Braemar Hotels (NYSE: BHR) shows resort strength and steady Q4 2025
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Braemar Hotels & Resorts Inc. furnished an investor presentation updating performance through the fourth quarter of 2025. Since its 2013 inception, total assets have grown from
For Q4 2025, comparable hotels generated average daily rate of
Resort properties remained the growth engine, with Q4 2025 RevPAR up
Positive
- None.
Negative
- None.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): March 2, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS employer identification number) | ||||||||||||
| (Address of principal executive offices) | (Zip code) | |||||||||||||
Registrant’s telephone number, including area code: (972 ) 490-9600
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
ITEM 7.01 REGULATION FD DISCLOSURE
On March 2, 2026, Braemar Hotels & Resorts Inc. released an investor presentation.
The investor presentation is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Form 8-K and Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit Number Description
99.1 Fourth Quarter 2025 Investor Presentation
104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BRAEMAR HOTELS & RESORTS INC. | ||||||||
| Dated: March 2, 2026 | By: | /s/ Deric S. Eubanks | ||||||
| Deric S. Eubanks | ||||||||
| Chief Financial Officer | ||||||||
4th Quarter 2025 Earnings Update
Company Presentation | March 2026 2 Forward Looking Statements and Non-GAAP Measures In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. 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 forward-looking statements include, but are not limited to, our business and investment strategy, our understanding of our competition, current market trends and opportunities, projected operating results, and projected capital expenditures. 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: the Risk Factors discussed in our most recent Annual Report on Form 10-K; rising interest rates and inflation; macroeconomic conditions, such as a prolonged period of weak economic growth and volatility in the capital and financial markets; uncertainty in the business sector and market volatility; general and economic business conditions affecting the lodging and travel industry; 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; general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy, the degree and nature of our competition, legislative and regulatory changes, including changes to the Internal Revenue Code of 1986, as amended (the “Code”), and related rules, regulations and interpretations governing the taxation of REITs; and limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes. These and other risk factors are more fully discussed in the company's filings with the Securities and Exchange Commission. EBITDA is defined as net income (loss) before interest expense and amortization of loan costs, depreciation and amortization, income taxes, equity in (earnings) loss of unconsolidated entity and after the Company’s portion of EBITDA of OpenKey. In addition, we excluded impairment on real estate, (gain) loss on insurance settlement and disposition of assets and Company’s portion of EBITDA of OpenKey from EBITDA to calculate EBITDA for real estate, or EBITDAre, as defined by NAREIT. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price or debt amount. A capitalization rate is determined by dividing the property's net operating income by the purchase price. Net operating income is the property's Hotel EBITDA minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. EBITDA, FFO, AFFO, CAD and other terms are non-GAAP measures, reconciliations of which have been provided in prior earnings releases and filings with the SEC or in the appendix to this presentation. The calculation of implied equity value is derived from an estimated blended capitalization rate (“Cap Rate”) for the entire portfolio using the capitalization rate method. The estimated Cap Rate is based on recent Cap Rates of publically traded peers involving a similar blend of asset types found in the portfolio, which is then applied to Net Operating Income (“NOI”) of the company’s assets to calculate a Total Enterprise Value (“TEV”) of the company. From the TEV, we deduct debt and preferred equity and then add back working capital to derive an equity value. The capitalization rate method is one of several valuation methods for estimating asset value and implied equity value. Among the limitations of using the capitalization rate method for determining an implied equity value are that it does not take into account the potential change or variability in future cash flows, potential significant future capital expenditures, the intended hold period of the asset, or a change in the future risk profile of an asset. This presentation is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of Braemar Hotels & Resorts Inc. or any of its respective affiliates, and may not be relied upon in connection with the purchase or sale of any such security. Prior to investing in Braemar, potential investors should carefully review Braemar’s periodic filings with the Securities and Exchange Commission, including, but not limited to, Braemar’s most current Form 10-K, Form 10-Q and Form 8-K’s, including the risk factors included therein.
