Braemar Hotels reaffirms $409M 2027 revenue midpoint
Braemar's 2027 midpoint guidance calls for $409 million in revenue and $88 million in Adjusted EBITDAre.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Braemar Hotels & Resorts Inc. (BHR) released a November 2026 investor presentation reporting third-quarter 2026 hotel results. Comparable RevPAR was $284, up 14.4% year over year; total hotel revenue was $95.236 million, up 9.9%, and Hotel EBITDA was $12.913 million, up 20.7%. Hotel EBITDA margin was 13.6%, 122 basis points above the prior-year quarter.
Urban RevPAR increased 23.3%, while Resort RevPAR increased 5.9%; Resort Hotel EBITDA declined 38.1%, with losses at St. Thomas and Scottsdale. Braemar sold Four Seasons Scottsdale on October 28, 2026, for $372 million; the sale generated $181 million in total unlevered profit. On October 30, it closed a refinancing for The Ritz-Carlton, Lake Tahoe: the loan changed from $43 million at a 325-basis-point spread and 2027 maturity to $60 million at 265 basis points and a 2031 maturity, assuming all extension options are fully used. The presentation estimates $260,000 in implied interest savings. Net debt to gross assets was 33.3%. Braemar reaffirmed previously issued one-time 2027 guidance, with midpoint total revenue of $409 million and Adjusted EBITDAre of $88 million.
2 points · 1 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Major pointThe Scottsdale sale reported $181 million in total unlevered profit. 1.7× market cap
- Moderate pointQ3 hotel revenue rose 9.9%; Hotel EBITDA increased 20.7% year over year.
Negative
- Moderate pointResort Hotel EBITDA fell 38.1% year over year in Q3 2026.
Filing Explained
BHR's post-refinancing debt schedule says no maturities are expected until two thousand twenty-eight.
This Form 8-K reports that BHR released its investor presentation on
The presentation reports that most restricted cash was held by managers as reserves.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
RevPAR: $284
Total hotel revenue: $95.236 million
Hotel EBITDA: $12.913 million
+5 more
8 metrics
RevPAR
$284
Q3 2026; up 14.4% year over year
Total hotel revenue
$95.236 million
Q3 2026; up 9.9% year over year
Hotel EBITDA
$12.913 million
Q3 2026; up 20.7% year over year
Hotel EBITDA margin
13.6%
Q3 2026; 122 basis points above Q3 2025
Resort Hotel EBITDA change
-38.1%
Q3 2026 year over year
Lake Tahoe refinanced loan amount
$60 million
After refinancing closed October 30, 2026
Scottsdale total unlevered profit
$181 million
Four Seasons Scottsdale sale
2027 total revenue guidance midpoint
$409 million
Full-year 2027 guidance
Key Terms
Adjusted EBITDAre, Comparable Hotel EBITDA Margin, Net Debt to Gross Assets, Unlevered MOIC
4 terms
Adjusted EBITDAre financial
"Adjusted EBITDAre is EBITDAre further adjusted to exclude"
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
Comparable Hotel EBITDA Margin financial
"Comparable Hotel EBITDA Margin"
Net Debt to Gross Assets financial
"Net Debt to Gross Assets is Net Debt divided by Gross Assets"
Unlevered MOIC financial
"1.7x Unlevered MOIC"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were BHR's Q3 2026 hotel results?
Comparable RevPAR was $284, up 14.4% year over year. Total hotel revenue was $95.236 million, up 9.9%, and Hotel EBITDA was $12.913 million, up 20.7%; Hotel EBITDA margin was 13.6%, an increase of 122 basis points.
What changed in BHR's Lake Tahoe refinancing?
Braemar closed the refinancing on October 30, 2026. The loan is listed at $60 million with a 265-basis-point spread and 2031 maturity, versus $43 million, 325 basis points and 2027 before refinancing; the maturity assumes all extension options are fully used. Estimated implied interest savings are $260,000.
What is BHR's full-year 2027 revenue and Adjusted EBITDAre guidance?
Braemar reaffirmed previously issued one-time guidance: total revenue is $407 million to $412 million, with a $409 million midpoint, and Adjusted EBITDAre is $85 million to $90 million, with an $88 million midpoint.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 5, 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 November 5, 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.
