Braemar Hotels & Resorts Business Summary

Braemar Hotels & Resorts Inc. (BHR) operates as a specialized real estate investment trust (REIT) that generates revenue primarily through room rentals, food and beverage sales, and ancillary services at high-end lodging properties. The company’s business model is centered on the ownership of luxury and upper-upscale hotels and resorts, with a strategic focus on assets that achieve a Revenue Per Available Room (RevPAR) significantly higher than the industry average. Its portfolio is segmented into luxury destination resorts, which contribute approximately 75% of its EBITDA, and urban luxury hotels located in high-barrier-to-entry gateway markets. Within the competitive landscape, Braemar contends with peers such as Xenia Hotels & Resorts (XHR), DiamondRock Hospitality (DRH), Pebblebrook Hotel Trust (PEB), and RLJ Lodging Trust (RLJ). Braemar distinguishes itself as a high-RevPAR leader in the small-cap lodging REIT sector, prioritizing asset quality and premium pricing over portfolio scale. The company is led by Founder and Chairman Monty J. Bennett, a prominent figure in the hospitality industry who also leads Ashford Inc., the firm’s external advisor. The executive leadership team is headed by President and CEO Richard J. Stockton, who joined in 2016 bringing over 15 years of investment banking experience from Morgan Stanley, where he served as Managing Director and head of EMEA Real Estate Banking. Supporting him are Deric S. Eubanks, a CFA who serves as Chief Financial Officer and Treasurer with extensive experience in corporate finance and capital markets, and Jim Plohg, who was appointed Executive Vice President, General Counsel, and Secretary in December 2025. The company’s board includes notable independent directors such as Stefani Carter and recent appointees Bob Ghassemieh and Kellie Sirna. Major institutional backing is provided by prominent investors including Vanguard Group, BlackRock, Russell Investments, and Invesco, reflecting a shareholder base concentrated in institutional asset management.