Company: BHR-PD
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001574085-25-000024
Chunk: 231

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 8
Chunk 231
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 year ended December 31, 2024 and is included in “gain (loss) on disposition of assets and hotel property” in our consolidated statements of operations. Since the sale of the hotel property did not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in our consolidated financial statements. We included the results of operations for this hotel property through the date of disposition in net income (loss) as shown in our consolidated statements of operations for the year ended December 31, 2024, 2023 and 2022, respectively. The following table includes the consolidated financial information from this hotel property (in thousands):Year Ended December 31,202420232022Total hotel revenue$27,901 $50,714 $49,076 Total hotel operating expenses(17,194)(30,999)(29,336)Property taxes, insurance and other(1,704)(2,876)(2,532)Depreciation and amortization(2,328)(4,176)(4,118)Gain (loss) on disposition of assets and hotel property88,115 — — Operating income (loss)94,790 12,663 13,090 Interest income273 346 73 Interest expense and amortization of loan costs(3,856)(6,069)(3,202)Write-off of loan costs and exit fees(101)— (21)Income (loss) before income taxes91,106 6,940 9,940 Income from consolidated entities attributable to noncontrolling interests(27,995)(3,335)(3,419)(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(5,028)(247)(502)Income (loss) before income taxes attributable to the Company$58,083 $3,358 $6,019 

6. Investment in Unconsolidated Entity

OpenKey, Inc. (“OpenKey”), which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. As of December 31, 2024, the Company has made equity investments in OpenKey totaling $2.9 million. All investments were recommended by our Related Party Transactions Committee and unanimously approved by the independent members of our board of directors. Our