BHR

DALLAS, July 24, 2026 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that its Board of Directors (the "Board") declared a quarterly cash dividend for the third quarter ending September 30, 2026 for the Company's 5.5% Series B Cumulative Convertible Preferred Stock equal to: $0.3438 per share, which will be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The Board declared a quarterly cash dividend for the third quarter ending September 30, 2026 for the Company's 8.25% Series D Cumulative Preferred Stock equal to: $0.5156 per share, which will be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The Board declared a monthly cash dividend for all CUSIPs of the Company's Series E Redeemable Preferred Stock, payable as follows: $0.15625 per share will be paid on August 17, 2026, to stockholders of record as of July 31, 2026; $0.15625 per share will be paid on September 15, 2026 to stockholders of record as of August 31, 2026; and $0.15625 per share will be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The Board declared a monthly cash dividend for CUSIP 10482B705 of the Company's Series M Redeemable Preferred Stock payable as follows: $0.18125 per share will be paid on August 17, 2026, to stockholders of record as of July 31, 2026; $0.18125 per share will be paid on September 15, 2026 to stockholders of record as of August 31, 2026; and $0.18125 per share will be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The Board declared a monthly cash dividend for CUSIPs 10482B887, 10482B796, 10482B861 and 10482B770 of the Company's Series M Redeemable Preferred Stock payable as follows: $0.17917 per share will be paid on August 17, 2026 to stockholders of record as of July 31, 2026; $0.17917 per share will be paid on September 15, 2026 to stockholders of record as of August 31, 2026; and $0.17917 per share will be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The Board declared a monthly cash dividend for all remaining CUSIPs of the Company's Series M Redeemable Preferred Stock payable as follows: $0.17708 per share will be paid on August 17, 2026, to stockholders of record as of July 31, 2026; $0.17708 per share will be paid on September 15, 2026 to stockholders of record as of August 31, 2026; and $0.17708 per share will be paid on October 15, 2026 to stockholders of record as of September 30, 2026. As of June 30, 2026, there were 10,775,131 shares of the Company's Series E Redeemable Preferred Stock and 1,364,862 shares of the Company's Series M Redeemable Preferred Stock issued and outstanding. About Braemar Hotels & Resorts Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance. Forward-Looking Statements Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not 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 View original content:https://www.prnewswire.com/news-releases/braemar-hotels--resorts-declares-preferred-dividends-for-the-third-quarter-of-2026-302834439.html

DALLAS, July 7, 2026 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced details regarding the release of its results for the second quarter ended June 30, 2026. Braemar plans to issue its earnings release for the 2026 second quarter after the market closes on Wednesday, August 5, 2026. The press release will be available in the Investor Relations section of the Company's website at: https://www.bhrreit.com. About Braemar Hotels & Resorts Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance. Forward-Looking Statements Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not 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. View original content:https://www.prnewswire.com/news-releases/braemar-hotels--resorts-to-announce-second-quarter-2026-financial-results-on-august-5-2026-302819899.html

DALLAS, April 22, 2026 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced details regarding the release of its results for the first quarter ended March 31, 2026. Braemar plans to issue its earnings release for the 2026 first quarter after the market closes on Wednesday, May 6, 2026. The press release will be available in the Investor Relations section of the Company's website at: https://www.bhrreit.com. About Braemar Hotels & Resorts Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Externally advised by Ashford Hospitality Advisors LLC, Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance. Forward-Looking Statements Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not 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. View original content:https://www.prnewswire.com/news-releases/braemar-hotels--resorts-to-announce-first-quarter-2026-financial-results-on-may-6-2026-302750246.html

