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

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 12
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 Juniper Street and South Penn Square. The hotel is approximately 10 miles from Philadelphia International Airport.

Operating History. The following table shows certain historical information regarding The Notary Hotel since 2022:

Year Ended December 31,202420232022Rooms499 499 499 Occupancy67.0 %62.4 %55.9 %ADR$234.09 $230.59 $218.34 RevPAR$156.83 $143.97 $122.10 

Selected Financial Information. The following tables show certain selected financial information regarding The Notary Hotel since 2022 (dollars in thousands):

Year Ended December 31,202420232022Total Revenue$36,455 $33,117 $27,536 Rooms Revenue28,642 26,222 22,237 Hotel net income6,009 2,071 (505)Hotel net income margin16.5 %6.3 %(1.8)%Hotel EBITDA(1)11,949 10,317 7,673 Hotel EBITDA Margin (1)32.8 %31.2 %27.9 %

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(1)    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.

Sofitel Chicago Magnificent Mile, Chicago, Illinois

On February 24, 2014, we acquired a fee simple interest in the Sofitel Chicago Magnificent Mile. The hotel opened in 2002 and is comprised of 415 guest rooms, including 63 suites. Approximately $21.3 million has been spent on capital expenditures at the hotel since the acquisition of the hotel in 2014. The fitness center and lobby bar were extensively renovated in the first quarter of 2017. A comprehensive guest room and corridor renovation began in the fourth quarter of 2017 and was completed in the second quarter of 2018. A refresh of the lobby space was completed in February 2023.

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The 32-story building was designed by French architect Jean-Paul Viguier and has views of Lake Michigan and the Chicago skyline. It is located in the heart of the Gold Coast neighborhood, proximate to some of Chicago’s largest leisure demand generators, on the corner of Chestnut Street and Wabash Avenue.

Additional property highlights include:

•Meeting Space