BHR - Earnings call 4 2023 | Braemar Hotels & Resorts Inc.

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Operator

Thank you for standing by, and welcome to the Braemar Hotels & Resorts Inc. Fourth Quarter 2023 Results Conference Call. I would now like to welcome Jordan Jennings, Director of Investor Relations, to begin the call. Jordan, over to you.

Jordan Jennings

Good morning, and welcome to today's call to review results for Braemar Hotels & Resorts for the fourth quarter and full year 2023 and to update you on recent developments.

On the call today will be Richard Stockton, President and Chief Executive Officer; Deric Eubanks, Chief Financial Officer; and Chris Nixon, Executive Vice President and Head of Asset Management. this regulations. as listen-only accessibility were the safe and securities basis in are press pursuant well call this distributed made assumptions as remind being upon the a me provisions forward-looking call harbor federal on over release. At are in results this notice certain the contain of of of conference yesterday you conference The that let or statements based time, to the and Internet information Such subject which and cause materially are forward-looking or actual known anticipated. those differ uncertainties statements assumptions, numerous to to unknown could risks, from results of These Securities date and call, company fully and discussed in of more is factors forward-looking the to publicly not Commission. The them. the as statements revise included are are company's update the the Exchange call or this this filings with conference obligated in made only of or during to buy made to offer Statements sell securities. call an this an offer constitute not solicitation do any by a only offered www.sec.gov. be means at and will registration prospectus, can found of Securities be which statement

XX, information turn release. XXXX, ahead, full quarter earnings over provided filed the Richard terms are XX, and now to provided unless the be the used which December to fourth compared with non-GAAP in Form and measures, schedules, are stated, other is financial those in tables ended release full ended through have call Stockton. year XX, accessed with in February results company's call the may the in the encouraged this year review discussed all of call or go which been December Richard. certain www.bhrreit.com. Each the and company's X-K fourth this listener company's in reconciliations and SEC the XXXX. I'll provided at release on all addition, together, earnings the to also on otherwise Please XXXX, Also, In with website reported reconciliations quarter

Richard Stockton

by conference today's our provide review Chris providing activity. business our Afterwards, a management quarter our call open will and to of Q&A. an morning. the on results, call. I on for an will fourth call of financial Welcome our Deric XXXX update update asset and begin an our earnings Good overview then we'll provide will portfolio,

few a themes call. have for We today's key

continued with of urban hotel hotels, the pleased the to we First, quarter. be momentum EBITDA reported our comparable million $XX continued which of fourth in

well our acquisitions, maturities, our loan the Beach Ritz-Carlton underwriting. And our Dorado extension at of the Torrey XXXX extended X to of Pines Hilton original exceed through loan. refinance work continued Lake Scottsdale Key and of extension refinancing diligently recent as Resort House have Ritz-Carlton recent West third, Resort loan, St. Capital performing our program, most all Spa refinanced La we Four our and to and Reserve Thomas D.C., Second, Toon of Washington, our loan, North, or debt in extension on & Seasons continue are the in we our of Pier our including extension Tahoe Hilton the Ritz-Carlton Jolla almost

quarter Turning to fourth results. our

comparable results fourth $XX.X EBITDA solid delivered portfolio quarter of Our million. with hotel

outpace to properties urban and XXXX continued properties to results recover. resort Our our continued

the for all portfolio. in Turning to RevPAR hotels

this into performance Our X.X% take solid look resorts compared their well out b, hotels year. of fourth to best-in-class our results. We're their historical and of our XX comparisons; rates reflected demand resort million located performance our destinations, pleased high with we're continues quarter. deliver XXXX with the point versus levels, reflects markets. combined Taking our to attractive that barrier-to-entry $XX also overall EBITDA still account portfolio far and especially are to while both encouraged which in for over closer performance quarter during that: very hotel hotels remain I'd prior a, considered quarter. a to of performance, outperforming a Many high RevPAR luxury by like January when luxury result is leisure at resort the portfolio, you prior compared RevPAR XXXX decrease historically and luxury our of of a year of XX at results the portfolio. strong the X.X% decrease $XXX are growth experienced

hotel fourth Regarding of growth, remained our $XX quarter to urban generating assets, solid our and million continued performance exhibit strong comparable EBITDA.

