Braemar Hotels & Resorts Inc. (BHR) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 05 2025
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Should l Buy BHR?
Source: SeekingAlpha
Comparable RevPAR $257, reflecting an increase of 1.4% over the prior year quarter. This marks the fourth consecutive quarter of RevPAR growth, attributed to a return to normalized growth in the resort portfolio.
Comparable Total Hotel Revenue Increased by 3.9% over the prior year period, driven by strong performance in resort properties and group demand.
Comparable Hotel EBITDA $21.4 million, reflecting a 15.1% increase over the prior year quarter, attributed to strong resort performance and operational efficiencies.
Resort Portfolio Comparable RevPAR $361, a 5.5% increase over the prior year period, driven by strong demand and rate growth in luxury resort destinations.
Resort Portfolio Combined Comparable Hotel EBITDA $13.1 million, a 58% increase over the prior year period, attributed to strong group demand and benefits from renovations.
Four Seasons Resort Scottsdale Comparable RevPAR Increased by approximately 25%, attributed to strong demand and operational improvements.
Ritz-Carlton Lake Tahoe Total Revenue Up roughly 32% year-over-year, reflecting strong group demand and benefits from the recently completed renovation.
Ritz-Carlton Reserve Toronto Beach Comparable RevPAR Achieved approximately 20% growth, attributed to strong demand and rate growth.
Urban Hotels Comparable RevPAR Decreased 3.9% during the quarter, reflecting extensive renovations and citywide occupancy declines in Philadelphia.
Portfolio GOP Margin Expanded by 160 basis points compared to the prior year period, driven by operational efficiencies and strong resort performance.
Group Room Revenue Paced 9.1% higher for the full year 2025 compared to the prior year, with a 1.3% increase in the third quarter, driven by strong group demand.
Ritz-Carlton Dorado Beach Comparable RevPAR Increased by 20.4% during the third quarter, reflecting strong demand and sustained rate growth.
Ritz-Carlton Lake Tahoe Group Room Revenue Grew 80.2% compared to the prior year period, driven by increased group demand and renovations.
Ritz-Carlton Lake Tahoe Catering Revenue Increased 80.7% during the third quarter compared to the prior year period, driven by higher group demand and enhanced facilities.
Portfolio-wide Catering Revenue Finished ahead by 31% in the third quarter compared to the prior year period, attributed to higher spend events and enhanced food and beverage offerings.
Ritz-Carlton Sarasota Total Revenue Increased 5.2% compared to the prior year period, driven by a 15.5% increase in other revenue and expanded access to amenities.
Ritz-Carlton Sarasota Other Revenue Increased 15.5% compared to the prior year period, attributed to expanded access to amenities for local and outside guests.
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Analyst Views on BHR
About BHR
Braemar Hotels & Resorts Inc. is a real estate investment trust focused on investing in luxury hotels and resorts. Its business objectives are to generate attractive returns on its invested capital and long-term growth in cash flow to maximize total returns to its stockholders. The Company operates in the direct hotel investment segment of the hotel lodging industry. It owns interests in approximately 14 hotel properties in seven states, the District of Columbia, Puerto Rico and St. Thomas, U.S. Virgin Islands. The hotel properties in its portfolio are predominantly located in the United States urban and resort locations. It owns 14 of its hotel properties directly and the remaining hotel property through an investment in a majority-owned consolidated joint venture entity. All the hotel properties in its portfolio are asset-managed by Ashford LLC. The Company's hotel properties include Capital Hilton, The Notary Hotel and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Braemar Hotels & Resorts Updates Dividend Policy Amid Sale Process
- Preferred Dividend Declaration Update: Braemar Hotels & Resorts has revised its preferred equity securities dividend declaration process to ensure equitable treatment among its Series B, D, E, and M preferred stocks, thereby enhancing transparency and trust among shareholders.
- Increased Payment Flexibility: By shifting the declaration of Series B and D dividends from the start of the quarter to a monthly reservation, the company gains flexibility to manage strategic transactions that may require redemption or conversion of outstanding preferred equity during a quarter, ensuring timely payments around the 15th of the month following quarter-end.
- Common Dividend Policy Undecided: The Board has not declared a common equity dividend policy for 2026 due to the ongoing Company Sale process, which could lead to the sale of assets in multiple transactions, affecting the distribution of net proceeds to shareholders.
- High-Growth Market Focus: Braemar targets the high-growth luxury hotel and resort sector, aiming for revenue per available room (RevPAR) at least twice the U.S. national average, demonstrating its strong competitive position and growth potential in the premium market.
See More
Braemar Hotels & Resorts Updates Dividend Policy
- Preferred Dividend Declaration Update: Braemar Hotels & Resorts has updated its preferred equity securities dividend declaration process to ensure equitable treatment among Series B, D, E, and M preferred stocks, thereby enhancing shareholder trust and alignment during the ongoing Company Sale process.
- Dividend Payment Flexibility: By shifting the declaration of Series B and D dividends from the start of the quarter to a monthly reservation, the company gains greater flexibility for strategic transactions that may require redemption or conversion of outstanding preferred equity, ensuring compliance with all distribution parity requirements.
