Braemar Hotels & Resorts Inc. (BHR): Business Model Canvas

Tauchen Sie ein in die strategische Welt der Braemar Hotels & Resorts Inc. (BHR), ein dynamisches Investmentunternehmen für das Gastgewerbe, das sich meisterhaft in der komplexen Landschaft erstklassiger Hotelimmobilien zurechtfindet. Mit einem messerscharfen Fokus auf gehobene und luxuriöse Marktsegmente transformiert BHR Hotelimmobilien durch innovatives Asset Management, strategische Partnerschaften und ein sorgfältig ausgearbeitetes Geschäftsmodell, das hochwertige Immobilien in erstklassigen Stadt- und Urlaubszielen nutzt. Ihr einzigartiger Ansatz verbindet anspruchsvolle Investitionsstrategien mit außergewöhnlichen Gästeerlebnissen und positioniert sie so als herausragenden Akteur im hart umkämpften Investitionsbereich für das Gastgewerbe.

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Luxushotelmanagementunternehmen

Ab 2024 Braemar Hotels & Resorts unterhält strategische Partnerschaften mit folgenden Hotelmanagementunternehmen:

Verwaltungsgesellschaft	Anzahl der verwalteten Immobilien	Dauer der Partnerschaft
Hyatt Hotels Corporation	4 Eigenschaften	5-Jahres-Vertrag
Marriott International	3 Eigenschaften	7-Jahres-Vertrag

Zusammenarbeit mit Immobilieninvestmentfirmen

Zu Braemars wichtigsten Immobilieninvestitionspartnerschaften gehören:

• Blackstone Real Estate Partners
• Gastgeber-Hotels & Resorts
• KSL Capital Partners

Investmentfirma	Gesamtinvestitionswert	Anlagetyp
Blackstone Real Estate Partners	125 Millionen Dollar	Eigenkapitalinvestition
Gastgeber-Hotels & Resorts	85 Millionen Dollar	Joint Venture

Beziehungen zu High-End-Immobilienentwicklern

Braemar arbeitet mit spezialisierten Luxusimmobilienentwicklern zusammen:

• Tishman Speyer
• Verwandte Unternehmen
• Die Moinian-Gruppe

Vereinbarungen mit Reise- und Hoteltechnologieanbietern

Technologieanbieter	Technologielösung	Jährlicher Vertragswert
Amadeus IT-Gruppe	Reservierungsverwaltungssystem	$750,000
Oracle-Gastfreundschaft	Immobilienverwaltungssoftware	$500,000

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung hochwertiger Hotelimmobilien

Stand: 4. Quartal 2023, Braemar Hotels & Resorts Inc. besaß 15 Luxus- und gehobene Hotels mit insgesamt 4.278 Zimmern. Das Portfolio umfasst Immobilien mit einem durchschnittlichen RevPAR von 171,53 $ und einem durchschnittlichen Tagespreis von 253,64 $.

Eigenschaftskategorie	Anzahl der Eigenschaften	Gesamtzahl der Zimmer
Luxushotels	8	2,156
Gehobene Hotels	7	2,122

Vermögensoptimierung und strategische Immobilienverbesserungen

Im Jahr 2023 investierte Braemar 42,3 Millionen US-Dollar in Kapitalverbesserungen in seinem gesamten Portfolio und konzentrierte sich dabei auf:

• Zimmerrenovierungen
• Technologie-Upgrades
• Verbesserte Annehmlichkeiten für das Gästeerlebnis

Revenue Management und Preisstrategien

Für das Geschäftsjahr 2023 hat Braemar Folgendes erreicht:

• Gesamtumsatz: 248,6 Millionen US-Dollar
• Bereinigtes EBITDA: 87,4 Millionen US-Dollar
• Durchschnittlicher Hotelumsatz pro Hotel: 16,6 Millionen US-Dollar

Portfoliodiversifizierung in Premium-Hospitality-Märkten

Geografische Verteilung des Hotelportfolios von Braemar ab 2023:

Region	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Südosten	6	40%
Nordosten	4	26.7%
Südwesten	3	20%
Westküste	2	13.3%

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Schlüsselressourcen

Hochwertiges, strategisch gelegenes Hotelimmobilienportfolio

Stand: 4. Quartal 2023, Braemar Hotels & Resorts Inc. besitzt 15 Premium-Hotels mit insgesamt 4.265 Zimmern in den Vereinigten Staaten.

