BHR on NYSE
Braemar Hotels & Resorts
Logo: bhrreit.com4
Hotels and resorts company based in Dallas, founded in 20131
In its 2026 annual report the company says: “We are an externally-advised Maryland corporation formed in 2013 that invests primarily in high revenue per available room luxury hotels and resorts. We have elected to be taxed as a REIT under the Code beginning in the year ended December 31, 2013. We conduct our business and own substantially all of our assets through our operating partnership, Braemar OP.”8 Its shares trade on NYSE under the symbol BHR.1
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Last updated Oct 21, 2026.
Overview
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- TickerBHR on NYSE1
- IndustryReal Estate Investment Trusts1
- HeadquartersDallas1
- Websitewww.bhrreit.com
- Incorporated inMD5
- Business address14185 Dallas Parkway, Suite 1100, Dallas, Tx 752545
- Filer categoryAccelerated filer, Smaller reporting company5
- Legal formINCORPORATED3
- LEI549300JDUUEBN868C7763
- StatusActive3
- LEI statusLapsed (not renewed)3
- Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPAN, 21202 Baltimore, United States3
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D151741703
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We are an externally-advised Maryland corporation formed in 2013 that invests primarily in high revenue per available room (“RevPAR”) luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC. Two times the U.S. national average RevPAR was approximately $200 for the year ended December 31, 2025. We have elected to be taxed as a REIT under the Code beginning in the year ended December 31, 2013. We conduct our business and own substantially all of our assets through our operating partnership, Braemar OP.8 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Occupancy brought in 61% of the revenue Braemar Hotels & Resorts broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Occupancy | $464.9M | $452.4M | $429.0M |
| Food and Beverage | $185.3M | $181.2M | $179.5M |
| Hotel, Other | $89.1M | $94.8M | $95.5M |
Regions
Florida brought in 18% of the revenue Braemar Hotels & Resorts broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Florida | $116.2M | $116.6M | $124.8M |
| CA [member] | $101.7M | $96.8M | $99.7M |
| PR | $80.2M | $78.4M | $86.9M |
| AZ | $67.7M | $72.1M | $79.3M |
| VI | $75.4M | $74.4M | $67.9M |
| DC | $57.7M | $65.1M | $64.6M |
| Sold Properties | $124.1M | $103.1M | $61.3M |
| CO | $49.3M | $47.9M | $45.5M |
| Israel | $33.9M | $37.6M | $37.5M |
| PA | $33.1M | $36.5M | $36.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$702.0M
- Income tax0¢$2.0M
Out of $704.0M in revenue.9 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Dividends paid98¢$47.3M
- Share buybacks2¢$778.0K
Out of $40.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total hotel revenue | $704.0M | $728.4M | $739.3M |
| Total hotel operating expenses | $492.2M | $501.7M | $501.2M |
| Property taxes, insurance and other | $34.3M | $42.5M | $38.6M |
| Depreciation and amortization | $92.6M | $98.7M | $93.3M |
| Impairment charges | $54.5M | $0 | $0 |
| Advisory services fee | $29.2M | $30.5M | $31.1M |
| Corporate general and administrative | $11.8M | $14.4M | $13.5M |
| Total operating expenses | $714.4M | $687.8M | $677.7M |
| Gain (loss) on disposition of assets and hotel properties | $82.8M | $88.2M | $0 |
| OPERATING INCOME (LOSS) | $72.4M | $128.8M | $61.7M |
| Equity in earnings (loss) of unconsolidated entity | -$56.0K | -$1.6M | -$253.0K |
| Interest income | $6.2M | $7.1M | $6.4M |
| Other income (expense) | -$1.6M | $0 | $293.0K |
| Interest expense and amortization of discounts and loan costs | -$98.5M | -$108.1M | -$94.2M |
| Write-off of loan costs and exit fees | -$1.8M | -$6.1M | -$3.5M |
| Gain (loss) on extinguishment of debt | -$2.7M | -$22.0K | $2.3M |
| Realized and unrealized gain (loss) on derivatives | -$355.0K | $585.0K | -$663.0K |
| INCOME (LOSS) BEFORE INCOME TAXES | -$26.4M | $20.6M | -$27.9M |
| Income tax (expense) benefit | -$2.0M | -$842.0K | -$2.7M |
| NET INCOME (LOSS) | -$28.4M | $19.8M | -$30.6M |
| (Income) loss attributable to noncontrolling interest in consolidated entities | $325.0K | -$25.9M | -$1.6M |
| Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | $5.8M | $4.5M | $5.2M |
| NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | -$22.3M | -$1.7M | -$27.0M |
| Preferred dividends | -$35.3M | -$40.3M | -$42.3M |
| Deemed dividends on preferred stock | -$15.1M | -$9.0M | -$4.7M |
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | -$72.7M | -$50.9M | -$74.0M |
| Net income (loss) attributable to common stockholders (in dollars per share) | -$1.07 | -$0.77 | -$1.13 |
| Weighted average common shares outstanding basic (in shares) | 67.6M shares | 66.5M shares | 66.0M shares |
| Net income (loss) attributable to common stockholders (in dollars per share) | -$1.07 | -$0.77 | -$1.13 |
| Weighted average common shares outstanding diluted (in shares) | 67.6M shares | 66.5M shares | 66.0M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2024-04-30 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Investments in hotel properties, gross | $1.9B | $2.3B | |||
| Accumulated depreciation | -$344.1M | -$473.9M | |||
