Braemar Hotels & Resorts (BHR) Q1 2026 earnings summary

Executive summary

• Net income attributable to the company rose to $17.7 million for Q1 2026, up from $11.0 million in Q1 2025, driven by higher ADR and improved margins at comparable properties, despite lower total revenue due to asset sales.

• Achieved strong first quarter results with comparable RevPAR up 5.7% year-over-year to $481 and ADR up 5.7% to $745, while occupancy remained stable at 64.5%.

• Comparable Hotel EBITDA rose 13.7% to $75.5 million, with margin expanding 259 basis points to 35.7%.

• The company completed the sale of two hotel properties in 2025 and entered into a definitive agreement to sell Park Hyatt Beaver Creek Resort & Spa for $176 million in April 2026.

• Strategic alternatives, including a potential sale of the company or individual assets, are being explored, with no assurance of transaction completion.

Financial highlights

• Total hotel revenue for Q1 2026 was $209.0 million, down 3.2% year-over-year, primarily due to the sale of Marriott Seattle Waterfront and The Clancy.

• Comparable Total RevPAR increased 5.4% to $771 year-over-year.

• Adjusted EBITDAre for Q1 2026 was $66.5 million, up from $63.0 million in Q1 2025.

• Net cash provided by operating activities was $21.9 million, up from $15.1 million in the prior year period.

• Ended the quarter with $93.4 million in cash and $55.4 million in restricted cash.

Outlook and guidance

• Management believes cash flow from operations and existing cash balances will be adequate to meet anticipated requirements for the next 12 months.

• Management noted stabilized occupancies and continued rate growth amid muted supply in US and Caribbean lodging markets.

• Progress continues on strategic alternatives, including the announced sale of Park Hyatt Beaver Creek Resort & Spa.