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Braemar Hotels & Resorts (BHR) investor relations material
Braemar Hotels & Resorts Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Portfolio achieved 1.4% comparable RevPAR growth and 15.1% comparable hotel EBITDA growth for Q3 2025 year-over-year, with ADR up 4.7% to $401 and occupancy down 3.2 percentage points to 64.3%.
Resort segment led performance, with 5.5% RevPAR growth and 58% EBITDA growth, while urban hotels saw a 3.9% RevPAR decline.
Net loss attributable to common stockholders was $(8.2) million, or $(0.12) per diluted share; AFFO per diluted share was $(0.19).
Major renovations at several hotels impacted results; excluding these, RevPAR growth was 3.4%.
Formal sale process initiated, with a Special Committee and financial advisor engaged; no assurance or timetable for a transaction.
Financial highlights
Comparable total hotel revenue for Q3 2025 was $138.5 million, down 3.1% year-over-year; comparable hotel EBITDA was $21.4 million, up 15.1%.
Adjusted EBITDAre for the quarter was $16.4 million.
Net debt to gross assets was 43.2% at quarter end.
Cash and cash equivalents at quarter-end were $116.3 million; restricted cash was $47.7 million.
Capex invested during the quarter totaled $21.5 million.
Outlook and guidance
Booking base remains strong, with group room revenue pace for full year 2025 up 9.1% year-over-year; Q4 group room revenue pacing ahead 1.7%.
Anticipated 2025 capital expenditures between $75 million and $85 million, with ongoing renovations and capital projects.
Dividend policy for 2025 is $0.05 per share quarterly, annualizing to $0.20 per share; future dividends subject to board review.
No remaining debt maturities in 2025; focus remains on maximizing shareholder value through asset sales and potential company sale.
How do recent asset sales align with full company sale?
Assess floating rate debt exposure and mitigation plans.
Urban vs resort performance: portfolio strategy impact?
Rationale for company sale over internalization?
Urban hotel RevPAR decline: What's the outlook?
How do asset sales and CapEx align with deleveraging?
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Next Braemar Hotels & Resorts earnings date
Q4 202525 Feb, 2026
Next Braemar Hotels & Resorts earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Braemar Hotels & Resorts Inc is a real estate investment trust that invests in luxury hotels and resorts. The company focuses on properties located in high-barrier-to-entry markets and operated under premium brand affiliations. Its portfolio includes resort and urban hotels in the United States. The company is headquartered in Dallas, Texas, and its shares are listed on the NYSE.
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