- Common Equity Dividend Policy Undecided: The Board has not declared a common equity dividend policy for 2026 due to the ongoing Company Sale process, which could affect shareholder distributions and increase uncertainty for investors regarding future returns.
- High-Growth Market Focus: Braemar targets the high-growth luxury hotel and resort sector, aiming for revenue per available room (RevPAR) at least twice the U.S. national average, showcasing its competitive advantage in the premium market segment.
See More
Braemar Hotels Releases 2025 Tax Reporting for Distributions
- Distribution Announcement: Braemar Hotels & Resorts disclosed tax reporting for 2025 distributions, with common stock dividends at $0.20 per share and preferred shares B, D, E, and M yielding $1.3752, $2.0624, $1.8750, and $2.1354 respectively, indicating the company's ongoing cash flow and commitment to shareholder returns.
- Tax Compliance: The company will issue Form 8937 in accordance with IRS regulations, providing detailed capital return information to ensure shareholders understand the tax implications of dividends, thereby enhancing transparency and building shareholder trust.
- Investor Guidance: Braemar encourages shareholders to consult tax advisors regarding federal, state, and local tax effects, demonstrating the company's commitment to shareholder interests and providing necessary support for informed investment decisions.
- Market Positioning: As a REIT focused on high-growth luxury hotels and resorts, Braemar targets properties generating revenue per available room (RevPAR) at least twice the U.S. national average, showcasing its strong competitive edge in the luxury market.
See More
Braemar Hotels & Resorts Announces 2025 Tax Reporting for Distributions
- Dividend Disclosure: Braemar Hotels & Resorts has announced the tax reporting for its 2025 distributions, with common stock dividends set at $0.20 per share and preferred shares B, D, E, and M at $1.3752, $2.0624, and $2.1354 respectively, reflecting the company's commitment to shareholder returns and stability.
- Record Date for Shareholders: The distributions paid on January 15, 2025, to shareholders of record as of December 31, 2024, indicate the company's ongoing dedication to maintaining shareholder value while providing clear income expectations for future investors.
- Tax Compliance: The company will issue Form 8937 in accordance with IRS regulations, detailing the return of capital information, which ensures shareholders can accurately assess the tax implications of their dividends, thereby enhancing the company's transparency in compliance matters.
- Market Positioning: As a REIT focused on high-growth luxury hotels and resorts, Braemar targets properties that achieve revenue per available room (RevPAR) at least twice the U.S. national average, showcasing its competitive edge and growth potential in the premium market.
See More
Braemar Hotels to Release Q4 2025 Earnings on February 26, 2026
- Earnings Release Schedule: Braemar Hotels & Resorts will issue its Q4 2025 earnings report after market close on February 26, 2026, which is expected to provide critical financial performance data for investors to assess the company's operational status.
- Conference Call Timing: The company will host a conference call on February 27, 2026, at 11:00 a.m. ET, allowing investors to participate by calling 646-960-0284, enhancing interaction with management and gaining deeper business insights.
- Replay Service: A replay of the conference call will be available until March 6, 2026, and investors can listen by dialing 609-800-9909 and entering confirmation number 2925607, ensuring that those unable to participate live can still access important information.
- Online Broadcast: Braemar's quarterly conference call will be live-streamed on the company's website on February 27, 2026, starting at 11:00 a.m. ET, with an online replay available for approximately one year, further enhancing information transparency and investor relations management.
See More
Ashford Inc. Appoints Jim Plohg as EVP and General Counsel
- Executive Appointment: Ashford Inc. appointed Jim Plohg as Executive Vice President, General Counsel, and Secretary effective December 16, 2025, indicating a strategic emphasis on legal compliance and regulatory affairs, which is expected to enhance corporate governance.
- Experienced Leader: Having joined Ashford in 2014 and held various senior legal positions, Plohg brings over 25 years of legal and investment experience, which will provide robust legal support as the company expands in commercial real estate investment and development.
- Team Leadership: Plohg will lead the legal team to support the company's growth in global asset management and related services, with his extensive industry experience anticipated to drive performance improvements in the real estate and hospitality sectors.
- Strategic Development: CEO Monty Bennett noted that Plohg's legal and real estate expertise will be crucial for the company's future expansion, reflecting Ashford's commitment to scaling its platforms and enhancing performance.
See More
Braemar Hotels & Resorts Updates Dividend Policy Amid Sale Process
- Preferred Dividend Declaration Update: Braemar Hotels & Resorts has revised its preferred equity securities dividend declaration process to ensure equitable treatment among its Series B, D, E, and M preferred stocks, thereby enhancing transparency and trust among shareholders.
- Increased Payment Flexibility: By shifting the declaration of Series B and D dividends from the start of the quarter to a monthly reservation, the company gains flexibility to manage strategic transactions that may require redemption or conversion of outstanding preferred equity during a quarter, ensuring timely payments around the 15th of the month following quarter-end.
- Common Dividend Policy Undecided: The Board has not declared a common equity dividend policy for 2026 due to the ongoing Company Sale process, which could lead to the sale of assets in multiple transactions, affecting the distribution of net proceeds to shareholders.
