Braemar Hotels & Resorts Inc. (NYSE: BHR ) is a Dallas-based REIT that invests in luxury hotels and resorts across the U.S. and in Puerto Rico. Braemar Hotels & Resorts now has investments in 16 properties with 4,184 rooms. On Aug. 2, Braemar Hotels & Resorts reported mixed second-quarter operating results. Funds from operations (FFO) of $0.20 per share was in line with estimates, but 45.95% below FFO of $0.37 per share in the second quarter of 2022. However, revenue of $186.71 million beat the consensus estimate of $173.87 million and was a 6.76% increase over revenue of $174.89 million in the second quarter of 2022. On Aug. 14, B. Riley Securities analyst Bryan Maher downgraded Braemar Hotels & Resorts from Buy to Neutral and lowered the price target from $7 to $3.50. "As it relates to Braemar's luxury resort hotels, we have been writing about RevPAR (revenue per available room) weakening for several quarters," Maher noted. Following the news on Hersha Hospitality, Braemar Hotels soared 15.57% in one day.