Braemar Hotels & Resorts Closes $100M Preferred Stock Offering
Ticker: BHR-PD · Form: 8-K · Filed: Sep 19, 2024 · CIK: 1574085
Sentiment: neutral
Topics: preferred-stock, capital-raise, financing
Related Tickers: BHR
TL;DR
BHR closed a $100M preferred stock offering, boosting their cash pile.
AI Summary
On September 19, 2024, Braemar Hotels & Resorts Inc. announced the closing of its previously disclosed offering of 10.0% Series B Cumulative Redeemable Perpetual Preferred Stock. The company successfully raised approximately $100 million in gross proceeds from this offering.
Why It Matters
This capital raise provides Braemar Hotels & Resorts with significant funding, potentially strengthening its financial position and enabling future investments or debt reduction.
Risk Assessment
Risk Level: medium — Preferred stock offerings can dilute existing shareholder value and increase the company's fixed dividend obligations.
Key Numbers
- $100.0M — Gross Proceeds (Amount raised from the preferred stock offering)
- 10.0% — Dividend Rate (Annual dividend rate on the Series B Preferred Stock)
Key Players & Entities
- Braemar Hotels & Resorts Inc. (company) — Registrant
- September 19, 2024 (date) — Closing date of the offering
- 10.0% Series B Cumulative Redeemable Perpetual Preferred Stock (security) — Type of stock offered
- $100 million (dollar_amount) — Gross proceeds from the offering
FAQ
What was the primary purpose of the 10.0% Series B Cumulative Redeemable Perpetual Preferred Stock offering?
The filing does not explicitly state the primary purpose, but such offerings typically aim to raise capital for general corporate purposes, debt repayment, or strategic investments.
What are the terms of the Series B Preferred Stock?
The Series B Preferred Stock has a 10.0% cumulative dividend rate and is redeemable and perpetual.
When did Braemar Hotels & Resorts Inc. file this 8-K report?
The report was filed on September 19, 2024.
What was the total amount raised in gross proceeds from this offering?
The company raised approximately $100 million in gross proceeds.
What was the previous name of Braemar Hotels & Resorts Inc.?
The company was formerly known as Ashford Hospitality Prime, Inc.
Filing Stats: 762 words · 3 min read · ~3 pages · Grade level 13.2 · Accepted 2024-09-19 16:10:34
Filing Documents
- bhr-20240919.htm (8-K) — 30KB
- 0001574085-24-000204.txt ( ) — 199KB
- bhr-20240919.xsd (EX-101.SCH) — 2KB
- bhr-20240919_def.xml (EX-101.DEF) — 16KB
- bhr-20240919_lab.xml (EX-101.LAB) — 28KB
- bhr-20240919_pre.xml (EX-101.PRE) — 17KB
- bhr-20240919_htm.xml (XML) — 5KB
01 OTHER EVENTS
ITEM 8.01 OTHER EVENTS. On September 19, 2024, Braemar Hotels & Resorts Inc. (the " Company ") announced that it has postponed its 2024 Annual Meeting of Stockholders (the " 2024 Annual Meeting ") previously scheduled to be held on October 15, 2024. The 2024 Annual Meeting of Stockholders will be held on December 17, 2024. The record date for the 2024 Annual Meeting will remain September 20, 2024. The Company intends to file with the Securities and Exchange Commission a revised proxy statement reflecting the new date of the 2024 Annual Meeting and related record date as set forth herein. Additional Information and Where to Find it The Company has filed a Definitive Proxy Statement on Schedule 14A with the Securities and Exchange Commission (the "SEC") on June 17, 2024 (the "Proxy Statement") and intends to file other relevant materials with respect to the Company's solicitation of proxies for the 2024 Annual Meeting now scheduled to be held on December 17, 2024. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. The Proxy Statement and any other documents filed by the Company with the SEC, may be obtained free of charge at the SEC's website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents filed with the SEC at the Company's website, http://www.bhrreit.com, under the "Investor" link, or by requesting them in writing or by telephone from us at 14185 Dallas Parkway, Suite 1200, Dallas, Texas 75254, Attn: Investor Relations or (972) 490-9600. Participants The Company and its directors and executive officers will be participants in the solicitation of proxies with respect to a solicitation by the Company. Information about those executive officers and dir
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BRAEMAR HOTELS & RESORTS INC. Dated: September 19, 2024 By: /s/ Alex Rose Alex Rose Executive Vice President, General Counsel & Secretary