Braemar Hotels & Resorts (BHR) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with comparable RevPAR up 12.3% to $396 and ADR up 13.1% to $545, while occupancy was stable; luxury, resort-weighted portfolio outperformed sector peers, with resorts leading EBITDA growth.

• Net income attributable to common stockholders was $(0.7)M, a significant improvement from $(16.0)M in Q2 2025; six-month net income was $4.2M.

• Major asset sales included Park Hyatt Beaver Creek Resort & Spa for $176M and Ritz-Carlton Sarasota, Bardessono Hotel and Spa, and Hotel Yountville for $437.5M, supporting a strategic shift to a focused luxury portfolio.

• Transition to self-management and Board refreshment is expected to save $25M+ annually in G&A expenses.

• Entered the second half of 2026 with the highest quarterly AFFO per share in five years and ongoing portfolio repositioning.

Financial highlights

• Comparable hotel EBITDA for Q2 2026 was $48.4M, up 14.2% year-over-year; Adjusted EBITDAre was $37.8M.

• AFFO per diluted share reached $0.13, a 44% increase over the prior year quarter.

• Q2 2026 total revenue was $171.0M, down 4.5% year-over-year due to asset sales; six-month revenue was $380.0M, down 3.8%.

• Q2 2026 occupancy was 70.8% (down 101 bps), ADR $533.37 (up 21.6%), RevPAR $377.83 (up 19.9%) year-over-year.

• Hotel EBITDA margin improved to 28.6% from 27.6% in Q2 2025.

Outlook and guidance

• Management expects continued strong performance from the luxury portfolio, driven by rate growth in supply-constrained markets.

• 2026 forecasts project RevPAR growth of 4.85% for luxury and 4.27% for upper-upscale hotels.

• Board has not declared a dividend policy for 2026 and will review based on results and outlook.

• Self-management transition expected to reduce G&A by $25M+ annually and improve shareholder alignment.

• Management expects to fulfill all pending preferred stock redemption requests within 12 months.