Braemar Hotels & Resorts Inc. (NYSE: BHR) reported today preliminary portfolio occupancy of 56.4% for the month of September with an average daily rateof approximately $333 resulting in RevPAR of approximately $188.
This RevPAR reflects an approximate increase of 166.7% versus September 2020 and a decline of approximately 20.8% versus September 2019. The Company expects to report occupancy of 61.7% for the third quarter of 2021 with an ADR of approximately $357 resulting in RevPAR of approximately $220. This RevPAR reflects an approximate increase of 172.4% compared to the third quarter of 2020 and a decline of approximately 6.5% compared to the third quarter of 2019.
"September's results appear to have fallen somewhat short of our initial expectations due to market concerns about the COVID-19 Delta variant. However, daily cases appear to be declining and we are optimistic that the momentum we have experienced in our operating performance will continue," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "Our Napa properties continue to be strong performers. In the month of September, Bardessono Resort and Spa and Hotel Yountville lead the portfolio in ADR, achieving $1,440 and $996, respectively. Looking ahead, we believe Braemar is well-positioned to continue to execute on its disciplined strategy for growth."
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.