Braemar Hotels & Resorts Inc. (BHR): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Sumergirse en el mundo estratégico de los hoteles Braemar & Resorts Inc. (BHR), una compañía dinámica de inversión en hospitalidad que navega magistralmente del complejo panorama de las propiedades hoteleras premium. Con un enfoque afilado en los segmentos de mercado superior y de lujo, BHR transforma bienes raíces de hospitalidad a través de la gestión innovadora de activos, asociaciones estratégicas y un modelo de negocio meticulosamente diseñado que aprovecha las propiedades de alta calidad en los destinos urbanos y recurensivos principales. Su enfoque único combina estrategias de inversión sofisticadas con experiencias de huéspedes excepcionales, posicionándolas como un jugador distintivo en el ámbito competitivo de la inversión en hospitalidad.

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con compañías de gestión hotelera de lujo

A partir de 2024, Braemar Hotels & Resorts mantiene asociaciones estratégicas con las siguientes empresas de gestión hotelera:

Empresa de gestión	Número de propiedades administradas	Duración de la asociación
Hyatt Hotels Corporation	4 propiedades	Contrato de 5 años
Marriott International	3 propiedades	Contrato de 7 años

Colaboración con empresas de inversión inmobiliaria

Las asociaciones clave de inversión inmobiliaria de Braemar incluyen:

• Blackstone Real Estate Partners
• Hoteles anfitriones & Resorts
• KSL Capital Partners

Firma de inversión	Valor de inversión total	Tipo de inversión
Blackstone Real Estate Partners	$ 125 millones	Inversión de capital
Hoteles anfitriones & Resorts	$ 85 millones	Empresa conjunta

Relaciones con desarrolladores de propiedades de alta gama

Braemar colabora con desarrolladores de propiedades de lujo especializados:

• Tishman Speyer
• Empresas relacionadas
• El grupo moiniano

Acuerdos con proveedores de viajes y tecnología de hospitalidad

Proveedor de tecnología	Solución tecnológica	Valor anual del contrato
Grupo de It de Amadeus	Sistema de gestión de reservas	$750,000
Oracle Hospitality	Software de administración de propiedades	$500,000

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades de hotel de lujo

A partir del cuarto trimestre de 2023, Braemar Hotels & Resorts Inc. poseía 15 hoteles de lujo y lujo con 4,278 habitaciones totales. La cartera incluye propiedades con un promedio de RevPar de $ 171.53 y una tasa diaria promedio de $ 253.64.

Categoría de propiedad	Número de propiedades	Habitaciones totales
Hoteles de lujo	8	2,156
Hoteles exclusivos	7	2,122

Optimización de activos y mejoras de propiedad estratégica

En 2023, Braemar invirtió $ 42.3 millones en mejoras de capital en su cartera, centrándose en:

• Renovaciones de la habitación
• Actualizaciones tecnológicas
• Servicios de experiencia de invitado mejorado

Estrategias de gestión de ingresos y precios

Para el año fiscal 2023, Braemar logró:

• Ingresos totales: $ 248.6 millones
• EBITDA ajustado: $ 87.4 millones
• Ingresos promedio del hotel por propiedad: $ 16.6 millones

Diversificación de cartera en mercados de hospitalidad premium

Distribución geográfica de la cartera de hoteles de Braemar a partir de 2023:

Región	Número de propiedades	Porcentaje de cartera
Sudeste	6	40%
Nordeste	4	26.7%
Suroeste	3	20%
Costa oeste	2	13.3%

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: recursos clave

Cartera de bienes raíces hoteleras de alta calidad y ubicada estratégicamente

A partir del cuarto trimestre de 2023, Braemar Hotels & Resorts Inc. posee 15 hoteles premium con un total de 4,265 habitaciones en los Estados Unidos.

Categoría de propiedad	Número de propiedades	Recuento total de habitaciones
Hoteles de lujo	8	2,145 habitaciones
Hoteles de lujo superior	7	2.120 habitaciones

Equipo de gestión y liderazgo ejecutivo experimentado

Composición clave de liderazgo a partir de 2024:

• Richard J. Stockton - Presidente y Director Ejecutivo
• Bryan Pérez - Director Financiero
• Promedio de tenencia ejecutiva: 12.5 años en la industria de la hospitalidad

Capacidades de capital financiero y de inversión sólidos

Métricas financieras para 2023:

Métrica financiera	Cantidad
Activos totales	$ 1.2 mil millones
Ingresos totales	$ 287.4 millones
Lngresos netos	$ 42.6 millones

Tecnología de hospitalidad avanzada y sistemas operativos

Inversiones de infraestructura tecnológica:

• Sistemas de administración de propiedades (PMS) desplegados en el 100% de la cartera
• Sistemas de gestión de ingresos que cubren todas las propiedades
• Plataformas de experiencia de invitado digital implementadas en 14 de 15 hoteles

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: propuestas de valor

Experiencias de hospitalidad premium en hoteles de servicio y servicio completo

A partir del cuarto trimestre de 2023, Braemar Hotels & Resorts Inc. administra una cartera de 15 hoteles con 4,123 habitaciones totales en los Estados Unidos.

