Form 8-K

8-K — Braemar Hotels & Resorts Inc.

Accession: 0001574085-26-000116

Filed: 2026-07-17

Period: 2026-07-13

CIK: 0001574085

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Entry into a Material Definitive Agreement

Item: Completion of Acquisition or Disposition of Assets

Item: Financial Statements and Exhibits

Documents

8-K — bhr-20260713.htm (Primary)

EX-99.1 (bhr3packdispoproforma-ex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bhr-20260713.htm · Sequence: 1

bhr-20260713

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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): July 13, 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 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On July 13, 2026, Ashford Pier House LP and Ashford TRS Pier House LLC, indirect subsidiaries of Braemar Hotels & Resorts Inc. (the “Company”), entered into an Agreement of Purchase and Sale (the “Agreement”) with Last Mango Owner LLC following the conclusion of the Study Period (as defined in the Agreement), for the sale of the Pier House Resort & Spa located in Key West, Florida for a total purchase price of $190.0 million in cash, subject to customary prorations and adjustments.

The Agreement contains terms, conditions, covenants, representations and warranties, and indemnities from each of the respective parties that are customary and typical for a transaction of this nature. Several conditions to closing on the sale remain to be satisfied, and there can be no assurance that the sale transaction will be completed on the general terms described above or at all.

ITEM 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

On July 14, 2026, Ashford Yountville LP, Ashford Yountville II LP, Ashford Sarasota LP, Ashford TRS Sarasota Residence LLC, Ashford TRS Yountville LLC, Ashford TRS Yountville II LLC and Ashford TRS Sarasota LLC (together “Seller”), indirect subsidiaries of the Company, completed the sale of: (i) The Ritz-Carlton Sarasota located in Sarasota, Florida, (ii) the Hotel Yountville located in Yountville, California, and (iii) the Bardessono Hotel and Spa located in Yountville, California pursuant to an Agreement of Purchase and Sale, dated as of June 4, 2026, by and among Seller and BRDO Property, LLC, YNTV Property, LLC, 1776 Sarasota Associates, and 1776 Sarasota Golf Associates, as purchaser, for $437.5 million in cash, subject to customary prorations and adjustments

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(b) The unaudited pro forma financial information for the Company as of and for the three months ended March 31, 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: July 17, 2026 By: /s/ Jim Plohg

Jim Plohg

Executive Vice President, General Counsel & Secretary

EX-99.1

Filename: bhr3packdispoproforma-ex991.htm · Sequence: 2

Document

EXHIBIT 99.1

On July 14, 2026, Braemar Hotels & Resorts Inc. (“Braemar” or the “Company”) completed the sale of: (i) The Ritz-Carlton Sarasota located in Sarasota, Florida (“The Ritz-Carlton Sarasota”); (ii) Hotel Yountville located in Yountville, California; and (iii) the Bardessono Hotel and Spa (“Bardessono Hotel”) located in Yountville, California for approximately $432.7 million in cash, net of transfer taxes and selling expenses. Additionally, the Company repaid approximately $232.8 million on the mortgage loan partially secured by the three hotel properties.

The following unaudited pro forma financial information of the Company, as of and for the three months ended March 31, 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 March 31, 2026. The unaudited pro forma consolidated statements of operations for the year ended December 31, 2025, and the three months ended March 31, 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 properties and their results of operations, which contains a non-recurring gain associated with the disposition of the hotel properties. The pro forma gain resulting from the disposition of the hotel properties 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

March 31, 2026

(in thousands, except share and per share amounts)

Braemar

Consolidated

Historical (A) The Ritz-Carlton Sarasota (B) Hotel Yountville (C) Bardessono Hotel (D) Adjustments Braemar

Consolidated

Pro Forma

ASSETS

Investment in hotel properties, gross $ 1,906,327 $ 198,238 $ 72,569 $ 47,454 $ — $ 1,588,066

Accumulated depreciation (361,588) (34,632) (2,161) (2,377) — (322,418)

Investment in hotel properties, net 1,544,739 163,606 70,408 45,077 — 1,265,648

Cash and cash equivalents 93,385 5,797 189 738 432,735 (E) (i) 281,598

(4,933) (E) (i)

(232,865) (E) (ii)

Restricted cash 55,357 1,326 43 117 — 53,871

Accounts receivable, net of allowance 37,045 3,052 75 184 — 33,734

Inventories 4,870 992 57 135 — 3,686

Note receivable 9,045 — — — — 9,045

Prepaid expenses 8,286 498 256 386 — 7,146

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

Deferred costs, net 74 — — — — 74

Derivative assets 341 — — — — 341

Operating lease right-of-use assets 30,597 1,924 17 28,319 — 337

Other assets 17,685 2,470 41 19 — 15,155

Intangible assets, net 2,652 2,652 — — — —

Due from related parties, net 367 — (114) (135) — 616

Due from third-party hotel managers 28,054 4,885 — — — 23,169

Total assets $ 1,849,497 $ 187,202 $ 70,972 $ 74,840 $ 194,937 $ 1,711,420

LIABILITIES AND EQUITY

Liabilities:

