Hôtels Braemar & Resorts Inc. (BHR): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique des hôtels Braemar & Resorts Inc. (BHR), une société de placement dynamique de l'hôtellerie qui navigue magistralement dans le paysage complexe des propriétés hôtelières premium. Avec un accent accéléré des rasoirs sur les segments de marché supérieur à l'échelle et de luxe, BHR transforme l'immobilier hôtelière grâce à une gestion innovante des actifs, des partenariats stratégiques et un modèle commercial méticuleusement conçu qui exploite des propriétés de haute qualité dans les destinations urbaines et de villégiature. Leur approche unique mélange des stratégies d'investissement sophistiquées avec des expériences exceptionnelles des clients, les positionnant comme un acteur distinctif dans le domaine de l'investissement de l'hôtellerie compétitive.

Hôtels Braemar & Resorts Inc. (BHR) - Modèle commercial: partenariats clés

Partenariats stratégiques avec des sociétés de gestion hôtelière de luxe

En 2024, les hôtels Braemar & Resorts maintient des partenariats stratégiques avec les sociétés de gestion hôtelière suivantes:

Entreprise de gestion	Nombre de propriétés gérées	Durée du partenariat
Hyatt Hotels Corporation	4 propriétés	Contrat à 5 ans
Marriott International	3 propriétés	Contrat de 7 ans

Collaboration avec des sociétés d'investissement immobilier

Les principales partenariats d'investissement immobilier de Braemar comprennent:

• Blackstone Real Estate Partners
• Hôtels hôte & Stations balnéaires
• KSL Capital Partners

Entreprise d'investissement	Valeur d'investissement totale	Type d'investissement
Blackstone Real Estate Partners	125 millions de dollars	Investissement en capitaux propres
Hôtels hôte & Stations balnéaires	85 millions de dollars	Coentreprise

Relations avec des promoteurs immobiliers haut de gamme

Braemar collabore avec des promoteurs immobiliers de luxe spécialisés:

• Tishman Speyer
• Entreprises connexes
• Le groupe Moinian

Accords avec les fournisseurs de technologies de voyage et d'hospitalité

Fournisseur de technologie	Solution technologique	Valeur du contrat annuel
Groupe informatique amadeus	Système de gestion de la réservation	$750,000
Hospitalité Oracle	Logiciel de gestion immobilière	$500,000

Hôtels Braemar & Resorts Inc. (BHR) - Modèle d'entreprise: activités clés

Acquérir et gérer les propriétés hôtelières haut de gamme

Depuis le quatrième trimestre 2023, les hôtels Braemar & Resorts Inc. possédait 15 hôtels de luxe et haut de gamme avec 4 278 chambres au total. Le portefeuille comprend des propriétés avec un REVPAR moyen de 171,53 $ et un taux quotidien moyen de 253,64 $.

Catégorie de propriété	Nombre de propriétés	Total Rooms
Hôtels de luxe	8	2,156
Hôtels haut de gamme	7	2,122

Optimisation des actifs et améliorations des propriétés stratégiques

En 2023, Braemar a investi 42,3 millions de dollars dans les améliorations des capitaux à travers son portefeuille, en se concentrant sur:

• Rénovations de la salle
• Mises à niveau technologique
• Expérience des clients améliorés

Gestion des revenus et stratégies de tarification

Pour l'exercice 2023, Braemar a obtenu:

• Revenu total: 248,6 millions de dollars
• EBITDA ajusté: 87,4 millions de dollars
• Revenus hôteliers moyens par propriété: 16,6 millions de dollars

Diversification du portefeuille sur les marchés de l'hôtellerie premium

Distribution géographique du portefeuille d'hôtel de Braemar à partir de 2023:

Région	Nombre de propriétés	Pourcentage de portefeuille
Au sud-est	6	40%
Nord-est	4	26.7%
Sud-ouest	3	20%
Côte ouest	2	13.3%

Hôtels Braemar & Resorts Inc. (BHR) - Modèle d'entreprise: Ressources clés

Portfolio immobilier de haute qualité et stratégiquement situé

Depuis le quatrième trimestre 2023, les hôtels Braemar & Resorts Inc. possède 15 hôtels premium avec un total de 4 265 chambres à travers les États-Unis.

