DALLAS, Aug. 1, 2023
/PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR)
("Braemar" or the "Company") today announced the rebranding and
planned conversion of its Mr. C Beverly
Hills ("Mr. C") in Los Angeles,
California to the Cameo Beverly Hills. Beginning
August 4, 2023, Cameo Beverly Hills
will be available for booking on Hilton's website
at hilton.com and join Hilton Honors, Hilton's award-winning
guest loyalty program. Following an extensive renovation, which is
expected to be completed by the end of 2025, the hotel will join
LXR Hotels & Resorts ("LXR"). One of Hilton's iconic luxury
brands, LXR is a collection of unique, independent luxury
properties around the world that focuses on individualized service
and one-of-a-kind stays.
The conversion of the hotel, which was built in 1965, will
reflect its unique history and distinctive location in the heart of
West Los Angeles near iconic
amenities and high-end shopping on Rodeo Drive. The Company is
planning an approximately $25 million
renovation to further elevate this distinctive hotel that will
enable a revitalized luxury guest experience when it is completed.
Added amenities and enhanced design elements will include upgrades
to the guestrooms, guest bathrooms, restaurant, lobby, pool,
fitness area, and meeting spaces.
Remington will continue to manage the property after the
conversion under a management agreement.
"The transformation of this iconic hotel fills a desirable niche
in the Beverly Hills lodging
market," said Richard J. Stockton,
Braemar's President and Chief Executive Officer. "We look forward
to realizing enhanced financial performance from this property as a
result of our significant investment and new partnership with
Hilton."
For more information about the property, or to make
reservations, please visit Hilton.com.
Braemar Hotels & Resorts is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Forward-Looking Statements
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the Company's strategy and future plans. These
forward-looking statements are subject to risks and uncertainties.
When we use the words "will likely result," "may," "anticipate,"
"estimate," "should," "expect," "believe," "intend," or similar
expressions, we intend to identify forward-looking statements. Such
statements are subject to numerous assumptions and uncertainties,
many of which are outside Braemar's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: our ability to repay, refinance or restructure our debt
and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; our projected operating
results; completion of any pending transactions; risks associated
with our ability to effectuate our dividend policy, including
factors such as operating results and the economic outlook
influencing our board's decision whether to pay further dividends
at levels previously disclosed or to use available cash to pay
dividends; our understanding of our competition; market trends;
projected capital expenditures; the impact of technology on our
operations and business; general volatility of the capital markets
and the market price of our common stock and preferred stock;
availability, terms and deployment of capital; availability of
qualified personnel; changes in our industry and the markets in
which we operate, interest rates or the general economy; and the
degree and nature of our competition. These and other risk factors
are more fully discussed in Braemar's filings with the Securities
and Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Such
forward-looking statements are based on our beliefs, assumptions,
and expectations of our future performance taking into account all
information currently known to us. These beliefs, assumptions, and
expectations can change as a result of many potential events or
factors, not all of which are known to us. If a change occurs, our
business, financial condition, liquidity, results of operations,
plans, and other objectives may vary materially from those
expressed in our forward-looking statements. You should carefully
consider this risk when you make an investment decision concerning
our securities. Investors should not place undue reliance on these
forward-looking statements. The Company can give no assurance that
these forward-looking statements will be attained or that any
deviation will not occur. We are not obligated to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or circumstances, changes in
expectations, or otherwise, except to the extent required by
law.
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SOURCE Braemar Hotels & Resorts Inc.