Braemar Hotels & Resorts Inc. · NYSE:BHR
Braemar Hotels & Resorts — Q3 2025 Earnings Presentation
42 slides from Braemar Hotels & Resorts's earnings presentation, November 2025
Slide 1: 3rd Quarter 2025 Earnings Update
3rd Quarter 2025 Earnings Update
Slide 2: Forward Looking Statements and Non-GAAP Measures
Forward Looking Statements and Non-GAAP Measures 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 those projected.
Slide 3: Company Fact Sheet
Company Fact Sheet Since inception in 2013, we have significantly increased Gross Asset Value and EBITDA for our iconic and irreplaceable portfolio $201.0MM NYSE: $1.7B EQUITY MARKET CAP(1) BHR ENTERPRISE VALUE(1) HIGHEST RevPAR LODGING REIT Total Assets (1)(2) Number of Hotels(1) Luxury Hotels Driv
Slide 4: Discussion Topics
Discussion Topics 5 Industry Update 9 Recent Results & Developments 18 Liability Management 19 Appendix Ritz-Carlton, St. Thomas
Slide 5: Industry Update
Ritz-Carlton Reserve Dorado Beach Industry Update
Slide 6: Industry RevPAR Continues to Exceed 2019
Industry RevPAR Continues to Exceed 2019 U.S. KPIs, Indexed to 2019 Occupancy Index ADR Index RevPAR Index 120 140 140 121 122 119 120 114 120 114 116 115 100 95 96 96 94 108 87 100 95 100 80 83 80 80 60 60 60 40 40 40 20 20 20 0 0 0 2021 2022 2023 2024 2025F 2021 2022 2023 2024 2025F 2021 2022 2023
Slide 7: Industry Real RevPAR & ADR Uninspiring …
Industry Real RevPAR & ADR Uninspiring … Real ADR Occupancy 70% $160 63% $130 60% $120 48% $99 50% $80 40% 30% $40 20% $0 10% Q3'20 Q3'21 Q3'22 Q3'23 Q3'24 Q3'25 0% Real ADR Nominal ADR Q3'20 Q3'21 Q3'22 Q3'23 Q3'24 Q3'25 Real RevPAR $105 $90 $83 $75 $60 $48 $45 $30 $15 Pier House $0 Sofitel Chicago
Slide 8: … But, Luxury RevPAR Growth Forecasted
… But, Luxury RevPAR Growth Forecasted 2025 Forecasted Growth YoY 3.0% 2.7% 2.0% 1.6% 1.4% 1.0% 0.6% 0.0% 0.0% -0.2% -1.0% -0.7% -0.7% -0.8% -0.9% -1.0% -1.3% -1.3% -1.5% -2.0% -1.9% -2.2% -2.1% -3.0% -3.3% -4.0% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy Source: Lodging Analytics
Slide 9: Recent Results & Developments
Hotel Yountville Recent Results & Developments
Slide 10: Strong Hotel EBITDA Growth on Improved Margins
Strong Hotel EBITDA Growth on Improved Margins Comparable Hotel Operating Results(1) 2025 Q3 2024 Q3 % Variance 2025(2) ADR(3) $401 $383 4.7% Occupancy(3) 64.3% 66.3% (3.2%) RevPAR(3) $257 $254 1.4% Total Hotel Revenue(3)(4) $138,452 $133,323 3.9% Hotel EBITDA(4) $21,417 $18,610 15.1% Hotel EBITDA M
Slide 11: YoY ADR & Occupancy Growth by Property
YoY ADR & Occupancy Growth by Property ADR – Q3 ‘25 YoY Variance Occupancy – Q3 ‘25 YoY Variance 14.0% 30.0% 22.5% 11.6% 12.0% 21.5% 10.0% 20.0% 8.6% 15.0% 8.0% 7.1% 9.2% 4.6% 10.0% 7.1% 6.0% 4.4% 4.7% 2.8% 4.0% 2.0% 2.3% 2.2% 0.0% 2.0% 0.9% 0.4% -3.3% 0.0% -5.6% -3.2% -10.0% -8.6% -2.0% -12.3% -2.8
Slide 12: YoY RevPAR Growth by Property
YoY RevPAR Growth by Property RevPAR (1)(2) – Q3 ‘25 YoY Variance 30.0% 24.9% Key Observations 21.9% 24.2% 20.0% 20.4% Resort RevPAR in Q3 ‘25 was up 5.5% YoY and up 22.6% vs. Q3 ‘19 10.0% 2.2% 3.6% 1.4% 0.0% -1.1% Average RevPAR in Q3 ‘25 was up -3.1% -10.0% -4.8% 1.4% YoY and up 9.3% vs. Q3 ‘19 -8
Slide 13: EBITDA Contribution Favored Resorts
EBITDA Contribution Favored Resorts Quarter Highlights • Portfolio RevPAR growth of 1.4% translated into 15.1% Hotel EBITDA growth for the quarter • Resorts posted strong Y-O-Y RevPAR growth of 5.5%, while Urban properties were down • EBITDA contribution favored Resorts versus Urban properties • Bes
Slide 14: High Exposure to Luxury Hotels and Resorts
High Exposure to Luxury Hotels and Resorts Ritz-Carlton Drives Q3 2025 TTM Hotel EBITDA(1)(2) $80,000 Ritz-Carlton $71,810 $70,000 $60,000 $50,000 $40,000 Four Seasons Marriott/ $30,000 $26,250 Independent Autograph $22,065 $20,138 Hilton $20,000 $15,155 Park Hyatt Sofitel $11,679 $5,570 $10,000 $-
