BHRHIGH SIGNALFINANCIAL10-K

BHR experienced a substantial decline in operating income despite revenue growth, alongside a significant reduction in stockholders' equity and asset base, suggesting major operational headwinds or portfolio restructuring.

The company's profitability deteriorated meaningfully even as revenues grew 13%, indicating severe margin compression that could reflect rising costs, operational inefficiencies, or impairment charges. The substantial decline in stockholders' equity combined with the reduction from 15 to 13 hotel properties suggests potential asset dispositions or write-downs that materially impacted the balance sheet.

Comparing 2026-03-12 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

BHR's financial profile shows concerning divergence between top-line growth and profitability, with revenue increasing 13% to $487.6M while operating income declined substantially to $72.4M. The balance sheet contracted meaningfully, with total assets falling to $1.9B and stockholders' equity dropping significantly to $138.7M, likely reflecting asset sales or impairments. Operating cash flow also declined notably to $40.8M, reinforcing concerns about the underlying operational performance despite the revenue growth.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-43.8%
$128.8M→$72.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Stockholders Equity
Balance Sheet
-42.4%
$240.7M→$138.7M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Operating Cash Flow
Cash Flow
-39%
$66.8M→$40.8M

Operating cash flow fell 39% — earnings quality concerns; investigate working capital changes and non-cash items.

Revenue
P&L
+13%
$431.4M→$487.6M

Revenue growing 13% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
-12.8%
$2.1B→$1.9B

Total assets contracted 12.8% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-12
ADDED
As of March 9, 2026, the registrant had 68,679,318 shares of common stock outstanding .
Remington Hospitality refers to Remington Lodging Hospitality, LLC, a Delaware limited liability company, a hotel management company and a subsidiary of Ashford Inc., or as the context may require, its related affiliates that are also subsidiaries of Ashford Inc.
national average RevPAR was approximately $200 for the year ended December 31, 2025.
As of March 9, 2026, we owned interests in 13 hotel properties in six states, the District of Columbia, Puerto Rico and St.
Remington Hospitality, a subsidiary of Ashford Inc., manages five of our 13 hotel properties.
Bennett acquired the right to direct votes, effective March 25, 2025, and as of December 31, 2025, those rights represented approximately 551,000 common shares.
Our Hotels As of March 9, 2026, we own interests in a high-quality, geographically diverse portfolio of 13 hotel properties located in six states, the District of Columbia, Puerto Rico and St.
Six of the 13 hotel properties in our portfolio are managed under brands affiliated with Marriott International, Inc.
For the year ended December 31, 2025, approximately 74% of rooms revenue was generated by transient business, approximately 24% was generated by group sales and 2% was generated by contract sales.
The following table sets forth additional information for our hotel properties (dollars in thousands, except ADR and RevPAR) for the year ended December 31, 2025: Year Ended December 31, 2025 Hotel Property Location Total Rooms % Owned Occupancy ADR RevPAR Hotel Net Income Hotel EBITDA (1) Four Seasons Resort Scottsdale Scottsdale, AZ 210 100 % 60.22 % $ 867.26 $ 522.22 $ 3,492 $ 28,020 The Ritz-Carlton Sarasota Sarasota, FL 276 100 % 65.88 % 554.04 365.00 15,623 25,113 The Ritz-Carlton St.
REMOVED
As of March 10, 2025, the registrant had 67,046,523 shares of common stock outstanding .
Remington Hospitality refers to Remington Lodging Hospitality, LLC, a Delaware limited liability company, a hotel management company and a subsidiary of Ashford Inc.
and its subsidiaries (including Ashford LLC, Remington Hospitality and Premier), Stirling Hotels Resorts, Inc.
), and our executive officers and our non-independent directors; changes in personnel of Ashford LLC or the lack of availability of qualified personnel; changes in governmental regulations, accounting rules, tax rates and similar matters; legislative and regulatory changes, including changes to the Internal Revenue Code of 1986, as amended (the Code ) and related rules, regulations and interpretations governing the taxation of REITs; limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S.
national average RevPAR was approximately $199 for the year ended December 31, 2024.
As of March 10, 2025, we owned interests in 15 hotel properties in seven states, the District of Columbia, Puerto Rico and St.
Virgin Islands with 3,807 total rooms, or 3,667 net rooms, excluding those attributable to our joint venture partner.
We own 14 of our hotel properties directly and the remaining hotel property through an investment in a majority-owned consolidated joint venture entity.
Remington Hospitality, a subsidiary of Ashford Inc., manages four of our 15 hotel properties.
has filed a Rule 13e-3 Transaction Statement on Schedule 13E-3 and, on July 29, 2024, effected a reverse and forward stock split as part of a plan to deregister Ashford Inc.
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