Sale process underway: Braemar engaged Robert W. Baird to run a company sale process while also evaluating individual asset sales, and in Q4 sold The Clancy for $115 million, using about $65 million to pay down debt and retaining roughly $44 million in net proceeds. Operational performance mixed but resilient: Comparable Q4 RevPAR was flat and total revenue rose 1.8%, with the resort-heavy portfolio driving growth (resort RevPAR +4.1%); renovation- and weather-impacted hotels weighed on results, but excluding those properties RevPAR rose about 4.6%, and assets like The Ritz-Carlton Sarasota, Four Seasons Scottsdale and Dorado Beach posted strong gains. Balance sheet and outlook: Q4 net loss was $46 million (FY net loss $72.7M) with AFFO per diluted share negative $0.02 and adjusted EBITDAre $28.8M for the quarter ($147M for the year); liquidity included ~$124M cash and $42.5M restricted, total loans of $1.1B at a blended 6.7% (about 86% floating), net debt to gross assets ~46.7%, capex was ~$78M in 2025 with $25–35M planned for 2026, and the board has not declared a 2026 common dividend amid the sale process. Interested in BRAEMAR HOTELS & RESORTS INC.? Here are five stocks we like better. BRAEMAR HOTELS & RESORTS (NYSE:BHR) management reviewed fourth-quarter and full-year 2025 results on its earnings call, highlighting revenue growth driven by resort properties, the impact of major renovations at several hotels, and ongoing strategic activity including a company sale process and a completed asset sale. President and CEO Richard Stockton reiterated that in August the company announced the initiation of a sale process and engaged Robert W. Baird & Co. as financial advisor. Stockton said the sale process has been initiated, but there is no deadline or definitive timetable and “no assurance” it will result in a sale of the company or its assets. He added that, as part of evaluating options to create shareholder value, the company also appointed real estate broker co-advisors to evaluate potential individual asset sales alongside the broader sale process. → SoundHound’s New Sales Assist Agent Put Voice AI Back in the Spotlight During the fourth quarter, Braemar sold The Clancy in San Francisco, a 410-room hotel, for $115 million, or $280,000 per key. Management said the sale represented a 5.2% capitalization rate on trailing 12-month net operating income ending September 30, 2025. In conjunction with the transaction, the company paid down about $65 million of debt and retained approximately $44 million in net proceeds after transfer taxes and transaction costs. Stockton said comparable fourth-quarter RevPAR was flat, but comparable total revenue increased 1.8%. He pointed to continued strength from the company’s resort-heavy portfolio, noting that nine of its 13 hotels are considered resort destinations. The resort portfolio posted comparable fourth-quarter RevPAR of $536, up 4.1% from the prior year period, and comparable Hotel EBITDA of $32.5 million, up 6%. → Diamondback Sees Resilient Demand Despite Cautious Guidance Management emphasized that renovation work at three hotels during the quarter “significantly impacted” consolidated results. Stockton said that excluding hotels under renovation during the quarter, RevPAR growth would have been 2.6% and comparable Hotel EBITDA would have increased 6.4%. Chris Nixon, executive vice president and head of asset management, said comparable hotel RevPAR was flat in the quarter but average daily rate (ADR) improved 5.4% year over year. Nixon also cited weather-related disruption, including below-normal snowfall and delayed mountain openings at Park Hyatt Beaver Creek and The Ritz-Carlton, Lake Tahoe. He said that excluding renovation-impacted and weather-impacted properties, RevPAR increased 4.6% and Total RevPAR increased 6.3% for the fourth quarter. → Keurig Dr Pepper’s Split Plan Could Unlock Hidden Value Management cited several property-level results as notable contributors: The Ritz-Carlton, Sarasota: Stockton said comparable RevPAR increased about 26%. Nixon said RevPAR rose 25.5% and Hotel EBITDA improved 48%, driven by strength in group and transient segments, including group room revenue up 46.6% and transient room revenue up 17.6%. Four Seasons Resort Scottsdale at Troon North: Stockton said RevPAR increased about 12%. Nixon reported RevPAR up 12.2% and Hotel EBITDA growth of 21.6% for the quarter. Bardessono Hotel and Spa: Stockton said it delivered comparable RevPAR growth of about 12%. Dorado Beach, a Ritz-Carlton Reserve: Stockton said the property produced comparable RevPAR of $1,806, up 10% year over year. Nixon said RevPAR increased 10.2% in the quarter and described full-year 2025 as record-setting, with occupancy exceeding 63% and total revenue surpassing $91 million, up 10.8% year over year. Renovation-related softness at Cameo Beverly Hills, Hotel Yountville, and Park Hyatt Beaver Creek was cited as a drag on overall portfolio performance in the quarter. For full-year 2025, Stockton said comparable total revenue grew 2.8% and comparable Hotel EBITDA grew 3.1%, which he characterized as strong given what he described as a “difficult operating environment” for the hospitality industry. Nixon added that for the full year, portfolio RevPAR increased 1% and Hotel EBITDA increased 3.1%, attributing the outsized EBITDA growth to higher other revenue, which increased 10.1% on a per occupied room basis. Nixon said the team has been focusing on higher-margin ancillary revenue streams. Nixon said group room revenue increased 7.1% for full-year 2025 and was up 0.4% in the fourth quarter. He highlighted Four Seasons Scottsdale’s fourth-quarter group room revenue growth of 17.7%, including more than 600 incremental group room nights and a $50 