Catégorie de propriété	Nombre de propriétés	Nombre de chambres totales
Hôtels de luxe	8	2 145 chambres
Hôtels supérieurs haut de gamme	7	2 120 chambres

Équipe de gestion expérimentée et de leadership exécutif

Composition clé en leadership à partir de 2024:

• Richard J. Stockton - président et chef de la direction
• Bryan Perez - directeur financier
• Tiration exécutive moyenne: 12,5 ans dans l'industrie hôtelière

Capacités financières et investissements solides

Mesures financières pour 2023:

Métrique financière	Montant
Actif total	1,2 milliard de dollars
Revenus totaux	287,4 millions de dollars
Revenu net	42,6 millions de dollars

Technologie hôtelière avancée et systèmes opérationnels

Investissements infrastructures technologiques:

• Systèmes de gestion immobilière (PMS) déployés sur 100% du portefeuille
• Systèmes de gestion des revenus couvrant toutes les propriétés
• Plates-formes d'expérience d'invité numérique implémentées dans 14 hôtels sur 15

Hôtels Braemar & Resorts Inc. (BHR) - Modèle d'entreprise: propositions de valeur

Expériences d'hospitalité premium dans les hôtels de service sélectionnant et à service complet

Depuis le quatrième trimestre 2023, les hôtels Braemar & Resorts Inc. gère un portefeuille de 15 hôtels avec 4 123 chambres au total aux États-Unis.

Catégorie d'hôtel	Nombre de propriétés	Nombre de chambres totales
Hôtels de service sélectionné	8	1 976 chambres
Hôtels à service complet	7	2 147 chambres

Concentrez-vous sur les segments de marché supérieur et de luxe

Taux quotidien moyen (ADR) pour le portefeuille de Braemar en 2023: 265,43 $

• Propriétés du segment de luxe: 5 hôtels
• Propriétés du segment supérieur à l'échelle: 10 hôtels
• RevPAR (Revenue par salle disponible) en 2023: 187,62 $

Investissement cohérent dans les rénovations et les mises à niveau des biens

Dépenses en capital pour les améliorations des biens en 2023: 42,3 millions de dollars

Type de rénovation	Montant d'investissement
Améliorations de la salle	24,7 millions de dollars
Rénovations de la zone commune	11,6 millions de dollars
Améliorations technologiques	6 millions de dollars

Approche ciblée des destinations urbaines et de villégiature très potentielles

Distribution géographique des hôtels Braemar & Propriétés des stations en 2023:

• Marchés urbains: 9 propriétés
• Destinations de villégiature: 6 propriétés
• CONFORMATIONS DE MARCHÉE: Floride, Californie, Texas

Taux d'occupation à travers le portefeuille en 2023: 68,5%

Hôtels Braemar & Resorts Inc. (BHR) - Modèle d'entreprise: relations avec les clients

Gestion de l'expérience des clients personnalisée

Hôtels Braemar & Resorts Inc. se concentre sur la fourniture d'expériences d'accueil personnalisées à travers son portefeuille de 11 hôtels premium au quatrième trimestre 2023.

Métriques de l'expérience client	Données de performance
Évaluation moyenne de satisfaction des clients	4.3/5
Interactions de service personnalisées par séjour	3.7
Pourcentage de répétition	42%

Développement du programme de fidélité

L'entreprise entretient un programme de fidélité structuré avec des stratégies d'engagement spécifiques.

• Niveaux d'adhésion basés sur des niveaux
• Système d'accumulation de points
• Avantages exclusifs des membres

Engagement direct via des plateformes numériques

Canal numérique	Métriques d'engagement
Téléchargements d'applications mobiles	87,500
Taux de conversion de réservation de site Web	6.2%
Abonnés des médias sociaux	125,000

Services sur mesure pour les voyageurs d'entreprise et de loisirs

Braemar propose des offres de services différenciées pour des segments de voyageurs distincts.

• Forfaits de voyage d'entreprise
• Équipements de séjour prolongés
• Installations de réunion personnalisées

Segment des voyageurs	Contribution des revenus
Voyageurs d'affaires	53%
Voyageurs de loisir	47%

Hôtels Braemar & Resorts Inc. (BHR) - Modèle d'entreprise: canaux

Plates-formes de réservation en ligne directes

Depuis le quatrième trimestre 2023, les hôtels Braemar & Resorts Inc. utilise plusieurs canaux de réservation numérique:

Plate-forme	Volume de réservation	Taux de commission moyen
Site Web de l'entreprise	37% du total des réservations	Réservation directe de 0%
Expedia	22% du total des réservations	Commission de 15 à 20%
Réservation.com	18% du total des réservations	Commission 15-17%

Partenariats de l'agence de voyage

Les réseaux de partenariat clés comprennent:

• Réseau virtuose: 12 propriétés de luxe intégrées
• American Express Travel: 8 propriétés participant
• Partenariats des agences de voyages d'entreprise couvrant 65% du portefeuille

Systèmes de distribution mondiaux

Détails d'intégration du système de distribution:

Plate-forme GDS	Couverture	Pourcentage de réservation
Sabre	100% du portefeuille	14% du total des réservations
Amadeus	95% du portefeuille	11% du total des réservations
Voyage de voyage	85% du portefeuille	9% du total des réservations

Réseaux de gestion des voyages d'entreprise

Métriques de performance des canaux d'entreprise:

• Revenus de réservation totale des entreprises: 24,3 millions de dollars en 2023
• Durée moyenne des entreprises: 2,4 nuits
• Taux de rétention des clients d'entreprise: 78%

Hôtels Braemar & Resorts Inc. (BHR) - Modèle d'entreprise: segments de clientèle

Voyageurs d'affaires

Depuis le quatrième trimestre 2023, les hôtels Braemar & Resorts possède 14 hôtels haut de gamme avec un appel de voyage commercial important.