Company Presentation | March 2026 3 $962 $1,862 2013 2025 +94% $78 $164 2013 TTM Q4'25 +111% $233 $649 2013 TTM Q4'25 +178% 8 13 1905 1905 +5 Total Assets (1)(2) Hotel EBITDA (1)(2)(3) (1) As of 12/31/25 (2) In millions (3) 2025 Hotel Rev and Hotel EBITDA figures are comparable Number of Hotels(1) Total Hotel Rev (1)(2)(3)(5) Company Fact Sheet Since inception in 2013, we have significantly increased Gross Asset Value and EBITDA for our iconic and irreplaceable portfolio NYSE: BHR $210.3MM EQUITY MARKET CAP(1) $1.7B ENTERPRISE VALUE(1) HIGHEST RevPAR LODGING REIT 202 Luxury Hotels Drive 2025 Hotel EBITDA(1)(3)(4) Resorts Drive 2025 Hotel EBITDA(1)(3) (4) In thousands (5) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels 20252025 2013 Luxury $135,890 Upper Upscale $28,345 $- $50,000 $100,000 $150,000 Urban, 19% Resort, 81%
Ritz-Carlton, St. Thomas Discussion Topics Industry Update Recent Results & Developments Liability Management 19 18 9 5 Appendix
Industry Update Ritz-Carlton Reserve Dorado Beach
Company Presentation | March 2026 6 87 95 96 96 94 0 20 40 60 80 100 120 2021 2022 2023 2024 2025F Occupancy Index Industry RevPAR Continues to Exceed 2019 Source: Lodging Analytics Research & Consulting Q4 2025 U.S. KPIs, Indexed to 2019 95 114 119 121 122 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025F ADR Index 83 108 114 116 115 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025F RevPAR Index
Company Presentation | March 2026 7 $0 $15 $30 $45 $60 $75 $90 $105 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 Real RevPAR Real RevPAR Nominal RevPAR 0% 10% 20% 30% 40% 50% 60% 70% Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 Occupancy $0 $40 $80 $120 $160 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Q4'25 Real ADR Real ADR Nominal ADR Industry Real RevPAR & ADR Stable Source: STR $103 62% $129 44% $45 $80 Pier House Sofitel Chicago Magnificent Mile
Company Presentation | March 2026 8 -1.0% 2.7% 1.7% 0.8% 2.5% 3.3% -1.0% 2.7% 1.7% 0.0% 1.6% 1.6% -1.6% 1.8% 0.1% -1.2% 0.5% -0.7% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy 2026 Forecasted Growth YoY … But, Luxury and Upper Upscale RevPAR growth forecasted Source: Lodging Analytics Research & Consulting Q4 2025
Recent Results & Developments Hotel Yountville
Company Presentation | March 2026 10 Comparable Hotel Operating Results(1) 2025 Q4 2024 Q4 % Variance 2025 ADR(3) $559 $530 5.4% Occupancy(3) 60.8% 64.1% (5.2%) RevPAR(3) $340 $340 0.0% Total Hotel Revenue(3)(4) $162,443 $159,636 1.8% Hotel EBITDA(4) $38,009 $38,421 (1.1%) Hotel EBITDA Margin 23.4% 24.1% (0.7%) (1) Includes all hotels owned as of December 31, 2025 (2) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels (3) In thousands (4) Comparable results as reported in Earnings Releases: 2020 as reported on 2/25/2021; 2021 as reported on 2/24/2022; 2022 as reported on 2/22/2023; and 2023 as reported on 2/29/2024 (5) Actual results as reported in Earnings Releases: 2024 as reported on 2/26/2025 and 2025 as reported on 2/26/2026; Results for 2024 include all properties owned during the period, including Torrey Pines through the date of its disposition; and Results for 2025 include the 13 hotels owned as of December 31, 2025, as well as Marriott Seattle Waterfront through its disposition date in August 2025 and The Clancy through its disposition date in November 2025. HOTEL EBITDA(4)(5)REVPAR(2)(4)(5) Steady RevPAR Despite Tightening Margins $101 $238 $312 $307 $311 $331 $- $50 $100 $150 $200 $250 $300 $350 2020 2021 2022 2023 2024 2025 $13.9 $142.5 $221.9 $206.4 $188.1 $183.7 $- $50 $100 $150 $200 $250 2020 2021 2022 2023 2024 2025 (In m illi on s)
Company Presentation | March 2026 11 -9.1% -9.0% -9.0% -6.1% -1.9% -1.8% 0.8% 3.6% 3.8% 5.4% 7.1% 8.5% 24.0% 30.1% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% -64.2% -29.7% -24.3% -6.2% -6.0% -5.2% -4.9% -2.1% 1.6% 4.9% 9.0% 14.3% 21.1% 23.2% -70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% YoY ADR & Occupancy Growth by Property ADR – Q4 ‘25 YoY Variance Occupancy – Q4 ‘25 YoY Variance Key: Resort Urban Portfolio
