Braemar Hotels & Resorts Inc Q4 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Bryan Anthony Maher - B. Riley Securities, Inc., Research Division - Analyst : We all know that the resort business has been doing pretty well, and you guys commented that bookings remained strong. But can you give us a little bit of color on the 5 urban assets? I mean are those just kind of dead in the water for a while? Are you seeing a pickup there at all? Is there any inbound group calls for the second half of this year. Just can you give us a little more color there?

Question: Bryan Anthony Maher - B. Riley Securities, Inc., Research Division - Analyst : Great. And the one kind of resort-y hotel that you had that did not perform well, La Jolla, I think RevPAR was down 73%. We were a bit surprised with that property given its kind of drive-to ability from San Diego and L.A. Was there something specific going on there that would have caused that?

Question: Bryan Anthony Maher - B. Riley Securities, Inc., Research Division - Analyst : Great. And just 2 quick ones for me. Why did you guys do the standby equity distribution agreement, the 7.8 million shares instead of a regular ATM?

Question: Bryan Anthony Maher - B. Riley Securities, Inc., Research Division - Analyst : Okay. And then just quickly, the Waldorf Astoria in Chicago just traded for $54 million, which just screams of a buy. Is that something that you guys bid on or did you pass because it's Chicago, and Chicago is tough? And are you seeing anything else out there like that where you can get a huge discount and you're willing to wait 12 to 24 months, you're going to have -- love doing that deal later?