Announcement • Jun 17
Braemar Hotels & Resorts Inc. Receives Shareholder Letter and Board Challenge from Al Shams Investments Limited On June 15, 2026, Al Shams Investments Limited announced that it issued an open letter to the Braemar Hotels & Resorts Inc's outside directors of the Board for addressing concerns over hotel sales that resulted in a significant termination fee to a company controlled by Chair Monty Bennett. Al Shams stated that importance of responsible stewardship and announced its intention to nominate a full slate of independent directors at the 2026 annual meeting by advocating for board refreshment and enhanced fiduciary standards. Al Shams added that it aims to ensure that the Company’s leadership is aligned with the best interests of all shareholders and to promote transparency and value creation within the Company. Announcement • May 31
Braemar Hotels & Resorts Inc. Announces Board Changes Braemar Hotels & Resorts Inc. announced that on May 21, 2026, the Board of Directors appointed Mr. Eric Batis to the Board to serve until the next annual meeting of stockholders of the Company and until his successor is duly elected and qualified. At the time of his appointment to the Board, Mr. Batis was not appointed to any committee. Mr. Batis serves as the Chief Operating Officer of Ashford Inc. In this role, Mr. Batis oversees the company's day-to-day operational execution across the organization. He is responsible for driving operational performance, refining acquisition strategies, and strengthening oversight to support sustained growth across the Ashford Group of Companies. Prior to this position, Mr. Batis served as Executive Vice President of Operations for Ashford since October 2022. In that capacity, he oversaw operations for both Ashford's asset management advisory business and its hospitality products and services business. Previously, as Senior Vice President of Portfolio Management of Ashford, he led the acquisition and investment process for several key assets and businesses, including OpenKey, J&S Audio Visual (now INSPIRE), Lismore Capital, Kalibri Labs, PURE Rooms, and RED Hospitality and Leisure. Mr. Batis also held roles in Ashford's Asset Management department, managing portfolios of hotels for Ashford, Ashford Hospitality Trust (AHT), and the Company, and earlier led Ashford's Capital Management group, directing renovation and repositioning initiatives for hotels. Before joining Ashford Inc. in 2013, Mr. Batis was a Vice President at investment bank Houlihan Lokey, where he led real estate valuation efforts, and assisted clients with mergers and acquisitions and finances. Prior to Houlihan Lokey, he worked for Integra Realty Resources in Chicago, valuing commercial properties across the Midwest. Mr. Batis holds a Bachelor of Arts degree in Political Science from Northwestern University. Also on May 21, 2026, each of Stefani Danielle Carter and Rebecca Musser notified the Company of their resignation from the Board effective as of that date. Neither Ms. Carter's nor Ms. Musser's resignation was the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Announcement • May 29
Sixth Street Partners, LLC and Riller Capital completed the acquisition of Park Hyatt Beaver Creek Resort and Spa from Braemar Hotels & Resorts Inc. (NYSE:BHR). Sixth Street Partners, LLC and Riller Capital agreed to acquire Park Hyatt Beaver Creek Resort and Spa from Braemar Hotels & Resorts Inc. (NYSE:BHR) for approximately $180 million on April 30, 2026. A cash consideration of $176.02 million will be paid by the buyer. As part of consideration, $912,000 is paid for 193 units. The transaction was financed by Starwood Property Trust.
The transaction is expected to close in May 2026, subject to customary conditions.
CBRE, inc acted as a financial advisor to Braemar Hotels & Resorts Inc. Eastdil Secured, L.L.C. acted as a financial advisor and Brownstein Hyatt Farber Schreck, LLP and Latham & Watkins LLP acted as legal advisor to Sixth Street Partners, LLC.
Sixth Street Partners, LLC and Riller Capital completed the acquisition of Park Hyatt Beaver Creek Resort and Spa from Braemar Hotels & Resorts Inc. (NYSE:BHR) on May 27, 2026. Announcement • May 25
Al Shams Investments Provides Information to Shareholders of Braemar Hotels & Resorts On May 20, 2026, Al Shams Investments Limited announced that in connection with its intent to seek to elect new directors at Braemar Hotels & Resorts Inc.'s 2026 annual meeting of stockholders, legal counsel to Al Shams Investments sent a letter to the Company requesting a copy of the Company's form proposed nominee questionnaire as referenced in Article I, Section 11(a)(4) of the Company's Fifth Amended and Restated Bylaws, as amended. Al Shams Investments stated that the Questionnaire is a form document, which the Company should have readily available. Announcement • May 08
Al Shams Investments Releases Open Letter to the Independent Members of the Board of Directors of Braemar Hotels On May 8, 2026, Al Shams Investments Limited issued a letter to Braemar Hotels & Resorts Inc.’s independent members of the Board of Directors announcing its intention to seek the election of new directors at the Company’s 2026 Annual Meeting and urging the independent directors to pause further hotel divestitures until shareholders have the opportunity to elect a new Board, warning that pursuing individual hotel asset sales could trigger a Company change of control under the Advisory Agreement with Ashford Inc., resulting in a termination payment in excess of $480 million to the Advisor before any proceeds flow to the Company or its shareholders, creating a situation in which the Advisor would assume the position of a senior, super-priority creditor and raising concerns about conflicts of interest involving Chairman Monty Bennett. In addition, Al Shams Investments, stating that the Board’s strategic review process is rife with potential and actual conflicts, that several directors have been rejected by shareholders and lack shareholder trust and confidence, and that if the Board proceeds with asset sales that benefit the Advisor and harm shareholders, Al Shams will not hesitate to pursue legal action and challenge any transaction or payment of a termination fee. Reported Earnings • May 07
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.072 (up from US$0.038 loss in 1Q 2025). Revenue: US$209.0m (down 3.2% from 1Q 2025). Net income: US$4.90m (up US$7.47m from 1Q 2025). Profit margin: 2.3% (up from net loss in 1Q 2025). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Hotel and Resort REITs industry in the US are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has fallen by 12% per year and the company’s share price has also fallen by 12% per year. Announcement • May 02
An undisclosed buyer agreed to acquire Park Hyatt Beaver Creek Resort and Spa from Braemar Hotels & Resorts Inc. (NYSE:BHR) for approximately $180 million. An undisclosed buyer agreed to acquire Park Hyatt Beaver Creek Resort and Spa from Braemar Hotels & Resorts Inc. (NYSE:BHR) for approximately $180 million on April 30, 2026. A cash consideration of $176.02 million will be paid by the buyer. As part of consideration, $912,000 is paid for 193 units.
