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Braemar Hotels & Resorts Taking Disciplined Approach to Acquisitions
6/21/2018 | By Nareit Staff
Richard Stockton, president and CEO of Braemar Hotels & Resorts, Inc. (NYSE: BHR), participated in a video interview at Nareit's REITweek: 2018 Investor Conference in New York.
Braemar, formerly known as Ashford Hospitality Prime, Inc., underwent a branding change earlier this year. Stockton said the new identity reinforces the company's focus on the luxury hotel sector.
Earlier this year, Braemar acquired the Ritz-Carlton Sarasota in Sarasota, Florida for $171 million. Stockton said finding such a property requires sifting through many deals to find one that will work for Braemar's financial metrics.
Braemar has taken a "very disciplined" approach toward acquisitions, with three hotels acquired in the past year, Stockton noted.
As for the uptick in mergers & acquisitions (M&A) activity in the lodging sector, Stockton said Braemar is looking from the sidelines "with great interest."
Braemar's share price doesn't necessarily reflect the intrinsic value of the portfolio, according to Stockton. "It's possible that we would get approached at some point and we'd certainly address it at that time and discuss it with any potential suitors," he said.
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