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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
SCHEDULE III
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
Initial CostCosts Capitalized
Since Acquisition
Gross Carrying Amount
At Close of Period (6)
Hotel PropertyLocationEncumbrancesLandFF&E,
Buildings and
improvements		LandFF&E,
Buildings and
improvements		LandFF&E,
Buildings and
improvements		TotalAccumulated
Depreciation		Construction
Date		Acquisition
Date		Income
Statement
Capital HiltonWashington, D.C.$110,600 $45,721 $106,245 $— $48,908 $45,721 $155,153 $200,874 $77,527 April 2007(1),(2),(3)
The Notary HotelPhiladelphia, PA66,245 9,814 94,029 — 21,776 9,814 115,805 125,619 60,482 April 2007(1),(2),(3)
Sofitel Chicago Magnificent Mile (5)
Chicago, IL48,509 12,631 140,369 (3,540)(69,001)9,091 71,368 80,459 1,359  February 2014(1),(2),(3)
Pier House Resort & SpaKey West, FL94,000 59,731 33,011 — (1,405)59,731 31,606 91,337 11,923 March 2014(1),(2),(3)
Bardessono Hotel and Spa (5)
Yountville, CA39,000 — 64,184 — (16,545)— 47,639 47,639 2,014 July 2015 (1), (2), (3), (4)
Hotel Yountville (5)
Yountville, CA37,000 47,849 48,567 (9,185)(15,383)38,664 33,184 71,848 1,548 May 2017(1),(2),(3)
Park Hyatt Beaver Creek Resort & SpaBeaver Creek, CO70,500 89,117 56,383 354 36,794 89,471 93,177 182,648 26,856 March 2017(1),(2),(3)
The Ritz-Carlton SarasotaSarasota, FL130,000 83,630 99,782 — 14,152 83,630 113,934 197,564 32,974 April 2018(1),(2),(3)
The Ritz-Carlton St. ThomasSt. Thomas, USVI107,000 25,533 38,467 — 69,452 25,533 107,919 133,452 24,458 December 2015(1),(2),(3)
The Ritz-Carlton Lake TahoeTruckee, CA43,413 26,731 91,603 — 48,575 26,731 140,178 166,909 34,314 January 2019(1),(2),(3)
Cameo Beverly HillsBeverly Hills, CA— 29,346 45,078 — 25,391 29,346 70,469 99,815 11,673 August 2021(1),(2),(3)
The Ritz-Carlton Reserve Dorado BeachDorado, Puerto Rico95,148 79,711 117,510 — 13,397 79,711 130,907 210,618 27,096 March 2022(1),(2),(3)
Four Seasons Resort ScottsdaleScottsdale, AZ180,000 70,248 197,610 — 12,902 70,248 210,512 280,760 31,837 December 2022(1),(2),(3)
Land parcel
McKinney, TX
5,360 12,786 — — — 12,786 — 12,786 — 
April 2025
Total$1,026,775 $592,848 $1,132,838 $(12,371)$189,013 $580,477 $1,321,851 $1,902,328 $344,061 
__________________
(1)Estimated useful life for buildings is 39 years.
(2)Estimated useful life for building improvements is 7.5 years.
(3)Estimated useful life for furniture and fixtures is 1.5 to 5 years.
(4)Amount includes transfer of FF&E to Ashford Inc. in return for the key money consideration.
(5)Amounts include impairment charges.
(6)The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $1.4 billion as of December 31, 2025.
Year Ended December 31,
202520242023
Investment in real estate:
Beginning balance$2,252,574 $2,382,716 $2,325,093 
Additions90,786 57,758 92,384 
Write-offs(33,693)(66,227)(34,761)
Impairment(121,474)— — 
Sales/disposals(285,865)(121,673)— 
Ending balance$1,902,328 $2,252,574 $2,382,716 
Accumulated depreciation:
Beginning balance473,888 498,508 440,492 
Depreciation expense93,482 98,286 92,777 
Write-offs(33,693)(66,227)(34,761)
Impairment(70,480)— — 
Sales/disposals(119,136)(56,679)— 
Ending balance$344,061 $473,888 $498,508 
Investment in real estate, net$1,558,267 $1,778,686 $1,884,208