BRAEMAR HOTELS & RESORTS REPORTS

FOURTH QUARTER AND FULL YEAR 2021 RESULTS

Fourth Quarter Comparable RevPAR Increased 163%

Highest Quarterly RevPAR in Company History at $240

Net Loss Attributable to Common Stockholders for the Fourth Quarter was $(4.3) Million

Fourth Quarter Adjusted EBITDAre was $29.4 Million

Fourth Quarter Comparable Hotel EBITDA was $35.5 Million

Fourth Quarter AFFO per Share was $0.23

Announced the Pending Acquisition of Dorado Beach, a Ritz-Carlton Reserve

DALLAS – February 24, 2022 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2021. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2021, was owned as of the beginning of each of the periods presented.Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2021, with the fourth quarter and year ended December 31, 2020 (see discussion below).The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

•Comparable RevPAR for all hotels increased 163% to $239.62 during the quarter, the highest quarterly RevPAR in the Company’s history.Comparable ADR increased 18.5% to $392.08 and comparable occupancy increased 121.9% to 61.1%.Comparable RevPAR for all hotels increased 6.3% compared to the comparable period in 2019.

•Net loss attributable to common stockholders for the quarter was $(4.3) million or $(0.06) per diluted share. For the full year of 2021, net loss attributable to common stockholders was $(40.0) million or $(0.76) per diluted share.

•Adjusted funds from operations (AFFO) was $0.23 per diluted share for the quarter compared to $(0.17) in the prior year quarter. For the full year of 2021, AFFO per diluted share was $0.80.

•Adjusted EBITDAre was $29.4 million for the quarter, reflecting a growth rate of 15.4% over the fourth quarter of 2019. Adjusted EBITDAre for the full year of 2021 was $87.5 million.

•Comparable Hotel EBITDA was $35.5 million for the quarter, reflecting a growth rate of 12.2% over the fourth quarter of 2019.Comparable Hotel EBITDA was $109.2 million for the full year of 2021.

BHR Reports Fourth Quarter Results

Page 2

February 24, 2022

•The Company ended the quarter with cash and cash equivalents of $216.0 million and restricted cash of $47.4 million.The vast majority of the restricted cash is comprised of lender and manager-held reserves.At the end of the quarter, there was also $27.5 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net debt to gross assets was 46% at the end of the fourth quarter.

•During the quarter, the Company announced the pending acquisition of the 96-room Dorado Beach, a Ritz-Carlton Reserve for total consideration of $186.6 million.

•Capex invested during the quarter was $9.8 million and $25.6 million for the full year.

DORADO BEACH, A RITZ-CARLTON RESERVE ACQUISITION

On December 27, 2021, the Company announced that it has entered into a definitive agreement to acquire the 96-room Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico (the “Property”).In addition, the Company will acquire the income stream attributable to fourteen luxury residential units adjacent to the Property that participate in a rental management program.The Company expects the acquisition to be completed in the coming days.

With its premier beachfront location on the North coast of Puerto Rico, the Property is situated within Dorado Beach Resort, a 1,900-acre master planned community in one of the most sought after residential real estate markets in the United States and U.S. territories.In addition to the amenities of the self-contained Dorado Beach community, the resort also benefits from its location within the town of Dorado.Dorado is an upscale suburb of San Juan featuring many restaurants, retail outlets, and other amenities and leisure activities in the surrounding area.Additionally, the town is 20 miles from Old San Juan and 22 miles from Luis Muñoz Marin International Airport, making it very accessible from the capital city.

The announced total consideration for the acquisition is $186.6 million ($1.7 million per key, inclusive of the residential units in the rental program). The acquisition will be funded with approximately $104 million of cash, six million shares of Common Stock, and the assumption of a $54 million mortgage loan.No additional equity will be issued to fund the cash portion of the consideration.The cash portion of the consideration will be funded from available excess cash.

CAPITAL STRUCTURE

At December 31, 2021, the Company had total assets of $1.9 billion and $1.2 billion of loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines.The Company’s total combined loans had a blended average interest rate of 2.7%.

During the third quarter of 2021, the Company commenced the sale of its Series E and Series M non-traded perpetual preferred stock. To date, the Company has issued 2.8 million shares of its Series E and Series M non-traded perpetual preferred stock raising approximately $62.4 million of net proceeds.

Subsequent to quarter end, on February 2, 2022, the Company completed the refinancing of the Park Hyatt Beaver Creek Resort & Spa.The new, non-recourse loan totals $70.5 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 2.86%. The financing addressed the Company’s only final debt maturity in 2022.

In January, the Company and its Board of Directors announced that it plans to continue its suspension of the common stock dividend into 2022 to protect liquidity and will evaluate future dividend declarations

BHR Reports Fourth Quarter Results

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February 24, 2022

on a quarterly basis going forward. Accordingly, the Company did not pay a dividend on its common stock or common units for the fourth quarter ended December 31, 2021.

PORTFOLIO REVPAR

As of December 31, 2021, the portfolio consisted of fourteen hotels.

•Comparable RevPAR increased 163% to $239.62 for all hotels on an 18.5% increase in comparable ADR and a 121.9% increase in comparable occupancy.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period.As the Company’s portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.