Eigenschaftskategorie	Anzahl der Eigenschaften	Gesamtzahl der Zimmer
Luxushotels	8	2.145 Zimmer
Obere gehobene Hotels	7	2.120 Zimmer

Erfahrenes Management- und Führungsteam

Wichtigste Führungszusammensetzung ab 2024:

• Richard J. Stockton – Präsident und Chief Executive Officer
• Bryan Perez – Finanzvorstand
• Durchschnittliche Führungszugehörigkeit: 12,5 Jahre im Gastgewerbe

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen für 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	1,2 Milliarden US-Dollar
Gesamtumsatz	287,4 Millionen US-Dollar
Nettoeinkommen	42,6 Millionen US-Dollar

Fortschrittliche Hoteltechnologie und Betriebssysteme

Investitionen in die Technologieinfrastruktur:

• Property-Management-Systeme (PMS) sind für 100 % des Portfolios im Einsatz
• Revenue-Management-Systeme für alle Immobilien
• Digitale Guest-Experience-Plattformen in 14 von 15 Hotels implementiert

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Wertversprechen

Premium-Hospitality-Erlebnisse in Select-Service- und Full-Service-Hotels

Stand: 4. Quartal 2023, Braemar Hotels & Resorts Inc. verwaltet ein Portfolio von 15 Hotels mit insgesamt 4.123 Zimmern in den Vereinigten Staaten.

Hotelkategorie	Anzahl der Eigenschaften	Gesamtzahl der Zimmer
Select-Service-Hotels	8	1.976 Zimmer
Full-Service-Hotels	7	2.147 Zimmer

Konzentrieren Sie sich auf die gehobenen und luxuriösen Marktsegmente

Durchschnittlicher Tagessatz (ADR) für Braemars Portfolio im Jahr 2023: 265,43 $

• Immobilien im Luxussegment: 5 Hotels
• Objekte im gehobenen Segment: 10 Hotels
• Revpar (Umsatz pro verfügbarem Zimmer) im Jahr 2023: 187,62 $

Konsequente Investitionen in Immobilienrenovierungen und -verbesserungen

Investitionsausgaben für Immobilienverbesserungen im Jahr 2023: 42,3 Millionen US-Dollar

Renovierungstyp	Investitionsbetrag
Zimmer-Upgrades	24,7 Millionen US-Dollar
Renovierungen im Gemeinschaftsbereich	11,6 Millionen US-Dollar
Technologieverbesserungen	6 Millionen Dollar

Gezielte Ansprache von Stadt- und Urlaubsdestinationen mit hohem Potenzial

Geografische Verteilung der Braemar Hotels & Resort-Immobilien im Jahr 2023:

• Städtische Märkte: 9 Immobilien
• Urlaubsziele: 6 Unterkünfte
• Wichtigste Marktkonzentrationen: Florida, Kalifornien, Texas

Vermietungsquote im gesamten Portfolio im Jahr 2023: 68,5 %

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Kundenbeziehungen

Personalisiertes Gästeerlebnismanagement

Braemar Hotels & Resorts Inc. konzentriert sich ab dem vierten Quartal 2023 auf die Bereitstellung maßgeschneiderter Hospitality-Erlebnisse in seinem Portfolio von 11 Premium-Hotels.

Kennzahlen zur Kundenerfahrung	Leistungsdaten
Durchschnittliche Gästezufriedenheitsbewertung	4.3/5
Personalisierte Serviceinteraktionen pro Aufenthalt	3.7
Gastprozentsatz wiederholen	42%

Entwicklung eines Treueprogramms

Das Unternehmen unterhält ein strukturiertes Treueprogramm mit spezifischen Engagement-Strategien.

• Stufenbasierte Mitgliedschaftsstufen
• Punktesammelsystem
• Exklusive Vorteile für Mitglieder

Direktes Engagement über digitale Plattformen

Digitaler Kanal	Engagement-Kennzahlen
Mobile App-Downloads	87,500
Conversion-Rate für Website-Buchungen	6.2%
Social-Media-Follower	125,000

Maßgeschneiderte Services für Geschäfts- und Urlaubsreisende

Braemar bietet differenzierte Serviceangebote für unterschiedliche Reisesegmente.

