DALLAS – February 26, 2026 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2025. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2025 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2025 with the fourth quarter and full year ended December 31, 2024 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS
•Comparable Total RevPAR for all hotels increased 1.8% over the prior year quarter to $579.
•Comparable RevPAR for all hotels totaled $340, relatively flat over the prior year quarter. Comparable ADR increased 5.4% over the prior year quarter to $559 and Comparable Occupancy decreased 5.2% over the prior year quarter to 60.8%.
•For hotels not under renovation, Comparable RevPAR increased 2.6% on a 3.4% increase in Comparable ADR and a 0.8% decrease in Comparable Occupancy.
•Net loss attributable to common stockholders for the quarter was $(46.0) million or $(0.67) per diluted share.
•Adjusted funds from operations (AFFO) was $(0.02) per diluted share for the quarter.
•Adjusted EBITDAre was $28.8 million for the quarter.
•Comparable Hotel EBITDA was $38.0 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $124.4 million and restricted cash of $42.5 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $17.1 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net debt to gross assets was 46.7% at the end of the fourth quarter.
•Capex invested during the quarter was $23.4 million.
•During the quarter, the Company redeemed approximately $17.7 million of its non-traded preferred stock in cash.
BHR Reports Forth Quarter and Full Year Results
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February 26, 2026
FULL YEAR 2025 FINANCIAL HIGHLIGHTS
•Comparable Total RevPAR for all hotels increased 3.1% over the prior year to $583.
•Comparable RevPAR for all hotels increased 1.0% over the prior year to $347. Comparable ADR increased 3.9% over the prior year to $538 and Comparable Occupancy decreased 2.7% over the prior year to 64.6%.
•For the year, net loss attributable to common stockholders was $(72.7) million or $(1.07) per diluted share compared to a net loss of $(50.9) million or $(0.77) per diluted share in the prior year.
•For the year, AFFO per diluted share was $0.28 compared to $0.21 in the prior year.
•Adjusted EBITDAre for the year was $147.0 million.
•Comparable Hotel EBITDA for the year was $164.2 million compared to $159.3 million in the prior year.
•Capex invested during the year was $77.9 million.
RECENT OPERATING HIGHLIGHTS
•In August 2025, the Company announced that it had initiated a process for the sale of the Company.
•During the quarter, the Company completed the sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key).
•During the quarter, the Company completed the strategic repositioning of its Cameo Beverly Hills to Hilton’s luxury LXR brand.
•During the quarter, the Company completed renovations of Hotel Yountville in Napa Valley and Park Hyatt Beaver Creek.
INITIATION OF SALE PROCESS
In August 2025, the Company announced that it was initiating a process for the sale of the Company. The Board of Directors of the Company formed a Special Committee comprised solely of independent and disinterested directors to explore a range of strategic alternatives, aimed at maximizing both near- and long-term shareholder value. After reviewing various strategic options to maximize value for shareholders, the Board has determined that it is in the best interests of the Company and its shareholders to pursue a sale of the Company or its assets. The Company has engaged Robert W. Baird & Co. Inc. as its financial advisor.
There is no deadline or definitive timetable set for completion of the sale process and there can be no assurance that this process will result in a sale of the Company or its assets. Braemar does not expect to disclose or provide an update concerning developments related to this process unless and until the Board of Directors has approved a specific transaction or other course of action requiring disclosure, or the Company determines that a disclosure is required by law or otherwise deemed appropriate.
CAPITAL STRUCTURE
As of December 31, 2025, the Company had total assets of $1.9 billion and $1.1 billion of loans. The Company’s total combined loans had a blended average interest rate of 6.7%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 14% of the Company’s consolidated debt is effectively fixed and approximately 86% is effectively floating.
During the quarter, the Company closed on the previously announced sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key). The sale price represented a 5.2% capitalization rate on net operating income for the trailing 12 months ended September 30, 2025.
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February 26, 2026
During the quarter, the Company acquired the minority interest owned by its joint venture partner in the Capital Hilton for $14.5 million.
During the quarter, the Company completed the strategic repositioning of its Cameo Beverly Hills to Hilton’s luxury LXR brand. One of Hilton’s iconic luxury brands, LXR is a collection of unique, independent luxury properties around the world that focuses on individualized service and one-of-a-kind stays.
DIVIDENDS
Subsequent to quarter end, the Company updated its preferred equity securities dividend declaration process to align the dividend cycles of its different preferred stock share classes in conjunction with the Company’s previously announced Company sale process. The dividend calculation rates remain unchanged and continue to follow the respective Articles Supplementary for each series of the Company’s preferred stock.
As announced on February 2, 2026, given the Company’s Series B and Series D preferred stock are pari passu with its Series E and Series M preferred stock with respect to distributions, they must receive equitable treatment regarding dividend declarations. To manage this consistently, the Company moved from declaring Series B and Series D dividends at the start of the quarter to “reserving” them on a monthly basis alongside its other Series E and Series M monthly dividend declarations. This ensures all parity requirements with respect to distributions across all of its series of preferred stock are met while maintaining the actual quarterly payment of its Series B and Series D preferred stock on or near the 15th of the month following quarter-end. This also gives the Company flexibility in the event that it has a strategic transaction that requires a redemption or conversion of the preferred equity securities outstanding during the middle of a quarter.
Additionally, regarding the Company’s common equity dividend policy, the Board has not declared a policy for 2026 in light of the fact that there is an ongoing Company sale process, which could result in the Company’s assets being sold in more than one transaction with net proceeds being distributed to shareholders after satisfying the Company’s other obligations.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.
“I’m pleased with Braemar’s solid fourth quarter performance, highlighted by comparable total revenue growth of 1.8%,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Renovations at a few properties significantly impacted our portfolio results. For hotels not under renovation, comparable total revenues increased 4.2% and comparable Hotel EBITDA increased 6.4% over the prior year period. Our resort portfolio again performed well, benefiting from a return to a more normalized growth trajectory. Resorts delivered a solid fourth quarter with comparable RevPAR growth of 4.1% and strong fourth quarter comparable EBITDA growth of 6.0% over the prior year period.” Mr. Stockton concluded, “We’re also very pleased to have recently completed the conversion of our Cameo Beverly Hills to Hilton’s luxury LXR brand. This transformation honors the property’s storied history while aligning with the expectations of today’s luxury traveler. Lastly, and in the context of evaluating all
BHR Reports Forth Quarter and Full Year Results
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February 26, 2026
potential options to create shareholder value, we have appointed real estate broker co-advisors to evaluate the potential for individual asset sales in conjunction with the Company Sale Process.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Friday, February 27, 2026, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Friday, March 6, 2026, by dialing (609) 800-9909 and entering the confirmation number, 2925607.
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2025 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Friday, February 27, 2026, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations,
BHR Reports Forth Quarter and Full Year Results
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February 26, 2026
plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
December 31, 2025
December 31, 2024
ASSETS
Investments in hotel properties, gross
$
1,902,328
$
2,252,574
Accumulated depreciation
(344,061)
(473,888)
Investments in hotel properties, net
1,558,267
1,778,686
Cash and cash equivalents
124,354
135,465
Restricted cash
42,479
49,592
Investment in securities (amortized cost of $0 and $42,279, respectively)
—
41,535
Accounts receivable, net of allowance of $113 and $459, respectively
32,843
31,754
Inventories
4,741
4,664
Note receivable
8,896
8,283
Prepaid expenses
6,987
5,116
Deposit paid to Ashford Inc.
17,000
—
Deferred costs, net
75
75
Investment in OpenKey
89
145
Derivative assets
56
356
Other assets
15,368
19,538
Operating lease right-of-use assets
30,743
34,852
Intangible assets, net
2,746
3,125
Due from third-party hotel managers
17,088
22,873
Total assets
$
1,861,732
$
2,136,059
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net
$
1,103,450
$
1,210,018
Accounts payable and accrued expenses
142,123
143,566
Redeemable preferred stock redemptions payable
30,864
—
Dividends and distributions payable
7,672
9,255
Due to Ashford Inc., net
5,148
4,267
Due to related parties, net
257
1,055
Due to third-party hotel managers
1,467
1,476
Operating lease liabilities
20,058
19,984
Other liabilities
25,572
24,268
Total liabilities
1,336,611
1,413,889
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
65,426
65,426
Series E redeemable preferred stock, $0.01 par value, 10,818,280 and 14,910,521 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
265,695
352,502
Series M redeemable preferred stock, $0.01 par value, 1,368,091 and 1,476,621 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively
34,217
36,916
Redeemable noncontrolling interests in operating partnership
19,005
29,964
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024
16
16
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
665
Additional paid-in capital
706,488
718,536
Accumulated other comprehensive income (loss)
—
(684)
Accumulated deficit
(568,503)
(477,804)
Total stockholders' equity of the Company
138,683
240,729
Noncontrolling interest in consolidated entities
2,095
(3,367)
Total equity
140,778
237,362
Total liabilities and equity
$
1,861,732
$
2,136,059
6
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
REVENUE
Rooms
$
97,373
$
105,155
$
428,990
$
452,361
Food and beverage
45,542
45,359
179,538
181,250
Other
22,647
22,826
95,487
94,793
Total hotel revenue
165,562
173,340
704,015
728,404
EXPENSES
Hotel operating expenses:
Rooms
24,135
25,177
104,367
106,465
Food and beverage
35,184
36,522
141,846
145,901
Other expenses
55,390
56,333
223,977
225,864
Management fees
5,104
5,587
21,995
23,500
Total hotel operating expenses
119,813
123,619
492,185
501,730
Property taxes, insurance and other
7,685
11,768
34,253
42,508
Depreciation and amortization
22,659
23,541
92,578
98,733
Impairment charges
54,492
—
54,492
—
Advisory services fee:
Base advisory fee
3,698
3,670
14,290
13,838
Reimbursable expenses
3,536
3,163
13,939
11,620
Incentive fee
662
623
1,408
2,735
Stock/unit-based compensation
(427)
(124)
(451)
2,294
Corporate, general and administrative:
Stock/unit-based compensation
—
46
5
315
Other general and administrative
7,347
3,210
11,749
14,046
Total operating expenses
219,465
169,516
714,448
687,819
Gain (loss) on disposition of assets and hotel properties
41,827
(45)
82,797
88,165
OPERATING INCOME (LOSS)
(12,076)
3,779
72,364
128,750
Equity in earnings (loss) of unconsolidated entity
(56)
(1,394)
(56)
(1,608)
Interest income
1,345
2,607
6,246
7,135
Other income (expense)
(322)
—
(1,572)
—
Interest expense
(20,530)
(24,591)
(88,361)
(101,737)
Amortization of loan costs
(2,633)
(1,846)
(10,178)
(6,387)
Write-off of loan costs and exit fees
—
(16)
(1,833)
(6,111)
Gain (loss) on extinguishment of debt
(1,133)
—
(2,686)
(22)
Realized and unrealized gain (loss) on derivatives
(54)
62
(355)
585
INCOME (LOSS) BEFORE INCOME TAXES
(35,459)
(21,399)
(26,431)
20,605
Income tax (expense) benefit
(1,505)
(368)
(1,979)
(842)
NET INCOME (LOSS)
(36,964)
(21,767)
(28,410)
19,763
(Income) loss attributable to noncontrolling interest in consolidated entities
(36)
389
325
(25,928)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
3,409
2,725
5,767
4,472
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY
(33,591)
(18,653)
(22,318)
(1,693)
Preferred dividends
(8,345)
(9,702)
(35,273)
(40,295)
Deemed dividends on redeemable preferred stock
(4,026)
(2,783)
(15,112)
(8,958)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
$
(45,962)
$
(31,138)
$
(72,703)
$
(50,946)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders
$
(0.67)
$
(0.47)
$
(1.07)
$
(0.77)
Weighted average common shares outstanding – basic
68,219
66,523
67,621
66,500
Diluted:
Net income (loss) attributable to common stockholders
$
(0.67)
$
(0.47)
$
(1.07)
$
(0.77)
Weighted average common shares outstanding – diluted
73,279
66,523
67,621
66,500
Dividends declared per common share
$
0.05
$
0.05
$
0.20
$
0.20
7
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net income (loss)
$
(36,964)
$
(21,767)
$
(28,410)
$
19,763
Interest expense and amortization of loan costs
23,163
26,437
98,539
108,124
Depreciation and amortization
22,659
23,541
92,578
98,733
Income tax expense (benefit)
1,505
368
1,979
842
Equity in (earnings) loss of unconsolidated entity
56
1,394
56
1,608
Company's portion of EBITDA of OpenKey
—
(53)
—
(268)
EBITDA
10,419
29,920
164,742
228,802
Impairment charges on real estate
54,492
—
54,492
—
(Gain) loss on disposition of assets and hotel properties
(41,827)
45
(82,797)
(88,165)
EBITDAre
23,084
29,965
136,437
140,637
Amortization of favorable (unfavorable) contract assets (liabilities)
107
107
428
453
Transaction and conversion costs
4,728
1,077
7,502
(4,447)
Write-off of loan costs and exit fees
—
16
1,833
6,111
Realized and unrealized (gain) loss on derivatives
54
(62)
355
(585)
Stock/unit-based compensation
(426)
(78)
(446)
2,611
Legal, advisory and settlement costs
726
1,320
(3,138)
12,676
Advisory services incentive fee
(746)
(2,112)
—
—
(Gain) loss on extinguishment of debt
1,133
—
2,686
22
Other (income) expense
322
—
1,572
—
(Gain) loss on insurance settlements
(196)
(8)
(196)
(8)
Severance
—
—
—
102
Company's portion of adjustments to EBITDAre of OpenKey
—
—
—
3
Adjusted EBITDAre
$
28,786
$
30,225
$
147,033
$
157,575
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net income (loss)
$
(36,964)
$
(21,767)
$
(28,410)
$
19,763
(Income) loss attributable to noncontrolling interest in consolidated entities
(36)
389
325
(25,928)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership
3,409
2,725
5,767
4,472
Preferred dividends
(8,345)
(9,702)
(35,273)
(40,295)
Deemed dividends on redeemable preferred stock
(4,026)
(2,783)
(15,112)
(8,958)
Net income (loss) attributable to common stockholders
(45,962)
(31,138)
(72,703)
(50,946)
Depreciation and amortization on real estate (1)
22,659
22,813
90,523
94,944
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership
(3,409)
(2,725)
(5,767)
(4,472)
Equity in (earnings) loss of unconsolidated entity
56
1,394
56
1,608
Impairment charges on real estate
54,492
—
54,492
—
(Gain) loss on disposition of assets and hotel properties
(41,827)
45
(82,815)
(61,925)
Company's portion of FFO of OpenKey
—
(69)
—
(322)
FFO available to common stockholders and OP unitholders
(13,991)
(9,680)
(16,214)
(21,113)
Deemed dividends on redeemable preferred stock
4,026
2,783
15,112
8,958
Transaction and conversion costs
4,728
1,077
7,502
(4,447)
Write-off of premiums, loan costs and exit fees
—
16
1,833
6,111
Unrealized (gain) loss on derivatives
121
373
971
4,071
Stock/unit-based compensation
(426)
(78)
(446)
2,611
Legal, advisory and settlement costs
726
1,320
(3,138)
12,676
Interest expense accretion on refundable membership club deposits
136
150
557
616
Amortization of loan costs (1)
2,633
1,812
10,071
6,080
Advisory services incentive fee
(746)
(2,112)
—
—
(Gain) loss on extinguishment of debt
1,133
—
2,686
22
Other (income) expense
322
—
1,572
—
(Gain) loss on insurance settlements
(196)
(8)
(196)
(8)
Severance
—
—
—
102
Company's portion of adjustments to FFO of OpenKey
—
—
—
3
Adjusted FFO available to common stockholders and OP unitholders
$
(1,534)
$
(4,347)
$
20,310
$
15,682
Adjusted FFO per diluted share available to common stockholders and OP unitholders
$
(0.02)
$
(0.06)
$
0.28
$
0.21
Weighted average diluted shares
73,280
73,383
73,487
72,947
(1) Net of adjustment for noncontrolling interest in consolidated entities.
