Braemar Hotels (NYSE: BHR) lifts Q1 2026 AFFO and EBITDA with resort strength
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Braemar Hotels & Resorts released an investor presentation highlighting solid first-quarter 2026 performance in a stable but selective lodging market. For comparable hotels, average daily rate rose to $745 and RevPAR to $480.8, both up 5.7% year over year, while total hotel revenue increased 5.4% to $211.6 million.
Comparable Hotel EBITDA grew 13.7% to $75.5 million, expanding margins to 35.7% from 33.1%, with resorts clearly outperforming urban properties. Adjusted funds from operations reached $0.52 per diluted share, a 30% increase and the company’s highest quarterly AFFO per share in five years.
Braemar emphasizes its concentration in luxury and upper-upscale hotels and resorts, with Ritz-Carlton-branded properties driving trailing-twelve-month Hotel EBITDA. The company reported net debt at 43.4% of gross assets and described a manageable debt maturity profile, supported by ongoing capital investment of $12.1 million during the quarter.
Positive
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Negative
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Insights
Q1 2026 shows strong resort-led growth, margin expansion, and higher cash earnings for Braemar.
Braemar Hotels & Resorts reports higher pricing and stable occupancy across its comparable portfolio. Q1 2026 RevPAR increased $480.8 vs. $455.0, while total hotel revenue rose to $211.6M. Luxury and resort assets, particularly Ritz-Carlton properties, are the main EBITDA contributors.
Operating leverage is evident: comparable Hotel EBITDA grew 13.7% to $75.5M, expanding margins to 35.7%. Adjusted funds from operations reached $0.52 per diluted share, up 30% year over year and the highest quarterly AFFO per share in five years, indicating stronger cash generation.
The balance sheet remains measured, with net debt at 43.4% of gross assets and a staggered maturity schedule extending to 2030. Resorts outperformed urban hotels, and the company continued liability management by redeeming about $17.0M of non-traded preferred stock while investing $12.1M in capex.
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, and exhibit attachments filed with this report.
Key Figures
Comparable Hotel EBITDA: $75.5M
Hotel EBITDA margin: 35.7%
Total hotel revenue: $211.6M
+5 more
8 metrics
Comparable Hotel EBITDA
$75.5M
Q1 2026, up 13.7% year over year
Hotel EBITDA margin
35.7%
Q1 2026, vs. 33.1% prior-year quarter
Total hotel revenue
$211.6M
Comparable hotels, Q1 2026, up 5.4% YoY
AFFO per diluted share
$0.52
Q1 2026, 30% higher than prior-year quarter
Comparable RevPAR
$480.8
Q1 2026 vs. $455.0 in Q1 2025
Net debt to gross assets
43.4%
As of end of Q1 2026
Quarterly capex
$12.1M
Capital expenditures during Q1 2026
Preferred stock redemption
$17.0M
Non-traded preferred stock redeemed in Q1 2026
Key Terms
RevPAR, EBITDAre, Adjusted funds from operations (AFFO), Net debt to gross assets, +2 more
6 terms
RevPAR financial
"Average RevPAR in Q1 ‘26 was up 5.7% YoY and up 81.5% vs. Q1 ‘20"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
EBITDAre financial
"Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre"
EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.
Adjusted funds from operations (AFFO) financial
"Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter"
Adjusted funds from operations (AFFO) is a cash-based measure used mainly for real estate companies that starts with net income and removes accounting items plus recurring maintenance costs to show the cash a property business actually generates for owners. Think of it like a household budget: after counting your income, AFFO subtracts routine upkeep and tenant turnover bills so investors can see the money likely available for dividends or reinvestment. It matters because it gives a clearer picture of sustainable cash flow than raw accounting profit.
Net debt to gross assets financial
"Net debt to gross assets was 43.4% at the end of the first quarter."
capitalization rate method financial
"The capitalization rate method is one of several valuation methods for estimating asset value and implied equity value."
REIT financial
"rules, regulations and interpretations governing the taxation of REITs"
A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.