improvement in group ADR. Nixon said a key group buyout helped backfill a historically softer demand period and generated $2.4 million in high-margin ancillary revenue, contributing to a 22.2% increase in catering revenue at the property and a 12.4% increase in total food and beverage revenue during the quarter. Across the portfolio, catering revenue increased 10.1% on a per group room night basis in the fourth quarter, and Nixon said the company has become more selective in group business to prioritize higher-spend programs. Management highlighted the completion of several renovations and repositioning efforts. Nixon said the company completed the conversion of Cameo Beverly Hills to an LXR Hotels & Resorts property, including a comprehensive renovation of guest rooms and public spaces. He also cited completed guest room renovations at Park Hyatt Beaver Creek and Hotel Yountville, as well as projects at Dorado Beach (a refresh of Spa Botánico), Four Seasons Scottsdale (conversion of underutilized retail space into a café and gelato shop), and The Ritz-Carlton, Lake Tahoe (re-concepting the café into an elevated quick-serve outlet). In total, Nixon said the company invested approximately $78 million in capital expenditures in 2025 and anticipates spending between $25 million and $35 million in 2026. Chief Financial Officer Deric Eubanks reported a net loss attributable to common stockholders of $46 million for the quarter, or $0.67 per diluted share, with AFFO per diluted share of negative $0.02. For the full year, he reported a net loss attributable to common stockholders of $72.7 million, or $1.07 per diluted share, and AFFO per diluted share of $0.28. Adjusted EBITDAre was $28.8 million for the quarter and $147 million for the full year. At quarter end, Eubanks said the company had total assets of $1.9 billion and $1.1 billion of loans. Total combined loans carried a blended average interest rate of 6.7% factoring in in-the-money interest rate caps. Based on then-current SOFR and the caps, he said approximately 14% of debt was effectively fixed and about 86% effectively floating. Net debt to gross assets was approximately 46.7% at the end of the fourth quarter. Liquidity included $124.4 million of cash and cash equivalents and $42.5 million in restricted cash, which Eubanks said is largely lender and manager-held reserve accounts. The company also had $17.1 million due from third-party hotel managers, which he said primarily represented cash held by a brand manager and available to fund hotel operating costs. On preferred dividends, Eubanks said that in February 2026 the company updated its preferred dividend declaration process to align dividend cycles across different preferred series in conjunction with the sale process. He said Series B and Series D, which are pari passu with Series E and Series M with respect to distributions, will move from being declared at the start of the quarter to being reserved monthly alongside the Series E and M monthly declarations, while maintaining the actual quarterly payment timing for Series B and D. Regarding common dividends, Eubanks said the board has not declared a 2026 policy due to the ongoing sale process and the potential for proceeds to be distributed after obligations are satisfied. Eubanks said that as of December 31, 2025, the portfolio consisted of 13 hotels with 3,028 rooms. Fully diluted share count was 73.3 million, comprised of 68.2 million common shares and 5.1 million OP units. Stockton also noted that the company had redeemed approximately $149 million of non-traded preferred stock to date, representing about 32% of the original capital raise, and said the company expects to continue redeeming shares as it seeks to deleverage and improve cash flow per share. Braemar Hotels & Resorts, Inc (NYSE:BHR) is a publicly traded equity real estate investment trust (REIT) focused on acquiring, owning and operating upper-upscale and luxury hotels and resorts. The company invests in a combination of direct fee interests and equity stakes in well-known branded properties, structuring its investments through long-term leases, ground leases and joint ventures. Braemar's business model generates stable cash flows through base rent, percentage rent tied to property revenues and reimbursements for property operating expenses and capital improvements. The company's portfolio is strategically concentrated in primary urban and resort markets across the United States, including key destinations in California, Florida and the Northeast corridor. The article "BRAEMAR HOTELS & RESORTS Q4 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Comparable Total Revenue Growth (Q4): 1.8% increase. Comparable RevPAR (Q4): $340, flat compared to prior year. Resort Portfolio RevPAR (Q4): $536, a 4.1% increase over the prior year. Comparable Hotel EBITDA (Q4): 6% increase over the prior year. Net Loss Attributable to Common Stockholders (Q4): $46 million or $0.67 per diluted share. Adjusted EBITDA (Q4): $28.8 million. Total Assets (End of Q4): $1.9 billion. Cash and Cash Equivalents (End of Q4): $124.4 million. Restricted Cash (End of Q4): $42.5 million. Net Debt to Gross Assets (End of Q4): 46.7%. Portfolio Composition (End