Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 270

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 270
---
2)Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement.(3)Represents nonrefundable work fees.(4)Recorded as a reduction of Series E and Series M Redeemable Preferred Stock proceeds.(5)Other hotel expenses include incentive hotel management fees and other hotel management costs.

143

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

The following table summarizes the components of due to Ashford Inc. (in thousands):Due to (from) Ashford Inc.CompanyProduct or ServiceDecember 31, 2024December 31, 2023Ashford LLCAdvisory services$1,536 $1,004 Ashford LLCCasualty Insurance1,044 608 Ashford LLCInsurance claims services— 1 INSPIREAudio visual services501 483 OpenKeyMobile key app— 5 Ashford SecuritiesContribution Agreement — (3,522)Ashford SecuritiesCapital raise services10 19 PremierDesign and construction services968 2,674 RED LeisureWatersports activities and travel/transportation services208 199 $4,267 $1,471 As of December 31, 2024, due to related parties, net included a net payable to Remington Hospitality of $1.1 million. As of December 31, 2023, due from related parties, net included a net payable to Remington Hospitality of $603,000. These amounts are primarily related to advances made by Braemar, accrued base and incentive management fees and casualty insurance premiums.

18. Commitments and Contingencies

Restricted Cash—Under certain management and debt agreements for our hotel properties existing at December 31, 2024, escrow payments are required for insurance, real estate taxes and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 3% to 5% of gross revenues for capital improvements.

Franchise Fees—We currently have one hotel property that operates under a franchise agreement with a 25-year term. The term begins upon the completion of conversion of the Cameo Beverly Hills. Under the terms of the agreement, we will pay (i) 3% of gross rooms revenue for the preceding calendar