Braemar Hotels & Resorts Inc. (BHR) Market Cap
Braemar Hotels & Resorts Inc. has a market capitalization of $166.2M.
Financials based on reported quarter end 2025-12-31
Price: $2.42
▲ 0.00 (0.21%)
Market Cap: 166.20M
NYSE · time unavailable
CEO: Richard J. Stockton
Sector: Real Estate
Industry: REIT - Hotel & Motel
IPO Date: 2013-11-06
Website: https://www.bhrreit.com
Braemar Hotels & Resorts Inc. (BHR) - Company Information
Market Cap: 166.20M · Sector: Real Estate
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Analyst Sentiment
Based on 7 ratings
Analyst 1Y Forecast: $0.00
Average target (based on 2 sources)
Consensus Price Target
Low
$4
Median
$9
High
$17
Average
$10
Potential Upside: 306.2%
Price & Moving Averages
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Fundamentals Overview
Management’s tone is cautiously optimistic—“pleased” with resort-led momentum, with full-year comparable total revenue +2.8% and comparable hotel EBITDA +3.1%. However, the Q4 narrative repeatedly attributes weaker-than-clean demand optics to very specific operational disruptions: hotels under renovation (Cameo Beverly Hills, Park Hyatt Beaver Creek, Hotel Yountville) and weather (below-normal snowfall; delayed mountain openings at Beaver Creek and Lake Tahoe). Financially, the quarter shows stress at the equity level: -$46.0M net loss to common (-$0.67 diluted) and AFFO per diluted share of -$0.02, despite adjusted EBITDAre of $28.8M. The capital/deleveraging story is also mixed: they sold Clancy for $115.0M, paid down ~$65.0M of debt, and redeemed $149.0M of preferred (~32% of original). But the company remains in an active sale process with no timetable and no assurance of completion—while common dividend policy for 2026 is explicitly withheld.
Growth Catalysts
- Resort portfolio outperformance: Q4 comparable RevPAR +4.1% (and hotel EBITDA +6%)
- Ancillary revenue gains: full-year “other revenue” +10.1% per occupied room
- Group capture and backfill at Four Seasons Scottsdale (600+ incremental group room nights; catering revenue +22.2% at the property)
Business Development
- Cameo Beverly Hills rebranded/repositioned to Hilton’s luxury LXR brand
- Ritz-Carlton Reserve, Dorado Beach residential rental program includes 16 residences; integrated with Marriott Homes & Villas platform
Financial Highlights
- Q4 net loss attributable to common stockholders: $46.0M, or -$0.67 per diluted share; Q4 AFFO per diluted share: -$0.02
- Full-year net loss attributable to common stockholders: $72.7M, or -$1.07 per diluted share; full-year AFFO per diluted share: $0.28
- Adjusted EBITDAre: Q4 $28.8M; full year $147.0M
- Q4 comparable RevPAR flat overall; portfolio comparable total revenue +1.8%
- Renovation/weather operational impact: excluding hotels under renovation, Q4 RevPAR growth +2.6% and comparable hotel EBITDA +6.4%
- Q4 resort performance: comparable RevPAR $536 (+4.1% YoY); comparable hotel EBITDA $32.5M (+6% YoY)
- Full-year comparable total revenue growth +2.8%; full-year comparable hotel EBITDA growth +3.1%
- Tax/tariff specifics: not disclosed in transcript
- Debt structure: blended average interest rate 6.7% (with in-the-money interest rate caps); ~14% effectively fixed / ~86% effectively floating (SOFR exposure implied)
Capital Funding
- Sold Clancy (410 rooms) in San Francisco for $115.0M ($280k per key); proceeds retained: ~$44.0M after transfer taxes/transaction costs
- Debt paydown tied to sale: ~$65.0M
- Redeemed non-traded preferred stock: $149.0M redeemed to date (~32% of original capital raise)
- Cash: $124.4M cash and cash equivalents; restricted cash $42.5M; due from third-party managers $17.1M
- Total assets: ~$1.9B; loans: ~$1.1B; net debt/gross assets: 46.7%
Strategy & Ops
- Renovations underway during the quarter at three hotels materially disrupted results: Cameo Beverly Hills, Park Hyatt Beaver Creek, and Hotel Yountville
- Weather headwind: below-normal snowfall and delayed mountain openings at Park Hyatt Beaver Creek and The Ritz-Carlton, Lake Tahoe
- Q4 ADR improvement: +5.4% YoY (while RevPAR was flat)
- Capex: 2025 capital expenditures ~$78.0M; expected 2026 capex $25.0M–$35.0M
- Product upgrades/asset programs completed: conversion of Cameo Beverly Hills to Hilton LXR (comprehensive renovation); guest room renovations at Park Hyatt Beaver Creek and Hotel Yountville; Spa Botánico refresh; retail-to-café/gelato conversion at Four Seasons Scottsdale; Ritz-Carlton Lake Tahoe café re-concepting
Market Outlook
- No numeric RevPAR/EPS guidance provided in the transcript
- 2026 capex outlook: $25.0M to $35.0M
- Sale process update timing: no deadline/timetable for completion; company will update when Board approves next steps/transaction disclosure (timing not specified)
Risks & Headwinds
- Renovation disruptions: softness at hotels under renovation (Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek) impacted portfolio RevPAR
- Weather/mountain operations: below-normal snowfall and delayed openings affected results at Park Hyatt Beaver Creek and The Ritz-Carlton, Lake Tahoe
- Interest rate risk: majority of debt effectively floating (~86%) tied to SOFR/caps (floating exposure highlighted by management)
- Platform deleveraging and capital structure overhang: preferred stock redemption ongoing; common dividend policy not set for 2026 due to sale process and potential asset sales/uses of proceeds
- Corporate process risk: announced company sale process initiated in August 2025 with no assurance of sale or outcome
Sentiment: CAUTIOUS
Note: This summary was synthesized by AI from the BHR Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.