Company: BHR-PD
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001574085-25-000051
Chunk: 91

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 91
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 Furniture, fixtures and equipment164,731 158,470 Construction in progress20,121 20,420 Residences12,746 12,746 Total cost2,257,665 2,252,574 Accumulated depreciation(487,720)(473,888)Investments in hotel properties, net$1,769,945 $1,778,686 

Impairment ChargesDuring the three months ended March 31, 2025 and 2024, 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 

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

repaid the $66.6 million mortgage loan secured by the hotel property. The sale resulted in a gain of approximately $88.1 million for the year ended December 31, 2024. We included the results of operations for this hotel property through the date of disposition in net income (loss) as shown in our condensed consolidated statements of operations for the three months ended March 31, 2024. The following table includes the condensed consolidated financial information from this hotel property (in thousands):Three Months Ended March 31, 2024Total hotel revenue$11,740 Total hotel operating expenses(7,193)Property taxes, insurance and other(789)Depreciation and amortization(1,090)Operating income (loss)2,668 Interest income100 Interest expense and amortization of loan costs(1,692)Write-off of loan costs and exit fees(101)Income (loss) before income taxes975 Income from consolidated entities attributable to noncontrolling interests(707)(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(21)Income (loss) before income taxes attributable to the Company$247 

6. Indebtedness, net

Indebtedness, net consisted of the following (dollars in thousands):IndebtednessCollateralCurrent MaturityFinal Maturity (9)Interest RateMarch 31, 2025December