| Investments in hotel properties, net | $1.6B | $1.8B | |||
| Cash and cash equivalents | $124.4M | $135.5M | $85.6M | $261.5M | |
| Restricted cash | $42.5M | $49.6M | $80.9M | $54.2M | |
| Investment in securities (amortized cost of $0 and $42,279, respectively) | $0 | $41.5M | |||
| Accounts receivable, net of allowance of $113 and $459, respectively | $32.8M | $31.8M | |||
| Inventories | $4.7M | $4.7M | |||
| Note receivable | $8.9M | $8.3M | |||
| Prepaid expenses | $7.0M | $5.1M | |||
| Deferred costs, net | $75.0K | $75.0K | |||
| Investment in unconsolidated entity | $89.0K | $145.0K | |||
| Derivative assets | $56.0K | $356.0K | |||
| Operating lease right-of-use assets | $30.7M | $34.9M | |||
| Other assets | $15.4M | $19.5M | |||
| Intangible assets, net | $2.7M | $3.1M | |||
| Total assets | $1.9B | $2.1B | |||
| Indebtedness, net | $1.1B | $1.2B | |||
| Accounts payable and accrued expenses | $142.1M | $143.6M | |||
| Redeemable preferred stock redemptions payable | $30.9M | $0 | |||
| Dividends and distributions payable | $7.7M | $9.3M | |||
| Operating lease liabilities | $20.1M | $20.0M | |||
| Other liabilities | $25.6M | $24.3M | |||
| Total liabilities | $1.3B | $1.4B | |||
| Redeemable noncontrolling interests in operating partnership | $19.0M | $30.0M | |||
| 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024 | $16.0K | $16.0K | |||
| 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 | $682.0K | $665.0K | |||
| Additional paid-in capital | $706.5M | $718.5M | |||
| Accumulated other comprehensive income (loss) | $0 | -$684.0K | |||
| Accumulated deficit | -$568.5M | -$477.8M | |||
| Total stockholders equity of the Company | $138.7M | $240.7M | |||
| Noncontrolling interest in consolidated entities | $2.1M | -$3.4M | |||
| Total equity | $140.8M | $237.4M | $298.0M | $393.8M | |
| Total liabilities and equity | $1.9B | $2.1B | |||
| Investment in securities, amortized cost | $0 | $42.3M | |||
| Accounts receivable, net of allowance | $113.0K | $459.0K | |||
| Temporary equity, shares outstanding (in shares) | 5.1M shares | 7.2M shares | 7.2M shares | 8.3M shares | |
| Preferred stock par value (in dollars per share) | $0.01 | $0.01 | |||
| Preferred stock, shares authorized (in shares) | 80.0M shares | 80.0M shares | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | |||
| Common stock, shares issued (in shares) | 68.2M shares | 66.6M shares | |||
| Common stock, shares outstanding (in shares) | 68.2M shares | 66.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2024-04-30 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Investments in hotel properties, gross | $1.9B | $2.3B | |||
| Accumulated depreciation | -$344.1M | -$473.9M | |||
| Investments in hotel properties, net | $1.6B | $1.8B | |||
| Cash and cash equivalents | $124.4M | $135.5M | $85.6M | $261.5M | |
| Restricted cash | $42.5M | $49.6M | $80.9M | $54.2M | |
| Investment in securities (amortized cost of $0 and $42,279, respectively) | $0 | $41.5M | |||
| Accounts receivable, net of allowance of $113 and $459, respectively | $32.8M | $31.8M | |||
| Inventories | $4.7M | $4.7M | |||
| Note receivable | $8.9M | $8.3M | |||
| Prepaid expenses | $7.0M | $5.1M | |||
| Deferred costs, net | $75.0K | $75.0K | |||
| Investment in unconsolidated entity | $89.0K | $145.0K | |||
| Derivative assets | $56.0K | $356.0K | |||
| Operating lease right-of-use assets | $30.7M | $34.9M | |||
| Other assets | $15.4M | $19.5M | |||
| Intangible assets, net | $2.7M | $3.1M | |||
| Total assets | $1.9B | $2.1B | |||
| Indebtedness, net | $1.1B | $1.2B | |||
| Accounts payable and accrued expenses | $142.1M | $143.6M | |||
| Redeemable preferred stock redemptions payable | $30.9M | $0 | |||
| Dividends and distributions payable | $7.7M | $9.3M | |||
| Operating lease liabilities | $20.1M | $20.0M | |||
| Other liabilities | $25.6M | $24.3M | |||
| Total liabilities | $1.3B | $1.4B | |||
| Redeemable noncontrolling interests in operating partnership | $19.0M | $30.0M | |||
| 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at December 31, 2025 and December 31, 2024 | $16.0K | $16.0K | |||
| 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 | $682.0K | $665.0K | |||
| Additional paid-in capital | $706.5M | $718.5M | |||
| Accumulated other comprehensive income (loss) | $0 | -$684.0K | |||
| Accumulated deficit | -$568.5M | -$477.8M | |||
| Total stockholders equity of the Company | $138.7M | $240.7M | |||
| Noncontrolling interest in consolidated entities | $2.1M | -$3.4M | |||
| Total equity | $140.8M | $237.4M | $298.0M | $393.8M | |
| Total liabilities and equity | $1.9B | $2.1B | |||
| Investment in securities, amortized cost | $0 | $42.3M | |||
| Accounts receivable, net of allowance | $113.0K | $459.0K | |||
| Temporary equity, shares outstanding (in shares) | 5.1M shares | 7.2M shares | 7.2M shares | 8.3M shares | |
| Preferred stock par value (in dollars per share) | $0.01 | $0.01 | |||
| Preferred stock, shares authorized (in shares) | 80.0M shares | 80.0M shares | |||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | |||
| Common stock, shares issued (in shares) | 68.2M shares | 66.6M shares | |||
| Common stock, shares outstanding (in shares) | 68.2M shares | 66.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | -$28.4M | $19.8M | -$30.6M |