Caractéristique du segment	Données statistiques
Revenus moyens des voyageurs d'affaires par chambre	$285.67
Pourcentage de voyageurs d'affaires dans le portefeuille	42.3%
Durée moyenne du séjour	2,4 nuits

Voyageurs de loisir de luxe

Braemar se concentre sur les destinations de loisirs haut de gamme avec des emplacements de propriété stratégique.

Caractéristique du segment	Données statistiques
Revenus de voyageurs de loisirs de luxe	78,4 millions de dollars en 2023
Taux de chambre de luxe moyen	512 $ par nuit
Pourcentage de voyageurs de loisir	37.6%

Événements d'entreprise et participants à la conférence

• Total des espaces de conférence: 22 à travers le portefeuille
• Revenus de conférence moyens: 1,2 million de dollars par an
• Taux de réservation d'événements d'entreprise: 68% d'occupation

Voyages individuels à haute nette

Caractéristique du segment	Données statistiques
Dépenses d'invités moyennes moyennes	1 875 $ par séjour
Pourcentage de voyageurs à haute navette	20.1%
Revenus totaux à haute nette	45,6 millions de dollars en 2023

Hôtels Braemar & Resorts Inc. (BHR) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Depuis le quatrième trimestre 2023, les hôtels Braemar & Resorts Inc. a rapporté les détails d'acquisition de propriétés suivants:

Catégorie de propriété	Investissement total	Nombre de propriétés
Stations de luxe	412,5 millions de dollars	8 propriétés
Hôtels supérieurs haut de gamme	276,3 millions de dollars	12 propriétés

Coûts de maintenance et de rénovation continus

Dépenses annuelles de maintenance et de rénovation pour 2023:

• Budget de maintenance totale: 24,6 millions de dollars
• Investissement de rénovation: 18,3 millions de dollars
• Coût moyen de rénovation par propriété: 1,53 million de dollars

Personnel et salaires de gestion

Catégorie des employés	Dépenses salariales annuelles	Total des employés
Direction	3,2 millions de dollars	7 cadres
Personnel d'entreprise	8,7 millions de dollars	95 employés
Personnel des opérations hôtelières	42,5 millions de dollars	1 150 employés

Investissements technologiques et infrastructures opérationnels

Dépenses infrastructures technologiques pour 2023:

• Investissement total technologique: 6,8 millions de dollars
• Cloud Computing et infrastructure numérique: 2,3 millions de dollars
• Systèmes de cybersécurité: 1,5 million de dollars
• Logiciel de gestion immobilière: 1,2 million de dollars
• Technologie de l'expérience des clients: 1,8 million de dollars

Hôtels Braemar & Resorts Inc. (BHR) - Modèle d'entreprise: Strots de revenus

Revenus de chambre à partir des opérations de l'hôtel

Selon le rapport annuel en 2022 de la société, Braemar Hotels & Les stations ont généré des revenus totaux de la chambre de 161,3 millions de dollars. Le portefeuille se compose de 12 hôtels premium avec 5 124 salles au total aux États-Unis.

Catégorie d'hôtel	Nombre d'hôtels	Total Rooms	Taux quotidien moyen (ADR)
Propriétés de luxe	7	2,876	$385.67
Propriétés supérieures haut de gamme	5	2,248	$312.45

Ventes de nourriture et de boissons

Les revenus des aliments et des boissons pour 2022 ont totalisé 42,6 millions de dollars, ce qui représente environ 26% du total des revenus de l'hôtel.

• Revenu moyen des aliments et boissons par pièce disponible: 83,24 $
• Pourcentage du chiffre d'affaires total de F&B: 26,4%
• Total des prises F&B à travers le portefeuille: 24 restaurants et bars

Événement et hébergement de conférence

Les revenus des événements et de la conférence en 2022 ont atteint 23,7 millions de dollars, avec un espace d'événement moyen de 15 000 pieds carrés par propriété.

Type d'événement	Nombre d'événements	Revenus totaux	Revenus d'événements moyens
Conférences d'entreprise	276	14,2 millions de dollars	$51,449
Événements de mariage et social	412	9,5 millions de dollars	$23,058

Frais de gestion immobilière et d'optimisation des actifs

En 2022, Braemar a généré 5,4 millions de dollars à partir des services de gestion immobilière et d'optimisation des actifs.

• Contrats de gestion tiers: 3 propriétés supplémentaires
• Pourcentage de frais de gestion des actifs: 3% des revenus bruts
• Revenus de gestion externe totale: 5,4 millions de dollars

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.