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Dec 31, 2025
Braemar Q4 2025 Earnings Report
Braemar Hotels & Resorts reported fourth quarter 2025 results featuring flat comparable RevPAR and the initiation of a strategic sale process.
Key Takeaways
Braemar's fourth quarter was characterized by strong performance in its luxury resort portfolio, which saw a 4.1% RevPAR increase, offset by disruption from significant renovations at three key properties. The company is currently undergoing a formal sale process and successfully completed the sale of 'The Clancy' in San Francisco for $115 million during the quarter.
Initiated a formal company sale process with Robert W. Baird & Co. as financial advisor.
Sold 'The Clancy' hotel in San Francisco for $115 million ($280,000 per key) at a 5.2% cap rate.
Luxury resort portfolio outperformed with a 4.1% RevPAR increase and 6.0% Hotel EBITDA growth.
Renovations at Cameo Beverly Hills, Hotel Yountville, and Park Hyatt Beaver Creek temporarily softened overall portfolio results.
Revenue by Geographic Location
Forward Guidance
The company is focused on the ongoing sale process and completing strategic renovations to drive future performance, while projecting lower capital expenditures for the coming year.
Positive Outlook
- Anticipated strong performance from recently completed renovations.
- Projected 2026 Capex spend reduced to between $25 million and $35 million.
- Continued redemption of non-traded preferred stock to deleverage the platform.
- Strong momentum in high-margin ancillary revenue streams like catering.
- Strategic rebranding of Cameo Beverly Hills to Hilton’s luxury LXR brand.
Challenges Ahead
- No common equity dividend policy declared for 2026 due to sale process.
- Uncertainty regarding the final outcome or timing of the company sale process.
- Potential for continued weather-related impacts on mountain resort properties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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