DALLAS—Abteen Vaziri, a director at Braemar Hotels & Resorts Inc. (NYSE:BHR), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Vaziri sold 1,782 shares of common stock on November 13 at a price of $3.76 per share, totaling approximately $6,700.
Following the sale, Vaziri retains ownership of 10,230 shares of Braemar's common stock. The transaction was conducted by the reporting person's brokerage firm to meet margin requirements, as noted in the filing.
In addition to his common stock holdings, Vaziri also holds various derivative securities, including LTIP Units and Common Partnership Units, which are tied to the company’s common stock. These units are convertible into common stock or redeemable for cash, offering flexibility in managing his investment in the company.
Braemar Hotels & Resorts, headquartered in Dallas, operates as a real estate investment trust focusing on luxury hotels and resorts.
In other recent news, Braemar Hotels & Resorts has released its third-quarter earnings for 2024, demonstrating both challenges and growth. The company reported a Comparable RevPAR of $261 and a 6% increase in urban hotel performance. Despite a net loss of $1.4 million, the sale of Hilton La Jolla Torrey Pines for $165 million has addressed all debt maturities for 2024. Additionally, Braemar has announced a Shareholder Value Creation Plan, which includes asset sales, debt repayments, and a $50 million buyback authorization. The company holds a robust balance sheet with $168.7 million in cash and cash equivalents.
In the wake of these developments, Braemar refinanced a $407 million loan for five hotels, set to mature in 2029. The company also reported a 40% increase in group pace for Q1 2025, indicating strong group revenue growth. Despite a slight decline in leisure demand and renovations impacting earnings, urban hotels and productivity improvements across the portfolio are expected to drive future growth.
Analysts from different firms have noted these developments, with some highlighting the company's strategic asset sales and focus on shareholder value as key factors in maintaining a solid financial position. Despite the net loss, the successful refinancing of loans and proactive asset management suggest a forward-looking approach to growth and stability.
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