8
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2025
(dollars in thousands)
(unaudited)
Lender
Hotels
Current Maturity
Final
Maturity (8)
Interest Rate
Fixed-Rate Debt
Floating-Rate Debt
Total Debt
TTM Hotel Net Income
TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (9)
Comparable TTM Hotel EBITDA Debt Yield
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
February 2026
February 2027
SOFR (1) + 2.86%
$
—
$
70,500
(2)
$
70,500
$
(1,483)
(2.1)
%
$
10,759
15.3
%
Convertible Senior Notes
N/A
June 2026
June 2026
4.50%
86,250
—
86,250
N/A
N/A
N/A
N/A
BAML
The Ritz-Carlton Lake Tahoe
July 2026
July 2026
SOFR (1) + 3.25%
—
43,413
43,413
(6,851)
(15.8)
%
8,548
19.7
%
BAML
See footnote
August 2026
August 2029
SOFR (1) + 3.24%
—
407,000
(3)
407,000
17,262
4.2
%
63,801
15.7
%
Aareal Capital Corporation
Capital Hilton
December 2026
December 2028
SOFR (1) + 3.75%
—
110,600
(4)
110,600
(4,722)
(4.3)
%
16,862
15.2
%
JPMorgan Chase
See footnote
March 2027
March 2030
SOFR (1) + 2.83%
—
209,902
(5)
209,902
(12,279)
(5.8)
%
40,209
19.2
%
Aareal Capital Corporation
Four Seasons Resort Scottsdale
August 2028
August 2030
SOFR (1) + 3.00%
—
180,000
(6)
180,000
3,492
1.9
%
28,020
15.6
%
Unencumbered Hotel
Cameo Beverly Hills
—
—
—
(8,424)
N/A
(3,964)
N/A
Total
$
86,250
$
1,021,415
$
1,107,665
$
(13,005)
(1.2)
%
$
164,235
14.8
%
Percentage
7.8
%
92.2
%
100.0
%
Weighted average interest rate (7)
4.50
%
6.83
%
6.65
%
All indebtedness is non-recourse with the exception of the convertible senior notes.
The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture.
(1) SOFR rate was 3.69% at December 31, 2025.
(2) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in February 2026.
(3) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(4) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(5) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(6) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(7) The weighted average interest rates are adjusted for in-the-money interest rate caps.
(8) The final maturity date assumes all available extension options will be exercised.
(9) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
9
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
December 31, 2025
(dollars in thousands)
(unaudited)
Lender
Hotels
2026
2027
2028
2029
2030
Thereafter
Total
BAML
The Ritz-Carlton Lake Tahoe
$
43,413
$
—
$
—
$
—
$
—
$
—
$
43,413
Convertible Senior Notes
N/A
86,250
—
—
—
—
—
86,250
Credit Agricole
Park Hyatt Beaver Creek Resort & Spa
—
70,500
—
—
—
—
70,500
Aareal Capital Corporation
Capital Hilton
—
—
106,600
—
—
—
106,600
BAML
See footnote 1
—
—
—
407,000
—
—
407,000
JPMorgan Chase
See footnote 2
—
—
—
—
209,902
—
209,902
Aareal Capital Corporation
Four Seasons Resort Scottsdale
—
—
—
—
174,000
—
174,000
Principal due in future periods
$
129,663
$
70,500
$
106,600
$
407,000
$
383,902
$
—
$
1,097,665
Scheduled amortization payments remaining
—
2,000
2,750
3,000
2,250
—
10,000
Total indebtedness
$
129,663
$
72,500
$
109,350
$
410,000
$
386,152
$
—
$
1,107,665
The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture.
(1) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(2) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
10
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)
ALL HOTELS:
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Rooms revenue (in thousands)
$
99,711
$
(4,296)
$
95,415
$
107,449
$
(12,053)
$
95,396
(7.20)
%
0.02
%
RevPAR
$
337.50
$
(291.44)
$
339.92
$
304.94
$
(168.16)
$
339.86
10.68
%
0.02
%
Occupancy
61.36
%
(72.62)
%
60.77
%
63.54
%
(61.46)
%
64.07
%
(3.43)
%
(5.15)
%
ADR
$
549.99
$
(401.34)
$
559.32
$
479.92
$
(273.59)
$
530.45
14.60
%
5.44
%
ALL HOTELS:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Rooms revenue (in thousands)
$
436,807
$
(50,276)
$
386,531
$
459,466
$
(75,837)
$
383,629
(4.93)
%
0.76
%
RevPAR
$
330.73
$
(242.76)
$
347.09
$
310.52
$
(208.85)
$
343.59
6.51
%
1.02
%
Occupancy
65.94
%
(73.40)
%
64.56
%
67.63
%
(71.51)
%
66.37
%
(2.50)
%
(2.73)
%
ADR
$
501.54
$
(330.74)
$
537.65
$
459.13
$
(292.05)
$
517.68
9.24
%
3.86
%
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
ALL HOTELS
NOT UNDER RENOVATION:
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Rooms revenue (in thousands)
$
91,434
$
(4,296)
$
87,138
$
96,985
$
(12,051)
$
84,934
(5.72)
%
2.59
%
RevPAR
$
355.55
$
(291.44)
$
359.45
$
308.78
$
(168.16)
$
350.36
15.15
%
2.59
%
Occupancy
65.36
%
(72.62)
%
64.92
%
64.52
%
(61.46)
%
65.43
%
1.30
%
(0.78)
%
ADR
$
543.96
$
(401.34)
$
553.66
$
478.57
$
(273.59)
$
535.50
13.66
%
3.39
%
ALL HOTELS
NOT UNDER RENOVATION:
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
Rooms revenue (in thousands)
$
396,082
$
(50,275)
$
345,807
$
414,439
$
(75,837)
$
338,602
(4.43)
%
2.13
%
RevPAR
$
338.86
$
(242.76)
$
359.55
$
312.22
$
(208.85)
$
351.15
8.53
%
2.39
%
Occupancy
67.97
%
(73.40)
%
66.80
%
68.43
%
(71.51)
%
67.26
%
(0.67)
%
(0.68)
%
ADR
$
498.55
$
(330.74)
$
538.26
$
456.29
$
(292.05)
$
522.05
9.26
%
3.11
%
NOTES:
(1) The above comparable information assumes the 10 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
11
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
% Variance
2025
2024
% Variance
Total hotel revenue
$
167,475
$
175,217
(4.42)
%
$
710,412
$
734,217
(3.24)
%
Non-comparable adjustments
(5,032)
(15,581)
(61,324)
(103,066)
Comparable total hotel revenue
$
162,443
$
159,636
1.76
%
$
649,088
$
631,151
2.84
%
Hotel net income (loss)
$
(6,496)
$
(3,126)
(107.81)
%
$
80,080
$
124,976
(35.92)
%
Non-comparable adjustments
(42,907)
946
(93,085)
(98,471)
Comparable hotel net income (loss)
$
(49,403)
$
(2,180)
(2,166.19)
%
$
(13,005)
$
26,505
(149.07)
%
Hotel net income (loss) margin
(3.88)
%
(1.78)
%
(2.10)
%
11.27
%
17.02
%
(5.75)
%
Comparable hotel net income margin
(30.41)
%
(1.37)
%
(29.04)
%
(2.00)
%
4.20
%
(6.20)
%
Hotel EBITDA
$
39,640
$
41,030
(3.39)
%
$
183,736
$
188,137
(2.34)
%
Non-comparable adjustments
(1,631)
(2,609)
(19,501)
(28,833)
Comparable hotel EBITDA
$
38,009
$
38,421
(1.07)
%
$
164,235
$
159,304
3.10
%
Hotel EBITDA margin
23.67
%
23.42
%
0.25
%
25.86
%
25.62
%
0.24
%
Comparable hotel EBITDA margin
23.40
%
24.07
%
(0.67)
%
25.30
%
25.24
%
0.06
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
10
$
(2,357)
100.43
%
$
(430)
$
22,471
(101.91)
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
(6,506)
$
(769)
(746.07)
%
$
80,510
$
102,505
(21.46)
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
(48,930)
$
148
(33,052.92)
%
$
(11,824)
$
27,761
(142.59)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
857
$
940
(8.81)
%
$
4,594
$
7,016
(34.52)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
38,783
$
40,091
(3.26)
%
$
179,142
$
181,121
(1.09)
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
37,201
$
37,468
(0.71)
%
$
160,020
$
154,565
3.53
%
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
12
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS NOT UNDER RENOVATION:
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
% Variance
2025
2024
% Variance
Total hotel revenue
$
153,515
$
158,099
(2.90)
%
$
641,200
$
658,460
(2.62)
%
Non-comparable adjustments
(5,032)
(15,581)
(61,324)
(103,065)
Comparable total hotel revenue
$
148,483
$
142,518
4.19
%
$
579,876
$
555,395
4.41
%
Hotel net income (loss)
$
15,227
$
(515)
3,056.70
%
$
105,082
$
127,680
(17.70)
%
Non-comparable adjustments
(42,908)
946
(93,086)
(98,471)
Comparable hotel net income (loss)
$
(27,681)
$
431
(6,522.51)
%
$
11,996
$
29,209
(58.93)
%
Hotel net income (loss) margin
9.92
%
(0.33)
%
10.25
%
16.39
%
19.39
%
(3.00)
%
Comparable hotel net income margin
(18.64)
%
0.30
%
(18.94)
%
2.07
%
5.26
%
(3.19)
%
Hotel EBITDA
$
40,185
$
38,838
3.47
%
$
173,884
$
173,576
0.18
%
Non-comparable adjustments
(1,631)
(2,609)
(19,501)
(28,833)
Comparable hotel EBITDA
$
38,554
$
36,229
6.42
%
$
154,383
$
144,743
6.66
%
Hotel EBITDA margin
26.18
%
24.57
%
1.61
%
27.12
%
26.36
%
0.76
%
Comparable hotel EBITDA margin
25.97
%
25.42
%
0.55
%
26.62
%
26.06
%
0.56
%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests
$
10
$
(2,357)
100.43
%
$
(430)
$
22,471
(101.91)
%
Hotel net income (loss) attributable to the Company and OP unitholders
$
15,217
$
1,842
726.10
%
$
105,512
$
105,209
0.29
%
Comparable hotel net income (loss) attributable to the Company and OP unitholders
$
(27,208)
$
2,759
(1,086.00)
%
$
13,177
$
30,465
(56.75)
%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests
$
857
$
940
(8.81)
%
$
4,594
$
7,016
(34.52)
%
Hotel EBITDA attributable to the Company and OP unitholders
$
39,328
$
37,899
3.77
%
$
169,290
$
166,560
1.64
%
Comparable hotel EBITDA attributable to the Company and OP unitholders
$
37,746
$
35,276
7.00
%
$
150,168
$
140,004
7.26
%
NOTES:
(1) The above comparable information assumes the 10 hotel properties owned and included in the Company's operations at December 31, 2025, and not under renovation during the three months ended December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5) Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
13
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
9,274
$
—
$
9,274
$
9,810
$
—
$
9,810
(5.46)
%
(5.46)
%
Total hotel revenue
$
14,766
$
—
$
14,766
$
15,455
$
—
$
15,455
(4.46)
%
(4.46)
%
Hotel net income (loss)