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): May 12, 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 May 12, 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 First Quarter 2026 Investor Presentation
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: May 12, 2026 | By: | /s/ Jim Plohg | ||||||
| Jim Plohg | ||||||||
| Executive Vice President, General Counsel & Secretary | ||||||||
1st Quarter 2026 Earnings Update
Company Presentation | May 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 | May 2026 3 $233 $660 2013 TTM Q1'26 +183% $962 $1,849 2013 2026 +92% 8 13 1905 1905 +5 Total Assets (1)(2) Hotel EBITDA (1)(2)(3) (1) As of 3/31/26 (2) In millions (3) 2026 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 $172.9MM EQUITY MARKET CAP(1) $1.6B ENTERPRISE VALUE(1) HIGHEST RevPAR LODGING REIT 2026 Luxury Hotels Drive TTM Q1’26 Hotel EBITDA(1)(3)(4) Resorts Drive TTM Q1’26 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 2013 Urban, 19% Resort, 81% $78 $173 2013 TTM Q1'26 +122% Luxury $146,596 Upper Upscale $26,700 $- $50,000 $100,000 $150,000 $200,000
Ritz-Carlton Reserve Dorado Beach Discussion Topics Industry Update Recent Results & Developments Liability Management 18 16 9 5 Appendix
Industry Update Cameo Beverly Hills
Company Presentation | May 2026 6 Industry RevPAR Continues to Exceed 2019 Source: Lodging Analytics Research & Consulting Q1 2026 U.S. KPIs, Indexed to 2019 87 95 96 96 95 92 0 20 40 60 80 100 120 2021 2022 2023 2024 2025 2026 Occupancy Index 95 114 119 121 122 126 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 ADR Index 83 108 114 116 116 116 0 20 40 60 80 100 120 140 2021 2022 2023 2024 2025 2026 RevPAR Index
Company Presentation | May 2026 7 $0 $15 $30 $45 $60 $75 $90 $105 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 Real RevPAR Stabilizing Real RevPAR Nominal RevPAR $0 $40 $80 $120 $160 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 Real ADR Stabilized Real ADR Nominal ADR 0% 10% 20% 30% 40% 50% 60% 70% Q1'21 Q1'22 Q1'23 Q1'24 Q1'25 Q1'26 Occupancy Stabilized Industry Real RevPAR & ADR Stable Source: STR $96 62% $130 42% $41 $81 Capital Hilton The Notary Hotel
Company Presentation | May 2026 8 … But, Luxury and Upper Upscale RevPAR growth forecasted Source: Lodging Analytics Research & Consulting Q1 2026 -0.2% 3.3% 3.1% 0.3% 3.2% 3.6% 1.2% 2.5% 3.7% 0.3% 2.4% 2.7% -1.2% 1.3% 0.1% -3.6% -1.4% -4.9% -6% -4% -2% 0% 2% 4% 6% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy 2026 Forecasted Growth YoY
Recent Results & Developments Sofitel Magnificent Mile
Company Presentation | May 2026 10 Comparable Hotel Operating Results(1) 2026 Q1 2025 Q1 % Variance 2025 ADR(3) $745 $705 5.7% Occupancy(3) 64.5% 64.5% 0% RevPAR(3) $480.8 $455.0 5.7% Total Hotel Revenue(3)(4) $211,626 $200,806 5.4% Hotel EBITDA(4) $75,463 $66,402 13.7% Hotel EBITDA Margin 35.7% 33.1% 2.6% (1) Includes all hotels owned as of March 31, 2026 (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 Growth & Widening Margins $238 $312 $307 $311 $331 $353 $- $50 $100 $150 $200 $250 $300 $350 $400 2021 2022 2023 2024 2025 TTM Q1'26 $142.5 $221.9 $206.4 $188.1 $183.7 $173.3 $- $50 $100 $150 $200 $250 2021 2022 2023 2024 2025 TTM Q1'26 (In m illi on s)
Company Presentation | May 2026 11 -24.6% -4.8% -1.4%-1.3% 0.0%0.1% 0.8%0.9% 1.3% 1.3% 2.5% 3.1% 5.6% 10.1% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% -12.2% -4.4% -0.8%-0.4% 0.1% 2.7% 4.2% 5.7% 8.3% 8.6% 8.7% 12.4% 18.4% 24.2% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% YoY ADR & Occupancy Growth by Property ADR – Q1 ‘26 YoY Variance Occupancy – Q1 ‘26 YoY Variance Key: Resort Urban Portfolio
Company Presentation | May 2026 12 -13.4% -6.3% -5.6% -3.6% 0.5% 2.9% 5.2% 5.7% 8.8% 10.2% 12.0% 13.9% 14.4% 20.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% YoY RevPAR Growth by Property RevPAR (1)(2) – Q1 ‘26 YoY Variance Key Observations Resort RevPAR in Q1 ‘26 was up 8.0% YoY and up 97.8% vs. Q1 ‘20 Average RevPAR in Q1 ‘26 was up 5.7% YoY and up 81.5% vs. Q1 ‘20 Urban RevPAR in Q1 ‘26 was down -5.6% YoY but up 26.1% vs. Q1 ‘20 Key: Resort Urban Portfolio (1) Same-store data for the current 13 hotel owned as of March 31, 2026 (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 | May 2026 13 EBITDA Contribution Favored Resorts Hotel Yountville (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 8.0%, while Urban properties were down • EBITDA contribution favored Resorts versus Urban properties • Ritz-Carlton Reserve Dorado Beach and Ritz-Carlton Sarasota were the top performers by Hotel EBITDA • Bardessono delivered the strongest year-over-year improvement in the quarter, with EBITDA increasing 253% compared to 2025
Company Presentation | May 2026 14 Ritz-Carlton Drives TTM Q1’26 Hotel EBITDA(1)(2) (1) Comparable TTM as of 3/31/26, 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 TTM Q1’26 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 Park Hyatt Beaver Creek Transient, 73.9% Group, 23.5% Contract, 2.6% Ritz-Carlton $78,885 Four Seasons $28,865 Independent $23,506 Autograph $11,370 Hilton $10,876 Sofitel $10,001 Park Hyatt $9,793 $- $15,000 $30,000 $45,000 $60,000 $75,000 $90,000
