Braemar Hotels & Resorts — Third Quarter 2026 Earnings Summary

Braemar Hotels & Resorts reported a net loss of $240.9 million for the third quarter of 2026, primarily driven by a $480 million termination fee paid to an external advisor. Despite the net loss, the company's comparable RevPAR surged 14.4% to $284, marking the second-highest quarterly growth in its history, while comparable Hotel EBITDA rose 20.7% to $12.9 million. The portfolio's performance was bolstered by significant sales of four properties, including the Four Seasons Resort Scottsdale, which closed in October 2026, and the refinancing of the Ritz-Carlton Lake Tahoe mortgage to extend debt maturity until December 2028.