FORWARD-LOOKING STATEMENTS
Certain statements and assumptions in this Current Report on Form 8-K, including Exhibit 99.1 hereto, 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 include, among others, statements regarding the Company's expectations as to the Company's future plans, strategy and financial outlook. When the Company uses words such as "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," "project," "potential" or similar expressions, it intends to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside the Company'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: the Company's ability to complete pending or anticipated transactions; the Company's ability to repay, refinance or restructure its debt and the debt of certain of its subsidiaries; the Company's projected operating results; risks associated with the Company's ability to effectuate its dividend policy; general volatility of the capital markets and the market price of the Company's common and preferred stock; availability, terms and deployment of capital; changes in the Company's industry and the markets in which it operates, interest rates or the general economy; and the degree and nature of the Company's competition. These and other risk factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC").
The forward-looking statements included in this Current Report on Form 8-K are only made as of the date of this report. Such forward-looking statements are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently known to the Company. These beliefs, assumptions and expectations can change as a result of many potential events or factors, not all of which are known to the Company. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. The Company is 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.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit Number Description
99.1 Investor Presentation of the Company, dated November 2026
101 Inline Interactive Data Files
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: November 5, 2026 | By: | /s/ Justin R. Coe | ||||||
| Justin R. Coe | ||||||||
| Chief Accounting Officer and Principal Financial Officer | ||||||||
Earnings Update | 3rd Quarter 2026 The Ritz-Carlton, Lake Tahoe
Investor Presentation | November 2026 2 Forward-Looking Statements 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. 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-Ks, including the risk factors included therein.
Investor Presentation | November 2026 3 Non-GAAP Measures This presentation contains non-GAAP financial measures, including EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA, Comparable Hotel EBITDA, Comparable Hotel EBITDA Margin, FFO, NAREIT FFO, Adjusted FFO, Net Debt and Net Debt to Gross Assets. Management believes these measures are useful to investors because they exclude items that do not reflect the ongoing operating performance of the Company's hotels — principally depreciation and amortization, which is substantial for a real estate owner and does not correlate with the change in value of the Company's properties, together with financing costs, income taxes, impairment charges, gains and losses on asset dispositions, and costs associated with transactions and the Company's transition to self-management. Presenting results on this basis allows period-to-period comparisons of hotel-level and corporate operating performance, facilitates comparison with other lodging REITs that report similar measures, and reflects how management evaluates the portfolio, allocates capital and measures the performance of the Company's hotel managers. These measures are also used in the Company's internal budgeting and forecasting and, in the case of Net Debt and Net Debt to Gross Assets, in evaluating leverage and balance sheet capacity. These measures should not be considered in isolation or as substitutes for net income (loss), operating income, cash flow from operating activities, or any other measure prepared in accordance with GAAP, and they are not indicative of funds available to meet the Company's cash needs, including the ability to fund distributions. Because