of Q4): 13 hotels with 3,028 rooms. Group Room Revenue Growth (Full Year 2025): 7.1% increase. Capital Expenditures (2025): Approximately $78 million. Warning! GuruFocus has detected 8 Warning Signs with BHR. Is BHR fairly valued? Test your thesis with our free DCF calculator. Release Date: February 27, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Braemar Hotels & Resorts Inc (NYSE:BHR) reported a 1.8% growth in comparable total revenue for the fourth quarter. The company's luxury resort portfolio delivered strong performance, with a 4.1% increase in comparable RevPAR and a 6% increase in comparable Hotel EBITDA. The Ritz-Carlton, Sarasota, achieved impressive comparable RevPAR growth of approximately 26%. The company successfully sold the Clancy in San Francisco for $115 million, allowing for debt reduction and retaining significant net proceeds. Braemar Hotels & Resorts Inc (NYSE:BHR) completed the rebranding and strategic repositioning of Cameo Beverly Hills to Hilton's luxury LXR brand, enhancing its market presence. The company reported a net loss attributable to common stockholders of $46 million for the quarter. Renovations at three hotels significantly impacted portfolio results, leading to flat comparable hotel RevPAR for the quarter. Weather-related factors negatively affected performance at Park Hyatt Beaver Creek and Ritz-Carlton Lake Tahoe. The company has a high level of floating debt, with approximately 86% of its debt effectively floating. The ongoing sale process of the company creates uncertainty, with no definitive timetable or assurance of a sale. Q: Can you provide an update on the sale process for Braemar Hotels & Resorts? A: Richard Stockton, President and CEO, stated that the company has initiated a sale process with Robert W. Baird & Co. as its financial advisor. There is no set deadline or definitive timetable for the completion of the sale process, and there is no assurance that it will result in the sale of the company or its assets. Q: How did the renovations impact the fourth quarter results? A: Richard Stockton noted that significant renovations at three hotels affected the portfolio results. Excluding these hotels, RevPAR growth was 2.6% and comparable hotel EBITDA increased by 6.4%. Q: What were the financial highlights for the fourth quarter and full year 2025? A: Deric Eubanks, CFO, reported a net loss attributable to common stockholders of $46 million for the quarter and $72.7 million for the full year. Adjusted EBITDA for the quarter was $28.8 million and $147 million for the full year. Q: Can you discuss the performance of the resort portfolio? A: Christopher Nixon, EVP and Head of Asset Management, highlighted that the resort portfolio delivered a 4.1% increase in RevPAR and a 6% increase in Hotel EBITDA compared to the prior year quarter. The Ritz-Carlton, Sarasota, and the Ritz-Carlton Reserve, Dorado Beach, were standout performers. Q: What are the plans for capital expenditures in 2026? A: Christopher Nixon mentioned that the company plans to spend between $25 million to $35 million on capital expenditures in 2026, following a $78 million investment in 2025. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Friday, Feb. 27, 2026 at 11 a.m. ET President and Chief Executive Officer — Richard Stockton Chief Financial Officer — Deric Eubanks Executive Vice President and Head of Asset Management — Christopher Nixon Director of Public Relations — Allison Beach Need a quote from a Motley Fool analyst? Email [email protected] Regina: Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Braemar Hotels & Resorts Inc. fourth quarter 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. To ask a question, press star then the number 1 on your telephone keypad. To withdraw your question, press star 1 again. I would now like to turn the conference over to Allison Beach, Director of Public Relations. Please go ahead. Allison Beach: Good morning, and welcome to today's call to review results for Braemar Hotels & Resorts Inc. for the fourth quarter and full year 2025, and to update you on recent developments. On the call today will be Richard Stockton, President and Chief Executive Officer; Deric Eubanks, Chief Financial Officer; and Christopher Nixon, Executive Vice President and Head of Asset Management. The results, as well as the notice of accessibility of this conference call on a listen-only basis over the Internet, were distributed yesterday in a press release. At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Such forward-looking statements are subject to numerous assumptions, uncertainties, and known or unknown risks which could cause actual results to differ materially from those anticipated. These factors are more fully discussed in the company's filings with the Securities and Exchange Commission. The forward-looking statements included in this conference call are only made as of the date of this call, and the company is not obligated to publicly update or revise them. Statements made during this call do not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus, which can be found at www.sec.gov. In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release and accompanying tables or