Form 8-K

8-K — Braemar Hotels & Resorts Inc.

Accession: 0001574085-26-000132

Filed: 2026-08-17

Period: 2026-08-12

CIK: 0001574085

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Completion of Acquisition or Disposition of Assets

Item: Financial Statements and Exhibits

Documents

8-K — bhr-20260812.htm (Primary)

EX-99.1 (bhrpierhousedispoproforma-.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bhr-20260812.htm · Sequence: 1

bhr-20260812

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): August 12, 2026

BRAEMAR HOTELS & RESORTS INC.

(Exact name of registrant as specified in its charter)

Maryland 001-35972 46-2488594

(State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS employer identification number)

14185 Dallas Parkway

Suite 1200

Dallas

Texas 75254

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock BHR New York Stock Exchange

Preferred Stock, Series B BHR-PB New York Stock Exchange

Preferred Stock, Series D BHR-PD New York Stock Exchange

ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

On August 12, 2026, Ashford Pier House LP and Ashford TRS Pier House LLC, indirect subsidiaries of Braemar Hotels & Resorts Inc. (the “Company”), completed the sale of the 142-room Pier House Resort & Spa located in Key West, Florida pursuant to an Agreement of Purchase and Sale, dated as of July 13, 2026, by and among Last Mango Owner, LLC, as purchaser, for $190.0 million in cash ($1.3 million per key), subject to customary prorations and adjustments. Including anticipated capital expenditures of $11.8 million, the sale price represents a 7.3% capitalization rate on net operating income for the trailing 12 months ended June 30, 2026.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(b) The unaudited pro forma financial information for the Company as of and for the six months ended June 30, 2026 and for the year ended December 31, 2025, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d) Exhibits

Exhibit Number Description

99.1 Unaudited Pro Forma Financial Information of Braemar Hotels & Resorts Inc.

101 Inline Interactive Data Files.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BRAEMAR HOTELS & RESORTS INC.

Dated: August 17, 2026 By: /s/ Jim Plohg

Jim Plohg

Executive Vice President, General Counsel & Secretary

EX-99.1

Filename: bhrpierhousedispoproforma-.htm · Sequence: 2

Document

EXHIBIT 99.1

On August 12, 2026, Braemar Hotels & Resorts Inc. (“Braemar” or the “Company”) completed the sale of the Pier House Resort & Spa located in Key West, Florida for $190.0 million in cash, subject to customary prorations and adjustments. In conjunction with the sale, the Company received approximately $187.5 million in cash, net of selling expenses, and repaid approximately $93.7 million on the mortgage loan partially secured by the hotel property.

The following unaudited pro forma financial information of the Company, as of and for the six months ended June 30, 2026 and for the year ended December 31, 2025, has been prepared for informational purposes only and does not purport to be indicative of what would have resulted had the disposition occurred on the date indicated or what may result in the future. The unaudited pro forma consolidated balance sheet assumes the disposition closed on June 30, 2026. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2025, and the six months ended June 30, 2026, assumes the disposition closed on January 1, 2025. The unaudited pro forma financial information of the Company reflects the removal of the assets and liabilities of the hotel property and its results of operations, which contains a non-recurring gain associated with the disposition of the hotel property. The pro forma gain resulting from the disposition of the hotel property is preliminary. Therefore, the actual results may differ from the amounts reflected in the pro forma financial statements. There are no other non-recurring items associated with the transaction.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

June 30, 2026

(in thousands, except share and per share amounts)

Braemar

Consolidated

Historical (A) Pier House Resort & Spa (B) Adjustments Braemar

Consolidated

Pro Forma

ASSETS

Investment in hotel properties, gross $ 1,402,848 $ 90,194 $ — $ 1,312,654

Accumulated depreciation (304,522) (11,326) — (293,196)

Investment in hotel properties, net 1,098,326 78,868 — 1,019,458

Cash and cash equivalents 93,865 4,565 187,490 (C) (i) 187,417

4,298 (C) (i)

(93,671) (C) (ii)

Restricted cash 52,604 1,596 — 51,008

Accounts receivable, net of allowance of $129 27,671 1,015 — 26,656

Inventories 3,278 127 — 3,151

Note receivable 9,197 — — 9,197

Prepaid expenses 4,342 368 — 3,974

Deposit paid to Ashford Inc. 17,000 — — 17,000

Deferred costs, net 73 — — 73

Derivative assets 373 — — 373

Operating lease right-of-use assets 330 11 — 319

Other assets 9,912 48 — 9,864

Due from third-party hotel managers 13,884 — — 13,884

Assets held for sale 327,886 — — 327,886

Total assets $ 1,658,741 $ 86,598 $ 98,117 $ 1,670,260

LIABILITIES AND EQUITY

Liabilities:

