Braemar Hotels & Resorts, Inc.

Braemar Hotels & Resorts, Inc.

Braemar Hotels & Resorts, Inc.

Overview
Date Founded

2013

Headquarters

14185 Dallas Parkway, Suite 1100, Dallas, TX, 75254, USA

Type of Company

Public

Industries

Trusts & Funds
Real Estate
Recreation & Leisure
Real Estate Investment Trusts

Company Description

Braemar Hotels & Resorts, Inc. operates as a real estate investment trust which engages in investing services primarily in high RevPAR, luxury, upper-upscale and upscale hotels. Its hotel properties include Hilton La Jolla Torrey Pines, Capital Hilton in Washington DC, Marriott Plano Legacy Town Center, Seattle Marriott Waterfront, Courtyard San Francisco Downtown, Courtyard Seattle Downtown, Courtyard Philadelphia Downtown, and Renaissance Tampa International Plaza. The company was founded By Montgomery Jack Bennett on April 2013 and is headquartered in Dallas, TX.

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Executives & Employees

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Executive Vice President, General Counsel & Secretary

Chief Strategy Officer

Chief Accounting Officer

Senior Vice President Acquisitions & Sales

Board of Directors

Founder at Ashford Hospitality Trust, Inc.

Former Partner at Stefani Carter & Associates LLC

Former Senior Counsel at Dykema Cox Smith

President at CNL Macquarie Global Growth Advisors LLC

Managing Partner at Integrated Capital LLC

Member, Board of Directors at Braemar Hotels & Resorts, Inc.

Member, Board of Directors at Braemar Hotels & Resorts, Inc.

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Braemar Hotels & Resorts, Inc.
Owners & Shareholders
Details Hidden

Old West Investment Management is a growth manager seeks to generate superior returns through independent fundamental analysis of individual companies. The firm offers the following investment strategies: Large-Cap Growth, Small/Mid Cap Growth and Alternative Investments. Their investment approach is based on the idea that superior returns can be achieved while taking below average risks. The firm believes that the markets are predictably inefficient and they seek to identify and capitalize on these through the use of bottom-up fundamental research that is based on expectations of future developments and rigorous understanding of the past.Old West focuses on investments in the securities of financially strong companies with excellent management teams and outstanding economic characteristics. The firm looks for companies that offer the opportunity for growth through reinvestment at high incremental rates of return and companies that can be purchased at market prices that are significantly below their assessment of the underlying business value. Although their investment process is designed to identify companies with strong growth opportunities, Old West believes that smart investing must also consider value.The firm's bottom-up research process starts with the entire universe of publicly-traded companies. Old West narrows this universe into a more focused universe through the analysis of: (1) insider ownership/buying and selling (2) select 13-F and 13-D smart money screens (3) industry contacts/insights (4) special situations such as stubs, spin offs and restructurings and (5) large percentage stock price moves. Potential buy and sell candidates are identified through extensive management analysis, industry analysis, financial analysis and qualitative analysis.Old West's Large-Cap Growth strategy seeks to generate superior returns with below average risk through investments in large-cap securities. Old West invests primarily in US companies with market-caps greater than $7 billion. They may occasionally invest in mid-cap and small-cap stocks and ADRs, if the company offers a favorable risk-return profile. The strategy invests in growth stocks and focuses on the underlying value of the company to protect the portfolio from principal loss. The preferred benchmark for the strategy is the Russell 1000. Portfolios typically hold the stocks of 30 to 40 companies. Old West's Large-Cap Growth strategy does not invest in derivatives, new issues or employ the use of leverage. Average position sizes are approximately 3% of the portfolio weighting. The maximum position at cost is 5%. The maximum position at market is 8%. The maximum sector weight is 25%. Average expected turnover is 30% to 40%.Old West's Small/Mid-Cap Growth strategy seeks to generate superior returns with below average risk through the investments in the securities of mid- and small-cap companies. The strategy invests in growth stocks and focuses on the underlying value of the company to protect the portfolio from principal loss. Portfolios are structured from the bottom-up and are typically invested in companies with market-caps of less than $10 billion. The emphasis is on smaller businesses that are not followed by traditional investment firms. The preferred benchmark for the strategy is the Russell 2500. Portfolios typically hold the stocks of 30 to 40 companies. Old West's Small/Mid-Cap Growth strategy does not invest in derivatives, new issues or employ the use of leverage. The maximum position at cost is 5%. The maximum position at market is 8%. The maximum sector weight is 25%. Average expected turnover is 30% to 40%.

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Ironwood Investment Management specializes in investments in undervalued small-cap stocks. They focus on companies whose market value is substantially below intrinsic business value and are positioned to benefit from an internal or external catalyst. The firm's strategies include: Small Cap Core, Concentrated Small Cap, Small Company Stock and Value Investment Partners.

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Proxima Capital Management seeks to achieve superior absolute returns on a risk-adjusted basis by investing primarily in equity securities and, to a lesser extent, in a variety of domestic and international securities, such as debt securities (including high-yield and distressed debt), warrants, rights, options, swaps, preferred stocks, convertible securities, publicly-traded MLPs, currencies, and money market obligations. The firm's investment strategy focuses on complex situations where traditional valuation methods are not appropriate or feasible. They seek to identify and take positions in special situation securities that are frequently misunderstood and inefficiently priced by the markets, and where they believe that the differences between the fair value and the market price will likely be eliminated over time. Proxima Capital may take long or short positions in equities or other securities where they believe the price-to-value gap will close over time based on fundamental changes in the business or the market. The firm performs fundamental analysis by developing an understanding of the situation and value drivers and performing field research to quantify any mispricings. Proxima Capital may sell securities short both to protect clients against a declining market and to identify profit opportunities for their clients.

