S&P 500 7,757.17 +0.58%
Nasdaq 26,702.86 +1.05%
S&P/TSX 36,324.99 +0.60%
Apple 343.99 +1.32%
Nvidia 221.97 +2.54%
Microsoft 532.95 +0.20%
Shopify 244.93 +0.38%
Royal Bank 283.62 +1.23%
CAD/USD 0.7121 +0.17%
AFTER HRS · 17:25 ET
Market ClerkRecap
Wed Oct 21 · after hours2 signals today106 insider buys this week · $305.5MCIRO short report next: Oct 31The week ahead

BHR

Braemar Hotels & Resorts Inc.
NYSE · REAL ESTATE · REAL ESTATE INVESTMENT TRUSTS
1.38
+0.00 +0.00%
USD · close Oct 21
WatchTime Machine

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order
54
WATCH · shorts 54
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $94.8MP/E —DIV YIELD —FCF YIELD -18.21%REV TTM $689.1M −3.8%NET INCOME −$3.1MNET DEBT $652.1M52W 1.21 – 3.14SEC XBRL · TTM TO Invalid Date

How BHR rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
71%
of sentences unchanged
Added
248
new sentences
Dropped
260
sentences removed
Length
−538
words, now 58,431

New in FY2025

  • Two times the U.S. national average RevPAR was approximately $200 for the year ended December 31, 2025.
  • As of March 9, 2026, we owned interests in 13 hotel properties in six states, the District of Columbia, Puerto Rico and St.
  • Remington Hospitality, a subsidiary of Ashford Inc., manages five of our 13 hotel properties.
  • These products and services include, but are not limited to, design and construction services, debt placement and related services, audio visual services, real estate advisory and brokerage services, insurance policies covering general liability, workers compensation and business automobile claims, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation services and cash management services.
  • Archie Bennett, Jr., as of December 31, 2025, holds a controlling interest in Ashford Inc.
  • As of December 31, 2025, the Bennetts owned approximately 809,937 shares of Ashford Inc. common stock, which represented an approximate 51.9% ownership interest in Ashford Inc., and owned 18,758,600 shares of Ashford Inc.
  • Series D Convertible Preferred Stock, which, along with all unpaid accrued and accumulated dividends thereon, was convertible (at a conversion price of $117.50 per share) into an additional approximate 4,573,359 shares of Ashford Inc. common stock, which if converted as of December 31, 2025 would have increased the Bennetts’ ownership interest in Ashford Inc. to 87.8%.
  • Bennett acquired the right to direct votes, effective March 25, 2025, and as of December 31, 2025, those rights represented approximately 551,000 common shares.
  • Archie Bennett, Jr., together owned approximately 2,472,808 shares of our common stock and common units (including long-term incentive plan (“LTIP”) units and performance LTIP units), which represented an approximate 3.4% ownership in the Company.
  • Our Hotels As of March 9, 2026, we own interests in a high-quality, geographically diverse portfolio of 13 hotel properties located in six states, the District of Columbia, Puerto Rico and St.
  • Six of the 13 hotel properties in our portfolio are managed under brands affiliated with Marriott International, Inc.
  • One hotel property is managed by Hyatt Corporation (“Hyatt”), one is managed by Four Seasons Hotels Limited (“Four Seasons”) and five hotel properties are managed by Remington Hospitality.
  • The material terms of these hotel management agreements are described below in “Certain Agreements—Hotel Management Agreements.” For the year ended December 31, 2025, approximately 74% of rooms revenue was generated by transient business, approximately 24% was generated by group sales and 2% was generated by contract sales.