Company Presentation | May 2026 15 HIGHEST QUARTERLY AFFO/SHARE IN 5 YEARS(1)(2)HIGHER 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 • Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter, reflecting an increase on 30.0% over the prior year quarter. • Comparable Total RevPAR for all hotels increased 5.4% over the prior year quarter to $771. • Net debt to gross assets was 43.4% at the end of the first quarter. • Capex invested during the quarter was $12.1 million. • Comparable Hotel EBITDA was $75.5 million for the quarter, reflecting an increase of 13.7% over the prior year quarter. • During the quarter, the Company redeemed approximately $17.0 million of its non-traded preferred stock in cash. $87.5 $172.4 $176.7 $157.6 $147.0 $150.6 $- $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 2021 2022 2023 2024 2025 TTM Q1'26 (In m illi on s) $0.20 $0.49 $0.44 $0.42 $0.40 $0.52 $0.22 $0.43 $0.20 $0.10 $0.09 $0.17 $0.16 ($0.08) ($0.24) ($0.19) $0.25 $0.16 $0.04 ($0.06) ($0.02) $(0.40) $(0.20) $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2021 2022 2023 2024 2025 2026 (In m illi on s) Q1 Q2 Q3 Q4
Liability Management Four Seasons Scottsdale
Company Presentation | May 2026 17 Manageable Debt Maturity Profile Maturity Schedule(1) (1) Percentages reflect each year’s maturing debt as a % of total gross assets $72.5 $109.4 $410.0 $386.2 $86.3 $43.4 7.0% 3.9% 5.9% 22.2% 20.9% 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 ) Other 2021 Convertible Notes RCLT Mortgage Loan % of Gross Assets
Company Presentation | May 2026 18 Final Conclusions Stable industry performance favoring Luxury and Upper Upscale hotels Improving EBITDA margins Resort’s performance continues to lead the way for Braemar’s portfolio Properly functioning and improving lodging debt capital markets
Appendix Ritz-Carlton Lake Tahoe
Company Presentation | May 2026 20 Indebtedness
Company Presentation | May 2026 21 Indebtedness
Company Presentation | May 2026 22 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 23 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 24 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 25 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 26 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 27 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 28 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 29 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 30 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 31 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 32 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Company Presentation | May 2026 33 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Company Presentation | May 2026 34 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 35 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 36 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 37 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 38 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Company Presentation | May 2026 39 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 | May 2026 40 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 | May 2026 41 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 | May 2026 42 Reconciliation of Net Income (Loss) to Adjusted FFO Q2 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 (BHR) perform operationally in Q1 2026?
Braemar’s comparable hotels saw ADR rise to $745 and RevPAR to $480.8, both up 5.7% year over year. Total hotel revenue increased 5.4% to $211.6 million, reflecting higher room rates and steady occupancy across its luxury and upper-upscale portfolio.
What were Braemar Hotels (BHR) Q1 2026 Hotel EBITDA and margins?
Comparable Hotel EBITDA reached $75.5 million in Q1 2026, up 13.7% from the prior-year quarter. Hotel EBITDA margin expanded to 35.7% from 33.1%, indicating improved profitability on modest revenue growth and strong performance from the company’s resort properties.
How leveraged is Braemar Hotels (BHR) as of Q1 2026?
Braemar reported net debt equal to 43.4% of gross assets at the end of Q1 2026. A maturity schedule shows debt staggered through 2030, which, combined with recent preferred stock redemptions, supports a manageable overall liability profile for the lodging REIT.
How are Braemar Hotels (BHR) resorts performing versus urban hotels?
The company states that resorts posted strong year-over-year RevPAR growth of 8.0% in Q1 2026 and led EBITDA contribution. Urban RevPAR declined year over year, but both segments remain above Q1 2020 levels, underscoring the portfolio’s tilt toward higher-performing resort assets.
What capital actions did Braemar Hotels (BHR) take in Q1 2026?
During Q1 2026, Braemar invested $12.1 million in capital expenditures across its portfolio. It also redeemed approximately $17.0 million of non-traded preferred stock in cash, aligning with the company’s focus on liability management and portfolio enhancement.