corporate XXXX, and to continue continue in very as as demonstrated before, continues we to Braemar's to ramp solid by Looking continued the urban up. return to by transient demand as as hotels This portfolio quarters. strength urban in as our driven portfolio emphasized ahead, be results, urban our our our well the will coming we segment. And which greater driver by be in growth discuss Chris we've and recent believe shape, demand will accelerate during primary encouraged to of continues this the our hotels momentum group to in for return remain for cities, corporate expected detail shortly. Overall, is

XXXX, our addition the perfectly with demonstrated by on Resort our fourth resorts. to strong our to quarter year excited performance. it cash fits strategy and Four hotels with remain acquisition, full in at Next, equity and of continues about it's been our issued Financially, Scottsdale which RevPAR early also luxury common fund acquisition very a portfolio a hand owning Acquired North, expectations. December with recent Toon to the we high Seasons of surpass no and great as

development we acquisition. continued analyze part solution the the as X-acre parcel of the also acquired to We optimal nearly for

Additionally, very Braemar's continues acquisition perform to other well. XXXX

ADR This For prior RevPAR X.X% quarter. over the for of the reflects and result $X,XXX. Beach Ritz-Carlton growth Reserve a fourth year was on based the quarter, RevPAR $X,XXX, an occupancy Dorado XX% of

the these year Scottsdale properties. well-positioned on our quarters, Four yield for achieved cost. ahead Dorado while about Ritz-Carlton the X.X% next full And Both a several very XXXX, cost, encouraged X.X% we Beach the underwriting. Seasons on prospects the luxury Reserve outpaced achieved have For yield assets a to remain looking these the of

position. capital Braemar's to Turning

and remains to flexibility. strong, sheet balance sheet we balance emphasize continued Our

loan. Ritz-Carlton During the extended Lake Tahoe fourth quarter, we our

to detail taking loan minute. But almost capital or Deric As we a continued extended Resort secured maturities. quick the improve, by markets look, of a refinanced those hotel all Pier extended the XXXX we the in our also Spa. in House & debt discuss will debt more

extended a by D.C., We secured Hilton in $XXX.X Thomas, Washington, million mortgage the new with Capital we the St. the Ritz-Carlton loan and refinanced also loan.

Additionally, La paid million. loan, by remaining the Hilton Jolla balance been remains to has of Pines the mortgage partially original a encumbered Torrey now $XX.X which down

sales. selling alternatives our now would themselves, approach Further, the markets testing consider our loan of being in prudent consider regarding we or provided our dispositions, are opportunities we asset that While and capital front. through X-month asset, forbearance present potentially a financing raising has lender for if favorable regarding this the agreement. We're selected on

In position. over now we As on believe to our to you turn the has long look ahead, call more is perform and term take in both well Braemar Braemar the we firm term. I unique a solid well-positioned footing portfolio and to the through detail. will a summary, liquidity in near Deric financials

Deric Eubanks

Richard. Thanks,

quarter, the to reported share $XX.X diluted of per loss net stockholders $X.XX $X.XX. diluted million attributable common and For or we per share of AFFO

billion EBITDAre full for For diluted the or diluted of loans attributable end, of common Adjusted joint per our Adjusted the stockholders the million of EBITDAre Hilton was quarter and the per share year Torrey Jolla related loans, Capital had quarter assets million. which to had reported year, of the to full share was million. At Pines. for of share Hilton $XXX.X $X.X La total we $XX.X net AFFO $X.XX on $XX of $X.XX. $XX venture partner's billion. million loss $X.X and we We

level approximately interest effectively blended of a total corresponding debt rate and effectively rate combined SOFR is approximately of interest of is interest in-the-money account average caps, the loans current had floating. on rate fixed Our XX% taking our into XX% and X.X%, our caps. Based

and fourth million. regard also by primarily equivalents debt per managers, million of restricted that majority vast to of This due and the third-party reserve on end the approximately based share to assets. $X.XX This an a the diluted $XX.X quarter, the on cash manager and lender gross comprised or we had from ended $XX.X one basis. net price. cash the cash of X.X% quarterly annualized fund of $XX.X of yesterday's also accounts. At is of approximately brand of of cash stock held quarter had $X.XX announced common quarter, With end in held is we The share dividend dividends, again available equates cash our restricted costs. represents of per As We with to XX.X% stock managers. to hotel of operating an hotel yield which we million annual

will view increasing to Board as quarter-to-quarter improve. with review financial continues to company's the a basis, a on Directors of policy performance dividend it Our

