BRAEMAR HOTELS & RESORTS : REPORTS SECOND QUARTER 2026 RESULTS

About this update from Braemar Hotels & Resorts Inc.

NEWS RELEASE Contact: Justin Coe Chief Accounting Officer Joe Calabrese Financial Relations Board (972) 490-9600 (212) 827-3772 BRAEMAR HOTELS & RESORTS REPORTS SECOND QUARTER 2026 RESULTS DALLAS - August 5, 2026 - Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported financial results and performance measures for the second quarter ended June 30, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of June 30, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2026 with the second quarter ended June 30, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release. SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS Comparable Total RevPAR for all hotels increased 10.6% over the prior year quarter to $652. Comparable RevPAR for all hotels totaled $396, an increase of 12.3% over the prior year quarter and the highest second quarter RevPAR result in the Company's history. Comparable ADR increased 13.1% over the prior year quarter to $545 and Comparable Occupancy decreased 0.7% over the prior year quarter to 72.6%. Net loss attributable to common stockholders for the quarter was $0.7 million or ($0.01) per diluted share. Adjusted funds from operations (AFFO) was $0.13 per diluted share for the quarter. Adjusted EBITDAre was $37.8 million for the quarter. Comparable Hotel EBITDA was $48.4 million for the quarter, up 14.2% over the prior year quarter. The Company ended the quarter with cash and cash equivalents of $93.9 million and restricted cash of $52.6 million. The vast majority of the restricted cash is comprised of manager-held reserves. At the end of the quarter, there was also $13.9 million due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs. Net debt to gross assets was 43.5% at the end of the second quarter. Capex invested during the quarter was $5.8 million. During the quarter, the Company redeemed approximately $16.3 million of its non-traded preferred stock in cash. RECENT OPERATING HIGHLIGHTS Following the recent conversion to Hilton's LXR Hotels & Resorts collection, Cameo Beverly Hills delivered RevPAR growth of 38.4% over the prior year quarter. The Ritz-Carlton Reserve Dorado Beach delivered RevPAR of $1,658, an increase of approximately 28.4% over the prior year quarter, with Hotel EBITDA of approximately $7.0 million, an increase of 97.2% over the prior year quarter. On May 26, 2026, the Company closed on the previously announced sale of the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key). The sale price represents a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 31, 2026. On June 29, 2026, the Company announced that it has extended its $43.4 million mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe. The loan had an initial maturity date of July 15, 2026 and now has a maturity date of October 15, 2026. The extended loan is priced at SOFR + 325 basis points. A further three-month maturity extension is also available at the Company's discretion on the same terms. Subsequent to quarter end, the Company announced on July 14, 2026 that it closed on the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million in cash, subject to customary prorations and adjustments. In addition, on July 13, 2026, the Company entered into a definitive agreement to sell the Pier House Resort & Spa for $190.0 million ($1.3 million per key) and received a $6.0 million non-refundable earnest money deposit in connection with the sale. The transaction is expected to close mid-August 2026, subject to customary prorations and adjustments. The Company provides no assurances that the sale will be completed on these terms or at all. CAPITAL STRUCTURE As of June 30, 2026, the Company had total assets of $1.7 billion and $1.0 billion of loans. The Company's total combined loans had a blended average interest rate of 6.82%. The Company had no fixed-rate debt outstanding, and none of its interest rate caps were in the money at quarter-end; accordingly, all of the Company's debt was effectively floating rate. DIVIDENDS On July 24, 2026, the Company announced that its Board of Directors declared the following cash dividends: Series B (5.5% Cumulative Convertible Preferred Stock): $0.3438 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026. Series D (8.25% Cumulative Preferred Stock): $0.5156 per share, payable October 15, 2026 to stockholders of record as of September 30, 2026. Series E Redeemable Preferred Stock: $0.15625 per share, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026). Series M Redeemable Preferred Stock: $0.17708 to $0.18125 per share depending on CUSIP, payable on August 17, 2026 (to stockholders of record as of July 31, 2026), September 15, 2026 (to stockholders of record as of August 31, 2026) and October 15, 2026 (to stockholders of record as of September 30, 2026). The Board of Directors will review its dividend policy on a quarter-to-quarter basis. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof. HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company's portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. "I'm extremely pleased with our record-breaking second quarter performance, highlighted by comparable RevPAR growth of approximately 12.3%, comparable Hotel EBITDA growth of 14.2% and 93 basis points of margin expansion to 28.6%. This Hotel EBITDA growth is particularly notable given the challenging snow year at our Ritz-Carlton Lake Tahoe property. The remainder of our luxury portfolio delivered exceptional property-level performance during the quarter, led by comparable RevPAR growth of 38.4% at Cameo Beverly Hills, 28.4% at The Ritz-Carlton Reserve Dorado Beach, and 20.6% at The Ritz-Carlton, St. Thomas," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "Our top-line growth this quarter was driven primarily by rate, as comparable ADR increased 13.1% while occupancy remained essentially flat, reflecting the pricing power of our luxury portfolio in supply-constrained U.S. and Caribbean markets." "Additionally, with the recent closings of four property sales and our announced agreement to sell Pier House Resort & Spa, we continue to make meaningful progress on our management spin-out and transition to a self-managed REIT. We look forward to providing additional updates in the near future." NON-GAAP MEASURES We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported . This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at https://www.sec.gov . About Braemar Hotels & Resorts Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance. Forward-Looking Statements Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) December 31, June 30, 2026 2025 ASSETS Investments in hotel properties, gross $ 1,402,848 $ 1,902,328 Accumulated depreciation (304,522) (344,061) Investments in hotel properties, net 1,098,326 1,558,267 Cash and cash equivalents 93,865 124,354 Restricted cash 52,604 42,479 Accounts receivable, net of allowance of $136 and $113, respectively 27,671 32,843 Inventories 3,278 4,741 Note receivable 9,197 8,896 Prepaid expenses 4,342 6,987 Deposit paid to Ashford Inc. 17,000 17,000 Deferred costs, net 73 75 Investment in OpenKey - 89 Derivative assets 373 56 Other assets 9,912 15,368 Operating lease right-of-use assets 330 30,743 Intangible assets, net - 2,746 Due from third-party hotel managers 13,884 17,088 Assets held for sale 327,886 - Total assets $ 1,658,741 $ 1,861,732 LIABILITIES AND EQUITY Liabilities: Indebtedness, net $ 745,918 $ 1,103,450 Accounts payable and accrued expenses 98,222 142,123 Redeemable preferred stock redemptions payable 54,760 30,864 Dividends and distributions payable 3,807 7,672 Due to Ashford Inc., net 680 5,148 Due to related parties, net 199 257 Due to third-party hotel managers 657 1,467 Operating lease liabilities 383 20,058 Other liabilities 7,500 25,572 Liabilities associated with assets held for sale 268,178 - Total liabilities 1,180,304 1,336,611 5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 65,426 65,426 Series E redeemable preferred stock, $0.01 par value, 8,637,450 and 10,818,280 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 215,936 265,695 Series M redeemable preferred stock, $0.01 par value, 1,312,137 and 1,368,091 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 32,820 34,217 Redeemable noncontrolling interests in operating partnership 15,197 19,005 Equity: Preferred stock, $0.01 par value, 80,000,000 shares authorized: 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2026 and December 31, 2025 16 16 Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 687 682 Additional paid-in capital 707,922 706,488 Accumulated deficit (561,597) (568,503) Total stockholders' equity of the Company 147,028 138,683 Noncontrolling interest in consolidated entities 2,030 2,095 Total equity 149,058 140,778 Total liabilities and equity $ 1,658,741 $ 1,861,732 CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 REVENUE Rooms $ 102,183 $ 109,824 $ 230,984 $ 245,916 Food and beverage 45,322 45,571 97,664 97,359 Other 23,521 23,682 51,361 51,622 Total hotel revenue 171,026 179,077 380,009 394,897 EXPENSES Hotel operating expenses: Rooms 24,218 27,285 49,096 55,504 Food and beverage 34,897 35,767 73,807 75,977 Other expenses 52,924 56,445 112,802 116,821 Management fees 5,138 5,541 11,332 12,451 Total hotel operating expenses 117,177 125,038 