these measures are not standardized, the Company's presentation may not be comparable to similarly titled measures reported by other companies. Reconciliations of the historical non-GAAP measures used in this presentation to their most directly comparable GAAP measures appear in the appendix to this presentation. EBITDA is net income (loss) before interest expense and amortization of loan costs, depreciation and amortization, income taxes, and equity in (earnings) loss of unconsolidated entities, and after the Company's portion of EBITDA of OpenKey. EBITDAre is EBITDA further adjusted to exclude impairment charges on real estate and (gain) loss on the disposition of assets and hotel property, 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. Adjusted EBITDAre is EBITDAre further adjusted to exclude amortization of favorable (unfavorable) contract assets and liabilities, transaction and conversion costs, other (income) loss, write-off of loan costs and exit fees, realized and unrealized (gain) loss on derivatives, stock- and unit-based compensation, legal, advisory and settlement costs, advisory services incentive fees, (gain) loss on extinguishment of debt, (gain) loss on insurance settlement, and severance. Hotel EBITDA is property-level net income (loss) before interest expense and amortization of loan costs, depreciation and amortization, income taxes and non-hotel EBITDA ownership expense, less EBITDA attributable to noncontrolling interests in consolidated entities. Comparable Hotel EBITDA further adjusts Hotel EBITDA to present results for all periods as though each hotel had been owned for the full period. Hotel EBITDA Margin is Hotel EBITDA divided by total hotel revenue. FFO is net income (loss) computed in accordance with GAAP, excluding gains and losses from the sale of properties and impairment charges on depreciable real estate, plus real estate– related depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. NAREIT FFO is FFO as defined by NAREIT. Adjusted FFO is NAREIT FFO further adjusted for items the Company does not consider indicative of ongoing operating performance, consistent with the adjustments described under Adjusted EBITDAre. Net Debt is total indebtedness less unrestricted cash, restricted cash and the Company's loan receivable. Gross Assets is total assets plus accumulated depreciation. Net Debt to Gross Assets is Net Debt divided by Gross Assets. RevPAR, Total RevPAR, ADR and occupancy are hotel operating statistics and are not non-GAAP financial measures. Comparable operating statistics present all periods as though each hotel had been owned for the full period. The Company does not provide a reconciliation of its full year 2027 guidance for Adjusted EBITDAre, NAREIT FFO per diluted share, Adjusted FFO per diluted share or Comparable Hotel EBITDA Margin to the most directly comparable forward-looking GAAP financial measures, because it is unable to predict with reasonable certainty, and without unreasonable effort, the amount or timing of certain items required for such a reconciliation. These items include, but are not limited to, impairment charges on real estate, gains and losses on the disposition of assets and hotel properties, gains and losses on the extinguishment of debt, realized and unrealized gains and losses on derivatives, gains and losses on insurance settlements, transaction and conversion costs, severance, and the final terms and timing of the refinancing transactions described in this presentation. These items are uncertain, depend on factors outside the Company's control and could have a material effect on GAAP results for the guidance period. For the same reason, the Company is unable to address the probable significance of the unavailable information.
Investor Presentation | November 2026 4 Agenda 1 Company & Portfolio Overview 2 Industry Update 4 Liability Management Ritz-Carlton Reserve Dorado Beach 5 Looking Ahead 3 Recent Results & Developments
