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Braemar Hotels & Resorts (BHR) investor relations material
Braemar Hotels & Resorts Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Initiated a sale process for the company in August 2025, engaging advisors to explore company and asset sales, and completed the sale of The Clancy in San Francisco for $115 million.
Portfolio delivered 1.8% growth in comparable total revenue for Q4 2025, with resorts driving strong performance and urban hotels underperforming.
Significant renovations at multiple hotels impacted results, but excluding these, RevPAR growth was 2.6% and Hotel EBITDA increased 6.4%.
Resort properties outperformed, with Q4 resort RevPAR up 4.1% and urban RevPAR down 10.1%.
Adjusted funds from operations (AFFO) per diluted share was $(0.02) for Q4 2025.
Financial highlights
Q4 2025 net loss attributable to common stockholders was $46 million ($0.67 per diluted share); AFFO per diluted share was $(0.02).
Full year 2025 net loss was $72.7 million ($1.07 per diluted share); AFFO per diluted share was $0.28.
Adjusted EBITDAre was $28.8 million for Q4 and $147 million for the full year; Comparable Hotel EBITDA was $38.0 million for Q4 and $164.2 million for the year.
Q4 Comparable ADR increased 5.4% to $559, but occupancy fell to 60.8%.
Q4 capex was $23.4 million; full-year capex was $77.9 million.
Outlook and guidance
Expect continued strong performance from recently renovated properties and ongoing focus on deleveraging and cash flow improvement.
Industry forecasts for 2026 project continued RevPAR growth in luxury and upper upscale segments, with luxury RevPAR expected to rise 2.5%.
No common equity dividend policy declared for 2026 due to the ongoing sale process.
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