NEWS RELEASE
| | | | | | | | | | | |
| Contact: | Deric Eubanks | Jordan Jennings | Joseph Calabrese |
| Chief Financial Officer | Investor Relations | Financial Relations Board |
| (972) 490-9600 | (972) 778-9487 | (212) 827-3772 |
BRAEMAR HOTELS & RESORTS REPORTS
SECOND QUARTER 2021 RESULTS
Second Quarter RevPAR Increased 875%
Net Loss Attributable to Common Stockholders for the Second Quarter was $(15.5) Million
Second Quarter Adjusted EBITDAre was $19.6 Million
Second Quarter Comparable Hotel EBITDA was $24.7 Million
Second Quarter Comparable Average Daily Rate Increased 35.1%
Second Quarter AFFO per Share was $0.20
Announced Planned Acquisition of the Mr. C Beverly Hills Hotel
Completed $86.25 Million Convertible Senior Notes Offering
Second Quarter in a Row of Cash Flow Positive at the Corporate Level
DALLAS – July 29, 2021 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2021. 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 June 30, 2021, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2021, with the second quarter ended June 30, 2020 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL AND OPERATING HIGHLIGHTS
•Comparable RevPAR for all hotels increased 875% to $187.31 during the quarter on a 35.1% increase in ADR and a 621.6% increase in occupancy. Comparable RevPAR for all hotels decreased 19.6% compared to the comparable period in 2019.
•Net loss attributable to common stockholders for the quarter was $(15.5) million or $(0.32) per diluted share.
•Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter compared to $(0.68) in the prior year quarter.
•Adjusted EBITDAre was $19.6 million for the quarter.
•Comparable Hotel EBITDA was $24.7 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $157.7 million and restricted cash of $57.4 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $21.5 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
BHR Reports Second Quarter Results
Page 2
July 29, 2021
•During the quarter, the Company closed on a private placement of $86.25 million aggregate principal amount of its 4.5% Convertible Senior Notes due 2026.
•During the quarter, the Company announced the planned acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California for total consideration of $77.9 million.
•Net debt to gross assets was 49% at the end of the second quarter.
•Capex invested during the quarter was $4.4 million.
THE MR. C BEVERLY HILLS HOTEL ACQUISITION
During the quarter, the Company announced the planned acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the “Mr. C”). In addition, the Company will acquire five luxury condominium residences adjacent to the hotel.
With its premier location in the heart of West Los Angeles, the Mr. C is in the middle of over 45 million sq. ft. of office space, supporting substantial corporate demand and a wide array of world-renowned leisure demand generators, including unrivaled shopping with high-end retailers, vibrant restaurants and various art and cultural attractions. The Mr. C was built in 1965 and underwent an extensive renovation in 2011. It has 138 luxurious and spacious rooms, including 22 suites. The hotel offers an array of amenities, including a full-service spa, and three food and beverage outlets (in addition to in-room dining). The property also boasts the acclaimed The Restaurant at Mr. C, over 24,000 sq. ft. of flexible indoor/outdoor meeting space, a 4,500 sq. ft. outdoor pool terrace with daybeds and cabanas, a state-of-the-art fitness center with personal fitness training, and a business center. Additionally, the hotel includes five newly-constructed and fully-furnished residences offering the hotel’s personalized services and luxurious, world-class amenities. These residences blend contemporary architecture with elegant, minimalistic design and range in size from 2,000 to 3,400 sq. ft. The residences are currently offered for extended-stay rental.
The total consideration for the acquisition is $77.9 million and will consist of $65.4 million for the hotel ($474,000 per key) and an allocated price of $12.5 million for the five adjacent condominium units. The acquisition is expected to be funded with approximately $30 million of cash, 2.5 million OP units, 500,000 warrants at a strike price of $6.00, and a $30 million mortgage loan. The acquisition is expected to be completed soon.
BRAEMAR JOINS RUSSELL 2000®, RUSSELL 3000® AND RUSSELL MICROCAP® INDEXES
Braemar was added to the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index, as part of the Russell Indexes annual reconstitution. The additions were effective on June 28, 2021. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
CAPITAL STRUCTURE
At June 30, 2021, the Company had total assets of $1.8 billion and $1.2 billion of 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 loans had a blended average interest rate of 2.6%.
During the quarter, the Company closed on a private placement of $86.25 million aggregate principal amount of its 4.5% Convertible Senior Notes due 2026 (the “Notes”). The Notes are senior unsecured obligations of Braemar and will be convertible for cash, shares of the Company’s common stock, or a
BHR Reports Second Quarter Results
Page 3
July 29, 2021
combination of cash and shares of the Company’s common stock, at Braemar’s option. The initial conversion rate for the Notes is 157.7909 shares of the Company’s common stock per $1,000 principal amount of Notes, and the initial conversion price is approximately $6.34 per share of the Company’s common stock. Braemar used a portion of the net proceeds of the offering to repay the amount outstanding under its secured term loan and expects to use the remaining net proceeds of the offering for general corporate purposes, including, but not limited to, capital expenditures or potential acquisitions.
During the quarter, and subsequent to the end of the quarter, the Company issued approximately 8.5 million shares of common stock under its At-The-Market offering, raising approximately $51.6 million in gross proceeds.
As previously announced, during the first quarter 2021, the Company entered into a Standby Equity Distribution Agreement (“SEDA”), pursuant to which the Company will be able to sell up to 7,780,786 shares of its common stock at the Company’s request at any time during a 36-month commitment period. During the second quarter, the Company issued 500,000 shares of common stock under the SEDA, raising $3.0 million of net proceeds. Since entering into the SEDA, the Company has issued 1,700,000 shares of common stock for net proceeds of approximately $10.0 million.
During the second quarter, the Company entered into an equity line pursuant to which the Company will be able to sell up to $35 million of shares of common stock. During the second quarter, the Company issued 765,957 shares of common stock under the equity line, raising $4.2 million of net proceeds.
The Company continues to opportunistically exchange shares of its preferred stock into shares of its common stock. These exchanges have all been completed at a discount to the liquidation value of the preferred stock, and in total, the Company has exchanged approximately 2.0 million shares of its Series B Preferred Stock, equating to 38.8% of the original share count, into approximately 7.3 million shares of common stock.
Subsequent to the end of the quarter, the Company commenced the sale of its Series E and Series M non-traded perpetual preferred. To date, the Company has issued 85,660 shares of its Series E non-traded perpetual preferred raising approximately $2.1 million of gross proceeds.
In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock or common units for the second quarter ended June 30, 2021. The Board of Directors also announced that it plans to continue its suspension of the common stock dividend during 2021 to protect liquidity and will evaluate future dividend declarations on a quarterly basis going forward.
PORTFOLIO REVPAR
As of June 30, 2021, the portfolio consisted of thirteen hotels.
•Comparable RevPAR increased 875% to $187.31 for all hotels on a 35.1% increase in ADR and a 621.6% increase in 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. To help investors better understand the substantial
BHR Reports Second Quarter Results
Page 4
July 29, 2021
seasonality in the Company’s portfolio, 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.
“We continue to be pleased with the operating performance of our hotels,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Leisure demand was strong during the quarter, our luxury resorts continue to perform very well, and our portfolio was cash flow positive for the second consecutive quarterly period. Our planned acquisition of the Mr. C hotel is a compelling opportunity to further diversify our portfolio by acquiring an irreplaceable luxury property in a premier location in the heart of West Los Angeles that fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts. We are also pleased to be added to the Russell 2000®, Russell 3000®, and the Russell Microcap® indexes which we believe will help increase our visibility within the investment community and reflect our continued positive momentum and efforts to maximize value for our shareholders. Looking ahead, leisure travelers continue to lead the lodging recovery, new bookings at our properties remain strong, and, with the highest quality portfolio in the public markets, we believe Braemar is well-positioned to continue to execute on its disciplined strategy for growth.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Friday, July 30, 2021, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Friday, August 6, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13720452.
The Company will also provide an online simulcast and rebroadcast of its second quarter 2021 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com on Friday, July 30, 2021, beginning at 11:00 a.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 closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
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 Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,”
BHR Reports Second Quarter Results
Page 5
July 29, 2021
“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: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission’s investigation; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; 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. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. 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, except to the extent required by law.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
| | | | | | | | | | | |
| June 30, 2021 | | December 31, 2020 |
| ASSETS | | | |
| Investments in hotel properties, gross | $ | 1,774,306 | | | $ | 1,784,849 | |
| Accumulated depreciation | (384,373) | | | (360,259) | |
| Investments in hotel properties, net | 1,389,933 | | | 1,424,590 | |
| Cash and cash equivalents | 157,677 | | | 78,606 | |
| Restricted cash | 57,413 | | | 34,544 | |
| Accounts receivable, net of allowance of $286 and $227, respectively | 18,707 | | | 13,557 | |
| | | |
| Inventories | 2,481 | | | 2,551 | |
| | | |
| Prepaid expenses | 5,073 | | | 4,405 | |
| | | |
| Investment in OpenKey | 1,578 | | | 1,708 | |
| Derivative assets | 1 | | | — | |
| Other assets | 18,593 | | | 14,898 | |
| Operating lease right-of-use assets | 80,710 | | | 81,260 | |
| Intangible assets, net | 4,451 | | | 4,640 | |
| | | |
| Due from related parties, net | 1,953 | | | 991 | |
| Due from third-party hotel managers | 21,546 | | | 12,271 | |
| Total assets | $ | 1,760,116 | | | $ | 1,674,021 | |
| | | |
| LIABILITIES AND EQUITY | | | |
| Liabilities: | | | |
| Indebtedness, net | $ | 1,144,175 | | | $ | 1,130,594 | |
| Accounts payable and accrued expenses | 84,460 | | | 61,758 | |
| Dividends and distributions payable | 2,075 | | | 2,736 | |
| | | |
| Due to Ashford Inc., net | 2,516 | | | 2,772 | |
| | | |
| Due to third-party hotel managers | 1,834 | | | 1,393 | |
| Operating lease liabilities | 60,797 | | | 60,917 | |
| | | |
| Other liabilities | 18,537 | | | 18,077 | |
| Total liabilities | 1,314,394 | | | 1,278,247 | |
| | | |
| 5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,108,017 and 5,031,473 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 66,064 | | | 106,949 | |
| Redeemable noncontrolling interests in operating partnership | 29,398 | | | 27,655 | |
| Equity: | | | |