Indebtedness, net $ 745,918 $ 93,593 $ — $ 652,325

Accounts payable and accrued expenses 98,222 3,113 — 95,109

Redeemable preferred stock redemptions payable 54,760 — — 54,760

Dividends and distributions payable 3,807 — — 3,807

Due to Ashford Inc., net 680 114 — 566

Due to related parties, net 199 194 — 5

Due to third-party hotel managers 657 — — 657

Operating lease liabilities 383 11 — 372

Other liabilities 7,500 — — 7,500

Liabilities associated with assets held for sale 268,178 — — 268,178

Total liabilities 1,180,304 97,025 — 1,083,279

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2026 65,426 — — 65,426

Series E redeemable preferred stock, $0.01 par value, 8,637,450 shares issued and outstanding at June 30, 2026 215,936 — — 215,936

Series M redeemable preferred stock, $0.01 par value, 1,312,137 shares issued and outstanding at June 30, 2026 32,820 — — 32,820

Redeemable noncontrolling interests in operating partnership 15,197 — — 15,197

Equity:

Preferred stock, $0.01 value, 80,000,000 shares authorized:

8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at June 30, 2026 16 — — 16

Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 shares issued and outstanding at June 30, 2026 687 — — 687

Additional paid-in capital 707,922 (10,427) 78,868 (C) (i) 707,922

4,298 (C) (i)

(93,593) (C) (ii)

Accumulated deficit (561,597) — 108,622 (C) (i) (453,053)

(78) (C) (ii)

Total stockholders’ equity of the Company 147,028 (10,427) 98,117 255,572

Noncontrolling interest in consolidated entities 2,030 — — 2,030

Total equity 149,058 (10,427) 98,117 257,602

Total liabilities and equity $ 1,658,741 $ 86,598 $ 98,117 $ 1,670,260

See accompanying notes.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(A)Represents the historical consolidated balance sheet of Braemar as of June 30, 2026, as reported in its Quarterly Report on Form 10-Q for the six months ended June 30, 2026, filed on August 6, 2026.

(B)Represents the removal of the historical balance sheet of the Pier House Resort & Spa as of June 30, 2026.

(C)Represents adjustments for Braemar’s disposition of the Pier House Resort & Spa as of June 30, 2026, which includes: (i) an adjustment for the cash consideration received of approximately $187.5 million, net of selling expenses, and $4.3 million of cash received for hotel net working capital; and (ii) the cash paid to repay the mortgage loan partially secured by the hotel property.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Year Ended December 31, 2025

(in thousands, except share and per share amounts)

Braemar

Consolidated

Historical (A) Pier House Resort & Spa (B) Adjustments Braemar

Consolidated

Pro Forma

REVENUE

Rooms $ 428,990 $ 23,332 $ — $ 405,658

Food and beverage 179,538 4,495 — 175,043

Other 95,487 3,011 — 92,476

Total hotel revenue 704,015 30,838 — 673,177

EXPENSES

Hotel operating expenses:

Rooms 104,367 3,332 — 101,035

Food and beverage 141,846 3,406 — 138,440

Other expenses 223,977 6,966 — 217,011

Management fees 21,995 924 — 21,071

Total hotel operating expenses 492,185 14,628 — 477,557

Property taxes, insurance and other 34,253 2,049 — 32,204

Depreciation and amortization 92,578 1,589 — 90,989

Impairment charges 54,492 — — 54,492

Advisory services fee 29,186 — — 29,186

Corporate general and administrative 11,754 — — 11,754

Total expenses 714,448 18,266 — 696,182

Gain (loss) on disposition of assets and hotel property 82,797 — 108,622 (C) (i) 191,419

OPERATING INCOME (LOSS) 72,364 12,572 108,622 168,414

Equity in earnings (loss) of unconsolidated entity (56) — — (56)

Interest income 6,246 — — 6,246

Other income (expense) (1,572) — — (1,572)

Interest expense and amortization of premiums and loan costs (98,539) (8,065) — (90,474)

Write-off of premiums, loan costs and exit fees (1,833) — — (1,833)

Gain (loss) on extinguishment of debt (2,686) — (78) (C) (ii) (2,764)

Realized and unrealized gain (loss) on derivatives (355) — — (355)

INCOME (LOSS) BEFORE INCOME TAXES (26,431) 4,507 108,544 77,606

Income tax (expense) benefit (1,979) — 2 (C) (iii) (1,977)

NET INCOME (LOSS) (28,410) 4,507 108,546 75,629

(Income) loss attributable to noncontrolling interest in consolidated entities 325 — — 325

