\nBraemar Hotels & Resorts Inc. (NYSE: BHR) (\u201cBraemar\u201d or the \u201cCompany\u201d) today provided a portfolio update and announced its financial outlook for full-year 2027.<\/p>\n
Portfolio Update<\/b><\/p>\n
\nOn July 14, 2026, the Company closed on the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million ($1.0 million per key).<\/p>\n
\nOn August 21, 2026, the Company closed on the sale of the Pier House Resort & Spa for $190.0 million ($1.3 million per key).<\/p>\n
\nOn September 29, 2026, the Company announced that it entered into a definitive agreement to sell the Four Seasons Resort Scottsdale for $372 million ($1.8 million per key) and received a $10 million non-refundable earnest money deposit in connection with the sale. The transaction is expected to close October 22, 2026, subject to customary prorations and adjustments. Including anticipated capital expenditures of $23 million, the sale price represents a 6.2% capitalization rate on net operating income for the trailing twelve months ended August 2026. The Company provides no assurances that the sale will be completed on these terms or at all.<\/p>\n
\nThe sales of these assets, in conjunction with other planned refinancings, are expected to generate sufficient funds to pay the remainder of the Company Sale Fee and Master Agreement Termination Fee (collectively, the \u201cFees\u201d) owed to Ashford Inc. (\u201cAshford\u201d) as part of the Company\u2019s separation from Ashford and transition to become a self-managed REIT. The completion of the separation is expected to be completed by mid-November.<\/p>\n
\nGoing forward, Braemar\u2019s portfolio will consist of:<\/p>\n
- \n
- Ritz-Carlton Reserve Dorado Beach <\/b>(96 keys): Set on 50 acres of the former Rockefeller estate along the northern coast of Puerto Rico, Dorado Beach is one of nine Ritz-Carlton Reserve properties worldwide, the most exclusive tier of the Ritz-Carlton brand. The oceanfront resort is an intimate refuge whose design blends modern interiors with the surrounding natural landscape and diverse culture. Its 96 villa-style guestrooms each feature floor-to-ceiling glass opening onto a private balcony or terrace with ocean views, many with an en-suite plunge pool, and every stay includes a dedicated Embajador providing personalized butler and concierge services.Since acquisition in March 2022, Braemar has renovated the oceanfront Surf Room Ballroom and Boardroom, refreshed the COA restaurant, and completed numerous ROI projects throughout the resort.\n<\/li>\n<\/ul>\n
- \n
- The Ritz-Carlton, St. Thomas <\/b>(180 keys): Set on 30 oceanfront acres along Great Bay on the eastern end of St. Thomas, U.S. Virgin Islands, the resort offers sweeping views of the Caribbean Sea and the neighboring islands of St. John and the British Virgin Islands. Styled after traditional island architecture with contemporary island-inspired interiors, The Ritz-Carlton, St. Thomas has 155 guestrooms and 25 suites, each with a private balcony and ocean or resort views. Since acquiring the hotel in December 2015, Braemar has invested significantly in capital improvements, primarily focused on reconstruction efforts in 2018 and 2019 due to damage sustained after Hurricane Irma. This comprehensive renovation included updating guestrooms and public spaces, as well as the construction of a new family pool, the expansion of meeting space, the buildout of the new fine-dining restaurant, Alloro, and the construction of luxury beachside cabanas.\n<\/li>\n<\/ul>\n
- \n
- Capital Hilton <\/b>(559 keys):Operating under the Hilton Hotels & Resorts brand, the Capital Hilton is strategically located at 16th and K Streets, two blocks north of the White House and within walking distance of the National Mall, other historical demand generators, and the offices of numerous law firms and national associations. The historic hotel offers 559 guestrooms and suites and, in 2024, completed a full renovation of its guestrooms and corridors that introduced art deco-inspired interiors with bold geometric patterns.\n<\/li>\n<\/ul>\n
- \n
- The Notary Hotel, Autograph Collection <\/b>(499 keys): Housed in the historic former City Hall Annex in the heart of Center City Philadelphia, The Notary is located directly across from City Hall and one block from the Pennsylvania Convention Center. The hotel joined Marriott’s Autograph Collection in 2019 following a comprehensive rebranding and renovation. The 499-room hotel blends the building’s historic architectural heritage with contemporary luxury, with marble floors throughout, restored original detailing, and curated artwork.\n<\/li>\n<\/ul>\n
- \n
- Sofitel Chicago Magnificent Mile <\/b>(415 keys): Part of Accor’s Sofitel luxury brand, the hotel occupies a striking 32-story glass prism designed by French architect Jean-Paul Viguier, with views of Lake Michigan and the Chicago skyline. It is located in the heart of the Gold Coast neighborhood, just off the Magnificent Mile and proximate to some of Chicago’s largest leisure demand generators. The hotel offers 415 guestrooms, including 63 suites, and completed an extensive two-year renovation in 2018.\n<\/li>\n<\/ul>\n