“We continue to be pleased with the incredibly strong operating performance of our luxury resorts,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “We achieved the highest quarterly RevPAR in our Company’s history, and our portfolio was cash flow positive for the fourth consecutive quarterly period. Overall leisure demand remained strong during the quarter with 13 of our 14 properties generating positive Hotel EBITDA and 9 of our 14 properties achieving greater than 60% occupancy.With a portfolio that is benefiting from a luxury resort orientation while having some key urban asset exposure to provide further upside as conditions improve, we believe Braemar is well-positioned to continue to capitalize on the recovery in the lodging industry.Additionally, our recently announced pending acquisition of Dorado Beach, the first Ritz-Carlton Reserve in the Americas and one of only five Ritz-Carlton Reserve properties worldwide, will further diversify our portfolio and fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts.” Mr.Stockton added, “We enter 2022 well-positioned and excited about our opportunities to deliver continued growth. Strong forward bookings suggest further improved operating results for the first quarter of 2022.While we don’t provide formal earnings guidance, looking ahead, we expect to achieve 2019 Comparable RevPAR levels during calendar year 2022 and expect to meet or exceed 2019 Comparable Hotel EBITDA by calendar year 2023.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Friday, February 25, 2022, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Friday, March 4, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13725849.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2021 earnings release conference call.The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com on Friday, February 25, 2022, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO,

BHR Reports Fourth Quarter Results

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February 24, 2022

EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA.Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated.The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

*****

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

December 31, 2021 December 31, 2020
ASSETS
Investments in hotel properties, gross $ 1,845,078 $ 1,784,849
Accumulated depreciation (399,481) (360,259)
Investments in hotel properties, net 1,445,597 1,424,590
Cash and cash equivalents 215,998 78,606
Restricted cash 47,376 34,544
Accounts receivable, net of allowance of $134 and $227, respectively 23,701 13,557
Inventories 3,128 2,551
Prepaid expenses 4,352 4,405
Investment in OpenKey 1,689 1,708
Derivative assets 139
Other assets 23,588 14,898
Operating lease right-of-use assets 80,462 81,260
Intangible assets, net 4,261 4,640
Due from related parties, net 1,770 991
Due from third-party hotel managers 27,461 12,271
Total assets $ 1,879,522 $ 1,674,021
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net $ 1,172,678 $ 1,130,594
Accounts payable and accrued expenses 96,316 61,758
Dividends and distributions payable 2,173 2,736
Due to Ashford Inc., net 1,474 2,772
Due to third-party hotel managers 610 1,393
Operating lease liabilities 60,937 60,917
Derivative liabilities 1,435
Other liabilities 20,034 18,077
Total liabilities 1,355,657 1,278,247
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 and 5,031,473 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 65,426 106,949
8.0% Series E Redeemable Preferred Stock, $0.01 par value, 1,710,399 and 0 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 39,339
8.2% Series M Redeemable Preferred Stock, $0.01 par value, 29,044 and 0 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 715
Redeemable noncontrolling interests in operating partnership 36,087 27,655
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at December 31, 2021 and December 31, 2020 16 16
Common stock, $0.01 par value, 250,000,000 shares authorized, 65,365,470 and 38,274,770 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively 653 382
Additional paid-in capital 707,418 541,870
Accumulated deficit (309,240) (266,010)
Total stockholders’ equity of the Company 398,847 276,258
Noncontrolling interest in consolidated entities (16,549) (15,088)
Total equity 382,298 261,170
Total liabilities and equity $ 1,879,522 $ 1,674,021

5

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended Year Ended
December 31, December 31,
2021 2020 2021 2020
REVENUE
Rooms $ 84,848 $ 31,146 $ 280,568 $ 136,265
Food and beverage 29,323 10,846 90,299 50,263
Other 16,236 9,813 56,675 40,446
Total hotel revenue 130,407 51,805 427,542 226,974
EXPENSES
Hotel operating expenses:
Rooms 18,249 8,754 59,818 38,054
Food and beverage 24,651 10,702 75,177 46,246
Other expenses 40,771 22,882 138,914 98,467
Management fees 4,038 1,546 13,117 7,210
Total hotel operating expenses 87,709 43,884 287,026 189,977
Property taxes, insurance and other 7,921 6,650 34,997 28,483
Depreciation and amortization 18,881 17,973 73,762 73,371
Advisory services fee:
Base advisory fee 2,825 2,402 10,806 9,981
Reimbursable expenses 601 430 2,297 1,790
Incentive fee (678) (678)
Non-cash stock/unit-based compensation 2,872 1,787 9,538 7,393
(Gain) loss on legal settlements 72 (917)
Transaction costs (8) 563
Corporate, general and administrative:
Non-cash stock/unit-based compensation 55 46 610 321
Other general and administrative 2,585 1,761 8,107 6,336
Total operating expenses 123,513 74,255 426,789 316,974
Gain (loss) on insurance settlement and disposition of assets 696 10,149
OPERATING INCOME (LOSS) 6,894 (22,450) 1,449 (79,851)
Equity in earnings (loss) of unconsolidated entity (54) (79) (252) (217)
Interest income 14 11 48 176
Other income (expense) (1,320) (5,126)
Interest expense (8,096) (6,235) (28,693) (41,695)
Amortization of loan costs (459) (702) (2,208) (3,409)
Write-off of loan costs and exit fees (3) (348) (1,963) (3,920)
Unrealized gain (loss) on derivatives (32) 1,211 32 4,959
INCOME (LOSS) BEFORE INCOME TAXES (1,736) (29,912) (31,587) (129,083)
Income tax (expense) benefit (558) (216) (1,324) 4,406
NET INCOME (LOSS) (2,294) (30,128) (32,911) (124,677)
(Income) loss attributable to noncontrolling interest in consolidated entities 104 1,461 2,650 6,436
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 413 2,943 3,597 12,979
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (1,777) (25,724) (26,664) (105,262)
Preferred dividends (2,487) (2,555) (8,745) (10,219)
Gain (loss) on extinguishment of preferred stock (4,595)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (4,264) $ (28,279) $ (40,004) $ (115,481)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (0.06) $ (0.77) $ (0.76) $ (3.39)
Weighted average common shares outstanding – basic 63,743 36,660 52,684 33,998
Diluted:
Net income (loss) attributable to common stockholders $ (0.06) $ (0.77) $ (0.76) $ (3.39)
Weighted average common shares outstanding – diluted 63,743 36,660 52,684 33,998
Dividends declared per common share: $ $ $ $

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre

(in thousands)

(unaudited)

