BHR - Braemar Hotels & Resorts portfolio occupancy slips in November

Braemar Hotels & Resorts' (NYSE:BHR) preliminary portfolio occupancy of 60.8% in November declines from 62.5% in October. Hotel net income of $1.2M falls from $2.3M in October; comparable hotel EBITDA of $8.3M vs. $9.8M in the previous period. Still, its average daily rate of approximately $349 resulting in revenue per available room of ~$212, compared with an average daily rate of ~$337 and RevPAR of $211 in the prior month. Q4 is "historically our weakest quarter from a seasonality perspective yet all but one of our urban properties achieved positive Hotel EBITDA as we continue to see a slow, steady improvement in business transient demand across our markets," said BHR President and CEO Richard J. Stockton. Previously, (Nov. 17) Braemar Hotels & Resorts' October RevPAR rose 12%.

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Braemar Hotels & Resorts portfolio occupancy slips in November