Overview
2013Founded1
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- TickerBHR on NYSE1
- IndustryReal Estate Investment Trusts1
- HeadquartersDallas1
- Websitewww.bhrreit.com
- Incorporated inMD4
- Business address14185 Dallas Parkway, Suite 1100, Dallas, Tx 752544
- Filer categoryAccelerated filer, Smaller reporting company4
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
10.3%Operating margin5
-3.2%Net margin5
-3.3%Revenue growth, 20255
-16.1%Return on equity5
7.96×Debt to equity5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Occupancy brought in 61% of the revenue Braemar Hotels & Resorts broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Occupancy | $464.9M | $452.4M | $429.0M |
| Food and Beverage | $185.3M | $181.2M | $179.5M |
| Hotel, Other | $89.1M | $94.8M | $95.5M |
Regions
Florida brought in 18% of the revenue Braemar Hotels & Resorts broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Florida | $116.2M | $116.6M | $124.8M |
| CA [member] | $101.7M | $96.8M | $99.7M |
| PR | $80.2M | $78.4M | $86.9M |
| AZ | $67.7M | $72.1M | $79.3M |
| VI | $75.4M | $74.4M | $67.9M |
| DC | $57.7M | $65.1M | $64.6M |
| Sold Properties | $124.1M | $103.1M | $61.3M |
| CO | $49.3M | $47.9M | $45.5M |
| Israel | $33.9M | $37.6M | $37.5M |
| PA | $33.1M | $36.5M | $36.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$702.0M
- Income tax0¢$2.0M
Out of $704.0M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Dividends paid98¢$47.3M
- Share buybacks2¢$778.0K
Out of $40.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5
Financial statements
Every line of the income statement in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total hotel revenue | $704.0M | $728.4M | $739.3M |
| Total hotel operating expenses | $492.2M | $501.7M | $501.2M |
| Property taxes, insurance and other | $34.3M | $42.5M | $38.6M |
| Depreciation and amortization | $92.6M | $98.7M | $93.3M |
| Impairment charges | $54.5M | $0 | $0 |
| Advisory services fee | $29.2M | $30.5M | $31.1M |
| Corporate general and administrative | $11.8M | $14.4M | $13.5M |
| Total operating expenses | $714.4M | $687.8M | $677.7M |
| Gain (loss) on disposition of assets and hotel properties | $82.8M | $88.2M | $0 |
| OPERATING INCOME (LOSS) | $72.4M | $128.8M | $61.7M |
| Equity in earnings (loss) of unconsolidated entity | -$56.0K | -$1.6M | -$253.0K |
| Interest income | $6.2M | $7.1M | $6.4M |
| Other income (expense) | -$1.6M | $0 | $293.0K |
| Interest expense and amortization of discounts and loan costs | -$98.5M | -$108.1M | -$94.2M |
| Write-off of loan costs and exit fees | -$1.8M | -$6.1M | -$3.5M |
| Gain (loss) on extinguishment of debt | -$2.7M | -$22.0K | $2.3M |
| Realized and unrealized gain (loss) on derivatives | -$355.0K | $585.0K | -$663.0K |
| INCOME (LOSS) BEFORE INCOME TAXES | -$26.4M | $20.6M | -$27.9M |
| Income tax (expense) benefit | -$2.0M | -$842.0K | -$2.7M |
| NET INCOME (LOSS) | -$28.4M | $19.8M | -$30.6M |
| (Income) loss attributable to noncontrolling interest in consolidated entities | $325.0K | -$25.9M | -$1.6M |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | $5.8M | $4.5M | $5.2M |
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | -$22.3M | -$1.7M | -$27.0M |
| Preferred dividends | -$35.3M | -$40.3M | -$42.3M |
| Deemed dividends on preferred stock | -$15.1M | -$9.0M | -$4.7M |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | -$72.7M | -$50.9M | -$74.0M |
| Net income (loss) attributable to common stockholders (in dollars per share) | -$1.07 | -$0.77 | -$1.13 |
| Weighted average common shares outstanding basic (in shares) | 67.6M shares | 66.5M shares | 66.0M shares |
| Net income (loss) attributable to common stockholders (in dollars per share) | -$1.07 | -$0.77 | -$1.13 |
| Weighted average common shares outstanding diluted (in shares) | 67.6M shares | 66.5M shares | 66.0M shares |
Every line of the balance sheet in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2024-04-30 |
