Hotéis Braemar & Resorts Inc. (BHR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico dos hotéis Braemar & A Resorts Inc. (BHR), uma empresa dinâmica de investimentos em hospitalidade que navega com maestria no cenário complexo das propriedades do Hotel Premium. Com um foco nítido nos segmentos de mercado de alta velocidade e luxo, a BHR transforma imóveis de hospitalidade por meio de gerenciamento inovador de ativos, parcerias estratégicas e um modelo de negócios meticulosamente criado que aproveita propriedades de alta qualidade em destinos urbanos e resort. Sua abordagem única combina estratégias sofisticadas de investimento com experiências excepcionais de convidados, posicionando -as como um jogador distinto na arena competitiva de investimentos em hospitalidade.

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas com empresas de gerenciamento de hotéis de luxo

A partir de 2024, Braemar Hotels & O Resorts mantém parcerias estratégicas com as seguintes empresas de administração de hotéis:

Empresa de gestão	Número de propriedades gerenciadas	Duração da parceria
Hyatt Hotels Corporation	4 propriedades	Contrato de 5 anos
Marriott International	3 propriedades	Contrato de 7 anos

Colaboração com empresas de investimento imobiliário

As principais parcerias de investimento imobiliário de Braemar incluem:

• Parceiros imobiliários de Blackstone
• HOST HOTELS & Resorts
• KSL Capital Partners

Empresa de investimentos	Valor total de investimento	Tipo de investimento
Parceiros imobiliários de Blackstone	US $ 125 milhões	Investimento em ações
HOST HOTELS & Resorts	US $ 85 milhões	Consórcio

Relacionamentos com promotores imobiliários de ponta

Braemar colabora com desenvolvedores de propriedades de luxo especializadas:

• Tishman Speyer
• Empresas relacionadas
• O grupo moiniano

Acordos com provedores de tecnologia de viagens e hospitalidade

Provedor de tecnologia	Solução tecnológica	Valor anual do contrato
Grupo de TI Amadeus	Sistema de Gerenciamento de Reserva	$750,000
Oracle Hospitality	Software de gerenciamento de propriedades	$500,000

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de negócios: Atividades -chave

Aquisição e gerenciamento de propriedades de hotéis de luxo

A partir do quarto trimestre 2023, Braemar Hotels & A Resorts Inc. possuía 15 hotéis luxuosos e sofisticados com 4.278 quartos totais. O portfólio inclui propriedades com um RevPAR médio de US $ 171,53 e uma taxa média diária de US $ 253,64.

Categoria de propriedade	Número de propriedades	Total de quartos
Hotéis de luxo	8	2,156
Hotéis sofisticados	7	2,122

Otimização de ativos e melhorias estratégicas de propriedades

Em 2023, Braemar investiu US $ 42,3 milhões em melhorias de capital em seu portfólio, concentrando -se em:

• Renovações de quartos
• Atualizações de tecnologia
• Comodidades aprimoradas da experiência do hóspede

Estratégias de gerenciamento de receita e preços

Para o ano fiscal de 2023, Braemar alcançou:

• Receita total: US $ 248,6 milhões
• Ebitda ajustada: US $ 87,4 milhões
• Receita média do hotel por propriedade: US $ 16,6 milhões

Diversificação de portfólio em mercados de hospitalidade premium

Distribuição geográfica do portfólio de hotéis de Braemar a partir de 2023:

Região	Número de propriedades	Porcentagem de portfólio
Sudeste	6	40%
Nordeste	4	26.7%
Sudoeste	3	20%
Costa Oeste	2	13.3%

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de negócios: Recursos -chave

Portfólio imobiliário de alta qualidade e localização estrategicamente

A partir do quarto trimestre 2023, Braemar Hotels & A Resorts Inc. possui 15 hotéis premium, com um total de 4.265 quartos nos Estados Unidos.

Categoria de propriedade	Número de propriedades	Contagem total de quartos
Hotéis de luxo	8	2.145 quartos
Hotéis de luxo superior	7	2.120 quartos

Equipe experiente de gerenciamento e liderança executiva

Principais composição de liderança a partir de 2024:

• Richard J. Stockton - Presidente e CEO
• Bryan Perez - Diretor Financeiro
• PRODIÇÃO EXECUTIVA Média: 12,5 anos na indústria de hospitalidade

Fortes capital financeiro e capacidades de investimento

Métricas financeiras para 2023:

Métrica financeira	Quantia
Total de ativos	US $ 1,2 bilhão
Receita total	US $ 287,4 milhões
Resultado líquido	US $ 42,6 milhões

