On this page of StockholderLetter.com we present the latest annual shareholder letter from Braemar Hotels & Resorts Inc. — ticker symbol BHR. Reading current and past BHR letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
Dear Fellow Shareholders, 2024 was a transitional year for Braemar and for the luxury lodging industry overall. Inflationary pressures eased meaningfully. And while interest rates remained elevated, limited hotel construction supported healthy supply-demand dynamics across our markets. As post-pandemic resort demand normalized, urban hotels gained strength, international travel accelerated (albeit temporarily), and corporate and group business returned in earnest. In this environment, we delivered steady results, managed our balance sheet with discipline, and positioned the Company for renewed growth. Portfolio Performance in 2024 For the year, comparable RevPAR was $317, with ADR of $473 and occupancy of 67.0%, up about 200 basis points from 2023. We generated Adjusted EBITDAre of $157.6 million and Comparable Hotel EBITDA of $179.0 million, while investing $70.6 million in capital projects across our portfolio. At year-end, cash and restricted cash totaled $185.1 million, with net debt to gross assets of 40.8%. Our current 14-hotel portfolio of 3,438 rooms in premier U.S. urban and resort markets, as well as Puerto Rico and the U.S. Virgin Islands, gives us a unique competitive position. Approximately 75% of our business is transient, with 23% group, reflecting our emphasis on high-rated leisure and strengthening corporate segments. Balance Sheet & Capital Structure We also continued to strengthen our capital structure. In early 2025, we extended the RitzCarlton Lake Tahoe mortgage to January 2026 with a $10 million paydown and closed a $363 million mortgage across five hotels at an approximate 49% loan-to-value. The Board declared a quarterly dividend of $0.05 per share throughout 2024 and set a 2025 policy at the same level, consistent with our commitment to sustainable shareholder returns. 2025 Momentum Encouragingly, RevPAR returned to growth in the fourth quarter, and momentum accelerated in January 2025 with portfolio RevPAR up 14%, or 10% excluding inaugurationdriven demand in Washington, D.C. We also continued to strengthen our capital structure. Performance so far in 2025 has been encouraging. Year-to-date through June 30, portfolio RevPAR grew 2.9%, significantly outpacing the broader U.S. hotel industry s RevPAR growth of 0.8%, according to STR. This outperformance underscores the strength of our high-quality luxury portfolio, which continues to deliver premium results across both resort and urban markets. Also, during 2024 and year-to-date 2025, we sold two assets, namely the Marriott Seattle Waterfront and the Hilton La Jolla Torrey Pines, and have entered into an agreement to sell
The Clancy. These strategic sales continued to hone our focus on the ownership of luxury hotel assets, while continuing to strengthen our balance sheet with the associated debt repayments. Lastly, due to persistent undervaluation in the public stock markets, our Board resolved to initiate a Company Sale Process in an attempt to maximize shareholder value. While this process is likely to take several months to resolve, further announcements should be coming in 2026. Outlook & Closing Looking forward, our portfolio remains strong. We see solid forward bookings and healthy group calendars creating a favorable environment for our portfolio. With a high-quality collection of luxury hotels, disciplined balance sheet management, and a clear focus on shareholder value, Braemar is well positioned to build on this momentum through the balance of 2025. Thank you for your continued support. Richard J. Stockton President & Chief Executive Officer
Gallery The Ritz-Carlton Lake Tahoe Truckee, CA The Notary Hotel The Capital Hilton Washington, DC Philadelphia, PA Hotel Yountville Bardessono Hotel and Spa The Ritz-Carlton Reserve Dorado Beach Cameo Beverly Hills Park Hyatt Beaver Creek The Ritz-Carlton St. Thomas Yountville, CA Beverly Hills, CA Yountville, CA Beaver Creek, CO Dorado, Puerto Rico St. Thomas, USVI
 • shareholder letter icon 10/31/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/3/2023 BHR Stockholder Letter
 • stockholder letter icon 6/18/2024 BHR Stockholder Letter
 • stockholder letter icon More "Hotels" Category Stockholder Letters
 • Benford's Law Stocks icon BHR Benford's Law Stock Score = 95


