Braemar Hotels & Resorts Inc. BHR
We are an externally-advised Maryland corporation formed in 2013 that invests primarily in high revenue per available room ("RevPAR") luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC. Two times the U.S. national average RevPAR was approximately $200 for the year ended December 31, 2025. We have elected to be taxed as a REIT under the Code beginning in the year ended December 31, 2013. We conduct our business and own substantially all of our assets through our operating partnership, Braemar OP.
We operate in the direct hotel investment segment of the hotel lodging industry. As of March 9, 2026, we owned interests in 13 hotel properties in six states, the District of Columbia, Puerto Rico and St. Thomas, U.S. Virgin Islands with 3,028 total rooms. The hotel properties in our current portfolio are predominantly located in U.S. urban and resort locations with favorable growth characteristics resulting from multiple demand generators.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $704.0M | $728.4M | $739.3M | $669.6M | $427.5M | $227.0M | $487.6M | $431.4M | $414.1M | $405.9M |
| Cost of revenue | — | — | — | — | — | — | $323.6M | $272.6M | $271.6M | $262.6M |
| Gross profit | — | — | — | — | — | — | $164.0M | $158.8M | $142.5M | $143.3M |
| SG&A | $11.8M | $14.4M | $13.5M | $18.1M | $8.7M | $6.7M | $5.4M | $4.2M | $8.1M | $14.3M |
| Total operating expenses | $714.4M | $687.8M | $677.7M | $601.2M | $426.8M | $317.0M | $448.4M | $381.3M | $375.2M | $358.7M |
| Operating income | $72.4M | $128.8M | $61.7M | $68.4M | $1.4M | -$79.9M | $64.4M | $65.8M | $62.6M | $73.5M |
| Pre-tax income | -$26.4M | $20.6M | -$27.9M | $23.4M | -$31.6M | -$129.1M | $3.0M | $5.0M | $27.8M | $25.9M |
| Income tax | $2.0M | $842.0K | $2.7M | $4.0M | $1.3M | $4.4M | $1.8M | $2.4M | $522.0K | $1.6M |
| Net income | -$22.3M | -$1.7M | -$27.0M | $17.8M | -$26.7M | -$105.3M | $371.0K | $1.3M | $23.0M | $19.3M |
| EPS, basic | -1.07 | -0.77 | -1.13 | -0.15 | -0.76 | -3.39 | -0.32 | -0.19 | 0.52 | 0.57 |
| EPS, diluted | -1.07 | -0.77 | -1.13 | -0.15 | -0.76 | -3.39 | -0.32 | -0.19 | 0.51 | 0.55 |
| Shares, diluted (wtd. avg.) | $67.6M | $66.5M | $66.0M | $69.7M | $52.7M | $34.0M | $32.3M | $31.9M | $34.7M | $31.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $124.4M | $135.5M | $85.6M | $261.5M | $216.0M | $78.6M | $72.0M | $182.6M | $137.5M | $126.8M |
| Inventory | $4.7M | $4.7M | $5.0M | $5.2M | $3.1M | $2.6M | $2.8M | $1.9M | $1.4M | $1.5M |
| Property, plant and equipment | $1.56B | $1.78B | $1.88B | $1.88B | $1.45B | $1.42B | $1.48B | $1.30B | $1.15B | $1.01B |
| Other intangibles | $2.7M | $3.1M | $3.5M | $3.9M | $4.3M | $4.6M | $5.0M | $27.7M | $22.5M | $22.8M |
| Total assets | $1.86B | $2.14B | $2.23B | $2.40B | $1.88B | $1.67B | $1.76B | $1.64B | $1.42B | $1.26B |
| Long-term debt | $1.10B | $1.21B | $1.16B | $1.33B | $1.17B | $1.13B | $1.06B | $985.9M | $821.0M | $764.6M |
| Total liabilities | $1.34B | $1.41B | $1.41B | $1.57B | $1.36B | $1.28B | $1.25B | $1.09B | $894.5M | $828.1M |
| Retained earnings | -$568.5M | -$477.8M | -$412.2M | -$324.7M | -$309.2M | -$266.0M | -$150.6M | -$115.4M | -$88.8M | -$93.3M |
| Total equity | $138.7M | $240.7M | $298.0M | $393.8M | $382.3M | $261.2M | $363.3M | $392.1M | $376.6M | $303.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $40.8M | $66.8M | $84.7M | $109.5M | $64.0M | -$50.3M | $66.3M | $70.7M | $70.6M | $58.6M |
| Depreciation and amortisation | $92.1M | $98.2M | $92.6M | $78.0M | $73.0M | $72.8M | $69.5M | $56.8M | $52.1M | $45.7M |
| Stock-based compensation | -$446.0K | $2.6M | $9.2M | $11.3M | $10.2M | $7.9M | $7.9M | $7.0M | -$1.3M | $4.2M |
| Capital expenditure | $77.9M | $70.6M | $77.1M | $49.1M | $17.6M | $0 | $136.3M | $77.6M | $43.0M | $23.4M |
| Investing cash flow | $209.6M | $35.5M | -$77.1M | -$402.2M | -$41.7M | -$16.5M | -$226.4M | -$166.8M | -$173.9M | $103.5M |
| Financing cash flow | -$268.6M | -$83.8M | -$156.8M | $345.1M | $128.0M | $49.6M | $32.1M | $169.2M | $124.0M | -$135.6M |
| Dividends paid | $47.3M | $51.6M | $52.6M | $20.8M | $9.1M | $16.2M | $33.4M | $30.3M | $27.1M | $16.9M |
| Buybacks | $778.0K | $369.0K | $19.3M | $7.4M | $376.0K | $263.0K | $384.0K | $323.0K | $395.0K | $39.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001574085-26-000063.
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