Investor Presentation | November 2026 5 Company & Portfolio Overview • Highest proportion of luxury properties amongst lodging REITs: 5 Luxury; 2 Upper Upscale • Diversified across 4 gateway urban markets and 3 premier resort destinations with high barriers to entry • +21.9% YoY Hotel EBITDA growth, nine months ended September 20261 $1B+ Gross Investments in Hotel Properties1 ~$92M Total Annual Hotel EBITDA3 Go-Forward Portfolio2 Ritz-Carlton Reserve Dorado Beach Dorado Beach, PR 96 keys Luxury Resort The Ritz-Carlton, St. Thomas St. Thomas, USVI 180 keys Luxury Resort Capital Hilton Washington, D.C. 559 keys Upper Upscale Urban The Notary Hotel, Autograph Collection Philadelphia, PA 499 keys Upper Upscale Urban Sofitel Chicago Magnificent Mile Chicago, IL 415 keys Luxury Urban The Ritz-Carlton, Lake Tahoe Truckee, CA 170 keys Luxury Resort Cameo Beverly Hills, LXR Hotels & Resorts Los Angeles, CA 143 keys4 Luxury Urban (1) As reported as of September 30, 2026 for the 7-property go-forward portfolio (2) BHR’s go-forward portfolio following the sale of Four Seasons Scottsdale on October 28, 2026 (3) September 30, 2026 TTM for the 7-property go-forward portfolio (4) Includes BHR-owned residences ~$390M Total Annual Hotel Revenue3 The Highest RevPAR Lodging REIT | NYSE: BHR
Industry Update Cameo Beverly Hills, LXR Hotels & Resorts
Investor Presentation | November 2026 7 100 120 125 128 129 135 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 ADR Index 100 109 110 110 108 109 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 Occupancy Index 100 130 137 140 140 147 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 RevPAR Index Industry RevPAR Continues to Exceed 2021 U.S. KPIs, Indexed to 2021 Source: Lodging Analytics Research & Consulting Q3 2026
Investor Presentation | November 2026 8 Luxury Segment Consistently Outperforms Classification Luxury Upper Upscale Upscale Upper Midscale Midscale Economy RevPAR CAGR (1988-2026)1 4.0% 2.9% 2.8% 2.6% 1.9% 1.4% (1) RevPAR source: CoStar; U.S. Inflation source: U.S. Bureau of Labor Statistics U.S. RevPAR by Chain Scale — Indexed to 100 (Jan 1988)1 50 100 150 200 250 300 350 400 450 500 Ja n -8 8 Ja n -8 9 Ja n -9 0 Ja n -9 1 Ja n -9 2 Ja n -9 3 Ja n -9 4 Ja n -9 5 Ja n -9 6 Ja n -9 7 Ja n -9 8 Ja n -9 9 Ja n -0 0 Ja n -0 1 Ja n -0 2 Ja n -0 3 Ja n -0 4 Ja n -0 5 Ja n -0 6 Ja n -0 7 Ja n -0 8 Ja n -0 9 Ja n -1 0 Ja n -1 1 Ja n -1 2 Ja n -1 3 Ja n -1 4 Ja n -1 5 Ja n -1 6 Ja n -1 7 Ja n -1 8 Ja n -1 9 Ja n -2 0 Ja n -2 1 Ja n -2 2 Ja n -2 3 Ja n -2 4 Ja n -2 5 Ja n -2 6 Luxury Class Upper Upscale Class Upscale Class Upper Midscale Class Midscale Class Economy Class U.S. Inflation (CPI-U) U.S. Inflation 2.8% The Luxury class has the greatest long-term RevPAR growth at 4.0%, the only class to significantly outperform inflation
Investor Presentation | November 2026 9 With virtually no supply growth expected in our markets over the next three years—well below the 0.7%1 market-wide forecast for 2027-2028 and the 1.6%2 long-term average—our markets are positioned to benefit from continued supply constraints Limited new supply, coupled with luxury guests' lower price sensitivity, supports pricing power and reduces reliance on promotional discounting, contributing to our 10.7% YoY RevPAR growth through September 2026 YTD for our go-forward portfolio A High-Quality Luxury Portfolio in Supply-Constrained Markets (1) Forecasted U.S. supply growth for 2027 & 2028 per LARC (2) Average U.S. supply growth over 1988-2026 per CoStar (3) Per CoStar as of 10/27/2026; Inventory Rooms and Rooms Under Construction reflect the STR chain scale of the hotel BHR owns in each market (e.g., Luxury in Chicago; Upper Upscale in Philadelphia) (4) The 20 rooms under construction in the USVI represent The Botany, a new boutique, independent hotel on the opposite side of the island (5) The 81 rooms under construction in Philadelphia’s CBD represent Kasa The Jaan at City Center, a new short-stay apartment-style hotel (6) The 78 rooms under construction in Beverly Hills represent the Aman Beverly Hills As supply remains constrained for the foreseeable future, ADR growth is expected to continue, boosting property-level valuations and expanding shareholder value New Supply Growth Property Market Classification Inventory Rooms³ Rooms Under Construction (2026–2028)³ 2026 2027 2028 Ritz-Carlton Reserve Dorado Beach San Juan Luxury 1,451 0 0.0% 0.0% 0.0% The Ritz-Carlton, St. Thomas⁴ USVI Luxury 682 20 2.9% 0.0% 0.0% Capital Hilton DC CBD Upper Upscale 14,452 0 0.0% 0.0% 0.0% The Notary Hotel, Autograph Collection⁵ Philadelphia CBD Upper Upscale 6,812 81 1.2% 0.0% 0.0% Sofitel Chicago Magnificent Mile Chicago CBD Luxury 8,037 0 0.0% 0.0% 0.0% The Ritz-Carlton, Lake Tahoe Lake Tahoe Luxury 2,414 0 0.0% 0.0% 0.0% Cameo Beverly Hills, LXR Hotels & Resorts⁶ Beverly Hills Luxury 8,092 78 0.0% 0.0% 1.0% Total / Wtd. Avg. 41,940 179 0.2% 0.0% 0.2%
