BHR · Braemar Hotels & Resorts Inc.

Braemar Hotels & Resorts' Q1 2026 results demonstrated resilient performance amid mixed segment dynamics, with comparable RevPAR rising 5.7% year-over-year to $480.8 driven by stable 64.5% occupancy and 5.7% ADR growth to $745. Total hotel revenue increased 5.4% to $211.6 million, while Hotel EBITDA surged 13.7% to $75.5 million, expanding margins by 260 basis points to 35.7% through operational efficiencies. Resorts led with 8.0% RevPAR growth, boosted by strong performers like Ritz-Carlton Reserve Dorado Beach and Ritz-Carlton Sarasota, while urban properties faced 5.6% RevPAR decline but remained 26.1% above Q1 2020 levels. AFFO reached $0.52 per diluted share, the highest quarterly figure in five years and up 30% YoY, reflecting improved cash generation. Balance sheet actions included redeeming $17 million of non-traded preferred stock and $12.1 million in Capex, maintaining net debt to gross assets at a manageable 43.4%. The presentation highlights luxury and resort exposure, with 73.9% transient demand supporting EBITDA, positioning the 13-hotel portfolio for sustained recovery as industry RevPAR exceeds 2019 levels and luxury segments forecast growth.