|---|---|---|---|
| Investments in hotel properties, gross | $1.9B | $2.3B | |
| Accumulated depreciation | -$344.1M | -$473.9M | |
| Investments in hotel properties, net | $1.6B | $1.8B | |
| Cash and cash equivalents | $124.4M | $135.5M | |
| Restricted cash | $42.5M | $49.6M | |
| Investment in securities (amortized cost of $0 and $42,279, respectively) | $0 | $41.5M | |
| Accounts receivable, net of allowance of $113 and $459, respectively | $32.8M | $31.8M | |
| Inventories | $4.7M | $4.7M | |
| Note receivable | $8.9M | $8.3M | |
| Prepaid expenses | $7.0M | $5.1M | |
| Deferred costs, net | $75.0K | $75.0K | |
| Investment in unconsolidated entity | $89.0K | $145.0K | |
| Derivative assets | $56.0K | $356.0K | |
| Operating lease right-of-use assets | $30.7M | $34.9M | |
| Other assets | $15.4M | $19.5M | |
| Intangible assets, net | $2.7M | $3.1M | |
| Total assets | $1.9B | $2.1B | |
| Indebtedness, net | $1.1B | $1.2B | |
| Accounts payable and accrued expenses | $142.1M | $143.6M | |
| Redeemable preferred stock redemptions payable | $30.9M | $0 | |
| Dividends and distributions payable | $7.7M | $9.3M | |
| Operating lease liabilities | $20.1M | $20.0M | |
| Other liabilities | $25.6M | $24.3M | |
| Total liabilities | $1.3B | $1.4B | |
| Redeemable noncontrolling interests in operating partnership | $19.0M | $30.0M | |
| 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024 | $16.0K | $16.0K | |
| Common stock, $0.01 par value, 250,000,000 shares authorized, 68,219,432 and 66,607,823 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | $682.0K | $665.0K | |
| Additional paid-in capital | $706.5M | $718.5M | |
| Accumulated other comprehensive income (loss) | $0 | -$684.0K | |
| Accumulated deficit | -$568.5M | -$477.8M | |
| Total stockholders equity of the Company | $138.7M | $240.7M | |
| Noncontrolling interest in consolidated entities | $2.1M | -$3.4M | |
| Total equity | $140.8M | $237.4M | |
| Total liabilities and equity | $1.9B | $2.1B | |
| Investment in securities, amortized cost | $0 | $42.3M | |
| Accounts receivable, net of allowance | $113.0K | $459.0K | |
| Temporary equity, shares outstanding (in shares) | 5.1M shares | 7.2M shares | |
| Preferred stock par value (in dollars per share) | $0.01 | $0.01 | |
| Preferred stock, shares authorized (in shares) | 80.0M shares | 80.0M shares | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 |
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | |
| Common stock, shares issued (in shares) | 68.2M shares | 66.6M shares | |
| Common stock, shares outstanding (in shares) | 68.2M shares | 66.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$28.4M | $19.8M | -$30.6M |
| Depreciation and amortization | $92.6M | $98.7M | $93.3M |
| Recognition of deferred income | -$684.0K | $0 | $0 |
| Equity-based compensation | -$446.0K | $2.6M | $9.2M |
| Bad debt expense | $352.0K | $318.0K | $915.0K |
| (Gain) loss on extinguishment of debt | $2.7M | $22.0K | -$2.3M |
| Amortization of loan costs, discounts and capitalized default interest | $10.8M | $6.9M | $2.2M |
| Write-off of loan costs and exit fees | $1.8M | $6.1M | $3.5M |
| Amortization of intangibles | $428.0K | $453.0K | $474.0K |
| Amortization of non-refundable membership initiation fees | -$2.7M | -$2.2M | -$1.8M |
| Interest expense accretion on refundable membership club deposits | $557.0K | $616.0K | $671.0K |
| Realized (gain) loss on sale of securities | $1.6M | $0 | $0 |
| (Gain) loss on disposition of assets and hotel properties | -$82.8M | -$88.2M | $0 |
| Impairment charges | $54.5M | $0 | $0 |
| Realized and unrealized (gain) loss on derivatives | $355.0K | -$585.0K | $663.0K |
| Non-cash interest income | -$613.0K | -$207.0K | $0 |
| Equity in (earnings) loss of unconsolidated entity | $56.0K | $1.6M | $253.0K |
| Deferred income tax expense (benefit) | $1.1M | -$96.0K | $1.3M |
| Accounts receivable and inventories | -$7.4M | $6.3M | $11.3M |