Investor Presentation | November 2026 10 Wealth Creation Is Accelerating at the Top U.S. ULTRA- WEALTHY INDIVIDUALS 207K Americans with net worth above $30M at the end of 2025, a record4 Up 15% YoY Share of Total U.S. Consumer Spending by Income Group (%) An Increasingly K-Shaped Economy1 The IPO wave is adding new wealth at the top • SpaceX (June 2026): 4,400+ employees became millionaires and about 400 hold stakes above $100M2 • Anthropic filed its S-1 publicly on October 26 (ticker ANT); one estimate shows ~4,300 new millionaires, about 50 above $100M3 • OpenAI has filed confidentially; a 2027 IPO would add further to the count • SpaceX and Anthropic together have added / are expected to add about 8,700 millionaires, roughly 450 of them above $100M • Ultra-wealthy ($30M+) population forecasted to grow ~6% a year to 20304, adding ~77K in North America (1) Source: Moody’s Analytics, Federal Reserve (2) Hill.com analysis cited by The New York Times, June 2026; values at the $135 IPO price, before lock-up expiry (3) Hill.com estimate (pre-IPO); Anthropic Form S-1, October 26, 2026 (4) Altrata, World Ultra Wealth Report 2026 (June 2026); ultra wealthy = net worth above $30M
Investor Presentation | November 2026 11 1.23% 6.57% 7.89% 1.22% 4.18% 5.46% 1.15% 3.79% 4.98% 1.52% 3.19% 4.76% 1.75% 2.09% 3.87% 0.52% 0.54% 1.06% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy 2026 Forecasted Growth YoY Significant Luxury RevPAR Growth Forecasted Source: Lodging Analytics Research & Consulting Q3 2026
Ritz-Carlton Reserve Dorado Beach The Notary Hotel, Autograph Collection Recent Results & Developments
Investor Presentation | November 2026 13 Third Quarter 2026 Hotel Results Comparable RevPAR grew 14.4% to $284, the second-highest Q3 RevPAR in the Company’s history, trailing only the post-pandemic recovery in 2022, and driving a 20.7% increase in comparable Hotel EBITDA Comparable Reported RevPAR1 (1) Comparable results as reported in Earnings Releases (2) BHR’s go-forward portfolio following the sale of Four Seasons Scottsdale on October 28, 2026 $238 $312 $307 $311 $331 $357 $- $50 $100 $150 $200 $250 $300 $350 $400 2021 2022 2023 2024 2025 TTM Q3'26 $49.5M $89.3M $84.5M $80.0M $78.4M $92.1M $- $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2021 2022 2023 2024 2025 TTM Q3'26 Go-Forward Hotel EBITDA2 ($ i n m il lio n s) Comparable Reported Hotel Results1 2026 Q3 2025 Q3 % Variance ADR $419 $385 8.6% Occupancy 67.9% 64.5% 5.3% RevPAR $284 $248 14.4% Total Hotel Revenue ($000s) $95,236 $86,692 9.9% Hotel EBITDA ($000s) $12,913 $10,697 20.7% Hotel EBITDA Margin 13.6% 12.3% 122 bps
Investor Presentation | November 2026 14 -5.5% -3.8% -0.5% 0.1% 2.4% 2.5% 5.3% 16.0% 43.1% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Occupancy – Q3 '26 YoY Variance1 -4.9% 2.5% 8.6% 9.3% 13.4% 14.3% 15.3%15.4% 27.7% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% ADR – Q3 '26 YoY Variance1 YoY ADR & Occupancy Growth by Property Key: Resort Urban Portfolio (1) Reflects 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 Ritz-Carlton Reserve Dorado Beach hotels
Investor Presentation | November 2026 15 (2.6%) (1.4%) 7.2% 8.8% 14.4% 14.4% 18.0% 33.9% 82.8% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% RevPAR – Q3 '26 YoY Variance1 YoY RevPAR Growth by Property Key: Resort Urban Portfolio Resort RevPAR in Q3 2026 was up 5.9% YoY • Cameo’s momentum continues following the conversion to LXR Hotels & Resorts • Urban outpaced Resort by 17 pts, led by Cameo, The Notary and Sofitel Chicago • St. Thomas’ underperformance due to one-time discounted group booking in August Urban RevPAR in Q3 2026 was up 23.3% YoY Portfolio RevPAR in Q3 2026 was up 14.4% YoY Key Observations (1) Reflects 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 Ritz-Carlton Reserve Dorado Beach hotels