| Depreciation and amortization | $92.6M | $98.7M | $93.3M |
| Recognition of deferred income | -$684.0K | $0 | $0 |
| Equity-based compensation | -$446.0K | $2.6M | $9.2M |
| Bad debt expense | $352.0K | $318.0K | $915.0K |
| (Gain) loss on extinguishment of debt | $2.7M | $22.0K | -$2.3M |
| Amortization of loan costs, discounts and capitalized default interest | $10.8M | $6.9M | $2.2M |
| Write-off of loan costs and exit fees | $1.8M | $6.1M | $3.5M |
| Amortization of intangibles | $428.0K | $453.0K | $474.0K |
| Amortization of non-refundable membership initiation fees | -$2.7M | -$2.2M | -$1.8M |
| Interest expense accretion on refundable membership club deposits | $557.0K | $616.0K | $671.0K |
| Realized (gain) loss on sale of securities | $1.6M | $0 | $0 |
| (Gain) loss on disposition of assets and hotel properties | -$82.8M | -$88.2M | $0 |
| Impairment charges | $54.5M | $0 | $0 |
| Realized and unrealized (gain) loss on derivatives | $355.0K | -$585.0K | $663.0K |
| Non-cash interest income | -$613.0K | -$207.0K | $0 |
| Equity in (earnings) loss of unconsolidated entity | $56.0K | $1.6M | $253.0K |
| Deferred income tax expense (benefit) | $1.1M | -$96.0K | $1.3M |
| Accounts receivable and inventories | -$7.4M | $6.3M | $11.3M |
| Prepaid expenses and other assets | $2.2M | $3.1M | -$5.8M |
| Deposit paid to Ashford Inc. | -$17.0M | $0 | $0 |
| Accounts payable and accrued expenses | $5.5M | $8.5M | $47.0K |
| Operating lease right-of-use assets | $233.0K | $416.0K | $592.0K |
| Due to/from related parties, net | -$798.0K | $452.0K | $1.5M |
| Due to/from third-party hotel managers | -$601.0K | -$5.3M | $8.4M |
| Due to/from Ashford Inc. | $1.2M | $4.6M | -$10.4M |
| Operating lease liabilities | $24.0K | -$157.0K | -$313.0K |
| Other liabilities | $6.2M | $3.1M | $1.5M |
| Net cash provided by (used in) operating activities | $40.8M | $66.8M | $84.7M |
| Proceeds from property insurance | $4.8M | $958.0K | $361.0K |
| Issuance of note receivable | $0 | -$8.1M | $0 |
| Payments for initial franchise fee | $0 | $0 | -$75.0K |
| Proceeds from sale of investment in securities | $40.7M | $0 | $0 |
| Acquisition of land | -$5.5M | $0 | $0 |
| Net proceeds from sale of hotel properties | $247.6M | $155.6M | $0 |
| Purchase of securities | $0 | -$42.3M | -$238.0K |
| Investment in unconsolidated entity | $0 | -$79.0K | $0 |
| Improvements and additions to hotel properties | -$77.9M | -$70.6M | -$77.1M |
| Net cash provided by (used in) investing activities | $209.6M | $35.5M | -$77.1M |
| Borrowings on indebtedness | $403.0M | $234.0M | $370.6M |
| Repayments of indebtedness | -$518.3M | -$184.1M | -$534.3M |
| Payments of loan costs and exit fees | -$11.9M | -$15.4M | -$11.6M |
| Payments for derivatives | -$670.0K | -$1.6M | -$5.1M |
| Proceeds from derivatives | $714.0K | $4.9M | $7.7M |
| Purchase of common stock | -$778.0K | -$369.0K | -$19.3M |
| Payments for dividends and distributions | -$47.3M | -$51.6M | -$52.6M |
| Net proceeds from issuance of preferred stock | $0 | $0 | $97.9M |
| Contributions from noncontrolling interest in consolidated entities | $306.0K | $3.0M | $9.5M |
| Redemption of operating partnership units | -$121.0K | $0 | -$7.2M |
| Distributions to noncontrolling interest in consolidated entities | -$2.3M | -$27.0M | -$2.7M |
| Acquisition of noncontrolling interest in consolidated entities | -$14.5M | $0 | $0 |
| Redemption of preferred stock | -$76.8M | -$45.6M | -$9.8M |
| Net cash provided by (used in) financing activities | -$268.6M | -$83.8M | -$156.8M |
| Net change in cash, cash equivalents and restricted cash | -$18.2M | $18.6M | -$149.2M |
| Interest paid | $88.1M | $102.5M | $91.6M |
| Income taxes paid (refunded) | $616.0K | -$728.0K | $3.4M |
| Dividends and distributions declared but not paid | $7.7M | $9.3M | $9.2M |
| Assumption of debt in acquisition of land | $5.4M | $0 | $0 |
| Capital expenditures accrued but not paid | $7.6M | $8.8M | $21.7M |
| Non-cash preferred stock dividends | $3.0M | $3.4M | $3.6M |
| Unsettled proceeds from derivatives | $14.0K | $113.0K | $361.0K |
| Non-cash common stock/unit dividends | $872.0K | $35.0K | $20.0K |
| Non-cash redemption of common units | $9.5M | $0 | $0 |
| Non-cash consideration for acquisition of land | $1.8M | $0 | $0 |
| Reclassification of redeemable preferred stock from mezzanine equity to liability | $30.9M | $0 | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
Braemar Hotels & Resorts sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Braemar Hotels & Resorts
- Al Shams Investments LTD Filed SCHEDULE 13D/A on Braemar Hotels & Resorts, latest Oct 8, 2026 (16 filings since May 21, 2024)
- INFRASTRUCTURE CAPITAL ADVISORS, LLC Filed SCHEDULE 13G/A on Braemar Hotels & Resorts, latest Aug 14, 2026 (10 filings since Feb 14, 2022)
- ZAZOVE ASSOCIATES LLC Filed SCHEDULE 13G on Braemar Hotels & Resorts, latest Aug 14, 2026 (7 filings since Jan 7, 2022)
- BlackRock Filed SCHEDULE 13G/A on Braemar Hotels & Resorts, latest Jul 27, 2026 (9 filings since Feb 8, 2022)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Braemar Hotels & Resorts, latest Mar 26, 2026 (2 filings since Feb 13, 2024)