$
(1,890)
$
—
$
(1,890)
$
(9,314)
$
—
$
(9,314)
79.71
%
79.71
%
Hotel net income (loss) margin
(12.80)
%
(12.80)
%
(60.27)
%
(60.27)
%
47.47
%
47.47
%
Hotel EBITDA
$
3,232
$
—
$
3,232
$
3,810
$
—
$
3,810
(15.17)
%
(15.17)
%
Hotel EBITDA margin
21.89
%
21.89
%
24.65
%
24.65
%
(2.76)
%
(2.76)
%
Selected Operating Information:
RevPAR
$
180.33
$
—
$
180.33
$
190.75
$
—
$
190.75
(5.46)
%
(5.46)
%
Occupancy
68.71
%
—
%
68.71
%
73.23
%
—
%
73.23
%
(6.17)
%
(6.17)
%
ADR
$
262.45
$
—
$
262.45
$
260.46
$
—
$
260.46
0.76
%
0.76
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
—
$
—
$
—
$
—
$
—
$
—
—
%
—
%
Total hotel revenue
$
—
$
—
$
—
$
—
$
—
$
—
—
%
—
%
Hotel net income (loss)
$
40
$
(40)
$
—
$
(114)
$
114
$
—
135.09
%
—
%
Hotel net income (loss) margin
—
%
—
%
—
%
—
%
—
%
—
%
Hotel EBITDA
$
74
$
(74)
$
—
$
(51)
$
51
$
—
245.10
%
—
%
Hotel EBITDA margin
—
%
—
%
—
%
—
%
—
%
—
%
Selected Operating Information:
RevPAR
$
—
$
—
$
—
$
—
$
—
$
—
—
%
—
%
Occupancy
—
%
—
%
—
%
—
%
—
%
—
%
—
%
—
%
ADR
$
—
$
—
$
—
$
—
$
—
$
—
—
%
—
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
7,097
$
—
$
7,097
$
7,191
$
—
$
7,191
(1.31)
%
(1.31)
%
Total hotel revenue
$
9,995
$
—
$
9,995
$
9,822
$
—
$
9,822
1.76
%
1.76
%
Hotel net income (loss)
$
(30,388)
$
—
$
(30,388)
$
(787)
$
—
$
(787)
(3,761.25)
%
(3,761.25)
%
Hotel net income (loss) margin
(304.03)
%
(304.03)
%
(8.01)
%
(8.01)
%
(296.02)
%
(296.02)
%
Hotel EBITDA
$
1,006
$
—
$
1,006
$
356
$
—
$
356
182.58
%
182.58
%
Hotel EBITDA margin
10.07
%
10.07
%
3.62
%
3.62
%
6.45
%
6.45
%
Selected Operating Information:
RevPAR
$
185.88
$
—
$
185.88
$
188.34
$
—
$
188.34
(1.31)
%
(1.31)
%
Occupancy
71.40
%
—
%
71.40
%
75.06
%
—
%
75.06
%
(4.88)
%
(4.88)
%
ADR
$
260.33
$
—
$
260.33
$
250.92
$
—
$
250.92
3.75
%
3.75
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
3,963
$
—
$
3,963
$
3,537
$
—
$
3,537
12.04
%
12.04
%
Total hotel revenue
$
5,458
$
—
$
5,458
$
4,993
$
—
$
4,993
9.31
%
9.31
%
Hotel net income (loss)
$
(8,458)
$
—
$
(8,458)
$
44
$
—
$
44
(19,322.73)
%
(19,322.73)
%
Hotel net income (loss) margin
(154.97)
%
(154.97)
%
0.88
%
0.88
%
(155.85)
%
(155.85)
%
Hotel EBITDA
$
1,134
$
—
$
1,134
$
1,182
$
—
$
1,182
(4.06)
%
(4.06)
%
Hotel EBITDA margin
20.78
%
20.78
%
23.67
%
23.67
%
(2.89)
%
(2.89)
%
Selected Operating Information:
RevPAR
$
662.69
$
—
$
662.69
$
591.46
$
—
$
591.46
12.04
%
12.04
%
Occupancy
68.66
%
—
%
68.66
%
55.74
%
—
%
55.74
%
23.18
%
23.18
%
ADR
$
965.14
$
—
$
965.14
$
1,061.18
$
—
$
1,061.18
(9.05)
%
(9.05)
%
14
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
6,078
$
—
$
6,078
$
5,897
$
—
$
5,897
3.07
%
3.07
%
Total hotel revenue
$
8,002
$
—
$
8,002
$
7,721
$
—
$
7,721
3.64
%
3.64
%
Hotel net income (loss)
$
3,286
$
—
$
3,286
$
3,021
$
—
$
3,021
8.77
%
8.77
%
Hotel net income (loss) margin
41.06
%
41.06
%
39.13
%
39.13
%
1.93
%
1.93
%
Hotel EBITDA
$
3,685
$
—
$
3,685
$
3,579
$
—
$
3,579
2.96
%
2.96
%
Hotel EBITDA margin
46.05
%
46.05
%
46.35
%
46.35
%
(0.30)
%
(0.30)
%
Selected Operating Information:
RevPAR
$
465.22
$
—
$
465.22
$
451.42
$
—
$
451.42
3.06
%
3.06
%
Occupancy
75.83
%
—
%
75.83
%
72.29
%
—
%
72.29
%
4.90
%
4.90
%
ADR
$
613.47
$
—
$
613.47
$
624.46
$
—
$
624.46
(1.76)
%
(1.76)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
2,549
$
—
$
2,549
$
2,862
$
—
$
2,862
(10.94)
%
(10.94)
%
Total hotel revenue
$
3,438
$
—
$
3,438
$
3,672
$
—
$
3,672
(6.37)
%
(6.37)
%
Hotel net income (loss)
$
(15,353)
$
—
$
(15,353)
$
342
$
—
$
342
(4,589.18)
%
(4,589.18)
%
Hotel net income (loss) margin
(446.57)
%
(446.57)
%
9.31
%
9.31
%
(455.88)
%
(455.88)
%
Hotel EBITDA
$
965
$
—
$
965
$
1,103
$
—
$
1,103
(12.51)
%
(12.51)
%
Hotel EBITDA margin
28.07
%
28.07
%
30.04
%
30.04
%
(1.97)
%
(1.97)
%
Selected Operating Information:
RevPAR
$
346.28
$
—
$
346.28
$
388.91
$
—
$
388.91
(10.96)
%
(10.96)
%
Occupancy
53.06
%
—
%
53.06
%
54.21
%
—
%
54.21
%
(2.12)
%
(2.12)
%
ADR
$
652.65
$
—
$
652.65
$
717.39
$
—
$
717.39
(9.02)
%
(9.02)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
4,694
$
—
$
4,694
$
5,383
$
—
$
5,383
(12.80)
%
(12.80)
%
Total hotel revenue
$
9,137
$
—
$
9,137
$
10,316
$
—
$
10,316
(11.43)
%
(11.43)
%
Hotel net income (loss)
$
(2,734)
$
—
$
(2,734)
$
(1,259)
$
—
$
(1,259)
(117.16)
%
(117.16)
%
Hotel net income (loss) margin
(29.92)
%
(29.92)
%
(12.20)
%
(12.20)
%
(17.72)
%
(17.72)
%
Hotel EBITDA
$
642
$
—
$
642
$
1,562
$
—
$
1,562
(58.90)
%
(58.90)
%
Hotel EBITDA margin
7.03
%
7.03
%
15.14
%
15.14
%
(8.11)
%
(8.11)
%
Selected Operating Information:
RevPAR
$
264.35
$
—
$
264.35
$
303.17
$
—
$
303.17
(12.80)
%
(12.80)
%
Occupancy
35.84
%
—
%
35.84
%
50.95
%
—
%
50.95
%
(29.66)
%
(29.66)
%
ADR
$
737.68
$
—
$
737.68
$
595.01
$
—
$
595.01
23.98
%
23.98
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
7,210
$
—
$
7,210
$
8,170
$
—
$
8,170
(11.75)
%
(11.75)
%
Total hotel revenue
$
9,773
$
—
$
9,773
$
10,543
$
—
$
10,543
(7.30)
%
(7.30)
%
Hotel net income (loss)
$
1,946
$
—
$
1,946
$
2,739
$
—
$
2,739
(28.95)
%
(28.95)
%
Hotel net income (loss) margin
19.91
%
19.91
%
25.98
%
25.98
%
(6.07)
%
(6.07)
%
Hotel EBITDA
$
3,390
$
—
$
3,390
$
4,025
$
—
$
4,025
(15.78)
%
(15.78)
%
Hotel EBITDA margin
34.69
%
34.69
%
38.18
%
38.18
%
(3.49)
%
(3.49)
%
Selected Operating Information:
RevPAR
$
157.05
$
—
$
157.05
$
177.96
$
—
$
177.96
(11.75)
%
(11.75)
%
Occupancy
65.29
%
—
%
65.29
%
69.48
%
—
%
69.48
%
(6.03)
%
(6.03)
%
ADR
$
240.55
$
—
$
240.55
$
256.13
$
—
$
256.13
(6.08)
%
(6.08)
%
15
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue
$
4,296
$
(4,296)
$
—
$
6,204
$
(6,204)
$
—
(30.75)
%
—
%
Total hotel revenue
$
5,032
$
(5,032)
$
—
$
7,359
$
(7,359)
$
—
(31.62)
%
—
%
Hotel net income (loss)
$
42,776
$
(42,776)
$
—
$
(1,417)
$
1,417
$
—
3,118.77
%
—
%
Hotel net income (loss) margin
850.08
%
—
%
(19.26)
%
—
%
869.34
%
—
%
Hotel EBITDA
$
1,557
$
(1,557)
$
—
$
339
$
(339)
$
—
359.29
%
—
%
Hotel EBITDA margin
30.94
%
—
%
4.61
%
—
%
26.33
%
—
%
Selected Operating Information:
RevPAR
$
291.44
$
291.44
$
—
$
164.47
$
164.47
$
—
77.20
%
—
%
Occupancy
72.62
%
72.62
%
—
%
57.13
%
57.13
%
—
%
27.11
%
—
%
ADR
$
401.34
$
401.34
$
—
$
287.90
$
287.90
$
—
39.40
%
—
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
8,707
$
—
$
8,707
$
6,939
$
—
$
6,939
25.48
%
25.48
%
Total hotel revenue
$
23,603
$
—
$
23,603
$
18,896
$
—
$
18,896
24.91
%
24.91
%
Hotel net income (loss)
$
3,511
$
—
$
3,511
$
1,033
$
—
$
1,033
239.88
%
239.88
%
Hotel net income (loss) margin
14.88
%
14.88
%
5.47
%
5.47
%
9.41
%
9.41
%
Hotel EBITDA
$
6,126
$
—
$
6,126
$
4,139
$
—
$
4,139
48.01
%
48.01
%
Hotel EBITDA margin
25.95
%
25.95
%
21.90
%
21.90
%
4.05
%
4.05
%
Selected Operating Information:
RevPAR
$
342.88
$
—
$
342.88
$
273.27
$
—
$
273.27
25.47
%
25.47
%
Occupancy
62.15
%
—
%
62.15
%
51.31
%
—
%
51.31
%
21.13
%
21.13
%
ADR
$
551.71
$
—
$
551.71
$
532.61
$
—
$
532.61
3.59
%
3.59
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
5,977
$
—
$
5,977
$
7,376
$
—
$
7,376
(18.97)
%
(18.97)
%
Total hotel revenue
$
10,746
$
—
$
10,746
$
12,908
$
—
$
12,908
(16.75)
%
(16.75)
%
Hotel net income (loss)
$
(5,040)
$
—
$
(5,040)
$
(2,318)
$
—
$
(2,318)
(117.43)
%
(117.43)
%
Hotel net income (loss) margin
(46.90)
%
(46.90)
%
(17.96)
%
(17.96)
%
(28.94)
%
(28.94)
%
Hotel EBITDA
$
(749)
$
—
$
(749)
$
1,350
$
—
$
1,350
(155.48)
%
(155.48)
%
Hotel EBITDA margin
(6.97)
%
(6.97)
%
10.46
%
10.46
%
(17.43)
%
(17.43)
%
Selected Operating Information:
RevPAR
$
355.04
$
—
$
355.04
$
438.10
$
—
$
438.10
(18.96)
%
(18.96)
%
Occupancy
38.45
%
—
%
38.45
%
50.80
%
—
%
50.80
%
(24.31)
%
(24.31)
%
ADR
$
923.44
$
—
$
923.44
$
862.48
$
—
$
862.48
7.07
%
7.07
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
—
$
—
$
—
$
5,849
$
(5,849)
$
—
(100.00)
%
—
%
Total hotel revenue
$
—
$
—
$
—
$
8,222
$
(8,222)
$
—
(100.00)
%
—
%
Hotel net income (loss)
$
91
$
(91)
$
—
$
585
$
(585)
$
—
(84.44)
%
—
%
Hotel net income (loss) margin
—
%
—
%
7.12
%
—
%
(7.12)
%
—
%
Hotel EBITDA
$
—
$
—
$
—
$
2,321
$
(2,321)
$
—
(100.00)
%
—
%
Hotel EBITDA margin
—
%
—
%
28.23
%
—
%
(28.23)
%
—
%
Selected Operating Information:
RevPAR
$
—
$
—
$
—
$
172.29
$
172.29
$
—
(100.00)
%
—
%
Occupancy
—
%
—
%
—
%
66.28
%
66.28
%
—
%
(100.00)
%
—
%
ADR
$
—
$
—
$
—
$
259.95
$
259.95
$
—
(100.00)
%
—
%
16
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
9,577
$
—
$
9,577
$
9,657
$
—
$
9,657
(0.83)
%
(0.83)
%
Total hotel revenue
$
15,825
$
—
$
15,825
$
16,337
$
—
$
16,337
(3.13)
%
(3.13)
%
Hotel net income (loss)
$
2,542
$
—
$
2,542
$
1,635
$
—
$
1,635
55.47
%
55.47
%
Hotel net income (loss) margin
16.06
%
16.06
%
10.01
%
10.01
%
6.05
%
6.05
%
Hotel EBITDA
$
3,699
$
—
$
3,699
$
3,586
$
—
$
3,586
3.15
%
3.15
%
Hotel EBITDA margin
23.37
%
23.37
%
21.95
%
21.95
%
1.42
%
1.42
%
Selected Operating Information:
RevPAR
$
578.32
$
—
$
578.32
$
583.13
$
—
$
583.13
(0.82)
%
(0.82)
%
Occupancy
56.97
%
—
%
56.97
%
52.25
%
—
%
52.25
%
9.03
%
9.03
%
ADR
$
1,015.15
$
—
$
1,015.15
$
1,115.98
$
—
$
1,115.98
(9.04)
%
(9.04)
%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue
$
1,033
$
—
$
1,033
$
2,217
$
—
$
2,217
(53.41)
%
(53.41)
%
Total hotel revenue
$
1,384
$
—
$
1,384
$
3,128
$
—
$
3,128
(55.75)
%
(55.75)
%
Hotel net income (loss)
$
(3,635)
$
—
$
(3,635)
$
(1,694)
$
—
$
(1,694)
(114.58)
%
(114.58)
%
Hotel net income (loss) margin
