Braemar Hotels & Resorts is a REIT that owns a portfolio of 13 luxury hotels and resorts totaling 3,028 rooms across the U.S., Puerto Rico, and the U.S. Virgin Islands. Braemar targets properties generating RevPAR (revenue per available room) at least twice the U.S. national average, with a heavy emphasis on resort destinations — 9 of its 13 hotels are resorts. Flagship properties include The Ritz-Carlton Reserve Dorado Beach in Puerto Rico, the Four Seasons Resort Scottsdale, and The Ritz-Carlton St. Thomas. As a REIT, Braemar cannot operate hotels directly; instead, hotels are leased to taxable REIT subsidiaries, which hire third-party operators including Marriott/Ritz-Carlton, Four Seasons, Hyatt, and Hilton, as well as Remington Hospitality. Braemar is entirely externally managed by Ashford LLC, a subsidiary of Ashford Inc., which also owns Remington — creating a layered related-party structure. Braemar's revenue comes from hotel operating profits, driven primarily by ADR rather than occupancy given its luxury positioning. Beyond room revenue, ancillary services like food & beverage, spa, golf, and catering are a growing margin driver. Braemar carries roughly $1.1B in debt, predominantly floating-rate, making earnings sensitive to interest rates. Since August 2025, Braemar has been pursuing a sale of the entire company, and sold two non-core hotels in 2025 to reduce debt and sharpen the portfolio's luxury focus.