Financial Data and Key Metrics Changes - The company reported a net loss attributable to common stockholders of $2.5 million or $0.04 per diluted share for the quarter [14] - Adjusted EBITDAre for the quarter was $63 million, with total assets at $2.1 billion and total loans of $1.2 billion [14][15] - The company achieved a comparable RevPAR of $400, reflecting a 4.2% increase year-over-year, marking the highest quarterly RevPAR in its history [8][9] Business Line Data and Key Metrics Changes - Comparable total hotel revenue increased by 4.4% year-over-year, while comparable hotel EBITDA was $70.8 million, representing a 5.3% increase [9] - The resort portfolio reported a comparable RevPAR of $800, a 1.9% increase, and combined comparable hotel EBITDA of $62 million, a 2% increase [9] - Urban hotels delivered a comparable RevPAR growth of 11.3%, with the Capitol Hilton achieving a 19.3% year-over-year RevPAR growth due to the presidential inauguration [10] Market Data and Key Metrics Changes - Group revenue increased by 31% compared to the prior year period, indicating strong demand and effective sales strategies [21] - The urban assets delivered a 10% increase in comparable total revenue and a 39% increase in comparable hotel EBITDA [24] - Group room revenue pace for 2025 is up 7%, with continued growth expected at 10% for 2026 [11][24] Company Strategy and Development Direction - The company successfully addressed its final 2025 debt maturity, resulting in a lower cost of capital and improved maturity schedule [7][12] - The company is focused on strategic reinvestment and brand alignment, with planned capital expenditures between $75 million and $95 million for 2025 [30] - The company is exploring asset sales, particularly upper upscale assets, to enhance shareholder value and potentially fund preferred equity redemptions and share buybacks [55][56] Management's Comments on Operating Environment and Future Outlook - Management noted that economic uncertainty rhetoric has dissipated, and booking pace remains strong, positioning the portfolio to outperform [7] - The company remains optimistic about the opportunities ahead, highlighting the resilience of its diversified portfolio [30] - Management expressed confidence in continued EBITDA growth due to effective cost containment measures and productivity improvements [42] Other Important Information - The company redeemed approximately $90 million of its non-traded preferred stock, representing about 20% of the original capital raise [13] - The company announced a quarterly common stock dividend of $0.05 per share, equating to an annual yield of approximately 10.4% [15] Q&A Session Summary Question: Any trends or variability worth calling out outside of PACE in light of macroeconomic volatility? - Management indicated that the portfolio is well insulated from macro headwinds, with a slight shortening of the booking window but no significant impact on group performance [34][35] Question: How much inbound international exposure does the portfolio have? - The international inbound is a small part of the portfolio, with minimal impact observed, as some markets saw growth while others experienced slight declines [36][38] Question: What is the opportunity to grow margin in the near term? - Management is optimistic about margin growth, citing improved productivity and effective cost containment measures [39][42] Question: Can you provide additional color on the Magnificent Mile conversion? - The conversion is expected to enhance asset value and performance, with minimal CapEx planned for public and meeting space renovations [43][44] Question: How much can you buy back in preferred redemptions? - The company can redeem preferred stock after two years, with timing and sequencing being the limiting factors for repurchases [50][52] Question: What is the update on asset sales and expected proceeds utilization? - Management noted increased buyer activity and plans to utilize proceeds for preferred equity redemptions, share buybacks, and retiring corporate convertible notes [56]