schedules, have been filed on Form 8-Ks with the SEC on 02/26/2026, and may also be accessed through the company's website at www.bhrreit.com. Each listener is encouraged to review those reconciliations provided in the earnings release together with all other information provided in the release. Also, unless otherwise stated, all reported results discussed in this call compare the fourth quarter and full year ended 12/31/2025 with the fourth quarter and full year ended 12/31/2024. I will now turn the call over to Richard Stockton. Please go ahead, Richard. Richard Stockton: Good morning. Welcome to our 2025 fourth quarter and full year earnings conference call. Before I begin, I would like to remind you that back in August, we announced the initiation of a sale process for Braemar Hotels & Resorts Inc. The company has engaged Robert W. Baird & Co. as its financial adviser, and the sale process has been initiated. As we highlighted in the press release, there is no deadline or definitive timetable set for completion of the sale process. There can be no assurance that this process will result in the sale of the company or its assets. In the context of evaluating all potential options to create shareholder value, we have also appointed real estate broker co-advisers to evaluate the potential for individual asset sales in conjunction with the company's sale process. We look forward to providing an update as soon as the Board of Directors has approved next steps, a specific transaction, or determines that a development warrants public disclosure. With that said, let me begin today's call by providing a brief overview. Then Deric will provide a review of our financial results, and Christopher will provide an update on our asset management activity. Afterwards, we will open the call for Q&A. We have a few key themes for today's call. First, I am pleased to report that while our comparable fourth quarter RevPAR was flat, our portfolio delivered 1.8% growth in comparable total revenue this quarter. Our resorts continue to deliver strong growth, with comparable fourth quarter RevPAR increasing 4.1% and comparable hotel EBITDA increasing 6%. Second, we had significant renovations in process at three hotels during the quarter, which significantly impacted our portfolio results. If you exclude hotels under renovation during the quarter, our RevPAR growth was 2.6%, and comparable hotel EBITDA increased 6.4%. Finally, our full year results were strong. Comparable total revenue growth was 2.8%, and comparable hotel EBITDA growth was 3.1%. I am very pleased with these results given the difficult operating environment we are currently seeing in the hospitality industry. A closer look at our fourth quarter, our portfolio delivered strong comparable RevPAR of $340, which was in line with the prior-year quarter. Importantly, renovation activity significantly impacted our portfolio results, as hotels not under renovation generated comparable RevPAR growth of 2.6%. Nine of our 13 hotels are considered resort destinations, and our luxury resort portfolio delivered strong fourth quarter performance. Our resort portfolio reported comparable RevPAR of $536, a 4.1% increase over the prior-year period, and comparable hotel EBITDA of $32,500,000, a 6% increase over the prior-year period. The brightest spots within our resort portfolio this quarter included The Ritz-Carlton, Sarasota, which delivered impressive comparable RevPAR growth of approximately 26%. Both the Four Seasons Resort Scottsdale at Troon North and the Bardessono Hotel and Spa performed exceptionally well, with each delivering comparable RevPAR growth of approximately 12%. And our Ritz-Carlton Reserve, Dorado Beach, continues to be a standout, achieving comparable RevPAR of $1,806, which reflected a 10% growth rate over the prior-year quarter. This impressive performance was offset by some softness at hotels under renovation, including the Cameo Beverly Hills, Hotel Yountville, and Park Hyatt Beaver Creek, which impacted our overall portfolio results. During the fourth quarter, we sold the 410-room Clancy in San Francisco for $115,000,000, or $280,000 per key. The sale represents a 5.2% capitalization rate on net operating income for the trailing twelve months ended 09/30/2025. In conjunction with that sale, the company paid down approximately $65,000,000 of debt and retained approximately $44,000,000 of net proceeds after payment of transfer taxes and transaction costs. We also recently completed the rebranding and strategic repositioning of our Cameo Beverly Hills to Hilton's luxury LXR brand. This transfer reflects our commitment to delivering an elevated guest experience, aligning the property with a world-class luxury standard, and enhancing its presence in the competitive high-end hospitality market. I am also pleased to report that to date, we have redeemed $149,000,000 of our non-traded preferred stock, which represents approximately 32% of the original capital raise. We expect to continue to redeem these shares as we seek to deleverage our platform and improve our cash flow per share. We are pleased with the performance of our portfolio and believe the renovations that we have recently completed will drive