The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Tyler Batory - Oppenheimer - Analyst
: A portfolio question for you first in terms of CapEx. Just a multipart question. What do you think is a good maintenance run rate CapEx number to
think about for your portfolio, whether that's a dollar number or a percentage of revenue? And given some of the CapEx projects you completed
over the past few years. Just talk about the overall quality of the portfolio as it stands today, if there's anything deferred or any sort of catch-up
CapEx that might potentially be contemplated in the next couple of years?
Question: Tyler Batory - Oppenheimer - Analyst
: Okay. Great. And then my other question on RevPAR and portfolio performance. Obviously, you initiated the sales process at the end of the summer,
and that was made public. Is that something that you think is weighed on results at all? Or maybe it's not that much of a distraction in the hotel
level employees perhaps aren't really thinking about that?
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NOVEMBER 05, 2025 / 5:00PM, BHR.N - Q3 2025 Braemar Hotels & Resorts Inc Earnings Call
Question: Tyler Batory - Oppenheimer - Analyst
: Okay. Then moving on, just a couple of strategic questions quickly here. Obviously, the company is externally advised was there plans or have ever
been planned, discussions in terms of an internalization process? And just kind of wondering if you could unpack behind the scenes, if you did
look at that and just kind of what you thought about it?
Question: Tyler Batory - Oppenheimer - Analyst
: Okay. And then more broadly, Richard, I'll try to keep this question general here, but just any commentary or perspective you could provide on the
acquisition backdrop for hotels, the appetite out there, availability of capital, things like that. Just interested to some of the larger entities, perhaps
what they're view is on your portfolio of transactions and just kind of the overall environment out there and the desire to own hotels.
Question: Michael Bellisario - Baird - Analyst
: Thanks. Good morning, everyone. Two questions probably both for Chris here. But just first on D.C., can you just give us an overview of what you're
seeing on the ground, how the government pullback affected the third quarter results? And then what the shutdown might do to near-term
performance at the property?
Question: Michael Bellisario - Baird - Analyst
: Got it. That's helpful. And then just on leisure trends more broadly, what did you see in the third quarter relative to your expectations? Any change
in consumer spending, out of room spend, booking channels? Are you having to discount more or less offer more promotions? Any commentary
there would be helpful.
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