- \n
- The Ritz-Carlton, Lake Tahoe <\/b>(170 keys): Set mid-mountain with ski-in\/ski-out access at Northstar California Resort in Truckee, California, The Ritz-Carlton, Lake Tahoe is the only luxury resort in Lake Tahoe, with seasonal access to a private Lake Club on the shore of Lake Tahoe. Its 153 rooms and 17 suites feature a mountain-lodge aesthetic with stone fireplaces, floor-to-ceiling windows, and private balconies framing forest and slope views. Amenities include a 17,000-square-foot spa, six food and beverage outlets led by the acclaimed Manzanita restaurant, over 29,000 square feet of flexible indoor\/outdoor meeting space, two outdoor pools, a state-of-the-art fitness club and yoga studio, and a Ritz-Carlton Club Lounge. Since acquiring the hotel in January 2019, Braemar has invested significantly in capital improvements, including a 2023 renovation to the guestrooms and a 2024 renovation to the public spaces that added a new premium event space, luxury retail, poolside cabanas, and an iconic living room bar overlooking Northstar.\n<\/li>\n<\/ul>\n
- \n
- Cameo Beverly Hills, LXR Hotels & Resorts <\/b>(143 keys):The Cameo Beverly Hills converted in January 2026 to Hilton’s LXR Hotels & Resorts luxury collection, following an extensive renovation. Ideally located just off Rodeo Drive and within easy reach of business demand from Century City and Culver City, the 12-story hotel offers 12 luxurious suites, 126 spacious guestrooms, and 5 residences, each with a private balcony. The hotel also features unrivaled top-floor meeting space offering panoramic 360-degree views of Beverly Hills, Hollywood, and the Pacific Ocean. Its interiors feature an updated mid-century modern aesthetic with custom burl wood and white oak furnishings.\n<\/li>\n<\/ul>\n
\n
\n \n Portfolio Key Financials<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n TTM Ended June 30, 2026<\/b>1<\/sup><\/p>\n<\/td>\n<\/tr>\n
\n \n Property<\/b><\/p>\n<\/td>\n
\n RevPAR2<\/sup><\/b><\/p>\n<\/td>\n
\n \n Revenue3<\/sup><\/b><\/p>\n<\/td>\n
\n \n Hotel
\n
Net
\n
Income<\/b><\/p>\n<\/td>\n\n \n Hotel
\n
<\/b>EBITDA<\/b><\/p>\n<\/td>\n\n \n Hotel
\n
<\/b>EBITDA
\n
Margin<\/b><\/p>\n<\/td>\n\n \n Investments
\n
in Hotel
\n
Properties,
\n
Gross3,4<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \nRitz-Carlton Reserve Dorado Beach<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n1,727<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n100.5<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n16.9<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n27.9<\/p>\n<\/td>\n
\n \n \n27.7%<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n212<\/p>\n<\/td>\n<\/tr>\n
\n \n \nThe Ritz-Carlton, St. Thomas<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n710<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n74.8<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12.6<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n19.3<\/p>\n<\/td>\n
\n \n \n25.8%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n134<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCapital Hilton<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n198<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n63.9<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4.5)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n15.9<\/p>\n<\/td>\n
\n \n \n24.8%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n199<\/p>\n<\/td>\n<\/tr>\n
\n \n \nThe Notary Hotel, Autograph Collection<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n157<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n38.5<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7.0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12.4<\/p>\n<\/td>\n
\n \n \n32.3%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n122<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSofitel Chicago Magnificent Mile<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n189<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n38.3<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(26.0)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n8.9<\/p>\n<\/td>\n
\n \n \n23.3%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n81<\/p>\n<\/td>\n<\/tr>\n
\n \n \nThe Ritz-Carlton, Lake Tahoe<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n448<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n54.6<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(7.8)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n7.6<\/p>\n<\/td>\n
\n \n \n13.8%<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n168<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCameo Beverly Hills, LXR Hotels & Resorts5<\/sup><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n164<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n10.7<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(10.8)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4.1)<\/p>\n<\/td>\n
