{"id":1004223606,"date":"2018-04-24T17:16:02","date_gmt":"2018-04-25T01:16:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004223606"},"modified":"2020-10-01T23:18:00","modified_gmt":"2020-10-02T07:18:00","slug":"ashford-prime-repositions-as-braemar-hotels-resorts","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ashford-prime-repositions-as-braemar-hotels-resorts\/","title":{"rendered":"Ashford Prime Repositions as Braemar Hotels & Resorts"},"content":{"rendered":"

By Suzann D. Silverman<\/p>\n

\"Richard<\/a>

Richard Stockton, President & CEO<\/p><\/div>\n

A new luxury hotel brand listed on the New York Stock Exchange on Tuesday, as Ashford Hospitality Prime Inc. officially became Braemar Hotels & Resorts Inc. The unveiling of the new identity, which includes a new website and ticker symbol, BHR, marks a critical step in an effort that was launched in January 2017, shortly after Richard Stockton joined the REIT<\/a> as president & CEO. The new name, reflecting the luxury and strength of its namesake castle in Scotland, separates the company\u2019s identity from broader-focused \u201csister\u201d REIT Ashford Hospitality Trust, although both continue to benefit from the management skills of a third public entity in the same group, asset manager Ashford.<\/p>\n

Three companies with similar names was \u201cconfusing,\u201d Stockton told CPE<\/em>, and \u201cI felt it was important to differentiate the company\u2014not just the branding but the strategy.\u201d<\/p>\n

\"Hotel<\/a>

Hotel Yountville, Yountville, Calif.<\/p><\/div>\n

Separate but related\u2014as delineated by the fact that executives chose the name of a Scottish castle because Ashford was named for an Irish castle\u2014Braemar (which literally means \u201cthe hills of Mar,\u201d Mar being a province in Scotland) is focused on luxury and resort properties and managing its balance sheet \u201ccarefully and consistently,\u201d maintaining conservative leverage of 45 percent, producing above-average RevPAR and offering more solid dividend payouts, Stockton said. It targets ownership of hotels that are first or second in their market, providing greater strength and ability to adjust rates as the economy shifts.<\/p>\n

Revising the strategy<\/h2>\n

Adjusting the portfolio to achieve this target has involved three acquisitions, two plans for repositionings and two sales\u2014one still to take place. Last March, Braemar purchased the Park Hyatt Beaver Creek<\/a> for $146 million and the Hotel Yountville in Napa Valley<\/a> for $96.5 million (the company was approached to purchase this No. 2 hotel in the market because it already owned the No. 1 hotel, Stockton said), and acquired The Ritz-Carlton Sarasota<\/a> in February for $171 million. Identifying four hotels in its portfolio that were not a fit for the new focus, the company opted to reposition two\u2014both carrying the Courtyard by Marriott flag  but, once upgraded, a better fit for Marriott\u2019s Autograph Collection brand, given their prime locations in Philadelphia<\/a> and San Francisco, according to Stockton. It sold the Marriott Plano Legacy<\/a> last November for $104 million, and has listed the Renaissance Tampa Hotel for sale, as well.<\/p>\n

\"Park<\/a>

Park Hyatt Beaver Creek<\/p><\/div>\n

Including the Tampa, San Francisco and Philadelphia properties, the portfolio averages RevPAR of $219 and average daily rate of $268, on a total of 3,574 rooms. The current core portfolio averages an impressive RevPAR at $243 and an ADR of $297, for 2,374 rooms.<\/p>\n

With the portfolio now well targeted, Stockton does not anticipate further purchases in the near future, instead preferring to focus on performance of the existing properties. As a rule, though, Breamar prefers to underwrite its investments like a private equity firm, he said, buying existing cashflow from private clients and adding amenities to improve the properties. It targets markets based on size, fundamentals (including not just hotel data but office and other performance statistics relating to use of hotels) and sales pricing. Top targeted markets currently include Chicago, Orlando, Miami, San Francisco and Phoenix.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ashford Hospitality Prime will now be known as Braemar Hotels & Resorts, emphasizing its new focus on luxury hotel and resort properties.<\/p>\n","protected":false},"author":755,"featured_media":1004223609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,1587,21808,21751,21783,23891,21742,1494,1609],"tags":[34265,50377],"class_list":["post-1004223606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-denver","category-featured","category-hotel","category-investment","category-national","category-latest","category-philadelphia","category-san-francisco","tag-ashford-hospitality-prime","tag-braemar-hotels-resorts"],"acf":[],"yoast_head":"\nAshford Prime Repositions as Braemar Hotels & Resorts - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ashford-prime-repositions-as-braemar-hotels-resorts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ashford Prime Repositions as Braemar Hotels & Resorts\" \/>\n<meta property=\"og:description\" content=\"Ashford Hospitality Prime will now be known as Braemar Hotels & Resorts, emphasizing its new focus on luxury hotel and resort properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ashford-prime-repositions-as-braemar-hotels-resorts\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-25T01:16:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-02T07:18:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Beaver-Creek-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"678\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Suzann D. 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