Company Presentation | March 2026 12 -53.4% -19.0% -12.8% -11.8% -11.0% -5.5% -1.3% -0.8% 0.0% 3.1% 10.2% 12.0% 12.2% 25.5% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% YoY RevPAR Growth by Property RevPAR (1)(2) – Q4 ‘25 YoY Variance Key Observations Resort RevPAR in Q4 ‘25 was up 4.1% YoY and up 37.2% vs. Q4 ‘19 Average RevPAR in Q4 ‘25 was up 0.0% YoY and up 24.2% vs. Q4 ‘19 Urban RevPAR in Q4 ‘25 was down -10.1% YoY and down -5.2% vs. Q4 ‘19 Key: Resort Urban Portfolio (1) Same-store data for the current 13 hotel owned as of December 31, 2025 (2) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels
Company Presentation | March 2026 13 EBITDA Contribution Favored Resorts Bardessono (1) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels (2) In thousands (3) Please refer to slides 20-32 for a reconciliation to the most directly comparable non-GAAP financial metric Quarter Highlights • Resorts posted strong Y-O-Y RevPAR growth of 4.1%, while Urban properties were down • EBITDA contribution favored Resorts versus Urban properties • Four Seasons Scottsdale and Ritz-Carlton Reserve Dorado Beach were the top performers by Hotel EBITDA • Ritz-Carlton Sarasota delivered the strongest year-over-year improvement in the quarter, with EBITDA increasing 48% compared to 2024 • Worst performing properties were those under renovation: The Cameo, Hotel Yountville, and Park Hyatt Beaver Creek • Record-low snowfall and unusually warm conditions negatively impacted performance at Ritz-Carlton Lake Tahoe and Park Hyatt Beaver Creek
Company Presentation | March 2026 14 Ritz-Carlton Drives 2025 Hotel EBITDA(1)(2) (1) Comparable TTM as of 12/31/25, see appendix for a reconciliation of TTM hotel net income (loss) to hotel TTM EBITDA; In thousands (2) Marriott Seattle waterfront sold in Q3’25 and The Clancy sold in Q4’25 Transient Demand Drives 2025 Revenue(1)(2) High Exposure to Luxury Hotels and Resorts Ritz-Carlton: Ritz-Carlton St. Thomas, Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, and Ritz-Carlton Reserve Dorado Beach; Independent: Bardessono, Pier House, Hotel Yountville, and Cameo Beverly Hills; Park Hyatt: Park Hyatt Beaver Creek; Marriott / Autograph: The Notary; Hilton: Cameo Beverly Hills and Capital Hilton; Sofitel: Sofitel Chicago Magnificent Mile; Four Seasons: Four Seasons Scottsdale Luxury: Sofitel Chicago Magnificent Mile, Ritz-Carlton St. Thomas, Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe, Ritz-Carlton Reserve Dorado Beach, Bardessono, Pier House, Hotel Yountville, Cameo Beverly Hills, Park Hyatt Beaver Creek, and Four Seasons Scottsdale; Upper Upscale: Capital Hilton, and The Notary Four Seasons Scottsdale Transient, 73.4% Group, 23.9% Contract, 2.7% Ritz-Carlton $72,870 Four Seasons $28,020 Independent $21,985 Hilton $12,898 Autograph $11,483 Park Hyatt $10,759 Sofitel $6,220 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000
Company Presentation | March 2026 15 AFFO/SHARE IMPROVING ON LOWER INTEREST RATES(1)(2)SLIGHTLY LOWER ADJUSTED EBITDARE(1)(2) Quarter Highlights Full Year Highlights Company Results Steady (1) Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively (2) 2024 Adjusted EBITDAre, 2024 AFFO, and 2025 Adjusted EBITDAre includes the results of the 15 hotels owned in 2024 and the first two quarters of 2025, the results of Marriott Seattle Waterfront through its disposition date in August 2025 and The Clancy in November 2025 $0.10 $0.20 $0.49 $0.44 $0.42 $0.40 $(0.85) $0.22 $0.43 $0.20 $0.10 $0.09 $(0.29) $0.17 $0.16 ($0.08) ($0.24) ($0.19) $(0.24) $0.25 $0.16 $0.04 ($0.06) ($0.02) $(1.60) $(1.20) $(0.80) $(0.40) $- $0.40 $0.80 $1.20 $1.60 2020 2021 2022 2023 2024 2025 (In m illi on s) Q1 Q2 Q3 Q4 $(4.5) $87.5 $172.4 $176.7 $157.6 $147.0 $(20) $- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2020 2021 2022 2023 2024 2025 (In m illi on s) • Adjusted funds from operations (AFFO) was $(0.02) per diluted share for the quarter. • Comparable Total RevPAR for all hotels increased 1.8% over the prior year quarter to $579. • Net debt to gross assets was 46.7% at the end of the fourth quarter. • Capex invested during the quarter was $23.4 million. • Comparable Hotel EBITDA was $38.0 million for the quarter, reflecting a decrease of 1.07% over the prior year quarter. • During the quarter, the Company redeemed approximately $17.7 million of its non-traded preferred stock in cash.
