Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 24

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 24
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 regarding The Ritz-Carlton Lake Tahoe since 2022:

Year Ended December 31, 202420232022Rooms170 170 170 Occupancy52.2 %50.7 %56.2 %ADR$761.68 $731.00 $837.16 RevPAR$397.33 $370.79 $470.61 

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The above information does not include the operations of the voluntary rental program with respect to condominium units not owned by the Company.

16

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

Year Ended December 31, 202420232022Total Revenue$48,764 $50,282 $52,561 Rooms Revenue (1)26,612 23,008 26,334 Hotel net income(9,085)(4,690)5,020 Hotel net income margin(18.6)%(9.3)%9.6 %Hotel EBITDA (2)5,087 6,082 11,383 Hotel EBITDA Margin (2)10.4 %12.1 %21.7 %

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(1)     Rooms revenue does not include the operations of the voluntary rental program with respect to condominium units not owned by the Company.

(2)     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.

Cameo Beverly Hills, Beverly Hills, California 

On August 5, 2021, the Company acquired a 100% interest in the 138-room Cameo Beverly Hills (formerly known as the Mr. C Beverly Hills Hotel) and five luxury residences adjacent to the hotel. Approximately $5.3 million has been spent on capital expenditures since the acquisition.

The Cameo Beverly Hills was built in 1965 and underwent an extensive renovation in 2011. It has 138 luxurious and spacious rooms, including 12 suites and 10 mini suites. It is a luxury hotel ideally located in close proximity to high-end shopping on Rodeo Drive and business demand from Century City and Culver City.

On August 1, 2023, the Company announced the rebranding and planned conversion of the hotel to the Cameo Beverly Hills.