Braemar Hotels & Resorts Inc. (NYSE: BHR), a Maryland-based REIT specializing in high RevPAR luxury hotels and resorts, reported a net loss attributable to the company of $22.3 million for the year ended December 31, 2025, compared to a net loss of $1.7 million in the prior year. Total hotel revenue decreased by 3.3% to $704.0 million in 2025 from $728.4 million in 2024, with rooms revenue declining by 5.2% to $429.0 million. The company's portfolio, consisting of 13 properties as of March 9, 2026, had an average occupancy of 67.37% and an ADR of $410.00, resulting in a RevPAR of $276.21 for the year ended December 31, 2025.
The decrease in revenue was attributed to the sales of the Marriott Seattle Waterfront and The Clancy hotels, as well as renovations at certain properties. Comparable hotel properties experienced a 3.7% increase in ADR, but a 181 basis point decrease in occupancy. Hotel operating expenses decreased by 1.9% to $492.2 million, primarily due to lower rooms and food and beverage expenses. The company recorded an impairment charge of $54.5 million in 2025 related to the reductions to the expected holding periods of the Sofitel Chicago Magnificent Mile, Hotel Yountville, and Bardessono Hotel and Spa.
Strategic developments during the year included the sale of The Clancy for $115.0 million and the Marriott Seattle Waterfront for $145.0 million. These transactions resulted in a gain on disposition of assets and hotel properties of $82.8 million. The company also refinanced its mortgage loan secured by the Four Seasons Scottsdale, increasing the loan balance to $180.0 million and reducing the interest rate. In August 2025, Braemar entered into a Letter Agreement with Ashford Inc. to explore a potential sale of Braemar, with a discounted termination fee of $480.0 million plus accrued fees payable to Ashford Inc.
As of December 31, 2025, Braemar's indebtedness was approximately $1.1 billion, with a weighted average interest rate of 6.65% per annum. The company's financing strategy includes using a mix of fixed and variable-rate debt, and it may enter into interest rate hedges. Braemar's principal business objectives are to generate attractive returns on invested capital and long-term growth in cash flow to maximize total returns to stockholders. The company intends to finance its long-term growth and liquidity needs with operating cash flow, equity issuances, joint ventures, a revolving line of credit, and secured and unsecured debt financings.
About Braemar Hotels & Resorts Inc.
Braemar Hotels & Resorts Inc. is a REIT specializing in investments in high RevPAR luxury hotels and resorts primarily in the U.S. and its territories. Its portfolio includes premium-branded and independent properties managed by third-party operators under long-term contracts. The company focuses on asset management, capital allocation, and market selection to maximize returns, targeting upscale urban and resort locations with strong demand drivers and growth potential.
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