DALLAS, TX - Braemar Hotels & Resorts (NYSE:BHR) Inc., a real estate investment trust, announced today that it has postponed its 2024 Annual Meeting of Stockholders. Originally scheduled for October 15, 2024, the meeting will now take place on December 17, 2024. The record date for determining stockholders eligible to vote at the meeting remains set for September 20, 2024.
The company, which is listed on the New York Stock Exchange under the ticker NYSE:BHR, has stated that it will file a revised proxy statement with the Securities and Exchange Commission (SEC) to reflect the new meeting date. This document will provide stockholders with pertinent details regarding the rescheduled event.
The decision to delay the annual meeting comes without a disclosed reason for the postponement. In the meantime, Braemar Hotels & Resorts continues to prepare for the meeting, where stockholders will have the opportunity to vote on company matters.
Investors and stockholders are encouraged to read the definitive proxy statement filed on June 17, 2024, as well as any amendments or supplements that will be filed with respect to the rescheduled 2024 Annual Meeting. These documents contain important information about the meeting and will be available on the SEC's website and the company's website, under the "Investor" section.
Braemar's executive team and directors will participate in the solicitation of proxies for the meeting. Information about the company’s leadership and their share ownership is detailed in the proxy statement, which is accessible to investors and stockholders for review.
In other recent news, Braemar Hotels & Resorts reported mixed financial results for the second quarter of 2024. Despite a net loss of $21.9 million, the company saw a 6% increase in RevPAR in urban hotels and a notable 10% growth at the Four Seasons Resort Scottsdale at Troon North. As part of its shareholder value creation plan, Braemar has been active in managing its debt, refinancing, and repaying its 2024 maturities.
The sale of the Hilton La Jolla Torrey Pines for $165 million is part of this strategy, as well as a share buyback authorization. The company also declared a quarterly dividend of $0.5 per share.
In an effort to streamline operations, Braemar aims to focus on balance sheet management and capital expenditure projects, with plans to reduce owner-funded CapEx by nearly 30%. Lastly, the company is working on rebranding and renovating a hotel to the LXR brand.
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