Braemar Hotels Q3 RevPAR rises 14.4%, posts net loss
BHR•Braemar Hotels’ comparable third-quarter RevPAR rose 14.4% year over year, while it reported a $240.9 million net loss, mainly due to a $480 million termination fee.
1. RevPAR and occupancy gains
Comparable RevPAR rose 14.4% year over year, driven by an 8.6% increase in average daily rate and a 5.3% rise in occupancy. Urban hotels’ comparable RevPAR increased 23.3%, and hotel EBITDA rose 63.2%, with margins expanding 706 basis points.
2. Conversions and outlook
Cameo Beverly Hills recorded 82.8% RevPAR growth after its conversion to Hilton’s LXR collection; Notary Hotel and Sofitel Chicago also reported double-digit RevPAR and EBITDA gains. Braemar expects to complete its transition to a self-managed REIT in mid-November and plans to update shareholders on value-creation initiatives in the coming weeks.