| Prepaid expenses and other assets | $2.2M | $3.1M | -$5.8M |
| Deposit paid to Ashford Inc. | -$17.0M | $0 | $0 |
| Accounts payable and accrued expenses | $5.5M | $8.5M | $47.0K |
| Operating lease right-of-use assets | $233.0K | $416.0K | $592.0K |
| Due to/from related parties, net | -$798.0K | $452.0K | $1.5M |
| Due to/from third-party hotel managers | -$601.0K | -$5.3M | $8.4M |
| Due to/from Ashford Inc. | $1.2M | $4.6M | -$10.4M |
| Operating lease liabilities | $24.0K | -$157.0K | -$313.0K |
| Other liabilities | $6.2M | $3.1M | $1.5M |
| Net cash provided by (used in) operating activities | $40.8M | $66.8M | $84.7M |
| Proceeds from property insurance | $4.8M | $958.0K | $361.0K |
| Issuance of note receivable | $0 | -$8.1M | $0 |
| Payments for initial franchise fee | $0 | $0 | -$75.0K |
| Proceeds from sale of investment in securities | $40.7M | $0 | $0 |
| Acquisition of land | -$5.5M | $0 | $0 |
| Net proceeds from sale of hotel properties | $247.6M | $155.6M | $0 |
| Purchase of securities | $0 | -$42.3M | -$238.0K |
| Investment in unconsolidated entity | $0 | -$79.0K | $0 |
| Improvements and additions to hotel properties | -$77.9M | -$70.6M | -$77.1M |
| Net cash provided by (used in) investing activities | $209.6M | $35.5M | -$77.1M |
| Borrowings on indebtedness | $403.0M | $234.0M | $370.6M |
| Repayments of indebtedness | -$518.3M | -$184.1M | -$534.3M |
| Payments of loan costs and exit fees | -$11.9M | -$15.4M | -$11.6M |
| Payments for derivatives | -$670.0K | -$1.6M | -$5.1M |
| Proceeds from derivatives | $714.0K | $4.9M | $7.7M |
| Purchase of common stock | -$778.0K | -$369.0K | -$19.3M |
| Payments for dividends and distributions | -$47.3M | -$51.6M | -$52.6M |
| Net proceeds from issuance of preferred stock | $0 | $0 | $97.9M |
| Contributions from noncontrolling interest in consolidated entities | $306.0K | $3.0M | $9.5M |
| Redemption of operating partnership units | -$121.0K | $0 | -$7.2M |
| Distributions to noncontrolling interest in consolidated entities | -$2.3M | -$27.0M | -$2.7M |
| Acquisition of noncontrolling interest in consolidated entities | -$14.5M | $0 | $0 |
| Redemption of preferred stock | -$76.8M | -$45.6M | -$9.8M |
| Net cash provided by (used in) financing activities | -$268.6M | -$83.8M | -$156.8M |
| Net change in cash, cash equivalents and restricted cash | -$18.2M | $18.6M | -$149.2M |
| Interest paid | $88.1M | $102.5M | $91.6M |
| Income taxes paid (refunded) | $616.0K | -$728.0K | $3.4M |
| Dividends and distributions declared but not paid | $7.7M | $9.3M | $9.2M |
| Assumption of debt in acquisition of land | $5.4M | $0 | $0 |
| Capital expenditures accrued but not paid | $7.6M | $8.8M | $21.7M |
| Non-cash preferred stock dividends | $3.0M | $3.4M | $3.6M |
| Unsettled proceeds from derivatives | $14.0K | $113.0K | $361.0K |
| Non-cash common stock/unit dividends | $872.0K | $35.0K | $20.0K |
| Non-cash redemption of common units | $9.5M | $0 | $0 |
| Non-cash consideration for acquisition of land | $1.8M | $0 | $0 |
| Reclassification of redeemable preferred stock from mezzanine equity to liability | $30.9M | $0 | $0 |
Former names
- Ashford Hospitality Prime, Inc.Jun 17, 2013 to Apr 4, 20184
Timeline
- 2013Founded Founded1
Recent filings
- Oct 14, 2026PREC14A BRANCOUS LP1 - PREC14A
- Oct 13, 20268-K
- Oct 8, 20268-K
- Oct 8, 2026DEFA14A
- Oct 8, 20268-K
- Oct 8, 2026SCHEDULE 13D/A
- Sep 29, 20268-K
- Sep 23, 20268-K
- Sep 17, 2026PX14A6G SHAREHOLDER PERSPECTIVE ON CORPORATE GOVERNANCE AND BOARD INDEPENDENCE
- Sep 16, 2026DFAN14A
- Sep 15, 2026SCHEDULE 13D/A
- Sep 14, 2026DFAN14A
- Sep 8, 2026SCHEDULE 13D/A
- Sep 8, 2026DFAN14A
- Sep 4, 20268-K
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitewww.bhrreit.com1
- WikidataQ63862184
- SEC EDGARCIK 1574085
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 3Company websiteBraemar Hotels & Resorts logo
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