Braemar Hotels & Resorts Inc. · NYSE:BHR
Braemar Hotels & Resorts — Investor Presentation (October 2026)
41 slides from Braemar Hotels & Resorts's investor presentation, Oct 8, 2026
Slide 1: A New Chapter for Braemar 2026
A New Chapter for Braemar | 2026 The Ritz-Carlton Reserve Dorado Beach
Slide 2: Forward-Looking Statements
Investor Presentation | October 2026 2 Forward-Looking Statements In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from
Slide 3: Non-GAAP Measures
Investor Presentation | October 2026 3 Non-GAAP Measures This presentation contains non-GAAP financial measures, including EBITDA, EBITDAre, Adjusted EBITDAre, Hotel EBITDA, Comparable Hotel EBITDA, Comparable Hotel EBITDA Margin, FFO, NAREIT FFO, Adjusted FFO, Net Debt and Net Debt to Gross Assets.
Slide 4: A New Chapter for Braemar
Investor Presentation | October 2026 4 A New Chapter for Braemar With our management spin-out anticipated to soon be complete, Braemar expects to begin its next chapter as a self-managed REIT with an in-house team and a focused portfolio of seven irreplaceable hotels. By internalizing management and
Slide 5: Agenda
Investor Presentation | October 2026 5 Agenda 1 The New BHR Transition to Self-Management 2 Reasons to Own BHR The Luxury Advantage 3 High-Quality Portfolio The Highest RevPAR Lodging REIT 5 Looking Ahead The Future of BHR The Ritz-Carlton, Lake Tahoe 4 Balance Sheet & Liquidity A Fortified, More Fl
Slide 6: The New BHR: Transition to Self-Management
The New BHR Transition to Self-Management The Ritz-Carlton Reserve Dorado Beach
Slide 7: Our Strategy for Value Creation
Investor Presentation | October 2026 7 Our Strategy for Value Creation Our mission is to deliver superior returns to our investors through efficient operations, rigorous asset management, balance sheet discipline, and strategic focus on internal and external growth opportunities New Corporate Struct
Slide 8: The Transaction
Investor Presentation | October 2026 8 The Transaction OLD BRAEMAR1 NEW BRAEMAR Hotels 13 7 Corporate G&A incl. Advisory & Related Fees ~$42M / year ~$15M / year Management External – Ashford In-house & exclusive Braemar and Ashford intend to sever the advisory agreement and legacy property & projec
Slide 9: Focused Luxury Portfolio
Investor Presentation | October 2026 9 Focused Luxury Portfolio (1) As of June 30, 2026 (2) RevPAR includes revenue from residences participating in the hotel rental program (3) Differences due to rounding (4) Hotel underwent a significant renovation in 2025 to convert to LXR Hotels & Resorts, conve
Slide 10: Cost Savings & Value
Investor Presentation | October 2026 10 Cost Savings & Value OLD BRAEMAR1 NEW BRAEMAR Ashford Base Advisory Fees ~$15M / year $0 Ashford Reimbursements & Incentive Fees ~$15M / year $0 Payroll $0 Other Corporate G&A ~$25M in G&A Cost Savings per Year Total Annual G&A2 ~$42M / year ~$15M / year Key m
Slide 11: Executive Team Upon Completion of Management Spin-Out
Investor Presentation | October 2026 11 Executive Team Upon Completion of Management Spin-Out Richard J. Stockton — CEO Mr. Stockton has served as CEO since November 2016, President since April 2017, and as director since July 2020. He will continue as CEO upon completion of the transition to self-m
Slide 12: Reasons to Own BHR: The Luxury Advantage
The Ritz-Carlton Reserve Dorado Beach The Notary Hotel, Philadelphia, Autograph Collection Reasons to Own BHR The Luxury Advantage
Slide 13: Luxury Segment Outperformance
Investor Presentation | October 2026 13 Luxury Segment Outperformance Classification Luxury Upper Upscale Upscale Upper Midscale Midscale Economy RevPAR CAGR (1988-2026)1 4.0% 2.9% 2.8% 2.6% 1.9% 1.4% (1) RevPAR source: CoStar; U.S. Inflation source: U.S. Bureau of Labor Statistics U.S. RevPAR by Ch
Slide 14: A True Luxury REIT
Investor Presentation | October 2026 14 A True Luxury REIT (1) Per each peer’s 6/30/2026 10-Q (2) Per each peer’s 12/31/2025 10-K; luxury classification based on STR chain-scale classifications; independent hotels classified based on CoStar classifications (3) BHR’s RevPAR for the 7-asset portfolio
Slide 15: A High-Quality Luxury Portfolio in Supply-Constrained Markets
Investor Presentation | October 2026 15 With only 0.4% supply growth expected in our markets over the next two years—well below the 0.7%1 market-wide forecast for 2027-2028 and a quarter of the 1.6%2 long-term average—our markets face virtually no new competitive supply Limited new supply, coupled w
Slide 16: Internal Growth Drive Cash Flow & Asset Value
Investor Presentation | October 2026 16 Internal Growth Drive Cash Flow & Asset Value Multiple Paths to Sustainable Growth High-ROI Capital Allocation • Reinvest in high-return capital projects to directly enhance NOI and asset value • Potential projects include: RC St. Thomas Spa upgrades, RCR Dora
Slide 17: High-Quality Portfolio: The Highest RevPAR Lodging REIT
High-Quality Portfolio The Highest RevPAR Lodging REIT The Notary Hotel, Philadelphia, Autograph Collection
Slide 18: Ritz-Carlton Reserve Dorado Beach
Investor Presentation | October 2026 18 Ritz-Carlton Reserve Dorado Beach Property Overview: • 50-acre former Rockefeller estate on Puerto Rico's northern coast • Ritz-Carlton Reserve — the brand's most exclusive tier, one of only nine worldwide • Every room faces the ocean — a grandfathered beachfr
Slide 19: The Ritz-Carlton, St. Thomas