(262.64)
%
(262.64)
%
(54.16)
%
(54.16)
%
(208.48)
%
(208.48)
%
Hotel EBITDA
$
(2,152)
$
—
$
(2,152)
$
(473)
$
—
$
(473)
(354.97)
%
(354.97)
%
Hotel EBITDA margin
(155.49)
%
(155.49)
%
(15.12)
%
(15.12)
%
(140.37)
%
(140.37)
%
Selected Operating Information:
RevPAR
$
78.53
$
—
$
78.53
$
168.53
$
—
$
168.53
(53.40)
%
(53.40)
%
Occupancy
22.31
%
—
%
22.31
%
62.31
%
—
%
62.31
%
(64.20)
%
(64.20)
%
ADR
$
352.01
$
—
$
352.01
$
270.49
$
—
$
270.49
30.14
%
30.14
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
17,609
$
—
$
17,609
$
15,973
$
—
$
15,973
10.24
%
10.24
%
Total hotel revenue
$
25,606
$
—
$
25,606
$
23,575
$
—
$
23,575
8.62
%
8.62
%
Hotel net income (loss)
$
3,299
$
—
$
3,299
$
2,083
$
—
$
2,083
58.38
%
58.38
%
Hotel net income (loss) margin
12.88
%
12.88
%
8.84
%
8.84
%
4.04
%
4.04
%
Hotel EBITDA
$
7,068
$
—
$
7,068
$
6,009
$
—
$
6,009
17.62
%
17.62
%
Hotel EBITDA margin
27.60
%
27.60
%
25.49
%
25.49
%
2.11
%
2.11
%
Selected Operating Information:
RevPAR
$
1,805.64
$
—
$
1,805.64
$
1,637.96
$
—
$
1,637.96
10.24
%
10.24
%
Occupancy
62.35
%
—
%
62.35
%
61.35
%
—
%
61.35
%
1.63
%
1.63
%
ADR
$
2,896.15
$
—
$
2,896.15
$
2,669.79
$
—
$
2,669.79
8.48
%
8.48
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
11,647
$
—
$
11,647
$
10,384
$
—
$
10,384
12.16
%
12.16
%
Total hotel revenue
$
24,710
$
—
$
24,710
$
22,270
$
—
$
22,270
10.96
%
10.96
%
Hotel net income (loss)
$
3,511
$
—
$
3,511
$
2,295
$
—
$
2,295
52.98
%
52.98
%
Hotel net income (loss) margin
14.21
%
14.21
%
10.31
%
10.31
%
3.90
%
3.90
%
Hotel EBITDA
$
9,963
$
—
$
9,963
$
8,193
$
—
$
8,193
21.60
%
21.60
%
Hotel EBITDA margin
40.32
%
40.32
%
36.79
%
36.79
%
3.53
%
3.53
%
Selected Operating Information:
RevPAR
$
602.82
$
—
$
602.82
$
537.49
$
—
$
537.49
12.15
%
12.15
%
Occupancy
67.45
%
—
%
67.45
%
58.99
%
—
%
58.99
%
14.34
%
14.34
%
ADR
$
893.76
$
—
$
893.76
$
911.22
$
—
$
911.22
(1.92)
%
(1.92)
%
17
Three Months Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
70,801
$
—
$
70,801
$
68,008
$
—
$
68,008
4.11
%
4.11
%
Total hotel revenue
$
126,525
$
—
$
126,525
$
120,688
$
—
$
120,688
4.84
%
4.84
%
Hotel net income (loss)
$
(15,396)
$
(40)
$
(15,436)
$
6,762
$
114
$
6,876
(327.68)
%
(324.49)
%
Hotel net income (loss) margin
(12.17)
%
(12.20)
%
5.60
%
5.70
%
(17.77)
%
(17.90)
%
Hotel EBITDA
$
32,607
$
(74)
$
32,533
$
30,652
$
51
$
30,703
6.38
%
5.96
%
Hotel EBITDA margin
25.77
%
25.71
%
25.40
%
25.44
%
0.37
%
0.27
%
Selected Operating Information:
RevPAR
$
536.27
$
—
$
536.27
$
515.13
$
—
$
515.14
4.10
%
4.10
%
Occupancy
56.87
%
—
%
56.87
%
55.62
%
—
%
55.62
%
2.25
%
2.25
%
ADR
$
942.98
$
—
$
942.98
$
926.20
$
—
$
926.22
1.81
%
1.81
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
28,910
$
(4,296)
$
24,614
$
39,441
$
(12,053)
$
27,388
(26.70)
%
(10.13)
%
Total hotel revenue
$
40,950
$
(5,032)
$
35,918
$
54,529
$
(15,581)
$
38,948
(24.90)
%
(7.78)
%
Hotel net income (loss)
$
8,900
$
(42,867)
$
(33,967)
$
(9,888)
$
832
$
(9,056)
190.01
%
(275.08)
%
Hotel net income (loss) margin
21.73
%
(94.57)
%
(18.13)
%
(23.25)
%
39.86
%
(71.32)
%
Hotel EBITDA
$
7,033
$
(1,557)
$
5,476
$
10,378
$
(2,660)
$
7,718
(32.23)
%
(29.05)
%
Hotel EBITDA margin
17.17
%
15.25
%
19.03
%
19.82
%
(1.86)
%
(4.57)
%
Selected Operating Information:
RevPAR
$
176.92
$
291.44
$
165.56
$
179.00
$
168.17
$
184.21
(1.16)
%
(10.12)
%
Occupancy
65.00
%
72.62
%
64.24
%
68.29
%
61.46
%
71.58
%
(4.82)
%
(10.25)
%
ADR
$
272.20
$
401.34
$
257.72
$
262.13
$
273.62
$
257.37
3.84
%
0.14
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
99,711
$
(4,296)
$
95,415
$
107,449
$
(12,053)
$
95,396
(7.20)
%
0.02
%
Total hotel revenue
$
167,475
$
(5,032)
$
162,443
$
175,217
$
(15,581)
$
159,636
(4.42)
%
1.76
%
Hotel net income (loss)
$
(6,496)
$
(42,907)
$
(49,403)
$
(3,126)
$
946
$
(2,180)
(107.81)
%
(2,166.19)
%
Hotel net income (loss) margin
(3.88)
%
(30.41)
%
(1.78)
%
(1.37)
%
(2.10)
%
(29.04)
%
Hotel EBITDA
$
39,640
$
(1,631)
$
38,009
$
41,030
$
(2,609)
$
38,421
(3.39)
%
(1.07)
%
Hotel EBITDA margin
23.67
%
23.40
%
23.42
%
24.07
%
0.25
%
(0.67)
%
Selected Operating Information:
RevPAR
$
337.50
$
(291.44)
$
339.92
$
304.94
$
(168.16)
$
339.86
10.68
%
0.02
%
Occupancy
61.36
%
(72.62)
%
60.77
%
63.54
%
(61.46)
%
64.07
%
(3.43)
%
(5.15)
%
ADR
$
549.99
$
(401.34)
$
559.32
$
479.92
$
(273.59)
$
530.45
14.60
%
5.44
%
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(4) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills
(5) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
18
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue
$
41,529
$
—
$
41,529
$
42,164
$
—
$
42,164
(1.51)
%
(1.51)
%
Total hotel revenue
$
64,579
$
—
$
64,579
$
65,134
$
—
$
65,134
(0.85)
%
(0.85)
%
Hotel net income (loss)
$
(4,722)
$
—
$
(4,722)
$
(5,023)
$
—
$
(5,023)
5.99
%
5.99
%
Hotel net income (loss) margin
(7.31)
%
(7.31)
%
(7.71)
%
(7.71)
%
0.40
%
0.40
%
Hotel EBITDA
$
16,862
$
—
$
16,862
$
18,957
$
—
$
18,957
(11.05)
%
(11.05)
%
Hotel EBITDA margin
26.11
%
26.11
%
29.10
%
29.10
%
(2.99)
%
(2.99)
%
Selected Operating Information:
RevPAR
$
203.54
$
—
$
203.54
$
206.23
$
—
$
206.23
(1.30)
%
(1.30)
%
Occupancy
74.32
%
—
%
74.32
%
78.64
%
—
%
78.64
%
(5.49)
%
(5.49)
%
ADR
$
273.86
$
—
$
273.86
$
262.26
$
—
$
262.26
4.42
%
4.42
%
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue
$
—
$
—
$
—
$
15,500
$
(15,500)
$
—
(100.00)
%
—
%
Total hotel revenue
$
—
$
—
$
—
$
27,901
$
(27,901)
$
—
(100.00)
%
—
%
Hotel net income (loss)
$
1,116
$
(1,116)
$
—
$
94,906
$
(94,906)
$
—
(98.82)
%
—
%
Hotel net income (loss) margin
—
%
—
%
340.15
%
—
%
(340.15)
%
—
%
Hotel EBITDA
$
1,390
$
(1,390)
$
—
$
9,104
$
(9,104)
$
—
(84.73)
%
—
%
Hotel EBITDA margin
—
%
—
%
32.63
%
—
%
(32.63)
%
—
%
Selected Operating Information:
RevPAR
$
—
$
—
$
—
$
198.69
$
198.69
$
—
(100.00)
%
—
%
Occupancy
—
%
—
%
—
%
79.05
%
79.05
%
—
%
(100.00)
%
—
%
ADR
$
—
$
—
$
—
$
251.35
$
251.35
$
—
(100.00)
%
—
%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue
$
27,684
$
—
$
27,684
$
27,949
$
—
$
27,949
(0.95)
%
(0.95)
%
Total hotel revenue
$
37,520
$
—
$
37,520
$
37,568
$
—
$
37,568
(0.13)
%
(0.13)
%
Hotel net income (loss)
$
(28,661)
$
—
$
(28,661)
$
1,178
$
—
$
1,178
(2,533.02)
%
(2,533.02)
%
Hotel net income (loss) margin
(76.39)
%
(76.39)
%
3.14
%
3.14
%
(79.53)
%
(79.53)
%
Hotel EBITDA
$
6,220
$
—
$
6,220
$
5,742
$
—
$
5,742
8.32
%
8.32
%
Hotel EBITDA margin
16.58
%
16.58
%
15.28
%
15.28
%
1.30
%
1.30
%
Selected Operating Information:
RevPAR
$
182.76
$
—
$
182.76
$
184.01
$
—
$
184.01
(0.68)
%
(0.68)
%
Occupancy
69.83
%
—
%
69.83
%
72.54
%
—
%
72.54
%
(3.74)
%
(3.74)
%
ADR
$
261.73
$
—
$
261.73
$
253.68
$
—
$
253.68
3.17
%
3.17
%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue
$
15,374
$
—
$
15,374
$
14,738
$
—
$
14,738
4.32
%
4.32
%
Total hotel revenue
$
21,102
$
—
$
21,102
$
20,140
$
—
$
20,140
4.78
%
4.78
%
Hotel net income (loss)
$
(7,560)
$
—
$
(7,560)
$
876
$
—
$
876
(963.01)
%
(963.01)
%
Hotel net income (loss) margin
(35.83)
%
(35.83)
%
4.35
%
4.35
%
(40.18)
%
(40.18)
%
Hotel EBITDA
$
4,701
$
—
$
4,701
$
4,436
$
—
$
4,436
5.97
%
5.97
%
Hotel EBITDA margin
22.28
%
22.28
%
22.03
%
22.03
%
0.25
%
0.25
%
Selected Operating Information:
RevPAR
$
648.00
$
—
$
648.00
$
619.52
$
—
$
619.52
4.60
%
4.60
%
Occupancy
67.15
%
—
%
67.15
%
60.96
%
—
%
60.96
%
10.15
%
10.15
%
ADR
$
965.02
$
—
$
965.02
$
1,016.30
$
—
$
1,016.30
(5.05)
%
(5.05)
%
19
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue
$
23,332
$
—
$
23,332
$
23,045
$
—
$
23,045
1.25
%
1.25
%
Total hotel revenue
$
30,837
$
—
$
30,837
$
29,880
$
—
$
29,880
3.20
%
3.20
%
Hotel net income (loss)
$
12,469
$
—
$
12,469
$
6,903
$
—
$
6,903
80.63
%
80.63
%
Hotel net income (loss) margin
40.44
%
40.44
%
23.10
%
23.10
%
17.34
%
17.34
%
Hotel EBITDA
$
14,227
$
—
$
14,227
$
13,604
$
—
$
13,604
4.58
%
4.58
%
Hotel EBITDA margin
46.14
%
46.14
%
45.53
%
45.53
%
0.61
%
0.61
%
Selected Operating Information:
RevPAR
$
450.15
$
—
$
450.15
$
443.41
$
—
$
443.41
1.52
%
1.52
%
Occupancy
74.09
%
—
%
74.09
%
71.36
%
—
%
71.36
%
3.83
%
3.83
%
ADR
$
607.54
$
—
$
607.54
$
621.36
$
—
$
621.36
(2.22)
%
(2.22)
%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue
$
10,125
$
—
$
10,125
$
11,347
$
—
$
11,347
(10.77)
%
(10.77)
%
Total hotel revenue
$
13,536
$
—
$
13,536
$
14,711
$
—
$
14,711
(7.99)
%
(7.99)
%
Hotel net income (loss)
$
(15,095)
$
—
$
(15,095)
$
1,875
$
—
$
1,875
(905.07)
%
(905.07)
%
Hotel net income (loss) margin
(111.52)
%
(111.52)
%
12.75
%
12.75
%
(124.27)
%
(124.27)
%
Hotel EBITDA
$
3,057
$
—
$
3,057
$
3,954
$
—
$
3,954
(22.69)
%
(22.69)
%
Hotel EBITDA margin
22.58
%
22.58
%
26.88
%
26.88
%
(4.30)
%
(4.30)
%
Selected Operating Information:
RevPAR
$
346.75
$
—
$
346.75
$
387.53
$
—
$
387.53
(10.52)
%
(10.52)
%
Occupancy
54.34
%
—
%
54.34
%
59.76
%
—
%
59.76
%
(9.07)
%
(9.07)
%
ADR
$
638.09
$
—
$
638.09
$
648.50
$
—
$
648.50
(1.61)
%
(1.61)
%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue
$
22,903
$
—
$
22,903
$
24,067
$
—
$
24,067
(4.84)
%
(4.84)
%
Total hotel revenue
$
45,493
$
—
$
45,493
$
47,907
$
—
$
47,907
(5.04)
%
(5.04)
%
Hotel net income (loss)
$
(1,483)
$
—
$
(1,483)
$
1,200
$
—
$
1,200
(223.58)
%
(223.58)
%
Hotel net income (loss) margin
(3.26)
%
(3.26)
%
2.50
%
2.50
%
(5.76)
%
(5.76)
%
Hotel EBITDA
$
10,759
$