Company Presentation | March 2026 16 Major 2025 Capital Expenditures Ritz-Carlton Lake Tahoe Park Hyatt Beaver Creek Hotel Yountville Cameo Beverly Hills $78mm in Capital Expenditures in 2025 • Café Blue Renovation to Montesa (Completed) • Guestroom Renovation (Completed) • Hilton LXR Conversion (Completed) • Guestroom Renovation (Completed)
Liability Management Ritz-Carlton Lake Tahoe
Company Presentation | March 2026 18 $129.7 $72.5 $109.4 $410.0 $386.2 7.0% 3.9% 5.9% 22.0% 20.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 2026 2027 2028 2029 2030 (in m ill io ns ) % of Gross Assets Manageable Debt Maturity Profile Maturity Schedule(1) (1) Percentages reflect each year’s maturing debt as a % of total gross assets
Appendix Ritz-Carlton Sarasota
Company Presentation | March 2026 20 Indebtedness
Company Presentation | March 2026 21 Indebtedness
Company Presentation | March 2026 22 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | March 2026 23 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | March 2026 24 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | March 2026 25 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | March 2026 26 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | March 2026 27 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | March 2026 28 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | March 2026 29 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | March 2026 30 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Company Presentation | March 2026 31 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Company Presentation | March 2026 32 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Company Presentation | March 2026 33 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Company Presentation | March 2026 34 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Company Presentation | March 2026 35 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | March 2026 36 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | March 2026 37 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | March 2026 38 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | March 2026 39 Reconciliation of Net Income (Loss) to Adjusted FFO Q4 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively.
Company Presentation | March 2026 40 Reconciliation of Net Income (Loss) to Adjusted FFO Q3 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively.
Company Presentation | March 2026 41 Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively.
Company Presentation | March 2026 42 Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes, the change has been applied retrospectively.
FAQ
How did Braemar Hotels & Resorts (BHR) perform in Q4 2025?
Braemar delivered modest growth in Q4 2025, with total hotel revenue rising 1.8% to $162.4 million. Comparable Hotel EBITDA slipped about 1% to $38.0 million, reflecting higher costs and renovation impacts despite solid pricing and stable overall RevPAR of $340.
What were Braemar Hotels & Resorts’ key Q4 2025 operating metrics?
In Q4 2025, Braemar’s comparable portfolio achieved ADR of $559 (up 5.4%), occupancy of 60.8% (down year over year), and RevPAR of $340 (flat). These figures show stronger room rates offset by softer occupancy, especially in urban properties under renovation or facing weaker demand.
How are Braemar Hotels & Resorts’ resort and urban hotels performing?
Resort assets are outperforming, with Q4 2025 RevPAR up 4.1% year over year and 37.2% above Q4 2019. Urban RevPAR declined 10.1% year over year and remained 5.2% below 2019, highlighting a portfolio tilt toward stronger leisure-driven resort markets.
What was Braemar Hotels & Resorts’ AFFO per share in Q4 2025?
Adjusted funds from operations were $(0.02) per diluted share in Q4 2025. This slightly negative AFFO reflects tighter margins, elevated capital spending, and portfolio transitions, even as overall comparable Total RevPAR for all hotels increased 1.8% to $579 in the period.
How leveraged is Braemar Hotels & Resorts at year-end 2025?
At the end of Q4 2025, Braemar reported net debt to gross assets of 46.7%. The company also redeemed approximately $17.7 million of non-traded preferred stock in cash, which slightly reduces preferred obligations while maintaining a moderate leverage profile for a luxury lodging REIT.
What capital expenditures did Braemar Hotels & Resorts make in 2025?
Braemar invested about $78 million in capital expenditures during 2025, including major renovations and conversions at properties like Ritz-Carlton Lake Tahoe, Park Hyatt Beaver Creek, Hotel Yountville, and Cameo Beverly Hills. Q4 2025 capex alone totaled $23.4 million, emphasizing reinvestment in its luxury portfolio.
How has Braemar Hotels & Resorts grown since its 2013 inception?
Since 2013, Braemar has expanded total assets from $962 million to $1.862 billion, more than doubled Hotel EBITDA from $78 million to $164 million, and increased total hotel revenue from $233 million to $649 million, while growing its portfolio from 8 to 13 hotels.
Filing Exhibits & Attachments
5 documentsPress Releases
Braemar Hotels & Resorts Inc