Financial Data and Key Metrics Changes - The company reported a comparable RevPAR of $400, reflecting a 4.2% increase year-over-year, marking the highest quarterly RevPAR in its history [7][8] - Comparable total hotel revenue increased by 4.4% year-over-year, while comparable hotel EBITDA was $70.8 million, representing a 5.3% increase [8][14] - The net loss attributable to common stockholders was $2.5 million, or $0.04 per diluted share, with AFFO per diluted share of $0.40 [14][15] Business Line Data and Key Metrics Changes - The resort portfolio reported a comparable RevPAR of $800, a 1.9% increase year-over-year, with combined comparable hotel EBITDA of $62 million, a 2% increase [9][10] - Urban hotels achieved a comparable RevPAR growth of 11.3%, with the Capitol Hilton benefiting from the presidential inauguration, showing a 19.3% year-over-year RevPAR growth [10][11] Market Data and Key Metrics Changes - The group revenue pace for 2025 is up 7%, with continued growth projected at 10% for 2026 [11][24] - The urban portfolio's comparable total revenue increased by 10%, and comparable hotel EBITDA increased by 39% year-over-year [24] Company Strategy and Development Direction - The company successfully extended its mortgage loan secured by the Ritz Carlton Lake Tahoe, improving its maturity schedule and lowering the cost of capital [11][12] - The company is focused on strategic capital expenditures, anticipating spending between $75 million and $95 million in 2025 to enhance portfolio quality and brand alignment [29][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the portfolio's resilience amid economic uncertainty, noting strong booking trends and a solid balance sheet [7][30] - The company highlighted the effectiveness of its cost control initiatives, resulting in improved hotel EBITDA margins [20][40] Other Important Information - The company redeemed approximately $90 million of its non-traded preferred stock, representing about 20% of the original capital raise [13] - The company is exploring asset sales, with increased buyer activity noted in the marketplace, particularly for upper upscale assets [52][53] Q&A Session Summary Question: Any trends in group bookings regarding cancellations or macroeconomic volatility? - Management noted that while the booking window is shortening slightly, there is no significant impact on group bookings, with Q1 group revenue up 31% year-over-year [32][33] Question: What is the company's exposure to international inbound business? - The company indicated that international inbound is a small part of the portfolio, with minimal impact observed, varying by market [34][36] Question: How does the company plan to grow EBITDA margins? - Management expressed optimism about margin growth, citing aggressive cost containment measures and productivity improvements [37][40] Question: Can you provide details on the Magnificent Mile conversion? - The conversion is expected to enhance asset value and performance, with minimal CapEx planned for public and meeting space renovations [41][42] Question: What is the status of preferred stock redemptions? - The company explained that redemptions are subject to timing and the structure of the security, with holders able to redeem after three years [46][49] Question: What is the outlook for asset sales and use of proceeds? - Management reported increased buyer activity and plans to utilize proceeds for preferred equity redemptions, share buybacks, and retiring corporate convertible notes [52][54]

Core Insights - Braemar Hotels & Resorts reported quarterly funds from operations (FFO) of $0.40 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, but down from $0.42 per share a year ago, representing a 17.65% surprise [1] - The company posted revenues of $215.82 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 7.96%, although this is a decrease from $219.08 million year-over-year [2] - The stock has underperformed, losing approximately 35.3% since the beginning of the year compared to the S&P 500's decline of 4.7% [3] Financial Performance - Over the last four quarters, Braemar Hotels & Resorts has surpassed consensus FFO estimates only once [2] - The current consensus FFO estimate for the upcoming quarter is $0.07 on revenues of $166.8 million, and for the current fiscal year, it is $0.29 on revenues of $681.8 million [7] Market Outlook - The estimate revisions trend for Braemar Hotels & Resorts is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] - The REIT and Equity Trust - Other industry is ranked in the bottom 37% of over 250 Zacks industries, suggesting that the outlook for the industry could significantly impact the stock's performance [8]

