Braemar Hotels & Resorts Inc.

Blackwells Capital Releases "Life After Ashford," an Independent Analysis of Braemar Hotels & Resorts' Go-Forward Portfolio

Activist shareholder Blackwells Capital released 'Life After Ashford,' an independent analysis arguing Braemar's seven go-forward luxury hotels are worth roughly 3.3x the current $1.21 share price. The analysis cites $1.18 billion of 2026 asset sales at a 6.7% blended cap rate, TTM go-forward revenue of $381 million with $88 million of Hotel EBITDA, and planned G&A cuts from ~$42 million to ~$15 million post-separation from Ashford. Blackwells values the equity at $2.45-$5.13 per share across five methods versus an ~$90 million market equity value, and says it will monitor the separation, refinancing program and board reconstitution.

•12d ago

Braemar Hotels & Resorts Announces Portfolio Update and 2027 Financial Outlook

Braemar agreed to sell the Four Seasons Resort Scottsdale for $372 million ($1.8M per key) at a 6.2% cap rate, with a $10M non-refundable deposit and an expected October 22 close. Combined with $627.5 million of completed sales (Ritz-Carlton Sarasota package, Pier House), proceeds fund the remainder of fees owed to Ashford as Braemar completes its separation and becomes a self-managed REIT by mid-November. As a self-managed REIT, Braemar expects to cut corporate G&A from ~$42M to ~$15M (over $25M in annual savings), refinance debt to save $4.8M-$5.5M in 2027 interest, and lower net debt/gross assets from ~50% to ~36%. Braemar issued first-time 2027 guidance of $407M-$412M revenue and $85M-$90M Adjusted EBITDAre ($0.25-$0.31 Adjusted FFO per share, GAAP net loss of $6M-$11M), and settled with its largest shareholder Al Shams, who withdrew board nominations ahead of the December 21 annual meeting.

•17d ago

BHR: 8-K · asset sale

Braemar Hotels & Resorts agreed on September 23, 2026 to sell the Four Seasons Resort Scottsdale at Troon North to Evergreen Acquisitions, LLC for $372 million, subject to customary pro-rations and adjustments. The Company received a $10 million deposit from the purchaser that became non-refundable as of the effective date, providing downside protection while closing conditions are satisfied. Several conditions to closing remain, and Braemar cautions there is no assurance the sale will close on the described terms or timeline; if completed, the disposition would be a meaningful capital-recycling event for the hotel REIT.

SEC 8-K•26d ago

Al Shams Expresses Intention to Nominate Majority Slate of Independent Directors for Braemar Hotels & Resorts

Al Shams Investments Limited, the largest shareholder of Braemar Hotels & Resorts, announced its intention to nominate a complete slate of five independent directors to the company's board. The move comes in response to Braemar's compressed nomination window for the 2026 Annual Meeting, which Al Shams characterized as a governance tactic designed to make the process difficult. If successful, the nominees would constitute a change in control of the board, aiming to address longstanding governance concerns and realign management with shareholder interests.

•1mo ago

BHR: 8-K · asset sale

Braemar Hotels & Resorts completed the sale of the 142-room Pier House Resort & Spa in Key West, Florida on August 12, 2026, selling the hotel to Last Mango Owner, LLC for $190.0 million in cash, or $1.3 million per key, under a purchase agreement dated July 13, 2026. The company received approximately $187.5 million in cash net of selling expenses and repaid about $93.7 million on the mortgage loan partially secured by the property. Including $11.8 million of anticipated capital expenditures, the sale price represents a 7.3% capitalization rate on trailing-12-month net operating income through June 30, 2026. Pro forma financials show a preliminary disposition gain of roughly $108.6 million and pro forma net indebtedness reduced to $652.3 million as of June 30, 2026. The trade-off is a smaller earnings base: Pier House generated $19.4 million of hotel revenue in the first half of 2026, and pro forma H1 2026 net income attributable to common stockholders turns slightly negative at approximately -$1.5 million.