Recent Transactions
Details Hidden

Braemar Hotels & Resorts, Inc. purchases The Ritz-Carlton Hotel Co. LLC /Ritz-Carlton Lake Tahoe from Marriott International, Inc.

Details Hidden

Braemar Hotels & Resorts, Inc. purchases SLAB LLC /Ritz-Carlton Sarasota

Details Hidden

Roch Capital, Inc. purchases Ashford Hospitality Prime, Inc. /Marriott at Legacy Town Ctr from Braemar Hotels & Resorts, Inc.

Transaction Advisors
Escrow Agent

Advised onBraemar Hotels & Resorts, Inc. issued Common Stock

Underwriter

Advised onBraemar Hotels & Resorts, Inc. issued Common Stock

Underwriter

Advised onBraemar Hotels & Resorts, Inc. issued Common Stock

Associate

Advised onBraemar Hotels & Resorts, Inc. issued USD Common Stock

Advisors & Consultants
Advisor

General Partner at Rolling Rock GP

Key Stats and Financials As of 2018
Market Capitalization
$265M
Total Enterprise Value
$1.16B
Earnings Per Share
$-0.19
Revenue
$431M
Net Profit
$1.12M
EBITDA
$100M
Enterprise Value Sales
2.68x
TEVNet Income
1,034.18x
Debt TEV
0.85x
Total Debt
$986M
Total Equity
$543M
EBITDAMargin
23.18%
Enterprise Value EBITDAOperating
11.58x
Suppliers
Marriott International, Inc. Other Business & Consulting Services | Bethesda, Maryland

Marriott International, Inc. engages in the operation and franchise of hotel, residential, and timeshare properties. It operates through the following business segments: North American Full-Service; North American Limited-Service; Asia Pacific; and Other International. The North American Full-Service segment includes luxury and premium brands located in the U.S. and Canada. The North American Limited-Service segment comprises select brands located in the U.S. and Canada. The Asia Pacific segment focuses in all brand tiers in Asia Pacific region. The company was founded by J. Wiliard Marriot and Alice Sheets Marriott in 1927 and is headquartered in Bethesda, MD.

Hilton Worldwide Holdings, Inc. Hotels, Resorts, and Cruiselines | MCLEAN, VA

Hilton Worldwide Holdings, Inc. engages in the provision of hospitality businesses. It operates through the following segments: Ownership and Management & Franchise. The Ownership segment includes owned, leased, and joint venture hotels. The Management & Franchise segment manages hotels and timeshare properties, and license its brands to franchisees. The company was founded by Conrad Hilton on March 18, 2010 and is headquartered in McLean, VA.

Ashford OAINC, Inc. Dallas, TX

Ashford OAINC, Inc. engages in the provision of asset management and external advisory services to other entities, initially within the hospitality industry. It serves as the external advisor to two real estate investment trusts, namely Ashford Hospitality Trust and Ashford Hospitality Prime; and has a security investment subsidiary called Ashford Investment Management, which is an alternative investment management firm that specializes in creating investment strategies focused on the real estate, hospitality and leisure sectors. The company was founded by Montgomery J. Bennett on April 2, 2014 and is headquartered in Dallas, TX.

Competitors
DiamondRock Hospitality Co. Trusts & Funds - BETHESDA, MD

DiamondRock Hospitality We are a lodging-focused real estate company that owns a portfolio of 27 premium hotels and resorts that contain approximately 11,600 guestrooms and a senior mortgage loan secured by another hotel. We are an owner, as opposed to an operator, of the 27 hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. Our vision is to be the premier allocator of capital in the lodging industry. Our mission is to deliver long-term stockholder returns through a combination of dividends and long-term capital appreciation. Our strategy is to utilize disciplined capital allocation and focus on acquiring, owning, and measured dispositions of high quality, branded lodging properties in North America with superior long-term growth prospects in markets with high barriers-to-entry for new supply. In addition, we are committed to enhancing the value of our platform by being open and transparent in our communications with investors, monitoring our corporate overhead and following sound corporate governance practices. Consistent with our strategy, we continue to focus on opportunistically investing in premium full-service hotels and, to a lesser extent, premium urban limited-service hotels located throughout North America. Our portfolio of 27 hotels is concentrated in key gateway cities and in destination resort locations. All of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc.™ (“Marriott”), Starwood Hotels & Resorts Worldwide, Inc.™ (“Starwood”) or Hilton Worldwide™ (“Hilton”)

Pebblebrook Hotel Trust Trusts & Funds - Bethesda, MD

Pebblebrook Hotel Trust is a real estate investment trust, which engages in the investments and acquisition in hotel properties. Its hotels are located in the markets like: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Chicago, Illinois; Key West, Florida; Miami (Coral Gables), Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Naples, Florida; Nashville, Tennessee; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Seattle, Washington; Stevenson, Washington; and Washington, D.C. The company was founded by Jon E. Bortz on October 2, 2009 and is headquartered in Bethesda, MD.

Sunstone Hotel Investors Inc. Trusts & Funds - Aliso Viejo, California

Sunstone Hotel Investors, Inc. is a real estate investment trust, which engages in the acquisition, ownership, asset management and renovation of hotels and resorts. It operates under the following brands: Marriott, Hilton, and Hyatt. The company was founded by Robert A. Alter in 1985 and is headquartered in Aliso Viejo, CA.

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