Core Insights - The article discusses the expertise of a senior analyst and private portfolio manager with over 10 years of experience in generating value ideas in European and North American markets [1] Group 1: Analyst Background - The analyst is a contributing author and analyst for the investing group iREIT®+HOYA Capital and Wide Moat Research LLC, covering various European markets including Scandinavia, Germany, France, UK, Italy, Spain, Portugal, and Eastern Europe [1] - The focus is on identifying reasonably valued stock ideas within these markets [1] Group 2: Investment Position - The analyst holds a beneficial long position in the shares of specific companies, indicating a personal investment interest [1] - The article emphasizes that the opinions expressed are personal and not influenced by compensation from any company mentioned [1]

Property Ownership and Sales - As of September 30, 2025, the company owned interests in 14 hotel properties with a total of 3,438 rooms, representing 3,298 net rooms[159]. - The company sold the Marriott Seattle Waterfront hotel for $145 million in cash and repaid approximately $88.4 million on the related mortgage loan[168]. - The company sold The Clancy for $115 million in cash, repaying approximately $64.7 million on the related mortgage loan[175]. - The company owns 3,298 rooms across various hotel properties, with 75% ownership in the Capital Hilton and 100% ownership in several other properties[282]. - The Ritz-Carlton Reserve Dorado Beach has 96 rooms, fully owned by the company, contributing to its portfolio[282]. Financial Performance - Total revenue decreased by $4.8 million, or 3.3%, to $143.6 million for the three months ended September 30, 2025, compared to $148.4 million in 2024[180]. - Rooms revenue declined by $6.7 million, or 7.3%, to $85.7 million in the 2025 quarter, primarily due to the sales of Marriott Seattle and Hilton La Jolla Torrey Pines[182]. - Net income attributable to the Company decreased by $6.9 million, or 54.4%, to $5.7 million in the 2025 quarter from $12.6 million in 2024[181]. - Total hotel revenue decreased by $16.6 million, or 3.0%, to $538.5 million for the nine months ended September 30, 2025, compared to $555.1 million in 2024[211]. - Net income attributable to the Company decreased by $5.7 million, or 33.5%, from $16.9 million in 2024 to $11.3 million in 2025[211]. Expenses and Costs - Total hotel operating expenses decreased by $2.1 million, or 1.8%, to $111.6 million in the 2025 quarter compared to $113.7 million in 2024[180]. - Corporate general and administrative expenses increased significantly by $5.1 million, or 57.1%, to $3.8 million in the 2025 quarter[180]. - Depreciation and amortization expenses decreased by $5.3 million, or 7.0%, from $75.2 million in 2024 to $69.9 million in 2025[211]. - Property taxes, insurance, and other expenses decreased by $4.2 million, or 13.6%, to $26.6 million in 2025 compared to $30.7 million in 2024[211]. Revenue Streams - Food and beverage revenue increased by $1.9 million, or 5.3%, to $36.6 million in the 2025 quarter compared to $34.8 million in 2024[182]. - Other hotel revenue increased slightly by $28,000, or 0.1%, to $21.2 million in the 2025 quarter[184]. - Food and beverage revenue decreased by $1.9 million, or 1.4%, to $134.0 million during the 2025 period[216]. - Other hotel revenue increased by $873,000, or 1.2%, to $72.8 million during the 2025 period[217]. Debt and Financing - The company refinanced its $140 million mortgage loan secured by the Four Seasons Scottsdale, increasing the loan balance to $180 million with a new interest rate of SOFR + 3.00%[169]. - Total indebtedness as of September 30, 2025, was approximately $1.2 billion, with about $1.1 billion in variable-rate debt[284]. - A 25-basis point increase in interest rates would impact the results of operations by approximately $2.7 million per year on the variable-rate debt[284]. Strategic Initiatives - The company entered into a cooperation agreement with the Ghassemieh Group, appointing Mr. Ghassemieh to the board of directors[170]. - The company plans to rebrand and convert Mr. C Beverly Hills to Cameo Beverly Hills, with renovations expected to complete by the end of 2025[282]. - The company may enter into hedging arrangements to manage interest rate and currency fluctuations, particularly for international operations[283]. Market and Operational Insights - The company operates under an investment strategy focused on high RevPAR luxury hotels, with a target of at least twice the U.S. national average RevPAR, which was $199 for 2024[158]. - The company acknowledges that its properties' operations are seasonal, which can lead to fluctuations in quarterly lease revenue[268]. - The analysis of market risk indicates that interest rate changes have no impact on the remaining $86.3 million of fixed-rate debt[284]. Cash Flow and Dividends - Net cash flows provided by operating activities were $32.4 million for the nine months ended September 30, 2025, down from $60.2 million in 2024[260]. - The company expects to pay a quarterly cash dividend of $0.05 per share for 2025, totaling $0.20 per share on an annualized basis[267]. - The board of directors will review the dividend policy on a quarter-to-quarter basis, indicating no commitment to future dividends[267].

