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Braemar Hotels & Resorts
(NYSE:BHR)
Braemar Hotels & Resorts (BHR) vs. SPDR S&P 500 ETF (SPY)
Braemar Hotels & Resorts Business Overview & Revenue Model
Braemar Hotels & Resorts Earnings Call Summary
Braemar Hotels & Resorts Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 704.01M | 728.40M | 739.34M | 669.59M | 427.54M |
| Gross Profit | -7.58M | 153.68M | 168.47M | 164.49M | 82.88M |
| EBITDA | 154.51M | 227.91M | 160.03M | 154.15M | 73.59M |
| Net Income | -22.32M | -1.69M | -27.02M | 17.76M | -26.66M |
Balance Sheet | |||||
| Total Assets | 1.86B | 2.14B | 2.23B | 2.40B | 1.88B |
| Cash, Cash Equivalents and Short-Term Investments | 124.35M | 135.82M | 88.45M | 261.54M | 216.00M |
| Total Debt | 1.17B | 1.23B | 1.22B | 1.39B | 1.23B |
| Total Liabilities | 1.34B | 1.41B | 1.41B | 1.96B | 1.46B |
| Stockholders Equity | 504.02M | 695.57M | 795.07M | 410.11M | 398.85M |
Cash Flow | |||||
| Free Cash Flow | -37.13M | 66.82M | 84.64M | 109.48M | 38.31M |
| Operating Cash Flow | 40.78M | 66.82M | 84.71M | 109.48M | 63.95M |
| Investing Cash Flow | 195.34M | 35.51M | -77.07M | -402.22M | -41.68M |
| Financing Cash Flow | -254.35M | -83.77M | -156.84M | 345.06M | 127.95M |
Braemar Hotels & Resorts Technical Analysis
Braemar Hotels & Resorts Risk Analysis
Braemar Hotels & Resorts Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $369.05M | 22.07 | 1.13% | 5.00% | -3.79% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | $512.81M | -65.40 | -0.56% | 6.61% | -1.20% | -328.23% | |
53 Neutral | $352.93M | -1.51 | -29.70% | 2.31% | -0.56% | -14.18% | |
46 Neutral | $19.95M | -0.14 | 56.27% | ― | -7.89% | -833.99% | |
45 Neutral | $165.52M | -8.70 | -4.39% | 7.17% | -2.84% | -11.92% |
Braemar Hotels & Resorts Corporate Events
On March 5, 2026, Ashford Hospitality Advisors, a subsidiary of Ashford Inc., and Chief Financial Officer Deric Eubanks agreed that he would voluntarily terminate his employment effective March 31, 2026, ending his concurrent CFO roles at Ashford Hospitality Trust and Braemar Hotels & Resorts on that date. Effective the same day, Justin Coe, currently Braemar’s Chief Accounting Officer and principal accounting officer, will assume the role of principal financial officer, with the company emphasizing that he has no related-party arrangements, family ties to executives, or reportable conflicts of interest.
Under a Release and Waiver Agreement, Eubanks will receive $1,796,000 in severance paid over 12 months starting April 2026, remain eligible for a 2025 cash incentive bonus, and retain continued vesting of deferred cash grants totaling $3,316,223, in exchange for consulting support, restrictive covenants, and a broad waiver of claims. He will provide remote consulting services of up to 40 hours per month tied to the vesting of his deferred grants and up to 20 hours per week through June 30, 2026 for an additional $200,000, arrangements that aim to ensure continuity in financial and strategic matters across Braemar and the affiliated Ashford entities during the leadership transition.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On March 2, 2026, Braemar Hotels & Resorts Inc. released an investor presentation updating shareholders on its fourth-quarter and full-year 2025 performance. The company reported that since its 2013 inception it has nearly doubled total assets and more than doubled both total hotel revenue and Hotel EBITDA, underscoring the expansion of its luxury and upper-upscale hotel and resort portfolio.
