Company: BHR-PD
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001574085-25-000092
Chunk: 192

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 192
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 properties and a decrease of $429,000 due to the sale of Hilton La Jolla Torrey Pines. These decreases were partially offset by higher direct expenses of $662,000 at The Ritz-Carlton Sarasota, Four Seasons Resort Scottsdale, The Ritz-Carlton Reserve Dorado Beach, The Ritz-Carlton St. Thomas, The Notary Hotel, Marriott Seattle Waterfront and Cameo Beverly Hills.

The decrease in indirect expenses is comprised of decreases in: (i) lease expense of $1.6 million comprising of a decrease of $1.7 million at the one disposed hotel property partially offset by an aggregate increase of $135,000 at our 15 comparable hotel properties; (ii) incentive management fees of $761,000 including $629,000 at our 15 comparable hotel properties and $132,000 at the one disposed hotel property; and (iii) marketing costs of $275,000 comprising an aggregate decrease of $1.9 million at the one disposed hotel property partially offset by an increase of $1.6 million at our 15 comparable hotel properties. These decreases were partially offset by increases in: (i) general and administrative costs of $928,000 comprising an aggregate increase of $2.6 million at our 15 comparable hotel properties partially offset by a decrease of $1.7 million at the one disposed hotel property; (ii) repairs and maintenance of $318,000 comprising an aggregate increase of $936,000 at our 15 comparable hotel properties partially offset by a decrease of $618,000 at the disposed hotel property; and (iii) energy costs of $6,000 comprising an aggregate increase of $906,000 at our 15 comparable hotel properties partially offset by a decrease of $900,000 at the one disposed hotel property.

Management Fees. Base management fees decreased $593,000, or 4.5%, to $12.5 million in the 2025 period compared to the 2024 period. Management fees decreased $315,000 at six comparable hotel properties and $777,000 due to the sale of Hilton La Jolla Torrey Pines. These decreases were partially offset by an aggregate increase of $499,000 at The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale, The Clancy, The Notary Hotel, Marriott Seattle Waterfront, Pier House Resort & Spa, Capital Hilton, Bardessono Hotel and Spa and The Ritz-Carlton Lake Tahoe.

Property Taxes