Braemar Hotels & Resorts Inc. reported a funds from operations (FFO) loss of $17.6 million, or 24 cents per share, for the third quarter ended September 30, 2024. This FFO loss indicates a challenging period for the company's profitability.
As of September 30, 2024, the company's total assets stood at $2.178 billion, with a portfolio comprising 15 hotels. The trailing twelve-month (TTM) Hotel EBITDA as of Q3 2024 was $179 million, reflecting the operational performance of its luxury properties.
Despite the FFO loss, the company noted that industry RevPAR continues to exceed 2019 levels, and luxury RevPAR growth is forecasted at 2.2% for 2024. This broader market context suggests potential tailwinds for Braemar's luxury segment moving forward.
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