Braemar Hotel & Resorts Inc

What Braemar Hotel & Resorts Inc does

Braemar Hotels & Resorts Inc (NYSE: BHR) is a publicly traded real estate investment trust founded in 2013 as a spinoff from Ashford Hospitality Trust and headquartered in Dallas, Texas. The company invests in full-service luxury and upper-upscale hotels and resorts with a stated target of acquiring properties generating revenue per available room (RevPAR) at least twice the U.S. national average. As of mid-2026, the portfolio comprised 14 hotel properties operating under prestigious global brands including Four Seasons, Ritz-Carlton, Hilton, Marriott, Sofitel, and Park Hyatt, distributed across key U.S. markets (Washington D.C., Chicago, Scottsdale, Key West, Beverly Hills, Seattle, Sarasota, Lake Tahoe, Yountville, Philadelphia, La Jolla) and Caribbean destinations (St. Thomas, Puerto Rico).

The business model generates revenue from three streams: hotel operations (room rentals, food and beverage, event spaces, and guest services at owned properties), strategic asset sales (including The Clancy in San Francisco for $115 million in February 2026 and Park Hyatt Beaver Creek for $176 million in June 2026), and distributions to common and preferred shareholders ($0.05 quarterly common dividend, approximately 9.62% preferred yield). The company was externally advised by Ashford Inc. through its subsidiary Ashford Hospitality Advisors LLC under a long-term advisory agreement, but announced in June 2026 its transition to a self-managed REIT structure, terminating the Ashford advisory relationship amid significant shareholder activism from Al Shams Investments (9.5% holder) and other dissidents.

Braemar is undergoing a strategic restructuring that includes near-total board reconstitution with five new independent directors, deleveraging through asset sales, and a $25 million-plus annual G&A cost reduction from self-management. The company faces material governance challenges, a $480 million-plus advisory termination payment obligation, and a stock price that has declined approximately 90% since the 2013 separation. Day-to-day hotel operations are delegated to external property management companies and brand operators, meaning Braemar's economic model is that of a real estate owner and capital allocator rather than an operator.

Name

Braemar Hotel & Resorts Inc

Legal name

Braemar Hotels & Resorts Inc.

Website

https://bhrreit.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Braemar Hotels & Resorts Inc (NYSE: BHR) is a publicly traded REIT that owns 14 luxury and upper-upscale hotel properties under brands including Four Seasons, Ritz-Carlton, Hilton, and Marriott across the U.S. and Caribbean, currently transitioning to self-management while divesting assets to fund advisory termination costs.

Ownership category

akta.pro rank

Product category

Luxury Hotel REIT

NAICS

Hotels (except Casino Hotels) and Motels (72111), Trusts, Estates, and Agency Accounts (52592), Traveler Accommodation (7211), Accommodation (721), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798), Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Hotels & Motels (7011)

akta.pro primary industry

Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

akta.pro secondary industries

Luxury Boutique & Lifestyle Resorts (THAGACAO), Beachfront & Island Luxury Resorts (THAGACAA), Luxury Wellness & Spa Resorts (THAGACAG), Resort-Area Full-Service Hotels (Non–All-Inclusive) (THAGAAAD), Hospitality (Hotel) Property Management (BPAJAGAG)

Keywords

• Luxury hotel REIT
• Hospitality real estate
• Hotel property investment
• Upscale resort ownership
• RevPAR-focused REIT

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Hotel Operations Revenue: Primary revenue stream from ownership of 14 luxury and upper-upscale hotels and resorts. Revenue is generated through room rentals, food and beverage, event spaces, and other guest services at owned properties. Properties include brands such as Four Seasons, Ritz-Carlton, Hilton, Marriott, Sofitel, and independent boutique hotels.
2. Asset Sales: Revenue generated from the strategic sale of hotel properties. Recent transactions include The Clancy in San Francisco sold for $115 million in February 2026 and Park Hyatt Beaver Creek Resort & Spa sold for $176 million in June 2026.
3. Dividend Payments: The company distributes dividends to common and preferred shareholders. Common stock dividend is $0.05 quarterly. Preferred stock yields are approximately 9.62%.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Braemar Hotels & Resorts Inc is a publicly traded real estate investment trust (REIT) that invests in and owns full-service luxury, upper-upscale, and upscale hotels and resorts anticipated to generate RevPAR at least twice the U.S. national average. The company owns a portfolio of 14 properties operated under prestigious brands including Four Seasons, Ritz-Carlton, Hilton, Marriott, Sofitel, Park Hyatt, and independent boutique hotels, generating revenue through room rentals, food and beverage, event spaces, and other guest services.

Product overview

Braemar Hotels & Resorts Inc is a single-entity REIT (Real Estate Investment Trust) focused on investing in luxury hotels and resorts. The company operates as a unified investment vehicle with a portfolio of full-service luxury hotel properties that generate high RevPAR (Revenue per Available Room). The core offering is the company's investment portfolio, which includes individual luxury properties across prestigious brands including Ritz-Carlton, Four Seasons, Hilton, Sofitel, Park Hyatt, and independent luxury hotels. The company is externally advised by Ashford Hospitality Advisors LLC and is listed on the NYSE under the symbol BHR.

