Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today announced that its Board of Directors increased its quarterly cash dividend from $0.01 per share to $0.05 per share beginning with the Company’s common stock dividend for the fourth quarter ending December 31, 2022. The dividend, which equates to an annual rate of $0.20 per share, is payable on January 17, 2023, to stockholders of record as of December 30, 2022.
The Board of Directors also approved the Company’s dividend policy for 2023. The Company expects to pay a quarterly cash dividend of $0.05 per share for 2023, or $0.20 per share on an annualized basis. The Board of Directors will continue to review its dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.
The Company also announced that its Board of Directors has authorized a stock repurchase program of up to $25 million. The Company intends to begin share repurchases as soon as practicable and may repurchase shares through open market transactions, privately negotiated transactions or other means. The timing and amount of any transactions will be subject to the discretion of the Company based upon market conditions, and the program may be suspended or terminated at any time by the Company at its discretion without prior notice. The Board’s authorization replaced any previous repurchase authorizations.