Three Months Ended Year Ended
December 31, December 31,
2021 2020 2021 2020
Net income (loss) $ (2,294) $ (30,128) $ (32,911) $ (124,677)
Interest expense and amortization of loan costs 8,555 6,937 30,901 45,104
Depreciation and amortization 18,881 17,973 73,762 73,371
Income tax expense (benefit) 558 216 1,324 (4,406)
Equity in (earnings) loss of unconsolidated entity 54 79 252 217
Company’s portion of EBITDA of OpenKey (54) (79) (250) (214)
EBITDA 25,700 (5,002) 73,078 (10,605)
(Gain) loss on insurance settlement and disposition of assets (696) (10,149)
EBITDAre 25,700 (5,002) 72,382 (20,754)
Amortization of favorable (unfavorable) contract assets (liabilities) 118 213 512 834
Transaction and conversion costs 489 242 2,637 1,370
Other (income) expense 1,320 5,126
Write-off of loan costs and exit fees 3 348 1,963 3,920
Unrealized (gain) loss on derivatives 32 (1,211) (32) (4,959)
Non-cash stock/unit-based compensation 2,939 1,853 10,204 7,892
Legal, advisory and settlement costs 112 820 (208) 2,023
Company’s portion of adjustments to EBITDAre of OpenKey 7 7 13
Adjusted EBITDAre $ 29,393 $ (1,410) $ 87,465 $ (4,535)

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS (“FFO”) AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)

Three Months Ended Year Ended
December 31, December 31,
2021 2020 2021 2020
Net income (loss) $ (2,294) $ (30,128) $ (32,911) $ (124,677)
(Income) loss attributable to noncontrolling interest in consolidated entities 104 1,461 2,650 6,436
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 413 2,943 3,597 12,979
Preferred dividends (2,487) (2,555) (8,745) (10,219)
Gain (loss) on extinguishment of preferred stock (4,595)
Net income (loss) attributable to common stockholders (4,264) (28,279) (40,004) (115,481)
Depreciation and amortization on real estate 18,229 17,284 71,072 70,426
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (413) (2,943) (3,597) (12,979)
Equity in (earnings) loss of unconsolidated entity 54 79 252 217
(Gain) loss on insurance settlement and disposition of assets (696) (10,149)
Company’s portion of FFO of OpenKey (54) (79) (251) (216)
FFO available to common stockholders and OP unitholders 13,552 (13,938) 26,776 (68,182)
Series B Cumulative Convertible Preferred Stock dividends 1,058 1,730 4,747 6,919
(Gain) loss on extinguishment of preferred stock 4,595
Transaction and conversion costs 489 242 2,637 1,370
Other (income) expense 1,320 5,126
Interest expense on convertible notes 1,368 3,378
Interest expense accretion on refundable membership club deposits 190 202 772 818
Write-off of loan costs and exit fees 3 348 1,963 3,920
Amortization of loan costs 437 681 2,121 3,332
Unrealized (gain) loss on derivatives 32 (1,211) (32) (4,959)
Non-cash stock/unit-based compensation 2,939 1,853 10,204 7,892
Legal, advisory and settlement costs 112 820 (208) 2,023
Company’s portion of adjustments to FFO of OpenKey 7 7 13
Adjusted FFO available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an “as converted” basis $ 20,180 $ (7,946) $ 56,960 $ (41,728)
Adjusted FFO per diluted share available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an “as converted” basis $ 0.23 $ (0.17) $ 0.80 $ (0.93)
Weighted average diluted shares 87,852 47,272 71,191 44,890

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

December 31, 2021

(dollars in thousands)

(unaudited)

Lender Hotels Current
Maturity

Final

Maturity (6)

Interest Rate Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt

Comparable TTM

Hotel EBITDA(7)

Comparable TTM EBITDA
Debt Yield
JPMorgan Park Hyatt Beaver Creek Resort & Spa April 2022 April 2022 LIBOR + 3.00% $ $ 67,500 (1) $ 67,500 $ 9,609 14.2 %
BAML See footnote June 2022 June 2025 LIBOR + 2.16% 435,000 (2) 435,000 (296) (0.1) %
Apollo The Ritz-Carlton St. Thomas August 2022 August 2024 LIBOR + 3.95% 42,500 (3) 42,500 27,550 64.8 %
BAML The Ritz-Carlton Sarasota April 2023 April 2023 LIBOR + 2.65% 99,500 (4) 99,500 25,663 25.8 %
BAML Hotel Yountville May 2023 May 2023 LIBOR + 2.55% 51,000 (4) 51,000 6,433 12.6 %
BAML Bardessono Hotel and Spa August 2023 August 2023 LIBOR + 2.55% 40,000 (4) 40,000 9,208 23.0 %
BAML The Ritz-Carlton Lake Tahoe January 2024 January 2024 LIBOR + 2.10% 54,000 (4) 54,000 7,835 14.5 %
Prudential Capital Hilton and Hilton La Jolla Torrey Pines February 2024 February 2024 LIBOR + 1.70% 195,000 195,000 2,893 1.5 %
LoanCore Mr. C Beverly Hills Hotel August 2024 August 2024 LIBOR + 3.60% 30,000 (5) 30,000 2,280 7.6 %
BAML Pier House Resort & Spa September 2024 September 2024 LIBOR + 1.85% 80,000 (4) 80,000 18,039 22.5 %
Convertible Senior Notes N/A June 2026 June 2026 4.50% 86,250 86,250 N/A N/A
Total $ 86,250 $ 1,094,500 $ 1,180,750 $ 109,214 9.2 %
Percentage 7.3 % 92.7 % 100.0 %
Weighted average interest rate 4.50 % 2.51 % 2.65 %

All indebtedness is non-recourse with the exception of the convertible senior notes.

(1) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in April 2021.

(2) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in June 2021. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(3) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in August 2021. This mortgage loan has a LIBOR floor of 1.00%.

(4) This mortgage loan has a LIBOR floor of 0.25%.

(5) This mortgage loan has a LIBOR floor of 1.50%.

(6) The final maturity date assumes all available extension options will be exercised.

