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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the transition period from ________________ to ________________

Commission file number: 001-35972

BRAEMAR HOTELS & RESORTS INC.
(Exact name of registrant as specified in its charter)
Maryland46-2488594
(State or other jurisdiction of incorporation or organization)(IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas75254
(Address of principal executive offices)(Zip code)

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

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “small reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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. ☐
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
    Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBHRNew York Stock Exchange
Preferred Stock, Series BBHR-PBNew York Stock Exchange
Preferred Stock, Series DBHR-PDNew York Stock Exchange
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $0.01 par value per share66,477,431
(Class)
Outstanding at May 7, 2024



BRAEMAR HOTELS & RESORTS INC.
FORM 10-Q
FOR THE QUARTER ENDED March 31, 2024

TABLE OF CONTENTS

2


ITEM 1.    FINANCIAL STATEMENTS (unaudited)
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share amounts)
March 31, 2024December 31, 2023
ASSETS
Investments in hotel properties, gross$2,388,484 $2,382,716 
Accumulated depreciation(512,215)(498,508)
Investments in hotel properties, net1,876,269 1,884,208 
Cash and cash equivalents137,051 85,599 
Restricted cash82,372 80,904 
Accounts receivable, net of allowance of $200 and $237, respectively
41,001 39,199 
Inventories4,681 5,003 
Prepaid expenses11,267 9,938 
Deferred costs, net75 75 
Investment in unconsolidated entity1,625 1,674 
Derivative assets3,087 2,847 
Operating lease right-of-use assets78,117 78,383 
Other assets18,701 17,751 
Intangible assets, net3,409 3,504 
Due from third-party hotel managers23,777 17,739 
Total assets$2,281,432 $2,226,824 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,223,277 $1,162,444 
Accounts payable and accrued expenses144,240 149,867 
Dividends and distributions payable9,253 9,158 
Due to Ashford Inc.3,728 1,471 
Due to related parties, net766 603 
Due to third-party hotel managers1,993 1,608 
Operating lease liabilities60,298 60,379 
Other liabilities22,895 22,756 
Derivative liabilities 12 
Total liabilities1,466,450 1,408,298 
Commitments and contingencies (note 15)
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
65,426 65,426 
Series E redeemable preferred stock, $0.01 par value, 16,162,834 and 16,316,315 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
375,261 377,035 
Series M redeemable preferred stock, $0.01 par value, 1,747,771 and 1,832,805 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
43,694 45,623 
Redeemable noncontrolling interests in operating partnership33,005 32,395 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at March 31, 2024 and December 31, 2023
16 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,477,431 and 66,636,353 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
664 666 
Additional paid-in capital718,606 718,498 
Accumulated deficit(412,013)(412,199)
Total stockholders’ equity of the Company307,273 306,981 
Noncontrolling interest in consolidated entities(9,677)(8,934)
Total equity297,596 298,047 
Total liabilities and equity$2,281,432 $2,226,824 
See Notes to Condensed Consolidated Financial Statements.
3


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended March 31,
20242023
REVENUE
Rooms$138,552 $137,527 
Food and beverage53,547 52,228 
Other26,980 25,546 
Total hotel revenue219,079 215,301 
EXPENSES
Hotel operating expenses:
Rooms28,264 27,358 
Food and beverage40,717 39,739 
Other expenses60,076 62,295 
Management fees6,976 6,705 
Total hotel operating expenses136,033 136,097 
Property taxes, insurance and other10,685 8,116 
Depreciation and amortization25,420 22,521 
Advisory services fee6,700 7,948 
Corporate general and administrative(2,226)2,820 
Total operating expenses176,612 177,502 
OPERATING INCOME (LOSS)42,467 37,799 
Equity in earnings (loss) of unconsolidated entity(49)(73)
Interest income796 2,108 
Interest expense and amortization of discounts and loan costs(26,491)(22,873)
Write-off of loan costs and exit fees(721)(12)
Gain (loss) on extinguishment of debt 2,318 
Realized and unrealized gain (loss) on derivatives932 (334)
INCOME (LOSS) BEFORE INCOME TAXES16,934 18,933 
Income tax (expense) benefit(1,452)(2,329)
NET INCOME (LOSS)15,482 16,604 
(Income) loss attributable to noncontrolling interest in consolidated entities743 (309)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership(296)(261)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY15,929 16,034 
Preferred dividends(10,407)(10,350)
Deemed dividends on preferred stock(1,998)(2,454)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$3,524 $3,230 
INCOME (LOSS) PER SHARE - BASIC:
Net income (loss) attributable to common stockholders$0.05 $0.05 
Weighted average common shares outstanding – basic66,455 66,498 
INCOME (LOSS) PER SHARE - DILUTED:
Net income (loss) attributable to common stockholders$0.05 $0.05 
Weighted average common shares outstanding – diluted268,516 72,478 
See Notes to Condensed Consolidated Financial Statements.
4


