Braemar Hotels & Resorts Inc. reported its financial results for the third quarter ending September 30, 2025, revealing a decline in both revenue and profitability compared to the same period in the previous year. Total hotel revenue for the quarter was $143.6 million, a decrease of 3.3% from $148.4 million in the third quarter of 2024. The company experienced a notable drop in rooms revenue, which fell by 7.3% to $85.7 million, attributed primarily to the sale of the Marriott Seattle Waterfront and Hilton La Jolla Torrey Pines. Net income attributable to the company was $5.7 million, down 54.4% from $12.6 million in the prior year.
In terms of operational metrics, the company reported a decrease in occupancy rates, which fell to 65.24% from 68.50% year-over-year. However, the average daily rate (ADR) increased to $395.60, up from $376.20, indicating a positive trend in pricing despite lower occupancy. The company’s total assets as of September 30, 2025, were valued at $2.009 billion, down from $2.136 billion at the end of 2024, reflecting the impact of asset sales.
Strategically, Braemar has been active in managing its portfolio, having sold two significant hotel properties in recent months. The sale of the Marriott Seattle Waterfront in August 2025 for $145 million and the Hilton La Jolla Torrey Pines in July 2024 for $165 million contributed to a gain of approximately $41 million in the latest quarter. Additionally, the company has been involved in refinancing efforts, including a recent amendment to a mortgage loan secured by The Ritz-Carlton Lake Tahoe, extending its maturity to July 2026.
Looking ahead, Braemar's management expressed cautious optimism regarding future performance, emphasizing the importance of maintaining liquidity and managing operational costs. The company held cash and cash equivalents of $116.3 million and restricted cash of $47.7 million as of September 30, 2025. The board of directors has approved a quarterly cash dividend of $0.05 per share for 2025, reflecting the company's commitment to returning value to shareholders while navigating the challenges posed by market conditions and recent asset dispositions.
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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