[First Quarter 2025 Results](index=1&type=section&id=First%20Quarter%202025%20Results) Braemar Hotels & Resorts reported its Q1 2025 results, highlighting RevPAR growth, strategic capital management, and operational transitions, alongside a declared dividend [First Quarter 2025 Financial and Operating Highlights](index=1&type=section&id=FIRST%20QUARTER%202025%20FINANCIAL%20HIGHLIGHTS) In the first quarter of 2025, Braemar Hotels & Resorts reported a 4.2% increase in Comparable RevPAR to $404, driven by a 4.5% rise in ADR, despite a slight 0.3% dip in occupancy. The company posted a net loss of $(2.5) million, or $(0.04) per share, while Adjusted FFO was $0.40 per share. Key operational activities included extending a mortgage loan for the Ritz-Carlton Lake Tahoe and redeeming $26.2 million of non-traded preferred stock Q1 2025 Key Financial Metrics (in millions, except per share and percentage data) | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Comparable RevPAR | $404 | ▲ 4.2% | | Comparable ADR | $626 | ▲ 4.5% | | Comparable Occupancy | 64.6% | ▼ 0.3% | | Net Loss (to common stockholders) | $(2.5) million | - | | Net Loss per Diluted Share | $(0.04) | - | | Adjusted FFO per Diluted Share | $0.40 | - | | Adjusted EBITDAre | $63.0 million | - | | Comparable Hotel EBITDA | $70.8 million | ▲ 5.3% | - The company ended the quarter with **$81.7 million** in cash and cash equivalents and **$54.5 million** in restricted cash[5](index=5&type=chunk) - During the quarter, the company extended its mortgage loan for the 170-room Ritz-Carlton Lake Tahoe[4](index=4&type=chunk) - Approximately **$26.2 million** of non-traded preferred stock was redeemed in cash during the quarter[5](index=5&type=chunk) [Operational Updates](index=2&type=section&id=SOFITEL%20CHICAGO%20MAGNIFICENT%20MILE) The company transitioned the 415-room Sofitel Chicago Magnificent Mile to a franchise structure in May 2025. Under this new arrangement, the hotel will continue to operate under the Sofitel brand but will be managed by Remington Hospitality. This move does not require an immediate property improvement plan, though renovations to the lobby, restaurant, and meeting spaces are planned over the next two years - The Sofitel Chicago Magnificent Mile was converted to a franchise structure, managed by Remington Hospitality, effective early May 2025[6](index=6&type=chunk) - The conversion is expected to increase the property's value as the management agreement with Remington is terminable on sale[13](index=13&type=chunk) [Capital Structure and Debt Management](index=2&type=section&id=CAPITAL%20STRUCTURE) As of March 31, 2025, Braemar had total assets of $2.1 billion and $1.2 billion in loans with a blended average interest rate of 7.1%. Approximately 77% of the debt is effectively floating. The company successfully extended the mortgage for the Ritz-Carlton Lake Tahoe and refinanced loans for five hotels, totaling $363 million, which addressed its final 2025 debt maturity and lowered interest costs - Total assets were **$2.1 billion** and total loans were **$1.2 billion** as of March 31, 2025[7](index=7&type=chunk) - The blended average interest rate on total loans is **7.1%**, with **23%** of debt effectively fixed and **77%** effectively floating[7](index=7&type=chunk) - A **$363 million** refinancing was completed for five hotels, addressing the final 2025 debt maturity. The new loan has a floating rate of SOFR + 2.52%[9](index=9&type=chunk) - The mortgage loan for the Ritz-Carlton Lake Tahoe was extended with a **$10 million** paydown, and the new spread is SOFR + 3.25%[8](index=8&type=chunk) [Dividends](index=2&type=section&id=DIVIDENDS) The Board of Directors declared a quarterly cash dividend of $0.05 per common share for the second quarter of 2025. This dividend, equating to an annual rate of $0.20 per share, is payable on July 15, 2025, to stockholders of record as of June 30, 2025. The dividend policy will be reviewed quarterly - A quarterly cash dividend of **$0.05 per share** was declared for Q2 2025[10](index=10&type=chunk) - The dividend will be paid on July 15, 2025, to stockholders of record as of June 30, 2025[10](index=10&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Commentary) CEO Richard J. Stockton expressed satisfaction with the solid Q1 performance, highlighting the 4.2% RevPAR growth as an important inflection point. He noted strong performance in the urban portfolio, with 11.3% RevPAR growth, boosted by the presidential inauguration, while the resort portfolio saw nearly 2% RevPAR growth. Stockton emphasized progress on the shareholder value creation plan, including the redemption of approximately $90 million in non-traded preferred stock and the value-enhancing conversion of the Sofitel Chicago - CEO highlighted the **4.2% RevPAR growth** as the second consecutive quarter of growth, signaling an 'important inflection point'[13](index=13&type=chunk) - The urban hotel portfolio delivered **11.3% RevPAR growth**, benefiting from the presidential inauguration in Washington, D.C.[13](index=13&type=chunk) - Resort properties continued their recovery with nearly **2% RevPAR growth**[13](index=13&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=BRAEMAR%20HOTELS%20%26%20RESORTS%20INC.