The transaction is expected to close in May 2026, subject to customary conditions. Announcement • Apr 22
Braemar Hotels & Resorts Inc. to Report Q1, 2026 Results on May 06, 2026 Braemar Hotels & Resorts Inc. announced that they will report Q1, 2026 results After-Market on May 06, 2026 Announcement • Mar 11
Al Shams Investments LTD Engages with Braemar Hotels & Resorts Inc On March 10, 2026, Al Shams Investments LTD announced that it may seek to continue to engage in constructive discussions regarding the foregoing and/or alternative strategies and opportunities for Braemar Hotels & Resorts Inc. to enhance shareholder value and may consider and develop plans and make proposals with respect to the assets, operations, governance, organizational documents, capital or corporate structure, dividend policy and/or strategic plans of the Company. Al Shams added that it may consider and develop plans and make proposals in which it seek to engage or participate, seek representation on the Company's Board of Directors and/or request a waiver from the Company of the ownership limitations in the Company's Articles of Amendment and Restatement. Reported Earnings • Feb 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: US$1.08 loss per share (further deteriorated from US$0.77 loss in FY 2024). Revenue: US$704.0m (down 3.1% from FY 2024). Net loss: US$72.7m (loss widened 42% from FY 2024). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Jan 08
Braemar Hotels & Resorts Inc. to Report Q4, 2025 Results on Feb 26, 2026 Braemar Hotels & Resorts Inc. announced that they will report Q4, 2025 results After-Market on Feb 26, 2026 Upcoming Dividend • Dec 24
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 15 January 2026. Trailing yield: 7.2%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (5.3%). Announcement • Dec 19
Ashford Inc., Ashford Hospitality Trust, Inc. and Braemar Hotels & Resorts Inc. Appoints Jim Plohg as Executive Vice President, General Counsel, and Secretary, Effective December 16, 2025 Ashford Inc. announced the appointment of Jim Plohg as Executive Vice President, General Counsel and Secretary of Ashford Inc., Ashford Hospitality Trust, Inc. and Braemar Hotels & Resorts Inc., effective as of December 16, 2025. Mr. Plohg will oversee all legal, compliance and regulatory affairs of Ashford Inc., Ashford Hospitality Trust and Braemar Hotels & Resorts. Mr. Plohg has over 25 years of legal, operational and investment experience. Prior to his current role, Mr. Plohg held progressively senior legal positions at Ashford since 2014 and earlier served in leadership roles at multi-billion dollar alternative investment firms and family offices, where he managed legal, operations, compliance, and strategic and financial investment transactions. He began his career in private practice at the international law firm of Norton Rose Fulbright. New Risk • Nov 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 68% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 68% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Currently unprofitable and not forecast to become profitable next year (US$107m net loss next year). Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: US$0.41 FFO loss per share (improved from US$0.60 loss in 3Q 2024). Revenue: US$143.6m (down 3.2% from 3Q 2024). Funds from operations (FFO) loss: US$27.3m (loss narrowed 31% from 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 82%. Revenue is forecast to stay flat during the next 3 years compared to a 3.0% growth forecast for the Hotel and Resort REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Oct 19
Braemar Hotels & Resorts Inc. Announces Resignation of Alex Rose as Executive Vice President, General Counsel & Secretary, Effective December 16, 2025 Braemar Hotels & Resorts Inc. announced that on October 14, 2025, Mr. Alex Rose tendered his resignation as Executive Vice President, General Counsel & Secretary of Braemar Hotels & Resorts Inc. to be effective as of December 16, 2025. The resignation was not the result of any disagreement with the Company on any matter related to the Company’s operations, policies or practices. Announcement • Oct 15
Braemar Hotels & Resorts Inc. Declares Dividends for the Fourth Quarter of 2025, Payable on January 15, 2026 Braemar Hotels & Resorts Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the fourth quarter ending December 31, 2025. This dividend, which equates to an annual rate of $0.20 per share, is payable on January 15, 2026, to stockholders of record as of December 31, 2025. Upcoming Dividend • Sep 23
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 30 September 2025. Payment date: 15 October 2025. Trailing yield: 7.0%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (5.6%). Announcement • Sep 17
Braemar Hotels & Resorts Inc. to Report Q3, 2025 Results on Nov 04, 2025 Braemar Hotels & Resorts Inc. announced that they will report Q3, 2025 results After-Market on Nov 04, 2025 Announcement • Aug 26
Braemar Hotels & Resorts Inc. Appoints Bob Ghassemieh to the Board of Directors On August 25, 2025, Braemar Hotels & Resorts Inc., Ashford Hospitality Trust Inc. and Ashford Inc. entered into a cooperation agreement with Babak “Bob” Ghassemieh and certain related parties of Mr. Ghassemieh. Pursuant to the Agreement, the Company appointed Mr. Ghassemieh to the Company’s board of directors and the Ghassemieh Group agreed to withdraw the notice delivered to the Company on June 2, 2025, purporting to nominate director candidates to the Board. In addition, the Company agreed to nominate Mr. Ghassemieh or a Replacement Director (as defined below) for election at the Company’s 2025 and 2026 annual stockholder meetings. Pursuant to the Agreement, on August 25, 2025, Mr. Ghassemieh was appointed to the Board. The Board has determined that Mr. Ghassemieh is an independent director under New York Stock Exchange listing standards and the Company’s Corporate Governance Guidelines. Mr. Ghassemieh has not been appointed to serve on any committee of the Board. Mr. Ghassemieh, age 49, has over 25 years of experience in the