—
$
10,759
$
12,092
$
—
$
12,092
(11.02)
%
(11.02)
%
Hotel EBITDA margin
23.65
%
23.65
%
25.24
%
25.24
%
(1.59)
%
(1.59)
%
Selected Operating Information:
RevPAR
$
325.12
$
—
$
325.12
$
340.71
$
—
$
340.71
(4.58)
%
(4.58)
%
Occupancy
47.03
%
—
%
47.03
%
56.51
%
—
%
56.51
%
(16.78)
%
(16.78)
%
ADR
$
691.30
$
—
$
691.30
$
602.93
$
—
$
602.93
14.66
%
14.66
%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue
$
27,295
$
—
$
27,295
$
28,642
$
—
$
28,642
(4.70)
%
(4.70)
%
Total hotel revenue
$
36,519
$
—
$
36,519
$
36,455
$
—
$
36,455
0.18
%
0.18
%
Hotel net income (loss)
$
6,055
$
—
$
6,055
$
6,009
$
—
$
6,009
0.77
%
0.77
%
Hotel net income (loss) margin
16.58
%
16.58
%
16.48
%
16.48
%
0.10
%
0.10
%
Hotel EBITDA
$
11,483
$
—
$
11,483
$
11,949
$
—
$
11,949
(3.90)
%
(3.90)
%
Hotel EBITDA margin
31.44
%
31.44
%
32.78
%
32.78
%
(1.34)
%
(1.34)
%
Selected Operating Information:
RevPAR
$
149.86
$
—
$
149.86
$
156.83
$
—
$
156.83
(4.44)
%
(4.44)
%
Occupancy
65.16
%
—
%
65.16
%
66.99
%
—
%
66.99
%
(2.73)
%
(2.73)
%
ADR
$
229.99
$
—
$
229.99
$
234.09
$
—
$
234.09
(1.75)
%
(1.75)
%
20
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue
$
31,833
$
(31,833)
$
—
$
30,020
$
(30,020)
$
—
6.04
%
—
%
Total hotel revenue
$
37,556
$
(37,556)
$
—
$
36,389
$
(36,389)
$
—
3.21
%
—
%
Hotel net income (loss)
$
46,091
$
(46,091)
$
—
$
(2,607)
$
2,607
$
—
1,867.97
%
—
%
Hotel net income (loss) margin
122.73
%
—
%
(7.16)
%
—
%
129.89
%
—
%
Hotel EBITDA
$
9,238
$
(9,238)
$
—
$
5,733
$
(5,733)
$
—
61.14
%
—
%
Hotel EBITDA margin
24.60
%
—
%
15.75
%
—
%
8.85
%
—
%
Selected Operating Information:
RevPAR
$
251.30
$
251.30
$
—
$
200.05
$
200.05
$
200.05
25.62
%
(100.00)
%
Occupancy
72.45
%
72.45
%
—
%
66.29
%
66.29
%
66.29
%
9.29
%
(100.00)
%
ADR
$
346.86
$
346.86
$
—
$
301.79
$
301.79
$
301.79
14.93
%
(100.00)
%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue
$
36,771
$
—
$
36,771
$
36,607
$
—
$
36,607
0.45
%
0.45
%
Total hotel revenue
$
93,926
$
—
$
93,926
$
86,764
$
—
$
86,764
8.25
%
8.25
%
Hotel net income (loss)
$
15,623
$
—
$
15,623
$
13,728
$
—
$
13,728
13.80
%
13.80
%
Hotel net income (loss) margin
16.63
%
16.63
%
15.82
%
15.82
%
0.81
%
0.81
%
Hotel EBITDA
$
25,113
$
—
$
25,113
$
21,924
$
—
$
21,924
14.55
%
14.55
%
Hotel EBITDA margin
26.74
%
26.74
%
25.27
%
25.27
%
1.47
%
1.47
%
Selected Operating Information:
RevPAR
$
365.00
$
—
$
365.00
$
362.38
$
—
$
362.38
0.72
%
0.72
%
Occupancy
65.88
%
—
%
65.88
%
62.46
%
—
%
62.46
%
5.48
%
5.48
%
ADR
$
554.04
$
—
$
554.04
$
580.22
$
—
$
580.22
(4.51)
%
(4.51)
%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue
$
30,308
$
—
$
30,308
$
29,033
$
—
$
29,033
4.39
%
4.39
%
Total hotel revenue
$
57,073
$
—
$
57,073
$
50,745
$
—
$
50,745
12.47
%
12.47
%
Hotel net income (loss)
$
(6,851)
$
—
$
(6,851)
$
(9,085)
$
—
$
(9,085)
24.59
%
24.59
%
Hotel net income (loss) margin
(12.00)
%
(12.00)
%
(17.90)
%
(17.90)
%
5.90
%
5.90
%
Hotel EBITDA
$
8,548
$
—
$
8,548
$
5,087
$
—
$
5,087
68.04
%
68.04
%
Hotel EBITDA margin
14.98
%
14.98
%
10.02
%
10.02
%
4.96
%
4.96
%
Selected Operating Information:
RevPAR
$
453.75
$
—
$
453.75
$
433.47
$
—
$
433.47
4.68
%
4.68
%
Occupancy
52.79
%
—
%
52.79
%
52.16
%
—
%
52.16
%
1.21
%
1.21
%
ADR
$
859.53
$
—
$
859.53
$
830.96
$
—
$
830.96
3.44
%
3.44
%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue
$
18,443
$
(18,443)
$
—
$
30,317
$
(30,317)
$
—
(39.17)
%
—
%
Total hotel revenue
$
23,768
$
(23,768)
$
—
$
38,776
$
(38,776)
$
—
(38.70)
%
—
%
Hotel net income (loss)
$
45,878
$
(45,878)
$
—
$
6,172
$
(6,172)
$
—
643.32
%
—
%
Hotel net income (loss) margin
193.02
%
—
%
15.92
%
—
%
177.10
%
—
%
Hotel EBITDA
$
8,873
$
(8,873)
$
—
$
13,996
$
(13,996)
$
—
(36.60)
%
—
%
Hotel EBITDA margin
37.33
%
—
%
36.09
%
—
%
1.24
%
—
%
Selected Operating Information:
RevPAR
$
229.32
$
229.32
$
—
$
224.48
$
224.48
$
—
2.16
%
—
%
Occupancy
74.90
%
74.90
%
—
%
72.96
%
72.96
%
—
%
2.66
%
—
%
ADR
$
306.18
$
306.18
$
—
$
307.67
$
307.67
$
—
(0.48)
%
—
%
21
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue
$
42,209
$
—
$
42,209
$
45,042
$
—
$
45,042
(6.29)
%
(6.29)
%
Total hotel revenue
$
67,928
$
—
$
67,928
$
74,375
$
—
$
74,375
(8.67)
%
(8.67)
%
Hotel net income (loss)
$
11,825
$
—
$
11,825
$
9,312
$
—
$
9,312
26.99
%
26.99
%
Hotel net income (loss) margin
17.41
%
17.41
%
12.52
%
12.52
%
4.89
%
4.89
%
Hotel EBITDA
$
16,703
$
—
$
16,703
$
20,620
$
—
$
20,620
(19.00)
%
(19.00)
%
Hotel EBITDA margin
24.59
%
24.59
%
27.72
%
27.72
%
(3.13)
%
(3.13)
%
Selected Operating Information:
RevPAR
$
642.45
$
—
$
642.45
$
683.69
$
—
$
683.69
(6.03)
%
(6.03)
%
Occupancy
60.60
%
—
%
60.60
%
63.79
%
—
%
63.79
%
(5.00)
%
(5.00)
%
ADR
$
1,060.23
$
—
$
1,060.23
$
1,071.81
$
—
$
1,071.81
(1.08)
%
(1.08)
%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue
$
7,694
$
—
$
7,694
$
9,613
$
—
$
9,613
(19.96)
%
(19.96)
%
Total hotel revenue
$
10,180
$
—
$
10,180
$
13,139
$
—
$
13,139
(22.52)
%
(22.52)
%
Hotel net income (loss)
$
(8,424)
$
—
$
(8,424)
$
(5,778)
$
—
$
(5,778)
(45.79)
%
(45.79)
%
Hotel net income (loss) margin
(82.75)
%
(82.75)
%
(43.98)
%
(43.98)
%
(38.77)
%
(38.77)
%
Hotel EBITDA
$
(3,964)
$
—
$
(3,964)
$
(1,485)
$
—
$
(1,485)
(166.94)
%
(166.94)
%
Hotel EBITDA margin
(38.94)
%
(38.94)
%
(11.30)
%
(11.30)
%
(27.64)
%
(27.64)
%
Selected Operating Information:
RevPAR
$
147.41
$
—
$
147.41
$
183.67
$
—
$
183.67
(19.74)
%
(19.74)
%
Occupancy
52.63
%
—
%
52.63
%
66.95
%
—
%
66.95
%
(21.39)
%
(21.39)
%
ADR
$
280.09
$
—
$
280.09
$
274.33
$
—
$
274.33
2.10
%
2.10
%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue
$
61,278
$
—
$
61,278
$
54,678
$
—
$
54,678
12.07
%
12.07
%
Total hotel revenue
$
91,123
$
—
$
91,123
$
82,220
$
—
$
82,220
10.83
%
10.83
%
Hotel net income (loss)
$
10,327
$
—
$
10,327
$
5,762
$
—
$
5,762
79.23
%
79.23
%
Hotel net income (loss) margin
11.33
%
11.33
%
7.01
%
7.01
%
4.32
%
4.32
%
Hotel EBITDA
$
22,506
$
—
$
22,506
$
19,138
$
—
$
19,138
17.60
%
17.60
%
Hotel EBITDA margin
24.70
%
24.70
%
23.28
23.28
%
1.42
%
1.42
%
Selected Operating Information:
RevPAR
$
1,583.82
$
—
$
1,583.82
$
1,409.37
$
—
$
1,409.37
12.38
%
12.38
%
Occupancy
63.15
%
—
%
63.15
%
57.54
%
—
%
57.54
%
9.75
%
9.75
%
ADR
$
2,507.90
$
—
$
2,507.90
$
2,449.29
$
—
$
2,449.29
2.39
%
2.39
%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue
$
40,029
$
—
$
40,029
$
36,704
$
—
$
36,704
9.06
%
9.06
%
Total hotel revenue
$
79,272
$
—
$
79,272
$
72,113
$
—
$
72,113
9.93
%
9.93
%
Hotel net income (loss)
$
3,492
$
—
$
3,492
$
(452)
$
—
$
(452)
872.57
%
872.57
%
Hotel net income (loss) margin
4.41
%
4.41
%
(0.63)
%
(0.63)
%
5.04
%
5.04
%
Hotel EBITDA
$
28,020
$
—
$
28,020
$
23,286
$
—
$
23,286
20.33
%
20.33
%
Hotel EBITDA margin
35.35
%
35.35
%
32.29
32.29
%
3.06
%
3.06
%
Selected Operating Information:
RevPAR
$
522.22
$
—
$
522.22
$
477.54
$
—
$
477.54
9.36
%
9.36
%
Occupancy
60.22
%
—
%
60.22
%
53.76
%
—
%
53.76
%
12.02
%
12.02
%
ADR
$
867.26
$
—
$
867.26
$
888.24
$
—
$
888.24
(2.36)
%
(2.36)
%
22
Year Ended December 31,
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Comparable
2025
2025
2025
2024
2024
2024
% Variance
% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
282,329
$
—
$
282,329
$
290,761
$
(15,500)
$
275,261
(2.90)
%
2.57
%
Total hotel revenue
$
500,290
$
—
$
500,290
$
506,756
$
(27,901)
$
478,855
(1.28)
%
4.48
%
Hotel net income (loss)
$
23,863
$
(1,116)
$
22,747
$
125,025
$
(94,906)
$
30,119
(80.91)
%
(24.48)
%
Hotel net income (loss) margin
4.77
%
4.55
%
24.67
%
6.29
%
(19.90)
%
(1.74)
%
Hotel EBITDA
$
135,024
$
(1,390)
$
133,634
$
133,245
$
(9,104)
$
124,141
1.34
%
7.65
%
Hotel EBITDA margin
26.99
%
26.71
%
26.29
%
25.92
%
0.70
%
0.79
%
Selected Operating Information:
RevPAR
$
539.02
$
—
$
539.02
$
482.01
$
198.69
$
524.10
11.83
%
2.85
%
Occupancy
60.21
%
—
%
60.21
%
62.06
%
79.05
%
59.54
%
(2.98)
%
1.13
%
ADR
$
895.25
$
—
$
895.25
$
776.66
$
251.35
$
880.26
15.27
%
1.70
%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
154,478
$
(50,276)
$
104,202
$
168,705
$
(60,337)
$
108,368
(8.43)
%
(3.84)
%
Total hotel revenue
$
210,122
$
(61,324)
$
148,798
$
227,461
$
(75,165)
$
152,296
(7.62)
%
(2.30)
%
Hotel net income (loss)
$
56,217
$
(91,969)
$
(35,752)
$
(49)
$
(3,565)
$
(3,614)
114,828.57
%
(889.26)
%
Hotel net income (loss) margin
26.75
%
(24.03)
%
(0.02)
%
(2.37)
%
26.77
%
(21.66)
%
Hotel EBITDA
$
48,712
$
(18,111)
$
30,601
$
54,892
$
(19,729)
$
35,163
(11.26)
%
(12.97)
%
Hotel EBITDA margin
23.18
%
20.57
%
24.13
%
23.09
%
(0.95)
%
(2.52)
%
Selected Operating Information:
RevPAR
$
193.84
$
242.76
$
176.66
$
192.49
$
211.62
$
183.27
0.70
%
(3.61)
%
Occupancy
69.71
%
73.40
%
68.42
%
71.47
%
69.45
%
72.44
%
(2.46)
%
(5.55)
%
ADR
$
278.05
$
330.74
$
258.20
$
269.34
$
304.72
$
252.99
3.23
%
2.06
%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue
$
436,807
$
(50,276)
$
386,531
$
459,466
$
(75,837)
$
383,629
(4.93)
%
0.76
%
Total hotel revenue
$
710,412
$
(61,324)
$
649,088
$
734,217
$
(103,066)
$
631,151
(3.24)
%
2.84
%
Hotel net income (loss)
$
80,080
$
(93,085)
$
(13,005)
$
124,976
$
(98,471)
$
26,505
(35.92)
%
(149.07)
%
Hotel net income (loss) margin
11.27
%
(2.00)
%
17.02
%
4.20
%
(5.75)
%
(6.20)
%
Hotel EBITDA
$
183,736
$
(19,501)
$
164,235
$
188,137
$
(28,833)
$
159,304
(2.34)
%
3.10
%
Hotel EBITDA margin
25.86
%
25.30
%
25.62
