Braemar Hotels & Resorts Inc. (BHR) Market Cap
Braemar Hotels & Resorts Inc. has a market capitalization of $176.5M.
Financials based on reported quarter end 2025-12-31
Price: $2.57
▲ 0.10 (3.84%)
Market Cap: 176.51M
NYSE · time unavailable
CEO: Richard J. Stockton
Sector: Real Estate
Industry: REIT - Hotel & Motel
IPO Date: 2013-11-06
Website: https://www.bhrreit.com
Braemar Hotels & Resorts Inc. (BHR) - Company Information
Market Cap: 176.51M · Sector: Real Estate
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Analyst Sentiment
Based on 2 ratings
Analyst 1Y Forecast: $0.00
Average target (based on 2 sources)
Consensus Price Target
Low
$4
Median
$9
High
$17
Average
$10
Potential Upside: 282.5%
Price & Moving Averages
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Management’s tone is cautiously optimistic—“pleased” with resort-led momentum, with full-year comparable total revenue +2.8% and comparable hotel EBITDA +3.1%. However, the Q4 narrative repeatedly attributes weaker-than-clean demand optics to very specific operational disruptions: hotels under renovation (Cameo Beverly Hills, Park Hyatt Beaver Creek, Hotel Yountville) and weather (below-normal snowfall; delayed mountain openings at Beaver Creek and Lake Tahoe). Financially, the quarter shows stress at the equity level: -$46.0M net loss to common (-$0.67 diluted) and AFFO per diluted share of -$0.02, despite adjusted EBITDAre of $28.8M. The capital/deleveraging story is also mixed: they sold Clancy for $115.0M, paid down ~$65.0M of debt, and redeemed $149.0M of preferred (~32% of original). But the company remains in an active sale process with no timetable and no assurance of completion—while common dividend policy for 2026 is explicitly withheld.
Growth Catalysts
- Resort portfolio outperformance: Q4 comparable RevPAR +4.1% (and hotel EBITDA +6%)
- Ancillary revenue gains: full-year “other revenue” +10.1% per occupied room
- Group capture and backfill at Four Seasons Scottsdale (600+ incremental group room nights; catering revenue +22.2% at the property)
Business Development
- Cameo Beverly Hills rebranded/repositioned to Hilton’s luxury LXR brand
- Ritz-Carlton Reserve, Dorado Beach residential rental program includes 16 residences; integrated with Marriott Homes & Villas platform
Financial Highlights
- Q4 net loss attributable to common stockholders: $46.0M, or -$0.67 per diluted share; Q4 AFFO per diluted share: -$0.02
- Full-year net loss attributable to common stockholders: $72.7M, or -$1.07 per diluted share; full-year AFFO per diluted share: $0.28
- Adjusted EBITDAre: Q4 $28.8M; full year $147.0M
- Q4 comparable RevPAR flat overall; portfolio comparable total revenue +1.8%
- Renovation/weather operational impact: excluding hotels under renovation, Q4 RevPAR growth +2.6% and comparable hotel EBITDA +6.4%
- Q4 resort performance: comparable RevPAR $536 (+4.1% YoY); comparable hotel EBITDA $32.5M (+6% YoY)
- Full-year comparable total revenue growth +2.8%; full-year comparable hotel EBITDA growth +3.1%
- Tax/tariff specifics: not disclosed in transcript
- Debt structure: blended average interest rate 6.7% (with in-the-money interest rate caps); ~14% effectively fixed / ~86% effectively floating (SOFR exposure implied)
Capital Funding
- Sold Clancy (410 rooms) in San Francisco for $115.0M ($280k per key); proceeds retained: ~$44.0M after transfer taxes/transaction costs
- Debt paydown tied to sale: ~$65.0M
- Redeemed non-traded preferred stock: $149.0M redeemed to date (~32% of original capital raise)
- Cash: $124.4M cash and cash equivalents; restricted cash $42.5M; due from third-party managers $17.1M
- Total assets: ~$1.9B; loans: ~$1.1B; net debt/gross assets: 46.7%
Strategy & Ops
- Renovations underway during the quarter at three hotels materially disrupted results: Cameo Beverly Hills, Park Hyatt Beaver Creek, and Hotel Yountville
- Weather headwind: below-normal snowfall and delayed mountain openings at Park Hyatt Beaver Creek and The Ritz-Carlton, Lake Tahoe
- Q4 ADR improvement: +5.4% YoY (while RevPAR was flat)
- Capex: 2025 capital expenditures ~$78.0M; expected 2026 capex $25.0M–$35.0M
- Product upgrades/asset programs completed: conversion of Cameo Beverly Hills to Hilton LXR (comprehensive renovation); guest room renovations at Park Hyatt Beaver Creek and Hotel Yountville; Spa Botánico refresh; retail-to-café/gelato conversion at Four Seasons Scottsdale; Ritz-Carlton Lake Tahoe café re-concepting
Market Outlook
- No numeric RevPAR/EPS guidance provided in the transcript
- 2026 capex outlook: $25.0M to $35.0M
- Sale process update timing: no deadline/timetable for completion; company will update when Board approves next steps/transaction disclosure (timing not specified)
Risks & Headwinds
- Renovation disruptions: softness at hotels under renovation (Cameo Beverly Hills, Hotel Yountville, Park Hyatt Beaver Creek) impacted portfolio RevPAR
- Weather/mountain operations: below-normal snowfall and delayed openings affected results at Park Hyatt Beaver Creek and The Ritz-Carlton, Lake Tahoe
- Interest rate risk: majority of debt effectively floating (~86%) tied to SOFR/caps (floating exposure highlighted by management)
- Platform deleveraging and capital structure overhang: preferred stock redemption ongoing; common dividend policy not set for 2026 due to sale process and potential asset sales/uses of proceeds
- Corporate process risk: announced company sale process initiated in August 2025 with no assurance of sale or outcome
Sentiment: CAUTIOUS
Note: This summary was synthesized by AI from the BHR Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"In 2025, BHR reported revenues of $165.56M, with a net loss of $33.59M, resulting in negative earnings per share of $0.50. The company's operating cash flow remains negative at -$5.76M. BHR has total assets of $1.86B with total liabilities of $1.34B, yielding total equity of $525.12M. Despite a history of consistent dividends of $0.05 per share quarterly, the firm has experienced significant stock price depreciation over the past year, currently priced at $2.32, representing an 18.60% decline in value. The company's leverage is considerable, with net debt reaching $1.05B, suggesting a potential risk in financial stability, especially given the recent losses. Analyst price targets range from a low of $3.50 to a high of $17.00, with a consensus target of $9.83, indicating potential upside if operational improvements can be achieved. Overall, while BHR has shown minimal revenue and consistent dividends, the negative trends in profitability and cash flow raise concerns about its future performance."
Revenue Growth
Despite current revenues, there is no significant growth noted historically.
Profitability
The company reported a loss and negative EPS, indicating profitability issues.
Cash Flow Quality
Negative operating cash flow raises concerns about liquidity.
Leverage & Balance Sheet
High net debt presents risks concerning financial health.
Shareholder Returns
Quarterly dividends provide some returns despite overall negative price movement.
Analyst Sentiment & Valuation
Analyst targets suggest upside potential, but current price performance is poor.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.