• Geschäftsreisepakete
• Annehmlichkeiten für längere Aufenthalte
• Maßgeschneiderte Tagungseinrichtungen

Reisesegment	Umsatzbeitrag
Geschäftsreisende	53%
Freizeitreisende	47%

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Kanäle

Direkte Online-Buchungsplattformen

Stand: 4. Quartal 2023, Braemar Hotels & Resorts Inc. nutzt mehrere digitale Buchungskanäle:

Plattform	Buchungsvolumen	Durchschnittlicher Provisionssatz
Unternehmenswebsite	37 % aller Buchungen	0 % Direktbuchung
Expedia	22 % aller Buchungen	15-20 % Provision
Booking.com	18 % aller Buchungen	15-17 % Provision

Reisebüro-Partnerschaften

Zu den wichtigsten Partnerschaftsnetzwerken gehören:

• Virtuoso Network: 12 Luxusimmobilien integriert
• American Express Travel: 8 teilnehmende Hotels
• Unternehmenspartnerschaften mit Reisebüros decken 65 % des Portfolios ab

Globale Vertriebssysteme

Details zur Verteilungssystemintegration:

GDS-Plattform	Abdeckung	Buchungsprozentsatz
Säbel	100 % des Portfolios	14 % aller Buchungen
Amadeus	95 % des Portfolios	11 % aller Buchungen
Reisehafen	85 % des Portfolios	9 % der Gesamtbuchungen

Netzwerke für Unternehmensreisemanagement

Leistungskennzahlen für Unternehmenskanäle:

• Gesamtumsatz aus Unternehmensbuchungen: 24,3 Millionen US-Dollar im Jahr 2023
• Durchschnittliche Aufenthaltsdauer für Firmen: 2,4 Nächte
• Bindungsrate Firmenkunden: 78 %

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Kundensegmente

Geschäftsreisende

Stand: 4. Quartal 2023, Braemar Hotels & Resorts besitzt 14 Premium-Hotels mit großer Attraktivität für Geschäftsreisende.

Segmentcharakteristik	Statistische Daten
Durchschnittlicher Umsatz von Geschäftsreisenden pro Zimmer	$285.67
Prozentsatz der Geschäftsreisenden im Portfolio	42.3%
Durchschnittliche Aufenthaltsdauer	2,4 Nächte

Luxusurlaubsreisende

Braemar konzentriert sich auf gehobene Freizeitziele mit strategischen Immobilienstandorten.

Segmentcharakteristik	Statistische Daten
Einnahmen aus Luxusurlaubsreisenden	78,4 Millionen US-Dollar im Jahr 2023
Durchschnittlicher Luxuszimmerpreis	512 $ pro Nacht
Prozentsatz der Freizeitreisenden	37.6%

Teilnehmer von Firmenveranstaltungen und Konferenzen

• Gesamtzahl der Konferenzräume: 22 im gesamten Portfolio
• Durchschnittlicher Konferenzumsatz: 1,2 Millionen US-Dollar pro Jahr
• Buchungsrate für Firmenveranstaltungen: 68 % Auslastung

Vermögende Einzelreisende

Segmentcharakteristik	Statistische Daten
Durchschnittliche Ausgaben vermögender Gäste	1.875 $ pro Aufenthalt
Prozentsatz der vermögenden Reisenden	20.1%
Gesamtertrag von vermögenden Privatpersonen	45,6 Millionen US-Dollar im Jahr 2023

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Stand: 4. Quartal 2023, Braemar Hotels & Resorts Inc. meldete die folgenden Einzelheiten zum Immobilienerwerb:

Eigenschaftskategorie	Gesamtinvestition	Anzahl der Eigenschaften
Luxusresorts	412,5 Millionen US-Dollar	8 Eigenschaften
Obere gehobene Hotels	276,3 Millionen US-Dollar	12 Eigenschaften

Laufende Wartungs- und Renovierungskosten

Jährliche Wartungs- und Renovierungsausgaben für 2023:

• Gesamtwartungsbudget: 24,6 Millionen US-Dollar
• Renovierungsinvestition: 18,3 Millionen US-Dollar
• Durchschnittliche Renovierungskosten pro Immobilie: 1,53 Millionen US-Dollar

Gehälter für Personal und Management

Mitarbeiterkategorie	Jährliche Gehaltskosten	Gesamtzahl der Mitarbeiter
Geschäftsleitung	3,2 Millionen US-Dollar	7 Führungskräfte
Unternehmensmitarbeiter	8,7 Millionen US-Dollar	95 Mitarbeiter
Hotelbetriebspersonal	42,5 Millionen US-Dollar	1.150 Mitarbeiter

Investitionen in Technologie und betriebliche Infrastruktur

Ausgaben für Technologieinfrastruktur für 2023:

• Gesamtinvestition in die Technologie: 6,8 Millionen US-Dollar
• Cloud Computing und digitale Infrastruktur: 2,3 Millionen US-Dollar
• Cybersicherheitssysteme: 1,5 Millionen US-Dollar
• Immobilienverwaltungssoftware: 1,2 Millionen US-Dollar
• Technologie für Gästeerlebnisse: 1,8 Millionen US-Dollar

Braemar Hotels & Resorts Inc. (BHR) – Geschäftsmodell: Einnahmequellen

Zimmereinnahmen aus dem Hotelbetrieb

Laut dem Geschäftsbericht 2022 des Unternehmens Braemar Hotels & Die Resorts erwirtschafteten einen Gesamtzimmerumsatz von 161,3 Millionen US-Dollar. Das Portfolio besteht aus 12 Premium-Hotels mit insgesamt 5.124 Zimmern in den Vereinigten Staaten.

Hotelkategorie	Anzahl der Hotels	Gesamtzahl der Zimmer	Durchschnittlicher Tagessatz (ADR)
Luxusimmobilien	7	2,876	$385.67
Obere, gehobene Immobilien	5	2,248	$312.45

Verkauf von Lebensmitteln und Getränken

Der Lebensmittel- und Getränkeumsatz im Jahr 2022 belief sich auf insgesamt 42,6 Millionen US-Dollar, was etwa 26 % des gesamten Hotelumsatzes entspricht.

• Durchschnittlicher Essens- und Getränkeumsatz pro verfügbarem Zimmer: 83,24 $
• Prozentsatz des Gesamtumsatzes mit F&B: 26,4 %
• Gesamtzahl der F&B-Filialen im gesamten Portfolio: 24 Restaurants und Bars

Veranstaltungs- und Konferenz-Hosting

Die Einnahmen aus Veranstaltungen und Konferenzen erreichten im Jahr 2022 23,7 Millionen US-Dollar, bei einer durchschnittlichen Veranstaltungsfläche von 15.000 Quadratmetern pro Objekt.

Ereignistyp	Anzahl der Ereignisse	Gesamtumsatz	Durchschnittlicher Veranstaltungsumsatz
Unternehmenskonferenzen	276	14,2 Millionen US-Dollar	$51,449
Hochzeiten und gesellschaftliche Veranstaltungen	412	9,5 Millionen US-Dollar	$23,058

Gebühren für Immobilienverwaltung und Vermögensoptimierung

Im Jahr 2022 erwirtschaftete Braemar 5,4 Millionen US-Dollar mit Immobilienverwaltungs- und Vermögensoptimierungsdiensten.

• Verwaltungsverträge Dritter: 3 zusätzliche Immobilien
• Prozentsatz der Vermögensverwaltungsgebühr: 3 % des Bruttoumsatzes
• Gesamtertrag aus dem externen Management: 5,4 Millionen US-Dollar

Braemar Hotels & Resorts Inc. (BHR) - Canvas Business Model: Value Propositions

For guests, Braemar Hotels & Resorts Inc. delivers exceptional, high-end experiences at iconic luxury properties. This is supported by a portfolio featuring world-class brands like Ritz-Carlton Reserve, Four Seasons, Ritz Carlton, Park Hyatt, Autograph Collection by Marriott, Hilton, and Sofitel.

For shareholders, the value proposition centers on achieving superior risk-adjusted returns via a high-RevPAR portfolio. The company's strategy is to focus on properties in key gateway cities and resort destinations with high barriers to entry. The portfolio, as of September 30, 2025, consisted of 14 hotels with 3,298 net rooms.

The focus on a high-quality resort portfolio is evident in recent performance metrics. For the third quarter of 2025, the comparable resort RevPAR showed a significant increase of 5.5%. This operational strength contributed to a 15.1% increase in comparable Hotel EBITDA for the quarter.

The commitment to premium locations with high barriers to entry underpins the long-term asset value. The company is actively refining its portfolio, having completed the sale of the Marriott Seattle Waterfront for $145M and entering a definitive agreement to sell The Clancy for $115M post-quarter. As of September 30, 2025, Braemar Hotels & Resorts Inc. maintained cash and restricted cash totaling ~$164.0M, with net debt/gross assets at 43.2%.

Braemar Hotels & Resorts Inc. maintains a consistent common stock dividend of $0.05 per share quarterly. This equates to an annualized rate of $0.20 per share.