The presentation highlighted that for the fourth quarter of 2025, comparable hotel RevPAR held steady year over year at $340, while ADR increased 5.4% and occupancy declined, resulting in essentially flat Hotel EBITDA and slightly compressed margins. Industry data within the update showed U.S. RevPAR and ADR remaining above 2019 levels and forecasted RevPAR growth for luxury and upper-upscale segments, suggesting that Braemar’s concentrated exposure to high-end resorts and urban luxury properties could remain a relative strength despite tightening margins and a more challenging cost environment.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On February 27, 2026, Braemar Hotels & Resorts reported its fourth-quarter and full-year 2025 results, highlighting flat comparable RevPAR for the quarter but 1.8% growth in comparable total revenue, driven largely by strong performance at its luxury resort portfolio. Resort properties such as The Ritz-Carlton Sarasota, Four Seasons Resort Scottsdale, Bardessono Hotel and Spa, and Ritz-Carlton Reserve Dorado Beach posted double-digit RevPAR gains, although renovations at Cameo Beverly Hills, Hotel Yountville, and Park Hyatt Beaver Creek weighed on overall portfolio metrics.
For full-year 2025, Braemar achieved 2.8% growth in comparable total revenue and 3.1% growth in comparable Hotel EBITDA, despite what management described as a challenging hospitality environment. The company completed the $115 million sale of The Clancy in San Francisco, used proceeds to pay down approximately $65 million of debt, advanced a strategic rebranding of Cameo Beverly Hills to Hilton’s LXR luxury brand, redeemed roughly $149 million of non-traded preferred stock to deleverage, and adjusted its preferred dividend processes in the context of an ongoing, previously announced sale process for the company and potential asset sales, underscoring a broader focus on capital structure optimization and strategic alternatives for shareholders.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
Braemar Hotels & Resorts reported its fourth-quarter and full-year 2025 results on February 26, 2026, showing modest growth in revenue metrics but continuing net losses. For 2025, comparable RevPAR rose 1.0% and ADR gained 3.9%, while occupancy declined, and the company posted a net loss attributable to common stockholders of $72.7 million even as AFFO per share improved and Comparable Hotel EBITDA increased versus 2024.
Operationally, 2025 was marked by significant portfolio reshaping and strategic moves, including the August 2025 launch of a formal sale process for the company, the $115 million sale of The Clancy in San Francisco, completion of renovations at key properties, and the repositioning of Cameo Beverly Hills under Hilton’s LXR luxury brand. Braemar also refined its preferred dividend practices and withheld setting a 2026 common dividend policy in light of the potential company or asset sale, underscoring a focus on capital structure flexibility and maximizing shareholder value amid a heavily floating-rate debt profile and ongoing strategic review.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On February 20, 2026, Braemar Hotels & Resorts’ board, acting under its bylaws and a prior cooperation agreement, unanimously determined that director Babak “Bob” Ghassemieh had breached that agreement and violated company policies, rendering his previously signed resignation letter effective as of that date. The board cited alleged violations of the Code of Business Conduct and Ethics, participation in an undisclosed shareholder group, and other conduct contrary to the agreement, while confirming that Ghassemieh and related signatories remain bound by key voting, standstill and non-disparagement obligations.
In a February 23, 2026 response letter, Ghassemieh, through counsel, strongly denied any breach, asserted he had complied with the cooperation agreement and company policies, and instead tendered his resignation citing inability to serve consistent with his fiduciary duties amid what he described as an entrenched board and governance conflicts tied to the advisory agreement with Ashford. He characterized the company’s actions as retaliatory against his efforts to raise concerns about conflicts of interest and the sizeable advisory termination fee, arguing that the board’s move removes a director with a significant personal investment who was aligned with shareholder interests and may further inflame ongoing shareholder governance disputes.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On February 23, 2026, Braemar Hotels & Resorts Inc. announced that its board declared monthly preferred dividends for February 2026 on its 5.5% Series B Cumulative Convertible Preferred Stock and 8.25% Series D Cumulative Preferred Stock. The Series B dividend is $0.1146 per diluted share and the Series D dividend is $0.17187 per diluted share, both scheduled for payment on April 15, 2026 to stockholders of record in late March.
