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BHR - Why I Sold Braemar Hotels & Resorts And What It Means For The Future Of US Hospitality
Braemar Hotels & Resorts Inc.
I was wrong about Braemar Hotels & Resorts (BHR). My initial bullish position was built on a thesis that would have seen the price of the company's preferred shares eventually move back to its par value, while paying dividends, on the back a steady increase in occupancy rates once the lockdowns ended. The length of the recovery back to its pre-pandemic average was somewhat irrelevant, it just had to be at a level where Braemar remained a going concern.
The company was added to a pandemic watchlist and the first investment in its