $
| 3,855
|
|
| 7.17
| %
|
| 7.06
| %
|
| Hotel EBITDA margin
| 54.60
| %
|
|
|
| 54.60
| %
|
| 54.80
| %
|
|
|
| 54.86
| %
|
| (0.20)
| %
|
| (0.26)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 472.07
|
|
| $
| —
|
|
| $
| 472.07
|
|
| $
| 428.24
|
|
| $
| —
|
|
| $
| 428.24
|
|
| 10.23
| %
|
| 10.23
| %
|
| Occupancy
| 87.79
| %
|
| —
| %
|
| 87.79
| %
|
| 85.85
| %
|
| —
| %
|
| 85.85
| %
|
| 2.26
| %
|
| 2.26
| %
|
| ADR
| $
| 537.70
|
|
| $
| —
|
|
| $
| 537.70
|
|
| $
| 498.80
|
|
| $
| —
|
|
| $
| 498.80
|
|
| 7.80
| %
|
| 7.80
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 1,891
|
|
| $
| —
|
|
| $
| 1,891
|
|
| $
| 2,116
|
|
| $
| —
|
|
| $
| 2,116
|
|
| (10.63)
| %
|
| (10.63)
| %
|
| Total hotel revenue
| $
| 2,564
|
|
| $
| —
|
|
| $
| 2,564
|
|
| $
| 3,420
|
|
| $
| —
|
|
| $
| 3,420
|
|
| (25.03)
| %
|
| (25.03)
| %
|
| Hotel EBITDA
| $
| 496
|
|
| $
| —
|
|
| $
| 496
|
|
| $
| 1,241
|
|
| $
| (1)
|
|
| $
| 1,240
|
|
| (60.03)
| %
|
| (60.00)
| %
|
| Hotel EBITDA margin
| 19.34
| %
|
|
|
| 19.34
| %
|
| 36.29
| %
|
|
|
| 36.26
| %
|
| (16.95)
| %
|
| (16.92)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 262.63
|
|
| $
| —
|
|
| $
| 262.63
|
|
| $
| 293.88
|
|
| $
| —
|
|
| $
| 293.88
|
|
| (10.63)
| %
|
| (10.63)
| %
|
| Occupancy
| 65.01
| %
|
| —
| %
|
| 65.01
| %
|
| 71.36
| %
|
| —
| %
|
| 71.36
| %
|
| (8.90)
| %
|
| (8.90)
| %
|
| ADR
| $
| 403.95
|
|
| $
| —
|
|
| $
| 403.95
|
|
| $
| 411.82
|
|
| $
| —
|
|
| $
| 411.82
|
|
| (1.91)
| %
|
| (1.91)
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 9,597
|
|
| $
| —
|
|
| $
| 9,597
|
|
| $
| 9,797
|
|
| $
| —
|
|
| $
| 9,797
|
|
| (2.04)
| %
|
| (2.04)
| %
|
| Total hotel revenue
| $
| 18,099
|
|
| $
| —
|
|
| $
| 18,099
|
|
| $
| 18,159
|
|
| $
| —
|
|
| $
| 18,159
|
|
| (0.33)
| %
|
| (0.33)
| %
|
| Hotel EBITDA
| $
| 6,618
|
|
| $
| —
|
|
| $
| 6,618
|
|
| $
| 7,048
|
|
| $
| —
|
|
| $
| 7,048
|
|
| (6.10)
| %
|
| (6.10)
| %
|
| Hotel EBITDA margin
| 36.57
| %
|
|
|
| 36.57
| %
|
| 38.81
| %
|
|
|
| 38.81
| %
|
| (2.24)
| %
|
| (2.24)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 561.25
|
|
| $
| —
|
|
| $
| 561.25
|
|
| $
| 572.93
|
|
| $
| —
|
|
| $
| 572.93
|
|
| (2.04)
| %
|
| (2.04)
| %
|
| Occupancy
| 79.84
| %
|
| —
| %
|
| 79.84
| %
|
| 78.47
| %
|
| —
| %
|
| 78.47
| %
|
| 1.75
| %
|
| 1.75
| %
|
| ADR
| $
| 702.95
|
|
| $
| —
|
|
| $
| 702.95
|
|
| $
| 730.15
|
|
| $
| —
|
|
| $
| 730.15
|
|
| (3.73)
| %
|
| (3.73)
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHILADELPHIA COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 4,237
|
|
| $
| —
|
|
| $
| 4,237
|
|
| $
| 6,153
|
|
| $
| —
|
|
| $
| 6,153
|
|
| (31.14)
| %
|
| (31.14)
| %
|
| Total hotel revenue
| $
| 5,274
|
|
| $
| —
|
|
| $
| 5,274
|
|
| $
| 7,623
|
|
| $
| —
|
|
| $
| 7,623
|
|
| (30.81)
| %
|
| (30.81)
| %
|
| Hotel EBITDA
| $
| 641
|
|
| $
| —
|
|
| $
| 641
|
|
| $
| 2,598
|
|
| $
| —
|
|
| $
| 2,598
|
|
| (75.33)
| %
|
| (75.33)
| %
|
| Hotel EBITDA margin
| 12.15
| %
|
|
|
| 12.15
| %
|
| 34.08
| %
|
|
|
| 34.08
| %
|
| (21.93)
| %
|
| (21.93)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 94.35
|
|
| $
| —
|
|
| $
| 94.35
|
|
| $
| 137.01
|
|
| $
| —
|
|
| $
| 137.01
|
|
| (31.14)
| %
|
| (31.14)
| %
|
| Occupancy
| 58.50
| %
|
| —
| %
|
| 58.50
| %
|
| 80.39
| %
|
| —
| %
|
| 80.39
| %
|
| (27.23)
| %
|
| (27.23)
| %
|
| ADR
| $
| 161.27
|
|
| $
| —
|
|
| $
| 161.27
|
|
| $
| 170.44
|
|
| $
| —
|
|
| $
| 170.44
|
|
| (5.38)
| %
|
| (5.38)
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 10,608
|
|
| $
| —
|
|
| $
| 10,608
|
|
| $
| 8,165
|
|
| $
| —
|
|
| $
| 8,165
|
|
| 29.92
| %
|
| 29.92
| %
|
| Total hotel revenue
| $
| 12,041
|
|
| $
| —
|
|
| $
| 12,041
|
|
| $
| 9,280
|
|
| $
| —
|
|
| $
| 9,280
|
|
| 29.75
| %
|
| 29.75
| %
|
| Hotel EBITDA
| $
| 3,966
|
|
| $
| —
|
|
| $
| 3,966
|
|
| $
| 3,075
|
|
| $
| —
|
|
| $
| 3,075
|
|
| 28.98
| %
|
| 28.98
| %
|
| Hotel EBITDA margin
| 32.94
| %
|
|
|
| 32.94
| %
|
| 33.14
| %
|
|
|
| 33.14
| %
|
| (0.20)
| %
|
| (0.20)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 287.47
|
|
| $
| —
|
|
| $
| 287.47
|
|
| $
| 221.74
|
|
| $
| —
|
|
| $
| 221.74
|
|
| 29.64
| %
|
| 29.64
| %
|
| Occupancy
| 88.42
| %
|
| —
| %
|
| 88.42
| %
|
| 81.04
| %
|
| —
| %
|
| 81.04
| %
|
| 9.11
| %
|
| 9.11
| %
|
| ADR
| $
| 325.13
|
|
| $
| —
|
|
| $
| 325.13
|
|
| $
| 273.60
|
|
| $
| —
|
|
| $
| 273.60
|
|
| 18.83
| %
|
| 18.83
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SARASOTA RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 8,963
|
|
| $
| —
|
|
| $
| 8,963
|
|
| $
| —
|
|
| $
| 9,174
|
|
| $
| 9,174
|
|
| —
| %
|
| (2.30)
| %
|
| Total hotel revenue
| $
| 20,355
|
|
| $
| —
|
|
| $
| 20,355
|
|
| $
| —
|
|
| $
| 19,428
|
|
| $
| 19,428
|
|
| —
| %
|
| 4.77
| %
|
| Hotel EBITDA
| $
| 5,930
|
|
| $
| —
|
|
| $
| 5,930
|
|
| $
| —
|
|
| $
| 5,377
|
|
| $
| 5,377
|
|
| —
| %
|
| 10.28
| %
|
| Hotel EBITDA margin
| 29.13
| %
|
|
|
| 29.13
| %
|
| —
| %
|
|
|
| 27.68
| %
|
| 29.13
| %
|
| 1.45
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 374.40
|
|
| $
| —
|
|
| $
| 374.40
|
|
| $
| —
|
|
| $
| 383.19
|
|
| $
| 383.19
|
|
| —
| %
|
| (2.29)
| %
|
| Occupancy
| 83.03
| %
|
| —
| %
|
| 83.03
| %
|