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 5,767 — (7,189) (C) (iv) (1,422)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (22,318) 4,507 101,357 74,532

Preferred dividends (35,273) — — (35,273)

Deemed dividends on preferred stock (15,112) — — (15,112)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMMON STOCKHOLDERS $ (72,703) $ 4,507 $ 101,357 $ 24,147

INCOME (LOSS) PER SHARE - BASIC:

Net income (loss) attributable to common stockholders $ (1.07) $ 0.36

Weighted average common shares outstanding—basic 67,621 67,621

INCOME (LOSS) PER SHARE - DILUTED:

Net income (loss) attributable to common stockholders $ (1.07) $ 0.32

Weighted average common shares outstanding—diluted 67,621 103,226

See accompanying notes.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Six Months Ended June 30, 2026

(in thousands, except share and per share amounts)

Braemar

Consolidated

Historical (A) Pier House Resort & Spa (B) Adjustments Braemar

Consolidated

Pro Forma

REVENUE

Rooms $ 230,984 $ 14,905 $ — $ 216,079

Food and beverage 97,664 2,554 — 95,110

Other 51,361 1,916 — 49,445

Total hotel revenue 380,009 19,375 — 360,634

EXPENSES

Hotel operating expenses:

Rooms 49,096 1,693 — 47,403

Food and beverage 73,807 1,707 — 72,100

Other expenses 112,802 3,728 — 109,074

Management fees 11,332 581 — 10,751

Total hotel operating expenses 247,037 7,709 — 239,328

Property taxes, insurance and other 12,159 968 — 11,191

Depreciation and amortization 44,012 735 — 43,277

Advisory services fee 14,684 — — 14,684

Corporate general and administrative 9,280 — — 9,280

Total expenses 327,172 9,412 — 317,760

Gain (loss) on disposition of assets and hotel property 17,398 — — 17,398

OPERATING INCOME (LOSS) 70,235 9,963 — 60,272

Equity in earnings (loss) of unconsolidated entity (31) — — (31)

Interest income 1,584 — — 1,584

Interest expense and amortization of premiums and loan costs (41,708) (3,714) — (37,994)

Write-off of premiums, loan costs and exit fees (1,489) — — (1,489)

Realized and unrealized gain (loss) on derivatives 283 — — 283

INCOME (LOSS) BEFORE INCOME TAXES 28,874 6,249 — 22,625

Income tax (expense) benefit (3,898) — 222 (C) (iii) (3,676)

NET INCOME (LOSS) 24,976 6,249 222 18,949

(Income) loss attributable to noncontrolling interest in consolidated entities 65 — — 65

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (299) — 378 (C) (iv) 79

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 24,742 6,249 600 19,093

Preferred dividends (15,781) — — (15,781)

Deemed dividends on preferred stock (4,771) — — (4,771)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMMON STOCKHOLDERS $ 4,190 $ 6,249 $ 600 $ (1,459)

INCOME (LOSS) PER SHARE - BASIC:

Net income (loss) attributable to common stockholders $ 0.06 $ (0.02)

Weighted average common shares outstanding—basic 68,556 68,556

INCOME (LOSS) PER SHARE - DILUTED:

Net income (loss) attributable to common stockholders $ 0.06 $ (0.02)

Weighted average common shares outstanding—diluted 68,556 68,556

See accompanying notes.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(A)Represents the historical consolidated statement of operations of Braemar for the year ended December 31, 2025, as reported in its Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 12, 2026, and the historical consolidated statement of operations of Braemar for the six months ended June 30, 2026, as reported in its Quarterly Report on Form 10-Q for the six months ended June 30, 2026, filed on August 6, 2026.

(B)Represents the removal of the historical consolidated statements of operations of the Pier House Resort & Spa for the year ended December 31, 2025, and the six months ended June 30, 2026.

(C)Represents adjustments for the Company’s disposition of the Pier House Resort & Spa, which includes: (i) the estimated non-recurring gain on the disposition of the hotel property for the year ended December 31, 2025; (ii) an adjustment for the write-off of deferred loan costs and fees associated with the loan paydown; (iii) an adjustment for the estimated tax effect of the hotel property no longer being part of the consolidated group for the year ended December 31, 2025 and for the six months ended June 30, 2026; and (iv) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of the hotel property, including the estimated non-recurring gain for the year ended December 31, 2025, based on an ownership percentage of 6.91% for the year ended December 31, 2025, and 6.27% for the six months ended June 30, 2026. The pro forma gain and the related tax effects, resulting from the disposition of the hotel property are preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.

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Aug. 12, 2026

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BRAEMAR HOTELS & RESORTS INC.

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14185 Dallas Parkway

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

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