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
Three Months Ended March 31,
20242023
NET INCOME (LOSS)$15,482 $16,604 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Total other comprehensive income (loss)  
TOTAL COMPREHENSIVE INCOME (LOSS)15,482 16,604 
Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities743 (309)
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership(296)(261)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY$15,929 $16,034 
See Notes to Condensed Consolidated Financial Statements.
5


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited, in thousands except per share amounts)
8.25% Series D Cumulative Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated DeficitNoncontrolling Interest in Consolidated EntitiesTotal
5.50% Series B Cumulative Convertible
Preferred Stock
Series E Redeemable
Preferred Stock
Series M Redeemable
Preferred Stock
Redeemable Noncontrolling Interests in Operating Partnership
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2023
1,600 $16 66,636 $666 $718,498 $(412,199)$(8,934)$298,047 3,078 $65,426 16,316 $377,035 1,833 $45,623 $32,395 
Purchase of common stock— — (170)(2)(367)— — (369)— — — — — — — 
Equity-based compensation— — — — 472 — — 472 — — — — — — 655 
Issuance of preferred stock— — — — — — — — — — 33 828 2 37 — 
Issuance of restricted shares/units— — 12 — 3 — — 3 — — — — — — 32 
Forfeiture of restricted common shares— — (1)— — — — — — — — — — — — 
Dividends declared – common stock ($0.05 /share)
— — — — — (3,345)— (3,345)— — — — — — — 
Dividends declared – preferred stock - Series B ($0.34/share)
— — — — — (1,058)— (1,058)— — — — — — — 
Dividends declared – preferred stock - Series D ($0.52/share)
— — — — — (825)— (825)— — — — — — — 
Dividends declared – preferred stock - Series E ($0.47/share)
— — — — — (7,600)— (7,600)— — — — — — — 
Dividends declared – preferred stock - Series M ($0.52/share)
— — — — — (924)— (924)— — — — — — — 
Distributions to noncontrolling interests— — — — — — — — — — — — — — (366)
Net income (loss)— — — — — 15,929 (743)15,186 — — — — — — 296 
Redemption of preferred stock— — — — — — — — — — (186)(4,403)(87)(2,163)— 
Redemption value adjustment – preferred stock— — — — — (1,998)— (1,998)— — — 1,801 — 197 — 
Redemption value adjustment— — — — — 7 — 7 — — — — — — (7)
Balance at March 31, 2024
1,600 $16 66,477 $664 $718,606 $(412,013)$(9,677)$297,596 3,078 $65,426 16,163 $375,261 1,748 $43,694 $33,005 
8.25% Series D Cumulative Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated DeficitNoncontrolling Interest in Consolidated EntitiesTotal
5.50% Series B Cumulative Convertible Preferred Stock
Series E Redeemable Preferred StockSeries M Redeemable Preferred StockRedeemable Noncontrolling Interests in Operating Partnership
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2022
1,600 $16 69,919 $699 $734,134 $(324,740)$(16,346)$393,763 3,078 $65,426 12,657 $291,076 1,428 $35,182 $40,555 
Purchase of common stock— — (3,968)(40)(19,210)— — (19,250)— — — — — — — 
Equity-based compensation— — — — 805 — — 805 — — — — — — 1,408 
Issuance of preferred stock— — — — — — — — — — 3,828 85,916 533 12,879 — 
Forfeiture of restricted common shares— — (1)— — — — — — — — — — — — 
Dividends declared – common stock - ($0.05/share)
— — — — (3,334)— (3,334)— — — — — — — 
Dividends declared – preferred stock - Series B ($0.34/share)
— — — — — (1,058)— (1,058)— — — — — — — 
Dividends declared – preferred stock-Series D ($0.52/share)
— — — — — (825)— (825)— — — — — — — 
Dividends declared – preferred stock - Series E ($0.48/share)
— — — — — (7,534)— (7,534)— — — — — — — 
Dividends declared – preferred stock - Series M ($0.52/share)
— — — — — (933)— (933)— — — — — — — 
Distributions to noncontrolling interests— — — — — — — — — — — — — — (361)
Contributions from noncontrolling interests— — — — — — 2,024 2,024 — — — — — — — 
Redemption/conversion of operating partnership units— — — — — — — — — — — — — — (7,039)
Net income (loss)— — — — — 16,034 309 16,343 — — — — — — 261 
Redemption of preferred stock— — — — — — — — — — (11)(282)(1)(25)— 
Redemption value adjustment – preferred stock— — — — — (2,454)— (2,454)— — — 2,196 — 258 — 
Redemption value adjustment— — — — — 4 — 4 — — — — — — (4)
Balance at March 31, 2023
1,600 $16 65,950 $659 715,729 $(324,840)$(14,013)$377,551 3,078 $65,426 16,474 $378,906 1,960 $48,294 $34,820 
See Notes to Condensed Consolidated Financial Statements.
6