| Preferred stock, $0.01 value, 80,000,000 shares authorized: | | | |
| Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at June 30, 2021 and December 31, 2020 | 16 | | | 16 | |
| Common stock, $0.01 par value, 250,000,000 shares authorized, 57,311,232 and 38,274,770 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 573 | | | 382 | |
| Additional paid-in capital | 661,576 | | | 541,870 | |
| Accumulated deficit | (295,641) | | | (266,010) | |
| Total stockholders' equity of the Company | 366,524 | | | 276,258 | |
| Noncontrolling interest in consolidated entities | (16,264) | | | (15,088) | |
| Total equity | 350,260 | | | 261,170 | |
| Total liabilities and equity | $ | 1,760,116 | | | $ | 1,674,021 | |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
| REVENUE | | | | | | | |
| Rooms | $ | 63,837 | | | $ | 6,533 | | | $ | 118,160 | | | $ | 77,001 | |
| Food and beverage | 19,853 | | | 2,077 | | | 36,482 | | | 30,880 | |
| Other | 13,420 | | | 4,285 | | | 26,316 | | | 22,534 | |
| Total hotel revenue | 97,110 | | | 12,895 | | | 180,958 | | | 130,415 | |
| | | | | | | |
| | | | | | | |
| EXPENSES | | | | | | | |
| Hotel operating expenses: | | | | | | | |
| Rooms | 13,482 | | | 3,445 | | | 24,497 | | | 21,325 | |
| Food and beverage | 16,322 | | | 3,649 | | | 30,274 | | | 27,550 | |
| Other expenses | 33,476 | | | 12,979 | | | 62,019 | | | 55,069 | |
| Management fees | 2,952 | | | 466 | | | 5,484 | | | 4,343 | |
| Total hotel operating expenses | 66,232 | | | 20,539 | | | 122,274 | | | 108,287 | |
| Property taxes, insurance and other | 7,190 | | | 7,244 | | | 14,454 | | | 14,904 | |
| Depreciation and amortization | 18,244 | | | 18,553 | | | 36,597 | | | 36,891 | |
| | | | | | | |
| Advisory services fee: | | | | | | | |
| Base advisory fee | 2,678 | | | 2,572 | | | 5,223 | | | 5,193 | |
| Reimbursable expenses | 510 | | | 412 | | | 1,002 | | | 956 | |
| Incentive fee | 1,266 | | | — | | | 1,637 | | | — | |
| Non-cash stock/unit-based compensation | 2,285 | | | 1,917 | | | 3,672 | | | 3,821 | |
| (Gain) loss on legal settlements | (989) | | | — | | | (989) | | | — | |
| | | | | | | |
| Corporate, general and administrative: | | | | | | | |
| Non-cash stock/unit-based compensation | 506 | | | 96 | | | 516 | | | 131 | |
| Other general and administrative | 1,877 | | | 1,417 | | | 3,467 | | | 3,314 | |
| Total operating expenses | 100,095 | | | 52,750 | | | 188,149 | | | 173,497 | |
| Gain (loss) on insurance settlement and disposition of assets | 197 | | | — | | | 696 | | | — | |
| OPERATING INCOME (LOSS) | (2,788) | | | (39,855) | | | (6,495) | | | (43,082) | |
| Equity in earnings (loss) of unconsolidated entity | (66) | | | (40) | | | (130) | | | (80) | |
| Interest income | 12 | | | 24 | | | 21 | | | 153 | |
| Other income (expense) | — | | | (64) | | | — | | | (202) | |
| Interest expense | (6,633) | | | (16,464) | | | (12,662) | | | (27,290) | |
| Amortization of loan costs | (593) | | | (947) | | | (1,320) | | | (2,018) | |
| Write-off of loan costs and exit fees | (1,177) | | | (2,237) | | | (1,528) | | | (2,237) | |
| | | | | | | |
| Unrealized gain (loss) on derivatives | (58) | | | (969) | | | (78) | | | 187 | |
| INCOME (LOSS) BEFORE INCOME TAXES | (11,303) | | | (60,552) | | | (22,192) | | | (74,569) | |
| Income tax (expense) benefit | (61) | | | 4,447 | | | (206) | | | 3,077 | |
| NET INCOME (LOSS) | (11,364) | | | (56,105) | | | (22,398) | | | (71,492) | |
| (Income) loss attributable to noncontrolling interest in consolidated entities | 849 | | | 2,404 | | | 2,096 | | | 2,976 | |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1,282 | | | 5,770 | | | 2,361 | | | 7,655 | |
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (9,233) | | | (47,931) | | | (17,941) | | | (60,861) | |
| Preferred dividends | (1,893) | | | (2,555) | | | (4,281) | | | (5,110) | |
| Gain (loss) on extinguishment of preferred stock | (4,411) | | | — | | | (4,484) | | | — | |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (15,537) | | | $ | (50,486) | | | $ | (26,706) | | | $ | (65,971) | |
| | | | | | | |
| INCOME (LOSS) PER SHARE – BASIC AND DILUTED | | | | | | | |
| Basic: | | | | | | | |
| Net income (loss) attributable to common stockholders | $ | (0.32) | | | $ | (1.53) | | | $ | (0.61) | | | $ | (2.02) | |
| Weighted average common shares outstanding – basic | 47,820 | | | 32,907 | | | 43,737 | | | 32,688 | |
| Diluted: | | | | | | | |
| Net income (loss) attributable to common stockholders | $ | (0.32) | | | $ | (1.53) | | | $ | (0.61) | | | $ | (2.02) | |
| Weighted average common shares outstanding – diluted | 47,820 | | | 32,907 | | | 43,737 | | | 32,688 | |
| Dividends declared per common share: | $ | — | | | $ | — | | | $ | — | | | $ | — | |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30, | | June 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
| Net income (loss) | $ | (11,364) | | | $ | (56,105) | | | $ | (22,398) | | | $ | (71,492) | |
| | | | | | | |
| Interest expense and amortization of loan costs | 7,226 | | | 17,411 | | | 13,982 | | | 29,308 | |
| Depreciation and amortization | 18,244 | | | 18,553 | | | 36,597 | | | 36,891 | |
| Income tax expense (benefit) | 61 | | | (4,447) | | | 206 | | | (3,077) | |
| Equity in (earnings) loss of unconsolidated entity | 66 | | | 40 | | | 130 | | | 80 | |
| Company's portion of EBITDA of OpenKey | (65) | | | (40) | | | (128) | | | (79) | |
| EBITDA | 14,168 | | | (24,588) | | | 28,389 | | | (8,369) | |
| | | | | | | |
| (Gain) loss on insurance settlement and disposition of assets | (197) | | | — | | | (696) | | | — | |
| | | | | | | |
| EBITDAre | 13,971 | | | (24,588) | | | 27,693 | | | (8,369) | |
| Amortization of favorable (unfavorable) contract assets (liabilities) | 138 | | | 207 | | | 276 | | | 414 | |
| Transaction and conversion costs | 828 | | | 120 | | | 1,168 | | | 611 | |
| Other (income) expense | — | | | 64 | | | — | | | 202 | |
| Write-off of loan costs and exit fees | 1,177 | | | 2,237 | | | 1,528 | | | 2,237 | |
| | | | | | | |
| Unrealized (gain) loss on derivatives | 58 | | | 969 | | | 78 | | | (187) | |
| Non-cash stock/unit-based compensation | 2,805 | | | 2,048 | | | 4,221 | | | 4,033 | |
| Legal, advisory and settlement costs | (632) | | | 413 | | | (427) | | | 1,026 | |
| Advisory services incentive fee | 1,266 | | | — | | | 1,637 | | | — | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Company's portion of adjustments to EBITDAre of OpenKey | 1 | | | 2 | | | 6 | | | 5 | |
| Adjusted EBITDAre | $ | 19,612 | | | $ | (18,528) | | | $ | 36,180 | | | $ | (28) | |
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 | | Six Months Ended |
| June 30, | | June 30, |
| 2021 | | 2020 | | 2021 | | 2020 |
| Net income (loss) | $ | (11,364) | | | $ | (56,105) | | | $ | (22,398) | | | $ | (71,492) | |
| (Income) loss attributable to noncontrolling interest in consolidated entities | 849 | | | 2,404 | | | 2,096 | | | 2,976 | |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 1,282 | | | 5,770 | | | 2,361 | | | 7,655 | |
| Preferred dividends | (1,893) | | | (2,555) | | | (4,281) | | | (5,110) | |
| Gain (loss) on extinguishment of preferred stock | (4,411) | | | — | | | (4,484) | | | — | |
| Net income (loss) attributable to common stockholders | (15,537) | | | (50,486) | | | (26,706) | | | (65,971) | |
| Depreciation and amortization on real estate | 17,565 | | | 17,792 | | | 35,224 | | | 35,351 | |
| Impairment charges on real estate | — | | | — | | | — | | | — | |
| Net income (loss) attributable to redeemable noncontrolling interests in operating partnership | (1,282) | | | (5,770) | | | (2,361) | | | (7,655) | |
| Equity in (earnings) loss of unconsolidated entity | 66 | | | 40 | | | 130 | | | 80 | |
| (Gain) loss on insurance settlement and disposition of assets | (197) | | | — | | | (696) | | | — | |
| Company's portion of FFO of OpenKey | (65) | | | (40) | | | (129) | | | (80) | |
| FFO available to common stockholders and OP unitholders | 550 | | | (38,464) | | | 5,462 | | | (38,275) | |
| Series B Cumulative Convertible Preferred Stock dividends | 1,068 | | | 1,730 | | | 2,631 | | | 3,460 | |
| (Gain) loss on extinguishment of preferred stock | 4,411 | | | — | | | 4,484 | | | — | |
| Transaction and conversion costs | 828 | | | 120 | | | 1,168 | | | 611 | |
| Other (income) expense | — | | | 64 | | | — | | | 202 | |
| Interest expense on convertible notes | 649 | | | — | | | 649 | | | — | |
| Interest expense accretion on refundable membership club deposits | 190 | | | 202 | | | 392 | | | 415 | |
| Write-off of loan costs and exit fees | 1,177 | | | 2,237 | | | 1,528 | | | 2,237 | |
| Amortization of loan costs | 571 | | | 928 | | | 1,277 | | | 1,981 | |
| | | | | | | |
| Unrealized (gain) loss on derivatives | 58 | | | 969 | | | 78 | | | (187) | |
| Non-cash stock/unit-based compensation | 2,805 | | | 2,048 | | | 4,221 | | | 4,033 | |
| Legal, advisory and settlement costs | (632) | | | 413 | | | (427) | | | 1,026 | |
| Advisory services incentive fee | 1,266 | | | — | | | 1,637 | | | — | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Company's portion of adjustments to FFO of OpenKey | 1 | | | 2 | | | 6 | | | 5 | |
| Adjusted FFO available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an "as converted" basis | $ | 12,942 | | | $ | (29,751) | | | $ | 23,106 | | | $ | (24,492) | |
| Adjusted FFO per diluted share available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an "as converted" basis | $ | 0.20 | | | $ | (0.68) | | | $ | 0.38 | | | $ | (0.56) | |
| Weighted average diluted shares | 63,649 | | | 43,715 | | | 60,297 | | | 43,731 | |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 30, 2021
(dollars in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Lender | | Hotels | | Current
Maturity | | Final Maturity (5) | | Interest Rate | | Fixed-Rate
Debt | | Floating-Rate
Debt | | Total
Debt | | Comparable TTM Hotel EBITDA(6) | | Comparable TTM EBITDA
Debt Yield |
| Apollo | | Ritz-Carlton, St. Thomas | | August 2021 | | August 2024 | | LIBOR + 3.95% | | $ | — | | | $ | 42,500 | | (1) | $ | 42,500 | | | $ | 17,994 | | | 42.3 | % |
| JPMorgan | | Park Hyatt Beaver Creek | | April 2022 | | April 2022 | | LIBOR + 3.00% | | — | | | 67,500 | | (2) | 67,500 | | | 5,168 | | | 7.7 | % |
| BAML | | Hotel Yountville | | May 2022 | | May 2022 | | LIBOR + 2.55% | | — | | | 51,000 | | (3) | 51,000 | | | 2,052 | | | 4.0 | % |
| BAML | | See footnote | | June 2022 | | June 2025 | | LIBOR + 2.16% | | — | | | 435,000 | | (4) | 435,000 | | | (12,181) | | | (2.8) | % |
| BAML | | Bardessono | | August 2022 | | August 2022 | | LIBOR + 2.55% | | — | | | 40,000 | | (3) | 40,000 | | | 4,561 | | | 11.4 | % |
| BAML | | Ritz-Carlton, Sarasota | | April 2023 | | April 2023 | | LIBOR + 2.65% | | — | | | 100,000 | | (3) | 100,000 | | | 19,723 | | | 19.7 | |
| BAML | | Ritz-Carlton, Lake Tahoe | | January 2024 | | January 2024 | | LIBOR + 2.10% | | — | | | 54,000 | | (3) | 54,000 | | | 3,148 | | | 5.8 | % |
| Prudential | | Capital Hilton and Hilton Torrey Pines | | February 2024 | | February 2024 | | LIBOR + 1.70% | | — | | | 195,929 | | | 195,929 | | | (5,727) | | | (2.9) | % |
| BAML | | Pier House Resort | | September 2024 | | September 2024 | | LIBOR + 1.85% | | — | | | 80,000 | | (3) | 80,000 | | | 12,420 | | | 15.5 | % |
| Convertible Senior Notes | | N/A | | June 2026 | | June 2026 | | 4.50% | | 86,250 | | | — | | | 86,250 | | | N/A | | N/A |
| Total | | | | | | | | | | $ | 86,250 | | | $ | 1,065,929 | | | $ | 1,152,179 | | | $ | 47,158 | | | 4.1 | % |
| Percentage | | | | | | | | | | 7.5 | % | | 92.5 | % | | 100.0 | % | | | | |
| Weighted average interest rate | | | | | | | | | | 4.50 | % | | 2.44 | % | | 2.59 | % | | | | |
All indebtedness is non-recourse.
(1) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.00%.
(2) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in April 2021.
(3) This mortgage loan has a LIBOR floor of 0.25%.
(4) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in June 2020. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
(5) The final maturity date assumes all available extension options will be exercised.
(6) 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
June 30, 2021
(dollars in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Lender | | Hotels | | 2021 | | 2022 | | 2023 | | 2024 | | 2025 | | Thereafter | | Total |
| 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 | |
| Apollo | | Ritz-Carlton, St. Thomas | | — | | | — | | | — | | | 42,500 | | | — | | | — | | | 42,500 | |