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $8.2 million or $0.12 per diluted share for Q3 2025, with an AFFO per diluted share of negative $0.19 [13] - Comparable RevPAR increased by 1.4% to $257, marking the fourth consecutive quarter of RevPAR growth [8][9] - Total hotel revenue increased by 3.9% year-over-year, with comparable Hotel EBITDA reaching $21.4 million, a 15.1% increase [8][12] Business Line Data and Key Metrics Changes - The resort portfolio achieved a comparable RevPAR of $361, reflecting a 5.5% increase, and a combined comparable hotel EBITDA of $13.1 million, a 58% increase [9][17] - Urban hotels experienced a decline in comparable RevPAR by 3.9%, impacted by renovations and citywide occupancy declines [10][12] Market Data and Key Metrics Changes - Group room revenue for the full year 2025 is up 9.1% compared to the prior year, with Q3 group room revenue finishing 1.3% above the prior year [17][19] - The Ritz-Carlton Lake Tahoe saw an 80.2% increase in group room revenue, driven by strong demand post-renovation [18] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through strategic divestitures, including the planned sale of the Clancy hotel [11][12] - Capital expenditures for 2025 are anticipated to be between $75 million and $85 million, aimed at enhancing portfolio quality and brand alignment [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's ability to sustain operating momentum despite temporary headwinds from renovations [17][25] - The company noted a positive trend in private capital interest in hotel assets, indicating a favorable acquisition backdrop [36][37] Other Important Information - The company redeemed approximately $125 million of non-traded preferred stock, representing about 27% of the original capital raise [12] - The company has a solid liquidity position, having addressed its final 2025 debt maturity earlier in the year [7][10] Q&A Session Summary Question: What is a good maintenance run rate CapEx number for the portfolio? - The company typically targets low single digits as a percentage of revenue for maintenance CapEx, with no significant deferred projects noted [28][29] Question: Has the sales process affected results at the property level? - Management indicated that the sales process has not impacted property-level performance, with RevPAR and EBITDA growth achieved despite renovations [32] Question: What is the current acquisition backdrop for hotels? - The acquisition environment is improving, with increased interest from private equity funds and favorable debt capital markets [35][36] Question: How has the government pullback affected the D.C. asset? - The Capital Hilton has not seen significant impact from government pullback, with corporate business offsetting any declines in group segment [43][44] Question: What trends are observed in leisure spending? - Leisure revenue was up in Q3, with luxury consumers showing less price sensitivity and increased ancillary spending [49][50]