development, ownership, operation, management, and finance of commercial real estate, particularly focused on luxury hotels for the last 20 years. He developed the Mr. C Beverly Hills luxury hotel in 2011 which was the launch of the first Mr. C Hotels luxury branded property. Mr. C Hotels was a partnership with the Cipriani family, a 4th generation luxury global hospitality brand. Mr. Ghassemieh subsequently developed the Mr. C Seaport hotel in New York City. Mr. Ghassemieh is currently an executive, vice president, and director of First Credit Bank, where he oversees the commercial real estate originations, due diligence and servicing teams, and he has been employed and served on the board since 2005. Prior to this, from 1999 to 2005, Mr. Ghassemieh was the Director of Acquisitions at Atlantic Pearl Investments, a Ghassemieh Family Office company focused on commercial real estate investments. From 1998 to 1999, Mr. Ghassemieh served as Analyst in the Investment Banking Group of CBRE Group Inc., an American commercial real estate services and investment firm. He received a degree in economics from Johns Hopkins University. Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: US$0.19 loss per share (improved from US$0.33 loss in 2Q 2024). Revenue: US$179.1m (down 4.5% from 2Q 2024). Net loss: US$12.9m (loss narrowed 41% from 2Q 2024). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Hotel and Resort REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Currently unprofitable and not forecast to become profitable next year (US$50m net loss next year). Declared Dividend • Jul 16
Dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 30th September 2025 Payment date: 15th October 2025 Dividend yield will be 7.9%, which is higher than the industry average of 4.3%. Announcement • Jul 12
Braemar Hotels & Resorts Declares Cash Dividend for the Third Quarter of 2025, Payable on October 15, 2025 Braemar Hotels & Resorts Inc. announced that its Board of Directors (the "Board") declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the third quarter ending September 30, 2025. This dividend, which equates to an annual rate of $0.20 per share, is payable on October 15, 2025, to stockholders of record as of September 30, 2025. Announcement • Jun 23
Braemar Hotels & Resorts Inc. to Report Q2, 2025 Results on Jul 31, 2025 Braemar Hotels & Resorts Inc. announced that they will report Q2, 2025 results After-Market on Jul 31, 2025 Upcoming Dividend • Jun 23
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 15 July 2025. Trailing yield: 8.0%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (5.9%). Announcement • Jun 06
Braemar Hotels & Resorts Inc. Announces Resignation of Jay H. Shah from Board of Directors, Effective June 2, 2025 Braemar Hotels & Resorts Inc. reported that on June 2, 2025, Mr. Jay H. Shah tendered his resignation from the Board of Directors to be effective as of that date. The resignation was not the result of any disagreement with the Company on any matter related to the Company’s operations, policies, or practices. Announcement • May 26
Braemar Hotels & Resorts Inc., Annual General Meeting, Jul 30, 2025 Braemar Hotels & Resorts Inc., Annual General Meeting, Jul 30, 2025. Announcement • May 17
Brancous LP1 Sends Letter to Shareholders of Braemar Hotels & Resorts On May 16, 2025, Brancous LP1 announced that it has sent a letter to shareholders of Braemar Hotels & Resorts Inc, and addresses shareholders following the Ashford Hospitality Trust (AHT) meeting, where Monty Bennett was voted against remaining on the board for the 2nd year in a row, despite this, the AHT board refused his resignation, citing vague reasons and since the initial vote against Bennett, AHT shares have dropped 50%, and Company shares have fallen 40%. In addition, Brancous LP1 stated that it had proposed a termination of Ashford’s external management agreement, but the board did not respond, the management claims to be working on the termination but provides no details, which Brancous LP1 views as a tactic to protect Bennett and delay change, and additionally, the Company awarded another property to Remington, a subsidiary of Ashford, further entrenching the conflicted structure. Further, Brancous LP1 argues that the current governance is self-preservation, not fiduciary duty, and insists that Ashford and Bennett must go for Company to regain market credibility, and if the board continues to ignore shareholders, Brancous LP1 will take action. Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: FFO per share: US$0.3 (down from US$0.42 in 1Q 2024). Revenue: US$215.8m (down 1.5% from 1Q 2024). Funds from operations (FFO): US$19.9m (down 29% from 1Q 2024). FFO margin: 9.2% (down from 13% in 1Q 2024). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to stay flat during the next 2 years compared to a 2.8% growth forecast for the Hotel and Resort REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Declared Dividend • Apr 16
Dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 10%, which is higher than the industry average of 4.3%. Announcement • Apr 11
Braemar Hotels & Resorts Declares Dividends for the Second Quarter of 2025, Payable on July 15, 2025 Braemar Hotels & Resorts Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the second quarter ending June 30, 2025. This dividend, which equates to an annual rate of $0.20 per share, is payable on July 15, 2025, to stockholders of record as of June 30, 2025. Announcement • Apr 09
