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Blackwells Capital Releases "Life After Ashford," an Independent Analysis of Braemar Hotels & Resorts' Go-Forward Portfolio

BHR
  • Blackwells Capital released an independent analysis titled "Life After Ashford" evaluating Braemar Hotels & Resorts following its October 8, 2026, portfolio update & full-year 2027 outlook.
  • Braemar has completed the termination of its advisory agreement with Ashford Inc. & is transitioning to a self-managed REIT structure.
  • During 2026, Braemar sold or contracted approximately $1.18 billion in assets at a blended capitalization rate of 6.7% & an average of $1.2 million per key.
  • The Special Committee renegotiated the sale fee with Ashford, reducing the amount owed by approximately $94.3 million.
  • The remaining go-forward portfolio consists of seven luxury hotels with 2,062 keys that generated $381 million in revenue & $88 million in Hotel EBITDA for the twelve months ended June 30, 2026.
  • Corporate general & administrative expenses are expected to decrease from approximately $42 million to $15 million annually as advisory fees end.
  • Braemar has guided to full-year 2027 Adjusted EBITDAre of $85 million to $90 million & a net debt to gross assets ratio of approximately 36%, down from 50%.
  • The market currently values Braemar's equity at approximately $90 million, representing roughly 10.3x the midpoint of the 2027 Adjusted EBITDAre outlook & $437,000 per key.
  • Blackwells estimates the intrinsic value of Braemar shares to be between $2.45 & $5.13, with an average of $3.94, which is roughly 3.3 times the current share price of $1.21.
  • Blackwells supports the separation completion & encourages shareholders to evaluate the self-managed company based on its actual results & financial data.