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Braemar Hotels Resorts Inc. (BHR) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Braemar Hotels Resorts Inc.

CIK: 1574085 Ticker: BHR

EXHIBIT 99.1
braemara59a.jpg
NEWS RELEASE

Contact:Deric EubanksJordan JenningsJoseph Calabrese
Chief Financial OfficerInvestor RelationsFinancial Relations Board
(972) 490-9600(972) 778-9487(212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
THIRD QUARTER 2021 RESULTS
Third Quarter Comparable RevPAR Increased 168%
Net Loss Attributable to Common Stockholders for the Third Quarter was $(9.0) Million
Third Quarter Adjusted EBITDAre was $21.9 Million
Third Quarter Comparable Hotel EBITDA was $27.8 Million
Third Quarter AFFO per Share was $0.17
Completed the Acquisition of the Mr. C Beverly Hills Hotel

DALLAS – October 27, 2021 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 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 September 30, 2021, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2021, with the third quarter ended September 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 168% to $222.52 during the quarter. Comparable ADR increased 16.3% to $360.94 and comparable occupancy increased 130.1% to 61.7%. Comparable RevPAR for all hotels decreased 6.1% compared to the comparable period in 2019.
Net loss attributable to common stockholders for the quarter was $(9.0) million or $(0.15) per diluted share.
Adjusted funds from operations (AFFO) was $0.17 per diluted share for the quarter compared to $(0.21) in the prior year quarter.
Adjusted EBITDAre was $21.9 million for the quarter.
Comparable Hotel EBITDA was $27.8 million for the quarter.
The Company ended the quarter with cash and cash equivalents of $195.5 million and restricted cash of $44.8 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 $20.4 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.
During the quarter, the Company closed on the 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 48% at the end of the third quarter.
Capex invested during the quarter was $6.8 million.


The following information was filed by Braemar Hotels Resorts Inc. (BHR) on Wednesday, October 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Braemar Hotels Resorts Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Condensed Consolidated Statements Of Operations
..Redeemable Noncontrolling Interests In Operating Partnership (Allocated Redeemable Noncontrolling Interests) (Details)
Commitment And Contingencies (Tables)
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Licensing Fees Incurred (Details)
Derivative Instruments
Derivative Instruments (Details)
Derivative Instruments (Tables)
Derivative Instruments - Warrants (Details)
Equity And Stock-Based Compensation
Equity And Stock-Based Compensation (Issuance Activity Under The Seda) (Details)
Equity And Stock-Based Compensation (Issuance Activity) (Details)
Equity And Stock-Based Compensation (Narrative) (Details)
Equity And Stock-Based Compensation (Preferred Stock Dividends) (Details)
Equity And Stock-Based Compensation (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Income (Loss) Per Share
Income (Loss) Per Share (Antidilutive) (Details)
Income (Loss) Per Share (Reconciliation) (Details)
Income (Loss) Per Share (Tables)
Indebtedness, Net
Indebtedness, Net (Narrative) (Details)
Indebtedness, Net (Schedule Of Indebtedness) (Details)
Indebtedness, Net (Tables)
Investment In Unconsolidated Entity
Investment In Unconsolidated Entity (Details)
Investment In Unconsolidated Entity (Tables)
Investments In Hotel Properties, Net
Investments In Hotel Properties, Net (Details)
Investments In Hotel Properties, Net (Tables)
Investments In Hotel Properties, Net - Mr. C Beverly Hills Hotel (Details)
Investments In Hotel Properties, Net - Schedule Of Preliminary Estimated Fair Value Of The Assets Acquired And Liabilities Assumed In The Acquisition (Details)
Investments In Hotel Properties, Net - Schedule Of Pro Forma Financial Results (Details)
Investments In Hotel Properties, Net - Schedule Of Pro Forma Information Since Acquisition Date (Details)
Organization And Description Of Business
Organization And Description Of Business (Details)
Preferred Stock
Preferred Stock (Details)
Preferred Stock (Tables)
Redeemable Noncontrolling Interest In Operating Partnership (Narrative) (Details)
Redeemable Noncontrolling Interests In Operating Partnership
Redeemable Noncontrolling Interests In Operating Partnership (Redeemable Noncontrolling Interests) (Details)
Redeemable Noncontrolling Interests In Operating Partnership (Tables)
Redeemable Noncontrolling Interests In Operating Partnership (Units Redeemed) (Details)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Related Party Transactions (Schedule Of Advisory Services Fee) (Details)
Related Party Transactions (Schedule Of Reimbursed Operating Expenses) (Details)
Related Party Transactions (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Segment Reporting
Segment Reporting (Details)
Significant Accounting Policies
Significant Accounting Policies (Details)
Significant Accounting Policies (Policies)
Summary Of Fair Value Of Financial Instruments
Summary Of Fair Value Of Financial Instruments (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details)
Summary Of Fair Value Of Financial Instruments (Narrative) (Details)
Summary Of Fair Value Of Financial Instruments (Tables)
Ticker: BHR
CIK: 1574085
Form Type: 10-Q Quarterly Report
Accession Number: 0001574085-21-000127
Submitted to the SEC: Fri Nov 05 2021 4:23:13 PM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Real Estate Investment Trusts

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