| BAML | | Pier House Resort | | — | | | — | | | — | | | 80,000 | | | — | | | — | | | 80,000 | |
| BAML | | See footnote 1 | | — | | | — | | | — | | | — | | | 435,000 | | | — | | | 435,000 | |
| Convertible Senior Notes | | N/A | | — | | | — | | | — | | | — | | | — | | | 86,250 | | | 86,250 | |
| Principal due in future periods | | | | $ | — | | | $ | 158,500 | | | $ | 98,000 | | | $ | 371,500 | | | $ | 435,000 | | | $ | 86,250 | | | $ | 1,149,250 | |
| Scheduled amortization payments remaining | | | | 1,429 | | | 1,000 | | | 500 | | | — | | | — | | | — | | | 2,929 | |
| Total indebtedness | | | | $ | 1,429 | | | $ | 159,500 | | | $ | 98,500 | | | $ | 371,500 | | | $ | 435,000 | | | $ | 86,250 | | | $ | 1,152,179 | |
(1) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ALL HOTELS: | |
| | Three Months Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Comparable |
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | % Variance | | % Variance |
| Rooms revenue (in thousands) | $ | 63,443 | | | $ | — | | | $ | 63,443 | | | $ | 6,510 | | | $ | — | | | $ | 6,510 | | | 874.55 | % | | 874.55 | % |
| RevPAR | $ | 187.31 | | | $ | — | | | $ | 187.31 | | | $ | 19.22 | | | $ | — | | | $ | 19.22 | | | 874.55 | % | | 874.55 | % |
| Occupancy | 49.17 | % | | — | % | | 49.17 | % | | 6.81 | % | | — | % | | 6.81 | % | | 621.64 | % | | 621.64 | % |
| ADR | $ | 380.98 | | | $ | — | | | $ | 380.98 | | | $ | 282.11 | | | $ | — | | | $ | 282.11 | | | 35.05 | % | | 35.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ALL HOTELS: | |
| | Six Months Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Comparable |
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | % Variance | | % Variance |
| Rooms revenue (in thousands) | $ | 117,029 | | | $ | — | | | $ | 117,029 | | | $ | 76,386 | | | $ | — | | | $ | 76,386 | | | 53.21 | % | | 53.21 | % |
| RevPAR | $ | 173.72 | | | $ | — | | | $ | 173.72 | | | $ | 112.93 | | | $ | — | | | $ | 112.93 | | | 53.83 | % | | 53.83 | % |
| Occupancy | 43.07 | % | | — | % | | 43.07 | % | | 33.28 | % | | — | % | | 33.28 | % | | 29.42 | % | | 29.42 | % |
| ADR | $ | 403.33 | | | $ | — | | | $ | 403.33 | | | $ | 339.34 | | | $ | — | | | $ | 339.34 | | | 18.86 | % | | 18.86 | % |
| | | | | | | | | | | | | | | | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ALL HOTELS: | Three Months Ended | | Six Months Ended |
| | June 30, | | June 30, |
| | 2021 | | 2020 | | % Variance | | 2021 | | 2020 | | % Variance |
| Total hotel revenue | $ | 97,110 | | | $ | 12,895 | | | 653.08 | % | | $ | 180,958 | | | $ | 130,415 | | | 38.76 | % |
| Non-comparable adjustments | — | | | — | | | | | — | | | (138) | | | |
| Comparable total hotel revenue | $ | 97,110 | | | $ | 12,895 | | | 653.08 | % | | $ | 180,958 | | | $ | 130,277 | | | 38.90 | % |
| | | | | | | | | | | | |
| Hotel EBITDA | $ | 24,728 | | | $ | (15,804) | | | 256.47 | % | | $ | 45,227 | | | $ | 11,506 | | | 293.07 | % |
| Non-comparable adjustments | — | | | — | | | | | — | | | — | | | |
| Comparable hotel EBITDA | $ | 24,728 | | | $ | (15,804) | | | 256.47 | % | | $ | 45,227 | | | $ | 11,506 | | | 293.07 | % |
| Hotel EBITDA margin | 25.46 | % | | (122.56) | % | | 148.02 | % | | 24.99 | % | | 8.82 | % | | 16.17 | % |
| Comparable hotel EBITDA margin | 25.46 | % | | (122.56) | % | | 148.02 | % | | 24.99 | % | | 8.83 | % | | 16.16 | % |
| | | | | | | | | | | | |
| Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | 27 | | | $ | (1,084) | | | 102.49 | % | | $ | (378) | | | $ | (127) | | | (197.64) | % |
| Hotel EBITDA attributable to the Company and OP unitholders | $ | 24,701 | | | $ | (14,720) | | | 267.81 | % | | $ | 45,605 | | | $ | 11,633 | | | 292.03 | % |
| Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 24,701 | | | $ | (14,720) | | | 267.81 | % | | $ | 45,605 | | | $ | 11,633 | | | 292.03 | % |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) 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)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Comparable |
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | % Variance | | % Variance |
| CAPITAL HILTON WASHINGTON D.C. | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 1,204 | | | $ | — | | | $ | 1,204 | | | $ | (9) | | | $ | — | | | $ | (9) | | | 13,477.78 | % | | 13,477.78 | % |
| Total hotel revenue | $ | 1,576 | | | $ | — | | | $ | 1,576 | | | $ | 354 | | | $ | — | | | $ | 354 | | | 345.20 | % | | 345.20 | % |
| Hotel EBITDA | $ | (1,706) | | | $ | — | | | $ | (1,706) | | | $ | (2,642) | | | $ | — | | | $ | (2,642) | | | 35.43 | % | | 35.43 | % |
| Hotel EBITDA margin | (108.25) | % | | | | (108.25) | % | | (746.33) | % | | | | (746.33) | % | | 638.08 | % | | 638.08 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 24.06 | | | $ | — | | | $ | 24.06 | | | $ | (0.17) | | | $ | — | | | $ | (0.17) | | | 14,245.02 | % | | 14,245.02 | % |
| Occupancy | 17.97 | % | | — | % | | 17.97 | % | | — | % | | — | % | | — | % | | 100.00 | % | | 100.00 | % |
| ADR | $ | 133.88 | | | $ | — | | | $ | 133.88 | | | $ | — | | | $ | — | | | $ | — | | | 100.00 | % | | 100.00 | % |
| | | | | | | | | | | | | | | | |
| LA JOLLA HILTON TORREY PINES | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 4,298 | | | $ | — | | | $ | 4,298 | | | $ | 509 | | | $ | — | | | $ | 509 | | | 744.40 | % | | 744.40 | % |
| Total hotel revenue | $ | 6,587 | | | $ | — | | | $ | 6,587 | | | $ | 665 | | | $ | — | | | $ | 665 | | | 890.53 | % | | 890.53 | % |
| Hotel EBITDA | $ | 1,815 | | | $ | — | | | $ | 1,815 | | | $ | (1,695) | | | $ | — | | | $ | (1,695) | | | 207.08 | % | | 207.08 | % |
| Hotel EBITDA margin | 27.55 | % | | | | 27.55 | % | | (254.89) | % | | | | (254.89) | % | | 282.44 | % | | 282.44 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 119.88 | | | $ | — | | | $ | 119.88 | | | $ | 14.22 | | | $ | — | | | $ | 14.22 | | | 743.30 | % | | 743.30 | % |
| Occupancy | 61.72 | % | | — | % | | 61.72 | % | | 10.90 | % | | — | % | | 10.90 | % | | 466.39 | % | | 466.39 | % |
| ADR | $ | 194.23 | | | $ | — | | | $ | 194.23 | | | $ | 130.45 | | | $ | — | | | $ | 130.45 | | | 48.89 | % | | 48.89 | % |
| | | | | | | | | | | | | | | | |
| CHICAGO SOFITEL MAGNIFICENT MILE | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 2,953 | | | $ | — | | | $ | 2,953 | | | $ | 311 | | | $ | — | | | $ | 311 | | | 849.52 | % | | 849.52 | % |
| Total hotel revenue | $ | 3,813 | | | $ | — | | | $ | 3,813 | | | $ | 416 | | | $ | — | | | $ | 416 | | | 816.59 | % | | 816.59 | % |
| Hotel EBITDA | $ | (156) | | | $ | — | | | $ | (156) | | | $ | (1,761) | | | $ | — | | | $ | (1,761) | | | 91.14 | % | | 91.14 | % |
| Hotel EBITDA margin | (4.09) | % | | | | (4.09) | % | | (423.32) | % | | | | (423.32) | % | | 419.23 | % | | 419.23 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 78.24 | | | $ | — | | | $ | 78.24 | | | $ | 8.23 | | | $ | — | | | $ | 8.23 | | | 851.03 | % | | 851.03 | % |
| Occupancy | 40.34 | % | | — | % | | 40.34 | % | | 6.21 | % | | — | % | | 6.21 | % | | 549.32 | % | | 549.32 | % |
| ADR | $ | 193.96 | | | $ | — | | | $ | 193.96 | | | $ | 132.43 | | | $ | — | | | $ | 132.43 | | | 46.47 | % | | 46.47 | % |
| | | | | | | | | | | | | | | | |
| BARDESSONO HOTEL AND SPA | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 4,804 | | | $ | — | | | $ | 4,804 | | | $ | 617 | | | $ | — | | | $ | 617 | | | 678.61 | % | | 678.61 | % |
| Total hotel revenue | $ | 6,132 | | | $ | — | | | $ | 6,132 | | | $ | 801 | | | $ | — | | | $ | 801 | | | 665.54 | % | | 665.54 | % |
| Hotel EBITDA | $ | 2,658 | | | $ | — | | | $ | 2,658 | | | $ | (786) | | | $ | — | | | $ | (786) | | | 438.17 | % | | 438.17 | % |
| Hotel EBITDA margin | 43.35 | % | | | | 43.35 | % | | (98.13) | % | | | | (98.13) | % | | 141.48 | % | | 141.48 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 812.30 | | | $ | — | | | $ | 812.30 | | | $ | 104.21 | | | $ | — | | | $ | 104.21 | | | 679.50 | % | | 679.50 | % |
| Occupancy | 77.38 | % | | — | % | | 77.38 | % | | 12.73 | % | | — | % | | 12.73 | % | | 507.84 | % | | 507.84 | % |
| ADR | $ | 1,049.76 | | | $ | — | | | $ | 1,049.76 | | | $ | 818.57 | | | $ | — | | | $ | 818.57 | | | 28.24 | % | | 28.24 | % |
| | | | | | | | | | | | | | | | |
| KEY WEST PIER HOUSE RESORT | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 6,697 | | | $ | — | | | $ | 6,697 | | | $ | 805 | | | $ | — | | | $ | 805 | | | 731.93 | % | | 731.93 | % |
| Total hotel revenue | $ | 8,419 | | | $ | — | | | $ | 8,419 | | | $ | 1,026 | | | $ | — | | | $ | 1,026 | | | 720.57 | % | | 720.57 | % |
| Hotel EBITDA | $ | 4,913 | | | $ | — | | | $ | 4,913 | | | $ | (332) | | | $ | — | | | $ | (332) | | | 1,579.82 | % | | 1,579.82 | % |
| Hotel EBITDA margin | 58.36 | % | | | | 58.36 | % | | (32.36) | % | | | | (32.36) | % | | 90.72 | % | | 90.72 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 518.26 | | | $ | — | | | $ | 518.26 | | | $ | 62.29 | | | $ | — | | | $ | 62.29 | | | 732.01 | % | | 732.01 | % |
| Occupancy | 91.29 | % | | — | % | | 91.29 | % | | 17.97 | % | | — | % | | 17.97 | % | | 408.01 | % | | 408.01 | % |
| ADR | $ | 567.74 | | | $ | — | | | $ | 567.74 | | | $ | 346.65 | | | $ | — | | | $ | 346.65 | | | 63.78 | % | | 63.78 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Comparable |
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | % Variance | | % Variance |
| HOTEL YOUNTVILLE | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 3,429 | | | $ | — | | | $ | 3,429 | | | $ | 390 | | | $ | — | | | $ | 390 | | | 779.23 | % | | 779.23 | % |
| Total hotel revenue | $ | 3,992 | | | $ | — | | | $ | 3,992 | | | $ | 529 | | | $ | — | | | $ | 529 | | | 654.63 | % | | 654.63 | % |
| Hotel EBITDA | $ | 1,759 | | | $ | — | | | $ | 1,759 | | | $ | (497) | | | $ | — | | | $ | (497) | | | 453.92 | % | | 453.92 | % |
| Hotel EBITDA margin | 44.06 | % | | | | 44.06 | % | | (93.95) | % | | | | (93.95) | % | | 138.01 | % | | 138.01 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 470.87 | | | $ | — | | | $ | 470.87 | | | $ | 53.58 | | | $ | — | | | $ | 53.58 | | | 778.80 | % | | 778.80 | % |
| Occupancy | 70.03 | % | | — | % | | 70.03 | % | | 9.60 | % | | — | % | | 9.60 | % | | 629.33 | % | | 629.33 | % |
| ADR | $ | 672.41 | | | $ | — | | | $ | 672.41 | | | $ | 558.04 | | | $ | — | | | $ | 558.04 | | | 20.49 | % | | 20.49 | % |
| | | | | | | | | | | | | | | | |
| PARK HYATT BEAVER CREEK | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 1,555 | | | $ | — | | | $ | 1,555 | | | $ | 116 | | | $ | — | | | $ | 116 | | | 1,240.52 | % | | 1,240.52 | % |
| Total hotel revenue | $ | 4,266 | | | $ | — | | | $ | 4,266 | | | $ | 476 | | | $ | — | | | $ | 476 | | | 796.22 | % | | 796.22 | % |
| Hotel EBITDA | $ | (401) | | | $ | — | | | $ | (401) | | | $ | (1,687) | | | $ | — | | | $ | (1,687) | | | 76.23 | % | | 76.23 | % |
| Hotel EBITDA margin | (9.40) | % | | | | (9.40) | % | | (354.41) | % | | | | (354.41) | % | | 345.01 | % | | 345.01 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 89.88 | | | $ | — | | | $ | 89.88 | | | $ | 6.72 | | | $ | — | | | $ | 6.72 | | | 1,238.47 | % | | 1,238.47 | % |
| Occupancy | 31.71 | % | | — | % | | 31.71 | % | | 2.80 | % | | — | % | | 2.80 | % | | 1,032.85 | % | | 1,032.85 | % |
| ADR | $ | 283.43 | | | $ | — | | | $ | 283.43 | | | $ | 239.89 | | | $ | — | | | $ | 239.89 | | | 18.15 | % | | 18.15 | % |
| | | | | | | | | | | | | | | | |
| THE NOTARY HOTEL | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 2,416 | | | $ | — | | | $ | 2,416 | | | $ | 534 | | | $ | — | | | $ | 534 | | | 352.43 | % | | 352.43 | % |
| Total hotel revenue | $ | 2,665 | | | $ | — | | | $ | 2,665 | | | $ | 618 | | | $ | — | | | $ | 618 | | | 331.23 | % | | 331.23 | % |
| Hotel EBITDA | $ | 154 | | | $ | — | | | $ | 154 | | | $ | (1,104) | | | $ | — | | | $ | (1,104) | | | 113.95 | % | | 113.95 | % |
| Hotel EBITDA margin | 5.78 | % | | | | 5.78 | % | | (178.64) | % | | | | (178.64) | % | | 184.42 | % | | 184.42 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 53.20 | | | $ | — | | | $ | 53.20 | | | $ | 11.76 | | | $ | — | | | $ | 11.76 | | | 352.36 | % | | 352.36 | % |
| Occupancy | 32.71 | % | | — | % | | 32.71 | % | | 7.85 | % | | — | % | | 7.85 | % | | 316.87 | % | | 316.87 | % |
| ADR | $ | 162.63 | | | $ | — | | | $ | 162.63 | | | $ | 149.87 | | | $ | — | | | $ | 149.87 | | | 8.51 | % | | 8.51 | % |
| | | | | | | | | | | | | | | | |
| THE CLANCY | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 2,823 | | | $ | — | | | $ | 2,823 | | | $ | 25 | | | $ | — | | | $ | 25 | | | 11,192.00 | % | | 11,192.00 | % |
