Braemar Hotels & Resorts Inc. is an externally advised Maryland corporation that invests primarily in high RevPAR luxury hotels and resorts. It operates in the direct hotel investment segment of the hotel lodging industry, owning interests in luxury hotel properties across the United States and its territories. The company relies on Ashford Hospitality Advisors LLC for asset management and does not operate any hotels directly, instead contracting third party management companies to run its properties.

The company generates revenue primarily from room rentals, food and beverage sales, meeting and event space, and ancillary services such as spa, parking, and internet access at its hotel properties. Revenue is derived from transient business, group sales, and contract sales, with the majority coming from transient guests. Hotel management companies handle day to day operations, while Braemar collects the resulting operating income and distributes it to shareholders as a REIT.

The company operates through the following segments.

• Direct Hotel Investment: This segment comprises the acquisition, ownership, and asset management of high RevPAR luxury hotels and resorts. Activities include sourcing hotel acquisition opportunities, overseeing renovations and capital expenditures, monitoring property performance through asset management services provided by Ashford LLC, and negotiating hotel management and franchise agreements. The segment aims to generate attractive returns on invested capital and long term cash flow growth by focusing on properties expected to achieve RevPAR at least twice the U. S. national average.

Braemar Hotels & Resorts Inc. positions itself as a focused owner of upscale luxury hotels that meet stringent RevPAR thresholds, differentiating itself from diversified hotel operators and generic lodging REITs. Its competitive advantages stem from the exclusive advisory relationship with Ashford LLC, which provides specialized asset management, design, construction, and financing expertise, and from its strategy of targeting properties in markets with multiple demand generators and limited new supply. Key competitors include other hotel focused REITs such as Apple Hospitality REIT, Inc., Host Hotels & Resorts, Inc., and DiamondRock Hospitality Company, as well as private equity backed luxury hotel owners.

The company serves a mix of transient leisure and business travelers, group meeting and convention attendees, and contract guests such as airline crews and government personnel. Its hotels cater to affluent individual guests seeking premium amenities, corporations hosting events, and organizations requiring block room bookings. Specific customer names are not disclosed in the filing.