Differentiator

Problem solved

Functional benefit

Products and services

• Luxury Hotel & Resort Investment Portfolio REIT investment portfolio of full-service luxury and upper-upscale hotels and resorts owned by Braemar Hotels & Resorts Inc. The portfolio targets properties anticipated to generate RevPAR of at least twice the current U.S. national average, offering shareholders exposure to high-end hospitality real estate through a publicly traded investment vehicle. Day-to-day operations are managed by external property management companies operating under brand franchises.

Quantifiable outcome

• $176 million
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Ashford Inc.coreStrategic or Co-development PartnerAshford Inc. was the external advisor to Braemar Hotels & Resorts through its subsidiary Ashford Hospitality Advisors LLC. The company operated under a 10-year advisory agreement extension through 2037. Braemar was in the process of terminating this advisory agreement as part of its transition to a self-managed REIT. The advisory agreement termination fees were valued at approximately $480 million with master agreement fees of $25 million. Annual advisory costs were approximately $30 million. Monty J. Bennett serves as Chairman of the Board for Ashford Inc. while also holding the founder position at Braemar.
• Robert W. Baird & Co.coreImplementation/ SI/ Consulting PartnerRobert W. Baird & Co. served as financial advisor to Braemar Hotels & Resorts in connection with the company's transition to a self-managed REIT model and termination of the advisory agreement with Ashford Inc.
• White & Case LLPminorImplementation/ SI/ Consulting PartnerWhite & Case LLP served as legal counsel to Braemar Hotels & Resorts, providing legal advice on corporate matters including the transition to self-management.
• Ferguson PartnersminorImplementation/ SI/ Consulting PartnerFerguson Partners provided board search and recruitment services to Braemar Hotels & Resorts for board reconstitution as part of the transition to self-management.
• Jackson Walker LLPminorImplementation/ SI/ Consulting PartnerJackson Walker LLP served as legal counsel to Braemar Hotels & Resorts on the sale of Park Hyatt Beaver Creek Resort & Spa.
• JLL (Jones Lang LaSalle)minorImplementation/ SI/ Consulting PartnerJLL was retained as broker by Braemar Hotels & Resorts for the potential sale of Sofitel Chicago Magnificent Mile property.

Scale indicators10 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Hersha Hospitality Trust: Hersha Hospitality Trust is a smaller lodging REIT focused on luxury, lifestyle, and upscale hotels in urban and resort markets. Its boutique luxury urban/resort positioning and small-cap REIT profile are comparable to Braemar's luxury resort focus.
• Ryman Hospitality Properties: Ryman Hospitality Properties owns a portfolio of large group-oriented luxury and upper-upscale hotels, including the Gaylord Hotels brand. Its concentration in luxury meeting-and-event-driven resorts positions it as a comparable for Braemar's group and resort exposure.
• DiamondRock Hospitality Company: DiamondRock Hospitality is a self-advised lodging REIT that owns 36 premium full-service hotels with a focus on urban, resort, and gateway market properties. Its full-service, premium-brand strategy and similar resort positioning make it a close comparable.
• Park Hotels & Resorts: Park Hotels & Resorts is a NYSE-listed lodging REIT spun off from Hilton Worldwide in 2017, focused on upper-upscale and luxury hotels. It is the closest direct comparable to Braemar given similar luxury/upper-upscale positioning, REIT structure, and spinoff heritage, though its portfolio skews toward convention-center and resort assets.
• Pebblebrook Hotel Trust: Pebblebrook is a publicly traded REIT focused on upper-upscale, luxury, and resort urban and coastal hotels across major U.S. markets. Its portfolio composition and high-RevPAR urban/coastal resort strategy closely mirrors Braemar's luxury resort focus and makes it a direct comparable.
• RLJ Lodging Trust: RLJ Lodging Trust is a self-advised REIT focused on acquiring and investing in upscale, upper-midscale, and focused-service hotels. It operates as a publicly traded lodging REIT with a similar capital structure and dividend-driven model as Braemar.
• Sunstone Hotel Investors: Sunstone Hotel Investors is a REIT that owns upper-upscale and luxury hotels operated under leading brands such as Marriott, Hilton, Hyatt, and Four Seasons. Its long-duration owned-real-estate model and brand mix are highly comparable to Braemar's structure.

Broad incumbents

• Ashford Hospitality Trust: Ashford Hospitality Trust is the sister REIT spun off from the same Ashford ecosystem and externally advised by Ashford Inc. While it focuses on upper-midscale and upper-upscale rather than luxury, its shared sponsor, shared management team, and shared advisory agreement economics make it a structurally related peer.
• Host Hotels & Resorts: Host Hotels & Resorts is the largest publicly traded lodging REIT with a diversified portfolio of upper-upscale and luxury properties. While much larger and broader in scale, it competes for capital, talent, and high-end hotel acquisitions in the same luxury real estate asset class as Braemar.

Emerging players

• Condor Hospitality Trust: Condor Hospitality Trust was a smaller lodging REIT focused on premium-branded select-service and extended-stay hotels. Though not luxury-focused, it serves as a comparable small-cap lodging REIT benchmark for capital structure, dividend policy, and investor base dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/braemar-hotels-resorts

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Braemar Hotel & Resorts Inc