| Total hotel revenue | $ | 3,331 | | | $ | — | | | $ | 3,331 | | | $ | 154 | | | $ | — | | | $ | 154 | | | 2,062.99 | % | | 2,062.99 | % |
| Hotel EBITDA | $ | (1,024) | | | $ | — | | | $ | (1,024) | | | $ | (1,880) | | | $ | — | | | $ | (1,880) | | | 45.53 | % | | 45.53 | % |
| Hotel EBITDA margin | (30.74) | % | | | | (30.74) | % | | (1,220.78) | % | | | | (1,220.78) | % | | 1,190.04 | % | | 1,190.04 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 75.65 | | | $ | — | | | $ | 75.65 | | | $ | 0.67 | | | $ | — | | | $ | 0.67 | | | 11,151.84 | % | | 11,151.84 | % |
| Occupancy | 51.57 | % | | — | % | | 51.57 | % | | 0.18 | % | | — | % | | 0.18 | % | | 27,785.51 | % | | 27,785.51 | % |
| ADR | $ | 146.70 | | | $ | — | | | $ | 146.70 | | | $ | 363.57 | | | $ | — | | | $ | 363.57 | | | (59.65) | % | | (59.65) | % |
| | | | | | | | | | | | | | | | |
| SARASOTA RITZ-CARLTON | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 11,178 | | | $ | — | | | $ | 11,178 | | | $ | 2,503 | | | $ | — | | | $ | 2,503 | | | 346.58 | % | | 346.58 | % |
| Total hotel revenue | $ | 22,717 | | | $ | — | | | $ | 22,717 | | | $ | 6,235 | | | $ | — | | | $ | 6,235 | | | 264.35 | % | | 264.35 | % |
| Hotel EBITDA | $ | 7,723 | | | $ | — | | | $ | 7,723 | | | $ | 1,210 | | | $ | — | | | $ | 1,210 | | | 538.26 | % | | 538.26 | % |
| Hotel EBITDA margin | 34.00 | % | | | | 34.00 | % | | 19.41 | % | | | | 19.41 | % | | 14.59 | % | | 14.59 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 461.80 | | | $ | — | | | $ | 461.80 | | | $ | 103.39 | | | $ | — | | | $ | 103.39 | | | 346.64 | % | | 346.64 | % |
| Occupancy | 87.14 | % | | — | % | | 87.14 | % | | 29.20 | % | | — | % | | 29.20 | % | | 198.46 | % | | 198.46 | % |
| ADR | $ | 529.98 | | | $ | — | | | $ | 529.98 | | | $ | 354.15 | | | $ | — | | | $ | 354.15 | | | 49.65 | % | | 49.65 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Comparable |
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | % Variance | | % Variance |
| LAKE TAHOE RITZ-CARLTON | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 3,605 | | | $ | — | | | $ | 3,605 | | | $ | 347 | | | $ | — | | | $ | 347 | | | 938.90 | % | | 938.90 | % |
| Total hotel revenue | $ | 7,716 | | | $ | — | | | $ | 7,716 | | | $ | 552 | | | $ | — | | | $ | 552 | | | 1,297.83 | % | | 1,297.83 | % |
| Hotel EBITDA | $ | (306) | | | $ | — | | | $ | (306) | | | $ | (1,638) | | | $ | — | | | $ | (1,638) | | | 81.32 | % | | 81.32 | % |
| Hotel EBITDA margin | (3.97) | % | | | | (3.97) | % | | (296.74) | % | | | | (296.74) | % | | 292.77 | % | | 292.77 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 233.04 | | | $ | — | | | $ | 233.04 | | | $ | 22.42 | | | $ | — | | | $ | 22.42 | | | 939.27 | % | | 939.27 | % |
| Occupancy | 51.92 | % | | — | % | | 51.92 | % | | 5.66 | % | | — | % | | 5.66 | % | | 817.94 | % | | 817.94 | % |
| ADR | $ | 448.85 | | | $ | — | | | $ | 448.85 | | | $ | 396.45 | | | $ | — | | | $ | 396.45 | | | 13.22 | % | | 13.22 | % |
| | | | | | | | | | | | | | | | |
| SEATTLE MARRIOTT WATERFRONT | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 3,176 | | | $ | — | | | $ | 3,176 | | | $ | 67 | | | $ | — | | | $ | 67 | | | 4,640.30 | % | | 4,640.30 | % |
| Total hotel revenue | $ | 3,794 | | | $ | — | | | $ | 3,794 | | | $ | 131 | | | $ | — | | | $ | 131 | | | 2,796.18 | % | | 2,796.18 | % |
| Hotel EBITDA | $ | 1,163 | | | $ | — | | | $ | 1,163 | | | $ | (1,234) | | | $ | — | | | $ | (1,234) | | | 194.25 | % | | 194.25 | % |
| Hotel EBITDA margin | 30.65 | % | | | | 30.65 | % | | (941.98) | % | | | | (941.98) | % | | 972.63 | % | | 972.63 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 96.68 | | | $ | — | | | $ | 96.68 | | | $ | 2.05 | | | $ | — | | | $ | 2.05 | | | 4,626.75 | % | | 4,626.75 | % |
| Occupancy | 47.50 | % | | — | % | | 47.50 | % | | 0.93 | % | | — | % | | 0.93 | % | | 5,016.07 | % | | 5,016.07 | % |
| ADR | $ | 203.55 | | | $ | — | | | $ | 203.55 | | | $ | 220.31 | | | $ | — | | | $ | 220.31 | | | (7.61) | % | | (7.61) | % |
| | | | | | | | | | | | | | | | |
| ST. THOMAS RITZ-CARLTON | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 15,305 | | | $ | — | | | $ | 15,305 | | | $ | 295 | | | $ | — | | | $ | 295 | | | 5,088.14 | % | | 5,088.14 | % |
| Total hotel revenue | $ | 22,102 | | | $ | — | | | $ | 22,102 | | | $ | 938 | | | $ | — | | | $ | 938 | | | 2,256.29 | % | | 2,256.29 | % |
| Hotel EBITDA | $ | 8,136 | | | $ | — | | | $ | 8,136 | | | $ | (1,758) | | | $ | — | | | $ | (1,758) | | | 562.80 | % | | 562.80 | % |
| Hotel EBITDA margin | 36.81 | % | | | | 36.81 | % | | (187.42) | % | | | | (187.42) | % | | 224.23 | % | | 224.23 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 934.37 | | | $ | — | | | $ | 934.37 | | | $ | 18.00 | | | $ | — | | | $ | 18.00 | | | 5,091.61 | % | | 5,091.61 | % |
| Occupancy | 87.88 | % | | — | % | | 87.88 | % | | 4.19 | % | | — | % | | 4.19 | % | | 1,998.25 | % | | 1,998.25 | % |
| ADR | $ | 1,063.29 | | | $ | — | | | $ | 1,063.29 | | | $ | 429.74 | | | $ | — | | | $ | 429.74 | | | 147.43 | % | | 147.43 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| BRAEMAR PROPERTIES TOTAL | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 63,443 | | | $ | — | | | $ | 63,443 | | | $ | 6,510 | | | $ | — | | | $ | 6,510 | | | 874.55 | % | | 874.55 | % |
| Total hotel revenue | $ | 97,110 | | | $ | — | | | $ | 97,110 | | | $ | 12,895 | | | $ | — | | | $ | 12,895 | | | 653.08 | % | | 653.08 | % |
| Hotel EBITDA | $ | 24,728 | | | $ | — | | | $ | 24,728 | | | $ | (15,804) | | | $ | — | | | $ | (15,804) | | | 256.47 | % | | 256.47 | % |
| Hotel EBITDA margin | 25.46 | % | | | | 25.46 | % | | (122.56) | % | | | | (122.56) | % | | 148.02 | % | | 148.02 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 187.31 | | | $ | — | | | $ | 187.31 | | | $ | 19.22 | | | $ | — | | | $ | 19.22 | | | 874.55 | % | | 874.55 | % |
| Occupancy | 49.17 | % | | — | % | | 49.17 | % | | 6.81 | % | | — | % | | 6.81 | % | | 621.64 | % | | 621.64 | % |
| ADR | $ | 380.98 | | | $ | — | | | $ | 380.98 | | | $ | 282.11 | | | $ | — | | | $ | 282.11 | | | 35.05 | % | | 35.05 | % |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(3) 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)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Comparable |
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | % Variance | | % Variance |
| CAPITAL HILTON WASHINGTON D.C. | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 3,235 | | | $ | — | | | $ | 3,235 | | | $ | 6,526 | | | $ | — | | | $ | 6,526 | | | (50.43) | % | | (50.43) | % |
| Total hotel revenue | $ | 3,985 | | | $ | — | | | $ | 3,985 | | | $ | 10,886 | | | $ | — | | | $ | 10,886 | | | (63.39) | % | | (63.39) | % |
| Hotel EBITDA | $ | (2,554) | | | $ | — | | | $ | (2,554) | | | $ | (1,562) | | | $ | — | | | $ | (1,562) | | | (63.51) | % | | (63.51) | % |
| Hotel EBITDA margin | (64.09) | % | | | | (64.09) | % | | (14.35) | % | | | | (14.35) | % | | (49.74) | % | | (49.74) | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 32.50 | | | $ | — | | | $ | 32.50 | | | $ | 65.20 | | | $ | — | | | $ | 65.20 | | | (50.15) | % | | (50.15) | % |
| Occupancy | 22.84 | % | | — | % | | 22.84 | % | | 29.75 | % | | — | % | | 29.75 | % | | (23.21) | % | | (23.21) | % |
| ADR | $ | 142.28 | | | $ | — | | | $ | 142.28 | | | $ | 219.18 | | | $ | — | | | $ | 219.18 | | | (35.09) | % | | (35.09) | % |
| | | | | | | | | | | | | | | | |
| LA JOLLA HILTON TORREY PINES | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 5,908 | | | $ | — | | | $ | 5,908 | | | $ | 5,623 | | | $ | — | | | $ | 5,623 | | | 5.07 | % | | 5.07 | % |
| Total hotel revenue | $ | 8,866 | | | $ | — | | | $ | 8,866 | | | $ | 10,061 | | | $ | — | | | $ | 10,061 | | | (11.88) | % | | (11.88) | % |
| Hotel EBITDA | $ | 1,043 | | | $ | — | | | $ | 1,043 | | | $ | 1,055 | | | $ | — | | | $ | 1,055 | | | (1.14) | % | | (1.14) | % |
| Hotel EBITDA margin | 11.76 | % | | | | 11.76 | % | | 10.49 | % | | | | 10.49 | % | | 1.27 | % | | 1.27 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 82.84 | | | $ | — | | | $ | 82.84 | | | $ | 78.42 | | | $ | — | | | $ | 78.42 | | | 5.64 | % | | 5.64 | % |
| Occupancy | 47.10 | % | | — | % | | 47.10 | % | | 36.95 | % | | — | % | | 36.95 | % | | 27.44 | % | | 27.44 | % |
| ADR | $ | 175.90 | | | $ | — | | | $ | 175.90 | | | $ | 212.21 | | | $ | — | | | $ | 212.21 | | | (17.11) | % | | (17.11) | % |
| | | | | | | | | | | | | | | | |
| CHICAGO SOFITEL MAGNIFICENT MILE | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 4,374 | | | $ | — | | | $ | 4,374 | | | $ | 2,932 | | | $ | — | | | $ | 2,932 | | | 49.18 | % | | 49.18 | % |
| Total hotel revenue | $ | 5,601 | | | $ | — | | | $ | 5,601 | | | $ | 4,184 | | | $ | — | | | $ | 4,184 | | | 33.87 | % | | 33.87 | % |
| Hotel EBITDA | $ | (1,348) | | | $ | — | | | $ | (1,348) | | | $ | (3,631) | | | $ | — | | | $ | (3,631) | | | 62.88 | % | | 62.88 | % |
| Hotel EBITDA margin | (24.07) | % | | | | (24.07) | % | | (86.78) | % | | | | (86.78) | % | | 62.71 | % | | 62.71 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 58.23 | | | $ | — | | | $ | 58.23 | | | $ | 38.81 | | | $ | — | | | $ | 38.81 | | | 50.03 | % | | 50.03 | % |
| Occupancy | 32.01 | % | | — | % | | 32.01 | % | | 28.81 | % | | — | % | | 28.81 | % | | 11.12 | % | | 11.12 | % |
| ADR | $ | 181.90 | | | $ | — | | | $ | 181.90 | | | $ | 134.72 | | | $ | — | | | $ | 134.72 | | | 35.02 | % | | 35.02 | % |
| | | | | | | | | | | | | | | | |
| BARDESSONO HOTEL AND SPA | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 6,565 | | | $ | — | | | $ | 6,565 | | | $ | 2,593 | | | $ | — | | | $ | 2,593 | | | 153.18 | % | | 153.18 | % |
| Total hotel revenue | $ | 8,504 | | | $ | — | | | $ | 8,504 | | | $ | 3,706 | | | $ | — | | | $ | 3,706 | | | 129.47 | % | | 129.47 | % |
| Hotel EBITDA | $ | 2,864 | | | $ | — | | | $ | 2,864 | | | $ | (679) | | | $ | — | | | $ | (679) | | | 521.80 | % | | 521.80 | % |
| Hotel EBITDA margin | 33.68 | % | | | | 33.68 | % | | (18.32) | % | | | | (18.32) | % | | 52.00 | % | | 52.00 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 558.04 | | | $ | — | | | $ | 558.04 | | | $ | 219.26 | | | $ | — | | | $ | 219.26 | | | 154.51 | % | | 154.51 | % |
| Occupancy | 60.32 | % | | — | % | | 60.32 | % | | 33.42 | % | | — | % | | 33.42 | % | | 80.48 | % | | 80.48 | % |
| ADR | $ | 925.08 | | | $ | — | | | $ | 925.08 | | | $ | 656.00 | | | $ | — | | | $ | 656.00 | | | 41.02 | % | | 41.02 | % |
| | | | | | | | | | | | | | | | |
| KEY WEST PIER HOUSE RESORT | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 12,280 | | | $ | — | | | $ | 12,280 | | | $ | 6,354 | | | $ | — | | | $ | 6,354 | | | 93.26 | % | | 93.26 | % |
| Total hotel revenue | $ | 15,477 | | | $ | — | | | $ | 15,477 | | | $ | 8,025 | | | $ | — | | | $ | 8,025 | | | 92.86 | % | | 92.86 | % |
| Hotel EBITDA | $ | 9,159 | | | $ | — | | | $ | 9,159 | | | $ | 3,446 | | | $ | — | | | $ | 3,446 | | | 165.79 | % | | 165.79 | % |
| Hotel EBITDA margin | 59.18 | % | | | | 59.18 | % | | 42.94 | % | | | | 42.94 | % | | 16.24 | % | | 16.24 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 477.78 | | | $ | — | | | $ | 477.78 | | | $ | 245.84 | | | $ | — | | | $ | 245.84 | | | 94.35 | % | | 94.35 | % |
| Occupancy | 87.67 | % | | — | % | | 87.67 | % | | 47.66 | % | | — | % | | 47.66 | % | | 83.95 | % | | 83.95 | % |
| ADR | $ | 544.95 | | | $ | — | | | $ | 544.95 | | | $ | 515.78 | | | $ | — | | | $ | 515.78 | | | 5.65 | % | | 5.65 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Comparable |
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | % Variance | | % Variance |
| HOTEL YOUNTVILLE | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 4,447 | | | $ | — | | | $ | 4,447 | | | $ | 1,783 | | | $ | — | | | $ | 1,783 | | | 149.41 | % | | 149.41 | % |
| Total hotel revenue | $ | 5,286 | | | $ | — | | | $ | 5,286 | | | $ | 2,414 | | | $ | — | | | $ | 2,414 | | | 118.97 | % | | 118.97 | % |
| Hotel EBITDA | $ | 1,658 | | | $ | — | | | $ | 1,658 | | | $ | (480) | | | $ | — | | | $ | (480) | | | 445.42 | % | | 445.42 | % |
| Hotel EBITDA margin | 31.37 | % | | | | 31.37 | % | | (19.88) | % | | | | (19.88) | % | | 51.25 | % | | 51.25 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 307.09 | | | $ | — | | | $ | 307.09 | | | $ | 122.44 | | | $ | — | | | $ | 122.44 | | | 150.81 | % | | 150.81 | % |
| Occupancy | 51.44 | % | | — | % | | 51.44 | % | | 27.96 | % | | — | % | | 27.96 | % | | 83.96 | % | | 83.96 | % |