SEC 8-K•2mo ago

BHR: 8-K · earnings release

Braemar Hotels & Resorts (NYSE: BHR) furnished its Second Quarter 2026 investor presentation in an 8-K filed August 5, 2026 under Items 7.01 and 9.01, headlining its highest quarterly AFFO per share in five years. Q2 2026 comparable results showed RevPAR of $396, up 12.3% year over year on ADR of $545 (+13.1%), with Total Hotel Revenue of $169.4 million (+10.5%), comparable Hotel EBITDA of $48.4 million (+14.2%), GAAP net income of $20.1 million (+20.2%), and AFFO of $0.13 per diluted share, up 44% over the prior-year quarter. On the balance sheet, net debt to gross assets stood at 43.5% at quarter end; the company redeemed approximately $16.3 million of non-traded preferred stock in cash and invested $5.8 million of capex, with $410.0 million of debt maturing in 2028 and $386.2 million in 2029. Management framed the quarter as validation of its luxury, resort-weighted strategy, with resort RevPAR up 13.4% and Cameo Beverly Hills EBITDA up 177.6%, though a $158.3 million equity market cap against a $1.4 billion enterprise value keeps leverage the key watch item for common holders.

SEC 8-K•2mo ago

BHR: 8-K · earnings release

Braemar Hotels & Resorts (NYSE: BHR) reported record second-quarter 2026 results on August 5, with comparable RevPAR of $396, up 12.3% year over year and the highest Q2 in company history, while comparable Hotel EBITDA rose 14.2% to $48.4 million on 93 basis points of margin expansion to 28.6%. The bottom line swung sharply positive: net income was $6.9 million versus a $6.8 million loss a year ago, narrowing the net loss attributable to common stockholders to $0.7 million, or ($0.01) per diluted share, while AFFO climbed roughly 44% to $0.13 per diluted share from $0.09 and Adjusted EBITDAre reached $37.8 million. The balance sheet is shrinking by design: Braemar ended the quarter with $93.9 million of cash, net debt-to-gross assets of 43.5%, and redeemed $16.3 million of non-traded preferred stock, while paying down a $232.8 million mortgage in July after closing four property sales — with a Pier House Resort & Spa sale agreement announced as the company progresses its management spin-out toward becoming a self-managed REIT.

SEC 8-K•2mo ago

Braemar Hotels & Resorts Highlights Recent Investor Support for Value-Creating Steps

Braemar is advancing plans to separate from Ashford Inc. and transition to a self-managed REIT, a move backed by shareholder Blackwells Capital. The company highlighted that renegotiating the advisory agreement reduced fees owed to Ashford by approximately $94.3 million and committed to over $25 million in annual cost savings. Management is actively pushing back against shareholder Wafic Said and Al Shams Investments, criticizing their tactics and citing a Rule 202 discovery petition filed by the firm.

•3mo ago

BHR: 8-K · asset sale

Braemar Hotels & Resorts Inc. has agreed to sell the Pier House Resort & Spa in Key West, Florida for $190.0 million in cash. The transaction follows the conclusion of a study period and remains subject to customary closing conditions. Separately, the company completed the sale of three other properties—the Ritz-Carlton Sarasota, Hotel Yountville, and the Bardessono Hotel—for $437.5 million. The net proceeds of approximately $432.7 million were used to repay $232.8 million in mortgage debt secured by the sold properties. The company also provided unaudited pro forma financial information reflecting the dispositions. The adjustments indicate a significant reduction in assets and debt, alongside a non-recurring gain on the sales.

SEC 8-K•3mo ago

Blackwells Capital Issues Statement on Braemar Hotels & Resorts

Blackwells Capital voiced support for Braemar's transition to a self-managed REIT, highlighting the elimination of $94.3 million in advisory fees payable to Ashford Inc. The investor noted that the restructuring is expected to yield more than $25 million in annual cost savings and criticized the continued activist campaign by Brancous LP1 as contrary to shareholder interests. Blackwells suggested that once the transition momentum is evaluated, further value-return measures like a special dividend may be warranted.

