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.
Key figures
- Deal Value Usd
- $1.18 billion
- Revpar
- $328
- Equity value
- $90 million
- G&a reduction
- from ~$42M to ~$15M
- Keys go forward
- 2062
- Blended cap rate
- 6.7%
- Enterprise value
- $902 million
- Hotel ebitda ttm
- $88 million
- Share price oct9
- $1.21
- Sale fee reduction
- $94.3 million
- Ttm revenue go forward
- $381 million
- Net debt to gross assets
- 36% (down from ~50%)
- Avg price per key asset sales
- $1.2 million
- Blackwells valuation per share
- $2.45-$5.13 (avg ~$3.94)
- Fy2027 adjusted ebitdre guidance
- $85-$90 million
AI analysis
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