| —
| %
|
| 78.49
| %
|
| 78.49
| %
|
| —
| %
|
| 5.78
| %
|
| ADR
| $
| 450.91
|
|
| $
| —
|
|
| $
| 450.91
|
|
| $
| —
|
|
| $
| 488.19
|
|
| $
| 488.19
|
|
| —
| %
|
| (7.64)
| %
|
LAKE TAHOE RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 8,147
|
|
| $
| 1,719
|
|
| $
| 9,866
|
|
| $
| —
|
|
| $
| 7,429
|
|
| $
| 7,429
|
|
| —
| %
|
| 32.80
| %
|
| Total hotel revenue
| $
| 13,009
|
|
| $
| 2,671
|
|
| $
| 15,680
|
|
| $
| —
|
|
| $
| 12,728
|
|
| $
| 12,728
|
|
| —
| %
|
| 23.19
| %
|
| Hotel EBITDA
| $
| 4,542
|
|
| $
| 744
|
|
| $
| 5,286
|
|
| $
| —
|
|
| $
| 3,723
|
|
| $
| 3,723
|
|
| —
| %
|
| 41.98
| %
|
| Hotel EBITDA margin
| 34.91
| %
|
|
|
| 33.71
| %
|
| —
| %
|
|
|
| 29.25
| %
|
| 34.91
| %
|
| 4.46
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 630.60
|
|
| $
| —
|
|
| $
| 644.84
|
|
| $
| —
|
|
| $
| —
|
|
| $
| 485.58
|
|
| —
| %
|
| 32.80
| %
|
| Occupancy
| 80.82
| %
|
| —
| %
|
| 80.31
| %
|
| —
| %
|
| —
| %
|
| 73.64
| %
|
| —
| %
|
| 9.06
| %
|
| ADR
| $
| 780.25
|
|
| $
| —
|
|
| $
| 802.96
|
|
| $
| —
|
|
| $
| —
|
|
| $
| 659.39
|
|
| —
| %
|
| 21.77
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 5,116
|
|
| $
| —
|
|
| $
| 5,116
|
|
| $
| 5,502
|
|
| $
| —
|
|
| $
| 5,502
|
|
| (7.02)
| %
|
| (7.02)
| %
|
| Total hotel revenue
| $
| 7,313
|
|
| $
| —
|
|
| $
| 7,313
|
|
| $
| 7,431
|
|
| $
| —
|
|
| $
| 7,431
|
|
| (1.59)
| %
|
| (1.59)
| %
|
| Hotel EBITDA
| $
| 2,265
|
|
| $
| —
|
|
| $
| 2,265
|
|
| $
| 2,492
|
|
| $
| —
|
|
| $
| 2,492
|
|
| (9.11)
| %
|
| (9.11)
| %
|
| Hotel EBITDA margin
| 30.97
| %
|
|
|
| 30.97
| %
|
| 33.54
| %
|
|
|
| 33.54
| %
|
| (2.57)
| %
|
| (2.57)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 157.46
|
|
| $
| —
|
|
| $
| 157.46
|
|
| $
| 169.34
|
|
| $
| —
|
|
| $
| 169.34
|
|
| (7.02)
| %
|
| (7.02)
| %
|
| Occupancy
| 75.70
| %
|
| —
| %
|
| 75.70
| %
|
| 76.61
| %
|
| —
| %
|
| 76.61
| %
|
| (1.19)
| %
|
| (1.19)
| %
|
| ADR
| $
| 208.00
|
|
| $
| —
|
|
| $
| 208.00
|
|
| $
| 221.04
|
|
| $
| —
|
|
| $
| 221.04
|
|
| (5.90)
| %
|
| (5.90)
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 840
|
|
| $
| —
|
|
| $
| 840
|
|
| $
| 1,816
|
|
| $
| —
|
|
| $
| 1,816
|
|
| (53.74)
| %
|
| (53.74)
| %
|
| Total hotel revenue
| $
| 7,495
|
|
| $
| —
|
|
| $
| 7,495
|
|
| $
| 6,561
|
|
| $
| —
|
|
| $
| 6,561
|
|
| 14.24
| %
|
| 14.24
| %
|
| Hotel EBITDA
| $
| 4,512
|
|
| $
| —
|
|
| $
| 4,512
|
|
| $
| 3,388
|
|
| $
| —
|
|
| $
| 3,388
|
|
| 33.18
| %
|
| 33.18
| %
|
| Hotel EBITDA margin
| 60.20
| %
|
|
|
| 60.20
| %
|
| 51.64
| %
|
|
|
| 51.64
| %
|
| 8.56
| %
|
| 8.56
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 313.24
|
|
| $
| —
|
|
| $
| 313.24
|
|
| $
| 243.25
|
|
| $
| —
|
|
| $
| 243.25
|
|
| 28.77
| %
|
| 28.77
| %
|
| Occupancy
| 81.06
| %
|
| —
| %
|
| 81.06
| %
|
| 75.81
| %
|
| —
| %
|
| 75.81
| %
|
| 6.93
| %
|
| 6.93
| %
|
| ADR
| $
| 386.44
|
|
| $
| —
|
|
| $
| 386.44
|
|
| $
| 320.87
|
|
| $
| —
|
|
| $
| 320.87
|
|
| 20.44
| %
|
| 20.44
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| 5,282
|
|
| $
| (5,282)
|
|
| $
| —
|
|
| (100.00)
| %
|
| —
| %
|
| Total hotel revenue
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| 7,340
|
|
| $
| (7,340)
|
|
| $
| —
|
|
| (100.00)
| %
|
| —
| %
|
| Hotel EBITDA
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| 2,046
|
|
| $
| (2,046)
|
|
| $
| —
|
|
| (100.00)
| %
|
| —
| %
|
| Hotel EBITDA margin
| —
| %
|
|
|
| —
| %
|
| 27.87
| %
|
|
|
| —
| %
|
| (27.87)
| %
|
| —
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| 200.31
|
|
| $
| (200.31)
|
|
| $
| —
|
|
| (100.00)
| %
|
| —
| %
|
| Occupancy
| —
| %
|
| —
| %
|
| —
| %
|
| 88.07
| %
|
| (88.07)
| %
|
| —
| %
|
| (100.00)
| %
|
| —
| %
|
| ADR
| $
| —
|
|
| $
| —
|
|
| $
| —
|
|
| $
| 227.44
|
|
| $
| (227.44)
|
|
| $
| —
|
|
| (100.00)
| %
|
| —
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAEMAR PROPERTIES TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rooms revenue
| $
| 76,249
|
|
| $
| 1,719
|
|
| $
| 77,968
|
|
| $
| 65,507
|
|
| $
| 11,321
|
|
| $
| 76,828
|
|
| 16.40
| %
|
| 1.48
| %
|
| Total hotel revenue
| $
| 128,026
|
|
| $
| 2,671
|
|
| $
| 130,697
|
|
| $
| 102,489
|
|
| $
| 24,816
|
|
| $
| 127,305
|
|
| 24.92
| %
|
| 2.66
| %
|
| Hotel EBITDA
| $
| 39,689
|
|
| $
| 744
|
|
| $
| 40,433
|
|
| $
| 33,605
|
|
| $
| 7,055
|
|
| $
| 40,660
|
|
| 18.10
| %
|
| (0.56)
| %
|
| Hotel EBITDA margin
| 31.00
| %
|
|
|
| 30.94
| %
|
| 32.79
| %
|
|
|
| 31.94
| %
|
| (1.79)
| %
|
| (1.00)
| %
|
| Selected Operating Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RevPAR
| $
| 239.17
|
|
| $
| 722.27
|
|
| $
| 242.75
|
|
| $
| 209.27
|
|
| $
| 879.63
|
|
| $
| 235.74
|
|
| 14.29
| %
|
| 2.97
| %
|
| Occupancy
| 75.48
| %
|
| 77.52
| %
|
| 75.50
| %
|
| 78.67
| %
|
| 53.10
| %
|
| 77.66
| %
|
| (4.05)
| %
|
| (2.78)
| %
|
| ADR
| $
| 316.86
|
|
| $
| 931.71
|
|
| $
| 321.54
|
|
| $
| 266.01
|
|
| $
| 1,656.55
|
|
| $
| 303.56
|
|
| 19.12
| %
|
| 5.92
| %
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
|
(in thousands, except operating information)
|
(unaudited)
|
|
|
| TTM Ended March 31,
|
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
|
| 2019
|
| 2019
|
| 2019
|
CAPITAL HILTON WASHINGTON D.C.