Financial Performance - Net loss attributable to common stockholders for the quarter was $(8.2) million, or $(0.12) per diluted share, with Adjusted funds from operations (AFFO) at $(0.19) per diluted share[4] - Net income for the three months ended September 30, 2025, was $4.7 million, down from $39.8 million in the same period of 2024, representing a decline of 88.2%[27] - Operating income for the three months ended September 30, 2025, was $29.8 million, compared to $70.3 million for the same period in 2024, a decrease of 57.6%[27] - The company reported a net loss attributable to common stockholders of $8.2 million for the three months ended September 30, 2025, compared to a loss of $1.4 million in the same period of 2024[27] - Hotel net income for the three months ended September 30, 2025, was $33.765 million, down 56.62% from $77.832 million in 2024[46] - Hotel net income attributable to the Company and OP unitholders was $37.065 million, a decrease of 35.19% from $57.191 million in 2024[50] - The company reported a net income of $39.835 million for the period, with a significant increase compared to the previous loss of $37.997 million[117] Revenue Metrics - Comparable RevPAR for all hotels increased 1.4% year-over-year to $257, while Comparable ADR rose 4.7% to $401, and Comparable Occupancy decreased 3.2% to 64.3%[4] - Total hotel revenue for the three months ended September 30, 2025, was $143.6 million, a decrease of 3.8% compared to $148.4 million for the same period in 2024[27] - Total hotel revenue for the three months ended September 30, 2025, was $144.585 million, a decrease of 3.13% compared to $149.255 million in 2024[46] - Total hotel revenue for the three months ended September 30, 2025, was $128.719 million, a decrease of 2.54% compared to $132.071 million in 2024[50] - Total hotel revenue for the trailing twelve months (TTM) was $718,154,000, with a comparable revenue of $686,164,000 after adjustments[84] - Total hotel revenue for Resort Properties reached $494.451 million, with a hotel net income of $46.020 million, resulting in a net income margin of 9.31%[75] EBITDA and Operational Metrics - Comparable Hotel EBITDA was $21.4 million for the quarter, reflecting a 15.1% increase over the prior year quarter[4] - Adjusted EBITDAre for the nine months ended September 30, 2025, was $118.2 million, down from $127.4 million for the same period in 2024, a decline of 7.5%[29] - Hotel EBITDA for the three months ended September 30, 2025, was $25.562 million, a slight increase of 2.04% from $25.050 million in 2024[46] - Total hotel EBITDA attributable to the company reached $24,625 million, reflecting robust operational efficiency[91] - Hotel EBITDA for the company reached $91.964 million, reflecting a strong performance across its properties[117] - Comparable hotel EBITDA was reported at $126.3 million, showing strong operational performance[123] Cash and Debt Management - The Company ended the quarter with cash and cash equivalents of $116.3 million and restricted cash of $47.7 million[4] - Net debt to gross assets was 43.2% at the end of the third quarter, with total assets of $2.0 billion and total loans of $1.2 billion[8] - Indebtedness, net, was $1.16 billion as of September 30, 2025, compared to $1.21 billion as of December 31, 2024, a decrease of 4.5%[25] - The weighted average interest rate on total indebtedness as of September 30, 2025, was 6.88%[36] - Total interest expense amounted to $22,674 million, reflecting a substantial financial burden on the company's operations[97] Strategic Initiatives and Future Outlook - The Company initiated a sale process in August 2025 to explore strategic alternatives aimed at maximizing shareholder value[6] - The company is focusing on market expansion and new product development to enhance future growth prospects[91] - Future guidance indicates a continued emphasis on operational efficiency and strategic investments in technology[91] - The company is actively exploring acquisition opportunities to strengthen its market position and diversify its portfolio[120] - Future outlook remains positive with expectations for continued recovery and growth in the upcoming quarters[104] Property-Specific Performance - Rooms revenue for PIER HOUSE RESORT & SPA increased to $3,782 million, up 2.19% from $3,701 million in 2024[55] - Total hotel revenue for PIER HOUSE RESORT & SPA reached $5,418 million, reflecting a 5.55% increase compared to $5,133 million in 2024[55] - Hotel net income for PIER HOUSE RESORT & SPA surged to $1,140 million, a significant increase of 8,669.23% from $13 million in 2024[55] - Rooms revenue for PARK HYATT BEAVER CREEK RESORT & SPA decreased to $2,915 million, down 18.82% from $3,591 million in 2024[55] - Total hotel revenue for THE NOTARY HOTEL increased to $26,747, a 3.22% increase from $25,913 in 2024[64] - Hotel net income for THE NOTARY HOTEL rose to $4,109, a 25.66% increase compared to $3,270 in 2024[64]

Core Points - Braemar Hotels & Resorts Inc. announced a quarterly cash dividend of $0.05 per diluted share for its common stock for the fourth quarter ending December 31, 2025, equating to an annual rate of $0.20 per share, payable on January 15, 2026 [1] - The Board declared a quarterly cash dividend of $0.3438 per diluted share for the Company's 5.5% Series B Cumulative Convertible Preferred Stock, also payable on January 15, 2026 [2] - A quarterly cash dividend of $0.5156 per diluted share was declared for the Company's 8.25% Series D Cumulative Preferred Stock, payable on January 15, 2026 [3] - Monthly cash dividends for the Company's Series E Redeemable Preferred Stock were declared at $0.15625 per share, with payments scheduled for November 17, December 15, and January 15, 2026 [4] - Monthly cash dividends for Series M Redeemable Preferred Stock were declared at $0.17917 and $0.17708 per share for specific CUSIPs, with similar payment schedules [5][6] - The Board also declared a monthly cash dividend of $0.17500 per share for remaining CUSIPs of Series M Redeemable Preferred Stock, with payments on the same dates [7] - As of September 30, 2025, there were 12,697,673 shares of Series E Redeemable Preferred Stock and 1,404,544 shares of Series M Redeemable Preferred Stock issued and outstanding [8]

, /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that it has entered into a definitive agreement to sell the 410-room The Clancy in San Francisco for $115 million ($280,487 per key) and has received a $3.5 million non-refundable earnest money deposit. The sale price represents a 5.0% capitalization rate on net operating income for the trailing 12 months ended August 2025. "We are strategically refining our portfolio with one clear objective: to maximi ...