The board also approved February 2026 monthly cash dividends on the company’s Series E and Series M Redeemable Preferred Stock, with $0.15625 per Series E share and between $0.17708 and $0.17917 per Series M share to be paid on March 16, 2026 to holders of record as of February 27, 2026. As of January 31, 2026, Braemar had 11,778,269 Series E and 1,388,674 Series M preferred shares outstanding, underscoring an ongoing commitment to regular income distributions for preferred shareholders.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On February 2, 2026, Braemar Hotels & Resorts announced clarifications to its dividend practices, shifting the declaration process for its Series B and Series D preferred stock to a monthly “reservation” basis to align their dividend cycles with Series E and Series M, while still making quarterly payments around the 15th of the month following quarter-end. The company emphasized that dividend calculation rates for all preferred series remain unchanged and that this alignment is intended to ensure equitable treatment among pari passu preferred share classes and provide flexibility for potential redemptions or conversions during its ongoing Company Sale process. Braemar also disclosed that its board has not set a 2026 common equity dividend policy, citing the ongoing sale process, which could involve selling assets in multiple transactions and distributing net proceeds to shareholders after satisfying other obligations, a move that underscores strategic uncertainty but also signals potential changes in capital returns for investors.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On January 27, 2026, Braemar Hotels & Resorts announced the federal tax reporting information for 2025 distributions on its common shares and its Series B, D, E and M preferred shares, specifying that all amounts paid on January 15, 2025 to stockholders of record as of December 31, 2024 are reportable in the 2025 tax year. The company detailed that the 2025 common and preferred share distributions are characterized entirely as return of capital rather than ordinary taxable dividends or capital gains, and indicated it will post IRS Form 8937 on its website to help investors understand how these return-of-capital amounts affect their tax basis, a classification that may influence shareholders’ tax planning and the timing of their taxable income recognition.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On January 26, 2026, Braemar Hotels & Resorts Inc. announced that its board of directors declared January 2026 dividends on multiple preferred stock classes, including its 5.5% Series B Cumulative Convertible Preferred, 8.25% Series D Cumulative Preferred, Series E Redeemable Preferred, and Series M Redeemable Preferred shares, with payments scheduled for February 17 and April 15, 2026 to stockholders of record as of various record dates at the end of January and March. The company also disclosed that, as of December 31, 2025, it had 12,027,130 Series E and 1,393,780 Series M Redeemable Preferred shares outstanding, underscoring its ongoing commitment to returning capital to preferred shareholders and providing income visibility for investors in its capital structure.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On December 22, 2025, Braemar Hotels & Resorts Inc. and its operating partnership amended a prior letter agreement with their external advisor, Ashford Inc. and Ashford Hospitality Advisors LLC, to clarify the terms and payment mechanics of termination and related fees tied to any future sale or change of control of the company. The amendment confirms that a “Company Sale Transaction” is a change of control under the advisory agreement, specifies that the agreed $480 million Company Sale Fee plus accrued fees will be paid directly to the advisor from net sale proceeds before any other distributions, and sets rules for applying proceeds from multiple asset sales until these obligations are fully satisfied, including the $25 million master agreement termination fee where applicable; it also provides that, once all such fees are paid, either party may terminate the advisory agreement on 60 days’ notice, and mandates direct payment of necessary proceeds to the advisor and termination of the master management agreements upon large asset sales or shareholder-approved liquidation, thereby tightening fee priority and structure in any future strategic transaction.
The most recent analyst rating on (BHR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.
On December 3, 2025, Brancous LP1 filed a complaint against Braemar Hotels & Resorts in the United States District Court for the District of Maryland, alleging breach of fiduciary duties and violations of federal securities laws. The complaint sought to enjoin the Annual Meeting and void votes for incumbent Board members. However, on December 11, 2025, the court denied Brancous’s motion for a temporary restraining order, citing a lack of merit in Brancous’s claims. Following the court’s decision, Braemar Hotels & Resorts has requested Brancous to dismiss the complaint, considering it moot, and plans to defend itself vigorously if necessary.
The most recent analyst rating on (BHR) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Braemar Hotels & Resorts stock, see the BHR Stock Forecast page.