Braemar Hotels & Resorts Inc. (NYSE:BHR) Q1 2024 Earnings Call Transcript

Richard Stockton: Yes. Well, I will say this. Park has been a great partner for us on these two hotels, and we’ve been joined at the hip for several years. There certainly was no – any sort of this quarter or anything else as a result of our relationship with them that caused the sale. But we jointly agree that it would be a good time to monetize this asset, particularly in light of the upcoming capital expenditures that were necessary. As we look to our remaining joint venture asset, Capital Hilton that one, we’ve just, in fact, completed a major renovation. We’re very excited about the election season coming up. As you probably know, hotels such as this, Washington, D.C., tend to perform very well during the election season and we’ll have brand-new product to offer the market. So we’ll assess whether or not we want to do something with that hotel next year after we get through that. And, yes, I think otherwise, Park and us are quite happy that fellows.

Chris Nixon: Yes. I’ll add one note on the capital renovation. I mean the hotel was under massive renovation for Q1, finishing up the work there. We added nine keys, and we still grew total revenue year-over-year by 5%. The renovation finished on March 9th and when you look at kind of the performance of just March as a whole, that hotel was up 20% year-on-year in transient revenue. And so we’re very excited and optimistic about the outlook of that hotel with the new rooms product and what it’s going to do there.

Unidentified Analyst: Okay. Excellent. Very helpful. Thank you for all the colour. That’s all for me.

Richard Stockton: Thanks Jon.

Operator: This concludes our question-and-answer session. I’ll hand the call back to management for closing remarks.

Richard Stockton: Well, thank you for joining us on our first quarter earnings call, and we look forward to speaking with you again next quarter.

Operator: That will conclude our call for today. Thank you all for joining. You may now disconnect.