- Babak Ghassemieh Filed SCHEDULE 13D/A on Braemar Hotels & Resorts, latest Mar 17, 2026 (4 filings since Jun 5, 2025)
- Blackwells Capital LLC Filed SCHEDULE 13D/A on Braemar Hotels & Resorts, latest Dec 23, 2025 (2 filings since Nov 18, 2025)
- BlackRock Portfolio Management LLC Filed SCHEDULE 13G on Braemar Hotels & Resorts, latest Apr 15, 2025
- Wafic Rida Said Filed SC 13D/A on Braemar Hotels & Resorts, latest Nov 12, 2024 (7 filings since Oct 11, 2022)
- DBR HOTEL OWNER LLC Filed SCHEDULE 13G/A on Braemar Hotels & Resorts, latest Apr 30, 2024 (3 filings since May 25, 2022)
- Montgomery J. Bennett Filed SC 13D/A on Braemar Hotels & Resorts, latest Feb 27, 2023
- DKLDO V TRADING SUBSIDIARY LP Filed SC 13G/A on Braemar Hotels & Resorts, latest Feb 3, 2023
- Braemar Hotels & Resorts Dallas, Texas, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Braemar Hotels & Resorts reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land | $576.4M9 Dec 31, 2025 | $630.8M9 Dec 31, 2024 | −8.6% |
| Buildings and improvements | $1.1B9 Dec 31, 2025 | $1.4B9 Dec 31, 2024 | −21.9% |
| Furniture and fixtures | $180.0M9 Dec 31, 2025 | $158.5M9 Dec 31, 2024 | +13.6% |
| Construction in progress | $16.4M9 Dec 31, 2025 | $20.4M9 Dec 31, 2024 | −19.6% |
| Property and equipment, before depreciation | $1.9B9 Dec 31, 2025 | $2.3B9 Dec 31, 2024 | −15.5% |
| Accumulated depreciation | $344.1M9 Dec 31, 2025 | $473.9M9 Dec 31, 2024 | −27.4% |
| Property and equipment, net | $1.6B9 Dec 31, 2025 | $1.8B9 Dec 31, 2024 | −12.4% |
| Operating-lease assets (leased space) | $30.7M9 Dec 31, 2025 | $34.9M9 Dec 31, 2024 | −11.8% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $1.6B9 Dec 31, 2025 | $1.8B9 Dec 31, 2024 | −12.4% |
| Real estate properties | 159 Dec 31, 2025 | 169 Dec 31, 2024 | −6.2% |
| Units in real estate properties | 3,0289 Dec 31, 2025 | 3,80713 Dec 31, 2024 | −20.5% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $124.4M9 Dec 31, 2025 | $135.5M9 Dec 31, 2024 | −8.2% |
| Debt securities available for sale | $09 Dec 31, 2025 | $41.5M9 Dec 31, 2024 | −100.0% |
| Stakes in other companies (equity method) | $89.0K9 Dec 31, 2025 | $145.0K9 Dec 31, 2024 | −38.6% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finite-lived intangibles, gross | $5.7M9 Dec 31, 2025 | $5.7M9 Dec 31, 2024 | 0% |
| Accumulated amortization | $2.9M9 Dec 31, 2025 | $2.6M9 Dec 31, 2024 | +14.8% |
| Finite-lived intangibles, net | $2.7M9 Dec 31, 2025 | $3.1M9 Dec 31, 2024 | −12.1% |
Inventory
Properties, in its own words
Offices
We lease our headquarters located at 14185 Dallas Parkway, Suite 1200, Dallas, Texas 75254.
The rest of Item 2
Hotel Properties
As of December 31, 2025, we held ownership interests in 13 hotel properties that were included in our consolidated operations, which included direct ownership in 13 hotel properties. Eleven of our hotel properties are located in the United States, one is located in Puerto Rico and one is located in the U.S. Virgin Islands.
The following table presents certain information related to our hotel properties as of December 31, 2025:
Hotel Property · Location · Total Rooms · % Owned · Owned Rooms · Occupancy · ADR · RevPAR
Fee Simple Properties
Capital Hilton (1) · Washington, D.C. · 559 · 100 · 559 · 74.32 · 273.86 · 203.54
The Notary Hotel · Philadelphia, PA · 499 · 100 · 499 · 65.16 · 229.99 · 149.86
Sofitel Chicago Magnificent Mile · Chicago, IL · 415 · 100 · 415 · 69.83 · 261.73 · 182.76
Pier House Resort & Spa · Key West, FL · 142 · 100 · 142 · 74.09 · 607.54 · 450.15
The Ritz-Carlton St. Thomas · St. Thomas, USVI · 180 · 100 · 180 · 60.60 · 1,060.23 · 642.45
Park Hyatt Beaver Creek Resort & Spa · Beaver Creek, CO · 193 · 100 · 193 · 47.03 · 691.30 · 325.12
Hotel Yountville · Yountville, CA · 80 · 100 · 80 · 54.34 · 638.09 · 346.75
The Ritz-Carlton Sarasota · Sarasota, FL · 276 · 100 · 276 · 65.88 · 554.04 · 365.00
The Ritz-Carlton Lake Tahoe (2) · Truckee, CA · 170 · 100 · 170 · 54.09 · 758.59 · 410.31
Cameo Beverly Hills (3) · Los Angeles, CA · 143 · 100 · 143 · 52.63 · 280.09 · 147.41
The Ritz-Carlton Reserve Dorado Beach (4) · Dorado, Puerto Rico · 96 · 100 · 96 · 67.48 · 2,195.81 · 1,481.67
Four Seasons Resort Scottsdale · Scottsdale, AZ · 210 · 100 · 210 · 60.22 · 867.26 · 522.22
Ground Lease Property (5)
Bardessono Hotel and Spa (6) · Yountville, CA · 65 · 100 · 65 · 67.15 · 965.02 · 648.00
Total · 3,028 · 3,028 · 67.37 · 410.00 · 276.21
(1) The hotel was 75% majority owned by Braemar through November 2025.
(2) The above information does not include the operations of the voluntary rental program with respect to condominium units not owned by the Company.
(3) Includes 138 hotel rooms and five residences adjacent to the hotel. On August 1, 2023, the Company announced the rebranding and planned conversion of the hotel to the Cameo Beverly Hills. In December 2025, after an extensive renovation was completed, the hotel joined LXR Hotels & Resorts.
(4) The above information does not include the operations of the voluntary rental program with respect to residential units not owned by the Company.
(5) Some of our hotel properties are on land subject to ground leases, one of which covers the entire property.
(6) The initial ground lease expires in 2065. The ground lease contains two 25-year extension options, at our election.
