Braemar Hotels' third quarter 2026 RevPAR surged 14.4% despite $480 million advisor termination charge

Braemar Hotels & Resorts reported a significant increase in RevPAR and margin expansion during the third quarter 2026, driven by broad-based growth across its luxury portfolio. However, the bottom line was heavily impacted by a $480 million termination fee recorded in connection with the company's transition to a self-managed REIT structure, which is expected to conclude in mid-November.

Key Highlights

• Comparable RevPAR for all hotels increased 14.4% to $284, fueled by an 8.6% rise in Average Daily Rate (ADR) and a 5.3% increase in occupancy.
• Urban properties outperformed the broader portfolio with a 23.3% increase in comparable RevPAR and 706 basis points of Hotel EBITDA margin expansion.
• The company significantly reduced its leverage through the closed sales of four properties for $627.5 million and the subsequent sale of the Four Seasons Resort Scottsdale for $372 million.
• Refinancing of the Ritz-Carlton Lake Tahoe mortgage into a new $60 million loan extended the company's next hard debt maturity to December 2028.