%
25.24
%
0.24
%
0.06
%
Selected Operating Information:
RevPAR
$
330.73
$
(242.76)
$
347.09
$
310.52
$
(208.85)
$
343.59
6.51
%
1.02
%
Occupancy
65.94
%
(73.40)
%
64.56
%
67.63
%
(71.51)
%
66.37
%
(2.50)
%
(2.73)
%
ADR
$
501.54
$
(330.74)
$
537.65
$
459.13
$
(292.05)
$
517.68
9.24
%
3.86
%
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3) Resort properties include: Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(4) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, Cameo Beverly Hills
(5) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
23
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL REVENUE, NET INCOME (LOSS) & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
Actual
Non-comparable Adjustments
Comparable
2025
2025
2025
2025
2025
2025
2025
2025
2025
2025
2025
2025
4th Quarter
4th Quarter
4th Quarter
3rd Quarter
3rd Quarter
3rd Quarter
2nd Quarter
2nd Quarter
2nd Quarter
1st Quarter
1st Quarter
1st Quarter
Total hotel revenue
$
167,475
$
(5,032)
$
162,443
$
144,585
$
(16,637)
$
127,948
$
179,943
$
(22,052)
$
157,891
$
218,409
$
(17,603)
$
200,806
Hotel net income (loss)
$
(6,496)
$
(42,907)
$
(49,403)
$
33,765
$
(45,155)
$
(11,390)
$
16,054
$
(4,042)
$
12,012
$
36,757
$
(981)
$
35,776
Hotel net income (loss) margin
(3.88)
%
(30.41)
%
23.35
%
(8.90)
%
8.92
%
7.61
%
16.83
%
17.82
%
Hotel EBITDA
$
39,640
$
(1,631)
$
38,009
$
25,562
$
(6,301)
$
19,261
$
47,793
$
(7,230)
$
40,563
$
70,741
$
(4,339)
$
66,402
Hotel EBITDA margin
23.67
%
23.40
%
17.68
%
15.05
%
26.56
%
25.69
%
32.39
%
33.07
%
Hotel net income (loss) % of total TTM
(8.1)
%
379.9
%
42.2
%
87.6
%
20.0
%
(92.4)
%
45.9
%
(275.1)
%
EBITDA % of total TTM
21.6
%
23.1
%
13.9
%
11.7
%
26.0
%
24.7
%
38.5
%
40.5
%
JV interests in Hotel net income (loss)
$
10
$
(21)
$
(11)
$
(452)
$
(297)
$
(749)
$
100
$
4
$
104
$
(88)
$
25
$
(63)
JV interests in EBITDA
$
857
$
(18)
$
839
$
937
$
(346)
$
591
$
1,516
$
3
$
1,519
$
1,284
$
14
$
1,298
Actual
Non-comparable Adjustments
Comparable
2025
2025
2025
TTM
TTM
TTM
Total hotel revenue
$
710,412
$
(61,324)
$
649,088
Hotel net income (loss)
$
80,080
$
(93,085)
$
(13,005)
Hotel net income (loss) margin
11.27
%
(2.00)
%
Hotel EBITDA
$
183,736
$
(19,501)
$
164,235
Hotel EBITDA margin
25.86
%
25.30
%
Hotel net income (loss) % of total TTM
100.0
%
100.0
%
EBITDA % of total TTM
100.0
%
100.0
%
JV interests in Hotel net income (loss)
$
(430)
$
(289)
$
(719)
JV interests in EBITDA
$
4,594
$
(347)
$
4,247
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
24
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2025
(in thousands, except share price)
(unaudited)
December 31, 2025
Common stock shares outstanding
68,219
Partnership units outstanding (common stock equivalents)
5,052
Combined common stock shares and partnership units outstanding
73,271
Common stock price
$
2.87
Market capitalization
$
210,288
Series B cumulative convertible preferred stock
$
76,950
Series D cumulative preferred stock
$
40,000
Series E redeemable preferred stock
$
270,457
Series M redeemable preferred stock
$
34,202
Indebtedness
$
1,107,665
Net working capital (see below)
$
(41,324)
Total enterprise value (TEV)
$
1,698,238
Cash and cash equivalents
$
123,610
Restricted cash
$
42,479
Accounts receivable, net
$
32,843
Inventory
$
4,741
Prepaid expenses
$
6,987
Due from third-party hotel managers, net
$
15,621
Total current assets
$
226,281
Accounts payable, net & accrued expenses
$
141,016
Redeemable preferred stock redemptions payable
$
30,864
Dividends and distributions payable
$
7,672
Due to affiliates, net
$
5,405
Total current liabilities
$
184,957
Net working capital *
$
41,324
The table does not include $5.4 million of indebtedness and approximately $0.7 million in cash related to the consolidation of a joint venture.
25
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)
2025
2026
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Rooms
Actual
Actual
Actual
Actual
Estimated
Estimated
Estimated
Estimated
Cameo Beverly Hills
143
x
x
Hotel Yountville
80
x
x
x
x
Park Hyatt Beaver Creek
193
x
x
x
Sofitel Chicago Magnificent Mile
415
x
Total
1
2
3
3
—
—
—
1
(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2025 and 2026 are included in this table.
26
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
2025
2025
2025
2025
December 31, 2025
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
TTM
Net income (loss)
$
(6,496)
$
33,765
$
16,054
$
36,757
$
80,080
Non-property adjustments
12,472
(40,584)
(23)
869
(27,266)
Interest income
(292)
(400)
(381)
(348)
(1,421)
Interest expense
7,587
7,693
7,381
8,385
31,046
Amortization of loan costs
623
529
461
588
2,201
Depreciation and amortization
22,659
23,164
23,360
23,395
92,578
Income tax expense (benefit)
1,442
(1)
(210)
526
1,757
Non-hotel EBITDA ownership expense
1,645
1,396
1,151
569
4,761
Hotel EBITDA including amounts attributable to noncontrolling interest
39,640
25,562
47,793
70,741
183,736
Non-comparable adjustments
(1,631)
(6,301)
(7,230)
(4,339)
(19,501)
Comparable hotel EBITDA
$
38,009
$
19,261
$
40,563
$
66,402
$
164,235
27
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(1,890)
$
40
$
(30,388)
$
(8,458)
$
3,286
$
(15,353)
$
(2,734)
$
1,946
$
42,776
$
3,511
$
(5,040)
$
91
$
2,542
$
(3,635)
$
3,299
$
3,511
$
(6,496)
$
(30,468)
$
(36,964)
Non-property adjustments
3
—
30,256
8,672
—
15,564
—
—
(41,730)
(129)
(67)
(97)
—
—
—
—
12,472
(12,472)
—
Interest income
(44)
(14)
(3)
—
—
—
—
(31)
(25)
(39)
(3)
—
(77)
—
(10)
(46)
(292)
292
—
Interest expense
2,191
—
—
—
—
—
1,237
—
—
135
804
—
—
—
—
3,220
7,587
12,943
20,530
Amortization of loan cost
150
—
—
—
—
—
—
—
—
—
58
—
—
—
—
415
623
2,010
2,633
Depreciation and amortization
2,805
—
1,084
766
379
721
2,165
1,391
509
2,171
2,772
—
1,448
1,447
2,130
2,871
22,659
—
22,659
Income tax expense (benefit)
8
—
—
—
—
—
—
63
—
—
—
—
(244)
—
1,615
—
1,442
63
1,505
Non-hotel EBITDA ownership expense
9
48
57
154
20
33
(26)
21
27
477
727
6
30
36
34
(8)
1,645
(1,645)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
3,232
74
1,006
1,134
3,685
965
642
3,390
1,557
6,126
(749)
—
3,699
(2,152)
7,068
9,963
39,640
(29,277)
10,363
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(839)
(18)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(857)
857
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
56
56
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Hotel EBITDA attributable to the Company and OP unitholders
$
2,393
$
56
$
1,006
$
1,134
$
3,685
$
965
$
642
$
3,390
$
1,557
$
6,126
$
(749)
$
—
$
3,699
$
(2,152)
$
7,068
$
9,963
$
38,783
$
(28,364)
$
10,419
Non-comparable adjustments
—
(74)
—
—
—
—
—
—
(1,557)
—
—
—
—
—
—
—
(1,631)
Comparable hotel EBITDA
$
3,232
$
—
$
1,006
$
1,134
$
3,685
$
965
$
642
$
3,390
$
—
$
6,126
$
(749)
$
—
$
3,699
$
(2,152)
$
7,068
$
9,963
$
38,009
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
3,232
$
74
$
1,006
$
1,134
$
3,685
$
—
$
—
$
3,390
$
1,557
$
6,126
$
(749)
$
—
$
3,699
$
—
$
7,068
$
9,963
$
40,185
Non-comparable adjustments
—
(74)
—
—
—
—
—
—
(1,557)
—
—
—
—
—
—
—
(1,631)
Comparable hotel EBITDA
$
3,232
$
—
$
1,006
$
1,134
$
3,685
$
—
$
—
$
3,390
$
—
$
6,126
$
(749)
$
—
$
3,699
$
—
$
7,068
$
9,963
$
38,554
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
74
$
—
$
1,134
$
3,685
$
965
$
642
$
—
$
—
$
6,126
$
(749)
$
—
$
3,699
$
—
$
7,068
$
9,963
$
32,607
Non-comparable adjustments
—
(74)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(74)
Comparable hotel EBITDA
$
—
$
—
$
—
$
1,134
$
3,685
$
965
$
642
$
—
$
—
$
6,126
$
(749)
$
—
$
3,699
$
—
$
7,068
$
9,963
$
32,533
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
3,232
$
—
$
1,006
$
—
$
—
$
—
$
—
$
3,390
$
1,557
$
—
$
—
$
—
$
—
$
(2,152)
$
—
$
—
$
7,033
Non-comparable adjustments
—
—
—
—
—
—
—
—
(1,557)
—
—
—
—
—
—
—
(1,557)
Comparable hotel EBITDA
$
3,232
$
—
$
1,006
$
—
$
—
$
—
$
—
$
3,390
$
—
$
—
$
—
$
—
$
—
$
(2,152)
$
—
$
—
$
5,476
28
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended December 31, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Aareal (Capital Hilton)
$
3,232
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
3,232
JPMorgan Chase (see footnote 3)
—
—
1,006
—
—
—
—
3,390
—
—
—
—
—
—
7,068
—
11,464
BAML (see foonote 4)
—
—
—
1,134
3,685
965
—
—
—
6,126
—
—
3,699
—
—
—
15,609
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
642
—
—
—
—
—
—
—
—
—
642
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
(749)
—
—
—
—
—
(749)
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
9,963
9,963
Unencumbered (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
(2,152)
—
—
(2,152)
Total
$
3,232
$
—
$
1,006
$
1,134
$
3,685
$
965
$
642
$
3,390
$
—
$
6,126
$
(749)
$
—
$
3,699
$
(2,152)
$
7,068
$
9,963
$
38,009
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(5) Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
29
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(2,996)
$
1,190
$
1,512
$
1,167
$
1,140
$
537
$
(1,134)
$
896
$
853
$
(1,211)
$
(48)
$
43,113
$
(1,731)
$
(2,251)
$
(1,650)
$
(5,622)
$
33,765
$
(29,042)
$
4,723
Non-property adjustments
22
73
—
—
—
—
—
—
—
—
—
(41,043)
—
—
—
364
(40,584)
40,584
—
Interest income
(52)
(1)
(24)
—
—
—
—
(34)
(75)
(39)
(3)
(11)
(96)
—
(10)
(55)
(400)
400
—
Interest expense
2,282
—
—
—
—
—
1,295