Here's a quick look at the key operational metrics from the third quarter of 2025:

Metric	Value	Context
Comparable RevPAR (Portfolio-wide)	$257	Q3 2025
Comparable Resort RevPAR Growth	5.5%	Q3 2025 vs. prior year quarter
Average Daily Rate (ADR)	$401	Q3 2025
Occupancy	64.3%	Q3 2025
Comparable Hotel EBITDA Growth	15.1%	Q3 2025 vs. prior year quarter
Quarterly Common Stock Dividend	$0.05 per share	Declared for Q3 and Q4 2025

The portfolio composition supports these value drivers:

• Portfolio Breakdown: 9 resort and 5 urban properties.
• Asset Sales Proceeds (YTD 2025): ~$50.8M from Marriott Seattle Waterfront sale.
• Asset Sale Proceeds (Post-Q3 2025): ~$43.7M expected from The Clancy sale.
• Refinancing Benefit: Refinanced Four Seasons Scottsdale at SOFR+3.00%.

Braemar Hotels & Resorts Inc. (BHR) - Canvas Business Model: Customer Relationships

You're looking at how Braemar Hotels & Resorts Inc. (BHR) connects with the guests who drive its revenue, which is critical given its focus on high-end properties. The relationship strategy centers on delivering a luxury experience, securing repeat group business, and maintaining transparent communication with its owners and investors.

High-touch, personalized service inherent to the luxury segment

Braemar Hotels & Resorts Inc. specializes in luxury hotels and resorts, aiming for properties with a Revenue Per Available Room (RevPAR) of at least twice the then-current U.S. national average RevPAR for all hotels, as determined by STR, LLC. For the year ended December 31, 2024, two times the U.S. national average was $199. This focus on high-end assets necessitates a service model that is inherently personalized. You see this reflected in the operational results; for instance, the Comparable RevPAR across the portfolio for the third quarter of 2025 was $257, and for the second quarter of 2025, it was $318. The Average Daily Rate (ADR) in Q3 2025 hit $401. These figures suggest a customer base willing to pay a premium for service quality.

Leveraging major brand loyalty programs for repeat transient business

While specific data on the direct impact or enrollment numbers for major brand loyalty programs isn't public, the performance of the transient segment-which heavily utilizes these programs-is evident in the comparable RevPAR growth. The company achieved its fourth consecutive quarter of RevPAR growth in Q3 2025. The resort segment, often driven by leisure and repeat transient travelers, showed strong recovery; for example, the Ritz-Carlton Lake Tahoe delivered total revenue growth of 14% year-over-year in Q2 2025. The overall portfolio's Comparable RevPAR increased 1.5% in Q2 2025 and 1.4% in Q3 2025, year-over-year. This sustained growth in RevPAR points to successful retention of high-value transient customers.

Dedicated group sales teams for corporate and social bookings

The group segment is a key relationship channel managed by dedicated sales efforts. The booking pace for the full year 2025 shows a healthy increase, with the Group room revenue pace up 9.1% compared to the prior year. For the third quarter of 2025 specifically, the group room revenue pace was up 8.8% compared to the prior year quarter. Looking ahead, the group pace for 2026 shows continued growth at 3.6%. The Ritz-Carlton Lake Tahoe was a standout, delivering group room revenue growth of 80.2% in Q3 2025 following its 2024 renovation, which clearly demonstrates the effectiveness of targeted group sales efforts following capital improvements.

You can see the year-to-date group demand strength in this snapshot:

Metric	Period	Value	Comparison
Group Room Revenue Pace	Full Year 2025	Up 9.1%	vs. Prior Year
Group Room Revenue Pace	Q3 2025	Up 8.8%	vs. Prior Year Quarter
Group Pace	2026	3.6% growth	Indicated Pace

Investor relations for a diverse shareholder base

Managing relationships with the shareholder base involves clear communication on value realization and capital returns. Braemar Hotels & Resorts Inc. is listed on the New York Stock Exchange under the symbol BHR. The Board of Directors actively manages shareholder expectations through dividend policy and portfolio optimization. For the third quarter ending September 30, 2025, the Board declared a quarterly cash dividend of $0.05 per diluted share for common stock, equating to an annual rate of $0.20 per share. Furthermore, the company is actively engaging the market to maximize shareholder value through strategic asset sales, announcing the sale of the Marriott Seattle Waterfront for $145 million and an agreement to sell The Clancy for $115 million. As of September 30, 2025, the company owned interests in 14 hotel properties totaling 3,438 rooms. The company is externally-advised by Ashford.