Investor Presentation | October 2026 19 The Ritz-Carlton, St. Thomas Property Overview: • 30-acre oceanfront resort on Great Bay, with views of St. John and the British Virgin Islands • Destination resort experience with private luxury catamaran, direct island-hopping, watersports, beachfront cabana
Slide 20: Capital Hilton
Investor Presentation | October 2026 20 Capital Hilton Property Overview: • Prime downtown D.C. location, just two blocks from the White House and within walking distance of the National Mall • Strong demand base with proximity to federal government offices, national associations, and leading law fi
Slide 21: The Notary Hotel, Autograph Collection
Investor Presentation | October 2026 21 The Notary Hotel, Autograph Collection Property Overview: • Historic landmark listed on the National Register of Historic Places, located directly across from City Hall and one block from the Pennsylvania Convention Center • 499 keys: distinctive upper upscale
Slide 22: Sofitel Chicago Magnificent Mile
Investor Presentation | October 2026 22 Sofitel Chicago Magnificent Mile Property Overview: • Iconic 32-story glass prism designed by renowned French architect Jean-Paul Viguier, with panoramic views of the skyline • Prime Gold Coast location just off Magnificent Mile, surrounded by Chicago’s premie
Slide 23: The Ritz-Carlton, Lake Tahoe
Investor Presentation | October 2026 23 The Ritz-Carlton, Lake Tahoe Property Overview: • Only luxury resort in Lake Tahoe, set mid-mountain with ski- in/ski-out access to the Northstar California Resort mountain and recognized as a Forbes Four-Star Hotel1 • Lake Tahoe access through a private Lake
Slide 24: Cameo Beverly Hills, LXR Hotels & Resorts
Investor Presentation | October 2026 24 Cameo Beverly Hills, LXR Hotels & Resorts Property Overview: • Trophy Beverly Hills location just off Rodeo Drive in one of the most supply-constrained luxury markets in the U.S. within easy reach of business demand from Century City & Culver City • Unrivaled
Slide 25: Balance Sheet & Liquidity
Balance Sheet & Liquidity A Fortified, More Flexible Balance Sheet Sofitel Chicago Magnificent Mile
Slide 26: Potential Financing Opportunities
Investor Presentation | October 2026 26 Potential Financing Opportunities Refinancing initiatives targeted over the next 3-6 months Asset Action Estimated SOFR Spread Reduction1 Estimated 2027 Interest Savings2 Estimated Final Maturities (Current → New)1 Single-Asset Refinancing Ritz-Carlton, Lake T
Slide 27: Pro Forma Debt Maturity Schedule
Investor Presentation | October 2026 27 $43 $60 $111 $80 $210 $400 $0 $100 $200 $300 $400 $500 2026 2027 2028 2029 2030 2031 2032 Pro Forma Debt Maturity Schedule ($ in millions)1 Ritz-Carlton, Lake Tahoe Capital Hilton Ritz-Carlton, St. Thomas ($80) JPM 3-Pack ($210) CMBS 4-Pack Planned Refinancing
Slide 28: Improved Capital Structure
Investor Presentation | October 2026 28 50.0% 35.6% 19.8% 37.8% 30.2% 26.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Mar-26 Sept-2026 Pro Forma Net Debt Pref Equity Common Equity Improved Capital Structure OLD BRAEMAR1 NEW BRAEMAR Capital Stack (% of Gross Assets) Meaningful reduction in balance
Slide 29: Looking Ahead: The Future of BHR
Looking Ahead The Future of BHR Cameo Beverly Hills, LXR Hotels & Resorts
Slide 30: A Platform Repositioned for Growth
Investor Presentation | October 2026 30 $51 $25 $3 $9 $88 $0 $20 $40 $60 $80 $100 Pro Forma June 2026 TTM Adj. EBITDAre¹ G&A Savings Cameo Ramp-Up Other Property Growth 2027F Adj. EBITDAre A Platform Repositioned for Growth The 2027 Adj. EBITDAre bridge includes the loss of EBITDA from the asset sal
Slide 31: Next Twelve Months Pace
Investor Presentation | October 2026 31 Next Twelve Months Pace1 REVENUE $43.4M ▲ 25.0% YoY Forward bookings are strongly rate-led: revenue pace is up 25% year-over-year on a 27% ADR gain, while on-the-books occupancy runs modestly behind the prior year The Ritz-Carlton, St. Thomas The Ritz-Carlton,
Slide 32: 2027 Earnings Guidance
Investor Presentation | October 2026 32 With strategic initiatives nearing completion and a new independent Board soon to be in place, Braemar will be well positioned to capitalize on favorable lodging fundamentals and expects to drive long-term shareholder value The Company is providing one-time fi
Slide 33: A New Chapter for Braemar 2026
A New Chapter for Braemar | 2026 The Ritz-Carlton Reserve Dorado Beach
Slide 34: Appendix
SRC ATENG WUBNE AA S =e Appendix
Slide 35: Indebtedness
Investor Presentation | October 2026 35 Indebtedness
Slide 36: Indebtedness
Investor Presentation | October 2026 36 Indebtedness
Slide 37: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | October 2026 37 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 38: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | October 2026 38 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 39: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | October 2026 39 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 40: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Investor Presentation | October 2026 40 Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Slide 41: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Investor Presentation | October 2026 41 Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
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