Indebtedness, net $ 1,106,029 $ 129,576 $ 36,879 $ 38,873 $ (26,830) (E) (ii) $ 873,871

Accounts payable and accrued expenses 139,573 14,747 3,160 5,507 — 116,159

Redeemable preferred stock redemptions payable 46,719 — — — — 46,719

Dividends and distributions payable 3,907 — — — — 3,907

Due to Ashford Inc., net 1,924 — — — — 1,924

Due to third-party hotel managers 3,392 — — — — 3,392

Operating lease liabilities 20,058 1,822 17 17,830 — 389

Other liabilities 24,963 17,782 — — — 7,181

Total liabilities 1,346,565 163,927 40,056 62,210 (26,830) 1,053,542

5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at March 31, 2026 65,426 — — — — 65,426

Series E redeemable preferred stock, $0.01 par value, 9,561,665 shares issued and outstanding at March 31, 2026 239,042 — — — — 239,042

Series M redeemable preferred stock, $0.01 par value, 1,337,328 shares issued and outstanding at March 31, 2026 33,450 — — — — 33,450

Redeemable noncontrolling interests in operating partnership 15,925 — — — — 15,925

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 March 31, 2026 16 — — — — 16

Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 shares issued and outstanding at March 31, 2026 687 — — — — 687

Additional paid-in capital 707,874 23,275 30,916 12,630 274,552 (E) (i) 705,344

(4,933) (E) (i)

(205,328) (E) (ii)

Accumulated other comprehensive income (loss) — — — — — —

Accumulated deficit (561,566) — — — 158,183 (E) (i) (404,090)

(707) (E) (ii)

Total stockholders’ equity of the Company 147,011 23,275 30,916 12,630 221,767 301,957

Noncontrolling interest in consolidated entities 2,078 — — — — 2,078

Total equity 149,089 23,275 30,916 12,630 221,767 304,035

Total liabilities and equity $ 1,849,497 $ 187,202 $ 70,972 $ 74,840 $ 194,937 $ 1,711,420

See accompanying notes.

NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(A)Represents the historical consolidated balance sheet of Braemar as of March 31, 2026, as reported in its Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed on May 7, 2026.

(B)Represents the removal of the historical balance sheet of The Ritz-Carlton Sarasota as of March 31, 2026.

(C)Represents the removal of the historical balance sheet of Hotel Yountville as of March 31, 2026.

(D)Represents the removal of the historical balance sheet of the Bardessono Hotel as of March 31, 2026.

(E)Represents adjustments for Braemar’s disposition of: The Ritz-Carlton Sarasota, Hotel Yountville and the Bardessono Hotel as of March 31, 2026, which includes: (i) an adjustment for the cash consideration received of approximately $432.7 million, net of transfer taxes and selling expenses and $5.0 million cash paid for hotel net working capital; and (ii) the cash paid to repay the mortgage loan partially secured by the hotel properties.

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) The Ritz-Carlton Sarasota (B) Hotel Yountville (C) Bardessono Hotel (D) Adjustments Braemar

Consolidated

Pro Forma

REVENUE

Rooms $ 428,990 $ 36,771 $ 10,125 $ 15,374 $ — $ 366,720

Food and beverage 179,538 31,089 1,551 3,240 — 143,658

Other 95,487 26,066 1,859 2,489 — 65,073

Total hotel revenue 704,015 93,926 13,535 21,103 — 575,451

EXPENSES

Hotel operating expenses:

Rooms 104,367 8,426 2,259 3,108 — 90,574

Food and beverage 141,846 22,969 1,572 3,157 — 114,148

Other expenses 223,977 30,830 4,735 8,593 — 179,819

Management fees 21,995 2,272 405 633 — 18,685

Total hotel operating expenses 492,185 64,497 8,971 15,491 — 403,226

Property taxes, insurance and other 34,253 4,917 1,556 1,496 — 26,284

Depreciation and amortization 92,578 8,479 2,540 3,004 — 78,555

Impairment charges 54,492 — 15,564 8,672 30,256

Advisory services fee 29,186 — — — — 29,186

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

Total expenses 714,448 77,893 28,631 28,663 — 579,261

Gain (loss) on disposition of assets and hotel property 82,797 — — — 158,183 (E) (i) 240,980

OPERATING INCOME (LOSS) 72,364 16,033 (15,096) (7,560) 158,183 237,170

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

Interest income 6,246 147 — — — 6,099

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

Interest expense and amortization of premiums and loan costs (98,539) (11,567) (3,134) (3,303) — (80,535)

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

Gain (loss) on extinguishment of debt (2,686) — — — (707) (E) (ii) (3,393)

Unrealized gain (loss) on derivatives (355) — — — — (355)

INCOME (LOSS) BEFORE INCOME TAXES (26,431) 4,613 (18,230) (10,863) 157,476 155,525

Income tax (expense) benefit (1,979) — — — 4 (E) (iii) (1,975)

NET INCOME (LOSS) (28,410) 4,613 (18,230) (10,863) 157,480 153,550

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

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 5,767 — — — (12,573) (E) (iv) (6,806)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (22,318) 4,613 (18,230) (10,863) 144,907 147,069