Investor Presentation | November 2026 16 EBITDA Contribution Favored Urban Hotels (1) Reflects 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 Ritz-Carlton Reserve Dorado Beach hotels (2) Please refer to slides 32-33 for a reconciliation to the most directly comparable GAAP financial measure • Hotel EBITDA of $12.9M, +20.7%, with margin up 122 bps as RevPAR grew 14.4% • Urban accounted for 78% of EBITDA (+63.2%); Resort fell 38.1% on losses at St. Thomas and Scottsdale • Sofitel Chicago and The Notary generated $8.6M hotel EBITDA, two-thirds of the total, on RevPAR growth of 18.0% and 33.9%, respectively • St. Thomas: weaker EBITDA due to increase in fuel costs and other one-time expenses Transient Demand Drives Q3 2026 Revenue1 Quarter Highlights 72.2% 25.2% 2.6% Transient Group Contract Q3 2026 Go-Forward Portfolio (7 Hotels) Location Type Rooms Occ% ADR1 RevPAR1 Δ 3Q25 Hotel EBITDA2 ($000s) Δ 3Q25 Sofitel Chicago Magnificent Mile Chicago, IL Urban 415 81% $339 $276 18.0% $4,740 75.2% Ritz-Carlton, Lake Tahoe Truckee, CA Resort 170 64% $774 $493 7.2% $4,060 11.5% The Notary Hotel Philadelphia, PA Urban 499 71% $247 $176 33.9% $3,878 72.5% Capital Hilton Washington, D.C. Urban 559 73% $251 $183 8.8% $1,876 (20.6%) Ritz-Carlton Reserve Dorado Beach Dorado Beach, PR Resort 96 57% $1,795 $1,025 14.4% $720 106.9% Cameo Beverly Hills Los Angeles, CA Urban 139 76% $343 $260 82.8% ($359) 67.6% Ritz-Carlton, St. Thomas St. Thomas, USVI Resort 180 48% $754 $360 (2.6%) ($913) (99.3%) Total – Go-Forward Portfolio 2,058 71% $411 $290 15.9% $14,002 43.8% Four Seasons Scottsdale Scottsdale, AZ Resort 210 41% $540 $221 (1.4%) ($1,089) (213.9%) Total Portfolio – Q3 2026 2,268 68% $419 $284 14.4% $12,913 20.7% Resort 656 51% $889 $457 5.9% $2,778 (38.1%) Urban 1,612 75% $283 $211 23.3% $10,135 63.2%
Investor Presentation | November 2026 17 Third Quarter 2026 Company Results ADJ. EBITDAre $3.9M SHARES OUTSTANDING1 73.3M Q3 CAPEX $5.0M Key Observations • Cash of $78.9M plus $39.6M restricted, mostly manager-held reserves • CapEx invested during the quarter was $5.0M • During the quarter, the Company redeemed approximately $5.0M of its non-traded preferred stock in cash • Due to the seasonality of our hotels, Q3 is often the weakest quarter of the year $0.20 $0.49 $0.44 $0.42 $0.40 $0.52 $0.22 $0.43 $0.20 $0.10 $0.09 $0.13 $0.17 $0.16 ($0.08) ($0.24) ($0.19) ($0.25) $0.25 $0.16 $0.04 ($0.06) ($0.02) $(0.40) $- $0.40 $0.80 $1.20 $1.60 2021 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Quarterly AFFO/Share (1) Includes 68.7M common shares and 4.6M OP units
Investor Presentation | November 2026 18 (1) Sold with Hotel Yountville and Bardessono Hotel and Spa for $437.5M in total; $304.5M was allocated to Sarasota (2) Total Unlevered Profit calculated by taking total unlevered cash inflows less total unlevered cash outflows (3) Increase in NOI from first full year of ownership (2019) to the last full year of ownership (2025) The Ritz-Carlton, Sarasota Sale Transaction Overview: Value Creation: • Hotel cash flow increased 98%3 under Braemar’s rigorous asset management • Strategic Capital Deployment: • F&B venue additions: added outdoor bar / restaurant and a café / gelato shop at Beach Club • Spa upgrade: significant transformation to include enhanced wet areas Returns: 14.3% Unlevered XIRR 2.3x Unlevered MOIC $270.9M Total Unlevered Profit2 Purchase Date April 4, 2018 Sale Date July 14, 2026 Purchase Price $171.0M ($643K / key) Sale Price $304.5M ($1.1M / key)1 Hold Period 8.3 years
