Braemar Hotels & Resorts Inc. (NYSE: BHR) reported today that the Company expects to report occupancy of approximately 71% for the third quarter of 2022 with an average daily rate of approximately $403 resulting in RevPAR of approximately $288. This RevPAR reflects an approximate increase of 19% compared to the third quarter of 2021 and an approximate increase of 19% compared to the third quarter of 2019.
Additionally, for the month of September 2022, RevPAR increased approximately 16% versus September 2019. For the month of August 2022, RevPAR increased approximately 12% versus August 2019. For the month of July 2022, RevPAR increased approximately 29% versus July 2019. The preliminary operating information discussed above assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, were owned as of the beginning of 2019.
"As a result of our optimally balanced portfolio of high-quality properties, we're again extremely pleased with Braemar's record third quarter performance," noted Richard J. Stockton, Braemar's President and Chief Executive Officer. "As expected, we continue to see outperformance relative to pre-pandemic metrics, with our average daily rates increasing approximately 36% when compared to the third quarter of 2019. During the quarter, our luxury resorts continued to benefit from enduring leisure demand while our urban portfolio continued to exhibit solid recovery growth. While recent performance primarily has been a result of strong average daily rates, there is plenty of room for occupancy to continue to climb, keeping us looking forward to continued steady growth."
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.