Dallas-based real estate investment trust Braemar Hotels & Resorts announced its preliminary second-quarter results indicate year-over-year growth in revenue per available room.
Occupancy in the quarter is expected to be 71% with average daily rate of $442 and RevPAR of $315. The anticipated second-quarter RevPAR reflects an increase of about 43% from the same period in 2021 and an increase of 28% compared to the same period in 2019, according to a company release.
President and CEO Richard Stockton said in the release that "these solid results are a testament to the ideal positioning and industry leading quality of our portfolio. Our luxury resorts continue to benefit from the recent surge in leisure demand and soaring average daily rates."
As corporate transient and corporate group demand recover, the portfolio's urban assets also continue to achieve strong bookings.
"Thirteen of our 15 hotels delivered ADRs above the comparable period in 2019," Stockton said in the release. "We are very well-positioned and, looking ahead, remain excited about our opportunities to delivered continued growth."