Investor Presentation | November 2026 19 (1) Total Unlevered Profit calculated by taking total unlevered cash inflows less total unlevered cash outflows (2) Increase in NOI from first full year of ownership (2023) to the last full year of ownership (2025) Four Seasons Scottsdale Sale Transaction Overview: Value Creation: • Hotel cash flow increased 30%2 under Braemar’s rigorous asset management • Strategic Capital Deployment: • Incremental ROI projects: added an epicurean market and a café and gelato shop Returns: 15.4% Unlevered XIRR 1.7x Unlevered MOIC $181.3M Total Unlevered Profit1 Purchase Date December 1, 2022 Sale Date October 28, 2026 Purchase Price $267.8M ($1.3M / key) Sale Price $372.0M ($1.8M / key) Hold Period 3.9 years
Liability Management The Notary Hotel, Autograph Collection
Investor Presentation | November 2026 21 The Ritz-Carlton, Lake Tahoe Refinancing On October 30, we closed the refinancing of the Ritz-Carlton, Lake Tahoe, cutting the spread by 60 bps, extending maturity to 2031 and saving an estimated $260K1 of implied interest expense. Before After Spread Reduction Implied Interest Savings1Amount Spread Maturity Amount Spread Maturity2 $43M 325 bps 2027 $60M 265 bps 2031 60 bps $260K (1) Implied interest savings = what we would save in 2027 if the new, lower spread applied to today's loan balance (2) Assumes all extension options are fully used
Investor Presentation | November 2026 22 $43 $60 $111 $80 $210 $0 $50 $100 $150 $200 $250 2026 2027 2028 2029 2030 2031 Debt Maturity Schedule ($ in millions)1 The Ritz-Carlton, Lake Tahoe Capital Hilton The Ritz-Carlton, St. Thomas JPM 3-Pack Manageable Debt Maturity Profile Following the refinancing of the Ritz-Carlton, Lake Tahoe, no maturities are expected until 2028 (1) Assumes all extension options are fully used
Investor Presentation | November 2026 23 Net Debt to Gross Assets Down to 33.3% NET DEBT TO GROSS ASSETS 33.3% Net debt to gross assets, %1 39.4% 43.2% 33.3% 30.0% 35.0% 40.0% 45.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 SEP 2026 TTM HOTEL EBITDA DEBT YIELD 19.0% 2024 2025 2026 Net debt to gross assets is down 9.9 points from its Q1 2026 peak, with the largest drop in Q3 2026 (1) Net debt calculated as gross debt less cash & cash equivalents, restricted cash, and loan receivable; gross assets calculated as total assets plus accumulated depreciation
Looking Ahead
Investor Presentation | November 2026 25 Next Twelve Months Pace Forward bookings are growing on both rate and occupancy: revenue pace is up 21% year-over-year on a 12% ADR gain and an 8% occupancy gain The Ritz-Carlton, St. Thomas The Ritz-Carlton, Lake Tahoe Cameo Beverly Hills, LXR Hotels & Resorts (1) As of September 30, 2026; data reflects transient bookings and individually booked group rooms; excludes unbooked rooms within reserved group blocks TOTAL1 $53.9M ▲ 21.2% YoY Occupancy ▲ 8.2% ADR ▲ 12.1% RevPAR ▲ 21.2% TRANSIENT1 81% of total $43.5M ▲ 19.5% YoY Occupancy ▼ 0.9% ADR ▲ 20.6% RevPAR ▲ 19.5% GROUP1 19% of total $10.3M ▲ 29.3% YoY Occupancy ▲ 27.1% ADR ▲ 1.7% RevPAR ▲ 29.3%
Investor Presentation | November 2026 26 2027 Market Outlook The Ritz-Carlton, Lake Tahoe • Strong El Niño forecast for Winter 2026–27 expected to bring a more active storm track and “frequent, reliable snowfall” for Lake Tahoe1 Cameo Beverly Hills, LXR Hotels & Resorts • Los Angeles hosts the 2027 Super Bowl • The city will also host the NCAA Men’s Basketball West Regional Sweet 16 & Elite Eight games Sofitel Chicago Magnificent Mile • Chicago hosts the MLB All-Star Game • Favorable citywide calendar, including ASHRAE Winter Conference / AHR Expo and ABCA Convention in January Capital Hilton • 2027 NFL Draft host city • Increased citywide convention calendar from 17 to 20 • D.C. hosts the NCAA Men’s Frozen Four • National Cherry Blossom Festival 100th Anniversary The Notary Hotel, Autograph Collection • Convention Center events grow from 17 to 19, including the AIA and IACP conferences • NCAA women’s Sweet 16 & Elite Eight basketball games and the return of the Army-Navy Game (1) The Weather Channel
