Braemar Hotels & Resorts (BHR) Investor presentation summary

Self-management transition

• External advisory and legacy property/project management contracts are planned to end; the portfolio shifts from 13 hotels to seven, with 15 in-house employees and five brand-managed plus two franchised hotels.

• Annual G&A is expected to fall from ~$42M to ~$15M, generating ~$25M in annual savings; key current managers are expected to continue in day-to-day roles.

• The strategy centers on efficient operations, active asset management, balance-sheet discipline, luxury focus, and internal and external growth.

Portfolio and luxury positioning

• Seven hotels total 2,062 keys; June 2026 TTM RevPAR was $328, revenue $381.4M, Hotel EBITDA $87.9M and EBITDA margin 23.0%; gross hotel-property investments were $1.018B.

• Portfolio mix is five luxury and two upper-upscale hotels across four gateway urban markets and three resort destinations; Q2 2026 YTD RevPAR of $381 was 32% above the next-highest lodging REIT at $259.

• U.S. luxury-class RevPAR CAGR was 4.0% from 1988 to 2026, the highest among chain scales and the only segment stated to significantly outperform inflation.

• Markets are forecast to add 0.4% supply over 2027–2028 versus 0.7% U.S.-wide and a 1.6% long-term average; portfolio RevPAR grew 8.9% YoY through June 2026 YTD.

Property performance and growth opportunities

• Dorado Beach posted June 2026 YTD EBITDA of $20.5M, up 35.6% YoY, and a 34.0% margin, up 428 bps; RevPAR rank was first of seven with a 151.3 index.

• St. Thomas delivered YTD EBITDA of $16.0M, up 19.1%, and a 32.9% margin, up 78 bps; its RevPAR index was 148.2.

• Sofitel Chicago YTD EBITDA rose 107.6% to $5.2M and margin expanded 1,536 bps to 31.1%; 2027 group revenue pace was up 14.7% YoY.

• Cameo Beverly Hills conversion completed in January 2026; Q2 RevPAR rose 38% YoY and 2027 group revenue pace was up more than 500% YoY.

• Internal growth priorities include high-return projects and hotel-manager optimization; external growth targets luxury assets in high-barrier markets at ~10%–12% target unlevered IRRs.