—
—
135
840
8
—
—
—
3,133
7,693
14,769
22,462
Amortization of loan cost
147
—
—
—
35
—
—
—
—
—
38
—
—
—
—
309
529
2,197
2,726
Depreciation and amortization
2,819
—
1,095
766
401
656
1,859
1,380
1,372
2,308
2,487
672
1,384
1,106
2,069
2,790
23,164
—
23,164
Income tax expense (benefit)
73
—
—
—
—
—
—
5
—
—
—
—
(19)
—
(60)
—
(1)
(647)
(648)
Non-hotel EBITDA ownership expense
68
124
123
125
10
12
22
1
6
480
327
20
4
38
(1)
37
1,396
(1,396)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
2,363
1,386
2,706
2,058
1,586
1,205
2,042
2,248
2,156
1,673
3,641
2,759
(458)
(1,107)
348
956
25,562
26,865
52,427
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(590)
(347)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(937)
937
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Hotel EBITDA attributable to the Company and OP unitholders
$
1,773
$
1,039
$
2,706
$
2,058
$
1,586
$
1,205
$
2,042
$
2,248
$
2,156
$
1,673
$
3,641
$
2,759
$
(458)
$
(1,107)
$
348
$
956
$
24,625
$
27,802
$
52,427
Non-comparable adjustments
—
(1,386)
—
—
—
—
—
—
(2,156)
—
—
(2,759)
—
—
—
—
(6,301)
Comparable hotel EBITDA
$
2,363
$
—
$
2,706
$
2,058
$
1,586
$
1,205
$
2,042
$
2,248
$
—
$
1,673
$
3,641
$
—
$
(458)
$
(1,107)
$
348
$
956
$
19,261
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
1,386
$
—
$
2,058
$
1,586
$
1,205
$
2,042
$
—
$
—
$
1,673
$
3,641
$
—
$
(458)
$
—
$
348
$
956
$
14,437
Non-comparable adjustments
—
(1,386)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,386)
Comparable hotel EBITDA
$
—
$
—
$
—
$
2,058
$
1,586
$
1,205
$
2,042
$
—
$
—
$
1,673
$
3,641
$
—
$
(458)
$
—
$
348
$
956
$
13,051
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
2,363
$
—
$
2,706
$
—
$
—
$
—
$
—
$
2,248
$
2,156
$
—
$
—
$
2,759
$
—
$
(1,107)
$
—
$
—
$
11,125
Non-comparable adjustments
—
—
—
—
—
—
—
—
(2,156)
—
—
(2,759)
—
—
—
—
(4,915)
Comparable hotel EBITDA
$
2,363
$
—
$
2,706
$
—
$
—
$
—
$
—
$
2,248
$
—
$
—
$
—
$
—
$
—
$
(1,107)
$
—
$
—
$
6,210
30
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended September 30, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Aareal (Capital Hilton)
$
2,363
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
2,363
JPMorgan Chase (see footnote 3)
—
—
2,706
—
—
—
—
2,248
—
—
—
—
—
—
348
—
5,302
BAML (see foonote 4)
—
—
—
2,058
1,586
1,205
—
—
—
1,673
—
—
(458)
—
—
—
6,064
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
2,042
—
—
—
—
—
—
—
—
—
2,042
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
3,641
—
—
—
—
—
3,641
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
956
956
Unencumbered (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,107)
—
—
(1,107)
Total
$
2,363
$
—
$
2,706
$
2,058
$
1,586
$
1,205
$
2,042
$
2,248
$
—
$
1,673
$
3,641
$
—
$
(458)
$
(1,107)
$
348
$
956
$
19,261
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
31
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
418
$
(18)
$
3,772
$
886
$
2,921
$
733
$
(4,702)
$
2,803
$
1,022
$
4,621
$
(3,021)
$
3,038
$
3,115
$
(1,161)
$
1,460
$
167
$
16,054
$
(22,895)
$
(6,841)
Non-property adjustments
(23)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(23)
23
—
Interest income
(37)
(5)
(2)
—
—
—
—
(30)
(71)
(42)
(5)
(30)
(96)
—
(9)
(54)
(381)
381
—
Interest expense
2,257
—
—
—
—
—
1,281
—
—
135
831
20
—
—
—
2,857
7,381
15,293
22,674
Amortization of loan cost
143
—
—
—
34
—
—
—
—
—
31
—
—
—
—
253
461
2,226
2,687
Depreciation and amortization
2,835
—
1,106
734
401
596
1,588
1,339
1,547
2,023
2,562
1,715
1,359
833
2,004
2,718
23,360
—
23,360
Income tax expense (benefit)
(47)
—
—
—
—
—
—
6
—
—
—
—
(231)
—
62
—
(210)
(135)
(345)
Non-hotel EBITDA ownership expense
530
11
37
108
15
—
2
21
3
24
266
(2)
2
105
27
2
1,151
(1,151)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
6,076
(12)
4,913
1,728
3,371
1,329
(1,831)
4,139
2,501
6,761
664
4,741
4,149
(223)
3,544
5,943
47,793
(6,258)
41,535
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(1,520)
4
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,516)
1,516
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Hotel EBITDA attributable to the Company and OP unitholders
$
4,556
$
(8)
$
4,913
$
1,728
$
3,371
$
1,329
$
(1,831)
$
4,139
$
2,501
$
6,761
$
664
$
4,741
$
4,149
$
(223)
$
3,544
$
5,943
$
46,277
$
(4,742)
$
41,535
Non-comparable adjustments
—
12
—
—
—
—
—
—
(2,501)
—
—
(4,741)
—
—
—
—
(7,230)
Comparable hotel EBITDA
$
6,076
$
—
$
4,913
$
1,728
$
3,371
$
1,329
$
(1,831)
$
4,139
$
—
$
6,761
$
664
$
—
$
4,149
$
(223)
$
3,544
$
5,943
$
40,563
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
(12)
$
—
$
1,728
$
3,371
$
1,329
$
(1,831)
$
—
$
—
$
6,761
$
664
$
—
$
4,149
$
—
$
3,544
$
5,943
$
25,646
Non-comparable adjustments
—
12
—
—
—
—
—
—
—
—
—
—
—
—
—
—
12
Comparable hotel EBITDA
$
—
$
—
$
—
$
1,728
$
3,371
$
1,329
$
(1,831)
$
—
$
—
$
6,761
$
664
$
—
$
4,149
$
—
$
3,544
$
5,943
$
25,658
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
6,076
$
—
$
4,913
$
—
$
—
$
—
$
—
$
4,139
$
2,501
$
—
$
—
$
4,741
$
—
$
(223)
$
—
$
—
$
22,147
Non-comparable adjustments
—
—
—
—
—
—
—
—
(2,501)
—
—
(4,741)
—
—
—
—
(7,242)
Comparable hotel EBITDA
$
6,076
$
—
$
4,913
$
—
$
—
$
—
$
—
$
4,139
$
—
$
—
$
—
$
—
$
—
$
(223)
$
—
$
—
$
14,905
32
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Aareal (Capital Hilton)
$
6,076
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
6,076
JPMorgan Chase (see footnote 3)
—
—
4,913
—
—
—
—
4,139
—
—
—
—
—
—
3,544
—
12,596
BAML (see foonote 4)
—
—
—
1,728
3,371
1,329
—
—
—
6,761
—
—
4,149
—
—
—
17,338
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
(1,831)
—
—
—
—
—
—
—
—
—
(1,831)
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
664
—
—
—
—
—
664
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5,943
5,943
Unencumbered (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
(223)
—
—
(223)
Total
$
6,076
$
—
$
4,913
$
1,728
$
3,371
$
1,329
$
(1,831)
$
4,139
$
—
$
6,761
$
664
$
—
$
4,149
$
(223)
$
3,544
$
5,943
$
40,563
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
33
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(254)
$
(96)
$
(3,557)
$
(1,155)
$
5,122
$
(1,012)
$
7,087
$
410
$
1,440
$
8,702
$
1,258
$
(364)
$
7,899
$
(1,377)
$
7,218
$
5,436
$
36,757
$
(26,085)
$
10,672
Non-property adjustments
3
—
—
—
—
—
—
—
—
—
—
—
—
—
866
—
869
(869)
—
Interest income
(36)
(4)
(1)
—
—
—
—
(27)
(64)
(28)
(7)
(27)
(96)
—
(8)
(50)
(348)
348
—
Interest expense
2,233
—
—
—
—
—
1,267
—
—
151
856
20
—
—
1,031
2,827
8,385
14,310
22,695
Amortization of loan cost
140
—
—
—
34
—
—
—
—
—
31
—
—
—
135
248
588
1,544
2,132
Depreciation and amortization
3,028
—
1,117
738
407
567
1,516
1,290
1,646
1,978
2,567
1,732
1,388
734
1,994
2,693
23,395
—
23,395
Income tax expense (benefit)
97
—
—
—
—
—
—
5
—
—
—
—
119
—
305
—
526
941
1,467
Non-hotel EBITDA ownership expense
(20)
42
36
198
22
3
36
28
2
(250)
287
12
3
161
5
4
569
(569)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
5,191
(58)
(2,405)
(219)
5,585
(442)
9,906
1,706
3,024
10,553
4,992
1,373
9,313
(482)
11,546
11,158
70,741
(10,380)
60,361
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(1,298)
14
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,284)
1,284
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Hotel EBITDA attributable to the Company and OP unitholders
$
3,893
$
(44)
$
(2,405)
$
(219)
$
5,585
$
(442)
$
9,906
$
1,706
$
3,024
$
10,553
$
4,992
$
1,373
$
9,313
$
(482)
$
11,546
$
11,158
$
69,457
$
(9,096)
$
60,361
Non-comparable adjustments
—
58
—
—
—
—
—
—
(3,024)
—
—
(1,373)
—
—
—
—
(4,339)
Comparable hotel EBITDA
$
5,191
$
—
$
(2,405)
$
(219)
$
5,585
$
(442)
$
9,906
$
1,706
$
—
$
10,553
$
4,992
$
—
$
9,313
$
(482)
$
11,546
$
11,158
$
66,402
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
(58)
$
—
$
(219)
$
5,585
$
(442)
$
9,906
$
—
$
—
$
10,553
$
4,992
$
—
$
9,313
$
—
$
11,546
$
11,158
$
62,334
Non-comparable adjustments
—
58
—
—
—
—
—
—
—
—
—
—
—
—
—
—
58
Comparable hotel EBITDA
$
—
$
—
$
—
$
(219)
$
5,585
$
(442)
$
9,906
$
—
$
—
$
10,553
$
4,992
$
—
$
9,313
$
—
$
11,546
$
11,158
$
62,392
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
5,191
$
—
$
(2,405)
$
—
$
—
$
—
$
—
$
1,706
$
3,024
$
—
$
—
$
1,373
$
—
$
(482)
$
—
$
—
$
8,407
Non-comparable adjustments
—
—
—
—
—
—
—
—
(3,024)
—
—
(1,373)
—
—
—
—
(4,397)
Comparable hotel EBITDA
$
5,191
$
—
$
(2,405)
$
—
$
—
$
—
$
—
$
1,706
$
—
$
—
$
—
$
—
$
—
$
(482)
$
—
$
—
$
4,010
34
Exhibit 1
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Aareal (Capital Hilton)
$
5,191
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
5,191
JPMorgan Chase (see footnote 3)
—
—
(2,405)
—
—
—
—
1,706
—
—
—
—
—
—
11,546
—
10,847
BAML (see foonote 4)
—
—
—
(219)
5,585
(442)
—
—
—
10,553
—
—
9,313
—
—
—
24,790
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)
—
—
—
—
—
—
9,906
—
—
—
—
—
—
—
—
—
9,906
BAML (The Ritz-Carlton Lake Tahoe)
—
—
—
—
—
—
—
—
—
—
4,992
—
—
—
—
—
4,992
Aareal (Four Seasons Resort Scottsdale)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
11,158
11,158
Unencumbered (Cameo Beverly Hills)
—
—
—
—
—
—
—
—
—
—
—
—
—
(482)
—
—
(482)
Total
$
5,191
$
—
$
(2,405)
$
(219)
$
5,585
$
(442)
$
9,906
$
1,706
$
—
$
10,553
$
4,992
$
—
$
9,313
$
(482)
$
11,546
$
11,158
$
66,402
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel.