Item 2 of the 10-K filed Mar 12, 2026.8
Leadership
Who has led Braemar Hotels & Resorts, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerRichard J. Stockton Nov 2, 2016 to now17
- Chief executive officerMontgomery J. Bennett Oct 29, 2013 to Oct 17, 201618
- PresidentRichard J. Stockton May 1, 2017 to now19
- PresidentDouglas A. Kessler Oct 29, 2013 to Apr 11, 201720
- Chief financial officerDeric S. Eubanks Jun 16, 2014 to now21
- Chief financial officerDavid J. Kimichik Oct 29, 2013 to May 1, 201422
- Chief operating officerJeremy Welter Jan 7, 2019 to Aug 3, 202223
- Chief operating officerDavid A. Brooks Oct 29, 2013 to Mar 16, 201824
Board members and other officers (25)
- Exec. VP, GC and SecretaryJim A. Plohg Dec 22, 2025 to now25
- Chief Accounting OfficerJustin Coe Jan 5, 2024 to now26
- Exec. VP, GC and SecretaryRobert G. Haiman Jun 4, 2018 to Jul 1, 202127
- Chief Strategy OfficerJ. Robison Hays Iii. May 14, 2015 to Mar 13, 202028
- EVP-Asset ManagementJeremy Welter Oct 29, 2013 to Mar 16, 201829
- Chief Accounting OfficerMark Nunneley Oct 29, 2013 to Mar 8, 202430
- Board memberEric Batis Jun 1, 2026 to now31
- Board memberKellie Sirna Apr 11, 2025 to now32
- Board memberBabak Ghassemieh Sep 4, 2025 to now33
- Board memberJay H. Shah Oct 10, 2024 to now34
- Board memberRebecca Musser Dec 31, 2024 to now35
- Board memberRichard J. Stockton Aug 24, 2023 to now36
- Board memberRebeca M. Johnson May 19, 2022 to now37
- Board memberMary Candace Evans Aug 2, 2019 to now38
- Board memberDaniel B. Silvers Mar 8, 2017 to Jun 13, 201739
- Board memberDarrouzet Sarah Zubiate May 1, 2017 to Jun 13, 201740
- Board memberAbteen Vaziri Oct 2, 2017 to now41
- Board memberKenneth Hopkins Fearn Jr. Aug 10, 2016 to May 17, 202442
- Board memberDouglas A. Kessler Oct 29, 2013 to Apr 11, 201720
- Board memberMontgomery J. Bennett Oct 29, 2013 to now18
- Board memberAndrew L. Strong Nov 15, 2013 to Jun 14, 201643
- Board memberCurtis B. McWilliams Nov 15, 2013 to Aug 18, 202144
- Board memberMatthew D. Rinaldi Nov 15, 2013 to now45
- Board memberStefani D. Carter Nov 15, 2013 to now46
- General counselDavid A. Brooks Oct 29, 2013 to Mar 16, 201824
Subsidiaries and ownership
Also consolidated
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.
Former names
- Ashford Hospitality Prime, Inc.Jun 17, 2013 to Apr 4, 20185
Timeline
- Oct 13, 20268-K Regulation FD disclosure47
- Oct 8, 20268-K Entered a material agreement48
- Oct 8, 20268-K Regulation FD disclosure49
- Sep 29, 20268-K Entered a material agreement50
- Sep 23, 20268-K Other events51
- Sep 4, 20268-K Director nominations52
- Aug 17, 20268-K Completed an acquisition or sale53
- Aug 5, 20268-K Results of operations54
- Aug 5, 20268-K Regulation FD disclosure55
- Jul 24, 20268-K Regulation FD disclosure56
- Jul 17, 20268-K Entered a material agreement; Completed an acquisition or sale57
- Jun 29, 20268-K Regulation FD disclosure58
- Nov 2, 2016New chief executive Richard J. Stockton becomes CEO17
- Oct 29, 2013New chief executive Montgomery J. Bennett becomes CEO18
- 2013Founded Founded1
Calendar
Coming up
- Nov 4, 2026 · After the closeReports results for the quarter ending Sep/202659
When it reported results
- Aug 5, 2026Reported quarterly or annual results54
- May 6, 2026Reported quarterly or annual results60
- Feb 26, 2026Reported quarterly or annual results61
- Nov 4, 2025Reported quarterly or annual results62
- Jul 31, 2025Reported quarterly or annual results63
- May 7, 2025Reported quarterly or annual results64
- Feb 26, 2025Reported quarterly or annual results65
- Nov 6, 2024Reported quarterly or annual results66
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
505 filings to the SEC since October 2021: 8 annual reports, 16 quarterly reports, 200 major events, 90 insider forms, 65 large holders, 126 other. The latest 20:
- Oct 14, 2026PREC14A BRANCOUS LP1 - PREC14A EDGAR
- Oct 13, 20268-K EDGAR
- Oct 8, 20268-K EDGAR
- Oct 8, 2026SCHEDULE 13D/A EDGAR
- Oct 8, 2026DEFA14A EDGAR
- Oct 8, 20268-K EDGAR
- Sep 29, 20268-K EDGAR
- Sep 23, 20268-K EDGAR
- Sep 17, 2026PX14A6G SHAREHOLDER PERSPECTIVE ON CORPORATE GOVERNANCE AND BOARD INDEPENDENCE EDGAR
- Sep 16, 2026DFAN14A EDGAR
- Sep 15, 2026SCHEDULE 13D/A EDGAR
- Sep 14, 2026DFAN14A EDGAR
- Sep 8, 2026DFAN14A EDGAR
- Sep 8, 2026SCHEDULE 13D/A EDGAR
- Sep 4, 20268-K EDGAR
- Aug 17, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 6, 202610-Q EDGAR
The 505 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
17 open-market trades by officers, directors and large owners since October 2021: 11 buys and 6 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 27, 2025 | Stockton Richard JCEO and President | Buy | 8,002 | $15.71 | $125.7K | Form 4 |
| May 8, 2025 | Rinaldi Matthew DDirector | Sale | 4,444 | $25.00 | $111.1K | Form 4 |
| Nov 13, 2024 | Vaziri AbteenDirector | Sale | 1,782 | $3.76 | $6.7K | Form 4 |
| Oct 16, 2023 | Vaziri AbteenDirector | Sale | 1,321 | $2.81 | $3.7K | Form 4 |
| Sep 27, 2023 | Stockton Richard JCEO and President | Buy | 720 | $12.00 | $8.6K | Form 4 |
| Sep 25, 2023 | Stockton Richard JCEO and President | Buy | 430 | $12.01 | $5.2K | Form 4 |