$XX.X subject Lake secured million, Tahoe closed with certain During the on floating the rate X and interest satisfaction plus mortgage of to the loan is now a of nonrecourse only extension fourth totaled California. extension option, initial we by X-year Truckee, the This interest loan X-year in Ritz-Carlton SOFR a term loan X.X%. has of has quarter, conditions. The the

fourth floating a the of joint the quarter, XX% rate X-year date X.XX%. The D.C. and owned interest. the X $XXX.X initial December Hilton of of interest in to Capital a an to equity by at plus Braemar a a loan. mortgage with we loan The new refinanced million with during Washington, new extension maturity Additionally, has XXXX, options, SOFR venture which satisfaction property bears interest certain continues subject condition be owns in

selling Hilton the the Torrey Pines subsequent our to the consider has quarter or alternatives we La lender asset, X-month While provided loan potentially refinancing end, Jolla forbearance agreement. a regarding

extension X.X%. SOFR to bears the House property annual balance loan, satisfaction have we Florida. date the which now time, the bears remaining with interest XXXX, recently a The original to extended of $XX $XX.X been and venture an of the the to continues conditions, certain continues subject balance this paid a loan rate to rate by initial loan loan now joint be interest of Spa interest has West, of an secured in same end, fixed X at Key owned encumbered During Pier million. Subsequent option has to also floating partially of mortgage down X-year quarter and by also million plus maturity remains Resort by of X%. a This September & the

to quarter SOFR subsequent $XX.X August and of has continues we maturity a a XXXX, extended the interest certain initial the interest Finally, X.XX%. Ritz-Carlton of million date to with satisfaction of St. USVI. plus X-year at Thomas by secured end, floating option an of have and extension Thomas the X balance loan conditions, to rate The loan bears subject now St.

XXXX or XXXX all now have debt extended in debt approximately million a out has We our in of approximately $XXX maturities. been total refinanced of of extended total or refinanced. A almost million of $XXX maturing

the XXXX is our hand. million cash which Cameo Hills, plan $XX we remaining fully Looking loan on ahead, only Beverly with to repay the with associated maturity

as improve months. to We seen and are continue the we've also hopeful environment the past hotel financing over few decreased both that rates will spreads

As XX, our of XX net portfolio of rooms. December XXXX, X,XXX consisted with hotels,

Our stock asset currently outstanding, the review. million to activities of XX.X share comprised to discuss of I'd over shares X.X quarter. million our stands our which at it OP Chris and fully count units. This financial turn like million XX.X concludes now shares is to common for diluted management

Christopher Nixon

Thank Deric. you,

hotel RevPAR our portfolio quarter the the higher for decreased year our national over Despite the comparable to For quarter, RevPAR for declines, chain scale. than prior is the $XXX. luxury still portfolio average X% the

our on our our services, We prior in revenue would We by performance has how year prior group the branding autograph the highlighting EBITDA to prior total experienced increase notary XX% capitalized like comparable and X% at EBITDA fourth has on acquisitions. of year grew across new exposure across urban X%. I by time continued experience increased quarter. The team hotel the our the strength the the our of strength some worked urban at improved year up an quarter, position room exceeding notary, growth restaurant and with emphasis to driven with hotel spend strong achieved our during urban continued quarter. reconcept renovation. team The hotels recovery, over the assets, quarter portfolio over which actively comparable to hotel the

nights the room identified twice that quarter, over our short-term revenue bookings by groups was contributed inventory We proactively team year resold which fourth fourth contracted, in to the hotel retail total the started using XX% were higher-rated exceeded $XX the trend proactively XX% and in million strong was that quarter During This the decision and the the historical books business. prior trend fewer quarter. room revenue a to activity with room on quarter. year the booking group quarter in X%, quarter quarter. Group for driven the by group prior growing for

revenue. $XX group run fourth During the million we quarter, in added additional over

$X under on XXXX, we basis, comparison, more a a in of group the added million during quarter. As fourth stabilized revenue

