Hotels & Resorts Inc., a real estate investment trust, announced today that it has postponed its 2024 Annual Meeting of Stockholders. The meeting, which was originally scheduled for July 30, 2024, will now take place on October 15, 2024. The company has confirmed September 20, 2024, as the new record date for stockholders eligible to vote at the meeting.
The Dallas-based company, which operates under the real estate and construction sector, stated that it would file a revised proxy statement with the Securities and Exchange Commission (SEC) to reflect the changes in the meeting date and record date. This document is essential for stockholders as it contains important information about the meeting and the matters to be voted upon.
Braemar Hotels & Resorts, formerly known as Ashford Hospitality (NYSE:AHT) Prime, Inc., has urged its investors and stockholders to read the updated proxy statement carefully once it is available. The proxy statement and other related materials will be accessible on the SEC's website and on the company's own website under the "Investor" section.
The company's executive officers and directors are participants in the solicitation of proxies from stockholders in connection with the annual meeting. The proxy statement will provide further details about these individuals and their stakes in the company.
In other recent news, Braemar Hotels & Resorts Inc. has been in the spotlight due to a dispute with investor Blackwells Capital LLC. Blackwells has publicly criticized Braemar's management and CEO, Mr. Bennett, leading to a lawsuit against the company's board. The investor firm alleges mismanagement, and encourages shareholders to support its proposals and nominees.
In parallel, Braemar has reported positive Q1 growth, with revenue per available room (RevPAR) growth and a net income attributable to common stockholders of $3.5 million. This strong start to 2024 is bolstered by significant financial strategies, including the sale of the Hilton La Jolla Torrey Pines for $165 million and plans for preferred share redemption and common share buybacks.
In addition, B.Riley has raised its stock target for Braemar from $2.50 to $3.50, while maintaining a Neutral rating. The revision was influenced by Braemar's Q1 2024 performance and strategic actions. However, the analyst firm has expressed caution due to uncertainties surrounding Braemar's future plans. These recent developments within Braemar Hotels & Resorts Inc. are expected to be closely monitored by the market.
InvestingPro Insights
Braemar Hotels & Resorts Inc. has made a significant announcement regarding the rescheduling of its Annual Meeting of Stockholders, a key event for investors. To provide additional context for shareholders considering their investment decisions, here are some insights based on the latest data from InvestingPro. The company is currently trading at a low EBITDA valuation multiple, which might be attractive for value investors looking for potential undervalued stocks. Additionally, Braemar Hotels & Resorts pays a significant dividend to shareholders, with a notable dividend yield of 7.3%, which could appeal to income-focused investors.
From a financial perspective, the company has a market capitalization of approximately $199.18 million and a revenue of $742.89 million over the last twelve months as of Q1 2024, showing a modest revenue growth of 2.8%. Despite not being profitable over the last twelve months, with a P/E ratio of -2.41, the company's stock has had a strong return over the last three months, suggesting a potential turnaround or favorable market conditions for Braemar Hotels & Resorts. For investors looking for a deeper analysis, there are additional InvestingPro Tips available, which can be accessed to gain more comprehensive insights into the company's performance and future outlook. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to these valuable tips.
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