| Aug 31, 2023 | Stockton Richard JCEO and President | Buy | 4,001 | $13.43 | $53.7K | Form 4 |
| Aug 28, 2023 | Stockton Richard JCEO and President | Buy | 1,442 | $13.23 | $19.1K | Form 4 |
| Aug 25, 2023 | Stockton Richard JCEO and President | Buy | 577 | $13.09 | $7.6K | Form 4 |
| Aug 22, 2023 | Stockton Richard JCEO and President | Buy | 43,980 | $2.52 | $110.8K | Form 4 |
| Feb 28, 2023 | Bennett Monty JDirector | Sale | 326,223 | $4.83 | $1.6M | Form 4 |
| Feb 27, 2023 | Bennett Monty JDirector | Sale | 91,268 | $4.87 | $444.5K | Form 4 |
| Nov 17, 2022 | Evans Mary CandaceDirector | Buy | 2,750 | $3.63 | $10.0K | Form 4 |
| Nov 3, 2022 | Vaziri AbteenDirector | Buy | 10,000 | $3.88 | $38.8K | Form 4 |
| May 17, 2022 | Bennett Monty JDirector | Buy | 44,444 | $22.50 | $1.0M | Form 4 |
| Mar 30, 2022 | NUNNELEY MARKSee Remarks | Buy | 9,000 | $22.50 | $202.5K | Form 4 |
| Mar 14, 2022 | Eubanks Deric SCFO and Treasurer | Sale | 31,241 | $5.66 | $176.8K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Al Shams Investments LTDSCHEDULE 13D/A, 16 filings May 21, 2024 to Oct 8, 202667
- INFRASTRUCTURE CAPITAL ADVISORS, LLCSCHEDULE 13G/A, 10 filings Feb 14, 2022 to Aug 14, 202668
- ZAZOVE ASSOCIATES LLCSCHEDULE 13G, 7 filings Jan 7, 2022 to Aug 14, 202669
- BlackRockSCHEDULE 13G/A, 9 filings Feb 8, 2022 to Jul 27, 202670
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Feb 13, 2024 to Mar 26, 202671
- Babak GhassemiehSCHEDULE 13D/A, 4 filings Jun 5, 2025 to Mar 17, 202672
- Blackwells Capital LLCSCHEDULE 13D/A, 2 filings Nov 18, 2025 to Dec 23, 202573
- BlackRock Portfolio Management LLCSCHEDULE 13G, 1 filing Apr 15, 202574
- Wafic Rida SaidSC 13D/A, 7 filings Oct 11, 2022 to Nov 12, 202475
- DBR HOTEL OWNER LLCSCHEDULE 13G/A, 3 filings May 25, 2022 to Apr 30, 202476
- Montgomery J. BennettSC 13D/A, 1 filing Feb 27, 202377
- DKLDO V TRADING SUBSIDIARY LPSC 13G/A, 1 filing Feb 3, 202378
- AMD Alternatives Invest Ltd.SC 13G, 1 filing Jan 24, 202279
- Spartan Investment Management LtdSC 13D/A, 1 filing Nov 12, 202180
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2024 | Richard J. Stockton | 55 | $2.0M81 | |
| 2024 | Deric S. Eubanks | 50 | $971.3K81 | |
| 2024 | Alex Rose | 40 | $663.6K81 | |
| 2024 | Justin Coe | 42 | $70.1K81 | |
| 2023 | President and Chief Executive Officer | $833.9K | $2.0M81 | |
| 2023 | Chief Financial Officer | $419.8K | $1.0M81 | |
| 2023 | Executive Vice PresidentGeneral Counsel and Secretary | $318.0K | $691.8K81 | |
| 2022 | President and Chief Executive Officer | $1.2M | $1.7M81 | |
| 2022 | Chief Financial Officer | $594.7K | $798.6K81 | |
| 2022 | Executive Vice PresidentGeneral Counsel and Secretary | $239.8K | $322.0K81 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Braemar Hotels & Resorts is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARBraemar Hotels & Resorts Inc.2
- CIK0001574085
- Employer ID (EIN)46-24885948
- Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company8
- Incorporated inMaryland8
- Fiscal year endsDecember 312
- Industry code (SIC)6798 Real Estate Investment Trusts2
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
- Business address14185 Dallas Parkway, Suite 1100, Dallas, TX 752542
- Phone(972) 490-96002
- Shares outstanding68,679,318 as of Aug 4, 202615
- Public float$158.6M as of Jun 30, 20258
- AuditorBDO USA, P.C., Dallas, Texas PCAOB ID 243; it also attests to the company’s internal control over financial reporting8
- On EDGAR sinceJun 17, 20132
- Filings1,455 in all: 8-K (544), 4 (299), DEFA14A (78), DFAN14A (59), SC 13G/A (57), SC 13D/A (41), 10-Q (38), UPLOAD (35)2
All 53 form types
CORRESP (32), 3 (30), SC 13G (22), 424B5 (16), 8-K/A (16), SCHEDULE 13D/A (15), 10-K (13), PX14A6G (13), SCHEDULE 13G/A (13), DEF 14A (12), SC 13D (12), 424B3 (9), EFFECT (9), FWP (8), 10-K/A (7), S-3 (7), S-8 (7), PREC14A (6), S-3/A (5), 10-12B/A (4), 4/A (4), 424B2 (4), ARS (4), DEFC14A (4), PRE 14A (3), 10-Q/A (2), 144 (2), 3/A (2), 8-A12B (2), CERTNYS (2), POS AM (2), PRER14A (2), SCHEDULE 13D (2), SCHEDULE 13G (2), 10-12B (1), 424B1 (1), 5 (1), 8-A12G (1), CERT (1), D (1), DEFR14A (1), DFRN14A (1), S-11 (1), S-11/A (1), S-8 POS (1)
- Latest filingsAnnual report (10-K) Mar 12, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Oct 30, 2025
Latest 8-K (8-K) Oct 13, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock | BHR | New York Stock Exchange |
| Preferred Stock, Series B | BHR-PB | New York Stock Exchange |
| Preferred Stock, Series D | BHR-PD | New York Stock Exchange |
From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).8
Risk factors and legal proceedings
The risks Braemar Hotels & Resorts names in Item 1A of its 10-K filed Mar 12, 2026: 72 risks under these headings, as written.8
- Risks Related to Our Business and Properties
- A financial crisis, economic slowdown, pandemic, or epidemic or other economically disruptive event may harm the operating performance of the hotel industry generally. If such events occur, we may be impacted by declines in occupancy, average daily room rates and/or other operating revenues.