(7) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

8

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

December 31, 2021

(dollars in thousands)

(unaudited)

Lender Hotels 2022 2023 2024 2025 2026 Thereafter Total
JPMorgan Park Hyatt Beaver Creek Resort & Spa $ 67,500 $ $ $ $ $ $ 67,500
BAML Hotel Yountville 51,000 51,000
BAML Bardessono Hotel and Spa 40,000 40,000
BAML The Ritz-Carlton Sarasota 98,000 98,000
BAML The Ritz-Carlton Lake Tahoe 54,000 54,000
Prudential Capital Hilton and Hilton La Jolla Torrey Pines 195,000 195,000
Apollo The Ritz-Carlton St. Thomas 42,500 42,500
LoanCore Mr. C Beverly Hills Hotel 30,000 30,000
BAML Pier House Resort & Spa 80,000 80,000
BAML See footnote 1 435,000 435,000
Convertible Senior Notes N/A 86,250 86,250
Principal due in future periods $ 67,500 $ 189,000 $ 401,500 $ 435,000 $ 86,250 $ $ 1,179,250
Scheduled amortization payments remaining 1,000 500 1,500
Total indebtedness $ 68,500 $ 189,500 $ 401,500 $ 435,000 $ 86,250 $ $ 1,180,750

(1) This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
Rooms revenue (in thousands) $ 85,482 $ $ 85,482 $ 30,761 $ 1,737 $ 32,498 177.89 % 163.04 %
RevPAR $ 239.62 $ $ 239.62 $ 89.83 $ 73.52 $ 91.16 166.74 % 162.86 %
Occupancy 61.12 % % 61.12 % 27.72 % 21.79 % 27.55 % 120.50 % 121.86 %
ADR $ 392.08 $ $ 392.08 $ 324.11 $ 337.35 $ 330.93 20.97 % 18.48 %
ALL HOTELS:
Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
Rooms revenue (in thousands) $ 279,812 $ 7,228 $ 287,040 $ 134,828 $ 8,248 $ 143,076 107.53 % 100.62 %
RevPAR $ 202.57 $ 131.07 $ 202.91 $ 99.05 $ 102.67 $ 100.95 104.52 % 101.00 %
Occupancy 52.44 % 40.65 % 52.21 % 30.25 % 30.52 % 30.28 % 73.37 % 72.44 %
ADR $ 386.26 $ 322.42 $ 388.64 $ 327.43 $ 336.43 $ 333.42 17.97 % 16.56 %

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The above information for prior periods has been revised to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton in order to be comparable to the current period.

10

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS: Three Months Ended Year Ended
December 31, December 31,
2021 2020 % Variance 2021 2020 % Variance
Total hotel revenue $ 130,925 $ 51,805 152.73 % $ 428,093 $ 226,974 88.61 %
Non-comparable adjustments 1,800 7,703 9,560
Comparable total hotel revenue $ 130,925 $ 53,605 144.24 % $ 435,796 $ 236,534 84.24 %
Hotel EBITDA $ 35,498 $ 1,573 2,156.71 % $ 107,986 $ 13,437 703.65 %
Non-comparable adjustments (27) 1,228 434
Comparable hotel EBITDA $ 35,498 $ 1,546 2,196.12 % $ 109,214 $ 13,871 687.35 %
Hotel EBITDA margin 27.11 % 3.04 % 24.07 % 25.22 % 5.92 % 19.30 %
Comparable hotel EBITDA margin 27.11 % 2.88 % 24.23 % 25.06 % 5.86 % 19.20 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 713 $ (716) 199.58 % $ 723 $ (1,181) 161.22 %
Hotel EBITDA attributable to the Company and OP unitholders $ 34,785 $ 2,289 1,419.66 % $ 107,263 $ 14,618 633.77 %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 34,785 $ 2,262 1,437.80 % $ 108,491 $ 15,052 620.77 %

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

11

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 4,062 $ $ 4,062 $ 738 $ $ 738 450.41 % 450.41 %
Total hotel revenue $ 6,619 $ $ 6,619 $ 1,204 $ $ 1,204 449.75 % 449.75 %
Hotel EBITDA $ 409 $ $ 409 $ (1,874) $ $ (1,874) 121.82 % 121.82 %
Hotel EBITDA margin 6.18 % 6.18 % (155.65) % (155.65) % 161.83 % 161.83 %
Selected Operating Information:
RevPAR $ 80.28 $ $ 80.28 $ 14.59 $ $ 14.59 450.20 % 450.20 %
Occupancy 43.74 % % 43.74 % 12.12 % % 12.12 % 260.95 % 260.95 %
ADR $ 183.55 $ $ 183.55 $ 120.42 $ $ 120.42 52.43 % 52.43 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 4,862 $ $ 4,862 $ 1,423 $ $ 1,423 241.67 % 241.67 %
Total hotel revenue $ 8,323 $ $ 8,323 $ 1,918 $ $ 1,918 333.94 % 333.94 %
Hotel EBITDA $ 2,445 $ $ 2,445 $ (990) $ $ (990) 346.97 % 346.97 %
Hotel EBITDA margin 29.38 % 29.38 % (51.62) % (51.62) % 81.00 % 81.00 %
Selected Operating Information:
RevPAR $ 134.15 $ $ 134.15 $ 39.25 $ $ 39.25 241.79 % 241.79 %
Occupancy 63.55 % % 63.55 % 28.96 % % 28.96 % 119.41 % 119.41 %
ADR $ 211.08 $ $ 211.08 $ 135.50 $ $ 135.50 55.78 % 55.78 %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 4,815 $ $ 4,815 $ 1,341 $ $ 1,341 259.06 % 259.06 %
Total hotel revenue $ 6,574 $ $ 6,574 $ 1,626 $ $ 1,626 304.31 % 304.31 %
Hotel EBITDA $ (126) $ $ (126) $ (605) $ $ (605) 79.17 % 79.17 %
Hotel EBITDA margin (1.92) % (1.92) % (37.21) % (37.21) % 35.29 % 35.29 %
Selected Operating Information:
RevPAR $ 126.11 $ $ 126.11 $ 35.13 $ $ 35.13 258.98 % 258.98 %
Occupancy 61.34 % % 61.34 % 24.43 % % 24.43 % 151.05 % 151.05 %
ADR $ 205.60 $ $ 205.60 $ 143.79 $ $ 143.79 42.99 % 42.99 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 5,399 $ $ 5,399 $ 2,168 $ $ 2,168 149.03 % 149.03 %
Total hotel revenue $ 6,822 $ $ 6,822 $ 2,806 $ $ 2,806 143.12 % 143.12 %
Hotel EBITDA $ 2,771 $ $ 2,771 $ 541 $ $ 541 412.20 % 412.20 %
Hotel EBITDA margin 40.62 % 40.62 % 19.28 % 19.28 % 21.34 % 21.34 %
Selected Operating Information:
RevPAR $ 902.76 $ $ 902.76 $ 362.50 $ $ 362.50 149.04 % 149.04 %
Occupancy 70.95 % % 70.95 % 42.83 % % 42.83 % 65.68 % 65.68 %
ADR $ 1,272.33 $ $ 1,272.33 $ 846.45 $ $ 846.45 50.31 % 50.31 %
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 7,046 $ $ 7,046 $ 3,522 $ $ 3,522 100.06 % 100.06 %
Total hotel revenue $ 8,696 $ $ 8,696 $ 4,560 $ $ 4,560 90.70 % 90.70 %
Hotel EBITDA $ 4,965 $ $ 4,965 $ 2,106 $ $ 2,106 135.75 % 135.75 %
Hotel EBITDA margin 57.10 % 57.10 % 46.18 % 46.18 % 10.92 % 10.92 %
Selected Operating Information:
RevPAR $ 539.33 $ $ 539.33 $ 269.62 $ $ 269.62 100.03 % 100.03 %
Occupancy 75.42 % % 75.42 % 69.20 % % 69.20 % 8.99 % 8.99 %
ADR $ 715.09 $ $ 715.09 $ 389.64 $ $ 389.64 83.53 % 83.53 %