  • The following table sets forth additional information for our hotel properties (dollars in thousands, except ADR and RevPAR) for the year ended December 31, 2025: Year Ended December 31, 2025 Hotel Property Location Total Rooms % Owned Occupancy ADR RevPAR Hotel Net Income Hotel EBITDA (1) Four Seasons Resort Scottsdale Scottsdale, AZ 210 100 % 60.22 % $ 867.26 $ 522.22 $ 3,492 $ 28,020 The Ritz-Carlton Sarasota Sarasota, FL 276 100 % 65.88 % 554.04 365.00 15,623 25,113 The Ritz-Carlton St.
  • Virgin Islands 180 100 % 60.60 % 1,060.23 642.45 11,825 16,703 The Ritz-Carlton Reserve Dorado Beach (4) Puerto Rico 96 100 % 67.48 % 2,195.81 1,481.67 10,327 22,506 Capital Hilton (6) Washington, D.C. 559 100 % 74.32 % 273.86 203.54 (4,722) 16,862 Pier House Resort & Spa Key West, FL 142 100 % 74.09 % 607.54 450.15 12,469 14,227 Park Hyatt Beaver Creek Resort & Spa Beaver Creek, CO 193 100 % 47.03 % 691.30 325.12 (1,483) 10,759 The Notary Hotel Philadelphia, PA 499 100 % 65.16 % 229.99 149.86 6,055 11,483 Sofitel Chicago Magnificent Mile Chicago, IL 415 100 % 69.83 % 261.73 182.76 (28,661) 6,220 The Ritz-Carlton Lake Tahoe (2) Truckee, CA 170 100 % 54.09 % 758.59 410.31 (6,851) 8,548 Bardessono Hotel and Spa (3) Yountville, CA 65 100 % 67.15 % 965.02 648.00 (7,560) 4,701 Hotel Yountville Yountville, CA 80 100 % 54.34 % 638.09 346.75 (15,095) 3,057 Cameo Beverly Hills (7) Los Angeles, CA 143 100 % 52.63 % 280.09 147.41 (8,424) (3,964) Total / Weighted Average (5) 3,028 67.37 % $ 410.00 $ 276.21 $ (13,005) $ 164,235 __________________ (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of Hotel EBITDA by property.
  • (5) Calculated on a portfolio basis for the 13 hotel properties in our portfolio as of December 31, 2025.
  • (6) The hotel was 75% majority owned by Braemar through November 2025.
  • (7) On August 1, 2023, the Company announced the rebranding and planned conversion of the hotel to the Cameo Beverly Hills.
  • Following an extensive renovation that was completed in December 2025, the hotel joined LXR Hotels & Resorts.
  • We own a fee simple interest in the Capital Hilton.
  • The hotel opened in 1943 and is comprised of 559 guest rooms, including 239 king rooms, 87 queen/queen rooms, 91 double/double rooms, 80 single queen rooms, 49 junior suites, ten superior suites and three executive suites.
  • Approximately $110.0 million has been spent on capital expenditures since the acquisition of the hotel by Ashford HHC Partners III LP in 2007, which has included renovations to the guest rooms, public space, meeting space, lobby and restaurant.
  • The following table shows certain historical information regarding the Capital Hilton since 2023: Year Ended December 31, 2025 2024 2023 Rooms 559 559 550 Occupancy 74.3 % 78.6 % 72.9 % ADR $ 273.86 $ 262.26 $ 250.11 RevPAR $ 203.54 $ 206.23 $ 182.39 Selected Financial Information .
  • The following tables show certain selected financial information regarding the Capital Hilton since 2023 (dollars in thousands): Year Ended December 31, 2025 2024 2023 Total Revenue $ 64,579 $ 65,134 $ 57,716 Rooms Revenue 41,529 42,164 36,615 Hotel net income (4,722) (5,023) 4,934 Hotel net income margin (7.3) % (7.7) % 8.5 % Hotel EBITDA (1) 16,862 18,957 15,427 Hotel EBITDA Margin (1) 26.1 % 29.1 % 26.7 % __________________ (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of net income (loss) to Hotel EBITDA by property.
  • The Notary Hotel, Philadelphia, Pennsylvania We own a fee simple interest in The Notary Hotel.
  • Approximately $66.1 million has been spent on capital expenditures since the acquisition of the hotel in 2007.
  • The following table shows certain historical information regarding The Notary Hotel since 2023: Year Ended December 31, 2025 2024 2023 Rooms 499 499 499 Occupancy 65.2 % 67.0 % 62.4 % ADR $ 229.99 $ 234.09 $ 230.59 RevPAR $ 149.86 $ 156.83 $ 143.97 Selected Financial Information .