strong performance going forward. I will now turn the call over to Deric to take you through our financials in more detail. Deric Eubanks: Thanks, Richard. For the quarter, we reported net loss attributable to common stockholders of $46,000,000, or $0.67 per diluted share, and AFFO per diluted share of negative $0.02. For the full year, we reported a net loss attributable to common stockholders of $72,700,000, or $1.07 per diluted share, and AFFO per diluted share of $0.28. Adjusted EBITDAre for the quarter was $28,800,000. Adjusted EBITDAre for the full year was $147,000,000. At quarter end, we had total assets of $1,900,000,000. We had $1,100,000,000 of loans. Our total combined loans had a blended average interest rate of 6.7%, taking into account in-the-money interest rate caps. Based on the current level of SOFR and our corresponding interest rate caps, approximately 14% of our debt is effectively fixed, and approximately 86% is effectively floating. As of the end of the fourth quarter, we had approximately 46.7% net debt to gross assets. We ended the quarter with cash and cash equivalents of $124,400,000, plus restricted cash of $42,500,000. The vast majority of that restricted cash is comprised of lender- and manager-held reserve accounts. At the end of the quarter, we also had $17,100,000 in due from third-party hotel managers. This primarily represents cash held by one of our brand managers, which is also available to fund hotel operating costs. With regard to dividends, in February 2026, we updated our preferred equity securities dividend declaration process to align the dividend cycles of our different preferred stock share classes in conjunction with the company's previously announced company sale process. To summarize, because our Series B and Series D preferred stock are pari passu with our Series E and Series M preferred stock with respect to distributions, they must receive equitable treatment regarding dividend declarations. To manage this consistently, we are moving from declaring Series B and Series D dividends at the start of the quarter to reserving them on a monthly basis alongside our other Series E and Series M monthly dividend declarations. This ensures all parity requirements with respect to distributions across all of our series of preferred stock are met, while maintaining the actual quarterly payment of our Series B and Series D preferred stock on or near the fifteenth of the month following quarter end. This also gives us flexibility in the event that we have a strategic transaction that requires a redemption or conversion of the preferred equity securities outstanding during the middle of a quarter. As for our common equity dividend policy, the Board has not declared a policy for 2026 in light of the fact that there is an ongoing company sale process, which could result in the company's assets being sold in one or more transactions with net proceeds being distributed to shareholders after satisfying the company's other obligations. As of 12/31/2025, our portfolio consisted of 13 hotels with 3,028 rooms. Our share count currently stands at 73,300,000 fully diluted shares outstanding, which is comprised of 68,200,000 shares of common stock and 5,100,000 OP units. This concludes our financial review. I would now like to turn it over to Christopher to discuss our asset management activities for the quarter. Christopher Nixon: Thank you, Deric. During the fourth quarter, comparable hotel RevPAR was flat for the quarter, but we did achieve a 5.4% improvement in ADR compared to the prior-year period. During the fourth quarter, comparable total RevPAR increased 1.8% compared to the prior-year period. The portfolio delivered strong results despite renovation-related disruptions at the Cameo Beverly Hills, Park Hyatt Beaver Creek, and Hotel Yountville. Performance was further impacted by weather-related factors, including below-normal snowfall and delayed mountain openings at the Park Hyatt Beaver Creek and The Ritz-Carlton, Lake Tahoe. Excluding these properties, RevPAR increased 4.6% and total RevPAR increased 6.3% for the fourth quarter compared to the prior-year period, reflecting continued strength across the portfolio. Resort assets were a key driver of performance during the fourth quarter, delivering a 4.1% increase in RevPAR and a 6% increase in hotel EBITDA compared to the prior-year quarter. Four Seasons Scottsdale was a standout performer, with fourth quarter RevPAR up 12.2% and hotel EBITDA growing 21.6% compared to the prior-year period. For full year 2025, portfolio RevPAR increased 1%, and hotel EBITDA grew 3.1% compared to the prior-year period. The outsized hotel EBITDA growth was driven by increases in other revenue, which grew 10.1% on a per occupied room basis during the full year compared to the prior-year period. Our team continues to drive profitability by focusing on high-margin ancillary revenue streams at the property. We remain confident in our ability to sustain operating momentum and deliver strong results in the periods ahead. I would now like to highlight a few key accomplishments from the quarter. For full year 2025, group room revenue increased 7.1% compared to the prior-year period, with