Pines, million our One increase of the La group XX% largest Hilton compared with prior when revenue, Torrey the quarter a year hotels, room to quarter. in $X.X finished Jolla group

quarter, fourth demand. Diego benefited the convention During from strong San

a months of citywide in successful December, groups securing Many these Our which occurred of one related team been was softest in demand traditionally number has these the groups. of year. our of

the We conducted with Four various most Reserve optimized have program. been our performance we productivity luxury pleased recent the redesigned benchmarking, and acquisitions, Ritz-Carlton the of Dorado sales our streams Beach, Beach Scottsdale. At Dorado of particularly X the ancillary and villa revenue Seasons

and additional dive year recent menu initiatives In the every analyzed outlet by quarter. The team Seasons profitability Four included These deep and EBITDA has propel revenue-producing also addition, profitability. to to add XX% frequency by have optimize amenities. helped These of at where prior space hotel benefited food menu XX% we hotel and increased the Scottsdale compared quarter. efforts similar from beverage the EBITDA year profitability to available to order analyzed compared each item prior the a has

team of our had Additionally, spa. We local salon. the a a program strategically the luxury targeting full for opportunities demand at launched review

in underutilized to the by successful, vendors and we year comparable spa, a year. their merchandise products. with over space built Additionally, These initiatives revenue retail spa where the local been full prior we platform out have partnered our XX% propelling identified

the a retail renovated Moving Ritz-Carlton fireplace. renovation space suites, patio added spa as renovation luxury the on expenditures. Tahoe spanning well iconic We outlet, visible event the the areas of facilities, to all of In hotel. upgraded and club capital started Lake transformational exclusive lounge as the guestrooms added completed and premium a highly XXXX,

with In completed be along rooms key X the of remainder Hilton, addition, additions. we the and the XX% have renovated quarter to approximately of guest in the Capital suites first with at XXXX,

million center the the we capital of the fitness and Hyatt and the Beaver Sarasota. In spent $XX spa on at Park have at XXXX, expenditures. Finally, we Ritz-Carlton, space renovations meeting Creek completed approximately

spending anticipate million and $XXX expenditures. For capital XXXX, we on between $XX million

As assets earlier, demand. urban our mentioned experiencing are strong

solid number a Our building new and underwriting. of business, a portfolio outperform is group to continue our foundation our of acquisitions

full to are enhance initiatives land. We new portfolio, already include which renovations developing underutilized our property and further launching transformative

this underway, are portfolio. new about we With initiatives these for optimistic the future

Richard Stockton

Thank the you, urban the In I'd emphasized continue continued recovery with reiterate summary, of our of Chris. to to that hotels, be properties. we by performance like pleased our

balance look the very updating with We for also the and to progress prepared concludes quarters ahead. This positioned will sheet and in We remain you well call solid a promising our forward we outlook. on remarks, open now Q&A.

Operator

from with the Our Instructions] comes Batory [Operator question line of Oppenheimer. first Tyler

Jonathan Jenkins

is This Tyler. on Jonathan for

the me. First that for remains is there any additional the one for to can you XXXX, thoughts the group strong The on very where close color encouraging. of group portfolio? Any seems outlook opportunity of the relative provide bookings? sustainability And sort in for

Christopher Nixon

group with XX% year group in revenue. question, Yes. year Jonathan. prior really Thanks XXXX. the happy finished We were up the Chris. for production This to is We in

favorable. look job very of done throughout up We we're up XXXX, revenue. being group exercises ahead, X% and targets has In each with worked come mix year. a with we As and with hyper-focused great group optimal placing hotels quarter. we're our where by group The team surgical were pace to the is

XX% look in traditionally spread And up our softest is in group So is that for the quarter when group is revenue at XXXX, you where this portfolio. our QX quarter.

been get pace to group year. we've encouraged bookings. we We've the year. we've short-term We're improve need throughout increases the kind of in And much we by as it where to into strength so X%. And larger continue up strategically expect we got seen the

to XX%. pace XXXX, As is we ahead up look

of that up for a ADR, majority ADR strong we've a very XX% in foundation, So growth is with XXXX. and we're very, that encouraged got

the has like feel got foundation we strong group So a portfolio very of business.