%20AND%20SUBSIDIARIES%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents Braemar Hotels & Resorts' consolidated financial statements, including balance sheets and statements of operations, detailing asset, liability, equity, revenue, and expense figures for the reported periods [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, Braemar's total assets stood at $2.10 billion, a slight decrease from $2.14 billion at year-end 2024. Total liabilities also decreased marginally to $1.40 billion from $1.41 billion. Cash and cash equivalents decreased to $81.7 million from $135.5 million over the same period Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$2,098,029** | **$2,136,059** | | Cash and cash equivalents | $81,689 | $135,465 | | Investments in hotel properties, net | $1,769,945 | $1,778,686 | | **Total Liabilities** | **$1,402,332** | **$1,413,889** | | Indebtedness, net | $1,202,668 | $1,210,018 | | **Total Equity** | **$235,477** | **$237,362** | [Consolidated Statements of Operations](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the first quarter of 2025, total hotel revenue was $215.8 million, down from $219.1 million in Q1 2024. Operating income decreased to $36.7 million from $42.5 million year-over-year. The company reported a net loss attributable to common stockholders of $(2.5) million, or $(0.04) per share, compared to a net income of $3.5 million, or $0.05 per share, in the prior-year quarter Q1 Statement of Operations Highlights (in thousands, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total hotel revenue | $215,820 | $219,079 | | Total operating expenses | $179,080 | $176,612 | | Operating Income | $36,740 | $42,467 | | Net Income (Loss) | $10,672 | $15,482 | | **Net (Loss) Income to Common Stockholders** | **$(2,547)** | **$3,524** | | **(Loss) Income Per Share - Diluted** | **$(0.04)** | **$0.05** | [Non-GAAP Financial Measures and Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations of the company's non-GAAP financial measures, including EBITDA, EBITDAre, Adjusted EBITDAre, FFO, and Adjusted FFO, to their most directly comparable GAAP measures [Reconciliation to EBITDA, EBITDAre, and Adjusted EBITDAre](index=7&type=section&id=RECONCILIATION%20OF%20NET%20INCOME%20%28LOSS%29%20TO%20EBITDA%2C%20EBITDAre%20AND%20ADJUSTED%20EBITDAre) In Q1 2025, the company's Adjusted EBITDAre was $63.0 million, a decrease from $66.2 million in Q1 2024. The reconciliation from net income of $10.7 million includes adjustments for interest, depreciation, taxes, and other items such as transaction costs and unrealized losses on derivatives EBITDAre Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) | $10,672 | $15,482 | | EBITDAre | $60,361 | $68,837 | | **Adjusted EBITDAre** | **$63,003** | **$66,192** | [Reconciliation to FFO and Adjusted FFO](index=7&type=section&id=RECONCILIATION%20OF%20NET%20INCOME%20%28LOSS%29%20TO%20FUNDS%20FROM%20OPERATIONS%20%28FFO%29%20AND%20ADJUSTED%20FFO) For Q1 2025, Adjusted Funds From Operations (AFFO) available to common stockholders was $29.1 million, or $0.40 per diluted share. This is a slight decrease from $30.3 million, or $0.42 per diluted share, in the same period last year. The calculation starts with net income and adjusts for non-cash items like depreciation and other specific charges FFO and Adjusted FFO (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss) attributable to common stockholders | $(2,547) | $3,524 | | FFO available to common stockholders | $19,867 | $27,982 | | **Adjusted FFO available to common stockholders** | **$29,114** | **$30,260** | | **Adjusted FFO per diluted share** | **$0.40** | **$0.42** | [Debt and Capital Structure Details](index=8&type=section&id=Debt%20and%20Capital%20Structure%20Details) This section details the company's debt profile, including its composition by rate type, maturity schedule, and the calculation of its total enterprise value [Summary of Indebtedness](index=8&type=section&id=SUMMARY%20OF%20INDEBTEDNESS) As of March 31, 2025, Braemar's total debt was approximately $1.22 billion. The majority of the debt (92.9%) is floating-rate, with a weighted average interest rate of 7.27%, while 7.1% is fixed-rate at 4.50%. The overall weighted average interest rate, adjusted for caps, is 7.07% Indebtedness Summary (as of March 31, 2025, in thousands) | Debt Type | Amount (in thousands) | Percentage | Weighted Avg. Interest Rate | | :--- | :--- | :--- | :--- | | Fixed-Rate Debt | $86,250 | 7.1% | 4.50% | | Floating-Rate Debt | $1,134,513 | 92.9% | 7.27% | | **Total Debt** | **$1,220,763** | **100.0%** | **7.07%** | [Indebtedness by Maturity](index=9&type=section&id=INDEBTEDNESS%20BY%20MATURITY%20ASSUMING%20EXTENSION%20OPTIONS%20ARE%20EXERCISED) Assuming all extension options are exercised, the company has no debt maturing in 2025. Maturities are scheduled for 2026 ($129.7 million), 2027 ($74.5 million), 2028 ($246.6 million), 2029 ($407.0 million), and thereafter ($363.0 million) Debt Maturity Schedule (in thousands) | Maturity Year | Principal Due | | :--- | :--- | | 2025 | $0 | | 2026 | $129,663 | | 2027 | $74,500 | | 2028 | $246,600 | | 2029 | $407,000 | | Thereafter | $363,000 | | **Total** | **$1,220,763** | [Total Enterprise Value](index=25&type=section&id=TOTAL%20ENTERPRISE%20VALUE) As of March 31, 2025, Braemar's Total Enterprise Value (TEV) was calculated at approximately $1.78 billion. This value is derived from its market capitalization of $184.1 million, preferred stock, total indebtedness, and net working capital Total Enterprise Value Calculation (in thousands) | Component | Value | | :--- | :--- | | Market capitalization | $184,076 | | Preferred stock (All Series) | $501,167 | | Indebtedness | $1,220,763 | | Joint venture partner's share of debt | $(27,650) | | Net working capital | $(99,530) | | **Total Enterprise Value (TEV)** | **$1,778,826** | [Hotel Portfolio Performance](index=10&type=section&id=Hotel%20Portfolio%20Performance) This section analyzes the performance of the company's hotel portfolio, detailing key performance indicators, EBITDA, and performance segmented by property type and trailing twelve months [Key Performance Indicators (KPIs)](index=10&type=section&id=KEY%20PERFORMANCE%20INDICATORS) For the first quarter of 2025, the company's entire portfolio of 15 hotels achieved a comparable RevPAR of $404, a 4.2% increase year-over-year. This was driven by a 4.5% increase in ADR to $626, while occupancy saw a minor decrease of 0.3% to 64.6%. Hotels not under renovation showed slightly stronger performance with a 4.5% RevPAR increase Comparable KPIs for All Hotels (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | % Variance | | :--- | :--- | :--- | :--- | | RevPAR | $403.99 | $387.90 | 4.15% | | Occupancy | 64.58% | 64.80% | (0.34)% | | ADR | $625.59 | $598.60 | 4.51% | - The 13 hotels not under renovation during the quarter reported a comparable RevPAR increase of **4.49%** year-over-year[41](index=41&type=chunk) [Hotel Net Income & EBITDA](index=11&type=section&id=HOTEL%20NET%20INCOME%20%26%20EBITDA) In Q1 2025, comparable Hotel EBITDA for all properties increased by 5.3% to $70.8 million compared to the prior year. The comparable Hotel EBITDA margin improved slightly to 32.42%. For hotels not under renovation, the comparable Hotel EBITDA grew by 6.0% to $71.2 million, with a margin of 32.92% Comparable Hotel EBITDA for All Hotels (Q1 2025 vs Q1 2024, in thousands) | Metric | Q1 2025 | Q1 2024 | % Variance | | :--- | :--- | :--- | :--- | | Comparable total hotel revenue | $218,409 | $209,698 | 4.15% | | **Comparable hotel EBITDA** | **$70,799** | **$67,208** | **5.34%** | | Comparable hotel EBITDA margin | 32.42% | 32.05% | 0.37% | [Performance by Property Type (Resort vs. Urban)](index=13&type=section&id=SELECTED%20FINANCIAL%20AND%20OPERATING%20INFORMATION%20BY%20PROPERTY) In Q1 2025, the Urban properties portfolio significantly outperformed the Resort portfolio in terms of growth. Urban properties saw a 38.9% increase in Hotel EBITDA and an 11.3% increase in RevPAR. In contrast, Resort properties had a more modest 2.0% increase in Hotel EBITDA and a 1.9% increase in RevPAR Comparable Performance by Property Type (Q1 2025 vs Q1 2024, in thousands, except RevPAR) | Property Type | Metric | Q1 2025 | % Variance (YoY) | | :--- | :--- | :--- | :--- | | **Resort Properties** | RevPAR | $800.22 | ▲ 1.92% | | | Hotel EBITDA | $62,392K | ▲ 2.02% | | **Urban Properties** | RevPAR | $166.59 | ▲ 11.25% | | | Hotel EBITDA | $8,407K | ▲ 38.94% | [Trailing Twelve Months (TTM) Performance](index=18&type=section&id=TTM%20Performance) For the trailing twelve months ending March 31, 2025, the company's comparable portfolio generated $715.0 million in total revenue and $182.6 million in Hotel EBITDA, resulting in a Hotel EBITDA margin of 25.54%. The comparable RevPAR for the period was $320.53 Comparable TTM Performance (ended March 31, 2025, in thousands, except RevPAR) | Metric | Value (in thousands, except RevPAR) | | :--- | :--- | | Total hotel revenue | $715,027 | | Hotel net income | $33,388 | | **Hotel EBITDA** | **$182,624** | | Hotel EBITDA margin | 25.54% | | RevPAR | $320.53 | [Other Disclosures](index=26&type=section&id=Other%20Disclosures) This section outlines anticipated capital expenditures for various properties, which may lead to operational displacement [Anticipated Capital Expenditures](index=26&type=section&id=ANTICIPATED%20CAPITAL%20EXPENDITURES%20CALENDAR%20%28a%29) The company has planned significant capital expenditures for 2025 that may cause displacement at several properties. Projects are scheduled for Hotel Yountville throughout the year, Park Hyatt Beaver Creek from Q2 to Q4, and Cameo Beverly Hills in Q3 and Q4 - Significant capital expenditures are planned for 2025 at Hotel Yountville, Park Hyatt Beaver Creek, and Cameo Beverly Hills, which could lead to displacement[75](index=75&type=chunk)

