Braemar Hotels & Resorts Q4 Earnings Call Highlights: Mixed Operational Performance, Ongoing Sale Process

Braemar Hotels & Resorts reported Q4 revenue growth driven by resort properties, with comparable RevPAR flat and total revenue up 1.8%. The company initiated a sale process and sold The Clancy for $115 million, using $65 million to pay down debt and retaining $44 million in net proceeds. Q4 net loss was $46 million, and AFFO per diluted share was negative $0.02. Liquidity included $124 million cash and $42.5 million restricted, with total loans of $1.1 billion at a blended 6.7% rate. Capex was $78 million in 2025, and the board did not declare a 2026 common dividend.