12

Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 3,855 $ $ 3,855 $ 1,115 $ $ 1,115 245.74 % 245.74 %
Total hotel revenue $ 4,620 $ $ 4,620 $ 1,354 $ $ 1,354 241.21 % 241.21 %
Hotel EBITDA $ 2,121 $ $ 2,121 $ (6) $ $ (6) 35,450.00 % 35,450.00 %
Hotel EBITDA margin 45.91 % 45.91 % (0.44) % (0.44) % 46.35 % 46.35 %
Selected Operating Information:
RevPAR $ 523.83 $ $ 523.83 $ 151.47 $ $ 151.47 245.83 % 245.83 %
Occupancy 58.25 % % 58.25 % 26.17 % % 26.17 % 122.59 % 122.59 %
ADR $ 899.31 $ $ 899.31 $ 578.83 $ $ 578.83 55.37 % 55.37 %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 5,245 $ $ 5,245 $ 2,892 $ $ 2,892 81.36 % 81.36 %
Total hotel revenue $ 9,724 $ $ 9,724 $ 5,728 $ $ 5,728 69.76 % 69.76 %
Hotel EBITDA $ 2,023 $ $ 2,023 $ 828 $ $ 828 144.32 % 144.32 %
Hotel EBITDA margin 20.80 % 20.80 % 14.46 % 14.46 % 6.34 % 6.34 %
Selected Operating Information:
RevPAR $ 300.05 $ $ 300.05 $ 165.46 $ $ 165.46 81.34 % 81.34 %
Occupancy 49.98 % % 49.98 % 35.62 % % 35.62 % 40.33 % 40.33 %
ADR $ 600.31 $ $ 600.31 $ 464.55 $ $ 464.55 29.22 % 29.22 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 4,321 $ $ 4,321 $ 1,261 $ $ 1,261 242.66 % 242.66 %
Total hotel revenue $ 5,394 $ $ 5,394 $ 1,320 $ $ 1,320 308.64 % 308.64 %
Hotel EBITDA $ 1,293 $ $ 1,293 $ (505) $ $ (505) 356.04 % 356.04 %
Hotel EBITDA margin 23.97 % 23.97 % (38.26) % (38.26) % 62.23 % 62.23 %
Selected Operating Information:
RevPAR $ 94.12 $ $ 94.12 $ 27.46 $ $ 27.46 242.77 % 242.77 %
Occupancy 49.14 % % 49.14 % 18.33 % % 18.33 % 168.06 % 168.06 %
ADR $ 191.52 $ $ 191.52 $ 149.78 $ $ 149.78 27.87 % 27.87 %
THE CLANCY
Selected Financial Information:
Rooms revenue $ 5,474 $ $ 5,474 $ 711 $ $ 711 669.90 % 669.90 %
Total hotel revenue $ 6,513 $ $ 6,513 $ 832 $ $ 832 682.81 % 682.81 %
Hotel EBITDA $ 157 $ $ 157 $ (1,990) $ $ (1,990) 107.89 % 107.89 %
Hotel EBITDA margin 2.41 % 2.41 % (239.18) % (239.18) % 241.59 % 241.59 %
Selected Operating Information:
RevPAR $ 145.12 $ $ 145.12 $ 18.85 $ $ 18.85 669.86 % 669.86 %
Occupancy 74.02 % % 74.02 % 13.41 % % 13.41 % 451.87 % 451.87 %
ADR $ 196.06 $ $ 196.06 $ 140.54 $ $ 140.54 39.50 % 39.50 %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 10,964 $ $ 10,964 $ 5,906 $ $ 5,906 85.64 % 85.64 %
Total hotel revenue $ 23,513 $ $ 23,513 $ 13,496 $ $ 13,496 74.22 % 74.22 %
Hotel EBITDA $ 6,944 $ $ 6,944 $ 2,844 $ $ 2,844 144.16 % 144.16 %
Hotel EBITDA margin 29.53 % 29.53 % 21.07 % 21.07 % 8.46 % 8.46 %
Selected Operating Information:
RevPAR $ 443.70 $ $ 443.70 $ 241.33 $ $ 241.33 83.86 % 83.86 %
Occupancy 78.54 % % 78.54 % 60.32 % % 60.32 % 30.20 % 30.20 %
ADR $ 564.93 $ $ 564.93 $ 400.07 $ $ 400.07 41.21 % 41.21 %

