Company: BHR-PD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001574085-25-000130
Chunk: 77

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 77
---
 House Resort & Spa, Hotel Yountville and Capital Hilton.

43

Property Taxes, Insurance and Other. Property taxes, insurance and other decreased $4.2 million, or 13.6%, to $26.6 million in the 2025 period compared to the 2024 period. This decrease is primarily attributable to a decrease of $3.6 million due to the sales of Marriott Seattle Waterfront and Hilton La Jolla Torrey Pines and an aggregate decrease of $1.1 million at nine comparable hotel properties. These decreases were partially offset by an aggregate increase of approximately $478,000 at Park Hyatt Beaver Creek Resort & Spa, Capital Hilton, Bardessono Hotel and Spa, Four Seasons Resort Scottsdale and The Notary Hotel.

Depreciation and Amortization. Depreciation and amortization decreased $5.3 million, or 7.0%, to $69.9 million for the 2025 period compared to the 2024 period. This decrease is comprised of a decrease of $4.3 million due to the sales of Marriott Seattle Waterfront and Hilton La Jolla Torrey Pines and an aggregate decrease of $7.3 million at The Ritz-Carlton St. Thomas, Capital Hilton, The Clancy, The Notary Hotel, Bardessono Hotel and Spa and Sofitel Chicago Magnificent Mile. These decreases were partially offset by an aggregate increase of $6.3 million at eight comparable hotel properties.

Advisory Services Fee. Advisory services fee decreased $1.4 million, or 6.2%, to $21.7 million in the 2025 period compared to the 2024 period due to lower equity-based compensation of $2.4 million and a lower incentive fee of $1.4 million, partially offset by higher reimbursable expenses of $1.9 million and a higher base advisory fee of $424,000.

In the 2025 period, we recorded an advisory services fee of $21.7 million, which included a base advisory fee of $10.6 million, reimbursable expenses of $10.4 million, an incentive fee of $746,000 and a credit to expense of $24,000 associated with equity grants of our common stock and LTIP units awarded to the officers and employees of Ashford Inc. 

In the 2024 period, we recorded an advisory services fee of $23.2 million, which included a base advisory fee of