Investor Presentation | November 2026 27 With strategic initiatives nearing completion and a new independent Board soon to be in place, Braemar will be well positioned to capitalize on favorable lodging fundamentals and expects to drive long-term shareholder value The Company is reaffirming the one-time financial guidance previously issued and shown below so that shareholders can more fully understand the future of Braemar on a pro forma basis as it undergoes its transition 2027 Earnings Guidance Full Year 2027 Guidance (1) Net income under GAAP reflects non-cash real estate depreciation and amortization of approximately $54M and interest expense of approximately $39M. Net loss per diluted share also reflects approximately $26M of preferred dividends (2) Projected net debt of ~$405M factors in our planned refinancing initiatives and includes gross debt of $570M, unrestricted cash of $111M, restricted cash of $46M, and a $9M loan receivable following estimated excess refinancing proceeds, differences due to rounding (3) Assumes $8M of redemptions in Q4 2026 (4) Adjusted from 73.3M shares outstanding for 1M shares of stock-based compensation expected to vest Metric Low High Mid RevPAR Growth +4.5% +6.5% +5.5% Comparable RevPAR $354 $361 $358 Comparable Total RevPAR $535 $542 $539 Total Revenues ($MM) $407 $412 $409 Operating Profit Margin Under GAAP 7.1% 8.2% 7.7% Comparable Hotel EBITDA Margin 24.5% 25.4% 24.9% Net Income Under GAAP ($MM)1 ($11) ($6) ($9) Adjusted EBITDAre ($MM) $85 $90 $88 Diluted Earnings Per Common Share Under GAAP1 ($0.50) ($0.43) ($0.47) NAREIT FFO Per Diluted Share $0.23 $0.30 $0.26 Adjusted FFO Per Diluted Share $0.25 $0.31 $0.28 Capital Expenditures (% of Total Revenue) 7.0% 9.0% 8.0% Assumes a projected ~$405M net debt balance2 and a projected ~$407M preferred equity outstanding3 as of Dec 31, 2026, along with $15M annual corporate G&A, 74.3M shares outstanding4 as of September 30, 2026 ~$54M of the difference between Adj. EBITDAre and net income is non- cash depreciation
Investor Presentation | November 2026 28 Final Conclusions 1 Luxury Portfolio Delivered in Q3 RevPAR grew 14.4% and comparable Hotel EBITDA grew 20.7%; Urban RevPAR grew +23.3% 2 Industry Data Backs the Luxury Thesis Luxury has the strongest long-term RevPAR growth of 4.0%; new supply in our markets is virtually zero 3 Growth is Expected to Continue Revenue pace is up 21%, with both segments growing: transient +19.5%, group +29.3% 4 Proven Investment Track Record Demonstrated ability to acquire and sell assets at attractive prices and deliver strong unlevered IRRs 5 Balance Sheet Improving Lake Tahoe refinanced at a lower spread, extending our earliest final maturity to 2028 6 A Leaner, Self-Managed Platform The disposition of Four Seasons Scottsdale, along with the planned refinancings, is expected to fund the transition to a self-managed REIT The Ritz-Carlton, St. Thomas
Appendix
Investor Presentation | November 2026 30 Indebtedness
Investor Presentation | November 2026 31 Indebtedness
Investor Presentation | November 2026 32 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 33 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 34 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 35 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 36 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 37 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 38 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 39 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 40 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 41 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 42 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | November 2026 43 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 44 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 45 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 46 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 47 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 48 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Investor Presentation | November 2026 49 Reconciliation of Net Income (Loss) to Adjusted FFO Q3 In thousands except per share amounts
Investor Presentation | November 2026 50 Reconciliation of Net Income (Loss) to Adjusted FFO Q2 In thousands except per share amounts
Investor Presentation | November 2026 51 Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts
Investor Presentation | November 2026 52 Reconciliation of Net Income (Loss) to Adjusted FFO Q4 In thousands except per share amounts