13

Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 8,396 $ $ 8,396 $ 3,088 $ 770 $ 3,858 171.89 % 117.63 %
Total hotel revenue $ 13,862 $ $ 13,862 $ 6,199 $ 347 $ 6,546 123.62 % 111.76 %
Hotel EBITDA $ 3,894 $ $ 3,894 $ (515) $ $ (515) 856.12 % 856.12 %
Hotel EBITDA margin 28.09 % 28.09 % (8.31) % (7.87) % 36.40 % 35.96 %
Selected Operating Information:
RevPAR $ 506.99 $ $ 506.99 $ 197.42 $ $ 232.98 156.80 % 117.61 %
Occupancy 57.90 % % 57.90 % 46.70 % % 46.68 % 23.99 % 24.03 %
ADR $ 875.56 $ $ 875.56 $ 422.74 $ $ 499.05 107.11 % 75.44 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 4,125 $ $ 4,125 $ 783 $ $ 783 426.82 % 426.82 %
Total hotel revenue $ 5,248 $ $ 5,248 $ 866 $ $ 866 506.00 % 506.00 %
Hotel EBITDA $ 1,341 $ $ 1,341 $ (512) $ $ (512) 361.91 % 361.91 %
Hotel EBITDA margin 25.55 % 25.55 % (59.12) % (59.12) % 84.67 % 84.67 %
Selected Operating Information:
RevPAR $ 124.19 $ $ 124.19 $ 23.56 $ $ 23.56 427.07 % 427.07 %
Occupancy 64.24 % % 64.24 % 13.75 % % 13.75 % 367.05 % 367.05 %
ADR $ 193.33 $ $ 193.33 $ 171.31 $ $ 171.31 12.85 % 12.85 %
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 13,922 $ $ 13,922 $ 5,813 $ $ 5,813 139.50 % 139.50 %
Total hotel revenue $ 20,697 $ $ 20,697 $ 9,896 $ $ 9,896 109.15 % 109.15 %
Hotel EBITDA $ 6,638 $ $ 6,638 $ 2,251 $ $ 2,251 194.89 % 194.89 %
Hotel EBITDA margin 32.07 % 32.07 % 22.75 % 22.75 % 9.32 % 9.32 %
Selected Operating Information:
RevPAR $ 840.70 $ $ 840.70 $ 351.10 $ $ 351.10 139.45 % 139.45 %
Occupancy 74.48 % % 74.48 % 54.89 % % 54.89 % 35.70 % 35.70 %
ADR $ 1,128.76 $ $ 1,128.76 $ 639.69 $ $ 639.69 76.45 % 76.45 %
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue $ 2,996 $ $ 2,996 $ $ 967 $ 967 % 209.82 %
Total hotel revenue $ 4,320 $ $ 4,320 $ $ 1,453 $ 1,453 % 197.32 %
Hotel EBITDA $ 623 $ $ 623 $ $ (27) $ (27) % 2,407.41 %
Hotel EBITDA margin 14.42 % 14.42 % % (1.86) % 14.42 % 16.28 %
Selected Operating Information:
RevPAR $ 227.78 $ $ 227.78 $ $ 73.52 $ 73.52 % 209.84 %
Occupancy 69.73 % % 69.73 % % 21.79 % 21.79 % % 219.99 %
ADR $ 326.65 $ $ 326.65 $ $ 337.35 $ 337.35 % (3.17) %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 85,482 $ $ 85,482 $ 30,761 $ 1,737 $ 32,498 177.89 % 163.04 %
Total hotel revenue $ 130,925 $ $ 130,925 $ 51,805 $ 1,800 $ 53,605 152.73 % 144.24 %
Hotel EBITDA $ 35,498 $ $ 35,498 $ 1,573 $ (27) $ 1,546 2,156.71 % 2,196.12 %
Hotel EBITDA margin 27.11 % 27.11 % 3.04 % 2.88 % 24.07 % 24.23 %
Selected Operating Information:
RevPAR $ 239.62 $ $ 239.62 $ 89.83 $ 73.52 $ 91.16 166.74 % 162.86 %
Occupancy 61.12 % % 61.12 % 27.72 % 21.79 % 27.55 % 120.50 % 121.86 %
ADR $ 392.08 $ $ 392.08 $ 324.11 $ 337.35 $ 330.93 20.97 % 18.48 %

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.

