Braemar Posts 14.4% RevPAR Gain in Third Quarter

Braemar Hotels & Resorts reported comparable revenue per available room of $284 for the quarter ended Sept. 30, 2026, while posting an adjusted funds from operations loss.

Updated on Nov. 6, 2026 in Hospitality

Braemar Posts 14.4% RevPAR Gain in Third Quarter

Braemar Hotels & Resorts reported comparable revenue per available room of $284 in the third quarter ended Sept. 30, 2026, up 14.4% from the year-earlier quarter. The company also reported an adjusted funds from operations loss of $0.25 per diluted share for the period.

Why it matters

The results show revenue per available room rising faster than the company's comparable Hotel EBITDA growth in the quarter, while the per-share AFFO loss widened from a year earlier. The figures give investors and industry observers a measure of how the hotel portfolio performed through the quarter.

Comparable Hotel EBITDA rose 20.7% to $12.9 million and the comparable Hotel EBITDA margin expanded 122 basis points year over year. The adjusted funds from operations loss widened to $0.25 per diluted share from $0.19 a year earlier, and the company did not explain the drivers in the extracted figures.

The players

Braemar Hotels & Resorts

Braemar Hotels & Resorts is a publicly traded real estate investment trust that owns and operates a portfolio of upscale hotels and resorts in the United States.

The details

Braemar Hotels & Resorts reported the quarter's results in its third-quarter filing, which included comparable revenue per available room, comparable Hotel EBITDA and adjusted funds from operations. The company also previously posted preliminary figures for its continuing portfolio for the 12 months ended Aug. 31, showing $385.2 million in revenue and $90.4 million in Hotel EBITDA.

Aug. 31, 2026: End of the 12-month period covered by Braemar's preliminary portfolio figures.
Sept. 30, 2026: End of the third quarter in which the company reported its results.

Market Landscape

Braemar's comparable RevPAR gain of 14.4% outpaced its own year-earlier quarter, which the company reported in its prior third-quarter results. The widening AFFO loss to $0.25 from $0.19 per diluted share suggests that operating gains did not fully carry through to per-share results for the period.

For hotel guests and travelers, rising revenue per available room often signals that room rates are firming across the portfolio. Shareholders should note the widened AFFO loss per diluted share compared with the prior year.

The takeaway

Revenue per available room gains can coexist with a wider per-share loss, so readers tracking hotel stocks should look past top-line metrics to the cost and per-share lines. Comparing quarters against the same period a year earlier helps separate operating trends from one-time effects.