Braemar Hotels & Resorts Inc. · NYSE:BHR
Braemar Hotels & Resorts — Q2 2025 Earnings Presentation
41 slides from Braemar Hotels & Resorts's earnings presentation, Aug 1, 2025
Slide 1: 2nd Quarter 2025 Earnings Update
2nd Quarter 2025 Earnings Update The Notary Hotel
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 $180.4MM NYSE: $1.8B 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 17 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 140 140 140 123 119 121 120 120 120 116 117 114 114 108 100 95 96 96 95 100 95 100 87 83 80 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
Slide 7: Industry Real RevPAR & ADR Stabilizing at a New Level
Industry Real RevPAR & ADR Stabilizing at a New Level Real ADR Stabilized Occupancy Stabilized 70% $160 63% $128 60% 55% $123 $120 50% $80 40% 30% $40 20% $0 10% Q2'20 Q2'21 Q2'22 Q2'23 Q2'24 Q2'25 0% Real ADR Nominal ADR Q2'20 Q2'21 Q2'22 Q2'23 Q2'24 Q2'25 Real RevPAR Stabilizing $105 $90 $80 $75 $
Slide 8: Luxury RevPAR Growth Forecasted
Luxury RevPAR Growth Forecasted 2025 Forecasted Growth YoY 5.0% 4.1% 4.0% 4.0% 3.1% 3.0% 3.0% 2.0% 1.6% 1.0% 1.0% 1.0% 1.0% 0.6% 0.3% 0.3% 0.1% 0.1% 0.0% 0.0% -0.2% -0.6% -0.7% -0.7% -1.0% Luxury Upper Upscale Upscale Upper Midscale Midscale Economy Source: Lodging Analytics Research & Consulting Q2
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 Q2 2024 Q2 % Variance 2025(2) ADR(3) $443 $439 0.9% Occupancy(3) 71.9% 71.5% 0.6% RevPAR(3) $318 $314 1.5% Total Hotel Revenue(3)(4) $179,943 $174,195 3.3% Hotel EBITDA(4) $47,805 $46,091 3.7% Hotel EBITDA Marg
Slide 11: YoY ADR & Occupancy Growth by Property
YoY ADR & Occupancy Growth by Property ADR – Q2 ‘25 YoY Variance Occupancy – Q2 ‘25 YoY Variance 12.5% 20.0% 16.2% 10.3% 14.4% 10.0% 15.0% 7.8% 10.0% 7.5% 10.0% 7.6% 5.4% 5.4% 5.0% 4.2% 2.8% 2.0% 5.0% 2.8% 0.6% 0.9% 2.5% 1.5% 0.0% 0.0% -0.7% 0.0% 0.0% -5.0% -0.2% -4.5% -0.7% -2.5% -5.1% -1.7% -2.1%
Slide 12: YoY RevPAR Growth by Property
YoY RevPAR Growth by Property RevPAR (1)(2) – Q2 ‘25 YoY Variance 20.0% Key Observations 17.6% 16.2% 15.0% 13.8% 11.7% Resort RevPAR in Q2 ‘25 was 10.0% up 1.6% YoY and up 50.3% vs. Q2 ‘19 2.0% 1.1% 5.0% 2.1% 1.5% 0.9% 0.0% -0.9% -5.0% -3.5% Average RevPAR in Q2 ‘25 was up -4.4% -5.1% 1.5% YoY and u
Slide 13: Balanced Performance Between Resorts and Urban Properties
Balanced Performance Between Resorts and Urban Properties Quarter Highlights • Portfolio RevPAR growth of 1.5% translated into 3.7% EBITDA growth for the quarter • Resorts posted strong Y-O-Y EBITDA growth of 6.9%, while Urban properties were flat • EBITDA contribution balanced between Resorts and U
Slide 14: High Exposure to Luxury Hotels and Resorts
High Exposure to Luxury Hotels and Resorts Ritz-Carlton Drives Q2 2025 TTM Hotel EBITDA(1)(2) Ritz-Carlton $75,000 $69,619 $60,000 Marriott/ $45,000 Autograph $34,717 Four Seasons $30,000 Independent $24,336 Hilton $21,843 $16,524 Park Hyatt Sofitel $15,000 $11,234 $6,065 $- Transient Demand Drives
Slide 15: Company Results Steady
Company Results Steady Quarter Highlights • Adjusted funds from operations (AFFO) was $0.09 per diluted share for the quarter. • Net loss attributable to common stockholders for the quarter was $(16.0) million or $(0.24) per diluted share. • Net debt to gross assets was 44.9% at the end of the secon
Slide 16: Major 2025 Planned Capital Expenditures
Major 2025 Planned Capital Expenditures $75M - $95M Range in Capital Expenditures Planned in 2025 Hotel Yountville Ritz-Carlton Lake Tahoe • Guestroom Renovation • Café Blue Renovation (Completion in Q4 ’25) (Completion in Q3 ’25) Park Hyatt Beaver Creek Cameo Beverly Hills • Guestroom Renovation •
Slide 17: Liability Management
Ritz-Carlton Lake Tahoe Liability Management
Slide 18: Liability and Maturity Schedule Update
Liability and Maturity Schedule Update Liability Update • Extended the mortgage loan secured by Ritz-Carlton Lake Tahoe to July 15, 2026 • Expecting to repay $88mm of the CMBS due 2030 from the proceeds of the sale of Marriott Seattle Waterfront Maturity Schedule(1) $500.0 25.0% 19.7% $400.0 20.0% 1
Slide 19: Appendix
Ritz-Carlton Sarasota Appendix
Slide 20: Indebtedness
Indebtedness Company Presentation | August 2025 20
Slide 21: Indebtedness
Indebtedness Company Presentation | August 2025 21
Slide 22: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | August 2025 22
Slide 23: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | August 2025 23
Slide 24: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | August 2025 24
Slide 25: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | August 2025 25
Slide 26: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | August 2025 26
Slide 27: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | August 2025 27
Slide 28: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA by Hotel Company Presentation | August 2025 28
Slide 29: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | August 2025 29
Slide 30: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | August 2025 30
Slide 31: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | August 2025 31
Slide 32: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | August 2025 32
Slide 33: Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA
Reconciliation of Net Income (Loss) to Comparable Hotel EBITDA Company Presentation | August 2025 33
Slide 34: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | August 2025 34
Slide 35: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | August 2025 35
Slide 36: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | August 2025 36
Slide 37: Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre
Reconciliation of Net Income (Loss) to EBITDAre and Adjusted EBITDAre Company Presentation | August 2025 37
Slide 38: Reconciliation of Net Income (Loss) to 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 39: Reconciliation of Net Income (Loss) to 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 40: Reconciliation of Net Income (Loss) to 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
Slide 41: Reconciliation of Net Income (Loss) to 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
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