Braemar Hotels & Resorts Inc. · NYSE:BHR
Braemar Hotels & Resorts — Q1 2025 Earnings Presentation
45 slides from Braemar Hotels & Resorts's earnings presentation, May 8, 2025
Slide 1: 1st Quarter 2025 Earnings Update
1st Quarter 2025 Earnings Update Four Seasons Scottsdale
Slide 2: Forward Looking Statements and Non-GAAP Measures
Forward Looking Statements and Non-GAAP Measures In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected.
Slide 3: Company Fact Sheet
Company Fact Sheet Since inception in 2013, we have significantly increased Gross Asset Value and EBITDA for our iconic and irreplaceable portfolio $184.1MM NYSE: $1.8B EQUITY MARKET CAP(1) BHR ENTERPRISE VALUE(1) HIGHEST RevPAR LODGING REIT Total Assets (1)(2) Number of Hotels(1) Luxury Hotels Driv
Slide 4: Discussion Topics
Discussion Topics 5 Industry Update 9 Portfolio Overview Recent Results & 14 Developments 21 Liability Management 23 Appendix Ritz-Carlton Reserve Dorado Beach
Slide 5: Industry Update
Ritz-Carlton, St. Thomas Industry Update
Slide 6: Industry RevPAR Continues to Exceed 2019
Industry RevPAR Continues to Exceed 2019 U.S. KPIs, Indexed to 2019 Occupancy Index ADR Index RevPAR Index 140 140 140 124 119 121 120 118 120 114 120 115 113 108 100 95 96 95 95 100 95 100 87 83 80 80 80 60 60 60 40 40 40 20 20 20 0 0 0 2021 2022 2023 2024 2025F 2021 2022 2023 2024 2025F 2021 2022
Slide 7: Industry Real RevPAR & ADR Stabilizing at a New Level
Industry Real RevPAR & ADR Stabilizing at a New Level Real ADR Stabilized Occupancy Stabilized 70% $160 63% 63% $131 $129 60% $120 50% $80 40% 30% $40 20% $0 10% Q1'20 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 0% Real ADR Nominal ADR Q1'20 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Real RevPAR Stabilized $105 $90 $83 $81 $7
Slide 8: Luxury RevPAR Growth Forecasted
Luxury RevPAR Growth Forecasted 2025 Forecasted Growth YoY 6% 5.3% 5.0% 5% 4.3% 4% 3.5% 3% 2.6% 2.6% 2.4% 2.3% 2.2% 1.8% 1.9% 2% 1.5% 1.2% 1.0% 1% 0% -0.1% -0.1% -1% -0.8% -0.7% -2% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy Source: Lodging Analytics Research & Consulting Q1 2025 C
Slide 9: Portfolio Overview
The Clancy Portfolio Overview
Slide 10: High Quality Assets with High Barriers to Entry
High Quality Assets with High Barriers to Entry Properties Resort Hotel Q1 2025 TTM EBITDA(2) Four Seasons Scottsdale $23,533 Ritz-Carlton Sarasota $21,514 Ritz-Carlton Reserve Dorado Beach $20,409 Ritz-Carlton St. Thomas $19,821 Pier House $13,732 Park Hyatt Beaver Creek $12,123 Ritz-Carlton Lake T
Slide 11: ADR Stabilized Higher; Occ Stabilized Lower
ADR Stabilized Higher; Occ Stabilized Lower ADR(1)(2) Stabilized – Q1 2020 to Q1 2025 Occupancy(1)(2) Stabilized – Q1 2020 to Q1 2025 1,400 80% Q1’19 Portfolio 1,200 70% +15.2% +58.9% +10.4% +7.4% 60% 1,000 50% 800 40% +50.2% 600 30% 400 Q1’19 Portfolio 20% +22.2% 200 10% - 0% Q1'20 Q1'21 Q1'22 Q1'2
Slide 12: Portfolio RevPAR at Higher Stabilized Level
Portfolio RevPAR at Higher Stabilized Level RevPAR(1)(2) Stabilizing – Q1 2020 to Q1 2025 900 Key Observations 800 +83.1% Resort RevPAR 5-Year CAGR of 700 12.9% 600 500 Average RevPAR 5-Year CAGR of 400 +65.8% 10.6% Q1’19 Portfolio 300 200 Urban RevPAR 5-Year CAGR of +31.3% 100 5.6% - Q1'20 Q1'21 Q1
Slide 13: High Exposure to Luxury Hotels and Resorts
High Exposure to Luxury Hotels and Resorts Ritz-Carlton Drives Q1 2025 TTM Hotel EBITDA(1)(2) $75,000 Ritz-Carlton $67,793 $60,000 Marriott/ $45,000 Autograph $33,821 Four Seasons Independent $30,000 $23,533 $21,925 Hilton $18,476 Park Hyatt $12,123 Sofitel $15,000 $4,953 $- Transient Demand Drives
Slide 14: Recent Results & Developments
Hotel Yountville Recent Results & Developments Resorts Pass Cyclical Bottom; Resume Growth
Slide 15: Q1 RevPAR Results Differ By Property Type
Q1 RevPAR Results Differ By Property Type Quarter Highlights • Portfolio achieved over $400 RevPAR for the first time • Resorts delivered 7x the EBITDA as urban properties • Again, the two most recent acquisitions delivered highest EBITDA for the quarter • Portfolio posting another year over year qu