Braemar Hotels & Resorts Inc Appoints Kellie Sirna to the Board, Effective from April 1, 2025 On April 1, 2025, the Board of Directors of Braemar Hotels & Resorts Inc. appointed Ms. Kellie Sirna to the Board, effective immediately, to serve until the next annual meeting of stockholders of the Company and until her successor is duly elected and qualified. The Board has determined that Ms. Sirna is an independent director under New York Stock Exchange listing standards and the Company’s Corporate Governance Guidelines. Ms. Sirna has not been appointed to serve on any committee of the Board. Ms. Sirna, age 46, is the owner and principal of Design 11 Studio, LLC (“ Studio 11 Design ”), a full-service interior design firm for the hospitality and leisure industries. Studio 11 Design was founded in 2011 and focuses on two verticals: Brand Bottega, a brand identity and design component, as well as Lou Verne by Studio 11 Design, an in-house creative team specializing in art curation, creation and styling. Ms. Sirna has worked in the design industry for more than two decades. She serves on the Hospitality Design Magazine board and has judged the HD Awards and Wave of the Future Awards. She’s a gold-level recipient of American Business Awards’ Woman of the Year and has been covered as a leading entrepreneur by various notable media outlets including Boutique Design, Hospitality Design, CNN, Conde Nast Traveler, Forbes, and the Wall Street Journal. Upcoming Dividend • Mar 24
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 31 March 2025. Payment date: 15 April 2025. Trailing yield: 7.1%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (5.7%). Announcement • Mar 21
Braemar Hotels & Resorts Inc. to Report Q1, 2025 Results on May 07, 2025 Braemar Hotels & Resorts Inc. announced that they will report Q1, 2025 results After-Market on May 07, 2025 New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Currently unprofitable and not forecast to become profitable over next 2 years (US$84m net loss in 2 years). Reported Earnings • Feb 27
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: US$0.77 loss per share (improved from US$1.13 loss in FY 2023). Revenue: US$728.4m (down 1.4% from FY 2023). Net loss: US$50.9m (loss narrowed 31% from FY 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 8.5%. Revenue is forecast to stay flat during the next 2 years compared to a 3.7% growth forecast for the Hotel and Resort REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Declared Dividend • Jan 16
Dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 31st March 2025 Payment date: 15th April 2025 Dividend yield will be 7.9%, which is higher than the industry average of 4.3%. Announcement • Jan 13
Braemar Hotels & Resorts Declares Dividends for the First Quarter of 2025, payable on April 15, 2025 Braemar Hotels & Resorts Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the first quarter ending March 31, 2025. This dividend, which equates to an annual rate of $0.20 per share, is payable on April 15, 2025, to stockholders of record as of March 31, 2025. Announcement • Jan 07
Braemar Hotels & Resorts Inc. to Report Q4, 2024 Results on Feb 26, 2025 Braemar Hotels & Resorts Inc. announced that they will report Q4, 2024 results After-Market on Feb 26, 2025 Announcement • Jan 02
Braemar Hotels & Resorts Inc. Appoints Rebecca Musser to Board and Chair of the Audit Committee On December 30, 2024, the Board of Directors of Braemar Hotels & Resorts Inc. appointed Ms. Rebecca Musser to the Board, effective immediately, to serve until the next annual meeting of stockholders of the Company and until her successor is duly elected and qualified. The Board also appointed Ms. Musser as Chair of the Audit Committee of the Board, effective immediately. The Board has determined that Ms. Musser is an independent director under New York Stock Exchange listing standards and the Company’s Corporate Governance Guidelines and meets the heightened independence standards for service on the Audit Committee set forth in Rule 10A-3(b)(1) under the Securities Exchange Act of 1934, as amended. The Board has also determined that Ms. Musser qualifies as an “audit committee financial expert” as that term is defined by the applicable Securities and Exchange Commission regulations and that Ms. Musser is “financially literate” as that term is defined by the NYSE listing standards. Ms. Musser, age 43, was first nominated in August 2024 as an Independent Director of Wheeler Real Estate Investment Trust, which owns, acquires, develops, finances, leases, and manages more than 8 million square feet of retail properties, including neighborhood and grocery-anchored centers. She currently serves on the Audit Committee. Ms. Musser is an experienced accounting consultant with roughly 20 years of experience. She has accounting experience in a broad range of industries, with a recent focus in the private equity sector. Ms. Musser, a licensed Certified Internal Auditor, began her internal audit experience roughly 20 years ago at Tyler Technologies, where she and the audit director formed the company’s first internal audit department, a requirement from the then-newly released Sarbanes-Oxley Act. Following Tyler Technologies, Ms. Musser worked for public company Dean Foods in their internal audit department and traveled to multiple offices throughout the United States performing audits to collaborate with the external auditors. Ms. Musser served as Controller at Paul Quinn College. While at the college, she was responsible for multiple departments and overseeing various audits, both financial and compliance related. While at the college, she helped the college attain new accreditation. Since leaving the college, Ms. Musser has worked as an independent accounting consultant for multiple clients. AH Belo hired Ms. Musser in 2015 to assist it in its 2014 annual 10-K preparation and review. This involved reviewing previous and current financial statements to ensure consistency in the reporting. Ms. Musser’s clients within the last 7 years include global investment firm Sixth Street Partners, formerly part of TPG, and MUFG, a bank and private equity fund administrator. At MUFG, she served as the Interim Controller for a real estate private equity fund administrator. At Sixth Street, she assisted the management companies and the fund companies with complex accounting projects. Upcoming Dividend • Dec 24
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 15 January 2025. Trailing yield: 6.1%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (5.0%). Announcement • Dec 21