- High-Growth Market Focus: Braemar targets the high-growth luxury hotel and resort sector, aiming for revenue per available room (RevPAR) at least twice the U.S. national average, demonstrating its strong competitive position and growth potential in the premium market.
See More
Braemar Hotels & Resorts Updates Dividend Policy
- Preferred Dividend Declaration Update: Braemar Hotels & Resorts has updated its preferred equity securities dividend declaration process to ensure equitable treatment among Series B, D, E, and M preferred stocks, thereby enhancing shareholder trust and alignment during the ongoing Company Sale process.
- Dividend Payment Flexibility: By shifting the declaration of Series B and D dividends from the start of the quarter to a monthly reservation, the company gains greater flexibility for strategic transactions that may require redemption or conversion of outstanding preferred equity, ensuring compliance with all distribution parity requirements.
- Common Equity Dividend Policy Undecided: The Board has not declared a common equity dividend policy for 2026 due to the ongoing Company Sale process, which could affect shareholder distributions and increase uncertainty for investors regarding future returns.
- High-Growth Market Focus: Braemar targets the high-growth luxury hotel and resort sector, aiming for revenue per available room (RevPAR) at least twice the U.S. national average, showcasing its competitive advantage in the premium market segment.
See More
Braemar Hotels Releases 2025 Tax Reporting for Distributions
- Distribution Announcement: Braemar Hotels & Resorts disclosed tax reporting for 2025 distributions, with common stock dividends at $0.20 per share and preferred shares B, D, E, and M yielding $1.3752, $2.0624, $1.8750, and $2.1354 respectively, indicating the company's ongoing cash flow and commitment to shareholder returns.
- Tax Compliance: The company will issue Form 8937 in accordance with IRS regulations, providing detailed capital return information to ensure shareholders understand the tax implications of dividends, thereby enhancing transparency and building shareholder trust.
- Investor Guidance: Braemar encourages shareholders to consult tax advisors regarding federal, state, and local tax effects, demonstrating the company's commitment to shareholder interests and providing necessary support for informed investment decisions.
- Market Positioning: As a REIT focused on high-growth luxury hotels and resorts, Braemar targets properties generating revenue per available room (RevPAR) at least twice the U.S. national average, showcasing its strong competitive edge in the luxury market.
See More
Braemar Hotels & Resorts Announces 2025 Tax Reporting for Distributions
- Dividend Disclosure: Braemar Hotels & Resorts has announced the tax reporting for its 2025 distributions, with common stock dividends set at $0.20 per share and preferred shares B, D, E, and M at $1.3752, $2.0624, and $2.1354 respectively, reflecting the company's commitment to shareholder returns and stability.
- Record Date for Shareholders: The distributions paid on January 15, 2025, to shareholders of record as of December 31, 2024, indicate the company's ongoing dedication to maintaining shareholder value while providing clear income expectations for future investors.
- Tax Compliance: The company will issue Form 8937 in accordance with IRS regulations, detailing the return of capital information, which ensures shareholders can accurately assess the tax implications of their dividends, thereby enhancing the company's transparency in compliance matters.
- Market Positioning: As a REIT focused on high-growth luxury hotels and resorts, Braemar targets properties that achieve revenue per available room (RevPAR) at least twice the U.S. national average, showcasing its competitive edge and growth potential in the premium market.
See More
Braemar Hotels to Release Q4 2025 Earnings on February 26, 2026
- Earnings Release Schedule: Braemar Hotels & Resorts will issue its Q4 2025 earnings report after market close on February 26, 2026, which is expected to provide critical financial performance data for investors to assess the company's operational status.
- Conference Call Timing: The company will host a conference call on February 27, 2026, at 11:00 a.m. ET, allowing investors to participate by calling 646-960-0284, enhancing interaction with management and gaining deeper business insights.
- Replay Service: A replay of the conference call will be available until March 6, 2026, and investors can listen by dialing 609-800-9909 and entering confirmation number 2925607, ensuring that those unable to participate live can still access important information.
- Online Broadcast: Braemar's quarterly conference call will be live-streamed on the company's website on February 27, 2026, starting at 11:00 a.m. ET, with an online replay available for approximately one year, further enhancing information transparency and investor relations management.
See More
Ashford Inc. Appoints Jim Plohg as EVP and General Counsel
- Executive Appointment: Ashford Inc. appointed Jim Plohg as Executive Vice President, General Counsel, and Secretary effective December 16, 2025, indicating a strategic emphasis on legal compliance and regulatory affairs, which is expected to enhance corporate governance.
- Experienced Leader: Having joined Ashford in 2014 and held various senior legal positions, Plohg brings over 25 years of legal and investment experience, which will provide robust legal support as the company expands in commercial real estate investment and development.
- Team Leadership: Plohg will lead the legal team to support the company's growth in global asset management and related services, with his extensive industry experience anticipated to drive performance improvements in the real estate and hospitality sectors.
- Strategic Development: CEO Monty Bennett noted that Plohg's legal and real estate expertise will be crucial for the company's future expansion, reflecting Ashford's commitment to scaling its platforms and enhancing performance.
See More
