Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 279

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 279
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 Rico. Our taxable entities in Puerto Rico operate under a tax holiday which is effective through April 2, 2028. The tax holiday is conditional upon meeting certain employment and investment thresholds. The impact of this tax holiday decreased current foreign taxes by $1.7 million, $4.0 million and $2.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. The benefit of this tax holiday on net income (loss) per share was approximately $0.02, $0.06 and $0.04 for the years ended December 31, 2024, 2023 and 2022, respectively.

21. Intangible Assets, net 

Intangible assets, net consisted of the following (in thousands):December 31,20242023Cost$5,682 $5,682 Accumulated amortization(2,557)(2,178)$3,125 $3,504 Intangible assets include the customer relationships associated with The Ritz-Carlton Sarasota acquisition on April 4, 2018. The customer relationships are being amortized over the 15 year expected life.For the years ended December 31, 2024, 2023 and 2022, amortization expense related to intangible assets was $379,000, $379,000 and $378,000, respectively.Estimated future amortization expense for intangible assets, net for each of the next five years and thereafter is as follows (in thousands):Intangible Assets, net2025$379 2026379 2027379 2028379 2029379 Thereafter1,230 Total$3,125 

22. Concentration of Risk

Our investments are all concentrated within the hotel industry. All of our hotel properties are located within the U.S. and its territories. For the year ended December 31, 2024, The Ritz-Carlton St. Thomas, The Ritz-Carlton Sarasota and The Ritz-Carlton Reserve Dorado Beach generated revenues in excess of 10% of total hotel revenue amounting to approximately 33% of total hotel revenue.Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions that are in excess of the FDIC insurance limits of $250,000 and amounts due or payable under our derivative