| ADR | $ | 597.02 | | | $ | — | | | $ | 597.02 | | | $ | 437.90 | | | $ | — | | | $ | 437.90 | | | 36.34 | % | | 36.34 | % |
| | | | | | | | | | | | | | | | |
| PARK HYATT BEAVER CREEK | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 7,935 | | | $ | — | | | $ | 7,935 | | | $ | 8,267 | | | $ | — | | | $ | 8,267 | | | (4.02) | % | | (4.02) | % |
| Total hotel revenue | $ | 16,017 | | | $ | — | | | $ | 16,017 | | | $ | 15,788 | | | $ | — | | | $ | 15,788 | | | 1.45 | % | | 1.45 | % |
| Hotel EBITDA | $ | 4,057 | | | $ | — | | | $ | 4,057 | | | $ | 3,866 | | | $ | — | | | $ | 3,866 | | | 4.94 | % | | 4.94 | % |
| Hotel EBITDA margin | 25.33 | % | | | | 25.33 | % | | 24.49 | % | | | | 24.49 | % | | 0.84 | % | | 0.84 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 230.72 | | | $ | — | | | $ | 230.72 | | | $ | 239.08 | | | $ | — | | | $ | 239.08 | | | (3.50) | % | | (3.50) | % |
| Occupancy | 47.93 | % | | — | % | | 47.93 | % | | 32.64 | % | | — | % | | 32.64 | % | | 46.83 | % | | 46.83 | % |
| ADR | $ | 481.38 | | | $ | — | | | $ | 481.38 | | | $ | 732.41 | | | $ | — | | | $ | 732.41 | | | (34.27) | % | | (34.27) | % |
| | | | | | | | | | | | | | | | |
| THE NOTARY HOTEL | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 3,657 | | | $ | — | | | $ | 3,657 | | | $ | 5,000 | | | $ | — | | | $ | 5,000 | | | (26.86) | % | | (26.86) | % |
| Total hotel revenue | $ | 4,030 | | | $ | — | | | $ | 4,030 | | | $ | 6,525 | | | $ | — | | | $ | 6,525 | | | (38.24) | % | | (38.24) | % |
| Hotel EBITDA | $ | (624) | | | $ | — | | | $ | (624) | | | $ | (482) | | | $ | — | | | $ | (482) | | | (29.46) | % | | (29.46) | % |
| Hotel EBITDA margin | (15.48) | % | | | | (15.48) | % | | (7.39) | % | | | | (7.39) | % | | (8.09) | % | | (8.09) | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 40.49 | | | $ | — | | | $ | 40.49 | | | $ | 55.06 | | | $ | — | | | $ | 55.06 | | | (26.46) | % | | (26.46) | % |
| Occupancy | 26.22 | % | | — | % | | 26.22 | % | | 32.26 | % | | — | % | | 32.26 | % | | (18.71) | % | | (18.71) | % |
| ADR | $ | 154.40 | | | $ | — | | | $ | 154.40 | | | $ | 170.68 | | | $ | — | | | $ | 170.68 | | | (9.54) | % | | (9.54) | % |
| | | | | | | | | | | | | | | | |
| THE CLANCY | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 3,967 | | | $ | — | | | $ | 3,967 | | | $ | 7,537 | | | $ | — | | | $ | 7,537 | | | (47.37) | % | | (47.37) | % |
| Total hotel revenue | $ | 4,688 | | | $ | — | | | $ | 4,688 | | | $ | 8,736 | | | $ | — | | | $ | 8,736 | | | (46.34) | % | | (46.34) | % |
| Hotel EBITDA | $ | (2,811) | | | $ | — | | | $ | (2,811) | | | $ | 290 | | | $ | — | | | $ | 290 | | | (1,069.31) | % | | (1,069.31) | % |
| Hotel EBITDA margin | (59.96) | % | | | | (59.96) | % | | 3.32 | % | | | | 3.32 | % | | (63.28) | % | | (63.28) | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 53.46 | | | $ | — | | | $ | 53.46 | | | $ | 101.00 | | | $ | — | | | $ | 101.00 | | | (47.07) | % | | (47.07) | % |
| Occupancy | 37.27 | % | | — | % | | 37.27 | % | | 32.47 | % | | — | % | | 32.47 | % | | 14.80 | % | | 14.80 | % |
| ADR | $ | 143.43 | | | $ | — | | | $ | 143.43 | | | $ | 311.10 | | | $ | — | | | $ | 311.10 | | | (53.90) | % | | (53.90) | % |
| | | | | | | | | | | | | | | | |
| SARASOTA RITZ-CARLTON | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 21,946 | | | $ | — | | | $ | 21,946 | | | $ | 10,944 | | | $ | — | | | $ | 10,944 | | | 100.53 | % | | 100.53 | % |
| Total hotel revenue | $ | 42,827 | | | $ | — | | | $ | 42,827 | | | $ | 25,663 | | | $ | — | | | $ | 25,663 | | | 66.88 | % | | 66.88 | % |
| Hotel EBITDA | $ | 15,085 | | | $ | — | | | $ | 15,085 | | | $ | 6,864 | | | $ | — | | | $ | 6,864 | | | 119.77 | % | | 119.77 | % |
| Hotel EBITDA margin | 35.22 | % | | | | 35.22 | % | | 26.75 | % | | | | 26.75 | % | | 8.47 | % | | 8.47 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 455.83 | | | $ | — | | | $ | 455.83 | | | $ | 226.05 | | | $ | — | | | $ | 226.05 | | | 101.65 | % | | 101.65 | % |
| Occupancy | 81.35 | % | | — | % | | 81.35 | % | | 50.22 | % | | — | % | | 50.22 | % | | 62.00 | % | | 62.00 | % |
| ADR | $ | 560.30 | | | $ | — | | | $ | 560.30 | | | $ | 450.13 | | | $ | — | | | $ | 450.13 | | | 24.47 | % | | 24.47 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Non-comparable Adjustments | | Comparable | | Actual | | Comparable |
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | % Variance | | % Variance |
| LAKE TAHOE RITZ-CARLTON | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 10,079 | | | $ | — | | | $ | 10,079 | | | $ | 7,746 | | | $ | — | | | $ | 7,746 | | | 30.12 | % | | 30.12 | % |
| Total hotel revenue | $ | 19,652 | | | $ | — | | | $ | 19,652 | | | $ | 13,959 | | | $ | (138) | | | $ | 13,821 | | | 40.78 | % | | 42.19 | % |
| Hotel EBITDA | $ | 2,531 | | | $ | — | | | $ | 2,531 | | | $ | 1,250 | | | $ | — | | | $ | 1,250 | | | 102.48 | % | | 102.48 | % |
| Hotel EBITDA margin | 12.88 | % | | | | 12.88 | % | | 8.95 | % | | | | 9.04 | % | | 3.93 | % | | 3.84 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 327.55 | | | $ | — | | | $ | 327.55 | | | $ | 250.36 | | | $ | — | | | $ | 250.36 | | | 30.83 | % | | 30.83 | % |
| Occupancy | 56.82 | % | | — | % | | 56.82 | % | | 34.52 | % | | — | % | | 34.52 | % | | 64.62 | % | | 64.62 | % |
| ADR | $ | 576.42 | | | $ | — | | | $ | 576.42 | | | $ | 725.30 | | | $ | — | | | $ | 725.30 | | | (20.53) | % | | (20.53) | % |
| SEATTLE MARRIOTT WATERFRONT | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 4,074 | | | $ | — | | | $ | 4,074 | | | $ | 3,765 | | | $ | — | | | $ | 3,765 | | | 8.21 | % | | 8.21 | % |
| Total hotel revenue | $ | 4,819 | | | $ | — | | | $ | 4,819 | | | $ | 4,978 | | | $ | — | | | $ | 4,978 | | | (3.19) | % | | (3.19) | % |
| Hotel EBITDA | $ | 526 | | | $ | — | | | $ | 526 | | | $ | (702) | | | $ | — | | | $ | (702) | | | 174.93 | % | | 174.93 | % |
| Hotel EBITDA margin | 10.92 | % | | | | 10.92 | % | | (14.10) | % | | | | (14.10) | % | | 25.02 | % | | 25.02 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 62.36 | | | $ | — | | | $ | 62.36 | | | $ | 57.31 | | | $ | — | | | $ | 57.31 | | | 8.81 | % | | 8.81 | % |
| Occupancy | 32.28 | % | | — | % | | 32.28 | % | | 26.40 | % | | — | % | | 26.40 | % | | 22.29 | % | | 22.29 | % |
| ADR | $ | 193.15 | | | $ | — | | | $ | 193.15 | | | $ | 217.07 | | | $ | — | | | $ | 217.07 | | | (11.02) | % | | (11.02) | % |
| | | | | | | | | | | | | | | | |
| ST. THOMAS RITZ-CARLTON | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 28,562 | | | $ | — | | | $ | 28,562 | | | $ | 7,316 | | | $ | — | | | $ | 7,316 | | | 290.40 | % | | 290.40 | % |
| Total hotel revenue | $ | 41,206 | | | $ | — | | | $ | 41,206 | | | $ | 15,490 | | | $ | — | | | $ | 15,490 | | | 166.02 | % | | 166.02 | % |
| Hotel EBITDA | $ | 15,641 | | | $ | — | | | $ | 15,641 | | | $ | 2,271 | | | $ | — | | | $ | 2,271 | | | 588.73 | % | | 588.73 | % |
| Hotel EBITDA margin | 37.96 | % | | | | 37.96 | % | | 14.66 | % | | | | 14.66 | % | | 23.30 | % | | 23.30 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 876.66 | | | $ | — | | | $ | 876.66 | | | $ | 230.19 | | | $ | — | | | $ | 230.19 | | | 280.84 | % | | 280.84 | % |
| Occupancy | 83.27 | % | | — | % | | 83.27 | % | | 30.13 | % | | — | % | | 30.13 | % | | 176.38 | % | | 176.38 | % |
| ADR | $ | 1,052.81 | | | $ | — | | | $ | 1,052.81 | | | $ | 764.04 | | | $ | — | | | $ | 764.04 | | | 37.80 | % | | 37.80 | % |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| BRAEMAR PROPERTIES TOTAL | | | | | | | | | | | | | | | |
| Selected Financial Information: | | | | | | | | | | | | | | | |
| Rooms revenue | $ | 117,029 | | | $ | — | | | $ | 117,029 | | | $ | 76,386 | | | $ | — | | | $ | 76,386 | | | 53.21 | % | | 53.21 | % |
| Total hotel revenue | $ | 180,958 | | | $ | — | | | $ | 180,958 | | | $ | 130,415 | | | $ | (138) | | | $ | 130,277 | | | 38.76 | % | | 38.90 | % |
| Hotel EBITDA | $ | 45,227 | | | $ | — | | | $ | 45,227 | | | $ | 11,506 | | | $ | — | | | $ | 11,506 | | | 293.07 | % | | 293.07 | % |
| Hotel EBITDA margin | 24.99 | % | | | | 24.99 | % | | 8.82 | % | | | | 8.83 | % | | 16.17 | % | | 16.16 | % |
| Selected Operating Information: | | | | | | | | | | | | | | | |
| RevPAR | $ | 173.72 | | | $ | — | | | $ | 173.72 | | | $ | 112.93 | | | $ | — | | | $ | 112.93 | | | 53.83 | % | | 53.83 | % |
| Occupancy | 43.07 | % | | — | % | | 43.07 | % | | 33.28 | % | | — | % | | 33.28 | % | | 29.42 | % | | 29.42 | % |
| ADR | $ | 403.33 | | | $ | — | | | $ | 403.33 | | | $ | 339.34 | | | $ | — | | | $ | 339.34 | | | 18.86 | % | | 18.86 | % |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(3) 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 June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable |
| | 2021 | | 2021 | | 2021 |
| CAPITAL HILTON WASHINGTON D.C. | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 4,304 | | | $ | — | | | $ | 4,304 | |
| Total hotel revenue | $ | 5,816 | | | $ | — | | | $ | 5,816 | |
| Hotel EBITDA | $ | (6,068) | | | $ | — | | | $ | (6,068) | |
| Hotel EBITDA margin | (104.33) | % | | | | (104.33) | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 21.44 | | | $ | — | | | $ | 21.44 | |
| Occupancy | 15.70 | % | | — | % | | 15.70 | % |
| ADR | $ | 136.56 | | | $ | — | | | $ | 136.56 | |
| | | | | | |
| LA JOLLA HILTON TORREY PINES | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 9,844 | | | $ | — | | | $ | 9,844 | |
| Total hotel revenue | $ | 14,194 | | | $ | — | | | $ | 14,194 | |
| Hotel EBITDA | $ | 341 | | | $ | — | | | $ | 341 | |
| Hotel EBITDA margin | 2.40 | % | | | | 2.40 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 68.45 | | | $ | — | | | $ | 68.45 | |
| Occupancy | 42.87 | % | | — | % | | 42.87 | % |
| ADR | $ | 159.65 | | | $ | — | | | $ | 159.65 | |
| | | | | | |
| CHICAGO SOFITEL MAGNIFICENT MILE | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 7,420 | | | $ | — | | | $ | 7,420 | |
| Total hotel revenue | $ | 9,300 | | | $ | — | | | $ | 9,300 | |
| Hotel EBITDA | $ | (3,105) | | | $ | — | | | $ | (3,105) | |
| Hotel EBITDA margin | (33.39) | % | | | | (33.39) | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 49.00 | | | $ | — | | | $ | 49.00 | |
| Occupancy | 29.45 | % | | — | % | | 29.45 | % |
| ADR | $ | 166.35 | | | $ | — | | | $ | 166.35 | |
| | | | | | |
| BARDESSONO HOTEL AND SPA | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 11,439 | | | $ | — | | | $ | 11,439 | |
| Total hotel revenue | $ | 14,718 | | | $ | — | | | $ | 14,718 | |
| Hotel EBITDA | $ | 4,561 | | | $ | — | | | $ | 4,561 | |
| Hotel EBITDA margin | 30.99 | % | | | | 30.99 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 482.15 | | | $ | — | | | $ | 482.15 | |
| Occupancy | 53.68 | % | | — | % | | 53.68 | % |
| ADR | $ | 898.16 | | | $ | — | | | $ | 898.16 | |
| | | | | | |
| KEY WEST PIER HOUSE RESORT | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 18,191 | | | $ | — | | | $ | 18,191 | |
| Total hotel revenue | $ | 23,205 | | | $ | — | | | $ | 23,205 | |
| Hotel EBITDA | $ | 12,420 | | | $ | — | | | $ | 12,420 | |
| Hotel EBITDA margin | 53.52 | % | | | | 53.52 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 350.98 | | | $ | — | | | $ | 350.98 | |
| Occupancy | 75.27 | % | | — | % | | 75.27 | % |
| ADR | $ | 466.28 | | | $ | — | | | $ | 466.28 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | TTM Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable |
| | 2021 | | 2021 | | 2021 |
| HOTEL YOUNTVILLE | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 7,204 | | | $ | — | | | $ | 7,204 | |
| Total hotel revenue | $ | 8,623 | | | $ | — | | | $ | 8,623 | |
| Hotel EBITDA | $ | 2,052 | | | $ | — | | | $ | 2,052 | |
| Hotel EBITDA margin | 23.80 | % | | | | 23.80 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 246.67 | | | $ | — | | | $ | 246.67 | |
| Occupancy | 41.11 | % | | — | % | | 41.11 | % |
| ADR | $ | 600.07 | | | $ | — | | | $ | 600.07 | |
| | | | | | |
| PARK HYATT BEAVER CREEK | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 12,515 | | | $ | — | | | $ | 12,515 | |
| Total hotel revenue | $ | 25,784 | | | $ | — | | | $ | 25,784 | |
| Hotel EBITDA | $ | 5,168 | | | $ | — | | | $ | 5,168 | |
| Hotel EBITDA margin | 20.04 | % | | | | 20.04 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 180.45 | | | $ | — | | | $ | 180.45 | |
| Occupancy | 41.50 | % | | — | % | | 41.50 | % |
| ADR | $ | 434.80 | | | $ | — | | | $ | 434.80 | |
| | | | | | |