Slide 16: Portfolio RevPAR at All Time High
Portfolio RevPAR at All Time High Comparable Hotel Operating Results(1) 2025 Q1 2024 Q1(2) % Variance 2025(2) ADR(3) $626 $599 4.5% Occupancy(3) 64.6% 64.8% (0.3%) RevPAR(3) $404 $388 4.2% Total Hotel Revenue(3)(4) $218,409 $209,698 4.2% Hotel EBITDA(4) $70,799 $67,208 5.3% Hotel EBITDA Margin 32.4%
Slide 17: Occupancy Holding Steady; ADR on the Rise
Occupancy Holding Steady; ADR on the Rise HOTEL OCCUPANCY(1) 80% 64.7% 65.7% 67.0% 67.0% 60% 51.9% 40% 30.3% 20% 0% 2020 2021 2022 2023 2024 TTM Q1'25 HOTEL ADR(1)(2) $500 $482 $483 $473 $479 $458 $400 $333 $300 $200 Cameo Beverly Hills $100 $- 2020 2021 2022 2023 2024 TTM Q1'25 (1) As reported in E
Slide 18: Total Revenue Flat, But Higher Expenses
Total Revenue Flat, But Higher Expenses Quarter Highlights • Adjusted funds from operations (AFFO) was $0.40 per diluted share for the quarter. • Net loss attributable to common stockholders for the quarter was $(2.5) million or $(0.04) per diluted share. • Net debt to gross assets was 42.3% at the
Slide 19: Major 2025 Planned Capital Expenditures
Major 2025 Planned Capital Expenditures $75M - $95M Range in Capital Expenditures Planned in 2025 Hotel Yountville Ritz-Carlton Lake Tahoe • Guestroom Renovation • Café Blue Renovation (Completion in Q4 ’25) (Completion in Q3 ’25) Park Hyatt Beaver Creek Cameo Beverly Hills • Guestroom Renovation •
Slide 20: BHR Adds New Director
BHR Adds New Director Hospitality Design Expert Kellie Sirna • Kellie Sirna is the Owner and Principal of Studio 11 Design, bringing decades of global travel and design expertise to world-renowned hospitality projects including Marriott, Hilton, Hyatt, and more. Her leadership blends creativity with
Slide 21: Liability Management
Ritz-Carlton Sarasota Liability Management
Slide 22: Closed Major Refinancing to Extend Maturities and Reduce Interest Cost
Closed Major Refinancing to Extend Maturities and Reduce Interest Cost CMBS Loan Amount $293.2MM CMBS Refinancing Maturity June 2025 Closing Date March 10, 2025 Interest Rate SOFR + 266 Amount $363M Collateral Notary, Clancy, Marriott Waterfront & Sofitel Maturity 2 + 3 One Year Extensions Mortgage
Slide 23: Appendix
Ritz-Carlton Lake Tahoe Appendix
Slide 24: Indebtedness
Indebtedness Company Presentation | May 2025 24
Slide 25: Indebtedness
Indebtedness Company Presentation | May 2025 25
Slide 26: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | May 2025 26
Slide 27: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | May 2025 27
Slide 28: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | May 2025 28
Slide 29: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | May 2025 29
Slide 30: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | May 2025 30
Slide 31: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | May 2025 31
Slide 32: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | May 2025 32
Slide 33: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | May 2025 33
Slide 34: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | May 2025 34
Slide 35: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | May 2025 35
Slide 36: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | May 2025 36
Slide 37: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | May 2025 37
Slide 38: EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | May 2025 38
Slide 39: EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | May 2025 39
Slide 40: EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | May 2025 40
Slide 41: EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | May 2025 41
Slide 42: Adjusted FFO Q1
Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 43: Adjusted FFO Q4
Reconciliation of Net Income (Loss) to Adjusted FFO Q4 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 44: Adjusted FFO Q3
Reconciliation of Net Income (Loss) to Adjusted FFO Q3 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 45: Adjusted FFO Q1
Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Braemar Hotels & Resorts — Q1 2025 Earnings Presentation on 6ix