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) $ 4,613 $ (18,230) $ (10,863) $ 144,907 $ 96,684

INCOME (LOSS) PER SHARE - BASIC:

Net income (loss) attributable to common stockholders $ (1.07) $ 1.43

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

INCOME (LOSS) PER SHARE - DILUTED:

Net income (loss) attributable to common stockholders $ (1.07) $ 0.66

Weighted average common shares outstanding—diluted 67,621 218,934

See accompanying notes.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Three Months Ended March 31, 2026

(in thousands, except share and per share amounts)

Braemar

Consolidated

Historical (A) The Ritz-Carlton Sarasota (B) Hotel Yountville (C) Bardessono Hotel (D) Adjustments Braemar

Consolidated

Pro Forma

REVENUE

Rooms $ 128,801 $ 14,058 $ 1,418 $ 2,745 $ — $ 110,580

Food and beverage 52,342 10,947 237 755 — 40,403

Other 27,840 7,800 338 491 — 19,211

Total hotel revenue 208,983 32,805 1,993 3,991 — 170,194

EXPENSES

Hotel operating expenses:

Rooms 24,878 2,527 468 690 — 21,193

Food and beverage 38,910 6,944 329 717 — 30,920

Other expenses 59,878 9,302 1,094 1,880 — 47,602

Management fees 6,194 718 65 119 — 5,292

Total hotel operating expenses 129,860 19,491 1,956 3,406 — 105,007

Property taxes, insurance and other 4,652 1,291 379 367 — 2,615

Depreciation and amortization 22,579 2,142 764 787 — 18,886

Advisory services fee 7,404 — — — — 7,404

Corporate general and administrative 4,867 — — — — 4,867

Total expenses 169,362 22,924 3,099 4,560 — 138,779

Gain (loss) on disposition of assets and hotel property 3 — — — — 3

OPERATING INCOME (LOSS) 39,624 9,881 (1,106) (569) — 31,418

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

Interest income 810 45 — — — 765

Interest expense and amortization of premiums and loan costs (21,195) (2,693) (728) (767) — (17,007)

Write-off of premiums, loan costs and exit fees (5) — — — — (5)

Unrealized gain (loss) on derivatives 248 — — — — 248

INCOME (LOSS) BEFORE INCOME TAXES 19,451 7,233 (1,834) (1,336) — 15,388

Income tax (expense) benefit (1,417) — — — 131 (E) (iii) (1,286)

NET INCOME (LOSS) 18,034 7,233 (1,834) (1,336) 131 14,102

(Income) loss attributable to noncontrolling interest in consolidated entities 17 — — — — 17

Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (347) — — — 260 (E) (iv) (87)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 17,704 7,233 (1,834) (1,336) 391 14,032

Preferred dividends (8,040) — — — — (8,040)

Deemed dividends on preferred stock (4,763) — — — — (4,763)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMMON STOCKHOLDERS $ 4,901 $ 7,233 $ (1,834) $ (1,336) $ 391 $ 1,229

INCOME (LOSS) PER SHARE - BASIC:

Net income (loss) attributable to common stockholders $ 0.07 $ 0.02

Weighted average common shares outstanding—basic 68,432 68,432

INCOME (LOSS) PER SHARE - DILUTED:

Net income (loss) attributable to common stockholders $ 0.07 $ 0.02

Weighted average common shares outstanding—diluted 100,289 68,432

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 three months ended March 31, 2026, as reported in its Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed on May 7, 2026.

(B)Represents the removal of the historical consolidated statements of operations of The Ritz-Carlton Sarasota for the year ended December 31, 2025, and the three months ended March 31, 2026.

(C)Represents the removal of the historical consolidated statements of operations of Hotel Yountville for the year ended December 31, 2025, and the three months ended March 31, 2026.

(D)Represents the removal of the historical consolidated statements of operations of the Bardessono Hotel for the year ended December 31, 2025, and the three months ended March 31, 2026.

(E)Represents adjustments for the Company’s disposition of: The Ritz-Carlton Sarasota, Hotel Yountville and the Bardessono Hotel, which includes: (i) the estimated non-recurring gain on the disposition of the hotel properties for the year ended December 31, 2025; (ii) an adjustment for the write-off of deferred loan costs and fees associated with loan paydown; (iii) an adjustment for the estimated tax effect of the hotel properties no longer being part of the consolidated group for the year ended December 31, 2025 and for the three months ended March 31, 2026; and (iv) the net (income) loss allocated to redeemable noncontrolling interests in operating partnership related to the disposition of the hotel properties, 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 6.61% for the three months ended March 31, 2026. The pro forma gain and the related tax effects, resulting from the disposition of the hotel properties are preliminary. The actual results may differ from the amounts reflected in the pro forma financial statements.

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Jul. 13, 2026

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BRAEMAR HOTELS & RESORTS INC.

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14185 Dallas Parkway

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

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

-Publisher SEC

-Name Exchange Act

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Local phone number for entity.

+ References

No definition available.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

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

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

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

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- Definition

Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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

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-Subsection 12

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Trading symbol of an instrument as listed on an exchange.

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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.

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-Name Securities Act

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