fourth quarter group room revenue up 0.4% compared to the prior-year period. The Four Seasons Scottsdale delivered one of the strongest performances in the portfolio during the quarter, with group room revenue growth of 17.7% compared to the prior-year period. During the fourth quarter, the property generated more than 600 incremental group room nights and delivered a $50 improvement in group ADR compared to the prior-year period. This was driven in part by the capture of a key group buyout, which also generated $2,400,000 in high-margin ancillary revenue. The account backfilled a historically softer demand period and meaningfully enhanced overall profitability. As a result, during the fourth quarter, catering revenue at the property increased 22.2%, contributing to a 12.4% increase in total food and beverage revenue compared to the prior-year period. Across the portfolio, catering revenue increased 10.1% on a per group room night basis during the fourth quarter compared to the prior-year period. We continue to become more selective with group business to prioritize higher-spend programs that drive incremental food and beverage revenue. Our ability to sustain momentum in capturing group demand within a competitive environment underscores the effectiveness of our targeted sales strategies and the advantages of our geographically diverse portfolio. As I mentioned earlier, our resort properties continue to be significant contributors to portfolio performance. A highlight this quarter was the Ritz-Carlton Reserve, Dorado Beach, which continues to deliver impressive results with a 10.2% increase in RevPAR during the fourth quarter compared to the prior-year period. The property delivered a record-setting performance for the full year 2025 with occupancy exceeding 63% and total revenue surpassing $91,000,000, representing a 10.8% increase compared to the prior year. To expand revenue streams for the property, our team continues to focus on optimizing and expanding the residential rental program, which currently includes 16 residences. The average daily rate for residences within the rental program exceeded $12,000 during the fourth quarter. Recent operational enhancements, including streamlined onboarding for owners and integration with Marriott Homes & Villas platform, have contributed to steady growth and improved rental performance. Turning to another standout performer, The Ritz-Carlton, Sarasota delivered strong performance during the fourth quarter, with RevPAR increasing 25.5% and hotel EBITDA improving 48% compared to the prior-year period. These improvements were driven by strength across both group and transient segments, with group room revenue increasing 46.6% and transient room revenue up 17.6% compared to the prior-year period. Festive period performance was particularly strong, supported by incremental outlet revenue generated from targeted holiday activations, including a new high tea experience featuring the local Nutcracker ballet, the annual holiday brunch, and New Year's programming, which collectively contributed to a 30.9% growth in food and beverage revenue compared to the prior-year period. Additionally, the property has expanded access to its amenities for local and outside guests, resulting in a 6.1% year-to-date increase in related revenue compared to the prior-year period. Moving on to capital expenditures. In 2025, we completed the strategic conversion of the Cameo Beverly Hills to an LXR Hotels & Resorts hotel, which included a comprehensive renovation of the guest rooms and public space. This investment meaningfully upgraded the product and positioned the hotel as a best-in-class offering in its market. We also completed several other high-impact projects across the portfolio, including guest room renovations at Park Hyatt Beaver Creek and Hotel Yountville, which materially enhanced each property's competitive position. Additionally, during the year, we delivered a refresh of the Spa Botánico at the Ritz-Carlton Reserve, Dorado Beach; converted underutilized retail space into a café and gelato shop at Four Seasons Scottsdale, driving higher food and beverage margins; and re-concepted The Ritz-Carlton, Lake Tahoe café into an elevated quick-serve outlet. In total, we invested approximately $78,000,000 in capital expenditures in 2025, and we anticipate spending between $25,000,000 and $35,000,000 in 2026. In summary, we are pleased with our solid performance and continue to see the benefits of initiatives focused on productivity and cost efficiency. Our momentum reflects the strength and resilience of our diversified portfolio and the strategic positioning that we have built over time. In addition, we are actively advancing several initiatives aimed at further enhancing our well-diversified platform. We remain optimistic about the opportunities ahead and look forward to sharing continued progress in the quarters to come. I will now turn the call back over to Richard for final remarks. Richard Stockton: Thank you, Christopher. I would like to reiterate that we continue to be pleased with the performance of our hotels, in particular, the return to normalized growth for our resort assets. We look forward to updating you on our