Braemar Hotels & Resorts Inc.

Braemar’s portfolio is concentrated in the United States, with hotel assets in major urban and resort markets rather than in a broad international footprint. The company has disclosed properties in Washington, D.C., Sarasota, Scottsdale, Philadelphia, Chicago, Key West, Vail/Beaver Creek, Lake Tahoe, Los Angeles, San Francisco, Puerto Rico, and St. Thomas in the U.S. Virgin Islands. Its exposure is therefore tied to local lodging demand, business travel, leisure travel, and supply conditions in those specific markets. Because the company owns premium hotels in high-demand destinations, performance can vary materially by city, season, and travel trends. No country-level revenue split was disclosed in the provided excerpts, so the geographic profile is best understood through property location and operating concentration rather than reported revenue by country.