Slide 15: Company Results Steady
Company Results Steady Quarter Highlights • Adjusted funds from operations (AFFO) was $(0.19) per diluted share for the quarter. • Net loss attributable to common stockholders for the quarter was $(8.2) million or $(0.12) per diluted share. • Net debt to gross assets was 43.2% at the end of the seco
Slide 16: Major 2025 Planned Capital Expenditures
Major 2025 Planned Capital Expenditures $75M - $85M Range in Capital Expenditures Planned in 2025 Hotel Yountville Ritz-Carlton Lake Tahoe • Guestroom Renovation • Café Blue Renovation (Completion in Q4 ’25) (Completed) Park Hyatt Beaver Creek Cameo Beverly Hills • Guestroom Renovation • Hilton LXR
Slide 17: BHR Disposition – The Clancy
BHR Disposition – The Clancy Executive Summary • Closed on 11/6 • Generated $43.7M in net proceeds Valuation Metrics $115.0M $/Key $280k TTM Cap Rate(1) 5.2% Net Proceeds Summary Purchase Price $115.0M Less Loan Repayment (2) ($64.7M) Less Closing Costs (3) ($6.6M) Net Proceeds $43.7M (1) TTM Cap Ra
Slide 18: Liability Management
Ritz-Carlton Lake Tahoe Liability Management
Slide 19: Manageable Debt Maturity Profile
Manageable Debt Maturity Profile Maturity Schedule(1) $500.0 25.0% 22.3% 20.3% $400.0 20.0% $300.0 15.0% (in millions) $449.0 $200.0 $407.0 10.0% 6.5% 5.3% 3.5% $100.0 5.0% $129.7 $106.6 0.0% $70.5 $0.0 0.0% 2025 2026 2027 2028 2029 2030 % of Gross Assets (1) Percentages reflect each year’s maturing
Slide 20: Appendix
Ritz-Carlton Sarasota Appendix
Slide 21: Indebtedness
Indebtedness Company Presentation | November 2025 21
Slide 22: Indebtedness
Indebtedness Company Presentation | November 2025 22
Slide 23: Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | November 2025 23
Slide 24: Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | November 2025 24
Slide 25: Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | November 2025 25
Slide 26: Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | November 2025 26
Slide 27: Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | November 2025 27
Slide 28: Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | November 2025 28
Slide 29: Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | November 2025 29
Slide 30: Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | November 2025 30
Slide 31: Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | November 2025 31
Slide 32: Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | November 2025 32
Slide 33: Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | November 2025 33
Slide 34: Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | November 2025 34
Slide 35: EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | November 2025 35
Slide 36: EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | November 2025 36
Slide 37: EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | November 2025 37
Slide 38: EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | November 2025 38
Slide 39: Adjusted FFO Q3
Reconciliation of Net Income (Loss) to Adjusted FFO Q3 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 40: Adjusted FFO Q1
Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 41: Adjusted FFO Q1
Reconciliation of Net Income (Loss) to Adjusted FFO Q1 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
Slide 42: Adjusted FFO Q4
Reconciliation of Net Income (Loss) to Adjusted FFO Q4 In thousands except per share amounts Effective beginning with the third quarter of 2022 we no longer included the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For compar
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