Real estate investment trusts Ashford Hospitality Trust and Braemar Hotels and Resorts reported their preliminary hotel performance results for fourth quarter 2022.
Both publicly traded REITs are externally managed by Ashford Inc.
According to a company release, Ashford Hospitality Trust expects to report occupancy of 68% for the fourth quarter 2022, an average daily rate of $175 and revenue per available room of approximately $118. The expected RevPAR indicates a 25% increase against the same period in 2021 but a 1% decrease to 2019.
In December, RevPAR remained unchanged against the same month in 2019, while in November it decreased 2% to 2019, and in October it decreased 1% to 2019.
Rob Hays, Ashford Hospitality Trust’s president and CEO, said in the news release that the REIT benefited "from increased demand and realized notable rate increases in many key markets" during the fourth quarter.
"As we look ahead to 2023, we believe that our high-quality, geographically diverse portfolio, with its high exposure to both transient leisure and business customers, remains well-positioned," he said in the release.
Ashford Hospitality Trust focuses its investments on upper upscale, full-service hotels.
Braemar Hotels and Resorts expects to report 64% occupancy for the fourth quarter 2022, ADR of $469 and RevPAR of $301, according to a news release. The expected RevPAR indicates an 8% increased compared to the same period in 2021 and a 20% increase compared to 2019.
Braemar's portfolio primarily consists of luxury hotels and resorts. The preliminary results are based on its 16 owned hotels as well as the REIT's operations.
In December, RevPAR increased 26% against December 2019. In November, it increased 15% versus 2019, and rose 14% against 2019.
In November, Braemar entered into a definitive agreement to purchase the 210-room Four Seasons Resort Scottsdale at Troon North for $267.8 million or roughly $1.3 million per room.
