Braemar Hotels & Resorts Inc. (NYSE: BHR) reported today that the Company expects to report occupancy of approximately 55% for the first quarter of 2022 with an average daily rate of approximately $597 resulting in RevPAR of approximately $328. This RevPAR reflects an approximate increase of 69% compared to the first quarter of 2021 and an approximate increase of 20% compared to the first quarter of 2019. The preliminary operating information discussed above assumes the 15 hotel properties owned and included in the Company's operations at March 31, 2022, were owned as of the beginning of 2019.
"We continue to see accelerated performance compared to 2019. We closed on the acquisition of The Ritz-Carlton Reserve Dorado Beach in mid-March. This property is going to significantly increase our reported RevPAR going forward. Assuming that we had owned the property for the entire month of March, we would have achieved a RevPAR of an unprecedented $404," said Richard J. Stockton, Braemar's President and Chief Executive Officer. He added, "Leisure demand has held up much better than anticipated, as trends in corporate transient and group bookings continue to build."
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.