Jonathan Jenkins

over cost Okay. Great. could us expectations environment seeing the switching go room that And you're And the on then What help can per where Very a you kind year? gears, for helpful. occupied of overall? think about basis? any

Richard Stockton

great Jonathan, question. Yes,

feeling the seeing certainly is the within else that industry. we're pressures everybody So cost

at team great on margin job points I the basis EBITDA you our efficiencies in XXXX. was actually QX, that look in property. of portfolio a up managing XX driving When has think our kind for done through

COVID utilized lot be And that so the to today. through at efficiencies continue a the of we properties implemented

in We some margin with strong profit have challenges. house QX very

standpoint, October, contract labor those typically where in wage was them increased to a first seeing from decelerate is normalize seeing really rate in portfolio. November reductions We're steadily starting so increases structure. heavily cost of And hourly increasing, in flat, saw encouraging. across was over productivity our labor our to that plays which QX, we very market but the our hotels, We're which have been signs into the across great. Wages started

again, like pressures are job so a our team great cost through feel the really, I there, it. doing really And but managing is

Jonathan Jenkins

you sense? the That's right commentary turning provide; seeing table color or additional testing markets And type the everything the what of on there is on point? make and locations the assets Or type more this is Any dispositions. now towards Okay. then is great. on will at kind pricing that can of maybe of out

Richard Stockton

strategy. get that I we're what refinancing JV point we've it's the in also our with short-term hotel, Torrey Pines. All with And forbearance part one considering comfortable to I really have That's Hilton luxury right? a said. of it's selling. And And luxury but actively is Hotel. selling a that clearly not referenced certainly already the agreement that a can or we Park I Yes. that Hilton our is fact on

it. XX% own of we So

assets. our to have I think, fully term, we'd longer in like positions owned core

that be in report future. to on more So something the there might one

Operator

comes Our Baird. line next with of Michael from Bellisario the question

Michael Bellisario

there us versus be just debt help Is the the the it maybe about XX-plus Just doing? wanted or at renovation you And paid a else needed to might percent what of hotel that's there. the sale down, to Torrey after able today, finance size analysis you're impacting Pines on value also loan it? or refinancing understand follow Can now something then you up it's yield. where you is

Richard Stockton

Michael, with it's just start Rich. good is that Yes, question. one. going to renovation needed, There

last time think probably I years ago. the XX is hotel renovated was that

So yes, under collateralized from hold extract capital of alchemy ]. of that would sell helping pay we leveraged the only to order part not asset a credential from the as cost whether consider be of single perspective, should function that financing utilized kind or a to something. It's we or in loan [ down the that

proceeds. certainly could higher it So support loan

to at. as the whether it secrets one But decision or reflects so kept we be that the talking that's having world will appropriate that believe to simple we not buyers we're come the look value something been we potential might that. in out And as And to the as well. of worst receive have prices that

let we'll know. So you

Michael Bellisario

Understood. for if there then what sold refinanced or and pecking property a those? proceeds, do had order And you you with is excess the

Richard Stockton

talk to want about you Deric? that, Do

Deric Eubanks

some portfolio. it's Sure, I with to. the happy that to the We've But We to obviously and about capital We've the reinvest at. opportunities got we're some. assets. want some some that think our land delever talked looking ideally, pay vacant of across projects debt have off we in

Michael Bellisario

and project? And then lines, And the that included same 'XX? of in those along last of for the then to both How update on money in Tahoe potential spent timing budget the was sort 'XX? any development. on CapEx entitlements groundbreaking much in share question just my just What's

Richard Stockton

Good sure. Yes, question.

I'm been the to money going of do result, I order for was townhome from and that for date. they from in relatively to them like award to sale a rentable what do But straightforward, going XX is, if in windows, total get much entitlements a right units a County. on think, XX Plaster gives you single-digit with certainly have lock-offs. to low engineers the Plaster and through say, to sale involves That The And October. to have grading to there place don't with one, not architects the submission in process County they building entitlement were has hire parcel keys to questions various amendment. We're would So the that front May have millions, you entitlement and amendment are call that entitlement going pool. The through me. an of rental spent process amendment 'XX order of they in through I XX a run reduces that which that in units contributed the as

of the with that window, prevent So you and can't move erosion to associated that's soil snowfall. outside

unlikely looks in to we'll entitlements it time so And fairly this start the that year. grading have

So we May target in would grading of XXXX.

be cost will Total rather million for As the $XX on in a is result, of that. XXXX. area also expenditure limited project

XXXX the XXXX costs would about like that that, consultant spent half in with in think that extended would half of soft single-digit So be about again millions. number and XXXX, some in would to something I type maybe low

Operator

Maher from Securities. with [Operator Instructions] comes of Riley B. Our next question line the Bryan