BHR Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT


Dear Fellow Shareholders,
2024 was a transitional year for Braemar and for the luxury lodging industry overall.
Inflationary pressures eased meaningfully. And while interest rates remained elevated,
limited hotel construction supported healthy supply-demand dynamics across our
markets. As post-pandemic resort demand normalized, urban hotels gained strength,
international travel accelerated (albeit temporarily), and corporate and group business
returned in earnest. In this environment, we delivered steady results, managed our
balance sheet with discipline, and positioned the Company for renewed growth.
Portfolio Performance in 2024
For the year, comparable RevPAR was $317, with ADR of $473 and occupancy of 67.0%, up
about 200 basis points from 2023. We generated Adjusted EBITDAre of $157.6 million and
Comparable Hotel EBITDA of $179.0 million, while investing $70.6 million in capital
projects across our portfolio. At year-end, cash and restricted cash totaled $185.1 million,
with net debt to gross assets of 40.8%.
Our current 14-hotel portfolio of 3,438 rooms in premier U.S. urban and resort markets, as
well as Puerto Rico and the U.S. Virgin Islands, gives us a unique competitive position.
Approximately 75% of our business is transient, with 23% group, reflecting our emphasis
on high-rated leisure and strengthening corporate segments.
Balance Sheet & Capital Structure
We also continued to strengthen our capital structure. In early 2025, we extended the RitzCarlton Lake Tahoe mortgage to January 2026 with a $10 million paydown and closed a
$363 million mortgage across five hotels at an approximate 49% loan-to-value.
The Board declared a quarterly dividend of $0.05 per share throughout 2024 and set a 2025
policy at the same level, consistent with our commitment to sustainable shareholder
returns.
2025 Momentum
Encouragingly, RevPAR returned to growth in the fourth quarter, and momentum
accelerated in January 2025 with portfolio RevPAR up 14%, or 10% excluding inaugurationdriven demand in Washington, D.C. We also continued to strengthen our capital structure.
Performance so far in 2025 has been encouraging. Year-to-date through June 30, portfolio
RevPAR grew 2.9%, significantly outpacing the broader U.S. hotel industry   s RevPAR
growth of 0.8%, according to STR. This outperformance underscores the strength of our
high-quality luxury portfolio, which continues to deliver premium results across both resort
and urban markets.
Also, during 2024 and year-to-date 2025, we sold two assets, namely the Marriott Seattle
Waterfront and the Hilton La Jolla Torrey Pines, and have entered into an agreement to sell

The Clancy. These strategic sales continued to hone our focus on the ownership of luxury
hotel assets, while continuing to strengthen our balance sheet with the associated debt
repayments.
Lastly, due to persistent undervaluation in the public stock markets, our Board resolved to
initiate a Company Sale Process in an attempt to maximize shareholder value. While this
process is likely to take several months to resolve, further announcements should be
coming in 2026.
Outlook & Closing
Looking forward, our portfolio remains strong. We see solid forward bookings and healthy
group calendars creating a favorable environment for our portfolio. With a high-quality
collection of luxury hotels, disciplined balance sheet management, and a clear focus on
shareholder value, Braemar is well positioned to build on this momentum through the
balance of 2025.
Thank you for your continued support.
Richard J. Stockton
President & Chief Executive Officer

Gallery
The Ritz-Carlton Lake Tahoe
Truckee, CA
The Notary Hotel
The Capital Hilton
Washington, DC
Philadelphia, PA
Hotel Yountville
Bardessono Hotel and Spa
The Ritz-Carlton Reserve Dorado Beach
Cameo Beverly Hills
Park Hyatt Beaver Creek
The Ritz-Carlton St. Thomas
Yountville, CA
Beverly Hills, CA
Yountville, CA
Beaver Creek, CO
Dorado, Puerto Rico
St. Thomas, USVI



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