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$15,482 $16,604 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization25,420 22,521 
Equity-based compensation 1,127 2,213 
Bad debt expense248 188 
(Gain) loss on extinguishment of debt (2,318)
Amortization of loan costs, discounts and capitalized default interest1,404 447 
Write-off of loan costs and exit fees721 12 
Amortization of intangibles119 119 
Amortization of non-refundable membership initiation fees(496)(410)
Interest expense accretion on refundable membership club deposits165 178 
Realized and unrealized (gain) loss on derivatives(932)334 
Equity in (earnings) loss of unconsolidated entity49 73 
Deferred income tax expense (benefit)5 37 
Changes in operating assets and liabilities:
Accounts receivable and inventories(2,194)6,473 
Prepaid expenses and other assets(2,327)(3,453)
Accounts payable and accrued expenses564 (731)
Operating lease right-of-use assets147 141 
Due to/from related parties, net163 (13)
Due to/from third-party hotel managers(5,653)6,859 
Due to/from Ashford Inc.1,638 (7,314)
Operating lease liabilities(81)(72)
Other liabilities470 426 
Net cash provided by (used in) operating activities36,039 42,314 
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from property insurance504 75 
Investment in unconsolidated entity (99)
Improvements and additions to hotel properties(23,332)(18,706)
Net cash provided by (used in) investing activities(22,828)(18,730)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on indebtedness62,000  
Repayments of indebtedness (54,250)
Payments of loan costs and exit fees(3,244)(404)
Payments for derivatives(991)(755)
Proceeds from derivatives1,633 1,601 
Purchase of common stock (18,952)
Payments for dividends and distributions(13,123)(12,630)
Net proceeds from issuance of preferred stock 98,009 
Contributions from noncontrolling interest in consolidated entities 2,024 
Redemption of operating partnership units (7,039)
Distributions to noncontrolling interest in consolidated entities (2,024)
Redemption of preferred stock(6,566)(307)
Net cash provided by (used in) financing activities39,709 5,273 
Net change in cash, cash equivalents and restricted cash52,920 28,857 
Cash, cash equivalents and restricted cash at beginning of period166,503 315,696 
Cash, cash equivalents and restricted cash at end of period$219,423 $344,553 
7


