Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 22

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 22
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 on Sarasota Bay in downtown Sarasota, the property, with its premier location, luxury-brand affiliation and world-class amenities, is positioned as the leading resort in one of country’s fastest growing markets. Sarasota, located approximately 60 miles south of Tampa, is a popular and growing upscale, year-round destination on the west coast of Florida. Beyond the first-class hotel experience, guests have easy access to the Sarasota area’s many amenities and activities, including exceptional dining and shops, art galleries, beaches, museums, boating, fishing, and golfing.

Operating History. The following table shows certain historical information regarding The Ritz-Carlton Sarasota since 2022:

Year Ended December 31,202420232022Rooms276 276 276 Occupancy62.5 %63.0 %74.5 %ADR$580.22 $587.54 $617.66 RevPAR$362.38 $370.04 $459.97 

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Selected Financial Information. The following table shows certain selected financial information regarding The Ritz-Carlton Sarasota since 2022 (dollars in thousands):

Year Ended December 31,202420232022Total Revenue$86,764 $85,520 $98,364 Rooms Revenue36,607 37,278 46,210 Hotel net income13,728 11,171 17,641 Hotel net income margin15.8 %13.1 %17.9 %Hotel EBITDA (1)21,924 22,381 30,377 Hotel EBITDA Margin (1)25.3 %26.2 %30.9 %

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(1)    See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for a reconciliation of net income (loss) to Hotel EBITDA by property. 

The Ritz-Carlton, Lake Tahoe, California

On January 15, 2019, we acquired a 100% interest in the 170-room Ritz-Carlton Lake Tahoe located in Truckee, California for $120.0 million. Approximately $44.1 million has been spent on capital expenditures since the acquisition of the hotel in January 2019. In 2023, the guestrooms were completely renovated and the Alpine Exchange, a new retail shop and market, was added