Categoría de hotel	Número de propiedades	Recuento total de habitaciones
Hoteles de servicio de selección	8	1,976 habitaciones
Hoteles de servicio completo	7	2,147 habitaciones

Centrarse en los segmentos de mercado superior y de lujo

Tasa diaria promedio (ADR) para la cartera de Braemar en 2023: $ 265.43

• Propiedades de segmento de lujo: 5 hoteles
• Propiedades del segmento superior de la defensa: 10 hoteles
• Revpar (ingresos por habitación disponible) en 2023: $ 187.62

Inversión constante en renovaciones de propiedades y actualizaciones

Gasto de capital para mejoras de propiedad en 2023: $ 42.3 millones

Tipo de renovación	Monto de la inversión
Actualizaciones de la habitación	$ 24.7 millones
Renovaciones de área común	$ 11.6 millones
Mejoras tecnológicas	$ 6 millones

Enfoque dirigido a destinos urbanos y de resortes de alto potencial

Distribución geográfica de hoteles Braemar & Resorts Propiedades en 2023:

• Mercados urbanos: 9 propiedades
• Destinos turísticos: 6 propiedades
• Concentraciones principales del mercado: Florida, California, Texas

Tasa de ocupación en toda la cartera en 2023: 68.5%

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: relaciones con los clientes

Gestión personalizada de la experiencia del huéspedes

Braemar hoteles & Resorts Inc. se centra en ofrecer experiencias de hospitalidad personalizadas en su cartera de 11 hoteles premium a partir del cuarto trimestre de 2023.

Métricas de experiencia del cliente	Datos de rendimiento
Calificación promedio de satisfacción del invitado	4.3/5
Interacciones de servicio personalizadas por estadía	3.7
Repetir porcentaje de invitado	42%

Desarrollo del programa de fidelización

La compañía mantiene un programa de lealtad estructurado con estrategias de participación específicas.

• Niveles de membresía basados ​​en niveles
• Sistema de acumulación de puntos
• Beneficios de miembro exclusivo

Compromiso directo a través de plataformas digitales

Canal digital	Métricas de compromiso
Descargas de aplicaciones móviles	87,500
Tasa de conversión de reserva de sitios web	6.2%
Seguidores de redes sociales	125,000

Servicios a medida para viajeros de negocios y de ocio

Braemar ofrece ofertas de servicios diferenciadas para distintos segmentos de viajero.

• Paquetes de viajes corporativos
• Servicios de estadía extendida
• Instalaciones de reuniones personalizadas

Segmento de viajero	Contribución de ingresos
Viajeros de negocios	53%
Viajeros de ocio	47%

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: canales

Plataformas directas de reserva en línea

A partir del cuarto trimestre de 2023, Braemar Hotels & Resorts Inc. utiliza múltiples canales de reserva digital:

Plataforma	Volumen de reservas	Tasa de comisión promedio
Sitio web de la empresa	37% del total de reservas	0% de reserva directa
Expedia	22% de las reservas totales	15-20% de comisión
Booking.com	18% de las reservas totales	15-17% de la comisión

Asociaciones de agencia de viajes

Las redes de asociación clave incluyen:

• Virtuoso Network: 12 propiedades de lujo integradas
• American Express Travel: 8 propiedades participantes
• Asociaciones de la agencia de viajes corporativos que cubren el 65% de la cartera

Sistemas de distribución global

Detalles de integración del sistema de distribución:

Plataforma GDS	Cobertura	Porcentaje de reserva
Sable	100% de cartera	14% del total de reservas
Amadeo	95% de la cartera	11% de las reservas totales
Puerto de viajes	85% de la cartera	9% de las reservas totales

Redes de gestión de viajes corporativos

Métricas de rendimiento del canal corporativo:

• Ingresos totales de reserva corporativa: $ 24.3 millones en 2023
• Duración promedio de estadía corporativa: 2.4 noches
• Tasa de retención de clientes corporativos: 78%

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: segmentos de clientes

Viajeros de negocios

A partir del cuarto trimestre de 2023, Braemar Hotels & Resorts posee 14 hoteles premium con un atractivo de viaje de negocios significativo.