(3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

14

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 9,773 $ $ 9,773 $ 7,595 $ $ 7,595 28.68 % 28.68 %
Total hotel revenue $ 13,929 $ $ 13,929 $ 12,718 $ $ 12,718 9.52 % 9.52 %
Hotel EBITDA $ (3,342) $ $ (3,342) $ (5,076) $ $ (5,076) 34.16 % 34.16 %
Hotel EBITDA margin (23.99) % (23.99) % (39.91) % (39.91) % 15.92 % 15.92 %
Selected Operating Information:
RevPAR $ 48.68 $ $ 48.68 $ 37.73 $ $ 37.73 29.03 % 29.03 %
Occupancy 30.47 % % 30.47 % 19.15 % % 19.15 % 59.10 % 59.10 %
ADR $ 159.77 $ $ 159.77 $ 197.00 $ $ 197.00 (18.90) % (18.90) %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 16,927 $ $ 16,927 $ 9,559 $ $ 9,559 77.08 % 77.08 %
Total hotel revenue $ 25,816 $ $ 25,816 $ 15,389 $ $ 15,389 67.76 % 67.76 %
Hotel EBITDA $ 6,235 $ $ 6,235 $ 353 $ $ 353 1,666.29 % 1,666.29 %
Hotel EBITDA margin 24.15 % 24.15 % 2.29 % 2.29 % 21.86 % 21.86 %
Selected Operating Information:
RevPAR $ 117.70 $ $ 117.70 $ 66.29 $ $ 66.29 77.57 % 77.57 %
Occupancy 57.80 % % 57.80 % 37.84 % % 37.84 % 52.75 % 52.75 %
ADR $ 203.63 $ $ 203.63 $ 175.17 $ $ 175.17 16.24 % 16.24 %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 14,422 $ $ 14,422 $ 5,979 $ $ 5,979 141.21 % 141.21 %
Total hotel revenue $ 18,993 $ $ 18,993 $ 7,882 $ $ 7,882 140.97 % 140.97 %
Hotel EBITDA $ (3,560) $ $ (3,560) $ (5,388) $ $ (5,388) 33.93 % 33.93 %
Hotel EBITDA margin (18.74) % (18.74) % (68.36) % (68.36) % 49.62 % 49.62 %
Selected Operating Information:
RevPAR $ 95.21 $ $ 95.21 $ 39.36 $ $ 39.36 141.88 % 141.88 %
Occupancy 46.93 % % 46.93 % 27.87 % % 27.87 % 68.40 % 68.40 %
ADR $ 202.88 $ $ 202.88 $ 141.25 $ $ 141.25 43.63 % 43.63 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 18,391 $ $ 18,391 $ 7,467 $ $ 7,467 146.30 % 146.30 %
Total hotel revenue $ 23,329 $ $ 23,329 $ 9,921 $ $ 9,921 135.15 % 135.15 %
Hotel EBITDA $ 9,208 $ $ 9,208 $ 1,018 $ $ 1,018 804.52 % 804.52 %
Hotel EBITDA margin 39.47 % 39.47 % 10.26 % 10.26 % 29.21 % 29.21 %
Selected Operating Information:
RevPAR $ 775.18 $ $ 775.18 $ 313.89 $ $ 313.89 146.96 % 146.96 %
Occupancy 67.92 % % 67.92 % 40.32 % % 40.32 % 68.43 % 68.43 %
ADR $ 1,141.39 $ $ 1,141.39 $ 778.43 $ $ 778.43 46.63 % 46.63 %
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 25,082 $ $ 25,082 $ 12,265 $ $ 12,265 104.50 % 104.50 %
Total hotel revenue $ 31,408 $ $ 31,408 $ 15,753 $ $ 15,753 99.38 % 99.38 %
Hotel EBITDA $ 18,039 $ $ 18,039 $ 6,707 $ $ 6,707 168.96 % 168.96 %
Hotel EBITDA margin 57.43 % 57.43 % 42.58 % 42.58 % 14.85 % 14.85 %
Selected Operating Information:
RevPAR $ 483.93 $ $ 483.93 $ 235.99 $ $ 235.99 105.06 % 105.06 %
Occupancy 81.83 % % 81.83 % 55.41 % % 55.41 % 47.67 % 47.67 %
ADR $ 591.40 $ $ 591.40 $ 425.89 $ $ 425.89 38.86 % 38.86 %

15

Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 12,886 $ $ 12,886 $ 4,539 $ $ 4,539 183.90 % 183.90 %
Total hotel revenue $ 15,175 $ $ 15,175 $ 5,751 $ $ 5,751 163.87 % 163.87 %
Hotel EBITDA $ 6,433 $ $ 6,433 $ (86) $ $ (86) 7,580.23 % 7,580.23 %
Hotel EBITDA margin 42.39 % 42.39 % (1.50) % (1.50) % 43.89 % 43.89 %
Selected Operating Information:
RevPAR $ 441.29 $ $ 441.29 $ 155.01 $ $ 155.01 184.68 % 184.68 %
Occupancy 57.90 % % 57.90 % 29.46 % % 29.46 % 96.54 % 96.54 %
ADR $ 762.15 $ $ 762.15 $ 526.17 $ $ 526.17 44.85 % 44.85 %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 17,303 $ $ 17,303 $ 12,847 $ $ 12,847 34.69 % 34.69 %
Total hotel revenue $ 36,184 $ $ 36,184 $ 25,554 $ $ 25,554 41.60 % 41.60 %
Hotel EBITDA $ 9,609 $ $ 9,609 $ 4,977 $ $ 4,977 93.07 % 93.07 %
Hotel EBITDA margin 26.56 % 26.56 % 19.48 % 19.48 % 7.08 % 7.08 %
Selected Operating Information:
RevPAR $ 249.50 $ $ 249.50 $ 184.75 $ $ 184.75 35.05 % 35.05 %
Occupancy 54.94 % % 54.94 % 33.92 % % 33.92 % 61.96 % 61.96 %
ADR $ 454.17 $ $ 454.17 $ 544.68 $ $ 544.68 (16.62) % (16.62) %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 11,889 $ $ 11,889 $ 7,349 $ $ 7,349 61.78 % 61.78 %
Total hotel revenue $ 14,158 $ $ 14,158 $ 9,000 $ $ 9,000 57.31 % 57.31 %
Hotel EBITDA $ 1,924 $ $ 1,924 $ (1,633) $ $ (1,633) 217.82 % 217.82 %
Hotel EBITDA margin 13.59 % 13.59 % (18.14) % (18.14) % 31.73 % 31.73 %
Selected Operating Information:
RevPAR $ 65.27 $ $ 65.27 $ 40.24 $ $ 40.24 62.23 % 62.23 %
Occupancy 36.94 % % 36.94 % 24.20 % % 24.20 % 52.63 % 52.63 %
ADR $ 176.70 $ $ 176.70 $ 166.25 $ $ 166.25 6.29 % 6.29 %
THE CLANCY
Selected Financial Information:
Rooms revenue $ 14,627 $ $ 14,627 $ 8,249 $ $ 8,249 77.32 % 77.32 %
Total hotel revenue $ 17,380 $ $ 17,380 $ 9,622 $ $ 9,622 80.63 % 80.63 %
Hotel EBITDA $ (2,217) $ $ (2,217) $ (3,695) $ $ (3,695) 40.00 % 40.00 %
Hotel EBITDA margin (12.76) % (12.76) % (38.40) % (38.40) % 25.64 % 25.64 %
Selected Operating Information:
RevPAR $ 97.74 $ $ 97.74 $ 54.97 $ $ 54.97 77.80 % 77.80 %
Occupancy 55.97 % % 55.97 % 19.52 % % 19.52 % 186.76 % 186.76 %
ADR $ 174.64 $ $ 174.64 $ 281.66 $ $ 281.66 (38.00) % (38.00) %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 40,892 $ $ 40,892 $ 21,564 $ $ 21,564 89.63 % 89.63 %
Total hotel revenue $ 82,808 $ $ 82,808 $ 49,531 $ $ 49,531 67.18 % 67.18 %
Hotel EBITDA $ 25,663 $ $ 25,663 $ 11,502 $ $ 11,502 123.12 % 123.12 %
Hotel EBITDA margin 30.99 % 30.99 % 23.22 % 23.22 % 7.77 % 7.77 %
Selected Operating Information:
RevPAR $ 420.14 $ $ 420.14 $ 221.49 $ $ 221.49 89.69 % 89.69 %
Occupancy 76.99 % % 76.99 % 53.95 % % 53.95 % 42.71 % 42.71 %
ADR $ 545.68 $ $ 545.68 $ 410.53 $ $ 410.53 32.92 % 32.92 %