Three Months Ended March 31,
20242023
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid$22,747 $30,283 
Income taxes paid (refunded)(183) 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Dividends and distributions declared but not paid$9,253 $8,756 
Common stock purchases accrued but not paid369 352 
Capital expenditures accrued but not paid15,810 6,047 
Accrued preferred stock offering expenses 80 
Non-cash preferred stock dividends865 843 
Unsettled proceeds from derivatives399 596 
Non-cash common stock/unit dividends
35  
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at beginning of period$85,599 $261,541 
Restricted cash at beginning of period80,904 54,155 
Cash, cash equivalents and restricted cash at beginning of period$166,503 $315,696 
Cash and cash equivalents at end of period$137,051 $281,490 
Restricted cash at end of period82,372 63,063 
Cash, cash equivalents and restricted cash at end of period$219,423 $344,553 
See Notes to Condensed Consolidated Financial Statements.
8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. Organization and Description of Business
Braemar Hotels & Resorts Inc., together with its subsidiaries (“Braemar”), is a Maryland corporation that invests primarily in high revenue per available room (“RevPAR”) luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by STR, LLC. Braemar has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Braemar conducts its business and owns substantially all of its assets through its operating partnership, Braemar Hospitality Limited Partnership (“Braemar OP”). Terms such as the “Company,” “we,” “us” or “our” refer to Braemar Hotels & Resorts Inc. and, as the context may require, all entities included in its condensed consolidated financial statements.
We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC” or the “Advisor”) through an advisory agreement. Ashford LLC is a subsidiary of Ashford Inc. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC.
We do not operate any of our hotel properties directly; instead we contractually engage hotel management companies to operate them for us under management contracts. Remington Lodging & Hospitality, LLC (“Remington Hospitality”), a subsidiary of Ashford Inc., manages four of our 16 hotel properties. Third-party management companies manage the remaining hotel properties.
Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to, design and construction services, debt placement and related services, broker-dealer and distribution services, audio visual services, real estate advisory and brokerage services, insurance policies covering general liability, workers compensation and business automobile claims, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation services, mobile key technology and cash management services.
The accompanying condensed consolidated financial statements include the accounts of wholly-owned and majority-owned subsidiaries of Braemar OP that as of March 31, 2024, own 16 hotel properties in seven states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands (“USVI”). The portfolio includes 14 wholly-owned hotel properties and two hotel properties that are owned through a partnership in which Braemar OP has a controlling interest. These hotel properties represent 4,201 total rooms, or 3,963 net rooms, excluding those attributable to our partner. As a REIT, Braemar is required to comply with limitations imposed by the Code related to operating hotels. As of March 31, 2024, 15 of our 16 hotel properties were leased by wholly-owned or majority-owned subsidiaries that are treated as taxable REIT subsidiaries (“TRS”) for federal income tax purposes (collectively, the TRS entities are referred to as “Braemar TRS”). One hotel property, located in the USVI, is owned by our USVI TRS. Braemar TRS then engages third-party or affiliated hotel management companies to operate the hotel properties under management contracts. Hotel operating results related to the hotel properties are included in the condensed consolidated statements of operations.
As of March 31, 2024, 13 of the 16 hotel properties were leased by Braemar’s wholly-owned TRS, and the two hotel properties majority-owned through a consolidated partnership were leased to a TRS wholly-owned by such consolidated partnership. Each leased hotel is leased under a percentage lease that provides for each lessee to pay in each calendar month the base rent plus, in each calendar quarter, percentage rent, if any, based on hotel revenues. Lease revenue from Braemar TRS is eliminated in consolidation. The hotel properties are operated under management contracts with Marriott Hotel Services, LLC (“Marriott”), Hilton Management LLC (“Hilton”), Accor Management US Inc. (“Accor”), Four Seasons Hotels Limited (“Four Seasons”), Hyatt Corporation (“Hyatt”), The Ritz-Carlton Hotel Company, L.L.C. and its affiliates, each of which is also an affiliate of Marriott (“Ritz-Carlton”), and Remington Hospitality, which are eligible independent contractors under the Code.
2. Significant Accounting Policies
Basis of Presentation and Principles of Consolidation—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. These condensed consolidated financial statements include the accounts of Braemar Hotels & Resorts Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All intercompany accounts and transactions
9

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
between consolidated entities have been eliminated in these condensed consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited condensed consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 14, 2024.
Braemar OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. All major decisions related to Braemar OP that most significantly impact its economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of our wholly-owned subsidiary, Braemar OP General Partner LLC, its general partner. As such, we consolidate Braemar OP.
The following item affects reporting comparability of our historical condensed consolidated financial statements:
Historical seasonality patterns at some of our hotel properties cause fluctuations in our overall operating results. Consequently, operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024;
Use of Estimates—The preparation of these condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Standards—In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which eliminated the historic requirement that entities disclose information concerning unrecognized tax benefits having a reasonable possibility of significantly increasing or decreasing in the 12 months following the reporting date. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and related disclosures.
10

