Braemar Hotels & Resorts
A US real estate investment trust that owns and operates upper-upscale and luxury hotels and resorts, externally advised by Ashford Inc. and listed on the NYSE under ticker BHR.
Last updated October 30, 2026
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Overview
Braemar Hotels & Resorts is a publicly traded real estate investment trust (REIT) focused on the ownership of upper-upscale and luxury hotels and resorts in the United States. The company was created in 2013 when Ashford Hospitality Trust, a larger hotel REIT within the Ashford group of companies, spun off a portfolio of higher-end, luxury-oriented properties into a separate listed vehicle. The new entity took the name Braemar Hotels & Resorts and began trading on the New York Stock Exchange under the ticker BHR. Braemar's business model is that of a lodging-focused REIT: it acquires, owns and asset-manages hotels and resorts, and derives revenue from room sales, food and beverage, and other guest services at its properties. Its portfolio has historically concentrated on upper-upscale and luxury full-service hotels and resorts, including branded properties affiliated with major hotel companies as well as independent luxury resorts. The company is externally advised and managed by Ashford Inc., a hospitality asset-management and advisory firm that also serves other vehicles in the Ashford group, a structure that ties Braemar's governance and operating platform to the wider Ashford ecosystem. As a listed REIT, Braemar is subject to US real estate investment trust rules, which generally require it to distribute a substantial share of taxable income to shareholders. Its shares trade on the NYSE under BHR, and its performance is closely tied to the US lodging cycle, urban and resort demand trends, and capital-markets conditions for hotel real estate. The company has been an active acquirer and seller of hotel assets and has used mortgage and corporate financing to fund its portfolio. Braemar positions itself as a specialist owner of high-end lodging assets rather than a broad-based real estate company. Its brand identity in the market rests on the quality of its resort and luxury hotel portfolio, its relationship with the Ashford advisory platform, and its status as a small-cap, lodging-focused public REIT.
History
Braemar Hotels & Resorts emerged from the corporate restructuring of the Ashford hospitality platform. Ashford Hospitality Trust, a hotel REIT listed on the New York Stock Exchange, had assembled a large portfolio of lodging assets across the United States. In 2013 the trust separated a set of higher-end, luxury and upper-upscale hotels and resorts into a newly formed, separately listed REIT. That vehicle was named Braemar Hotels & Resorts and began trading on the NYSE under the ticker BHR, while Ashford Hospitality Trust continued to focus on a broader, more select-service-oriented portfolio. The spin-off gave Braemar a distinct identity within the Ashford group: a pure-play owner of premium lodging real estate. The company adopted an externally advised structure, with Ashford Inc. providing asset management and advisory services, a model common among US non-traded and small-cap REITs that allows a lean internal organization. After listing, Braemar pursued a strategy of acquiring upper-upscale and luxury hotels and resorts, often in urban and resort destinations, and of recycling capital through selective dispositions. Like other lodging REITs, its performance has tracked the US hotel cycle — strong during periods of rising travel demand and revenue per available room, and pressured during downturns such as the 2020 pandemic, when lodging demand collapsed and the company, like peers, took steps to preserve liquidity and restructure financing. Braemar's public-market profile is that of a small-cap REIT whose shares are sensitive to hotel fundamentals, interest rates and capital-markets access. Its brand history is therefore less about consumer-facing marketing and more about its role as a listed owner of luxury lodging assets within the Ashford corporate family.
- 2020
The COVID-19 pandemic collapses US lodging demand; Braemar, like peers, focuses on liquidity and financing measures.
- 2013
Braemar Hotels & Resorts is spun off from Ashford Hospitality Trust and lists on the NYSE under ticker BHR.
Products and positioning
A small-cap, lodging-focused US REIT specializing in upper-upscale and luxury hotels and resorts, externally advised by Ashford Inc.
Upper-upscale and luxury hotel ownership
Braemar owns full-service upper-upscale and luxury hotels and resorts, earning revenue from rooms, food and beverage and guest services.
Recent events
- Unconfirmed
Sixth Street acquires Pier House Resort & Spa for $190 million[2]
Reported:
Sixth Street acquired the 142-room Pier House Resort & Spa in Key West, Florida, from Braemar Hotels & Resorts for $190 million, in partnership with Riller Capital.
Sixth Street Partners and Riller Capital acquire Pier House hotel in Key West for $190M[3]
Reported:
Sixth Street Partners and Riller Capital acquired the 142-room Pier House oceanfront resort in Key West, Florida, from Braemar Hotels & Resorts in a $190 million deal. Starwood Property Trust provided a $141 million loan to finance the transaction, and the Plasencia Group advised Braemar on the sale.
Braemar completes acquisition of Mr. C Beverly Hills Hotel[4]
Reported:
Braemar Hotels & Resorts completed its acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles and five adjacent luxury condominium residences for total consideration of $77.9 million.
Sources4 sources
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