Brancous LP1 Files an Exempt Solicitation Statement with Securities and Exchange Commission On December 20, 2024, Brancous LP1 announced that it has filed an exempt solicitation statement with Securities and Exchange Commission, stating that the results of the December 17, 2024, annual general meeting are undeniable a majority of shareholders voted against Monty Bennett, Stefani Carter, and Matthew Rinaldi, and despite this clear message, the board has chosen to reject their resignations, blatantly disregarding the will of shareholders, this decision undermines shareholder democracy and raises serious concerns about whose interests this board truly serves. Brancous LP1 demanded the Company to respect shareholder votes and reconsider its decision to reject these resignations, if the board continues to disregard shareholders, it is prepared to initiate a proxy battle at next year’s annual general meeting. In addition, Brancous LP1 stated that it will push for a vote to terminate the Ashford management agreement, which has been a major obstacle to unlocking shareholder value. Major Estimate Revision • Dec 03
Consensus EPS estimates upgraded to US$0.71 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$740.7m to US$727.2m. 2024 losses expected to reduce from -US$1.09 to -US$0.71 per share. Hotel and Resort REITs industry in the US expected to see average net income decline 12% next year. Consensus price target of US$3.25 unchanged from last update. Share price rose 6.7% to US$3.67 over the past week. Announcement • Nov 23
Bob and Alex Ghassemieh Express Concerns on Braemar Hotels & Resorts On November 21, 2024, Bob and Alex Ghassemieh, significant stockholders of Braemar Hotels & Resorts Inc (BHR), have expressed their concerns about the company's current management and performance despite the strong operational success of BHR's unique luxury resorts and high-quality urban hotels from 2021 to 2024. Bob and Alex Ghassemieh attribute the company's underperformance in share price to the external management by Ashford, Inc., excessive fees paid to Ashford, and a lack of independent board members acting in stockholders' interests. The Ghassemiehs agree with the suggestions from Al Shams Investment Limited's recent letter, advocating for the termination of the advisory agreement with Ashford and a transition to self-management under CEO Richard Stockton, who they believe can lead BHR efficiently and without conflicts of interest. Bob and Alex Ghassemieh argue that these changes would unlock significant stockholder value, allowing the company to trade closer to its net asset value. Therefore, Bob and Alex Ghassemieh intend to vote against the entire board, except for Stockton, at the upcoming 2024 annual meeting and urge other stockholders to do the same, calling on Chairman Monty Bennet and the board to terminate the advisory agreement and restructure BHR for the benefit of all stockholders. Announcement • Nov 13
Al Shams Investments Limited Issues a Letter to Shareholders of Braemar Hotels & Resorts On November 7, 2024, Al Shams Investments Limited issued a letter to the stockholders of Braemar Hotels & Resorts Inc. identifying concerns about the management of the Company and stating that ASIL is considering mounting a proxy fight. Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: US$0.021 loss per share (improved from US$0.50 loss in 3Q 2023). Revenue: US$148.4m (down 7.1% from 3Q 2023). Net loss: US$1.41m (loss narrowed 96% from 3Q 2023). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 96%. Revenue is forecast to stay flat during the next 3 years compared to a 3.7% growth forecast for the Hotel and Resort REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Nov 06
Brancous LP1 Sends Letter to Shareholders of Braemar Hotels & Resorts On November 5, 2024, Brancous LP1 announced that it has filed an exempt solicitation statement with Securities and Exchange Commission, stating that it has sent a letter to shareholders of Braemar Hotels & Resorts Inc, stating that the recent attention drawn by Blackwells’ letter defending the board, we felt it essential to remind shareholders of the importance of voting against the entire board in the upcoming shareholder meeting. Blackwells’ opinions have come at a cost $7 million in legal fee reimbursements and an additional $4 million in low-interest loans totaling $11 million of shareholder funds used to solicit shareholders positive votes. In addition, Brancous LP1 accuses the board of failing to prioritize shareholder interests and highlights a history of broken promises and escalating fees benefiting management and called for the termination of the Ashford management agreement and encourages shareholders to demand change by voting against the board members, at the annual meeting of shareholders scheduled to be held on December 17, 2024. Announcement • Oct 23
Brancous LP1 Files an Exempt Solicitation Statement with Securities and Exchange Commission On October 22, 2024, Brancous LP1 announced that it has filed an exempt solicitation statement with Securities and Exchange Commission, recommending the shareholders of Braemar Hotels & Resorts Inc to vote to remove Monty Bennett and the entire board at the annual meeting of shareholders. Declared Dividend • Oct 16
Dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 6.2%, which is higher than the industry average of 4.3%. Upcoming Dividend • Sep 23
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 30 September 2024. Payment date: 15 October 2024. Trailing yield: 6.2%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (5.2%). Announcement • Aug 30
Braemar Hotels & Resorts Inc. to Report Q3, 2024 Results on Nov 06, 2024 Braemar Hotels & Resorts Inc. announced that they will report Q3, 2024 results After-Market on Nov 06, 2024 Reported Earnings • Aug 01
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.33 loss per share (further deteriorated from US$0.20 loss in 2Q 2023). Revenue: US$187.6m (flat on 2Q 2023). Net loss: US$21.9m (loss widened 68% from 2Q 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Hotel and Resort REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jul 30