Group 1 - Ramaco Resources has priced an offering of $57 million in new 8.25% exchange traded senior notes due in 2030 [1] - The proceeds from the offering will be used to redeem existing debt [1]

Core Viewpoint - Braemar Hotels & Resorts Inc. has successfully refinanced its mortgage loan for the Four Seasons Resort Scottsdale, enhancing liquidity and reducing the cost of debt [1][3]. Financing Details - The previous mortgage loan had a balance of $140 million with an interest rate of SOFR + 3.75% and was set to mature in December 2028 [1]. - The new non-recourse loan has a balance of $180 million and bears interest at a floating rate of SOFR + 3.00%, with a three-year initial term and two one-year extension options [2]. Management Commentary - The president and CEO of Braemar expressed satisfaction with the refinancing, highlighting its flexibility and the improved credit market for lodging assets [3].

DALLAS, Aug. 11, 2025 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that it has closed on the previously announced sale of the 369-room Marriott Seattle Waterfront in Seattle for $145 million ($393,000 per key). Including anticipated capital expenditures of $7 million, the sale price represents an 8.1% capitalization rate on net operating income for the trailing 12 months ended May 31, 2025. "We are pleased that this strategic sale is complete," said ...

Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $16 million or $0.24 per diluted share for the quarter [14] - Adjusted EBITDA for the quarter was $38.9 million, with total assets at $2.1 billion and total loans of $1.2 billion at a blended average interest rate of 7.1% [14][15] - The company ended the quarter with cash and cash equivalents of $80.2 million and announced a quarterly common stock dividend of $0.05 per share, equating to an annual yield of approximately 9.1% [15] Business Line Data and Key Metrics Changes - Comparable RevPAR reached $318, reflecting a 1.5% increase year-over-year, marking the third consecutive quarter of RevPAR growth [7][8] - Comparable total hotel revenue increased by 3.3% year-over-year, with comparable hotel EBITDA at $47.8 million, a 3.7% increase [9] - The resort portfolio reported comparable RevPAR of $464, a 1.6% increase, and combined comparable hotel EBITDA of $25.7 million, a 6.9% increase [9] Market Data and Key Metrics Changes - Urban hotels delivered comparable RevPAR growth of 0.5%, with The Clancy in San Francisco achieving total revenue growth of 14% [10] - Group revenue for 2025 is up 8.6%, with 2026 showing continued growth at 3.6% [10] Company Strategy and Development Direction - The company is focused on deleveraging the portfolio while sharpening its focus on the luxury hotel sector, as evidenced by the sale of the Marriott Seattle Waterfront for $145 million [12] - The company plans to continue capital expenditures between $75 million and $95 million for the full year 2025, emphasizing long-term value creation through portfolio quality and brand alignment [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong booking pace and performance of the portfolio, despite challenges from renovations and softness in the government segment [10][36] - The company anticipates continued growth in group revenue and strong demand across multiple key markets, reflecting the resilience of its high-quality portfolio [28] Other Important Information - The company has redeemed approximately $107 million of its non-traded preferred stock, representing about 23% of the original capital raise [13] - The transition of the Sofitel Chicago Magnificent Mile to a franchise model is expected to enhance property value and operational performance [11][25] Q&A Session Summary Question: Is there incremental focus on grouping up across properties? - Management confirmed that they are looking to group up broadly across the portfolio, focusing on groups that generate additional catering and banquet spend [31][32] Question: How did May and June perform compared to expectations? - Management indicated that May and June performed more in line with expectations, despite some headwinds from renovations and softness in the government segment [35][36] Question: Following the Seattle sale, will there be less urgency to sell more assets? - Management stated that the sale provides significant cash balance and flexibility, but they do not have further property sales planned for this year, with a reassessment for 2026 [38][39]