  • The following tables show certain selected financial information regarding The Notary Hotel since 2023 (dollars in thousands): Year Ended December 31, 2025 2024 2023 Total Revenue $ 36,519 $ 36,455 $ 33,117 Rooms Revenue 27,295 28,642 26,222 Hotel net income 6,055 6,009 2,071 Hotel net income margin 16.6 % 16.5 % 6.3 % Hotel EBITDA (1) 11,483 11,949 10,317 Hotel EBITDA Margin (1) 31.4 % 32.8 % 31.2 % __________________ (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of net income (loss) to Hotel EBITDA by property.
  • Approximately $22.5 million has been spent on capital expenditures at the hotel since the acquisition of the hotel in 2014.
  • The following table shows certain historical information regarding the Sofitel Chicago Magnificent Mile since 2023: Year Ended December 31, 2025 2024 2023 Rooms 415 415 415 Occupancy 69.8 % 72.5 % 70.3 % ADR $ 261.73 $ 253.68 $ 239.57 RevPAR $ 182.76 $ 184.01 $ 168.42 Selected Financial Information .
  • The following table shows certain selected financial information regarding the Sofitel Chicago Magnificent Mile since 2023 (dollars in thousands): Year Ended December 31, 2025 2024 2023 Total Revenue $ 37,520 $ 37,568 $ 33,917 Rooms Revenue 27,684 27,949 25,512 Hotel net income (28,661) 1,178 3,392 Hotel net income margin (76.4) % 3.1 % 10.0 % Hotel EBITDA (1) 6,220 5,742 8,183 Hotel EBITDA Margin (1) 16.6 % 15.3 % 24.1 % __________________ (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of net income (loss) to Hotel EBITDA by property.
  • Pier House Resort & Spa, Key West, Florida On March 1, 2014, we acquired a fee simple interest in the Pier House Resort & Spa from Ashford Hospitality Trust, Inc.
  • (“Ashford Trust”) pursuant to an option agreement that we entered into in connection with our spin-off from Ashford Trust.
  • Approximately $18.3 million has been spent on capital expenditures since the acquisition of the hotel, which included spa, fitness center and guest rooms refresh renovations.
  • The following table shows certain historical information regarding the Pier House Resort & Spa since 2023: Year Ended December 31, 2025 2024 2023 Rooms 142 142 142 Occupancy 74.1 % 71.4 % 72.7 % ADR $ 607.54 $ 621.36 $ 641.70 RevPAR $ 450.15 $ 443.41 $ 466.29 Selected Financial Information .
  • The following table shows certain selected financial information regarding the Pier House Resort & Spa since 2023 (dollars in thousands): Year Ended December 31, 2025 2024 2023 Total Revenue $ 30,837 $ 29,880 $ 30,641 Rooms Revenue 23,332 23,045 24,168 Hotel net income 12,469 6,903 6,799 Hotel net income margin 40.4 % 23.1 % 22.2 % Hotel EBITDA (1) 14,227 13,604 15,011 Hotel EBITDA Margin (1) 46.1 % 45.5 % 49.0 % __________________ (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of net income (loss) to Hotel EBITDA by property.
  • The Bardessono Hotel and Spa was built in 2009 and has 65 luxurious rooms and suites built and operated with a primary focus on green practices.
  • Guestrooms were renovated in 2024 and 2025, the old fitness center was transformed into a new 328 square foot parlor, with a 575 square foot private patio, that can connect to existing adjoining guestrooms to create either a one or two-bedroom suite.
  • Approximately $14.4 million has been spent on capital expenditures since the acquisition of the hotel in July 2015.
  • The following table shows certain historical information regarding the Bardessono Hotel and Spa since 2023: Year Ended December 31, 2025 2024 2023 Rooms 65 65 65 Occupancy 67.2 % 61.0 % 66.2 % ADR $ 965.02 $ 1,016.30 $ 1,045.70 RevPAR $ 648.00 $ 619.52 $ 692.48 Selected Financial Information .