Wafic Saïd Sends an Email to Braemar Hotels On July 29, 2024, Wafic Saïd announced that on July 25, 2024, he has sent an email to Bennett and Stockton, expressing displeasure and frustration at the status of discussions with Braemar Hotels & Resorts Inc, reiterating key proposals in prior communications and requesting commitments from the Company by the end of July 2024. Wafic Saïd alleged that the London meeting was merely a tactic to gain leverage in negotiations with Blackwells and that the delay in addressing his proposals for the Company’s reform was a stalling tactic. He emphasized that these recommendations had been known for over a month and should be promptly addressed. Wafic Saïd outlined his expectations for commitments by the end of the month on three key proposals: 1) Ending the management agreement between Braemar and Ashford and transitioning to a self-managed REIT, 2) Renegotiating the termination fee with Ashford to a more reasonable amount, potentially payable in Braemar shares rather than cash, and 3) appointing new, truly independent members to the Braemar Board to act in the best interests of all shareholders. Additionally, Wafic Saïd expressed that if these commitments were not met, he would take necessary actions to ensure the reforms are implemented, asserting that his demands align with the best interests of the Company and would likely gain majority support from its shareholders. Announcement • Jul 18
An unknown buyer completed the acquisition of Hilton La Jolla Torrey Pines located in La Jolla, California from Braemar Hotels & Resorts Inc. (NYSE:BHR) for approximately $170 million. An unknown buyer has signed a definitive agreement to acquire Hilton La Jolla Torrey Pines located in La Jolla, California from Braemar Hotels & Resorts Inc. (NYSE:BHR) for approximately $170 million on May 6, 2024. Including anticipated capital expenditures of $40 million, the sale price represents a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024. For the 12 Months Ending March 31, 2024, Hilton Torrey Pines had a Net income of $0.3 million, Interest expense $11.5 million, Amortization of loan cost $0.5 million, Depreciation and amortization $4.2 million, Non-hotel EBITDA ownership expense $0.5 million, Income tax expense $0.2 million, Hotel EBITDA $17.2 million, Capital reserve $2.5 million, and Hotel Net Operating Income $14.7 million. The transaction is subject to several customary conditions, including approval from the City of San Diego, the ground lessor. The transaction is expected to be completed by August 2024.
An unknown buyer completed the acquisition of Hilton La Jolla Torrey Pines located in La Jolla, California from Braemar Hotels & Resorts Inc. (NYSE:BHR) on July 17, 2024. Declared Dividend • Jul 15
Dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 30th September 2024 Payment date: 15th October 2024 Dividend yield will be 6.3%, which is higher than the industry average of 4.3%. Announcement • Jul 12
Braemar Hotels & Resorts Inc. Declares Quarterly Cash Dividends for the Third Quarter Ending September 30, 2024, Payable on October 15, 2024 Braemar Hotels & Resorts Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the third quarter ending September 30, 2024. This dividend, which equates to an annual rate of $0.20 per share, is payable on October 15, 2024, to stockholders of record as of September 30, 2024. Announcement • Jul 09
Al Shams Investments Limited Provides Information to the Shareholders On July 8, 2024, Al Shams Investments Limited expressed that Braemar Hotels & Resorts Inc 's hotel assets are undervalued and present an attractive investment opportunity. ASIL and Mr. Said, who previously filed a Schedule 13G, have now filed a Schedule 13D due to proposed discussions with the Company's management ahead of the July 30, 2024, annual stockholders meeting to explore ways to enhance shareholder value. Al Shams Investments intends to engage in further discussions about enhancing shareholder value and may propose changes to the Company's assets, operations, governance, and strategic plans. Al Shams Investments may also seek Board representation and request a waiver of ownership limitations. On June 3, 2024, Mr. Said recommended terminating the Company's management agreement with Ashford Inc. and replacing some directors with independent ones. On July 4, 2024, Mr. Said expressed concerns about a Cooperation Agreement involving the Company, Ashford entities, and Blackwells Parties, which included the withdrawal of Blackwells' proxy campaign and dismissal of pending litigation. Announcement • Jun 28
Braemar Hotels & Resorts Publishes a Post on Websites On June 27, 2024, Braemar Hotels & Resorts Inc. published the following post on X, Instagram and LinkedIn. The post contained the following text: Jason Aintabi’s professional track record is questionable. Learn more here: https://bit.ly/3XBt59C #ExpelBlackwells Announcement • Jun 18
Braemar Hotels & Resorts Inc. to Report Q2, 2024 Results on Jul 31, 2024 Braemar Hotels & Resorts Inc. announced that they will report Q2, 2024 results After-Market on Jul 31, 2024 Announcement • Jun 05
Al Shams Investments Limited Sends an email to Braemar Hotels & Resorts On June 3, 2024, Wafic Rida Said sent an email to Monty J. Bennett, the Chairman of Braemar Hotels & Resorts Inc., and Richard J. Stockton, the Chief Executive Officer and President of the Company, setting forth certain recommendations relating to the management of the Company, including the termination of its management agreement with Ashford Inc. and replacement of some directors with independent directors. Announcement • May 21
Blackwells Capital Issues an Investor Presentation with Shareholders of Braemar Hotels & Resorts On May 20, 2024, Blackwells Capital LLC announced that it has issued an investor presentation with shareholders of Braemar Hotels & Resorts Inc, stating that Monty Bennett expanded his comically inept smear campaign designed to keep independent directors out of Company’s boardroom, Blackwells Capital stated that it will fight to ensure that all monies, great and small, that are spent are recovered and returned to shareholders. In addition, Blackwells Capital stated that independent directors must be installed on the Company board, and a thorough examination of the Company’s external Advisory Agreement must be expediently pursued. Further, Blackwells Capital stated that it encourages all shareholders to review its’ materials, the details of its engagement with the Company, information about Bits’ nominees. Announcement • May 17
