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- **Revenue Resilience**: 1.4% RevPAR growth, 15.1% EBITDA rise, with resorts leading at 5.5% RevPAR. Key properties like Scottsdale (+25%) and Toronto Beach (+20%) outperformed.
- **Liquidity Boost**: $260M from asset sales (Seattle, San Francisco) and $125M preferred stock redemption, reducing debt and sharpening luxury focus.
- **Consumer Strength**: Luxury travelers maintain spending, with 43% F&B growth and 31% catering increase, offsetting urban renovation headwinds.
- **Strategic Positioning**: 43.2% net debt ratio, $116M cash, and dividend yield of 8%, despite Q3 seasonal lows.


**【CEO Summary Section】**
- **Revenue Growth**: Comparable RevPAR increased 1.4% YoY, driven by a 5.5% rise in resort RevPAR. Urban hotels faced headwinds due to renovations, but overall EBITDA grew 15.1%.
- **Portfolio Strength**: 9 of 14 hotels are resorts, with standout performances at Scottsdale (25% RevPAR growth) and Toronto Beach (20% RevPAR growth). Group demand at Lake Tahoe surged 32% post-renovation.
- **Liquidity Enhancements**: Sold Marriott Seattle Waterfront for $145M and Clancy in San Francisco for $115M, reducing debt and focusing on luxury assets. redeemed $125M of nontraded preferred stock.

**【CFO Financial Commentary】**
- **Financial Health**: Net loss of $8.2M, but AFFO per share was negative $0.19 due to seasonal lows. Debt at $1.2B with 6.9% blended interest rate. 43.2% net debt to assets ratio. Dividend of $0.05 per share maintained, yielding ~8%.
- **Capital Management**: Addressed 2025 debt maturity, refinanced Scottsdale property, and reduced leverage through asset sales.

**【Asset Management Update】**
- **Resort Excellence**: Scottsdale's GOP grew 231.6% with new amenities; Lake Tahoe's F&B revenue rose 43.3%. Ancillary revenue initiatives like cabanas and events drove 31% catering growth.
- **Renovation Impact**: Ongoing projects at Beverly Hills, Beaver Creek, and Yountville expected to enhance luxury positioning. 2025 CapEx projected at $75-85M.

**【Q&A Highlights】**
- **CapEx Strategy**: Targets low single-digit maintenance CapEx as % of revenue. No significant deferred projects; prioritizes ROI-driven investments.
- **Government Impact**: Minimal effect on portfolio; DC hotel (Capitol Hilton) saw single-digit government transient mix. Group cancellations offset by corporate strength elsewhere.
- **Leisure Resilience**: Luxury consumers show price insensitivity, with strong ADR growth and ancillary spending. Leisure revenue up despite slight occupancy decline.


Braemar Hotels & Resorts Inc. (BHR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BHR

BHR fundamentals

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