progress in the quarters ahead. This concludes our prepared remarks. We will now open for questions. Thank you. Regina: To ask a question, press star then the number 1 on your telephone keypad. Again, that is star 1 for any question. Once again, to ask a question, simply press star 1 on your telephone keypad. We have no questions at this time. I will hand the call back to management for any closing remarks. Richard Stockton: Thank you, everyone, for joining us on this fourth quarter earnings call, and we look forward to speaking with you next quarter. Regina: This concludes today's call. You may now disconnect. Before you buy stock in Braemar Hotels & Resorts, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Braemar Hotels & Resorts wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $456,188!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,133,413!* Now, it’s worth noting Stock Advisor’s total average return is 916% — a market-crushing outperformance compared to 194% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of February 27, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Braemar BHR Q4 2025 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: November 05, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Braemar Hotels & Resorts Inc (NYSE:BHR) reported a 1.4% growth in comparable RevPAR and a 15.1% increase in total comparable hotel revenue for the third quarter. The company's luxury resort portfolio showed strong performance, with a 5.5% increase in comparable RevPAR and a 58% increase in comparable hotel EBITDA. Significant renovations at several properties are expected to drive future performance, with the Ritz-Carlton Lake Tahoe and Four Seasons Resort Scottsdale showing impressive growth post-renovation. The company successfully addressed its final 2025 debt maturity and completed strategic sales, such as the Marriott Seattle Waterfront, to deleverage and focus on luxury assets. Braemar Hotels & Resorts Inc (NYSE:BHR) has redeemed approximately $125 million of its non-traded preferred stock, representing 27% of the original capital raise, to improve cash flow per share. The company reported a net loss attributable to common stockholders of $8.2 million or $0.12 per diluted share for the third quarter. Comparable RevPAR for urban hotels decreased by 3.9% due to renovations and citywide occupancy declines in certain areas. The company's debt structure includes a high percentage of floating-rate debt, with approximately 87% effectively floating. Ongoing renovations at several properties have temporarily impacted portfolio results, with some hotels under major renovations. The government pullback has affected group bookings and catering at certain properties, particularly in Washington, D.C. Warning! GuruFocus has detected 5 Warning Signs with BHR. Is BHR fairly valued? Test your thesis with our free DCF calculator. Q: What is the maintenance CapEx run rate for Braemar Hotels & Resorts, and are there any deferred capital expenditures? A: Unidentified_5 (Chris Nixon, EVP and Head of Asset Management): Maintenance CapEx is typically a low single-digit percentage of revenue. There is also ROI CapEx for larger renovations. We have a process to prioritize and address any mechanical or maintenance projects, and there is nothing significant or out of the ordinary that has been deferred. Q: Has the initiation of the sales process affected the company's RevPAR and portfolio performance? A: Unidentified_5 (Chris Nixon, EVP and Head of Asset Management): The sales process has not impacted property-level operations or asset management. Despite headwinds from renovations and other factors, the portfolio grew RevPAR and EBITDA margin, indicating strong performance. Q: Has the board considered internalizing the company's advisory structure? A: Unidentified_3 (Richard Stockton, CEO): The board considered various strategic alternatives, including internalization, but ultimately decided to pursue a company sale instead. Q: What is the current acquisition environment for hotels, and how does it affect Braemar's portfolio? A: Unidentified_3 (Richard Stockton, CEO): The acquisition environment is improving with increased debt availability and interest from private equity and private players. Braemar's portfolio is considered attractive, and there is growing interest in hotel assets. Q: How has the government pullback affected Braemar's properties, particularly in Washington, D.C.? A: Unidentified_5 (Chris Nixon, EVP and Head of Asset Management): The impact is primarily on the Capitol Hilton in D.C., with minimal exposure to government transient business. Some group cancellations and catering impacts have been observed, but overall, the effect is muted. Q: What are the current trends in the leisure segment, and how have they affected Braemar's performance? A: Unidentified_5 (Chris Nixon, EVP and Head of Asset Management): Leisure revenue was up in the third quarter, with strong ADR and increased ancillary spend. The luxury consumer shows less price sensitivity and continues to spend on experiences, making the leisure segment a standout. For the complete transcript of the earnings call, please refer to the full earnings call transcript.