Braemar Hotels & Resorts (BHR) Q4 2025 earnings summary

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.