•3mo ago

Braemar Hotels & Resorts Issues Statement on Al Shams’ Baseless Accusations

Braemar announced it has enacted governance reforms requested by activist Al Shams, including a transition to a self-managed REIT and a board refresh led by independent search firm Ferguson Partners. The company highlighted a renegotiated Company Sale Fee that reduces payments to external advisor Ashford by $94.3 million. Management aggressively defended its record, accusing Al Shams Principal Wafic Said of attempting to gain board influence to acquire assets below fair value and criticized his 'checkered past' to urge an end to the proxy fight.

•3mo ago

BRAEMAR HOTELS & RESORTS ANNOUNCES CONCLUSION OF STRATEGIC REVIEW PROCESS AND PLAN TO BECOME A SELF-MANAGED REIT AND REMAIN PUBLICLY TRADED

Braemar Hotels & Resorts (BHR) announced the conclusion of a strategic review, opting to become a self-managed REIT rather than selling the company. The firm will terminate its advisory agreement with Ashford Inc., ending the external management relationship that has defined its structure. The transition involves a near-total reconstitution of the Board, with five new independent directors replacing existing members (except CEO Richard Stockton). An independent Chairman will be appointed, and the company will hire its own management team directly. Management expects this shift to reduce general and administrative costs by more than $25 million annually. To fund the termination fees associated with leaving Ashford, Braemar plans to sell two or three additional assets from its current portfolio of six to eight luxury properties.

•4mo ago

BHR: 8-K · asset sale

Braemar Hotels & Resorts Inc. has entered into an agreement to sell three of its hotel properties for a total of $437.5 million in cash. The assets being sold are The Ritz-Carlton Sarasota in Florida, and the Hotel Yountville and Bardessono Hotel and Spa in California. The transaction is expected to close within 20 to 35 days, subject to customary closing conditions. This sale represents a significant liquidity event for the company, allowing it to monetize high-value assets and potentially reduce debt or return capital to shareholders.

SEC 8-K•4mo ago

BRAEMAR HOTELS & RESORTS ANNOUNCES CLOSING ON SALE OF PARK HYATT BEAVER CREEK RESORT & SPA

Braemar Hotels & Resorts closed the sale of its Park Hyatt Beaver Creek Resort & Spa for $176 million, a 21% gain over its 2017 acquisition cost of $145.5 million. The transaction generated approximately $104.5 million in net proceeds after repaying the $70.5 million property-level mortgage and covering transaction costs. Management used a portion of the proceeds to fully repay its 4.50% Convertible Senior Notes, eliminating a near-term debt maturity and strengthening the balance sheet as the company advances its strategic alternatives process.

•4mo ago

BHR: 8-K · earnings release

Braemar Hotels & Resorts Inc. reported a 5.4% increase in total hotel revenue to $211.6 million for the first quarter of 2026, compared to the same period in 2025. This growth is driven by a 5.7% increase in RevPAR to $480.8 and a 13.7% increase in Hotel EBITDA to $75.5 million. The company's adjusted funds from operations (AFFO) increased to $0.52 per diluted share, a 30.0% increase over the prior year quarter. This reflects the company's improving financial performance and operational efficiency. Braemar's portfolio of luxury and upper upscale hotels, particularly the resorts, continues to outperform. The Ritz-Carlton Reserve Dorado Beach and Ritz-Carlton Sarasota were the top performers by Hotel EBITDA, while Bardessono saw the strongest year-over-year improvement in EBITDA, increasing by 253%. The company also invested $12.1 million in capital expenditures during the quarter and redeemed $17.0 million of its non-traded preferred stock in cash, further strengthening its balance sheet.

SEC 8-K•5mo ago

BRAEMAR HOTELS & RESORTS ANNOUNCES AGREEMENT TO SELL PARK HYATT BEAVER CREEK RESORT & SPA

Braemar Hotels & Resorts entered a definitive agreement to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million, equating to $912,000 per key and a 5.1% capitalization rate. The company received a $6.5 million non-refundable deposit and expects the transaction to close in May 2026, pending customary conditions. Management intends to use the net proceeds to redeem outstanding convertible notes in June, marking a step in its strategic deleveraging.

•5mo ago