Braemar Hotels & Resorts operates as a real estate investment trust (REIT), primarily dedicating its resources to the acquisition and development of ...
Braemar Hotels & Resorts Inc. (NYSE: BHR) is a self-managed real estate investment trust specializing in luxury hotels and resorts. The company was founded in 2013 as a spin-off from Ashford Hospitality Trust and was originally named Ashford Prime, later rebranded to Braemar Hotels & Resorts in 2018. Headquartered in ...Braemar Hotels & Resorts Inc. (NYSE: BHR) is a self-managed real estate investment trust specializing in luxury hotels and resorts. The company was founded in 2013 as a spin-off from Ashford Hospitality Trust and was originally named Ashford Prime, later rebranded to Braemar Hotels & Resorts in 2018. Headquartered in Dallas, Texas, the company focuses on acquiring full-service, high-end properties with strong brand recognition and high revenue per available room (RevPAR). Their portfolio includes upscale hotels and resorts in prime locations, often operated under prestigious brand names like Ritz-Carlton, Four Seasons, and Marriott. As a REIT, Braemar is required to distribute a majority of its taxable income to shareholders in the form of dividends, and it aims to provide attractive risk-adjusted returns through a combination of property appreciation and income. The company is led by CEO Richard J. Stockton, who has been in the role since 2016, and its day-to-day management is overseen by an external advisor affiliated with Ashford Inc. In recent years, Braemar has undergone a strategic review and announced a plan to become a self-managed REIT while remaining publicly traded, indicating a shift towards internal management. Financially, the company has a market capitalization of around $139 million, with a stock price of $2.03 as of the latest data. They have a debt-to-equity ratio of 1.737, indicating significant leverage, and their trailing twelve-month revenue is approximately $689 million. The company's EBITDA margin is around 25.8%, suggesting healthy operating profitability despite the challenges of the hospitality sector. They pay a dividend yield of 4.9%, with a payout ratio of 23.6%, reflecting a sustainable dividend policy. Braemar's portfolio includes properties such as the Bardessono Hotel and Spa in Napa Valley, the Driskill Hotel in Austin, and the Marriott Seattle Waterfront, among others. With a continued focus on luxury and high-end properties, Braemar aims to benefit from the recovery in travel and tourism, while also pursuing strategic acquisitions and dispositions to optimize its portfolio. The company's employee count is 82, which is relatively small due to its REIT structure, with many property-level staff employed by the hotel operators. Braemar's future strategy involves strengthening its balance sheet, reducing leverage, and exploring opportunities for growth in the luxury segment.
Regina: Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Braemar Hotels & Resorts Inc. fourth quarter 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. To ask a question, press star then the number 1 on your telephone keypad. To withdraw your question, press star 1 again. I would now like to turn the conference over to Allison Beach, Director of Public Relations. Please go ahead.
Allison Beach: Good morning, and welcome to today's call to review results for Braemar Hotels & Resorts Inc. for the fourth quarter and full year 2025, and to update you on recent developments. On the call today will be Richard Stockton, President and Chief Executive Officer; Deric Eubanks, Chief Financial Officer; and Christopher Nixon, Executive Vice President and Head of Asset Management. The results, as well as the notice of accessibility of this conference call on a listen-only basis over the Internet, were distributed yesterday in a press release. At this time, let me remind you that certain statements and assumptions in this conference call contain or are based upon forward-looking information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Such forward-looking statements are subject to numerous assumptions, uncertainties, and known or unknown risks which could cause actual results to differ materially from those anticipated. These factors are more fully discussed in the company's filings with the Securities and Exchange Commission. The forward-looking statements included in this conference call are only made as of the date of this call, and the company is not obligated to publicly update or revise them. Statements made during this call do 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. In addition, certain terms used in this call are non-GAAP financial measures, reconciliations of which are provided in the company's earnings release and accompanying tables or schedules, have been filed on Form 8-Ks with the SEC on 02/26/2026, and may also be accessed through the company's website at www.bhrreit.com. Each listener is encouraged to review those reconciliations provided in the earnings release together with all other information provided in the release. Also, unless otherwise stated, all reported results discussed in this call compare the fourth quarter and full year ended 12/31/2025 with the fourth quarter and full year ended 12/31/2024. I will now turn the call over to Richard Stockton. Please go ahead, Richard.
Richard Stockton: Good morning. Welcome to our 2025 fourth quarter and full year earnings conference call. Before I begin, I …