Blackwells Capital Provides Information to Shareholders On May 16, 2024, Blackwells Capital LLC announced that on May 14, 2024, Braemar Hotels & Resorts Inc issued a press release congratulating Ashford’s victory after stockholders voted out Chairman Monty J. Bennett and director Kamal Jafarnia, and both directors were forced to tender their resignations pursuant to Ashford’s corporate governance guidelines. In addition, Blackwells Capital’s Chief Investment Officer Jason Aintabi said that for the Company to issue a press release congratulating the board of directors at a supposedly separate public company for its successful employment of entrenchment tactics to preserve the seats of 2 losing directors highlights the lack of separation between the Company and other companies in the Monty Bennett sphere of influence, it further foreshadows the types of improper entrenchment mechanisms that Monty and other board nominees will employ at the Company to prevent independent voices from gaining access to the boardroom, and Blackwells Capital stated that it will held the Company board and Monty Bennett to account for destruction of shareholder value at the Company. Announcement • May 16
Braemar Hotels & Resorts Inc. Announces Board Resignations Braemar Hotels & Resorts Inc. (“Braemar”) issued a bizarre press congratulating Ashford’s “victory” after stockholders voted out Chairman Monty J. Bennett and director Kamal Jafarnia, and both directors were forced to tender their resignations pursuant to Ashford’s corporate governance guidelines. But for Braemar and Ashford’s record as two of the most poorly performing REITs in America, this would all be quite comical. Announcement • May 15
Blackwells Capital Posts Materials to its Social Media Pages On May 13, 2024, Blackwells Capital LLC announced that from time to time, in its solicitation may make certain posts and/or reposts regarding the campaign to their respective social media pages, including each of their X (formerly known as Twitter) pages, Instagram pages and/or YouTube pages. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$0.053 (vs US$0.048 in 1Q 2023) First quarter 2024 results: EPS: US$0.053 (up from US$0.048 in 1Q 2023). Revenue: US$219.1m (up 1.8% from 1Q 2023). Net income: US$3.52m (up 11% from 1Q 2023). Profit margin: 1.6% (up from 1.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Hotel and Resort REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • May 08
Blackwells Capital Comments on Braemar Hotels & Resorts Shareholder Value Creation Plan On May 7, 2024, Blackwells Capital LLC announced that it has commented on the recent disclosure that the Braemar Hotels & Resorts Inc has announced a shareholder value creation plan and entered into a definitive agreement to sell the iconic Hilton La Jolla Torrey Pines, and stating that the Company claims to have a plan to create shareholder value, meanwhile, Monty Bennett, Archibald, and Company’s advisor, Ashford LLC have been paid hundreds of millions of dollars under their Advisory Agreement, and Blackwells Capital demand that the Board halt the sale of the Hilton La Jolla Torrey Pines until all aspects of the transaction are disclosed to shareholders, including any benefits to Monty Bennett and his affiliates, and further demand that the Board sell no additional assets until shareholders have had an opportunity to vote on a full and fair director election at the 2024 annual meeting. In addition, Blackwells Capital stated that selling an asset at fire sale pricing, and announcing a buyback of a stock that has cratered under the jackboot of self-dealing, further confirms its view that urgent change is needed, shareholders will have the opportunity to bring that change by supporting its’ director candidates at the upcoming annual meeting, and Blackwells Capital stated that it has nominated Jennifer M. Hill, Betsy L. McCoy, Steven J. Pully and Michael Cricenti for election to the Board of the Company at the Company’s 2024 annual meeting of shareholders to be held on July 30, 2024. Announcement • May 07
Braemar Hotels & Resorts Inc. (NYSE:BHR) announces an Equity Buyback for $50 million worth of its shares. Braemar Hotels & Resorts Inc. (NYSE:BHR) announces a share repurchase program. Under the program, the company will repurchase up to $50 million worth of its common stock. Announcement • May 05
Blackwells Capital Posts Materials to its Social Media Pages On May 3, 2024, Blackwells Capital LLC announced that, from time to time, in its solicitation it may make certain posts and/or reposts regarding the campaign with Braemar Hotels & Resorts Inc. to its respective social media pages, including each of its X (formerly known as Twitter) pages, Instagram pages and/or YouTube pages. Announcement • May 04
Blackwells Capital Releases Letter to Fellow Shareholders of Braemar Hotels & Resorts On May 2, 2024, Blackwells Capital LLC announced that in connection with its nomination of 4 candidates, Jennifer M. Hill, Betsy L. McCoy, Steven J. Pully, and Michael Cricenti, for election to the board of directors of Braemar Hotels & Resorts Inc. at the Company’s 2024 annual meeting of shareholders scheduled to be held on July 30, 2024, released a letter to its fellow Braemar shareholders. Announcement • Apr 16
Blackwells Capital Posts Materials to its Social Media Pages On April 15, 2024, Blackwells Capital LLC announced that, from time to time, in its solicitation it may make certain posts and/or reposts regarding the campaign with Braemar Hotels & Resorts Inc. to its respective social media pages, including each of its X (formerly known as Twitter) pages, Instagram pages and/or YouTube pages. Announcement • Apr 14