\n \n \n(37.9%)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n103<\/p>\n<\/td>\n<\/tr>\n
\n \n Total \/ Weighted Average<\/b><\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 328<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 381.4<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n (12.8)<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 87.9<\/b><\/p>\n<\/td>\n
\n \n 23.0%<\/b><\/p>\n<\/td>\n
\n \n $<\/b><\/p>\n<\/td>\n
\n 1,018<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n
- Cameo Beverly Hills, LXR Hotels & Resorts <\/b>(143 keys):The Cameo Beverly Hills converted in January 2026 to Hilton’s LXR Hotels & Resorts luxury collection, following an extensive renovation. Ideally located just off Rodeo Drive and within easy reach of business demand from Century City and Culver City, the 12-story hotel offers 12 luxurious suites, 126 spacious guestrooms, and 5 residences, each with a private balcony. The hotel also features unrivaled top-floor meeting space offering panoramic 360-degree views of Beverly Hills, Hollywood, and the Pacific Ocean. Its interiors feature an updated mid-century modern aesthetic with custom burl wood and white oak furnishings.\n<\/li>\n<\/ul>\n
- The Ritz-Carlton, Lake Tahoe <\/b>(170 keys): Set mid-mountain with ski-in\/ski-out access at Northstar California Resort in Truckee, California, The Ritz-Carlton, Lake Tahoe is the only luxury resort in Lake Tahoe, with seasonal access to a private Lake Club on the shore of Lake Tahoe. Its 153 rooms and 17 suites feature a mountain-lodge aesthetic with stone fireplaces, floor-to-ceiling windows, and private balconies framing forest and slope views. Amenities include a 17,000-square-foot spa, six food and beverage outlets led by the acclaimed Manzanita restaurant, over 29,000 square feet of flexible indoor\/outdoor meeting space, two outdoor pools, a state-of-the-art fitness club and yoga studio, and a Ritz-Carlton Club Lounge. Since acquiring the hotel in January 2019, Braemar has invested significantly in capital improvements, including a 2023 renovation to the guestrooms and a 2024 renovation to the public spaces that added a new premium event space, luxury retail, poolside cabanas, and an iconic living room bar overlooking Northstar.\n<\/li>\n<\/ul>\n
- Sofitel Chicago Magnificent Mile <\/b>(415 keys): Part of Accor’s Sofitel luxury brand, the hotel occupies a striking 32-story glass prism designed by French architect Jean-Paul Viguier, with views of Lake Michigan and the Chicago skyline. It is located in the heart of the Gold Coast neighborhood, just off the Magnificent Mile and proximate to some of Chicago’s largest leisure demand generators. The hotel offers 415 guestrooms, including 63 suites, and completed an extensive two-year renovation in 2018.\n<\/li>\n<\/ul>\n
- The Notary Hotel, Autograph Collection <\/b>(499 keys): Housed in the historic former City Hall Annex in the heart of Center City Philadelphia, The Notary is located directly across from City Hall and one block from the Pennsylvania Convention Center. The hotel joined Marriott’s Autograph Collection in 2019 following a comprehensive rebranding and renovation. The 499-room hotel blends the building’s historic architectural heritage with contemporary luxury, with marble floors throughout, restored original detailing, and curated artwork.\n<\/li>\n<\/ul>\n
- Capital Hilton <\/b>(559 keys):Operating under the Hilton Hotels & Resorts brand, the Capital Hilton is strategically located at 16th and K Streets, two blocks north of the White House and within walking distance of the National Mall, other historical demand generators, and the offices of numerous law firms and national associations. The historic hotel offers 559 guestrooms and suites and, in 2024, completed a full renovation of its guestrooms and corridors that introduced art deco-inspired interiors with bold geometric patterns.\n<\/li>\n<\/ul>\n
- The Ritz-Carlton, St. Thomas <\/b>(180 keys): Set on 30 oceanfront acres along Great Bay on the eastern end of St. Thomas, U.S. Virgin Islands, the resort offers sweeping views of the Caribbean Sea and the neighboring islands of St. John and the British Virgin Islands. Styled after traditional island architecture with contemporary island-inspired interiors, The Ritz-Carlton, St. Thomas has 155 guestrooms and 25 suites, each with a private balcony and ocean or resort views. Since acquiring the hotel in December 2015, Braemar has invested significantly in capital improvements, primarily focused on reconstruction efforts in 2018 and 2019 due to damage sustained after Hurricane Irma. This comprehensive renovation included updating guestrooms and public spaces, as well as the construction of a new family pool, the expansion of meeting space, the buildout of the new fine-dining restaurant, Alloro, and the construction of luxury beachside cabanas.\n<\/li>\n<\/ul>\n