Braemar Hotels & Resorts Inc Dossier
Qualitative Analysis
Business overview
Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. As of May 31, 2026, the company was externally advised by Ashford Hospitality Advisors LLC, though it was undergoing a strategic review process amid significant activist investor pressure regarding its external management structure, high leverage, and the potential termination fees associated with its advisory agreement.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Terminating the Fifth Amended and Restated Advisory Agreement with Ashford Inc. and its affiliates to eliminate the external advisory relationship, directly hire employees, and establish an in-house management team.
Expected impact: Expected to reduce general and administrative costs by more than $25 million annually and provide greater flexibility in pursuing future growth and capital allocation.
Focusing the portfolio on a highly concentrated group of approximately six to eight luxury properties across the U.S. and the Caribbean with a gross asset value of over $1 billion.
Expected impact: A more focused business generating $300 million to $350 million in annual revenue with higher operational efficiency and stronger margin profiles.