Blackwells Capital Files a Complaint in the United States District Court Against Braemar Hotels & Resorts On April 11, 2024, Blackwells Capital LLC filed a Complaint in the United States District Court for the Northern District of Texas against Braemar Hotels & Resorts Inc. and the Corporation’s directors. Blackwells Capital stated that it alleges, among other things, that the Corporation improperly rejected Blackwells Capital's nomination notice, breached its bylaws, and violated Section 14(a) of the Securities Exchange Act of 1934 by issuing false and misleading statements and failing to disclose The Dallas Express as a proxy participant. On April 12, 2024, Blackwells Capital announced that it has posted a copy of the complaint and made other updates to its campaign website, www.NoMoreMonty.com. Declared Dividend • Apr 12
Dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 8.2%, which is higher than the industry average of 4.3%. Announcement • Apr 11
Blackwells Capital Issues Investor Presentation with Shareholders of Braemar Hotels & Resorts On April 10, 2024, Blackwells Capital LLC announced that it has issued an investor presentation with shareholders of Braemar Hotels & Resorts Inc regarding the management fees paid by the Company to its advisor, Ashford Hospitality Advisors LLC. In addition, Blackwells Capital stated that it has filed definitive proxy statement and accompanying proxy card with the Securities and Exchange Commission in connection with their solicitation of proxies from the stockholders of the Corporation, at the 2024 annual meeting of shareholders. Announcement • Apr 10
Braemar Hotels & Resorts Declares Dividends for the Second Quarter of 2024, Payable on July 15, 2024 Braemar Hotels & Resorts Inc. declared a quarterly cash dividend of $0.05 per diluted share for the Company's common stock for the second quarter ending June 30, 2024. This dividend, which equates to an annual rate of $0.20 per share, is payable on July 15, 2024, to stockholders of record as of June 28, 2024. Announcement • Mar 30
Blackwells Capital Files Supplement to Notice of Intention to Nominate Individuals for Braemar Hotels & Resorts Board On March 29, 2024, Blackwells Capital LLC announced that it has filed a supplement to its notice of intention to nominate individuals for election as directors and to submit business proposals for stockholder consideration at the 2024 annual meeting of stockholders of Braemar Hotels & Resorts Inc, dated March 10, 2024, and supplemented on March 26, 2024, and March 27, 2024. In addition, Blackwells Capital stated that the Supplement should be read in conjunction with, and deemed to be a part of, the Nomination Notice, however, to the extent the following information differs from, updates or conflicts with information contained in the Nomination Notice for which the Bylaws may be properly interpreted to request supplemental information be provided to the Corporation following a stockholder’s submission of notice of intent to nominate persons for election and submit proposals for stockholder consideration, the supplemental information below is more current and reflects information as of the date of this Supplement. Announcement • Mar 29
Braemar Hotels & Resorts Inc., Annual General Meeting, May 15, 2024 Braemar Hotels & Resorts Inc., Annual General Meeting, May 15, 2024, at 09:00 Central Standard Time. Location: 14185 Dallas Parkway, Suite 1200 Dallas Texas United States Agenda: To consider the election of eight directors; to consider the executive compensation; to consider the ratification of the appointment of BDO USA, P.C. as independent auditor for 2024; and to transact any other business that may properly come before the annual meeting. New Risk • Mar 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (490% payout ratio). Currently unprofitable and not forecast to become profitable over next 3 years (US$60m net loss in 3 years). Shareholders have been diluted in the past year (5.4% increase in shares outstanding). Announcement • Mar 27
Braemar Hotels & Resorts Inc. to Report Q1, 2024 Results on May 08, 2024 Braemar Hotels & Resorts Inc. announced that they will report Q1, 2024 results After-Market on May 08, 2024 New Risk • Mar 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (490% payout ratio). Currently unprofitable and not forecast to become profitable over next 3 years (US$60m net loss in 3 years). Major Estimate Revision • Mar 21
Consensus EPS estimates fall by 24%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$741.3m to US$760.5m. Forecast EPS reduced from -US$0.97 to -US$1.20 per share. Hotel and Resort REITs industry in the US expected to see average net income growth of 5.9% next year. Consensus price target down from US$7.00 to US$4.83. Share price rose 3.1% to US$1.99 over the past week. Upcoming Dividend • Mar 20
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Trailing yield: 10%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (4.7%). Price Target Changed • Mar 17
Price target decreased by 14% to US$6.00 Down from US$7.00, the current price target is an average from 2 analysts. New target price is 224% above last closing price of US$1.85. Stock is down 54% over the past year. The company is forecast to post a net loss per share of US$1.20 next year compared to a net loss per share of US$1.13 last year. Reported Earnings • Mar 03
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: FFO per share: US$0.2 (down from US$0.92 in FY 2022). Revenue: US$739.1m (up 10% from FY 2022). Funds from operations (FFO): US$10.7m (down 83% from FY 2022). FFO margin: 1.5% (down from 9.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 1.0% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Hotel and Resort REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. New Risk • Jan 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.5% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (191% payout ratio). Currently unprofitable and not forecast to become profitable over next 2 years (US$63m net loss in 2 years). Share price has been volatile over the past 3 months (11% average weekly change). 