247,037 260,753 Property taxes, insurance and other 7,507 7,892 12,159 18,357 Depreciation and amortization 21,433 23,360 44,012 46,755 Advisory services fee: Base advisory fee 3,789 3,477 7,557 7,053 Reimbursable expenses 3,491 3,577 7,127 6,578 Incentive fee - 188 - 270 Stock/unit-based compensation - (51) - (99) Corporate, general and administrative: Stock/unit-based compensation - 5 - 5 Other general and administrative 4,413 (2,303) 9,280 591 Total operating expenses 157,810 161,183 327,172 340,263 Gain (loss) on disposition of assets and hotel property 17,395 - 17,398 - OPERATING INCOME (LOSS) 30,611 17,894 70,235 54,634 Equity in earnings (loss) of unconsolidated entity - - (31) - Interest income 774 1,519 1,584 3,407 Other income (expense) - (1,250) - (1,250) Interest expense (18,072) (22,674) (36,858) (45,369) Amortization of loan costs (2,441) (2,687) (4,850) (4,819) Write-off of loan costs and exit fees (1,484) (3) (1,489) (1,467) Realized and unrealized gain (loss) on derivatives 35 15 283 (183) INCOME (LOSS) BEFORE INCOME TAXES 9,423 (7,186) 28,874 4,953 Income tax (expense) benefit (2,481) 345 (3,898) (1,122) NET INCOME (LOSS) 6,942 (6,841) 24,976 3,831 (Income) loss attributable to noncontrolling interest in consolidated entities 48 (115) 65 (51) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 48 1,489 (299) 1,751 NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 7,038 (5,467) 24,742 5,531 Preferred dividends (7,741) (8,992) (15,781) (18,261) Deemed dividends on redeemable preferred stock (8) (1,559) (4,771) (5,835) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (711) $ (16,018) $ 4,190 $ (18,565) INCOME (LOSS) PER SHARE - BASIC AND DILUTED Basic: Net income (loss) attributable to common stockholders $ (0.01) $ (0.24) $ 0.06 $ (0.28) Weighted average common shares outstanding - basic 68,679 67,279 68,556 67,013 Diluted: Net income (loss) attributable to common stockholders $ (0.01) $ (0.24) $ 0.06 $ (0.28) Weighted average common shares outstanding - diluted 68,679 67,279 68,556 67,013 Dividends declared per common share $ - $ 0.05 $ - $ 0.10 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre (in thousands) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income (loss) $ 6,942 $ (6,841) $ 24,976 $ 3,831 Interest expense and amortization of loan costs 20,513 25,361 41,708 50,188 Depreciation and amortization 21,433 23,360 44,012 46,755 Income tax expense (benefit) 2,481 (345) 3,898 1,122 Equity in (earnings) loss of unconsolidated entity - - 31 - EBITDA 51,369 41,535 114,625 101,896 (Gain) loss on disposition of assets and hotel property (17,395) - (17,398) - EBITDAre 33,974 41,535 97,227 101,896 Amortization of favorable (unfavorable) contract assets (liabilities) 107 107 214 214 Transaction and conversion costs 1,144 471 3,819 1,166 Write-off of loan costs and exit fees 1,484 3 1,489 1,467 Realized and unrealized (gain) loss on derivatives (35) (15) (283) 183 Stock/unit-based compensation - (47) - (95) Legal, advisory and settlement costs 808 (4,626) 1,312 (4,482) Advisory services incentive fee - 188 - 270 Other (income) expense - 1,250 - 1,250 Severance 311 - 548 - Adjusted EBITDAre $ 37,793 $ 38,866 $ 104,326 $ 101,869 BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income (loss) $ 6,942 $ (6,841) $ 24,976 $ 3,831 (Income) loss attributable to noncontrolling interest in consolidated entities 48 (115) 65 (51) Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 48 1,489 (299) 1,751 Preferred dividends (7,741) (8,992) (15,781) (18,261) Deemed dividends on redeemable preferred stock (8) (1,559) (4,771) (5,835) Net income (loss) attributable to common stockholders (711) (16,018) 4,190 (18,565) Depreciation and amortization on real estate (1) 21,433 22,690 44,012 45,366 Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (48) (1,489) 299 (1,751) Equity in (earnings) loss of unconsolidated entity - - 31 - (Gain) loss on disposition of assets and hotel property (17,395) - (17,398) - FFO available to common stockholders and OP unitholders 3,279 5,183 31,134 25,050 Deemed dividends on redeemable preferred stock 8 1,559 4,771 5,835 Transaction and conversion costs 1,144 471 3,819 1,166 Write-off of premiums, loan costs and exit fees 1,484 3 1,489 1,467 Unrealized (gain) loss on derivatives (33) 165 (273) 551 Stock/unit-based compensation - (47) - (95) Legal, advisory and settlement costs 808 (4,626) 1,312 (4,482) Interest expense accretion on refundable membership club deposits 120 135 255 286 Amortization of loan costs (1) 2,441 2,651 4,850 4,748 Advisory services incentive fee - 188 - 270 Other (income) expense - 1,250 - 1,250 Severance 311 - 548 - Adjusted FFO available to common stockholders and OP