| THE NOTARY HOTEL | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 6,006 | | | $ | — | | | $ | 6,006 | |
| Total hotel revenue | $ | 6,505 | | | $ | — | | | $ | 6,505 | |
| Hotel EBITDA | $ | (1,775) | | | $ | — | | | $ | (1,775) | |
| Hotel EBITDA margin | (27.29) | % | | | | (27.29) | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 22.64 | | | $ | — | | | $ | 22.64 | |
| Occupancy | 21.19 | % | | — | % | | 21.19 | % |
| ADR | $ | 106.85 | | | $ | — | | | $ | 106.85 | |
| | | | | | |
| THE CLANCY | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 4,679 | | | $ | — | | | $ | 4,679 | |
| Total hotel revenue | $ | 5,575 | | | $ | — | | | $ | 5,575 | |
| Hotel EBITDA | $ | (6,796) | | | $ | — | | | $ | (6,796) | |
| Hotel EBITDA margin | (121.90) | % | | | | (121.90) | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 12.57 | | | $ | — | | | $ | 12.57 | |
| Occupancy | 21.86 | % | | — | % | | 21.86 | % |
| ADR | $ | 57.51 | | | $ | — | | | $ | 57.51 | |
| | | | | | |
| SARASOTA RITZ-CARLTON | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 32,566 | | | $ | — | | | $ | 32,566 | |
| Total hotel revenue | $ | 66,695 | | | $ | — | | | $ | 66,695 | |
| Hotel EBITDA | $ | 19,723 | | | $ | — | | | $ | 19,723 | |
| Hotel EBITDA margin | 29.57 | % | | | | 29.57 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 246.07 | | | $ | — | | | $ | 246.07 | |
| Occupancy | 69.40 | % | | — | % | | 69.40 | % |
| ADR | $ | 354.55 | | | $ | — | | | $ | 354.55 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | TTM Ended June 30, |
| | Actual | | Non-comparable Adjustments | | Comparable |
| | 2021 | | 2021 | | 2021 |
| LAKE TAHOE RITZ-CARLTON | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 17,373 | | | $ | — | | | $ | 17,373 | |
| Total hotel revenue | $ | 32,930 | | | $ | — | | | $ | 32,930 | |
| Hotel EBITDA | $ | 3,148 | | | $ | — | | | $ | 3,148 | |
| Hotel EBITDA margin | 9.56 | % | | | | 9.56 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 279.97 | | | $ | — | | | $ | 279.97 | |
| Occupancy | 54.76 | % | | — | % | | 54.76 | % |
| ADR | $ | 511.25 | | | $ | — | | | $ | 511.25 | |
| SEATTLE MARRIOTT WATERFRONT | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 5,913 | | | $ | — | | | $ | 5,913 | |
| Total hotel revenue | $ | 6,862 | | | $ | — | | | $ | 6,862 | |
| Hotel EBITDA | $ | (505) | | | $ | — | | | $ | (505) | |
| Hotel EBITDA margin | (7.36) | % | | | | (7.36) | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 21.28 | | | $ | — | | | $ | 21.28 | |
| Occupancy | 23.58 | % | | — | % | | 23.58 | % |
| ADR | $ | 90.26 | | | $ | — | | | $ | 90.26 | |
| | | | | | |
| ST. THOMAS RITZ-CARLTON | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 38,017 | | | $ | — | | | $ | 38,017 | |
| Total hotel revenue | $ | 57,310 | | | $ | — | | | $ | 57,310 | |
| Hotel EBITDA | $ | 17,994 | | | $ | — | | | $ | 17,994 | |
| Hotel EBITDA margin | 31.40 | % | | | | 31.40 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 350.20 | | | $ | — | | | $ | 350.20 | |
| Occupancy | 65.10 | % | | — | % | | 65.10 | % |
| ADR | $ | 537.98 | | | $ | — | | | $ | 537.98 | |
| | | | | | |
| | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| BRAEMAR PROPERTIES TOTAL | | | | | |
| Selected Financial Information: | | | | | |
| Rooms revenue | $ | 175,471 | | | $ | — | | | $ | 175,471 | |
| Total hotel revenue | $ | 277,517 | | | $ | — | | | $ | 277,517 | |
| Hotel EBITDA | $ | 47,158 | | | $ | — | | | $ | 47,158 | |
| Hotel EBITDA margin | 16.99 | % | | | | 16.99 | % |
| Selected Operating Information: | | | | | |
| RevPAR | $ | 129.16 | | | $ | — | | | $ | 129.16 | |
| Occupancy | 35.10 | % | | — | % | | 35.10 | % |
| ADR | $ | 367.99 | | | $ | — | | | $ | 367.99 | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(3) 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 |
| 2021 | | 2021 | | 2021 | | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2020 | | 2020 | | 2020 | | 2020 |
| 2nd Quarter | | 2nd Quarter | | 2nd Quarter | | 1st Quarter | | 1st Quarter | | 1st Quarter | | 4th Quarter | | 4th Quarter | | 4th Quarter | | 3rd Quarter | | 3rd Quarter | | 3rd Quarter |
| Total Hotel Revenue | $ | 97,110 | | | $ | — | | | $ | 97,110 | | | $ | 83,848 | | | $ | — | | | $ | 83,848 | | | $ | 51,805 | | | $ | — | | | $ | 51,805 | | | $ | 44,754 | | | $ | — | | | $ | 44,754 | |
| Hotel EBITDA | $ | 24,728 | | | $ | — | | | $ | 24,728 | | | $ | 20,499 | | | $ | — | | | $ | 20,499 | | | $ | 1,573 | | | $ | — | | | $ | 1,573 | | | $ | 358 | | | $ | — | | | $ | 358 | |
| Hotel EBITDA Margin | 25.46 | % | | | | 25.46 | % | | 24.45 | % | | | | 24.45 | % | | 3.04 | % | | | | 3.04 | % | | 0.80 | % | | | | 0.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| EBITDA % of Total TTM | 52.4 | % | | | | 52.4 | % | | 43.5 | % | | | | 43.5 | % | | 3.3 | % | | | | 3.3 | % | | 0.8 | % | | | | 0.8 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| JV Interests in EBITDA | $ | 27 | | | $ | — | | | $ | 27 | | | $ | (405) | | | $ | — | | | $ | (405) | | | $ | (716) | | | $ | — | | | $ | (716) | | | $ | (338) | | | $ | — | | | $ | (338) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | Non-comparable Adjustments | | Comparable | | | | | | | | | | | | | | | | | | |
| 2021 | | 2021 | | 2021 | | | | | | | | | | | | | | | | | | |
| TTM | | TTM | | TTM | | | | | | | | | | | | | | | | | | |
| Total Hotel Revenue | $ | 277,517 | | | $ | — | | | $ | 277,517 | | | | | | | | | | | | | | | | | | | |
| Hotel EBITDA | $ | 47,158 | | | $ | — | | | $ | 47,158 | | | | | | | | | | | | | | | | | | | |
| Hotel EBITDA Margin | 16.99 | % | | | | 16.99 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| EBITDA % of Total TTM | 100.0 | % | | | | 100.0 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| JV Interests in EBITDA | $ | (1,432) | | | $ | — | | | $ | (1,432) | | | | | | | | | | | | | | | | | | | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
June 30, 2021
(in thousands, except share price)
(unaudited)
| | | | | |
| |
| June 30, 2021 |
| Common stock shares outstanding | 57,311 | |
| Partnership units outstanding (common stock equivalents) | 5,584 | |
| Combined common stock shares and partnership units outstanding | 62,895 | |
| Common stock price | $ | 6.21 | |
| Market capitalization | $ | 390,579 | |
| Series B cumulative convertible preferred stock | $ | 77,700 | |
| Series D cumulative preferred stock | $ | 40,000 | |
| Indebtedness | $ | 1,152,179 | |
| Joint venture partner's share of consolidated indebtedness | $ | (48,982) | |
| Net working capital (see below) | $ | (169,884) | |
| Total enterprise value (TEV) | $ | 1,441,592 | |
| |
| |
| |
| |
| |
| |
| Cash and cash equivalents | $ | 156,899 | |
| Restricted cash | $ | 56,671 | |
| Accounts receivable, net | $ | 18,233 | |
| |
| Prepaid expenses | $ | 4,934 | |
| |
| Due from third-party hotel managers, net | $ | 19,775 | |
| |
| Total current assets | $ | 256,512 | |
| |
| Accounts payable, net & accrued expenses | $ | 83,995 | |
| Dividends and distributions payable | $ | 2,075 | |
| Due to affiliates, net | $ | 558 | |
| |
| Total current liabilities | $ | 86,628 | |
| |
| Net working capital* | $ | 169,884 | |
* Includes the Company's pro rata share of net working capital in joint ventures.
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2021 | | 2021 | | 2020 | | 2020 | | June 30, 2021 |
| 2nd Quarter | | 1st Quarter | | 4th Quarter | | 3rd Quarter | | TTM |
| Net income (loss) | $ | 2,585 | | | $ | (698) | | | $ | (19,811) | | | $ | (10,667) | | | $ | (28,591) | |
| Non-property adjustments | (386) | | | (496) | | | — | | | (10,149) | | | (11,031) | |
| Interest income | (10) | | | (8) | | | (10) | | | (10) | | | (38) | |
| Interest expense | 3,216 | | | 3,160 | | | 3,236 | | | 2,315 | | | 11,927 | |
| Amortization of loan costs | 307 | | | 303 | | | 301 | | | 297 | | | 1,208 | |
| Depreciation and amortization | 18,244 | | | 18,353 | | | 17,973 | | | 18,507 | | | 73,077 | |
| Income tax expense (benefit) | 17 | | | 1 | | | (336) | | | 8 | | | (310) | |
| Non-hotel EBITDA ownership expense | 755 | | | (116) | | | 220 | | | 57 | | | 916 | |
| Hotel EBITDA including amounts attributable to noncontrolling interest | 24,728 | | | 20,499 | | | 1,573 | | | 358 | | | 47,158 | |
| Non-comparable adjustments | — | | | — | | | — | | | — | | | — | |
| Comparable hotel EBITDA | $ | 24,728 | | | $ | 20,499 | | | $ | 1,573 | | | $ | 358 | | | $ | 47,158 | |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2021 |
| 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 | | The Notary Hotel | | The Clancy | | Sarasota Ritz-Carlton | | Lake Tahoe Ritz-Carlton | | Seattle Marriott Waterfront | | St. Thomas Ritz-Carlton | | | | | | Hotel Total | | Corporate / Allocated | | Braemar Hotels & Resorts Inc. |
| Net income (loss) | $ | (3,754) | | | $ | 717 | | | $ | (1,804) | | | $ | 1,703 | | | $ | 3,834 | | | $ | 743 | | | $ | (1,811) | | | $ | (2,019) | | | $ | (4,161) | | | $ | 4,906 | | | $ | (1,527) | | | $ | 187 | | | $ | 5,571 | | | | | | | $ | 2,585 | | | $ | (13,949) | | | $ | (11,364) | |
| Non-property adjustments | — | | | — | | | — | | | (100) | | | (97) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (189) | | | | | | | (386) | | | 386 | | | — | |
| Interest income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1) | | | (6) | | | — | | | (3) | | | — | | | | | | | (10) | | | 10 | | | — | |
| Interest expense | — | | | — | | | — | | | 259 | | | 400 | | | 325 | | | 523 | | | — | | | — | | | 876 | | | 301 | | | — | | | 532 | | | | | | | 3,216 | | | 3,417 | | | 6,633 | |
| Amortization of loan cost | — | | | — | | | — | | | 38 | | | 73 | | | 40 | | | 7 | | | — | | | — | | | 88 | | | 36 | | | — | | | 25 | | | | | | | 307 | | | 286 | | | 593 | |
| Depreciation and amortization | 1,875 | | | 1,086 | | | 1,654 | | | 674 | | | 759 | | | 630 | | | 880 | | | 2,168 | | | 3,127 | | | 1,736 | | | 742 | | | 971 | | | 1,942 | | | | | | | 18,244 | | | — | | | 18,244 | |
| Income tax expense (benefit) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1 | | | — | | | — | | | — | | | — | | | 16 | | | | | | | 17 | | | 44 | | | 61 | |
| Non-hotel EBITDA ownership expense | 173 | | | 12 | | | (6) | | | 84 | | | (56) | | | 21 | | | — | | | 4 | | | 11 | | | 123 | | | 142 | | | 8 | | | 239 | | | | | | | 755 | | | (755) | | | — | |
| Hotel EBITDA including amounts attributable to noncontrolling interest | (1,706) | | | 1,815 | | | (156) | | | 2,658 | | | 4,913 | | | 1,759 | | | (401) | | | 154 | | | (1,024) | | | 7,723 | | | (306) | | | 1,163 | | | 8,136 | | | | | | | 24,728 | | | (10,561) | | | 14,167 | |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 428 | | | (455) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | (27) | | | 27 | | | — | |
| Equity in earnings (loss) of unconsolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | 66 | | | 66 | |
| Company's portion of EBITDA of OpenKey | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | (65) | | | (65) | |
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (1,278) | | | $ | 1,360 | | | $ | (156) | | | $ | 2,658 | | | $ | 4,913 | | | $ | 1,759 | | | $ | (401) | | | $ | 154 | | | $ | (1,024) | | | $ | 7,723 | | | $ | (306) | | | $ | 1,163 | | | $ | 8,136 | | | | | | | $ | 24,701 | | | $ | (10,533) | | | $ | 14,168 | |
| Non-comparable adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | | | |
| Comparable hotel EBITDA | $ | (1,706) | | | $ | 1,815 | | | $ | (156) | | | $ | 2,658 | | | $ | 4,913 | | | $ | 1,759 | | | $ | (401) | | | $ | 154 | | | $ | (1,024) | | | $ | 7,723 | | | $ | (306) | | | $ | 1,163 | | | $ | 8,136 | | | | | | | $ | 24,728 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BAML (Pier House) | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,913 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | $ | 4,913 | |
| BAML (Bardessono) | — | | | — | | | — | | | 2,658 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 2,658 | |
| BAML (Hotel Yountville) | — | | | — | | | — | | | — | | | — | | | 1,759 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 1,759 | |
| Apollo (Ritz-Carlton St. Thomas) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 8,136 | | | | | | | 8,136 | |
| Prudential (Capital Hilton and Hilton Torrey Pines) | (1,706) | | | 1,815 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 109 | |
| BAML Pool (see footnote 2) | — | | | — | | | (156) | | | — | | | — | | | — | | | — | | | 154 | | | (1,024) | | | — | | | — | | | 1,163 | | | — | | | | | | | 137 | |
| JP Morgan (Park Hyatt Beaver Creek) | — | | | — | | | — | | | — | | | — | | | — | | | (401) | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | (401) | |
| BAML (Ritz-Carlton Sarasota) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 7,723 | | | — | | | — | | | — | | | | | | | 7,723 | |
| BAML (Ritz-Carlton Lake Tahoe) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (306) | | | — | | | — | | | | | | | (306) | |
| Total | $ | (1,706) | | | $ | 1,815 | | | $ | (156) | | | $ | 2,658 | | | $ | 4,913 | | | $ | 1,759 | | | $ | (401) | | | $ | 154 | | | $ | (1,024) | | | $ | 7,723 | | | $ | (306) | | | $ | 1,163 | | | $ | 8,136 | | | | | | | $ | 24,728 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2021 |
| 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 | | The Notary Hotel | | The Clancy | | Sarasota Ritz-Carlton | | Lake Tahoe Ritz-Carlton | | Seattle Marriott Waterfront | | St. Thomas Ritz-Carlton | | | | | | Hotel Total | | Corporate / Allocated | | Braemar Hotels & Resorts Inc. |
| Net income (loss) | $ | (2,791) | | | $ | (1,832) | | | $ | (2,866) | | | $ | (901) | | | $ | 3,050 | | | $ | (1,096) | | | $ | 3,140 | | | $ | (2,684) | | | $ | (5,258) | | | $ | 4,924 | | | $ | 1,580 | | | $ | (1,416) | | | $ | 5,452 | | | | | | | $ | (698) | | | $ | (10,336) | | | $ | (11,034) | |
| Non-property adjustments | — | | | — | | | — | | | (17) | | | 1 | | | — | | | — | | | — | | | — | | | 1 | | | 1 | | | — | | | (482) | | | | | | | (496) | | | 496 | | | — | |
| Interest income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5) | | | — | | | (3) | | | — | | | | | | | (8) | | | 8 | | | — | |
| Interest expense | — | | | — | | | — | | | 256 | | | 396 | | | 321 | | | 485 | | | — | | | — | | | 880 | | | 296 | | | — | | | 526 | | | | | | | 3,160 | | | 2,869 | | | 6,029 | |
| Amortization of loan cost | — | | | — | | | — | | | 37 | | | 72 | | | 40 | | | 7 | | | — | | | — | | | 86 | | | 35 | | | — | | | 26 | | | | | | | 303 | | | 424 | | | 727 | |
| Depreciation and amortization | 1,925 | | | 1,091 | | | 1,655 | | | 691 | | | 743 | | | 616 | | | 879 | | | 2,154 | | | 3,504 | | | 1,514 | | | 708 | | | 988 | | | 1,885 | | | | | | | 18,353 | | | — | | | 18,353 | |
| Income tax expense (benefit) | — | | | (43) | | | — | | | — | | | — | | | — | | | — | | | 1 | | | — | | | — | | | — | | | — | | | 43 | | | | | | | 1 | | | 144 | | | 145 | |
| Non-hotel EBITDA ownership expense | 18 | | | 12 | | | 19 | | | 140 | | | (16) | | | 18 | | | (53) | | | (249) | | | (33) | | | (38) | | | 217 | | | (206) | | | 55 | | | | | | | (116) | | | 116 | | | — | |
| Hotel EBITDA including amounts attributable to noncontrolling interest | (848) | | | (772) | | | (1,192) | | | 206 | | | 4,246 | | | (101) | | | 4,458 | | | (778) | | | (1,787) | | | 7,362 | | | 2,837 | | | (637) | | | 7,505 | | | | | | | 20,499 | | | (6,279) | | | 14,220 | |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 213 | | | 192 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 405 | | | (405) | | | — | |
| Equity in earnings (loss) of unconsolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | 64 | | | 64 | |
| Company's portion of EBITDA of OpenKey | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | (63) | | | (63) | |
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (635) | | | $ | (580) | | | $ | (1,192) | | | $ | 206 | | | $ | 4,246 | | | $ | (101) | | | $ | 4,458 | | | $ | (778) | | | $ | (1,787) | | | $ | 7,362 | | | $ | 2,837 | | | $ | (637) | | | $ | 7,505 | | | | | | | $ | 20,904 | | | $ | (6,683) | | | $ | 14,221 | |
| Non-comparable adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | | | |
| Comparable hotel EBITDA | $ | (848) | | | $ | (772) | | | $ | (1,192) | | | $ | 206 | | | $ | 4,246 | | | $ | (101) | | | $ | 4,458 | | | $ | (778) | | | $ | (1,787) | | | $ | 7,362 | | | $ | 2,837 | | | $ | (637) | | | $ | 7,505 | | | | | | | $ | 20,499 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BAML (Pier House) | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 4,246 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | $ | 4,246 | |
| BAML (Bardessono) | — | | | — | | | — | | | 206 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 206 | |
| BAML (Hotel Yountville) | — | | | — | | | — | | | — | | | — | | | (101) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | (101) | |
| Apollo (Ritz-Carlton St. Thomas) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 7,505 | | | | | | | 7,505 | |
| Prudential (Capital Hilton and Hilton Torrey Pines) | (848) | | | (772) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | (1,620) | |
| BAML Pool (see footnote 2) | — | | | — | | | (1,192) | | | — | | | — | | | — | | | — | | | (778) | | | (1,787) | | | — | | | — | | | (637) | | | — | | | | | | | (4,394) | |
| JP Morgan (Park Hyatt Beaver Creek) | — | | | — | | | — | | | — | | | — | | | — | | | 4,458 | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 4,458 | |
| BAML (Ritz-Carlton Sarasota) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 7,362 | | | — | | | — | | | — | | | | | | | 7,362 | |
| BAML (Ritz-Carlton Lake Tahoe) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,837 | | | — | | | — | | | | | | | 2,837 | |
| Total | $ | (848) | | | $ | (772) | | | $ | (1,192) | | | $ | 206 | | | $ | 4,246 | | | $ | (101) | | | $ | 4,458 | | | $ | (778) | | | $ | (1,787) | | | $ | 7,362 | | | $ | 2,837 | | | $ | (637) | | | $ | 7,505 | | | | | | | $ | 20,499 | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2020 |
| 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 | | The Notary Hotel | | The Clancy | | Sarasota Ritz-Carlton | | Lake Tahoe Ritz-Carlton | | Seattle Marriott Waterfront | | St. Thomas Ritz-Carlton | | | | | | Hotel Total | | Corporate / Allocated | | Braemar Hotels & Resorts Inc. |
| Net income (loss) | $ | (3,661) | | | $ | (1,778) | | | $ | (2,247) | | | $ | (565) | | | $ | 861 | | | $ | (991) | | | $ | (533) | | | $ | (2,571) | | | $ | (5,156) | | | $ | 372 | | | $ | (1,872) | | | $ | (1,492) | | | $ | (178) | | | | | | | $ | (19,811) | | | $ | (10,317) | | | $ | (30,128) | |
| Non-property adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | — | | | — | |
| Interest income | (2) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (5) | | | — | | | (3) | | | — | | | | | | | (10) | | | 10 | | | — | |
| Interest expense | — | | | — | | | — | | | 263 | | | 404 | | | 329 | | | 500 | | | — | | | — | | | 896 | | | 306 | | | — | | | 538 | | | | | | | 3,236 | | | 2,999 | | | 6,235 | |
| Amortization of loan cost | — | | | — | | | — | | | 37 | | | 72 | | | 39 | | | 7 | | | — | | | — | | | 85 | | | 35 | | | — | | | 26 | | | | | | | 301 | | | 401 | | | 702 | |
| Depreciation and amortization | 1,896 | | | 1,097 | | | 1,668 | | | 694 | | | 763 | | | 612 | | | 873 | | | 2,168 | | | 3,054 | | | 1,523 | | | 697 | | | 997 | | | 1,931 | | | | | | | 17,973 | | | — | | | 17,973 | |
| Income tax expense (benefit) | — | | | (229) | | | — | | | — | | | — | | | — | | | — | | | (17) | | | — | | | — | | | — | | | — | | | (90) | | | | | | | (336) | | | 552 | | | 216 | |
| Non-hotel EBITDA ownership expense | (107) | | | (80) | | | (26) | | | 112 | | | 6 | | | 5 | | | (19) | | | (85) | | | 112 | | | (27) | | | 319 | | | (14) | | | 24 | | | | | | | 220 | | | (220) | | | — | |
| Hotel EBITDA including amounts attributable to noncontrolling interest | (1,874) | | | (990) | | | (605) | | | 541 | | | 2,106 | | | (6) | | | 828 | | | (505) | | | (1,990) | | | 2,844 | | | (515) | | | (512) | | | 2,251 | | | | | | | 1,573 | | | (6,575) | | | (5,002) | |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 469 | | | 247 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 716 | | | (716) | | | — | |
| Equity in earnings (loss) of unconsolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | 79 | | | 79 | |
| Company's portion of EBITDA of OpenKey | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | (79) | | | (79) | |
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (1,405) | | | $ | (743) | | | $ | (605) | | | $ | 541 | | | $ | 2,106 | | | $ | (6) | | | $ | 828 | | | $ | (505) | | | $ | (1,990) | | | $ | 2,844 | | | $ | (515) | | | $ | (512) | | | $ | 2,251 | | | | | | | $ | 2,289 | | | $ | (7,291) | | | $ | (5,002) | |
| Non-comparable adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | | | |
| Comparable hotel EBITDA | $ | (1,874) | | | $ | (990) | | | $ | (605) | | | $ | 541 | | | $ | 2,106 | | | $ | (6) | | | $ | 828 | | | $ | (505) | | | $ | (1,990) | | | $ | 2,844 | | | $ | (515) | | | $ | (512) | | | $ | 2,251 | | | | | | | $ | 1,573 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BAML (Pier House) | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,106 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | $ | 2,106 | |
| BAML (Bardessono) | — | | | — | | | — | | | 541 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 541 | |
| BAML (Hotel Yountville) | — | | | — | | | — | | | — | | | — | | | (6) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | (6) | |
| Apollo (Ritz-Carlton St. Thomas) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,251 | | | | | | | 2,251 | |
| Prudential (Capital Hilton and Hilton Torrey Pines) | (1,874) | | | (990) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | (2,864) | |
| BAML Pool (see footnote 2) | — | | | — | | | (605) | | | — | | | — | | | — | | | — | | | (505) | | | (1,990) | | | — | | | — | | | (512) | | | — | | | | | | | (3,612) | |
| JP Morgan (Park Hyatt Beaver Creek) | — | | | — | | | — | | | — | | | — | | | — | | | 828 | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 828 | |
| BAML (Ritz-Carlton Sarasota) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,844 | | | — | | | — | | | — | | | | | | | 2,844 | |
| BAML (Ritz-Carlton Lake Tahoe) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (515) | | | — | | | — | | | | | | | (515) | |
| Total | $ | (1,874) | | | $ | (990) | | | $ | (605) | | | $ | 541 | | | $ | 2,106 | | | $ | (6) | | | $ | 828 | | | $ | (505) | | | $ | (1,990) | | | $ | 2,844 | | | $ | (515) | | | $ | (512) | | | $ | 2,251 | | | | | | | $ | 1,573 | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2020 |
| 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 | | The Notary Hotel | | The Clancy | | Sarasota Ritz-Carlton | | Lake Tahoe Ritz-Carlton | | Seattle Marriott Waterfront | | St. Thomas Ritz-Carlton | | | | | | Hotel Total | | Corporate / Allocated | | Braemar Hotels & Resorts Inc. |
| Net income (loss) | $ | (3,500) | | | $ | (833) | | | $ | (2,832) | | | $ | (26) | | | $ | (103) | | | $ | (631) | | | $ | (788) | | | $ | (2,852) | | | $ | (5,002) | | | $ | (799) | | | $ | 189 | | | $ | (1,480) | | | $ | 7,990 | | | | | | | $ | (10,667) | | | $ | (12,390) | | | $ | (23,057) | |
| Non-property adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (10,149) | | | | | | | (10,149) | | | 10,149 | | | — | |
| Interest income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1) | | | (5) | | | — | | | (4) | | | — | | | | | | | (10) | | | 10 | | | — | |
| Interest expense | — | | | — | | | — | | | 263 | | | 405 | | | 330 | | | (422) | | | — | | | — | | | 897 | | | 304 | | | — | | | 538 | | | | | | | 2,315 | | | 5,855 | | | 8,170 | |
| Amortization of loan cost | — | | | — | | | — | | | 37 | | | 71 | | | 39 | | | 6 | | | — | | | — | | | 84 | | | 34 | | | — | | | 26 | | | | | | | 297 | | | 392 | | | 689 | |
| Depreciation and amortization | 1,904 | | | 1,192 | | | 1,671 | | | 697 | | | 786 | | | 613 | | | 1,240 | | | 2,180 | | | 3,045 | | | 1,516 | | | 700 | | | 997 | | | 1,966 | | | | | | | 18,507 | | | — | | | 18,507 | |
| Income tax expense (benefit) | — | | | (1) | | | — | | | — | | | — | | | — | | | — | | | 2 | | | — | | | — | | | — | | | — | | | 7 | | | | | | | 8 | | | (1,553) | | | (1,545) | |
| Non-hotel EBITDA ownership expense | (44) | | | (70) | | | 9 | | | 185 | | | (4) | | | 49 | | | 247 | | | 24 | | | (37) | | | 101 | | | (95) | | | (32) | | | (276) | | | | | | | 57 | | | (57) | | | — | |
| Hotel EBITDA including amounts attributable to noncontrolling interest | (1,640) | | | 288 | | | (1,152) | | | 1,156 | | | 1,155 | | | 400 | | | 283 | | | (646) | | | (1,995) | | | 1,794 | | | 1,132 | | | (519) | | | 102 | | | | | | | 358 | | | 2,406 | | | 2,764 | |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 410 | | | (72) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 338 | | | (338) | | | — | |
| Equity in earnings (loss) of unconsolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | 58 | | | 58 | |