and 208 more.

Gone since FY2024

  • Two times the U.S. national average RevPAR was approximately $199 for the year ended December 31, 2024.
  • As of March 10, 2025, we owned interests in 15 hotel properties in seven states, the District of Columbia, Puerto Rico and St.
  • Virgin Islands with 3,807 total rooms, or 3,667 net rooms, excluding those attributable to our joint venture partner.
  • We own 14 of our hotel properties directly and the remaining hotel property through an investment in a majority-owned consolidated joint venture entity.
  • Remington Hospitality, a subsidiary of Ashford Inc., manages four of our 15 hotel properties.
  • These products and services include, but are not limited to, design and construction services, debt placement and related services, audio visual services, real estate advisory and brokerage services, insurance policies covering general liability, workers compensation and business automobile claims, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation services, mobile key technology, broker-dealer services, and cash management services.
  • Archie Bennett, Jr., as of December 31, 2024, holds a controlling interest in Ashford Inc.
  • As of December 31, 2024, the Bennetts owned approximately 809,937 shares of Ashford Inc. common stock, which represented an approximate 46.6% ownership interest in Ashford Inc., and owned 18,758,600 shares of Ashford Inc.
  • Series D Convertible Preferred Stock, which, along with all unpaid accrued and accumulated dividends thereon, was convertible (at a conversion price of $117.50 per share) into an additional approximate 4,395,281 shares of Ashford Inc. common stock, which if converted as of December 31, 2024 would have increased the Bennetts’ ownership interest in Ashford Inc. to 84.9%.
  • Ashford Inc. has filed a Rule 13e-3 Transaction Statement on Schedule 13E-3 and, on July 29, 2024, effected a reverse and forward stock split as part of a plan to deregister Ashford Inc.’s common stock under the Exchange Act and delist its common stock from the NYSE American LLC (the “NYSE American”).
  • The last day of trading of Ashford Inc. common stock on the NYSE American was July 26, 2024.
  • Archie Bennett, Jr., together owned approximately 3,056,996 shares of our common stock and common units (including long-term incentive plan (“LTIP”) units and performance LTIP units), which represented an approximate 4.1% ownership in the Company.
  • Our Hotels As of March 10, 2025, we own interests in a high-quality, geographically diverse portfolio of 15 hotel properties located in seven states, the District of Columbia, Puerto Rico and St.
  • Our properties have 3,807 total rooms, or 3,667 net rooms, excluding those attributable to our joint venture partner.
  • Eight of the 15 hotel properties in our portfolio operate under brands affiliated with Marriott International, Inc.
  • One hotel property is managed by Accor Management US Inc.
  • (“Accor”), one is managed by Hyatt Corporation (“Hyatt”), one is managed by Four Seasons Hotels Limited (“Four Seasons”) and four hotel properties are managed by Remington Hospitality.
  • The material terms of these hotel management agreements are described below in “Certain Agreements—Hotel Management Agreements.” For the year ended December 31, 2024, approximately 75% of rooms revenue was generated by transient business, approximately 23% was generated by group sales and 2% was generated by contract sales.
  • The following table sets forth additional information for our hotel properties (dollars in thousands, except ADR and RevPAR) for the year ended December 31, 2024: Year Ended December 31, 2024 Hotel Property Location Total Rooms % Owned Occupancy ADR RevPAR Hotel Net Income Hotel EBITDA (1) Four Seasons Resort Scottsdale Scottsdale, AZ 210 100 % 53.76 % $ 888.24 $ 477.54 $ (452) $ 23,286 The Ritz-Carlton Sarasota Sarasota, FL 276 100 % 62.46 % 580.22 362.38 13,728 21,924 The Ritz-Carlton St.