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 38,938
|
|
| $
| —
|
|
| $
| 38,938
|
|
| Total hotel revenue
| $
| 55,148
|
|
| $
| —
|
|
| $
| 55,148
|
|
| Hotel EBITDA
| $
| 13,643
|
|
| $
| —
|
|
| $
| 13,643
|
|
| Hotel EBITDA margin
| 24.74
| %
|
|
|
| 24.74
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 193.96
|
|
| $
| —
|
|
| $
| 193.96
|
|
| Occupancy
| 82.61
| %
|
| —
| %
|
| 82.61
| %
|
| ADR
| $
| 234.80
|
|
| $
| —
|
|
| $
| 234.80
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON TORREY PINES
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 26,376
|
|
| $
| —
|
|
| $
| 26,376
|
|
| Total hotel revenue
| $
| 45,795
|
|
| $
| —
|
|
| $
| 45,795
|
|
| Hotel EBITDA
| $
| 15,075
|
|
| $
| —
|
|
| $
| 15,075
|
|
| Hotel EBITDA margin
| 32.92
| %
|
|
|
| 32.92
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 183.41
|
|
| $
| —
|
|
| $
| 183.41
|
|
| Occupancy
| 84.35
| %
|
| —
| %
|
| 84.35
| %
|
| ADR
| $
| 217.43
|
|
| $
| —
|
|
| $
| 217.43
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL MAGNIFICENT MILE
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 25,813
|
|
| $
| —
|
|
| $
| 25,813
|
|
| Total hotel revenue
| $
| 35,275
|
|
| $
| —
|
|
| $
| 35,275
|
|
| Hotel EBITDA
| $
| 7,428
|
|
| $
| —
|
|
| $
| 7,428
|
|
| Hotel EBITDA margin
| 21.06
| %
|
|
|
| 21.06
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 170.41
|
|
| $
| —
|
|
| $
| 170.41
|
|
| Occupancy
| 80.13
| %
|
| —
| %
|
| 80.13
| %
|
| ADR
| $
| 212.66
|
|
| $
| —
|
|
| $
| 212.66
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL AND SPA
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 13,737
|
|
| $
| —
|
|
| $
| 13,737
|
|
| Total hotel revenue
| $
| 19,094
|
|
| $
| —
|
|
| $
| 19,094
|
|
| Hotel EBITDA
| $
| 5,923
|
|
| $
| (6)
|
|
| $
| 5,917
|
|
| Hotel EBITDA margin
| 31.02
| %
|
|
|
| 30.99
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 607.03
|
|
| $
| —
|
|
| $
| 607.03
|
|
| Occupancy
| 76.12
| %
|
| —
| %
|
| 76.12
| %
|
| ADR
| $
| 797.42
|
|
| $
| —
|
|
| $
| 797.42
|
|
|
|
|
|
|
|
|
KEY WEST PIER HOUSE RESORT
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 18,682
|
|
| $
| —
|
|
| $
| 18,682
|
|
| Total hotel revenue
| $
| 24,141
|
|
| $
| —
|
|
| $
| 24,141
|
|
| Hotel EBITDA
| $
| 11,183
|
|
| $
| 12
|
|
| $
| 11,195
|
|
| Hotel EBITDA margin
| 46.32
| %
|
|
|
| 46.37
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 360.44
|
|
| $
| —
|
|
| $
| 360.44
|
|
| Occupancy
| 81.47
| %
|
| —
| %
|
| 81.47
| %
|
| ADR
| $
| 442.40
|
|
| $
| —
|
|
| $
| 442.40
|
|
|
|
|
|
|
|
|
HOTEL YOUNTVILLE
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 11,954
|
|
| $
| —
|
|
| $
| 11,954
|
|
| Total hotel revenue
| $
| 14,714
|
|
| $
| —
|
|
| $
| 14,714
|
|
| Hotel EBITDA
| $
| 5,673
|
|
| $
| (3)
|
|
| $
| 5,670
|
|
| Hotel EBITDA margin
| 38.56
| %
|
|
|
| 38.53
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 409.38
|
|
| $
| —
|
|
| $
| 409.38
|
|
| Occupancy
| 73.13
| %
|
| —
| %
|
| 73.13
| %
|
| ADR
| $
| 559.79
|
|
| $
| —
|
|
| $
| 559.79
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER CREEK
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 18,149
|
|
| $
| —
|
|
| $
| 18,149
|
|
| Total hotel revenue
| $
| 40,232
|
|
| $
| —
|
|
| $
| 40,232
|
|
| Hotel EBITDA
| $
| 8,808
|
|
| $
| —
|
|
| $
| 8,808
|
|
| Hotel EBITDA margin
| 21.89
| %
|
|
|
| 21.89
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 261.70
|
|
| $
| —
|
|
| $
| 261.70
|
|
| Occupancy
| 62.07
| %
|
| —
| %
|
| 62.07
| %
|
| ADR
| $
| 421.60
|
|
| $
| —
|
|
| $
| 421.60
|
|
|
|
|
|
|
|
|
PHILADELPHIA COURTYARD DOWNTOWN
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 26,191
|
|
| $
| —
|
|
| $
| 26,191
|
|
| Total hotel revenue
| $
| 32,634
|
|
| $
| —
|
|
| $
| 32,634
|
|
| Hotel EBITDA
| $
| 12,081
|
|
| $
| —
|
|
| $
| 12,081
|
|
| Hotel EBITDA margin
| 37.02
| %
|
|
|
| 37.02
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 143.80
|
|
| $
| —
|
|
| $
| 143.80
|
|
| Occupancy
| 77.53
| %
|
| —
| %
|
| 77.53
| %
|
| ADR
| $
| 185.48
|
|
| $
| —
|
|
| $
| 185.48
|
|
|
|
|
|
|
|
|
SAN FRANCISCO COURTYARD DOWNTOWN
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 39,475
|
|
| $
| —
|
|
| $
| 39,475
|
|
| Total hotel revenue
| $
| 44,694
|
|
| $
| —
|
|
| $
| 44,694
|
|
| Hotel EBITDA
| $
| 14,725
|
|
| $
| —
|
|
| $
| 14,725
|
|
| Hotel EBITDA margin
| 32.95
| %
|
|
|
| 32.95
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 263.78
|
|
| $
| —
|
|
| $
| 263.78
|
|
| Occupancy
| 88.47
| %
|
| —
| %
|
| 88.47
| %
|
| ADR
| $
| 298.14
|
|
| $
| —
|
|
| $
| 298.14
|
|
|
|
|
|
|
|
|
SARASOTA RITZ-CARLTON
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 26,236
|
|
| $
| 278
|
|
| $
| 26,514
|
|
| Total hotel revenue
| $
| 62,587
|
|
| $
| 644
|
|
| $
| 63,231
|
|
| Hotel EBITDA
| $
| 13,072
|
|
| $
| 189
|
|
| $
| 13,261
|
|
| Hotel EBITDA margin
| 20.89
| %
|
|
|
| 20.97
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 272.46
|
|
| $
| 348.08
|
|
| $
| 273.09
|
|
| Occupancy
| 74.35
| %
|
| 89.97
| %
|
| 74.48
| %
|
| ADR
| $
| 366.47
|
|
| $
| 386.86
|
|
| $
| 366.68
|
|
LAKE TAHOE RITZ-CARLTON
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 8,147
|
|
| $
| 15,488
|
|
| $
| 23,635
|
|
| Total hotel revenue
| $
| 13,009
|
|
| $
| 30,378
|
|
| $
| 43,387
|
|
| Hotel EBITDA
| $
| 4,542
|
|
| $
| 5,043
|
|
| $
| 9,585
|
|
| Hotel EBITDA margin
| 34.91
| %
|
|
|
| 22.09
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 630.60
|
|
| $
| 315.25
|
|
| $
| 380.91
|
|
| Occupancy
| 80.82
| %
|
| 64.99
| %
|
| 68.29
| %
|
| ADR
| $
| 780.25
|
|
| $
| 485.08
|
|
| $
| 557.82
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT WATERFRONT
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 31,302
|
|
| $
| —
|
|
| $
| 31,302
|
|
| Total hotel revenue
| $
| 39,773
|
|
| $
| —
|
|
| $
| 39,773
|
|
| Hotel EBITDA
| $
| 15,658
|
|
| $
| —
|
|
| $
| 15,658
|
|
| Hotel EBITDA margin
| 39.37
| %
|
|
|
| 39.37
