Braemar Hotels & Resorts (BHR) Q1 2025 earnings summary

Executive summary

• Achieved 4.2% year-over-year comparable RevPAR growth to $404 in Q1 2025, with ADR up 4.5% to $626 and occupancy steady at 64.6%; both urban and resort hotels contributed, with urban hotels seeing 11.3% RevPAR growth and resorts nearly 2%.

• Comparable hotel EBITDA for Q1 2025 was $70.8 million, up 5.3% year-over-year.

• Net loss attributable to common stockholders was $(2.5) million, or $(0.04) per diluted share.

• Adjusted FFO per diluted share was $0.40; Adjusted EBITDAre was $63.0 million.

• Redeemed $26.2 million of non-traded preferred stock in Q1, totaling $90 million redeemed to date.

Financial highlights

• Comparable total hotel revenue was $218.4 million, up 4.2% year-over-year; comparable hotel EBITDA margin improved to 32.4%.

• Net debt to gross assets stood at 42.3% as of Q1 end.

• Cash and cash equivalents at quarter-end were $81.7 million, with $54.5 million in restricted cash.

• Capex invested in Q1 was $15.3 million.

• Quarterly dividend maintained at $0.05 per share, annualized yield of 10.4%.

Outlook and guidance

• Group room revenue pace for 2025 up 7%, with 2026 showing 10% growth; industry forecasts project luxury RevPAR growth of 5.0% in 2025.

• Anticipated 2025 capital expenditures between $75 million and $95 million, including major renovations and conversions.

• Board declared a $0.05 per share quarterly dividend for Q2 2025, with intent to review and potentially increase as performance improves.

• Management expects continued outperformance, citing portfolio positioning and operational improvements.