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]

Core Viewpoint - Braemar Hotels & Resorts Inc. has entered into a definitive agreement to sell The Clancy hotel in San Francisco for $115 million, aiming to maximize shareholder value through strategic portfolio refinement [1][2]. Group 1: Transaction Details - The sale price of The Clancy is $115 million, equating to $280,487 per room, and represents a 5.0% capitalization rate on net operating income for the trailing 12 months ending August 2025 [1]. - A non-refundable earnest money deposit of $3.5 million has been received, and the transaction is expected to close in November 2025, subject to customary conditions [2]. - The buyer has the option to extend the closing by 30 days with an additional non-refundable deposit of $1 million [2]. Group 2: Financial Performance - For the 12 months ending August 31, 2025, The Clancy reported a net loss of $4.2 million, with interest expenses of $5.0 million and depreciation and amortization of $6.6 million [4]. - The hotel’s EBITDA for the same period is projected at $7.7 million, leading to a hotel net operating income of $5.7 million after accounting for a capital reserve of $2.0 million [4][5]. Group 3: Company Overview - Braemar Hotels & Resorts is a real estate investment trust (REIT) that focuses on investing in luxury hotels and resorts [3].

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].

Core Insights - Braemar Hotels & Resorts Inc. has successfully completed the sale of the 369-room Marriott Seattle Waterfront for $145 million, equating to $393,000 per key, with an anticipated capitalization rate of 8.1% based on net operating income for the trailing 12 months ending May 31, 2025 [1][2]. Financial Summary - The company plans to utilize the proceeds from the sale to pay down approximately $88.4 million of debt, retaining around $50.8 million in net proceeds after transaction costs [2]. - For the 12 months ending May 31, 2025, the hotel reported a net loss of $1.6 million, with a Hotel EBITDA of $14.3 million and a Hotel Net Operating Income of $12.4 million [4]. Company Overview - Braemar Hotels & Resorts is a real estate investment trust (REIT) that focuses on investing in luxury hotels and resorts [3].

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]

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 [13] - Adjusted EBITDA for the quarter was $38.9 million, with total assets amounting to $2.1 billion [13] - The company ended the quarter with cash and cash equivalents of $80.2 million and restricted cash of $55.5 million [14] 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 hotel EBITDA increased by 3.7% to $47.8 million, with nine out of fifteen hotels classified as resort destinations [8][16] - The resort portfolio reported a RevPAR of $464, a 1.6% increase, and a combined hotel EBITDA of $25.7 million, a 6.9% increase [8] Market Data and Key Metrics Changes - Urban hotels experienced a RevPAR growth of 0.5%, with The Clancy in San Francisco achieving a total revenue growth of 14% [9] - Group revenue for the third quarter is currently up 8.8% compared to the prior year quarter, with full-year group revenue pacing ahead by 8.6% [19] Company Strategy and Development Direction - The company aims to deleverage its portfolio while focusing on the luxury hotel sector, as evidenced by the sale of the Marriott Seattle Waterfront for $145 million [11] - Continued renovations and strategic repositioning of properties are planned to enhance guest experiences and drive revenue [24][25] 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 government segment softness [9][36] - The company anticipates continued growth in group demand and revenue, supported by strong performance across multiple key markets [27] Other Important Information - The company has redeemed approximately $107 million of its non-traded preferred stock, representing about 23% of the original capital raise [12] - Capital expenditures for the full year 2025 are expected to total between $75 million and $95 million [27] Q&A Session Summary Question: Is there incremental focus on grouping up across properties? - Management confirmed 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 government business softness [35][37] 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 [38][39]

Financial Performance - The company's Equity Market Cap is $1804 million[10] - The company's Enterprise Value is $18 billion[10] - TTM Q2'25 Hotel EBITDA reached $184 million, a 209% increase compared to $721 million in 2013[11] - Total Assets as of June 30, 2025, were $2064 billion, a 115% increase from $962 million on December 31, 2013[11] - Comparable Hotel EBITDA for Q2 2025 was $47805 thousand, a 37% increase year-over-year[33, 58] - Adjusted Funds From Operations (AFFO) was $009 per diluted share for the quarter[58] - Net loss attributable to common stockholders for the quarter was $(160) million or $(024) per diluted share[58] Portfolio Metrics - Portfolio RevPAR in Q2 '25 was up 15% YoY and up 241% vs Q2 '19[40] - Resort RevPAR in Q2 '25 was up 16% YoY and up 503% vs Q2 '19[40] - Urban RevPAR in Q2 '25 was up 13% YoY and up 10% vs Q2 '19[40] - Total Hotel Revenue for comparable hotels in Q2 2025 was $179943 thousand, a 33% increase year-over-year[33] - The company plans to invest $75 million - $95 million in capital expenditures in 2025[59] Liabilities - The company extended the mortgage loan secured by Ritz-Carlton Lake Tahoe to July 15, 2026[74] - The company expects to repay $88 million of the CMBS due 2030 from the proceeds of the sale of Marriott Seattle Waterfront[74]

分组1 - Braemar Hotels & Resorts reported quarterly funds from operations (FFO) of $0.09 per share, missing the Zacks Consensus Estimate of $0.12 per share, and down from $0.1 per share a year ago, representing an FFO surprise of -25.00% [1] - The company posted revenues of $179.08 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 7.36%, but down from year-ago revenues of $187.59 million [2] - Over the last four quarters, Braemar Hotels & Resorts has surpassed consensus revenue estimates three times [2] 分组2 - The stock has underperformed, losing about 24.7% since the beginning of the year compared to the S&P 500's gain of 8.2% [3] - The current consensus FFO estimate for the coming quarter is -$0.11 on $144 million in revenues, and for the current fiscal year, it is $0.44 on $697.1 million in revenues [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 36% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]