How did BHR's Q4 2024 earnings surprise investors?

Braemar Hotels & Resorts Inc (BHR) experienced a notable decline in its Q4 2024 earnings, which likely surprised investors with a significant negative shock due to the following reasons:

1. **Revenue Decline**: The company's revenue fell to $165.31 million in Q4 2024, representing a decrease from the previous year's $177.53 million. This decline of approximately 6.9% may have been unexpected, especially considering the overall stability of the hospitality sector's recovery from the pandemic.
2. **Earnings Per Share (EPS) Negativity**: Braemar Hotels & Resorts reported a negative EPS of $0.33 for Q4 2024, which is a stark contrast to the positive EPS of $0.04 recorded in the same quarter of the previous year. This substantial drop in EPS indicates a substantial operational challenge or set of challenges that investors may not have anticipated.
3. **Net Loss**: The company reported a net loss attributable to common shareholders of $1.4 million, or $0.02 per diluted share. This negative financial outcome could be particularly surprising to investors who were expecting a more stable or improving financial performance.

Overall, Braemar Hotels & Resorts' Q4 2024 earnings report likely disappointed investors due to the unexpected decline in revenue, negative EPS, and net loss. These factors combined to create a challenging financial picture for the company, which may have led to concerns among investors about its short-term performance and long-term prospects.