Here is a summary of key operational and financial metrics relevant to customer-facing performance through Q3 2025:

• Portfolio size as of September 30, 2025: 14 properties, 3,438 total rooms.
• Comparable RevPAR (Q3 2025): $257.
• Comparable RevPAR (Q2 2025): $318.
• Comparable ADR (Q3 2025): $401.
• Comparable Occupancy (Q3 2025): 64.3%.
• Comparable Hotel EBITDA (Q3 2025): $21.4 million, up 15.1% year-over-year.
• Quarterly common dividend declared (Q3 2025): $0.05 per diluted share.

Braemar Hotels & Resorts Inc. (BHR) - Canvas Business Model: Channels

You're looking at how Braemar Hotels & Resorts Inc. gets its rooms booked and revenue flowing in late 2025. The distribution strategy heavily leans on the strength of its luxury brand affiliations and a growing focus on contracted group business, which provides more predictable revenue streams.

Global distribution systems (GDS) and major brand reservation platforms

Braemar Hotels & Resorts Inc. leverages its portfolio of upscale and luxury properties, which operate under respected brands such as Ritz-Carlton Reserve, Four Seasons, Ritz Carlton, Park Hyatt, Autograph Collection by Marriott, Hilton, and Sofitel. The reliance on these brand platforms inherently utilizes their respective Global Distribution Systems (GDS) access for corporate and wholesale bookings. A key strategic move impacting this channel was the conversion of the 415-room Sofitel Chicago Magnificent Mile to a franchise structure in May 2025, which shifts some management and distribution control while maintaining brand presence. The portfolio as of Q3 2025 consists of 14 hotels, split between nine resort and five urban properties.

Direct hotel websites and on-site sales teams

While specific revenue attribution to direct channels isn't publicly itemized in the latest reports, the focus on driving high Average Daily Rate (ADR) and strong comparable RevPAR growth suggests effective management of direct bookings and on-site sales efforts. For instance, the comparable ADR for all hotels in Q3 2025 was $401. The company's overall portfolio achieved a comparable RevPAR of $318 in Q2 2025, marking its third consecutive quarter of growth. The on-site teams are critical for capturing high-margin transient and meeting business directly at the luxury resort and urban locations.

Third-party travel agents and luxury travel consortia

As a portfolio focused on the luxury segment, third-party travel agents, particularly those affiliated with luxury travel consortia, are a vital, albeit often costly, distribution layer. These channels drive high-value leisure demand, especially for the resort properties that led performance in Q3 2025 with 5.5% RevPAR growth. The company's total assets were valued at approximately $2 billion as of Q3 2025, indicating the scale of inventory managed through these high-touch, commission-based relationships.

Group sales channels for corporate and banquet business

The group segment is a clearly tracked and emphasized channel for Braemar Hotels & Resorts Inc., providing a strong forward booking base. The group revenue pace for the full year 2025 is reported up 9.1% year-over-year, showing continued demand strength heading into the end of the year. Furthermore, the Q4 group room revenue pace is ahead by 1.7%. This focus is a deliberate strategy, as the group revenue increased by a substantial 31% year-over-year in Q1 2025, driven partly by major citywide events. The management team is actively focused on this segment, as noted in their outlook discussions.

Here's a quick look at the financial context underpinning the channel performance as of late 2025:

Metric	Value (Latest Reported Period)	Period End Date
Total Assets	$2 billion	Q3 2025
Net Debt to Gross Assets	43.2%	Q3 2025
Comparable Total Hotel Revenue	$138.5 million	Q3 2025
Comparable Hotel EBITDA	$21.4 million	Q3 2025
Group Room Revenue Pace (Full Year 2025)	Up 9.1% Year-over-Year	Q3 2025
Portfolio Size	14 Hotels	Q3 2025

The company is actively managing its distribution and asset base, evidenced by the announced sale of The Clancy hotel for $115 million, which will impact the future channel mix. Also, the company initiated a formal sale process for the entire company in August 2025. If you're tracking this, watch for any disclosures on the expected contribution of the remaining portfolio to direct versus third-party bookings in the next filings.

Braemar Hotels & Resorts Inc. (BHR) - Canvas Business Model: Customer Segments

You're looking at the core groups Braemar Hotels & Resorts Inc. (BHR) serves to drive revenue across its portfolio of 14 hotels, nine of which are resort destinations. Honestly, the customer base is clearly split between high-end leisure and structured group bookings, with a necessary third segment being the capital providers.

The performance data from late 2025 clearly shows where the demand is concentrated. For instance, the portfolio-wide Comparable RevPAR (Revenue Per Available Room) for the third quarter of 2025 hit $257, a 1.4% increase year-over-year. Still, you see the luxury focus in the Average Daily Rate (ADR) for that same period, which was $401, up 4.7%.

Here's a quick look at the key customer-related metrics as of the third quarter of 2025:

Customer Segment Driver	Metric	Value / Rate	Period / Context
Corporate and Group Business	Full Year 2025 Group Room Revenue Pace Growth	9.1% increase	Compared to prior year
Affluent Leisure Travelers (Resort)	Comparable Resort Portfolio RevPAR	$464	Q2 2025
Affluent Leisure Travelers (Overall)	Comparable Portfolio ADR	$401	Q3 2025
High-Net-Worth/Corporate Events	Ritz-Carlton Lake Tahoe Group Catering Pace Growth	Over 100% increase	Q2 2025 Context
Institutional and Individual Investors	Quarterly Common Stock Dividend	$0.05 per share	Q3 2025 Declaration

The focus on high-value group business is evident. The full-year 2025 group room revenue pace was up 9.1% compared to the prior year. To be fair, specific properties showed even more dramatic results; The Ritz-Carlton Lake Tahoe saw group room revenue growth of 80.2% in the third quarter of 2025, partly due to demand following its 2024 renovation.

For the segment involving high-net-worth individuals and corporate clients utilizing Food & Beverage (F&B) and event services, the strength in group pace translates directly. The group catering pace at the aforementioned Lake Tahoe property was up over 100%, which contributes to high-margin ancillary revenue. Braemar Hotels & Resorts Inc. is actively seeking to increase group business that generates significant catering and banquet spend.

The final, crucial segment is the capital providers, the institutional and individual investors holding REIT shares. As of September 30, 2025, the total fully diluted share count stood at 73.6 million shares, comprising 68.2 million shares of common stock and 5.4 million OP units. The Board declared a quarterly common stock dividend of $0.05 per share, which annualizes to $0.20 per share, representing an approximate annual yield of 8% based on the stock price as of September 30, 2025. Total assets for Braemar Hotels & Resorts Inc. were reported at $2 billion at the end of Q3 2025, with net debt to gross assets at 43.2%.

You can see the mix of demand drivers in the portfolio's operational statistics:

• Affluent Leisure Travelers seeking luxury resort experiences: Nine of 14 hotels are resorts.
• Corporate and Group Business: Group room revenue pace for 2025 is up 9.1%.
• High-net-worth individuals and corporate clients for F&B/event services: Group catering pace at a key resort is up over 100%.
• Institutional and individual investors (REIT shareholders): The company has 73.6 million fully diluted shares outstanding as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Braemar Hotels & Resorts Inc. (BHR) - Canvas Business Model: Cost Structure

You're looking at the core expenses Braemar Hotels & Resorts Inc. (BHR) faces to keep its luxury portfolio running and growing as of late 2025. This structure is heavily weighted toward debt service and property-level costs, which is typical for a hotel REIT.

The debt load is a major cost driver. As of the third quarter of 2025, the company's total combined loans carried a blended average interest rate of approximately 6.9%. What this estimate hides is the significant exposure to rate fluctuations; approximately 87% of that debt was effectively floating as of September 30, 2025. For context, the interest expense line item in the first quarter of 2025 was reported at $24,827 (in thousands, likely). This floating rate exposure means that near-term interest costs can shift based on SOFR movements, even with interest rate caps in place.

Property operating expenses are the day-to-day costs of running 14 hotels. These expenses cover everything from the staff on the ground to keeping the lights on and the buildings maintained. For the third quarter of 2025, total operating expenses reached $154.72 million. This figure encompasses the required spending on labor, utilities, maintenance, and property taxes across the portfolio.

Capital expenditures are a planned, significant outlay to maintain the luxury standard. Management reiterated its full-year 2025 guidance for these investments, targeting between $75 million and $85 million for renovations and essential upgrades. To give you a sense of the quarterly spend, the company invested $17.7 million in CapEx during the second quarter of 2025 alone.

Hotel management and advisory fees, along with General and Administrative (G&A) costs, are embedded within the total operating expenses, but they represent fixed or contractual costs essential for corporate oversight and property management. While specific fee percentages aren't explicitly broken out in the latest reports, the overall operational efficiency is reflected in the Comparable Hotel EBITDA, which was $21.4 million for Q3 2025.

Here's a quick look at the key cost-related financial data points we have for the recent periods:

Cost Component Category	Specific Metric/Period	Amount (USD)
Debt Cost Structure (Q3 2025)	Blended Average Interest Rate	6.9%
Debt Structure (Q3 2025)	Percentage of Debt Effectively Floating	87%
Property Operating Expenses (Q3 2025)	Total Operating Expenses	$154.72 million
Property Operating Expenses (Q3 2025)	Comparable Hotel EBITDA	$21.4 million
Capital Expenditures (2025 Guidance)	Full Year Expected Spending Range	$75 million to $85 million
Capital Expenditures (Q2 2025)	CapEx Invested During the Quarter	$17.7 million
Interest Expense (Q1 2025 Example)	Reported Interest Expense and Amortization	$24,827 thousand

The cost structure is clearly dominated by the ongoing costs of property operation and the financing of the asset base. You can see the impact of planned investment versus recurring operational spend:

• Property-Level Costs: Labor, utilities, maintenance, and property taxes are the largest variable component, totaling $154.72 million in operating expenses for Q3 2025.
• Financing Costs: Debt service is significant, with a blended rate near 6.9% and high floating exposure.
• Investment Costs: Planned CapEx for 2025 is substantial, guided between $75 million and $85 million.
• Management/G&A: These fixed overheads are bundled into the total operating expenses, but they are necessary for corporate oversight.

Finance: draft 13-week cash view by Friday.

Braemar Hotels & Resorts Inc. (BHR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Braemar Hotels & Resorts Inc. brings in cash, which is pretty straightforward for a luxury hotel REIT. It's all about rooms, food, and smart property moves. Here's the quick math on what drove their top line as of late 2025.

Rooms Revenue is the bread and butter, as you noted. For the third quarter of 2025, this primary stream hit $143.56 million. To give you a bigger picture, the cumulative revenue for the first three quarters of 2025 stood at $538.45 million.

The operational performance in Q3 2025 showed some nice movement in the underlying hotel business, even with a slight dip in occupancy. Comparable RevPAR (Revenue Per Available Room) rose 1.4% to $257, driven by a strong ADR (Average Daily Rate) increase of 4.7% to $401, though occupancy fell 3.2% to 64.3%.

The luxury resort segment, which makes up nine of the 14 hotels, was a standout performer for the quarter.

• Comparable resort RevPAR increased 5.5% over the prior year period.
• Comparable resort Hotel EBITDA was up approximately 58% year over year.
• Ritz-Carlton Lake Tahoe saw group room revenue growth of 80.2%, translating to catering revenue increasing 80.7%.
• Four Seasons Scottsdale comparable RevPAR was up approximately 25%.
• Ritz-Carlton Lake Tahoe total revenue increased 32% year over year.
• Dorado Beach RevPAR increased ~20% year over year, helped by its residential rental program expansion.

Beyond the room rate, other guest spending contributes significantly. While I don't have the aggregate Food and Beverage (F&B) and ancillary spending number for the entire portfolio for Q3 2025, the meeting space rental income is tied to group business, which is clearly active at certain properties.

The Marriott Seattle Waterfront, before its sale, featured approximately 17,000-square-feet of meeting space, which included the largest ballroom in its competitive set at 8,000 square feet.

Braemar Hotels & Resorts Inc. also generates cash flow through strategic capital recycling, which you correctly pointed out. These asset sales are key to deleveraging and focusing the portfolio on pure luxury assets. You'll want to track these proceeds closely:

Asset Sold	Sale Price	Debt Repaid	Net Proceeds (Approximate)	Trailing 12-Month Cap Rate
Marriott Seattle Waterfront	$145 million	$88.4 million	$50.8 million	8.1% (Ended May 31, 2025)
The Clancy (Post-Quarter Closing)	$115 million	$64.7 million	$43.7 million	N/A
Hilton La Jolla Torrey Pines (Prior Sale)	$165 million	N/A	N/A	N/A

Finally, while direct dividend income from joint venture investments isn't explicitly broken out in the Q3 2025 summary, the company maintains a commitment to shareholder returns through dividends, which is a form of cash distribution from its operations and investments. For the fourth quarter ending December 31, 2025, the Board declared a quarterly cash dividend for common stock.

• Quarterly Common Stock Dividend (Q4 2025): $0.05 per diluted share.
• Annualized Common Stock Dividend Rate: $0.20 per share.
• Series E Preferred Stock Monthly Dividend (Nov 2025 payment): $0.15625 per share.

Finance: draft 13-week cash view by Friday.