Característica de segmento	Datos estadísticos
Ingresos promedio de viajeros de negocios por habitación	$285.67
Porcentaje de viajeros de negocios en cartera	42.3%
Duración promedio de estadía	2.4 noches

Viajeros de ocio de lujo

Braemar se centra en destinos de ocio exclusivos con ubicaciones de propiedades estratégicas.

Característica de segmento	Datos estadísticos
Ingresos de viajero de ocio de lujo	$ 78.4 millones en 2023
Tasa promedio de habitaciones de lujo	$ 512 por noche
Porcentaje de viajeros de ocio	37.6%

Asistentes de eventos corporativos y conferencias

• Spaces de conferencias totales: 22 en toda la cartera
• Ingresos promedio de la conferencia: $ 1.2 millones anuales
• Tasa de reserva de eventos corporativos: 68% de ocupación

Viajeros individuales de alto valor neto

Característica de segmento	Datos estadísticos
Gasto promedio de invitados de alto nivel de red	$ 1,875 por estadía
Porcentaje de viajeros de alto nivel de red	20.1%
Ingresos totales de alto nivel de la red	$ 45.6 millones en 2023

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del cuarto trimestre de 2023, Braemar Hotels & Resorts Inc. informó los siguientes detalles de adquisición de propiedades:

Categoría de propiedad	Inversión total	Número de propiedades
Resorts de lujo	$ 412.5 millones	8 propiedades
Hoteles de lujo superior	$ 276.3 millones	12 propiedades

Costos continuos de mantenimiento y renovación

Gastos anuales de mantenimiento y renovación para 2023:

• Presupuesto de mantenimiento total: $ 24.6 millones
• Inversión de renovación: $ 18.3 millones
• Costo promedio de renovación por propiedad: $ 1.53 millones

Salarios de personal y gestión

Categoría de empleado	Gastos salariales anuales	Total de empleados
Gestión ejecutiva	$ 3.2 millones	7 ejecutivos
Personal corporativo	$ 8.7 millones	95 empleados
Personal de operaciones de hotel	$ 42.5 millones	1.150 empleados

Tecnología e inversiones de infraestructura operativa

Gasto de infraestructura tecnológica para 2023:

• Inversión tecnológica total: $ 6.8 millones
• Computación en la nube e infraestructura digital: $ 2.3 millones
• Sistemas de ciberseguridad: $ 1.5 millones
• Software de administración de propiedades: $ 1.2 millones
• Tecnología de experiencia de huéspedes: $ 1.8 millones

Braemar hoteles & Resorts Inc. (BHR) - Modelo de negocio: flujos de ingresos

Ingresos de la habitación de las operaciones del hotel

Según el informe anual de 2022 de la compañía, Braemar Hotels & Los resorts generaron ingresos totales de la sala de $ 161.3 millones. La cartera consta de 12 hoteles premium con 5,124 habitaciones totales en los Estados Unidos.

Categoría de hotel	Número de hoteles	Habitaciones totales	Tasa diaria promedio (ADR)
Propiedades de lujo	7	2,876	$385.67
Propiedades de lujo superior	5	2,248	$312.45

Ventas de alimentos y bebidas

Los ingresos por alimentos y bebidas para 2022 totalizaron $ 42.6 millones, lo que representa aproximadamente el 26% de los ingresos totales del hotel.

• Ingresos promedio de alimentos y bebidas por habitación disponible: $ 83.24
• Porcentaje de ingresos totales de F&B: 26.4%
• Total de puntos de venta de F&B en toda la cartera: 24 restaurantes y bares

Hosting de eventos y conferencias

Los ingresos por eventos y conferencias en 2022 alcanzaron $ 23.7 millones, con un espacio promedio de eventos de 15,000 pies cuadrados por propiedad.

Tipo de evento	Número de eventos	Ingresos totales	Ingresos de eventos promedio
Conferencias corporativas	276	$ 14.2 millones	$51,449
Eventos de boda y sociales	412	$ 9.5 millones	$23,058

Tarifas de administración de propiedades y optimización de activos

En 2022, Braemar generó $ 5.4 millones de servicios de administración de propiedades y optimización de activos.

• Contratos de gestión de terceros: 3 propiedades adicionales
• Porcentaje de tarifas de gestión de activos: 3% de los ingresos brutos
• Ingresos de gestión externa total: $ 5.4 millones

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.