unitholders $ 9,562 $ 6,932 $ 47,905 $ 36,046 Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.13 $ 0.09 $ 0.65 $ 0.49 Weighted average diluted shares 73,271 73,571 73,272 73,573 (1) Net of adjustment for noncontrolling interest in consolidated entities in 2025. BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS June 30, 2026 (dollars in thousands) (unaudited) Comparable Fixed- Floating- TTM Hotel Comparable TTM Hotel Current Final Rate Rate Total TTM Hotel Net Income TTM Hotel EBITDA Hotels Maturity Maturity (8) Interest Rate Debt Debt Debt Net Income Debt Yield EBITDA (9) Debt Yield Lender BAML See footnote August 2026 August 2029 SOFR (1) + 3.24% $ - $ 407,000 (2) $ 407,000 $ 24,069 5.9 % $ 72,589 17.8 % BAML The Ritz-Carlton Lake Tahoe October 2026 January 2027 SOFR (1) + 3.25% - 43,413 (3) 43,413 (7,841) (18.1)% 7,553 17.4 % Aareal Capital Corporation Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% - 110,600 (4) 110,600 (4,478) (4.0)% 15,875 14.4 % JPMorgan Chase See footnote March 2027 March 2030 SOFR (1) + 2.83% - 209,902 (5) 209,902 (2,205) (1.1)% 49,241 23.5 % Aareal Capital Corporation Four Seasons Resort Scottsdale August 2028 August 2030 SOFR (1) + 3.00% - 180,000 (6) 180,000 3,088 1.7 % 28,316 15.7 % Unencumbered Hotel Cameo Beverly Hills - - - (10,839) N/A (4,058) N/A Total $ - $ 950,915 $ 950,915 $ 1,794 0.2 % $ 169,516 17.8 % Percentage - % 100.0 % 100.0 % Weighted average interest rate (7) - % 6.82 % 6.82 % All indebtedness is non-recourse. The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture. (1) SOFR rate was 3.65% at June 30, 2026. (2) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. (3) This mortgage loan has one three-month extension option subject to satisfaction of certain conditions. (4) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%. (5) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel. (6) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%. (7) The weighted average interest rates are adjusted for in-the-money interest rate caps. (8) The final maturity date assumes all available extension options will be exercised. (9) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. 8 INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED June 30, 2026 (dollars in thousands) (unaudited) Lender Hotels 2026 2027 2028 2029 2030 Thereafter Total BAML The Ritz-Carlton Lake Tahoe $ - $ 43,413 $ - $ - $ - $ - $ 43,413 Aareal Capital Corporation Capital Hilton - - 106,600 - - - 106,600 BAML See footnote 1 - - - 407,000 - - 407,000 JPMorgan Chase See footnote 2 - - - - 209,902 - 209,902 Aareal Capital Corporation Four Seasons Resort Scottsdale - - - - 174,000 - 174,000 Due at maturity $ - $ 43,413 $ 106,600 $ 407,000 $ 383,902 $ - $ 940,915 Amortization payments: Aareal Capital Corporation Capital Hilton - 2,000 2,000 - - - 4,000 Aareal Capital Corporation Four Seasons Resort Scottsdale - - 750 3,000 2,250 - 6,000 Total indebtedness $ - $ 45,413 $ 109,350 $ 410,000 $ 386,152 $ - $ 950,915 The table does not include $5.4 million of indebtedness related to the consolidation of a joint venture. (1) This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. On July 14, 2026, this mortgage loan was paid down $232.8 million in conjunction with the sales of Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. (2) This mortgage loan is secured by The Ritz-Carlton Reserve Dorado Beach, Sofitel Chicago Magnificent Mile and The Notary Hotel. KEY PERFORMANCE INDICATORS (unaudited) ALL HOTELS: Three Months Ended June 30, Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance Rooms revenue (in thousands) $ 103,543 $ (752) $ 102,791 $ 110,883 $ (19,261) $ 91,622 (6.62)% 12.19 % RevPAR $ 382.86 $ (70.84) $ 395.60 $ 318.14 $ (217.75) $ 352.29 20.34 % 12.29 % Occupancy 70.84 % (27.53)% 72.61 % 71.85 % (68.15)% 73.10 % (1.41)% (0.67)% ADR $ 540.47 $ (257.34) $ 544.85 $ 442.81 $ (319.53) $ 481.90 22.05 % 13.06 % ALL HOTELS: Six Months Ended June 30, Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable 2026 2026 2026 2025 2025 2025 % Variance % Variance Rooms revenue (in thousands) $ 235,574 $ (13,801) $ 221,773 $ 250,139 $ (47,409) $ 202,730 (5.82)% 9.39 % RevPAR $ 432.22 $ (493.15) $ 428.92 $ 360.83 $ (269.48) $ 391.90 19.78 % 9.45 % Occupancy 67.65 % (57.77)% 68.18 % 68.23 % (68.02)% 68.31 % (0.85)% (0.19)% ADR $ 638.93 $ (853.69) $ 629.09 $ 528.83 $ (396.19) $ 573.75 20.82 % 9.65 % N OTES: The above comparable information assumes the 12 hotel properties owned and included in the Company's operations at June 30, 2026, were owned as of the beginning of each of the periods presented. Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.

View stock analysis, news, and events for Braemar Hotels & Resorts Inc.