(4) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
35
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2024
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottsdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(9,314)
$
(114)
$
(787)
$
44
$
3,021
$
342
$
(1,259)
$
2,739
$
(1,417)
$
1,033
$
(2,318)
$
585
$
1,635
$
(1,694)
$
2,083
$
2,295
$
(3,126)
$
(18,641)
$
(21,767)
Non-property adjustments
151
45
—
—
—
—
—
—
—
—
—
(8)
—
—
—
—
188
(188)
—
Interest income
(44)
(8)
—
—
—
—
—
(25)
(65)
(12)
(5)
(25)
(105)
—
(8)
(55)
(352)
352
—
Interest expense
10,049
—
—
—
—
—
1,361
—
—
151
1,132
20
—
—
1,496
3,020
17,229
7,362
24,591
Amortization of loan cost
46
—
—
—
33
—
—
—
—
—
40
—
—
—
198
242
559
1,287
1,846
Depreciation and amortization
3,066
—
1,121
675
445
519
1,420
1,346
1,815
1,964
2,254
1,739
1,889
702
1,896
2,690
23,541
—
23,541
Income tax expense (benefit)
(15)
(2)
—
—
—
—
—
(42)
—
—
—
—
162
—
337
—
440
(72)
368
Non-hotel EBITDA ownership expense
(129)
28
22
463
80
242
40
7
6
1,003
247
10
5
519
7
1
2,551
(2,551)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
3,810
(51)
356
1,182
3,579
1,103
1,562
4,025
339
4,139
1,350
2,321
3,586
(473)
6,009
8,193
41,030
(12,451)
28,579
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(953)
13
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(940)
940
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1,394
1,394
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(53)
(53)
Hotel EBITDA attributable to the Company and OP unitholders
$
2,857
$
(38)
$
356
$
1,182
$
3,579
$
1,103
$
1,562
$
4,025
$
339
$
4,139
$
1,350
$
2,321
$
3,586
$
(473)
$
6,009
$
8,193
$
40,090
$
(10,170)
$
29,920
Non-comparable adjustments
—
51
—
—
—
—
—
—
(339)
—
—
(2,321)
—
—
—
—
(2,609)
Comparable hotel EBITDA
$
3,810
$
—
$
356
$
1,182
$
3,579
$
1,103
$
1,562
$
4,025
$
—
$
4,139
$
1,350
$
—
$
3,586
$
(473)
$
6,009
$
8,193
$
38,421
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
3,810
$
(51)
$
356
$
1,182
$
3,579
$
—
$
—
$
4,025
$
339
$
4,139
$
1,350
$
2,321
$
3,586
$
—
$
6,009
$
8,193
$
38,838
Non-comparable adjustments
—
51
—
—
—
—
—
—
(339)
—
—
(2,321)
—
—
—
—
(2,609)
Comparable hotel EBITDA
$
3,810
$
—
$
356
$
1,182
$
3,579
$
—
$
—
$
4,025
$
—
$
4,139
$
1,350
$
—
$
3,586
$
—
$
6,009
$
8,193
$
36,229
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
(51)
$
—
$
1,182
$
3,579
$
1,103
$
1,562
$
—
$
—
$
4,139
$
1,350
$
—
$
3,586
$
—
$
6,009
$
8,193
$
30,652
Non-comparable adjustments
—
51
—
—
—
—
—
—
—
—
—
—
—
—
—
—
51
Comparable hotel EBITDA
$
—
$
—
$
—
$
1,182
$
3,579
$
1,103
$
1,562
$
—
$
—
$
4,139
$
1,350
$
—
$
3,586
$
—
$
6,009
$
8,193
$
30,703
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
3,810
$
—
$
356
$
—
$
—
$
—
$
—
$
4,025
$
339
$
—
$
—
$
2,321
$
—
$
(473)
$
—
$
—
$
10,378
Non-comparable adjustments
—
—
—
—
—
—
—
—
(339)
—
—
(2,321)
—
—
—
—
(2,660)
Comparable hotel EBITDA
$
3,810
$
—
$
356
$
—
$
—
$
—
$
—
$
4,025
$
—
$
—
$
—
$
—
$
—
$
(473)
$
—
$
—
$
7,718
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
36
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2025
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(4,722)
$
1,116
$
(28,661)
$
(7,560)
$
12,469
$
(15,095)
$
(1,483)
$
6,055
$
46,091
$
15,623
$
(6,851)
$
45,878
$
11,825
$
(8,424)
$
10,327
$
3,492
$
80,080
$
(108,490)
$
(28,410)
Non-property adjustments
5
73
30,256
8,672
—
15,564
—
—
(41,730)
(129)
(67)
(41,140)
—
—
866
364
(27,266)
27,266
—
Interest income
(169)
(24)
(30)
—
—
—
—
(122)
(235)
(148)
(18)
(68)
(365)
—
(37)
(205)
(1,421)
1,421
—
Interest expense
8,963
—
—
—
—
—
5,080
—
—
556
3,331
48
—
—
1,031
12,037
31,046
57,315
88,361
Amortization of loan cost
580
—
—
—
103
—
—
—
—
—
158
—
—
—
135
1,225
2,201
7,977
10,178
Depreciation and amortization
11,487
—
4,402
3,004
1,588
2,540
7,128
5,400
5,074
8,480
10,388
4,119
5,579
4,120
8,197
11,072
92,578
—
92,578
Income tax expense (benefit)
131
—
—
—
—
—
—
79
—
—
—
—
(375)
—
1,922
—
1,757
222
1,979
Non-hotel EBITDA ownership expense
587
225
253
585
67
48
34
71
38
731
1,607
36
39
340
65
35
4,761
(4,761)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
16,862
1,390
6,220
4,701
14,227
3,057
10,759
11,483
9,238
25,113
8,548
8,873
16,703
(3,964)
22,506
28,020
183,736
(19,050)
164,686
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(4,247)
(347)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(4,594)
4,594
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
56
56
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Hotel EBITDA attributable to the Company and OP unitholders
$
12,615
$
1,043
$
6,220
$
4,701
$
14,227
$
3,057
$
10,759
$
11,483
$
9,238
$
25,113
$
8,548
$
8,873
$
16,703
$
(3,964)
$
22,506
$
28,020
$
179,142
$
(14,400)
$
164,742
Non-comparable adjustments
—
(1,390)
—
—
—
—
—
—
(9,238)
—
—
(8,873)
—
—
—
—
(19,501)
Comparable hotel EBITDA
$
16,862
$
—
$
6,220
$
4,701
$
14,227
$
3,057
$
10,759
$
11,483
$
—
$
25,113
$
8,548
$
—
$
16,703
$
(3,964)
$
22,506
$
28,020
$
164,235
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
16,862
$
1,390
$
6,220
$
4,701
$
14,227
$
—
$
—
$
11,483
$
9,238
$
25,113
$
8,548
$
8,873
$
16,703
$
—
$
22,506
$
28,020
$
173,884
Non-comparable adjustments
—
(1,390)
—
—
—
—
—
—
(9,238)
—
—
(8,873)
—
—
—
—
(19,501)
Comparable hotel EBITDA
$
16,862
$
—
$
6,220
$
4,701
$
14,227
$
—
$
—
$
11,483
$
—
$
25,113
$
8,548
$
—
$
16,703
$
—
$
22,506
$
28,020
$
154,383
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
1,390
$
—
$
4,701
$
14,227
$
3,057
$
10,759
$
—
$
—
$
25,113
$
8,548
$
—
$
16,703
$
—
$
22,506
$
28,020
$
135,024
Non-comparable adjustments
—
(1,390)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(1,390)
Comparable hotel EBITDA
$
—
$
—
$
—
$
4,701
$
14,227
$
3,057
$
10,759
$
—
$
—
$
25,113
$
8,548
$
—
$
16,703
$
—
$
22,506
$
28,020
$
133,634
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
16,862
$
—
$
6,220
$
—
$
—
$
—
$
—
$
11,483
$
9,238
$
—
$
—
$
8,873
$
—
$
(3,964)
$
—
$
—
$
48,712
Non-comparable adjustments
—
—
—
—
—
—
—
—
(9,238)
—
—
(8,873)
—
—
—
—
(18,111)
Comparable hotel EBITDA
$
16,862
$
—
$
6,220
$
—
$
—
$
—
$
—
$
11,483
$
—
$
—
$
—
$
—
$
—
$
(3,964)
$
—
$
—
$
30,601
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
37
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2024
Capital Hilton Washington D.C.
Hilton La Jolla Torrey Pines
Sofitel Chicago Magnificent Mile
Bardessono Hotel and Spa
Pier House Resort & Spa
Hotel Yountville
Park Hyatt Beaver Creek Resort & Spa
The Notary Hotel
The Clancy
The Ritz-Carlton Sarasota
The Ritz-Carlton Lake Tahoe
Marriott Seattle Waterfront
The Ritz-Carlton St. Thomas
Cameo Beverly Hills
The Ritz-Carlton Reserve Dorado Beach
Four Seasons Scottssdale Resort
Hotel Total
Corporate / Allocated
Braemar Hotels & Resorts Inc.
Net income (loss)
$
(5,023)
$
94,906
$
1,178
$
876
$
6,903
$
1,875
$
1,200
$
6,009
$
(2,607)
$
13,728
$
(9,085)
$
6,172
$
9,312
$
(5,778)
$
5,762
$
(452)
$
124,976
$
(105,213)
$
19,763
Non-property adjustments
151
(88,115)
—
—
—
—
(50)
—
—
—
5
(8)
2,086
—
—
—
(85,931)
85,931
—
Interest income
(196)
(273)
1
—
—
—
—
(88)
(240)
(224)
(244)
(122)
(145)
—
(12)
(250)
(1,793)
1,793
—
Interest expense
10,049
—
—
—
4,262
—
5,752
—
—
618
4,758
80
2,779
763
5,101
12,684
46,846
54,891
101,737
Amortization of loan cost
46
—
—
—
377
—
69
—
—
—
154
—
—
46
637
937
2,266
4,121
6,387
Depreciation and amortization
13,690
2,328
4,515
2,692
1,950
1,809
5,099
5,983
8,122
7,403
8,468
7,841
8,655
2,621
7,198
10,359
98,733
—
98,733
Income tax expense (benefit)
192
155
—
—
—
—
—
(26)
—
—
—
—
91
—
434
—
846
(4)
842
Non-hotel EBITDA ownership expense
48
103
48
868
112
270
22
71
458
399
1,031
33
(2,158)
863
18
8
2,194
(2,194)
—
Hotel EBITDA including amounts attributable to noncontrolling interest
18,957
9,104
5,742
4,436
13,604
3,954
12,092
11,949
5,733
21,924
5,087
13,996
20,620
(1,485)
19,138
23,286
188,137
39,325
227,462
Less: EBITDA adjustments attributable to consolidated noncontrolling interest
(4,740)
(2,276)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(7,016)
7,016
—
Equity in earnings (loss) of unconsolidated entities
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1,608
1,608
Company's portion of EBITDA of OpenKey
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(268)
(268)
Hotel EBITDA attributable to the Company and OP unitholders
$
14,217
$
6,828
$
5,742
$
4,436
$
13,604
$
3,954
$
12,092
$
11,949
$
5,733
$
21,924
$
5,087
$
13,996
$
20,620
$
(1,485)
$
19,138
$
23,286
$
181,121
$
47,681
$
228,802
Non-comparable adjustments
—
(9,104)
—
—
—
—
—
—
(5,733)
—
—
(13,996)
—
—
—
—
(28,833)
Comparable hotel EBITDA
$
18,957
$
—
$
5,742
$
4,436
$
13,604
$
3,954
$
12,092
$
11,949
$
—
$
21,924
$
5,087
$
—
$
20,620
$
(1,485)
$
19,138
$
23,286
$
159,304
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
18,957
$
9,104
$
5,742
$
4,436
$
13,604
$
—
$
—
$
11,949
$
5,733
$
21,924
$
5,087
$
13,996
$
20,620
$
—
$
19,138
$
23,286
$
173,576
Non-comparable adjustments
—
(9,104)
—
—
—
—
—
—
(5,733)
—
—
(13,996)
—
—
—
—
(28,833)
Comparable hotel EBITDA
$
18,957
$
—
$
5,742
$
4,436
$
13,604
$
—
$
—
$
11,949
$
—
$
21,924
$
5,087
$
—
$
20,620
$
—
$
19,138
$
23,286
$
144,743
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
—
$
9,104
$
—
$
4,436
$
13,604
$
3,954
$
12,092
$
—
$
—
$
21,924
$
5,087
$
—
$
20,620
$
—
$
19,138
$
23,286
$
133,245
Non-comparable adjustments
—
(9,104)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(9,104)
Comparable hotel EBITDA
$
—
$
—
$
—
$
4,436
$
13,604
$
3,954
$
12,092
$
—
$
—
$
21,924
$
5,087
$
—
$
20,620
$
—
$
19,138
$
23,286
$
124,141
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest
$
18,957
$
—
$
5,742
$
—
$
—
$
—
$
—
$
11,949
$
5,733
$
—
$
—
$
13,996
$
—
$
(1,485)
$
—
$
—
$
54,892
Non-comparable adjustments
—
—
—
—
—
—
—
—
(5,733)
—
—
(13,996)
—
—
—
—
(19,729)
Comparable hotel EBITDA
$
18,957
$
—
$
5,742
$
—
$
—
$
—
$
—
$
11,949
$
—
$
—
$
—
$
—
$
—
$
(1,485)
$
—
$
—
$
35,163
NOTES:
(1) The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2025, were owned as of the beginning of each of the periods presented.
(2) Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3) Excluded hotels under renovation:
Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek