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 237.56
|
|
| $
| —
|
|
| $
| 237.56
|
|
| Occupancy
| 84.58
| %
|
| —
| %
|
| 84.58
| %
|
| ADR
| $
| 280.88
|
|
| $
| —
|
|
| $
| 280.88
|
|
|
|
|
|
|
|
|
ST. THOMAS RITZ-CARLTON
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 5,628
|
|
| $
| —
|
|
| $
| 5,628
|
|
| Total hotel revenue
| $
| 22,568
|
|
| $
| —
|
|
| $
| 22,568
|
|
| Hotel EBITDA
| $
| 11,415
|
|
| $
| —
|
|
| $
| 11,415
|
|
| Hotel EBITDA margin
| 50.58
| %
|
|
|
| 50.58
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 228.25
|
|
| $
| —
|
|
| $
| 228.25
|
|
| Occupancy
| 80.43
| %
|
| —
| %
|
| 80.43
| %
|
| ADR
| $
| 283.79
|
|
| $
| —
|
|
| $
| 283.79
|
|
|
|
|
|
|
|
|
TAMPA RENAISSANCE
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 2,889
|
|
| $
| (2,889)
|
|
| $
| —
|
|
| Total hotel revenue
| $
| 7,271
|
|
| $
| (7,271)
|
|
| $
| —
|
|
| Hotel EBITDA
| $
| 4,479
|
|
| $
| (4,479)
|
|
| $
| —
|
|
| Hotel EBITDA margin
| 61.60
| %
|
|
|
| —
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 161.68
|
|
| $
| (161.68)
|
|
| $
| —
|
|
| Occupancy
| 81.93
| %
|
| 81.93
| %
|
| —
| %
|
| ADR
| $
| 197.34
|
|
| $
| (197.34)
|
|
| $
| —
|
|
|
|
|
|
|
|
|
BRAEMAR PROPERTIES TOTAL
|
|
|
|
|
|
| Selected Financial Information:
|
|
|
|
|
|
| Rooms revenue
| $
| 293,517
|
|
| $
| 12,877
|
|
| $
| 306,394
|
|
| Total hotel revenue
| $
| 456,935
|
|
| $
| 23,751
|
|
| $
| 480,686
|
|
| Hotel EBITDA
| $
| 143,705
|
|
| $
| 756
|
|
| $
| 144,461
|
|
| Hotel EBITDA margin
| 31.45
| %
|
|
|
| 30.05
| %
|
| Selected Operating Information:
|
|
|
|
|
|
| RevPAR
| $
| 228.54
|
|
| $
| 401.69
|
|
| $
| 232.75
|
|
| Occupancy
| 80.50
| %
|
| 56.17
| %
|
| 79.91
| %
|
| ADR
| $
| 283.88
|
|
| $
| 715.19
|
|
| $
| 291.27
|
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
|
(dollars in thousands)
|
(unaudited)
|
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
| 2019
|
| 2019
|
| 2019
|
| 2018
|
| 2018
|
| 2018
|
| 2018
|
| 2018
|
| 2018
|
| 2018
|
| 2018
|
| 2018
|
| 1st Quarter
|
| 1st Quarter
|
| 1st Quarter
|
| 4th Quarter
|
| 4th Quarter
|
| 4th Quarter
|
| 3rd Quarter
|
| 3rd Quarter
|
| 3rd Quarter
|
| 2nd Quarter
|
| 2nd Quarter
|
| 2nd Quarter
|
Total Hotel Revenue
| $
| 128,026
|
|
| $
| 2,671
|
|
| $
| 130,697
|
|
| $
| 98,945
|
|
| $
| 10,535
|
|
| $
| 109,480
|
|
| $
| 108,846
|
|
| $
| 10,944
|
|
| $
| 119,790
|
|
| $
| 121,118
|
|
| $
| (399)
|
|
| $
| 120,719
|
|
Hotel EBITDA
| $
| 39,689
|
|
| $
| 744
|
|
| $
| 40,433
|
|
| $
| 26,950
|
|
| $
| 2,301
|
|
| $
| 29,251
|
|
| $
| 33,345
|
|
| $
| 2,213
|
|
| $
| 35,558
|
|
| $
| 43,721
|
|
| $
| (4,502)
|
|
| $
| 39,219
|
|
Hotel EBITDA Margin
| 31.00
| %
|
|
|
| 30.94
| %
|
| 27.24
| %
|
|
|
| 26.72
| %
|
| 30.64
| %
|
|
|
| 29.68
| %
|
| 36.10
| %
|
|
|
| 32.49
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total TTM
| 27.6
| %
|
|
|
| 28.1
| %
|
| 18.8
| %
|
|
|
| 20.2
| %
|
| 23.2
| %
|
|
|
| 24.6
| %
|
| 30.4
| %
|
|
|
| 27.1
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in EBITDA
| $
| 1,866
|
|
| $
| —
|
|
| $
| 1,866
|
|
| $
| 1,519
|
|
| $
| —
|
|
| $
| 1,519
|
|
| $
| 1,429
|
|
| $
| —
|
|
| $
| 1,429
|
|
| $
| 2,366
|
|
| $
| —
|
|
| $
| 2,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Actual
|
| Non-comparable Adjustments
|
| Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2019
|
| 2019
|
| 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TTM
|
| TTM
|
| TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel Revenue
| $
| 456,935
|
|
| $
| 23,751
|
|
| $
| 480,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
| $
| 143,705
|
|
| $
| 756
|
|
| $
| 144,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA Margin
| 31.45
| %
|
|
|
| 30.05
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total TTM
| 100.0
| %
|
|
|
| 100.0
| %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in EBITDA
| $
| 7,180
|
|
| $
| —
|
|
| $
| 7,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
TOTAL ENTERPRISE VALUE
|
MARCH 31, 2019
|
(in thousands, except share price)
|
(unaudited)
|
|
| March 31, 2019
|
Common stock shares outstanding
| 32,841
|
|
Partnership units outstanding (common stock equivalents)
| 4,863
|
|
Combined common stock shares and partnership units outstanding
| 37,704
|
|
Common stock price
| $
| 12.21
|
|
Market capitalization
| $
| 460,366
|
|
5.50% Series B cumulative convertible preferred stock
| $
| 124,146
|
|
Series D cumulative preferred stock
| $
| 40,000
|
|
Indebtedness
| $
| 1,054,500
|
|
Joint venture partner's share of consolidated indebtedness
| $
| (48,750)
|
|
Net working capital (see below)
| $
| (104,970)
|
|
Total enterprise value (TEV)
| $
| 1,525,292
|
|
|
|
Ashford Inc. Investment:
|
|
Common stock owned
| 195
|
|
Common stock price
| $
| 55.53
|
|
Market value of Ashford Inc. investment
| $
| 10,822
|
|
|
|
Cash and cash equivalents
| $
| 69,071
|
|
Restricted cash
| $
| 84,530
|
|
Accounts receivable, net
| $
| 21,469
|
|
Prepaid expenses
| $
| 6,879
|
|
Due from third-party hotel managers, net
| $
| 12,168
|
|
Market value of Ashford Inc. investment
| $
| 10,822
|
|
Total current assets
| $
| 204,939
|
|
|
|
Accounts payable, net & accrued expenses
| $
| 86,062
|
|
Dividends and distributions payable
| $
| 9,174
|
|
Due to affiliates, net
| $
| 4,733
|
|
Total current liabilities
| $
| 99,969
|
|
|
|
Net working capital*
| $
| 104,970
|
|
|
* Includes the Company's pro rata share of net working capital in joint ventures.
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
|
|
|
| 2019
|
|
| 1st Quarter
| 2nd Quarter
| 3rd Quarter
| 4th Quarter
|
| Rooms
| Actual
| Estimated
| Estimated
| Estimated
|
Park Hyatt Beaver Creek
| 190
|
| x
| x
|
|
Philadelphia Courtyard Downtown
| 499
| x
| x
|
|
|
San Francisco Courtyard Downtown
| 410
| x
| x
| x
| x
|
St. Thomas Ritz-Carlton
| 180
| x
| x
| x
| x
|
Total
|
| 3
| 4
| 3
| 2
|
(a)
| Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2019 are included in this table.
|
Exhibit 1
|
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
|
(in thousands)
|
(unaudited)
|
|
|
| 2019
|
| 2018
|
| 2018
|
| 2018
|
| March 31, 2019
|
| 1st Quarter
|
| 4th Quarter
|
| 3rd Quarter
|
| 2nd Quarter
|
| TTM
|
Net income (loss)
| $
| 16,470
|
|
| $
| 6,525
|
|
| $
| 14,567
|
|
| $
| 38,623
|
|
| $
| 76,185
|
|
Non-property adjustments
| —
|
|
| (26)
|
|
| —
|
|
| (15,423)
|
|
| (15,449)
|
|
Interest income
| (62)
|
|
| (61)
|
|
| (57)
|
|
| (39)
|
|
| (219)
|
|
Interest expense
| 4,856
|
|
| 4,342
|
|
| 4,100
|
|
| 4,335
|
|
| 17,633
|
|
Amortization of loan costs
| 345
|
|
| 284
|
|
| 279
|
|
| 277
|
|
| 1,185
|
|
Depreciation and amortization
| 16,686
|
|
| 15,092
|
|
| 14,474
|
|
| 14,811
|
|
| 61,063
|
|
Income tax expense (benefit)
| 115
|
|
| (353)
|
|
| (44)
|
|
| 382
|
|
| 100
|
|
Non-hotel EBITDA ownership expense
| 1,279
|
|
| 1,147
|
|
| 26
|
|
| 755
|
|
| 3,207
|
|
Hotel EBITDA including amounts attributable to noncontrolling interest
| 39,689
|
|
| 26,950
|
|
| 33,345
|
|
| 43,721
|
|
| 143,705
|
|
Non-comparable adjustments
| 744
|
|
| 2,301
|
|
| 2,213
|
|
| (4,502)
|
|
| 756
|
|
Comparable hotel EBITDA
| $
| 40,433
|
|
| $
| 29,251
|
|
| $
| 35,558
|
|
| $
| 39,219
|
|
| $
| 144,461
|
|
Exhibit 1
|
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
|
(in thousands)
|
(unaudited)
|
|
| Three Months Ended March 31, 2019
|
| Capital Hilton Washington D.C.
|
| La Jolla Hilton Torrey Pines
|
| Chicago Sofitel Magnificent Mile
|
| Bardessono Hotel & Spa
|
| Key West Pier House Resort
|
| Hotel Yountville
|
| Park Hyatt Beaver Creek
|
| Philadelphia Courtyard Downtown
|
| Plano Marriott Legacy Town Center
|
| San Francisco Courtyard Downtown
|
| Sarasota Ritz-Carlton
|
| Lake Tahoe Ritz-Carlton
|
| Seattle Marriott Waterfront
|
| St. Thomas Ritz-Carlton
|
| Tampa Renaissance
|
| Hotel Total
|
| Corporate / Allocated
|
| Braemar Hotels & Resorts Inc.
|
Net income (loss)
| $ 1,060
|
| $ 3,021
|
| $ (3,422)
|
| $ (931)
|
| $ 3,556
|
| $ (880)
|
| $ 4,533
|
| $ (1,232)
|
| $ —
|
| $ 1,648
|
| $ 1,968
|
| $ 2,697
|
| $ 1,253
|
| $ 3,199
|
| $ —
|
| $ 16,470
|
| $ (17,792)
|
| $ (1,322)
|
Non-property adjustments
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
Interest income
| (10)
|
| (19)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (2)
|
| —
|
| (3)
|
| (16)
|
| —
|
| (12)
|
| —
|
| —
|
| (62)
|
| 62
|
| —
|
Interest expense
| —
|
| —
|
| —
|
| 505
|
| —
|
| 644
|
| 885
|
| —
|
| —
|
| —
|
| 1,514
|
| 525
|
| —
|
| 783
|
| —
|
| 4,856
|
| 8,157
|
| 13,013
|
Amortization of loan cost
| —
|
| —
|
| —
|
| 34
|
| —
|
| 36
|
| 138
|
| —
|
| —
|
| —
|
| 78
|
| 32
|
| —
|
| 27
|
| —
|
| 345
|
| 835
|
| 1,180
|
Depreciation and amortization
| 1,939
|
| 1,396
|
| 1,694
|
| 796
|
| 556
|
| 683
|
| 1,009
|
| 1,867
|
| —
|
| 2,313
|
| 2,354
|
| 942
|
| 1,001
|
| 136
|
| —
|
| 16,686
|
| —
|
| 16,686
|
Income tax expense (benefit)
| —
|
| 45
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 2
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 68
|
| —
|
| 115
|
| 812
|
| 927
|
Non-hotel EBITDA ownership expense
| 8
|
| 23
|
| 350
|
| 103
|
| 15
|
| 13
|
| 53
|
| 6
|
| —
|
| 8
|
| 32
|
| 346
|
| 23
|
| 299
|
| —
|
| 1,279
|
| (1,279)
|
| —
|
Hotel EBITDA including amounts attributable
to noncontrolling interest
| 2,997
|
| 4,466
|
| (1,378)
|
| 507
|
| 4,127
|
| 496
|
| 6,618
|
| 641
|
| —
|
| 3,966
|
| 5,930
|
| 4,542
|
| 2,265
|
| 4,512
|
| —
|
| 39,689
|
| (9,205)
|
| 30,484
|
Less: EBITDA adjustments attributable to
consolidated noncontrolling interest
| (749)
|
| (1,117)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (1,866)
|
| 1,866
|
| —
|
Equity in earnings (loss) of unconsolidated
entities
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 50
|
| 50
|
Company's portion of EBITDA of OpenKey
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (49)
|
| (49)
|
Hotel EBITDA attributable to the Company and
OP unitholders
| $ 2,248
|
| $ 3,349
|
| $ (1,378)
|
| $ 507
|
| $ 4,127
|
| $ 496
|
| $ 6,618
|
| $ 641
|
| $ —
|
| $ 3,966
|
| $ 5,930
|
| $ 4,542
|
| $ 2,265
|
| $ 4,512
|
| $ —
|
| $ 37,823
|
| $ (7,338)
|
| $ 30,485
|
Non-comparable adjustments
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 744
|
| —
|
| —
|
| —
|
| 744
|
|
|
|
|
Comparable hotel EBITDA
| $ 2,997
|
| $ 4,466
|
| $ (1,378)
|
| $ 507
|
| $ 4,127
|
| $ 496
|
| $ 6,618
|
| $ 641
|
| $ —
|
| $ 3,966
|
| $ 5,930
|
| $ 5,286
|
| $ 2,265
|
| $ 4,512
|
| $ —
|
| $ 40,433
|
|
|
|
|
ALL HOTELS NOT UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA including amounts attributable
to noncontrolling interest
| $ 2,997
|
| $ 4,466
|
| $ (1,378)
|
| $ 507
|
| $ 4,127
|
| $ 496
|
| $ 6,618
|
| $ —
|
| $ —
|
| $ —
|
| $ 5,930
|
| $ 4,542
|
| $ 2,265
|
| $ —
|
| $ —
|
| $ 30,570
|
|
|
|
|
Non-comparable adjustments
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 744
|
| —
|
| —
|
| —
|
| 744
|
|
|
|
|
Comparable hotel EBITDA
| $ 2,997
|
| $ 4,466
|
| $ (1,378)
|
| $ 507
|
| $ 4,127
|
| $ 496
|
| $ 6,618
|
| $ —
|
| $ —
|
| $ —
|
| $ 5,930
|
| $ 5,286
|
| $ 2,265
|
| $ —
|
| $ —
|
| $ 31,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY LOAN POOL
|
|
|
|
|
(in thousands)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Agricole (Pier House)
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 4,127
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 4,127
|
|
|
|
|
BAML (Bardessono)
| —
|
| —
|
| —
|
| 507
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 507
|
|
|
|
|
BAML (Hotel Yountville)
| —
|
| —
|
| —
|
| —
|
| —
|
| 496
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 496
|
|
|
|
|
Apollo (Ritz-Carlton St. Thomas)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 4,512
|
| —
|
| 4,512
|
|
|
|
|
Prudential (Capital Hilton and Hilton Torrey
Pines)
| 2,997
|
| 4,466
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 7,463
|
|
|
|
|
BAML Pool (see footnote 5)
| —
|
| —
|
| (1,378)
|
| —
|
| —
|
| —
|
| —
|
| 641
|
| —
|
| 3,966
|
| —
|
| —
|
| 2,265
|
| —
|
| —
|
| 5,494
|
|
|
|
|
JP Morgan (Park Hyatt Beaver Creek)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 6,618
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 6,618
|
|
|
|
|
BAML (Ritz-Carlton Sarasota)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 5,930
|
| —
|
| —
|
| —
|
| —
|
| 5,930
|
|
|
|
|
BAML (Ritz-Carlton Lake Tahoe)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 5,286
|
| —
|
| —
|
| —
|
| 5,286
|
|
|
|
|
Total
| $ 2,997
|
| $ 4,466
|
| $ (1,378)
|
| $ 507
|
| $ 4,127
|
| $ 496
|
| $ 6,618
|
| $ 641
|
| $ —
|
| $ 3,966
|
| $ 5,930
|
| 5,286
|
| $ 2,265
|
| $ 4,512
|
| $ —
|
| $ 40,433
|
|
|
|
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| Excluded Hotels Under Renovation: Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton
|
(5)
| This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown and Seattle Marriott Waterfront.
|
Exhibit 1
|
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
|
(in thousands)
|
(unaudited)
|
|
| Three Months Ended December 31, 2018
|
| Capital Hilton Washington D.C.
|
| La Jolla Hilton Torrey Pines
|
| Chicago Sofitel Magnificent Mile
|
| Bardessono Hotel & Spa
|
| Key West Pier House Resort
|
| Hotel Yountville
|
| Park Hyatt Beaver Creek
|
| Philadelphia Courtyard Downtown
|
| Plano Marriott Legacy Town Center
|
| San Francisco Courtyard Downtown
|
| Sarasota Ritz-Carlton
|
| Lake Tahoe Ritz-Carlton
|
| Seattle Marriott Waterfront
|
| St. Thomas Ritz-Carlton
|
| Tampa Renaissance
|
| Hotel Total
|
| Corporate / Allocated
|
| Braemar Hotels & Resorts Inc.
|
Net income (loss)
| $ 712
|
| $ 2,419
|
| $ 827
|
| $ 45
|
| $ 2,493
|
| $ 5
|
| $ (943)
|
| $ 1,821
|
| $ 9
|
| $ (200)
|
| $ (394)
|
| $ —
|
| $ 1,807
|
| $ (2,120)
|
| $ 44
|
| $ 6,525
|
| $ (20,438)
|
| $ (13,913)
|
Non-property adjustments
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (9)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (17)
|
| (26)
|
| 26
|
| —
|
Interest income
| (10)
|
| (16)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (5)
|
| —
|
| (4)
|
| (15)
|
| —
|
| (11)
|
| —
|
| —
|
| (61)
|
| 61
|
| —
|
Interest expense
| —
|
| —
|
| —
|
| 496
|
| —
|
| 632
|
| 871
|
| —
|
| —
|
| —
|
| 1,565
|
| —
|
| —
|
| 778
|
| —
|
| 4,342
|
| 8,267
|
| 12,609
|
Amortization of loan cost
| —
|
| —
|
| —
|
| 34
|
| —
|
| 36
|
| 137
|
| —
|
| —
|
| —
|
| 77
|
| —
|
| —
|
| —
|
| —
|
| 284
|
| 819
|
| 1,103
|
Depreciation and amortization
| 1,883
|
| 1,423
|
| 1,724
|
| 751
|
| 536
|
| 686
|
| 933
|
| 1,505
|
| —
|
| 2,238
|
| 2,253
|
| —
|
| 1,024
|
| 136
|
| —
|
| 15,092
|
| —
|
| 15,092
|
Income tax expense (benefit)
| —
|
| (382)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 84
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (55)
|
| —
|
| (353)
|
| 271
|
| (82)
|
Non-hotel EBITDA ownership expense
| 57
|
| (9)
|
| 28
|
| 219
|
| (344)
|
| 13
|
| 17
|
| (187)
|
| —
|
| 453
|
| 151
|
| —
|
| (5)
|
| 754
|
| —
|
| 1,147
|
| (1,147)
|
| —
|
Hotel EBITDA including amounts attributable
to noncontrolling interest
| 2,642
|
| 3,435
|
| 2,579
|
| 1,545
|
| 2,685
|
| 1,372
|
| 1,015
|
| 3,218
|
| —
|
| 2,487
|
| 3,637
|
| —
|
| 2,815
|
| (507)
|
| 27
|
| 26,950
|
| (12,141)
|
| 14,809
|
Less: EBITDA adjustments attributable to
consolidated noncontrolling interest
| (660)
|
| (859)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (1,519)
|
| 1,519
|
| —
|
Equity in earnings (loss) of unconsolidated
entities
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 88
|
| 88
|
Company's portion of EBITDA of OpenKey
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (77)
|
| (77)
|
Hotel EBITDA attributable to the Company and
OP unitholders
| $ 1,982
|
| $ 2,576
|
| $ 2,579
|
| $ 1,545
|
| $ 2,685
|
| $ 1,372
|
| $ 1,015
|
| $ 3,218
|
| $ —
|
| $ 2,487
|
| $ 3,637
|
| $ —
|
| $ 2,815
|
| $ (507)
|
| $ 27
|
| $ 25,431
|
| $ (10,611)
|
| $ 14,820
|
Non-comparable adjustments
| —
|
| —
|
| —
|
| (2)
|
| 4
|
| (1)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 2,327
|
| —
|
| —
|
| (27)
|
| 2,301
|
|
|
|
|
Comparable hotel EBITDA
| $ 2,642
|
| $ 3,435
|
| $ 2,579
|
| $ 1,543
|
| $ 2,689
|
| $ 1,371
|
| $ 1,015
|
| $ 3,218
|
| $ —
|
| $ 2,487
|
| $ 3,637
|
| $ 2,327
|
| $ 2,815
|
| $ (507)
|
| $ —
|
| $ 29,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY LOAN POOL
|
|
|
|
|
(in thousands)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Agricole (Pier House)
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 2,689
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 2,689
|
|
|
|
|
BAML (Bardessono)
| —
|
| —
|
| —
|
| 1,543
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,543
|
|
|
|
|
BAML (Hotel Yountville)
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,371
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,371
|
|
|
|
|
Apollo (Ritz-Carlton St. Thomas)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (507)
|
| —
|
| (507)
|
|
|
|
|
Prudential (Capital Hilton and Hilton Torrey Pines)
| 2,642
|
| 3,435
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 6,077
|
|
|
|
|
BAML Pool (see footnote 4)
| —
|
| —
|
| 2,579
|
| —
|
| —
|
| —
|
| —
|
| 3,218
|
| —
|
| 2,487
|
| —
|
| —
|
| 2,815
|
| —
|
| —
|
| 11,099
|
|
|
|
|
JP Morgan (Park Hyatt Beaver Creek)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,015
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,015
|
|
|
|
|
BAML (Ritz-Carlton Sarasota)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 3,637
|
| —
|
| —
|
| —
|
| —
|
| 3,637
|
|
|
|
|
BAML (Ritz-Carlton Lake Tahoe)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 2,327
|
| —
|
| —
|
| —
|
| 2,327
|
|
|
|
|
Total
| $ 2,642
|
| $ 3,435
|
| $ 2,579
|
| $ 1,543
|
| $ 2,689
|
| $ 1,371
|
| $ 1,015
|
| $ 3,218
|
| $ —
|
| $ 2,487
|
| $ 3,637
|
| $ 2,327
|
| $ 2,815
|
| $ (507)
|
| $ —
|
| $ 29,251
|
|
|
|
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown and Seattle Marriott Waterfront.
|
Exhibit 1
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
|
(in thousands)
|
(unaudited)
|
|
| Three Months Ended September 30, 2018
|
| Capital Hilton Washington D.C.
|
| La Jolla Hilton Torrey Pines
|
| Chicago Sofitel Magnificent Mile
|
| Bardessono Hotel & Spa
|
| Key West Pier House Resort
|
| Hotel Yountville
|
| Park Hyatt Beaver Creek
|
| Philadelphia Courtyard Downtown
|
| Plano Marriott Legacy Town Center
|
| San Francisco Courtyard Downtown
|
| Sarasota Ritz-Carlton
|
| Lake Tahoe Ritz-Carlton
|
| Seattle Marriott Waterfront
|
| St. Thomas Ritz-Carlton
|
| Tampa Renaissance
|
| Hotel Total
|
| Corporate / Allocated
|
| Braemar Hotels & Resorts Inc.
|
Net income (loss)
| $ 245
|
| $ 2,351
|
| $ 1,021
|
| $ 1,078
|
| $ 1,217
|
| $ 924
|
| $ (28)
|
| $ 2,186
|
| $ —
|
| $ 2,463
|
| $ (3,506)
|
| $ —
|
| $ 4,721
|
| $ 1,896
|
| $ (1)
|
| $ 14,567
|
| $ (15,193)
|
| $ (626)
|
Non-property adjustments
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
Interest income
| (8)
|
| (15)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (5)
|
| —
|
| (2)
|
| (16)
|
| —
|
| (11)
|
| —
|
| —
|
| (57)
|
| 57
|
| —
|
Interest expense
| —
|
| —
|
| —
|
| 468
|
| —
|
| 605
|
| 834
|
| —
|
| —
|
| —
|
| 1,437
|
| —
|
| —
|
| 756
|
| —
|
| 4,100
|
| 7,890
|
| 11,990
|
Amortization of loan cost
| —
|
| —
|
| —
|
| 33
|
| —
|
| 35
|
| 135
|
| —
|
| —
|
| —
|
| 76
|
| —
|
| —
|
| —
|
| —
|
| 279
|
| 815
|
| 1,094
|
Depreciation and amortization
| 1,828
|
| 1,401
|
| 1,625
|
| 691
|
| 485
|
| 671
|
| 916
|
| 1,429
|
| —
|
| 1,917
|
| 2,344
|
| —
|
| 1,031
|
| 136
|
| —
|
| 14,474
|
| —
|
| 14,474
|
Income tax expense (benefit)
| (200)
|
| 108
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 6
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 42
|
| —
|
| (44)
|
| 784
|
| 740
|
Non-hotel EBITDA ownership expense
| 1
|
| 6
|
| 5
|
| (131)
|
| 10
|
| (210)
|
| (12)
|
| 9
|
| —
|
| 4
|
| 147
|
| —
|
| 16
|
| 179
|
| 2
|
| 26
|
| (26)
|
| —
|
Hotel EBITDA including amounts attributable
to noncontrolling interest
| 1,866
|
| 3,851
|
| 2,651
|
| 2,139
|
| 1,712
|
| 2,025
|
| 1,845
|
| 3,625
|
| —
|
| 4,382
|
| 482
|
| —
|
| 5,757
|
| 3,009
|
| 1
|
| 33,345
|
| (5,673)
|
| 27,672
|
Less: EBITDA adjustments attributable to
consolidated noncontrolling interest
| (467)
|
| (962)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (1,429)
|
| 1,429
|
| —
|
Equity in earnings (loss) of unconsolidated
entities
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 81
|
| 81
|
Company's portion of EBITDA of OpenKey
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (79)
|
| (79)
|
Hotel EBITDA attributable to the Company and
OP unitholders
| $ 1,399
|
| $ 2,889
|
| $ 2,651
|
| $ 2,139
|
| $ 1,712
|
| $ 2,025
|
| $ 1,845
|
| $ 3,625
|
| $ —
|
| $ 4,382
|
| $ 482
|
| $ —
|
| $ 5,757
|
| $ 3,009
|
| $ 1
|
| $ 31,916
|
| $ (4,242)
|
| $ 27,674
|
Non-comparable adjustments
| —
|
| —
|
| —
|
| (2)
|
| 4
|
| (1)
|
| —
|
| —
|
| —
|
| —
|
| (134)
|
| 2,347
|
| —
|
| —
|
| (1)
|
| 2,213
|
|
|
|
|
Comparable hotel EBITDA
| $ 1,866
|
| $ 3,851
|
| $ 2,651
|
| $ 2,137
|
| $ 1,716
|
| $ 2,024
|
| $ 1,845
|
| $ 3,625
|
| $ —
|
| $ 4,382
|
| $ 348
|
| $ 2,347
|
| $ 5,757
|
| $ 3,009
|
| $ —
|
| $ 35,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY LOAN POOL
|
|
|
|
|
(in thousands)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Agricole (Pier House)
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 1,716
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 1,716
|
|
|
|
|
BAML (Bardessono)
| —
|
| —
|
| —
|
| 2,137
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 2,137
|
|
|
|
|
BAML (Hotel Yountville)
| —
|
| —
|
| —
|
| —
|
| —
|
| 2,024
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 2,024
|
|
|
|
|
Apollo (Ritz-Carlton St. Thomas)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 3,009
|
| —
|
| 3,009
|
|
|
|
|
Prudential (Capital Hilton and Hilton Torrey
Pines)
| 1,866
|
| 3,851
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 5,717
|
|
|
|
|
BAML Pool (see footnote 4)
| —
|
| —
|
| 2,651
|
| —
|
| —
|
| —
|
| —
|
| 3,625
|
| —
|
| 4,382
|
| —
|
| —
|
| 5,757
|
| —
|
| —
|
| 16,415
|
|
|
|
|
JP Morgan (Park Hyatt Beaver Creek)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,845
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,845
|
|
|
|
|
BAML (Ritz-Carlton Sarasota)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 348
|
| —
|
| —
|
| —
|
| —
|
| 348
|
|
|
|
|
BAML (Ritz-Carlton Lake Tahoe)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 2,347
|
| —
|
| —
|
| —
|
| 2,347
|
|
|
|
|
Total
| $ 1,866
|
| $ 3,851
|
| $ 2,651
|
| $ 2,137
|
| $ 1,716
|
| $ 2,024
|
| $ 1,845
|
| $ 3,625
|
| $ —
|
| $ 4,382
|
| $ 348
|
| $ 2,347
|
| $ 5,757
|
| $ 3,009
|
| $ —
|
| $ 35,558
|
|
|
|
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown and Seattle Marriott Waterfront.
|
Exhibit 1
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
|
(in thousands)
|
(unaudited)
|
|
| Three Months Ended June 30, 2018
|
| Capital Hilton Washington D.C.
|
| La Jolla Hilton Torrey Pines
|
| Chicago Sofitel Magnificent Mile
|
| Bardessono Hotel & Spa
|
| Key West Pier House Resort
|
| Hotel Yountville
|
| Park Hyatt Beaver Creek
|
| Philadelphia Courtyard Downtown
|
| Plano Marriott Legacy Town Center
|
| San Francisco Courtyard Downtown
|
| Sarasota Ritz-Carlton
|
| Lake Tahoe Ritz-Carlton
|
| Seattle Marriott Waterfront
|
| St. Thomas Ritz-Carlton
|
| Tampa Renaissance
|
| Hotel Total
|
| Corporate / Allocated
|
| Braemar Hotels & Resorts Inc.
|
Net income (loss)
| $ 4,054
|
| $ 1,843
|
| $ 1,180
|
| $ 146
|
| $ 2,186
|
| $ 245
|
| $ (2,507)
|
| $ 3,176
|
| $ —
|
| $ 1,906
|
| $ (719)
|
| $ —
|
| $ 3,777
|
| $ 3,523
|
| $ 19,813
|
| $ 38,623
|
| $ (25,769)
|
| $ 12,854
|
Non-property adjustments
| —
|
| —
|
| 229
|
| —
|
| 60
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (15,712)
|
| (15,423)
|
| 15,423
|
| —
|
Interest income
| (7)
|
| (10)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (3)
|
| —
|
| (1)
|
| (11)
|
| —
|
| (7)
|
| —
|
| —
|
| (39)
|
| 39
|
| —
|
Interest expense
| —
|
| —
|
| 520
|
| 443
|
| —
|
| 576
|
| 796
|
| —
|
| —
|
| —
|
| 1,270
|
| —
|
| —
|
| 730
|
| —
|
| 4,335
|
| 7,268
|
| 11,603
|
Amortization of loan cost
| —
|
| —
|
| —
|
| 33
|
| —
|
| 35
|
| 134
|
| —
|
| —
|
| —
|
| 75
|
| —
|
| —
|
| —
|
| —
|
| 277
|
| 798
|
| 1,075
|
Depreciation and amortization
| 1,832
|
| 1,421
|
| 1,593
|
| 665
|
| 458
|
| 667
|
| 852
|
| 1,474
|
| —
|
| 1,974
|
| 2,294
|
| —
|
| 1,046
|
| 177
|
| 358
|
| 14,811
|
| —
|
| 14,811
|
Income tax expense (benefit)
| 299
|
| 69
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 4
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 10
|
| —
|
| 382
|
| 820
|
| 1,202
|
Non-hotel EBITDA ownership expense
| (40)
|
| —
|
| 54
|
| 445
|
| (45)
|
| 257
|
| 55
|
| (54)
|
| —
|
| 11
|
| 114
|
| —
|
| 5
|
| (39)
|
| (8)
|
| 755
|
| (755)
|
| —
|
Hotel EBITDA including amounts attributable
to noncontrolling interest
| 6,138
|
| 3,323
|
| 3,576
|
| 1,732
|
| 2,659
|
| 1,780
|
| (670)
|
| 4,597
|
| —
|
| 3,890
|
| 3,023
|
| —
|
| 4,821
|
| 4,401
|
| 4,451
|
| 43,721
|
| (2,176)
|
| 41,545
|
Less: EBITDA adjustments attributable to
consolidated noncontrolling interest
| (1,535)
|
| (831)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (2,366)
|
| 2,366
|
| —
|
Equity in earnings (loss) of unconsolidated
entities
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 62
|
| 62
|
Company's portion of EBITDA of OpenKey
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (62)
|
| (62)
|
Hotel EBITDA attributable to the Company and
OP unitholders
| $ 4,603
|
| $ 2,492
|
| $ 3,576
|
| $ 1,732
|
| $ 2,659
|
| $ 1,780
|
| $ (670)
|
| $ 4,597
|
| $ —
|
| $ 3,890
|
| $ 3,023
|
| $ —
|
| $ 4,821
|
| $ 4,401
|
| $ 4,451
|
| $ 41,355
|
| $ 190
|
| $ 41,545
|
Non-comparable adjustments
| —
|
| —
|
| —
|
| (2)
|
| 4
|
| (1)
|
| —
|
| —
|
| —
|
| —
|
| 323
|
| (375)
|
| —
|
| —
|
| (4,451)
|
| (4,502)
|
|
|
|
|
Comparable hotel EBITDA
| $ 6,138
|
| $ 3,323
|
| $ 3,576
|
| $ 1,730
|
| $ 2,663
|
| $ 1,779
|
| $ (670)
|
| $ 4,597
|
| $ —
|
| $ 3,890
|
| $ 3,346
|
| $ (375)
|
| $ 4,821
|
| $ 4,401
|
| $ —
|
| $ 39,219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY LOAN POOL
|
|
|
|
|
(in thousands)
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Agricole (Pier House)
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 2,663
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 2,663
|
|
|
|
|
BAML (Bardessono)
| —
|
| —
|
| —
|
| 1,730
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,730
|
|
|
|
|
BAML (Hotel Yountville)
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,779
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 1,779
|
|
|
|
|
Apollo (Ritz-Carlton St. Thomas)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 4,401
|
| —
|
| 4,401
|
|
|
|
|
Prudential (Capital Hilton and Hilton Torrey
Pines)
| 6,138
|
| 3,323
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 9,461
|
|
|
|
|
BAML Pool (see footnote 4)
| —
|
| —
|
| 3,576
|
| —
|
| —
|
| —
|
| —
|
| 4,597
|
| —
|
| 3,890
|
| —
|
| —
|
| 4,821
|
| —
|
| —
|
| 16,884
|
|
|
|
|
JP Morgan (Park Hyatt Beaver Creek)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (670)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (670)
|
|
|
|
|
BAML (Ritz-Carlton Sarasota)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 3,346
|
| —
|
| —
|
| —
|
| —
|
| 3,346
|
|
|
|
|
BAML (Ritz-Carlton Lake Tahoe)
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (375)
|
| —
|
| —
|
| —
|
| (375)
|
|
|
|
|
Total
| $ 6,138
|
| $ 3,323
|
| $ 3,576
|
| $ 1,730
|
| $ 2,663
|
| $ 1,779
|
| $ (670)
|
| $ 4,597
|
| $ —
|
| $ 3,890
|
| $ 3,346
|
| $ (375)
|
| $ 4,821
|
| $ 4,401
|
| $ —
|
| $ 39,219
|
|
|
|
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown and Seattle Marriott Waterfront.
|
Exhibit 1
|
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
|
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
|
(in thousands)
|
(unaudited)
|
|
| Three Months Ended March 31, 2018
|
| Capital Hilton Washington D.C.
|
| La Jolla Hilton Torrey Pines
|
| Chicago Sofitel Magnificent Mile
|
| Bardessono Hotel & Spa
|
| Key West Pier House Resort
|
| Hotel Yountville
|
| Park Hyatt Beaver Creek
|
| Philadelphia Courtyard Downtown
|
| Plano Marriott Legacy Town Center
|
| San Francisco Courtyard Downtown
|
| Sarasota Ritz-Carlton
|
| Lake Tahoe Ritz-Carlton
|
| Seattle Marriott Waterfront
|
| St. Thomas Ritz-Carlton
|
| Tampa Renaissance
|
| Hotel Total
|
| Corporate / Allocated
|
| Braemar Hotels & Resorts Inc.
|
Net income (loss)
| $ 1,334
|
| $ 3,273
|
| $ (3,350)
|
| $ (210)
|
| $ 3,076
|
| $ (37)
|
| $ 5,330
|
| $ 991
|
| $ 74
|
| $ 1,354
|
| $ —
|
| $ —
|
| $ 1,457
|
| $ 2,324
|
| $ 1,145
|
| $ 16,761
|
| $ (12,491)
|
| $ 4,270
|
Non-property adjustments
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 12
|
| 12
|
| (12)
|
| —
|
Interest income
| (5)
|
| (7)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (1)
|
| —
|
| —
|
| —
|
| —
|
| (3)
|
| (1)
|
| (1)
|
| (18)
|
| 18
|
| —
|
Interest expense
| —
|
| —
|
| 779
|
| 415
|
| —
|
| 507
|
| 734
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 688
|
| —
|
| 3,123
|
| 6,068
|
| 9,191
|
Amortization of loan cost
| —
|
| —
|
| —
|
| 32
|
| —
|
| 35
|
| 132
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 199
|
| 789
|
| 988
|
Depreciation and amortization
| 1,769
|
| 1,438
|
| 1,426
|
| 647
|
| 765
|
| 664
|
| 836
|
| 1,543
|
| —
|
| 1,674
|
| —
|
| —
|
| 1,049
|
| 259
|
| 936
|
| 13,006
|
| —
|
| 13,006
|
Income tax expense (benefit)
| —
|
| 124
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 2
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 28
|
| —
|
| 154
|
| 418
|
| 572
|
Non-hotel EBITDA ownership expense
| 4
|
| 31
|
| 2
|
| 164
|
| 10
|
| 72
|
| 16
|
| 63
|
| (74)
|
| 47
|
| —
|
| —
|
| (11)
|
| 90
|
| (46)
|
| 368
|
| (368)
|
| —
|
Hotel EBITDA including amounts attributable
to noncontrolling interest
| 3,102
|
| 4,859
|
| (1,143)
|
| 1,048
|
| 3,851
|
| 1,241
|
| 7,048
|
| 2,598
|
| —
|
| 3,075
|
| —
|
| —
|
| 2,492
|
| 3,388
|
| 2,046
|
| 33,605
|
| (5,578)
|
| 28,027
|
Less: EBITDA adjustments attributable to
consolidated noncontrolling interest
| (775)
|
| (1,215)
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (1,990)
|
| 1,990
|
| —
|
Equity in earnings (loss) of unconsolidated
entities
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| 3
|
| 3
|
Company's portion of EBITDA of OpenKey
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| —
|
| (2)
|
| (2)
|
Hotel EBITDA attributable to the Company and
OP unitholders
| $ 2,327
|
| $ 3,644
|
| $ (1,143)
|
| $ 1,048
|
| $ 3,851
|
| $ 1,241
|
| $ 7,048
|
| $ 2,598
|
| $ —
|
| $ 3,075
|
| $ —
|
| $ —
|
| $ 2,492
|
| $ 3,388
|
| $ 2,046
|
| $ 31,615
|
| $ (3,587)
|
| $ 28,028
|
Non-comparable adjustments
| —
|
| —
|
| —
|
| (2)
|
| 4
|
| (1)
|
| —
|
| —
|
| —
|
| —
|
| 5,377
|
| 3,723
|
| —
|
| —
|
| (2,046)
|
| 7,055
|
|
|
|
|
Comparable hotel EBITDA
| $ 3,102
|
| $ 4,859
|
| $ (1,143)
|
| $ 1,046
|
| $ 3,855
|
| $ 1,240
|
| $ 7,048
|
| $ 2,598
|
| $ —
|
| $ 3,075
|
| $ 5,377
|
| $ 3,723
|
| $ 2,492
|
| $ 3,388
|
| $ —
|
| $ 40,660
|
|
|
|
|
ALL HOTELS NOT UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA including amounts attributable
to noncontrolling interest
| $ 3,102
|
| $ 4,859
|
| $ (1,143)
|
| $ 1,048
|
| $ 3,851
|
| $ 1,241
|
| $ 7,048
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ —
|
| $ 2,492
|
| $ —
|
| $ 2,046
|
| $ 24,544
|
|
|
|
|
Non-comparable adjustments
| —
|
| —
|
| —
|
| (2)
|
| 4
|
| (1)
|
| —
|
| —
|
| —
|
| —
|
| 5,377
|
| 3,723
|
| —
|
| —
|
| (2,046)
|
| 7,055
|
|
|
|
|
Comparable hotel EBITDA
| $ 3,102
|
| $ 4,859
|
| $ (1,143)
|
| $ 1,046
|
| $ 3,855
|
| $ 1,240
|
| $ 7,048
|
| $ —
|
| $ —
|
| $ —
|
| $ 5,377
|
| $ 3,723
|
| $ 2,492
|
| $ —
|
| $ —
|
| $ 31,599
|
|
|
|
|
NOTES:
|
(1)
| The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2019, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
|
(2)
| All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
|
(3)
| The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
|
(4)
| Excluded Hotels Under Renovation:
|
| Philadelphia Courtyard Downtown, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton
|
View original content:http://www.prnewswire.com/news-releases/braemar-hotels--resorts-reports-first-quarter-2019-results-300842162.html
SOURCE Braemar Hotels & Resorts Inc.