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
3. Revenue
The following tables present our revenue disaggregated by geographical areas (dollars in thousands):
Three Months Ended March 31, 2024
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelTotal
California6$31,939 $10,751 $5,411 $48,101 
Puerto Rico118,995 4,987 3,228 27,210 
Arizona114,115 8,075 2,503 24,693 
Colorado113,181 5,653 3,748 22,582 
Florida222,048 10,657 6,994 39,699 
Illinois13,374 936 420 4,730 
Pennsylvania14,496 1,121 291 5,908 
Washington14,459 737 507 5,703 
Washington, D.C.19,132 5,436 889 15,457 
USVI116,813 5,194 2,989 24,996 
Total16$138,552 $53,547 $26,980 $219,079 
Three Months Ended March 31, 2023
Primary Geographical MarketNumber of HotelsRoomsFood and BeverageOther HotelTotal
California6$34,568 $11,310 $5,687 $51,565 
Puerto Rico115,430 4,875 3,137 23,442 
Arizona
114,157 6,518 2,616 23,291 
Colorado114,342 6,361 2,983 23,686 
Florida221,648 10,500 6,672 38,820 
Illinois13,566 983 356 4,905 
Pennsylvania14,518 996 286 5,800 
Washington14,221 700 411 5,332 
Washington, D.C.18,778 5,488 432 14,698 
USVI116,299 4,497 2,966 23,762 
Total16$137,527 $52,228 $25,546 $215,301 
4. Investments in Hotel Properties, net
Investments in hotel properties, net consisted of the following (in thousands):
March 31, 2024December 31, 2023
Land$630,842 $630,842 
Buildings and improvements1,544,944 1,535,501 
Furniture, fixtures and equipment171,402 166,673 
Construction in progress28,550 36,954 
Residences12,746 12,746 
Total cost2,388,484 2,382,716 
Accumulated depreciation(512,215)(498,508)
Investments in hotel properties, net$1,876,269 $1,884,208 
Impairment Charges
During the three months ended March 31, 2024 and 2023, no impairment charges were recorded.
5. Investment in Unconsolidated Entity
OpenKey, Inc. (“OpenKey”), which is controlled and consolidated by Ashford Inc., is a hospitality-focused mobile key platform that provides a universal smart phone app and related hardware and software for keyless entry into hotel guest rooms. As of March 31, 2024, the Company has made equity investments in OpenKey totaling $2.9 million. All investments were recommended by our Related Party Transactions Committee and unanimously approved by the independent members of our board of directors.
11

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Our investment is recorded as “investment in unconsolidated entity” in our condensed consolidated balance sheets and is accounted for under the equity method of accounting as we have significant influence over the entity under the applicable accounting guidance. We review our investment in OpenKey for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of the investment. Any impairment is recorded in equity in earnings (loss) of unconsolidated entity. No such impairment was recorded for the three months ended March 31, 2024 and 2023.
The following table summarizes our carrying value and ownership interest in OpenKey:
March 31, 2024December 31, 2023
Carrying value of the investment in OpenKey (in thousands)$1,358 $1,416 
Ownership interest in OpenKey7.9 %7.9 %
The following table summarizes our equity in earnings (loss) in OpenKey (in thousands):
Three Months Ended March 31,
Line Item20242023
Equity in earnings (loss) of unconsolidated entity(58)$(74)
On February 2, 2023, the Company entered into a loan funding agreement with Ashford Inc. and OpenKey. Per the agreement, Ashford Inc. and the Company will provide OpenKey with a maximum loan amount of $5.0 million to be allocated on a pro-rata basis based on current ownership interests and funded quarterly. The loan bears interest at an annual rate of 15%. Additionally, repayment of the loan principal and all accrued interest is due upon certain events. As of March 31, 2024, the Company has funded approximately $238,000. On February 27, 2024, the Company approved additional funding, together with Ashford Inc., up to $1.0 million in aggregate to OpenKey, allocated pro rata among them. As of March 31, 2024, no funding has been made pursuant to the 2024 funding agreement.
The following table summarizes our note receivable from OpenKey (in thousands):
Line ItemMarch 31, 2024December 31, 2023
Investment in unconsolidated entity$267 $258 
The following table summarizes the interest income associated with the loan to OpenKey (in thousands):
Three Months Ended March 31,
Line Item20242023
Equity in earnings (loss) of unconsolidated entity$9 $1 
12

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
6. Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness
Collateral
Current Maturity
Final
Maturity (14)
Interest Rate
March 31, 2024December 31, 2023
Mortgage loan (3)
The Notary HotelJune 2024June 2025
SOFR (1) + 2.66%
$293,180 $293,180 
The Clancy
Sofitel Chicago Magnificent Mile
Marriott Seattle Waterfront
Mortgage loan (4)
Hilton La Jolla Torrey Pines
August 2024
August 20249.00%66,600 66,600 
Mortgage loan (5)
Cameo Beverly Hills August 2024August 2024
SOFR (1) + 3.66%
30,000 30,000 
Mortgage loan (6)
The Ritz-Carlton Lake Tahoe
January 2025
January 2026
SOFR (1) + 3.60%