  • Virgin Islands 180 100 % 63.79 % 1,071.81 683.69 9,312 20,620 The Ritz-Carlton Reserve Dorado Beach (4) Puerto Rico 96 100 % 57.54 % 2,239.48 1,288.64 5,762 19,138 Capital Hilton Washington, D.C. 559 75 % 78.64 % 262.26 206.23 (5,023) 18,957 Marriott Seattle Waterfront Seattle, WA 369 100 % 72.96 % 307.67 224.48 6,172 13,996 Pier House Resort & Spa Key West, FL 142 100 % 71.36 % 621.36 443.41 6,903 13,604 Park Hyatt Beaver Creek Resort & Spa Beaver Creek, CO 193 100 % 56.51 % 602.93 340.71 1,200 12,092 The Notary Hotel Philadelphia, PA 499 100 % 66.99 % 234.09 156.83 6,009 11,949 Sofitel Chicago Magnificent Mile Chicago, IL 415 100 % 72.54 % 253.68 184.01 1,178 5,742 The Clancy San Francisco, CA 410 100 % 66.29 % 301.79 200.05 (2,607) 5,733 The Ritz-Carlton Lake Tahoe (2) Truckee, CA 170 100 % 52.16 % 761.68 397.33 (9,085) 5,087 Bardessono Hotel and Spa (3) Yountville, CA 65 100 % 60.96 % 1,016.30 619.52 876 4,436 Hotel Yountville Yountville, CA 80 100 % 59.76 % 648.50 387.53 1,875 3,954 Cameo Beverly Hills Los Angeles, CA 143 100 % 66.95 % 274.33 183.67 (5,778) (1,485) Total / Weighted Average (5) 3,807 67.00 % $ 465.21 $ 311.68 $ 30,070 $ 179,033 __________________ (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of Hotel EBITDA by property.
  • We own the Capital Hilton in a joint venture.
  • The Hilton La Jolla Torrey Pines, which was also part of the joint venture, was sold on July 17, 2024.
  • The operating results of the Hilton La Jolla Torrey Pines, including $9.1 million of hotel EBITDA, is excluded from the table above.
  • (5) Calculated on a portfolio basis for the 15 hotel properties in our portfolio as of December 31, 2024.
  • We own a 75% partnership interest in Ashford HHC Partners III LP, which has a fee simple interest in the Capital Hilton.
  • CHH Capital Hotel Partners LP, a subsidiary of Ashford HHC Partners III LP, leases the Capital Hilton to CHH Capital Tenant Corp.
  • The remaining 25% partnership interest in Ashford HHC Partners III LP is owned by Park Hotels & Resorts, Inc.
  • The hotel opened in 1943 and is comprised of 559 guest rooms, including 283 king rooms, 94 queen/queen rooms, 90 double/double rooms, 81 single queen rooms and two parlor suites.
  • Approximately $109.2 million has been spent on capital expenditures since the acquisition of the hotel by Ashford HHC Partners III LP in 2007, which has included renovations to the guest rooms, public space, meeting space, lobby and restaurant.
  • The following table shows certain historical information regarding the Capital Hilton since 2022: Year Ended December 31, 2024 2023 2022 Rooms 559 550 550 Occupancy 78.6 % 72.9 % 65.2 % ADR $ 262.26 $ 250.11 $ 228.36 RevPAR $ 206.23 $ 182.39 $ 148.82 Selected Financial Information .
  • The following tables show certain selected financial information regarding the Capital Hilton since 2022 (dollars in thousands): Year Ended December 31, 2024 2023 2022 Total Revenue $ 65,134 $ 57,716 $ 45,113 Rooms Revenue 42,164 36,615 29,877 Hotel net income (5,023) 4,934 1,125 Hotel net income margin (7.7) % 8.5 % 2.5 % Hotel EBITDA (1) 18,957 15,427 10,174 Hotel EBITDA Margin (1) 29.1 % 26.7 % 22.6 % __________________ (1) See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of net income (loss) to Hotel EBITDA by property.
  • The Hotel EBITDA amount for this hotel represents the total amount for this hotel, not our pro rata amount based on our 75% ownership percentage.
  • Marriott Seattle Waterfront, Seattle, Washington Our subsidiary, Ashford Seattle Waterfront LP, owns a fee simple interest in the Marriott Seattle Waterfront.
  • The hotel opened in 2003 and is comprised of 362 guest rooms and 7 suites, including 240 king rooms and 129 queen/queen rooms.
  • About half of the hotel’s guest rooms have water views overlooking Elliott Bay with the remaining guest rooms having partial water views.
  • Approximately $35.2 million has been spent on capital expenditures since the acquisition of the hotel in 2007.
  • Capital improvements in 2017 included the relocation of the M Club from the eighth floor to the lobby level, which recaptured three guest rooms.
  • A transformative guest room and corridor renovation occurred in 2022 which included case goods, flooring, wall covering, soft goods, lighting, and bathrooms and added 8 new keys.
  • The hotel is located on the Seattle Waterfront within walking distance of Pike Place Market, a unique retail experience and a major Seattle tourist attraction.
  • Numerous food vendors providing locally produced food, retail shops offering a variety of merchandise and the original Starbucks Coffee Shop complement the venue.

and 220 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch BHR. Know when insiders buy.
One email the day a filing lands. Free.