Company: BHR-PD
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001574085-25-000092
Chunk: 112

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 2
Chunk 112
---
 the one disposed hotel property.

Management Fees. Base management fees decreased $593,000, or 4.5%, to $12.5 million in the 2025 period compared to the 2024 period. Management fees decreased $315,000 at six comparable hotel properties and $777,000 due to the sale of Hilton La Jolla Torrey Pines. These decreases were partially offset by an aggregate increase of $499,000 at The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale, The Clancy, The Notary Hotel, Marriott Seattle Waterfront, Pier House Resort & Spa, Capital Hilton, Bardessono Hotel and Spa and The Ritz-Carlton Lake Tahoe.

Property Taxes, Insurance and Other. Property taxes, insurance and other decreased $2.4 million, or 11.6%, to $18.4 million in the 2025 period compared to the 2024 period. This decrease is primarily attributable to a decrease of $1.6 million due to the sale of Hilton La Jolla Torrey Pines and an aggregate decrease of $1.5 million at nine comparable hotel properties. These decreases were partially offset by an aggregate increase of approximately $680,000 at six comparable hotel properties.

43

Depreciation and Amortization. Depreciation and amortization decreased $3.4 million, or 6.7%, to $46.8 million for the 2025 period compared to the 2024 period. This decrease is comprised of a decrease of $2.1 million due to the sale of Hilton La Jolla Torrey Pines and an aggregate decrease of $5.3 million at The Ritz-Carlton St. Thomas, Capital Hilton, The Clancy, The Notary Hotel, Pier House Resort & Spa, Marriott Seattle Waterfront and Sofitel Chicago Magnificent Mile. These decreases were partially offset by an aggregate increase of $4.0 million at eight comparable hotel properties.

Advisory Services Fee. Advisory services fee decreased $726,000, or 5.0%, to $13.8 million in the 2025 period compared to the 2024 period due to lower equity-based compensation of $2.1 million and a lower incentive fee of $378,000, partially offset by higher reimbursable expenses of $1.4 million and a higher base advisory fee of $390,000.

In the 2025 period, we recorded an advisory services fee of $13.