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12/09/2022 | by Nareit Staff

Richard Stockton, president and CEO of Braemar Hotels & Resorts Inc., participated in a video interview at Nareit’s REITworld: 2022 Annual Conference held in San Francisco on Nov. 15-17.

Stockton noted that RevPAR has been “bouncing back over the last 12-14 months and over the last three quarters we’ve had record results.” In fact, Braemar is seeing RevPAR, ADR, and occupancy all above 2019 levels, he added.

Braemar recently announced plans to acquire the Four Seasons Resort Scottsdale. Stockton said the move further diversifies the REIT’s portfolio. The property is Braemar’s 16th hotel and generates about $15 million of NOI. It is the company’s first acquisition in the Phoenix/Scottsdale market of Arizona, which Stockton described as a “very attractive, high-growth market.” In addition, it’s also the company’s first Four Seasons acquisition.

Meanwhile, Stockton said that despite rising interest rates, “we’ve been able to outpace it firstly with the growth of our top-line revenue, and not only that but we’re now capped out at a place where any further interest rate increases just won’t hurt us.”