| Company's portion of EBITDA of OpenKey | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | (56) | | | (56) | |
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (1,230) | | | $ | 216 | | | $ | (1,152) | | | $ | 1,156 | | | $ | 1,155 | | | $ | 400 | | | $ | 283 | | | $ | (646) | | | $ | (1,995) | | | $ | 1,794 | | | $ | 1,132 | | | $ | (519) | | | $ | 102 | | | | | | | $ | 696 | | | $ | 2,070 | | | $ | 2,766 | |
| Non-comparable adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | | | |
| Comparable hotel EBITDA | $ | (1,640) | | | $ | 288 | | | $ | (1,152) | | | $ | 1,156 | | | $ | 1,155 | | | $ | 400 | | | $ | 283 | | | $ | (646) | | | $ | (1,995) | | | $ | 1,794 | | | $ | 1,132 | | | $ | (519) | | | $ | 102 | | | | | | | $ | 358 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BAML (Pier House) | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,155 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | | | $ | 1,155 | |
| BAML (Bardessono) | — | | | — | | | — | | | 1,156 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 1,156 | |
| BAML (Hotel Yountville) | — | | | — | | | — | | | — | | | — | | | 400 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 400 | |
| Apollo (Ritz-Carlton St. Thomas) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 102 | | | | | | | 102 | |
| Prudential (Capital Hilton and Hilton Torrey Pines) | (1,640) | | | 288 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | (1,352) | |
| BAML Pool (see footnote 2) | — | | | — | | | (1,152) | | | — | | | — | | | — | | | — | | | (646) | | | (1,995) | | | — | | | — | | | (519) | | | — | | | | | | | (4,312) | |
| JP Morgan (Park Hyatt Beaver Creek) | — | | | — | | | — | | | — | | | — | | | — | | | 283 | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 283 | |
| BAML (Ritz-Carlton Sarasota) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,794 | | | — | | | — | | | — | | | | | | | 1,794 | |
| BAML (Ritz-Carlton Lake Tahoe) | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,132 | | | — | | | — | | | | | | | 1,132 | |
| Total | $ | (1,640) | | | $ | 288 | | | $ | (1,152) | | | $ | 1,156 | | | $ | 1,155 | | | $ | 400 | | | $ | 283 | | | $ | (646) | | | $ | (1,995) | | | $ | 1,794 | | | $ | 1,132 | | | $ | (519) | | | $ | 102 | | | | | | | $ | 358 | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2020 |
| 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 | | The Notary Hotel | | The Clancy | | Sarasota Ritz-Carlton | | Lake Tahoe Ritz-Carlton | | Seattle Marriott Waterfront | | St. Thomas Ritz-Carlton | | | | | | Hotel Total | | Corporate / Allocated | | Braemar Hotels & Resorts Inc. |
| Net income (loss) | $ | (3,909) | | | $ | (2,246) | | | $ | (3,417) | | | $ | (2,403) | | | $ | (2,233) | | | $ | (1,933) | | | $ | (4,251) | | | $ | (3,330) | | | $ | (4,918) | | | $ | (2,198) | | | $ | (3,239) | | | $ | (2,120) | | | $ | (3,584) | | | | | | | $ | (39,781) | | | $ | (16,324) | | | $ | (56,105) | |
| Non-property adjustments | — | | | — | | | — | | | 100 | | | 200 | | | 128 | | | — | | | — | | | — | | | 250 | | | 135 | | | — | | | — | | | | | | | 813 | | | (813) | | | — | |
| Interest income | (2) | | | (3) | | | — | | | — | | | — | | | — | | | — | | | (1) | | | (2) | | | (5) | | | — | | | (5) | | | — | | | | | | | (18) | | | 18 | | | — | |
| Interest expense | — | | | — | | | — | | | 521 | | | 904 | | | 661 | | | 1,478 | | | — | | | — | | | 1,535 | | | 644 | | | — | | | 532 | | | | | | | 6,275 | | | 10,189 | | | 16,464 | |
| Amortization of loan cost | — | | | — | | | — | | | 36 | | | 70 | | | 38 | | | — | | | — | | | — | | | 83 | | | 34 | | | — | | | 26 | | | | | | | 287 | | | 660 | | | 947 | |
| Depreciation and amortization | 1,910 | | | 1,352 | | | 1,667 | | | 877 | | | 743 | | | 609 | | | 1,225 | | | 2,170 | | | 2,966 | | | 1,482 | | | 695 | | | 976 | | | 1,881 | | | | | | | 18,553 | | | — | | | 18,553 | |
| Income tax expense (benefit) | — | | | (806) | | | — | | | — | | | — | | | — | | | — | | | 2 | | | — | | | — | | | — | | | — | | | — | | | | | | | (804) | | | (3,643) | | | (4,447) | |
| Non-hotel EBITDA ownership expense | (641) | | | 8 | | | (11) | | | 83 | | | (16) | | | — | | | (139) | | | 55 | | | 74 | | | 63 | | | 93 | | | (85) | | | (613) | | | | | | | (1,129) | | | 1,129 | | | — | |
| Hotel EBITDA including amounts attributable to noncontrolling interest | (2,642) | | | (1,695) | | | (1,761) | | | (786) | | | (332) | | | (497) | | | (1,687) | | | (1,104) | | | (1,880) | | | 1,210 | | | (1,638) | | | (1,234) | | | (1,758) | | | | | | | (15,804) | | | (8,784) | | | (24,588) | |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 660 | | | 424 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 1,084 | | | (1,084) | | | — | |
| Equity in earnings (loss) of unconsolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | 40 | | | 40 | |
| Company's portion of EBITDA of OpenKey | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | (40) | | | (40) | |
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (1,982) | | | $ | (1,271) | | | $ | (1,761) | | | $ | (786) | | | $ | (332) | | | $ | (497) | | | $ | (1,687) | | | $ | (1,104) | | | $ | (1,880) | | | $ | 1,210 | | | $ | (1,638) | | | $ | (1,234) | | | $ | (1,758) | | | | | | | $ | (14,720) | | | $ | (9,868) | | | $ | (24,588) | |
| Non-comparable adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | | | |
| Comparable hotel EBITDA | $ | (2,642) | | | $ | (1,695) | | | $ | (1,761) | | | $ | (786) | | | $ | (332) | | | $ | (497) | | | $ | (1,687) | | | $ | (1,104) | | | $ | (1,880) | | | $ | 1,210 | | | $ | (1,638) | | | $ | (1,234) | | | $ | (1,758) | | | | | | | $ | (15,804) | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2021 |
| 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 | | The Notary Hotel | | The Clancy | | Sarasota Ritz-Carlton | | Lake Tahoe Ritz-Carlton | | Seattle Marriott Waterfront | | St. Thomas Ritz-Carlton | | | | | | Hotel Total | | Corporate / Allocated | | Braemar Hotels & Resorts Inc. |
| Net income (loss) | $ | (6,545) | | | $ | (1,115) | | | $ | (4,670) | | | $ | 802 | | | $ | 6,884 | | | $ | (353) | | | $ | 1,329 | | | $ | (4,703) | | | $ | (9,419) | | | $ | 9,830 | | | $ | 53 | | | $ | (1,229) | | | $ | 11,023 | | | | | | | $ | 1,887 | | | $ | (24,285) | | | $ | (22,398) | |
| Non-property adjustments | — | | | — | | | — | | | (117) | | | (96) | | | — | | | — | | | — | | | — | | | 1 | | | 1 | | | — | | | (671) | | | | | | | (882) | | | 882 | | | — | |
| Interest income | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1) | | | (11) | | | — | | | (6) | | | — | | | | | | | (18) | | | 18 | | | — | |
| Interest expense | — | | | — | | | — | | | 515 | | | 796 | | | 646 | | | 1,008 | | | — | | | — | | | 1,756 | | | 597 | | | — | | | 1,058 | | | | | | | 6,376 | | | 6,286 | | | 12,662 | |
| Amortization of loan cost | — | | | — | | | — | | | 75 | | | 145 | | | 80 | | | 14 | | | — | | | — | | | 174 | | | 71 | | | — | | | 51 | | | | | | | 610 | | | 710 | | | 1,320 | |
| Depreciation and amortization | 3,800 | | | 2,177 | | | 3,309 | | | 1,365 | | | 1,502 | | | 1,246 | | | 1,759 | | | 4,322 | | | 6,631 | | | 3,250 | | | 1,450 | | | 1,959 | | | 3,827 | | | | | | | 36,597 | | | — | | | 36,597 | |
| Income tax expense (benefit) | — | | | (43) | | | — | | | — | | | — | | | — | | | — | | | 2 | | | — | | | — | | | — | | | — | | | 59 | | | | | | | 18 | | | 188 | | | 206 | |
| Non-hotel EBITDA ownership expense | 191 | | | 24 | | | 13 | | | 224 | | | (72) | | | 39 | | | (53) | | | (245) | | | (22) | | | 85 | | | 359 | | | (198) | | | 294 | | | | | | | 639 | | | (639) | | | — | |
| Hotel EBITDA including amounts attributable to noncontrolling interest | (2,554) | | | 1,043 | | | (1,348) | | | 2,864 | | | 9,159 | | | 1,658 | | | 4,057 | | | (624) | | | (2,811) | | | 15,085 | | | 2,531 | | | 526 | | | 15,641 | | | | | | | 45,227 | | | (16,840) | | | 28,387 | |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 641 | | | (263) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 378 | | | (378) | | | — | |
| Equity in earnings (loss) of unconsolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | 130 | | | 130 | |
| Company's portion of EBITDA of OpenKey | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | (128) | | | (128) | |
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (1,913) | | | $ | 780 | | | $ | (1,348) | | | $ | 2,864 | | | $ | 9,159 | | | $ | 1,658 | | | $ | 4,057 | | | $ | (624) | | | $ | (2,811) | | | $ | 15,085 | | | $ | 2,531 | | | $ | 526 | | | $ | 15,641 | | | | | | | $ | 45,605 | | | $ | (17,216) | | | $ | 28,389 | |
| Non-comparable adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | | | |
| Comparable hotel EBITDA | $ | (2,554) | | | $ | 1,043 | | | $ | (1,348) | | | $ | 2,864 | | | $ | 9,159 | | | $ | 1,658 | | | $ | 4,057 | | | $ | (624) | | | $ | (2,811) | | | $ | 15,085 | | | $ | 2,531 | | | $ | 526 | | | $ | 15,641 | | | | | | | $ | 45,227 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2020 |
| 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 | | The Notary Hotel | | The Clancy | | Sarasota Ritz-Carlton | | Lake Tahoe Ritz-Carlton | | Seattle Marriott Waterfront | | St. Thomas Ritz-Carlton | | | | | | Hotel Total | | Corporate / Allocated | | Braemar Hotels & Resorts Inc. |
| Net income (loss) | $ | (5,561) | | | $ | (1,402) | | | $ | (7,151) | | | $ | (3,769) | | | $ | 8 | | | $ | (3,150) | | | $ | (883) | | | $ | (5,219) | | | $ | (6,019) | | | $ | 133 | | | $ | (2,230) | | | $ | (3,029) | | | $ | (2,968) | | | | | | | $ | (41,240) | | | $ | (30,252) | | | $ | (71,492) | |
| Non-property adjustments | — | | | — | | | — | | | 100 | | | 200 | | | 128 | | | — | | | — | | | — | | | 250 | | | 135 | | | — | | | — | | | | | | | 813 | | | (813) | | | — | |
| Interest income | (10) | | | (16) | | | — | | | — | | | — | | | — | | | — | | | (6) | | | (8) | | | (19) | | | — | | | (20) | | | (1) | | | | | | | (80) | | | 80 | | | — | |
| Interest expense | — | | | — | | | — | | | 948 | | | 1,617 | | | 1,206 | | | 2,203 | | | — | | | — | | | 2,841 | | | 1,159 | | | — | | | 1,207 | | | | | | | 11,181 | | | 16,109 | | | 27,290 | |
| Amortization of loan cost | — | | | — | | | — | | | 71 | | | 139 | | | 75 | | | — | | | — | | | — | | | 165 | | | 67 | | | — | | | 52 | | | | | | | 569 | | | 1,449 | | | 2,018 | |
| Depreciation and amortization | 3,848 | | | 2,743 | | | 3,328 | | | 1,735 | | | 1,457 | | | 1,216 | | | 2,449 | | | 4,420 | | | 5,929 | | | 2,953 | | | 1,375 | | | 1,955 | | | 3,483 | | | | | | | 36,891 | | | — | | | 36,891 | |
| Income tax expense (benefit) | — | | | (473) | | | — | | | — | | | — | | | — | | | — | | | 4 | | | — | | | — | | | — | | | — | | | — | | | | | | | (469) | | | (2,608) | | | (3,077) | |
| Non-hotel EBITDA ownership expense | 161 | | | 203 | | | 192 | | | 236 | | | 25 | | | 45 | | | 97 | | | 319 | | | 388 | | | 541 | | | 744 | | | 392 | | | 498 | | | | | | | 3,841 | | | (3,841) | | | — | |
| Hotel EBITDA including amounts attributable to noncontrolling interest | (1,562) | | | 1,055 | | | (3,631) | | | (679) | | | 3,446 | | | (480) | | | 3,866 | | | (482) | | | 290 | | | 6,864 | | | 1,250 | | | (702) | | | 2,271 | | | | | | | 11,506 | | | (19,876) | | | (8,370) | |
| Less: EBITDA adjustments attributable to consolidated noncontrolling interest | 390 | | | (263) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 127 | | | (127) | | | — | |
| Equity in earnings (loss) of unconsolidated entities | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | 80 | | | 80 | |
| Company's portion of EBITDA of OpenKey | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | (79) | | | (79) | |
| Hotel EBITDA attributable to the Company and OP unitholders | $ | (1,172) | | | $ | 792 | | | $ | (3,631) | | | $ | (679) | | | $ | 3,446 | | | $ | (480) | | | $ | 3,866 | | | $ | (482) | | | $ | 290 | | | $ | 6,864 | | | $ | 1,250 | | | $ | (702) | | | $ | 2,271 | | | | | | | $ | 11,633 | | | $ | (20,002) | | | $ | (8,369) | |
| Non-comparable adjustments | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | | | — | | | | | |
| Comparable hotel EBITDA | $ | (1,562) | | | $ | 1,055 | | | $ | (3,631) | | | $ | (679) | | | $ | 3,446 | | | $ | (480) | | | $ | 3,866 | | | $ | (482) | | | $ | 290 | | | $ | 6,864 | | | $ | 1,250 | | | $ | (702) | | | $ | 2,271 | | | | | | | $ | 11,506 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NOTES:
(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