Core Viewpoint - The focus is on building a financial portfolio aimed at achieving financial independence through investments in dividend stocks, which provide a steady income stream. Group 1: Financial Strategy - The strategy emphasizes the importance of dividend stocks for generating consistent income to support the goal of financial independence [1]

Dividend Announcements - Braemar Hotels & Resorts Inc. declared a quarterly cash dividend of $0.05 per diluted share for its common stock for the second quarter ending June 30, 2025, equating to an annual rate of $0.20 per share, payable on July 15, 2025 [1] - A quarterly cash dividend of $0.3438 per diluted share was declared for the Company's 5.5% Series B Cumulative Convertible Preferred Stock, also payable on July 15, 2025 [2] - The Company announced a quarterly cash dividend of $0.5156 per diluted share for its 8.25% Series D Cumulative Preferred Stock, payable on July 15, 2025 [3] - Monthly cash dividends for the Series E Redeemable Preferred Stock were declared at $0.15625 per share, with payments scheduled for May 15, June 16, and July 15, 2025 [4] - For the Series M Redeemable Preferred Stock, monthly cash dividends of $0.17708 and $0.17500 per share were declared, with similar payment schedules [5][6] Share Information - As of March 31, 2025, there were 13,909,632 shares of the Company's Series E Redeemable Preferred Stock and 1,459,040 shares of the Company's Series M Redeemable Preferred Stock issued and outstanding [7] Company Overview - Braemar Hotels & Resorts is identified as a real estate investment trust (REIT) focused on investing in luxury hotels and resorts [7]

Core Viewpoint - Braemar Hotels & Resorts Inc. is transitioning the Sofitel Chicago Magnificent Mile to a franchise structure, which is expected to enhance the property's value while maintaining the Sofitel brand [1][2]. Company Transition - The 415-room Sofitel Chicago Magnificent Mile will be managed by Remington Hospitality under the existing Master Hotel Management Agreement with Braemar [1]. - The conversion is anticipated to be effective in May 2025, with Remington Hospitality offering positions to all employees on the conversion date [1]. - There is no required property improvement plan, but renovations to the lobby, restaurant, and meeting space are planned over the next two years [1]. Management Insights - Richard J. Stockton, President and CEO of Braemar, expressed optimism about the conversion, expecting an immediate uplift in property value due to the continued association with the Sofitel brand and the flexibility of the management agreement [2]. Company Profile - Braemar Hotels & Resorts is identified as a real estate investment trust (REIT) focused on luxury hotels and resorts [2].

Core Viewpoint - Braemar Hotels & Resorts Inc. is set to release its first-quarter earnings results for the period ending March 31, 2025, on May 7, 2025, after market close [1][2]. Group 1: Earnings Release Details - The earnings release will be issued after market close on May 7, 2025 [2]. - A conference call to discuss the earnings will take place on May 8, 2025, at 11:00 a.m. ET [2]. - The conference call can be accessed by calling (646) 960-0284, with a replay available until May 15, 2025, at (609) 800-9909 using confirmation number 2925607 [2]. Group 2: Online Availability - The live broadcast of the quarterly conference call will be available on the company's website starting at 11:00 a.m. ET on May 8, 2025 [3]. - An online replay of the conference call will be accessible shortly after the call and will remain available for approximately one year [3]. Group 3: Company Profile - Braemar Hotels & Resorts operates as a real estate investment trust (REIT) with a focus on investing in luxury hotels and resorts [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ________ Commission file number: 001-35972 BRAEMAR HOTELS & RESORTS INC. (Exact name of registrant as specified in its charter) Maryland 46-2488594 (State or other ...

DALLAS, March 10, 2025 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that it has closed on a refinancing involving five hotels. The new loan totals $363 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final maturity to 2030. The loan is interest only and provides for a floating interest rate of SOFR + 2.52%. The loan is secured by five hotels:  The Clancy, The ...