Tecnologia avançada de hospitalidade e sistemas operacionais

Investimentos de infraestrutura de tecnologia:

• Sistemas de gerenciamento de propriedades (PMS) implantados em 100% do portfólio
• Sistemas de gerenciamento de receita que cobrem todas as propriedades
• Plataformas de experiência de convidado digital implementadas em 14 de 15 hotéis

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de Negócios: Proposições de Valor

Experiências de hospitalidade premium em hotéis de serviço seleto e de serviço completo

A partir do quarto trimestre 2023, Braemar Hotels & A Resorts Inc. gerencia um portfólio de 15 hotéis com 4.123 quartos totais nos Estados Unidos.

Categoria de hotel	Número de propriedades	Contagem total de quartos
Hotéis de seleção de serviço	8	1.976 quartos
Hotéis de serviço completo	7	2.147 quartos

Concentre

Taxa média diária (ADR) para o portfólio de Braemar em 2023: $ 265,43

• Propriedades do segmento de luxo: 5 hotéis
• Propriedades do segmento de subsídio superior: 10 hotéis
• Revpar (receita por sala disponível) em 2023: $ 187,62

Investimento consistente em reformas e atualizações de propriedades

Despesas de capital para melhorias de propriedades em 2023: US $ 42,3 milhões

Tipo de renovação	Valor do investimento
Atualizações de quartos	US $ 24,7 milhões
Renovações de área comum	US $ 11,6 milhões
Aprimoramentos de tecnologia	US $ 6 milhões

Abordagem direcionada para destinos urbanos e resort de alto potencial

Distribuição geográfica de hotéis Braemar & Resorts Propriedades em 2023:

• Mercados urbanos: 9 propriedades
• Destinos de resort: 6 propriedades
• Concentrações de mercado superior: Flórida, Califórnia, Texas

Taxa de ocupação em toda a carteira em 2023: 68,5%

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de experiência de convidado personalizado

Hotéis Braemar & A Resorts Inc. concentra -se em oferecer experiências de hospitalidade personalizadas em seu portfólio de 11 hotéis premium a partir do quarto trimestre 2023.

Métricas da experiência do cliente	Dados de desempenho
Classificação média de satisfação do hóspede	4.3/5
Interações de serviço personalizadas por estadia	3.7
Repetir porcentagem de hóspedes	42%

Desenvolvimento do Programa de Fidelidade

A empresa mantém um programa de fidelidade estruturado com estratégias específicas de engajamento.

• Níveis de associação baseados em camadas
• Sistema de acumulação de pontos
• Benefícios exclusivos para membros

Engajamento direto através de plataformas digitais

Canal digital	Métricas de engajamento
Downloads de aplicativos móveis	87,500
Taxa de conversão de reserva de site	6.2%
Seguidores de mídia social	125,000

Serviços personalizados para viajantes de negócios e lazer

Braemar fornece ofertas de serviço diferenciadas para segmentos de viajantes distintos.

• Pacotes de viagens corporativas
• Comodidades de estadia prolongada
• Instalações de reunião personalizadas

Segmento de viajantes	Contribuição da receita
Viajantes de negócios	53%
Viajantes de lazer	47%

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de Negócios: Canais

Plataformas de reserva online diretas

A partir do quarto trimestre 2023, Braemar Hotels & A Resorts Inc. utiliza vários canais de reserva digital:

Plataforma	Volume de reserva	Taxa média de comissão
Site da empresa	37% do total de reservas	0% de reserva direta
Expedia	22% do total de reservas	15-20% Comissão
Booking.com	18% do total de reservas	15-17% Comissão

Parcerias da agência de viagens

As principais redes de parceria incluem:

• Rede Virtuosa: 12 Propriedades de Luxo integradas
• American Express Travel: 8 propriedades participantes
• Parcerias da agência de viagens corporativas, cobrindo 65% do portfólio

Sistemas de distribuição global

Detalhes de integração do sistema de distribuição:

Plataforma GDS	Cobertura	Porcentagem de reserva
Sabre	100% do portfólio	14% do total de reservas
Amadeus	95% do portfólio	11% do total de reservas
Travelport	85% do portfólio	9% do total de reservas

Redes de gerenciamento de viagens corporativas

Métricas de desempenho do canal corporativo:

• Receita total de reservas corporativas: US $ 24,3 milhões em 2023
• Duração média da estadia corporativa: 2,4 noites
• Taxa de retenção de clientes corporativos: 78%

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de negócios: segmentos de clientes

Viajantes de negócios

A partir do quarto trimestre 2023, Braemar Hotels & O Resorts possui 14 hotéis premium com um apelo significativo em viagens de negócios.

Característica do segmento	Dados estatísticos
Receita média de viajantes de negócios por quarto	$285.67
Porcentagem de viajantes de negócios no portfólio	42.3%
Duração média de estadia	2,4 noites

Viajantes de lazer de luxo

Braemar se concentra em destinos de lazer de luxo com locais estratégicos de propriedades.

Característica do segmento	Dados estatísticos
Receita de viajante de lazer de luxo	US $ 78,4 milhões em 2023
Taxa média de quarto de luxo	US $ 512 por noite
Porcentagem de viajantes de lazer	37.6%

Eventos corporativos e participantes da conferência

• Total de espaços de conferência: 22 em todo o portfólio
• Receita média da conferência: US $ 1,2 milhão anualmente
• Taxa de reserva de eventos corporativos: ocupação de 68%

Viajantes individuais de alto patrimônio líquido

Característica do segmento	Dados estatísticos
Gastos médios de alta rede de rede	US $ 1.875 por estadia
Porcentagem de viajantes de alta rede	20.1%
Receita total de alta rede	US $ 45,6 milhões em 2023

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

A partir do quarto trimestre 2023, Braemar Hotels & A Resorts Inc. relatou os seguintes detalhes de aquisição de propriedades:

Categoria de propriedade	Investimento total	Número de propriedades
Resorts de luxo	US $ 412,5 milhões	8 propriedades
Hotéis de luxo superior	US $ 276,3 milhões	12 propriedades

Custos contínuos de manutenção e renovação

Despesas anuais de manutenção e renovação para 2023:

• Orçamento total de manutenção: US $ 24,6 milhões
• Investimento de renovação: US $ 18,3 milhões
• Custo médio de renovação por propriedade: US $ 1,53 milhão

Salários de pessoal e gerenciamento

Categoria de funcionários	Despesas salariais anuais	Total de funcionários
Gestão executiva	US $ 3,2 milhões	7 executivos
Equipe corporativa	US $ 8,7 milhões	95 funcionários
Equipe de operações do hotel	US $ 42,5 milhões	1.150 funcionários

Investimentos de tecnologia e infraestrutura operacional

Gastos de infraestrutura de tecnologia para 2023:

• Investimento em tecnologia total: US $ 6,8 milhões
• Computação em nuvem e infraestrutura digital: US $ 2,3 milhões
• Sistemas de segurança cibernética: US $ 1,5 milhão
• Software de gerenciamento de propriedades: US $ 1,2 milhão
• Tecnologia da experiência do hóspede: US $ 1,8 milhão

Hotéis Braemar & Resorts Inc. (BHR) - Modelo de negócios: fluxos de receita

Receita de quarto das operações do hotel

De acordo com o relatório anual de 2022 da empresa, Braemar Hotels & Os resorts geraram receita total de quartos de US $ 161,3 milhões. O portfólio consiste em 12 hotéis premium, com 5.124 quartos no total nos Estados Unidos.

Categoria de hotel	Número de hotéis	Total de quartos	Taxa média diária (ADR)
Propriedades de luxo	7	2,876	$385.67
Propriedades de luxo superior	5	2,248	$312.45

Vendas de alimentos e bebidas

A receita de alimentos e bebidas para 2022 totalizou US $ 42,6 milhões, representando aproximadamente 26% da receita total do hotel.

• Receita média de alimentos e bebidas por sala disponível: US $ 83,24
• Porcentagem da receita total de F&B: 26,4%
• Total de tomadas de F&B em todo o portfólio: 24 restaurantes e bares

Hospedagem de eventos e conferências

A receita de eventos e conferências em 2022 atingiu US $ 23,7 milhões, com um espaço médio de eventos de 15.000 pés quadrados por propriedade.

Tipo de evento	Número de eventos	Receita total	Receita média de eventos
Conferências corporativas	276	US $ 14,2 milhões	$51,449
Casamento e eventos sociais	412	US $ 9,5 milhões	$23,058

Taxas de gerenciamento de propriedades e otimização de ativos

Em 2022, Braemar gerou US $ 5,4 milhões em serviços de gerenciamento de propriedades e otimização de ativos.

• Contratos de gerenciamento de terceiros: 3 propriedades adicionais
• Porcentagem de taxa de gerenciamento de ativos: 3% da receita bruta
• Receita total da gestão externa: US $ 5,4 milhões

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.