- Economic conditions in the United States and geopolitical developments could have a material adverse impact on our earnings and financial condition.
- Our cash, cash equivalents and investments could be adversely affected if the financial institutions in which we hold our cash, cash equivalents and investments fail.
- We may not pay dividends on our common stock or preferred stock in the future.
- We are required to make minimum base advisory fee payments to our Advisor, Ashford LLC, under our advisory agreement, which must be paid even if our total market capitalization and performance decline. Similarly, we are required to make minimum base hotel management fee payments under our hotel management agreements with Remington Hospitality, a subsidiary of Ashford Inc., which must be paid even if revenues at our hotels decline significantly.
- Our business is significantly influenced by the economies and other conditions in the specific markets in which we operate, particularly in the metropolitan areas where we have high concentrations of hotels.
- Our investments are concentrated in the hotel industry, and our business would be adversely affected by an economic downturn in that sector.
- We face risks related to changes in the global economic and political environment, including capital and credit markets.
- We invest in the luxury segments of the lodging market, which are highly competitive and generally subject to greater volatility than most other market segments and could negatively affect our profitability.
- Because we depend upon Ashford LLC and its affiliates to conduct our operations, any adverse changes in the financial condition of Ashford LLC or its affiliates or our relationship with them could hinder our operating performance.
- We depend on Ashford LLC’s key personnel with long-standing business relationships. The loss of Ashford LLC’s key personnel could threaten our ability to operate our business successfully.
The other 61 risks
- The aggregate amount of fees and expense reimbursements paid to our Advisor will exceed the average of internalized expenses of our industry peers (as provided in our advisory agreement), as a percentage of total market capitalization. As a part of these fees, we must pay a minimum advisory fee to our Advisor regardless of our performance.
- If we acquire additional hotel properties, we face significant competition for attractive investment opportunities from other well-capitalized investors.
- There is no guarantee that Ashford Trust will sell us any of the properties that are subject to the right of first offer agreement.
- We may be unable to successfully integrate and operate acquired properties, which may have a material adverse effect on our business and operating results.
- Our joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on a co-venturer’s financial condition and disputes between us and our co-venturers.
- Hotel franchise or management agreement requirements or the loss of such an agreement could adversely affect us.
- We do not have any employees, and rely on our hotel managers to employ the personnel required to operate the hotels we own. As a result, we cannot control staffing at our hotels. Additionally, our reliance on third-party hotel managers to operate our hotels and for a substantial majority of our cash flow may adversely affect us.
- Our management agreements could adversely affect our ability to sell or finance our hotel properties.
- Seven of our hotels currently operate under Marriott or Hilton brands; therefore, we are subject to risks associated with concentrating our portfolio in just two brand families.
- If we cannot obtain additional capital, our growth will be limited.
- Some of our hotels are subject to ground leases; if we are found to be in breach of a ground lease or are unable to renew a ground lease, our business could be materially and adversely affected.
- In any eminent domain proceeding with respect to a hotel, we will not recognize any increase in the value of the land or improvements subject to our ground leases or at expiration and may only receive a portion of compensation paid.
- We are increasingly dependent on information technology, and cyber-attacks, security problems, artificial intelligence-related risks, or other disruption and expanding social media vehicles present new risks.
- We may experience losses caused by severe weather conditions or natural disasters.
- Changes in laws, regulations or policies may adversely affect our business.
- We may from time to time be subject to litigation, which could have a material adverse effect on our financial condition, results of operations, cash flow and trading price of our common stock.
- Risks Related to our Debt Financing
- We have a significant amount of debt, and our organizational documents have no limitation on the amount of additional indebtedness that we may incur in the future.
- Higher interest rates have increased our debt payments and such debt payments may remain high.
- We may enter into other transactions that could further exacerbate the risks to our financial condition. The use of debt to finance future acquisitions could restrict operations, inhibit our ability to grow our business and revenues, and negatively affect our business and financial results.
- Covenants, “cash trap” provisions or other terms in our mortgage loans and our senior convertible notes, as well as any future credit facility, could limit our flexibility and adversely affect our financial condition or our qualification as a REIT.
- There is refinancing risk associated with our debt.
- Our hedging strategies may not be successful in mitigating our risks associated with interest rates and could reduce the overall returns on an investment in our Company.
- Risks Related to Conflicts of Interest
- Ashford LLC was a subsidiary of Ashford Trust until its spin-off and may be able to direct attractive investment opportunities to Ashford Trust and away from us.
- Ashford LLC and its employees, some of whom are our executive officers, face competing demands relating to their time and this may adversely affect our operations.
- Conflicts of interest with Remington Hospitality and Premier, each of which is a subsidiary of Ashford Inc., could result in our management acting other than in our stockholders’ best interest.
- Ashford Inc.’s ability to exercise significant influence over the determination of the competitive set for any hotels managed by Remington Hospitality could artificially enhance the perception of the performance of a hotel, making it more difficult to use managers other than Remington Hospitality for future properties.
- Remington Hospitality may be able to pursue lodging investment opportunities that compete with us.
- Our fiduciary duties as the general partner of our operating partnership could create conflicts of interest, which may impede business decisions that could benefit our stockholders.
- Our conflicts of interest policy may not adequately address all of the conflicts of interest that may arise with respect to our activities.
- The potential for conflicts of interest as a result of our management structure may provoke dissident stockholder activities that result in significant costs.
- Risks Related to Hotel Investments
- We are subject to general risks associated with operating hotels.
- Declines in or disruptions to the travel industry could adversely affect our business and financial performance.
- We may have to make significant capital expenditures to maintain our hotel properties, and any development activities we undertake may be more costly than we anticipate.
