Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 230

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 230
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 8,965 50,615 Florida273,629 34,068 24,771 132,468 Illinois124,829 7,150 1,656 33,635 Pennsylvania122,237 4,121 1,178 27,536 Washington121,445 3,619 1,321 26,385 Washington, D.C.129,877 13,276 1,960 45,113 USVI158,426 18,990 10,238 87,654 Sold hotel property127,880 15,685 5,511 49,076 Total16$431,515 $159,241 $78,829 $669,585 

4. Investments in Hotel Properties, net

Investments in hotel properties, net consisted of the following (in thousands):December 31, 2024December 31, 2023Land$630,842 $630,842 Buildings and improvements1,430,096 1,535,501 Furniture, fixtures and equipment158,470 166,673 Construction in progress20,420 36,954 Residences12,746 12,746 Total cost2,252,574 2,382,716 Accumulated depreciation(473,888)(498,508)Investments in hotel properties, net$1,778,686 $1,884,208 

For the years ended December 31, 2024, 2023 and 2022, depreciation expense was $98.2 million, $92.6 million and $78.0 million, respectively.

Impairment ChargesDuring the years ended December 31, 2024, 2023 and 2022, no impairment charges were recorded.

5. Hotel Disposition

On July 17, 2024, the Company sold the Hilton La Jolla Torrey Pines for $165 million in cash, subject to customary pro-rations and adjustments. The Company owned an indirect 75% equity interest in the hotel property. Additionally, the Company repaid the $66.6 million mortgage loan secured by the hotel property. 

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The sale resulted in a gain of approximately $88.1 million for the