Bryan Maher

true, Just with mean interest a nature. mean the and I were and were in addressed fixed couple come debt was pretty The lower are that this you'll more for And inclined start currently you loans fact, year bet rates in now? for Deric. would going I refinance again that extensions the have than is rates? short me. the in future holds Maybe rate term go that to that strategic? you down to them at be if,

Deric Eubanks

be to one, are financing very I'd environment low a continues things. little say assets Bryan. it the couple leveraged. desirable comes to hotels. when I of Thanks, very we've got challenging a mean, that Obviously,

of some attractive somewhere the maturity amount that attractive XX% that's got XX%, maintaining model like in year. It's kind of I debt strategic so very lender And your different lender. having schedule. given a is shorter-term well-laddered the to I from we've a extensions, the out of think any pretty we've about if wanted you you rest spreads very, Braemar's of schedule best best looking our perspective, schedule a -- maturity what little maturity forward looks maturing of of that with some bit asset current these have think the than the it's And also around be now while typically, very But our terms market. But value.

leverage. terms floating you're continue debt rate debt would refinancing more before, very, I've cetera. prefer said and say pay selling an in less of you're So either over have I low as to flexibility going just manageable, et typically to and typically because loan off, to the or that time, paying very asset we going much very

and we have And So rate. do probably We've we'll a lean continues But have floating -- I our a floating. fixed to a continue got of the think probably mix. but I'd mix side towards to say mix. preference of

Bryan Maher

Okay. again. And that people it and out we for your go to you Richard Do started summer soon maybe when insights Or of some to it bookings, think luxury year, window? to the of most into or too leisure properties? summer booking shape luxury going how abroad think like Chris, to is have about aware us were last all the looked is the

Christopher Nixon

question, Great Bryan. Yes.

seeing window expand. are the booking we So

the year. in it's of little what's inbound encouraged terms for we've expected we've and been early international leisure a think from summer. think of seeing terms I of I the next bit been do in by some stats

And so to be going that's a tailwind.

periods the always resorts, think a bit in our I of terms summer are softer.

And so of proactively QX, of and of to our our we're hedged where any mitigate position up group normalization base, demand. QX, building insulate we've kind against with our and that resorts group kind

especially Seattle and urban of business our we're strength pretty seeing uptick urban We we're Chicago. corporate in major markets, strong We've XXXX, what of our out our at are through calendars the encouraged our got of citywide hotels continued by kind and hotels. most seeing

kind insulated. leisure think a well so fairly from you And standpoint, X we're things, of those when couple I

Bryan Maher

line, and occupancy there capturing or there? process the the know I serviced. jumps rates lowering revenue to what are has me. from top resorts? occupancy of percentage the when results the was range. you And X kind you by mean I thought mean occupancy for the want long-term last the often firm it be your at some thoughts XX, nature the ancillary maybe of just I And various I keep what mean percentile I portfolio. levels, XX of the to points mean you to Okay. at the high, taking rate bottom that But out at across look the about X in

Christopher Nixon

Yes.

revenue digs as We've said, preference, up really by in a to property and the optimal got with get that over rate-focused. it's kind come rate you of strategy. occupancy to our definitely So team is optimization property

a Tahoe. fourth QX, case-by-case Creek snowfall. Beaver basis. you, about especially inches, by and our Creek Tahoe was were snowfall quarter so down Lake really both Beaver tell XX snowfall can XXX the almost We had at And at impacted it's was inches. for I tough and then really, resorts, down

And so really impacted demand. that

a discount-related that I at open So we're of that taking occupancy, looking probably our after target strategic at during for season sacrifice them. the those see at we're looking to that can our say the wouldn't go in strategically some able to and or be marketing had in programs group points can are whether but peak ADR point we more being that not where we're need afford may increased then drum we to in not where if year of a off-season. we resorts, can more at past We're look certain channels up we us hard some haven't customers we we additional aspirational open demand. And to

focused, not we're point where And some things we're we want are to and doing so rate sacrifice occupancy but occupancy. that fill a to at up go our

Operator

now This over the turn concludes today's closing I management question-and-answer for call session. like would to remarks. to

Richard Stockton

earnings look next again our speaking year-end all and joining you forward we call, us on quarter. you for with to Thank

Operator

concludes That call. today's

You may now disconnect.

Braemar Hotels & Resorts (BHR) 1 Mar 242023 Q4 Earnings call transcript