- The hotel business is seasonal, which affects our results of operations from quarter to quarter.
- The cyclical nature of the lodging industry may cause fluctuations in our operating performance, which could have a material adverse effect on our business and operating results.
- Many of our real estate-related costs are fixed, and will not decrease even if revenue from our hotels decreases.
- The increasing use of Internet travel intermediaries by consumers may adversely affect our profitability.
- Our revenues and profitability may be adversely affected by increased use of business-related technology, which may reduce the need for business-related travel.
- Future terrorist attacks or changes in terror alert levels could materially and adversely affect our business.
- We are subject to risks associated with the employment of hotel personnel, particularly with respect to hotels that employ unionized labor.
- Risks Related to the Real Estate Industry
- Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our hotel properties and harm our financial condition.
- Increases in property taxes would increase our operating costs, reduce our income and adversely affect our ability to make distributions to our stockholders.
- The costs of compliance with or liabilities under environmental laws may harm our operating results.
- Tax increases and changes in tax rules may adversely affect our financial results.
- Our properties may contain or develop harmful mold, which could lead to liability for adverse health effects and costs of remediating the problem.
- Compliance with the ADA and fire, safety, and other regulations may require us to incur substantial costs.
- We may experience uninsured or underinsured losses.
- Risks Related to Investments in Securities
- Our earnings are dependent, in part, upon the performance of our investment portfolio.
- Our prior investment performance is not indicative of future results.
- Our investment portfolio will likely contain investments concentrated in a single industry and will not be fully diversified.
- Risks Related to Our Organization and Structure
- Our charter contains provisions that may delay or prevent a change of control transaction.
- Our board of directors may create and issue an additional class or series of common stock or preferred stock without stockholder approval.
- Certain provisions in the partnership agreement for our operating partnership may delay or prevent unsolicited acquisitions of us.
- Because provisions contained in Maryland law and our charter may have an anti-takeover effect, investors may be prevented from receiving a “control premium” for their shares.
- Certain provisions of Maryland law could inhibit changes in control.
- Our board of directors can take many actions without stockholder approval.
- Our rights and the rights of our stockholders to take action against our directors and officers are limited.
- Future issuances of securities, including our common stock and preferred stock, could reduce existing investors’ relative voting power and percentage of ownership and may dilute our share value.
- Risks Related to Our Status as a REIT
- Failure to qualify as a REIT, or failure to remain qualified as a REIT, would cause us to be taxed as a regular corporation, which would substantially reduce funds available for distributions to our stockholders.
- Even if we qualify and remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow.
- Failure to make required distributions would subject us to U.S. federal corporate income tax.
Legal proceedings
On December 20, 2016, a class action lawsuit was filed against one of the Company’s hotel management companies in the Superior Court of the State of California in and for the County of Contra Costa alleging violations of certain California employment laws, which class action affects two hotels owned by subsidiaries of the Company. The court has entered an order granting class certification with respect to: (i) a statewide class of non-exempt employees of our manager who were allegedly deprived of rest breaks as a result of our manager’s previous written policy requiring its employees to stay on premises during rest breaks; and (ii) a derivative class of non-exempt former employees of our manager who were not paid for allegedly missed breaks upon separation from employment. Notices to potential class members were sent out on February 2, 2021. Potential class members had until April 4, 2021 to opt out of the class; however, the total number of employees in the class has not been definitively determined and is the subject of continuing discovery. The opt-out period has been extended until such time that discovery has concluded. In May 2023, the trial court requested additional briefing from the parties to determine whether the case should be maintained, dismissed, or the class de-certified. After submission of the briefs, the court requested that the parties submit stipulations for the court to rule upon. On February 13, 2024, the judge ordered the parties to submit additional briefing related to on-site breaks. A tentative settlement in the amount of $850,000 was reached on February 14, 2025. Final court approval was obtained on September 12, 2025. Braemar’s portion of the settlement is 11.7%. The case is now in the settlement administration phase. As of December 31, 2025, the settlement liability amount has been accrued.
The opening of Item 3, Legal Proceedings.8
Links
- Websitewww.bhrreit.com1
- WikidataQ63862184
- SEC EDGARCIK 1574085
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4Company websiteBraemar Hotels & Resorts logo
- 5
- 6
- 7
- 8
- 9
- 10
- 11
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- 13
- 14
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- 18
- 19SEC EDGARRichard J. Stockton, President
- 20SEC EDGARDouglas A. Kessler, President
- 21
- 22
- 23
- 24
- 25
- 26SEC EDGARJustin Coe, Chief Accounting Officer
- 27
- 28
- 29SEC EDGARJeremy Welter, EVP-Asset Management
- 30
- 31SEC EDGAREric Batis, Board member
- 32SEC EDGARKellie Sirna, Board member
- 33SEC EDGARBabak Ghassemieh, Board member
- 34SEC EDGARJay H. Shah, Board member
- 35SEC EDGARRebecca Musser, Board member
- 36SEC EDGARRichard J. Stockton, Board member
- 37SEC EDGARRebeca M. Johnson, Board member
- 38SEC EDGARMary Candace Evans, Board member
- 39SEC EDGARDaniel B. Silvers, Board member
- 40
- 41SEC EDGARAbteen Vaziri, Board member
- 42
- 43SEC EDGARAndrew L. Strong, Board member
- 44SEC EDGARCurtis B. McWilliams, Board member
- 45SEC EDGARMatthew D. Rinaldi, Board member
- 46SEC EDGARStefani D. Carter, Board member
- 47SEC EDGARRegulation FD disclosure
- 48SEC EDGAREntered a material agreement
- 49SEC EDGARRegulation FD disclosure
- 50SEC EDGAREntered a material agreement
- 51SEC EDGAROther events
- 52SEC EDGARDirector nominations
- 53SEC EDGARCompleted an acquisition or sale
- 54SEC EDGARResults of operations
- 55SEC EDGARRegulation FD disclosure
- 56SEC EDGARRegulation FD disclosure
- 57
- 58SEC EDGARRegulation FD disclosure
- 59NasdaqNasdaq calendar
- 60
- 61
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- 64
- 65
- 66
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- 69
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- 71
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