16

Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2021 2021 2021 2020 2020 2020 % Variance % Variance
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 23,165 $ 3,180 $ 26,345 $ 15,040 $ 2,874 $ 17,914 54.02 % 47.06 %
Total hotel revenue $ 43,685 $ 1,431 $ 45,116 $ 27,237 $ 1,155 $ 28,392 60.39 % 58.90 %
Hotel EBITDA $ 7,835 $ $ 7,835 $ 1,867 $ $ 1,867 319.66 % 319.66 %
Hotel EBITDA margin 17.94 % 17.37 % 6.85 % 6.58 % 11.09 % 10.79 %
Selected Operating Information:
RevPAR $ 366.13 $ $ 400.98 $ 241.72 $ $ 271.91 51.47 % 47.47 %
Occupancy 55.08 % % 55.49 % 43.68 % % 43.31 % 26.10 % 28.11 %
ADR $ 664.78 $ $ 722.66 $ 553.44 $ $ 627.79 20.12 % 15.11 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 15,105 $ $ 15,105 $ 5,604 $ $ 5,604 169.54 % 169.54 %
Total hotel revenue $ 18,315 $ $ 18,315 $ 7,021 $ $ 7,021 160.86 % 160.86 %
Hotel EBITDA $ 3,557 $ $ 3,557 $ (1,733) $ $ (1,733) 305.25 % 305.25 %
Hotel EBITDA margin 19.42 % 19.42 % (24.68) % (24.68) % 44.10 % 44.10 %
Selected Operating Information:
RevPAR $ 114.64 $ $ 114.64 $ 42.41 $ $ 42.41 170.28 % 170.28 %
Occupancy 52.22 % % 52.22 % 20.68 % % 20.68 % 152.56 % 152.56 %
ADR $ 219.51 $ $ 219.51 $ 205.12 $ $ 205.12 7.02 % 7.02 %
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 54,819 $ $ 54,819 $ 16,771 $ $ 16,771 226.87 % 226.87 %
Total hotel revenue $ 80,321 $ $ 80,321 $ 31,595 $ $ 31,595 154.22 % 154.22 %
Hotel EBITDA $ 27,550 $ $ 27,550 $ 4,624 $ $ 4,624 495.80 % 495.80 %
Hotel EBITDA margin 34.30 % 34.30 % 14.64 % 14.64 % 19.66 % 19.66 %
Selected Operating Information:
RevPAR $ 834.39 $ $ 834.39 $ 258.43 $ $ 258.43 222.87 % 222.87 %
Occupancy 79.52 % % 79.52 % 38.85 % % 38.85 % 104.68 % 104.68 %
ADR $ 1,049.29 $ $ 1,049.29 $ 665.20 $ $ 665.20 57.74 % 57.74 %
MR. C BEVERLY HILLS HOTEL
Selected Financial Information:
Rooms revenue $ 4,531 $ 4,048 $ 8,579 $ $ 5,374 $ 5,374 % 59.64 %
Total hotel revenue $ 6,592 $ 6,272 $ 12,864 $ $ 8,405 $ 8,405 % 53.05 %
Hotel EBITDA $ 1,052 $ 1,228 $ 2,280 $ $ 434 $ 434 % 425.35 %
Hotel EBITDA margin 15.96 % 17.72 % % 5.16 % 15.96 % 12.56 %
Selected Operating Information:
RevPAR $ 212.62 $ 131.07 $ 164.36 $ $ 102.67 $ 102.67 % 60.09 %
Occupancy 63.88 % 40.65 % 50.13 % % 30.52 % 30.52 % % 64.28 %
ADR $ 332.86 $ 322.42 $ 327.85 $ $ 336.43 $ 336.43 % (2.55) %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 279,812 $ 7,228 $ 287,040 $ 134,828 $ 8,248 $ 143,076 107.53 % 100.62 %
Total hotel revenue $ 428,093 $ 7,703 $ 435,796 $ 226,974 $ 9,560 $ 236,534 88.61 % 84.24 %
Hotel EBITDA $ 107,986 $ 1,228 $ 109,214 $ 13,437 $ 434 $ 13,871 703.65 % 687.35 %
Hotel EBITDA margin 25.22 % 25.06 % 5.92 % 5.86 % 19.30 % 19.20 %
Selected Operating Information:
RevPAR $ 202.57 $ 131.07 $ 202.91 $ 99.05 $ 102.67 $ 100.95 104.52 % 101.00 %
Occupancy 52.44 % 40.65 % 52.21 % 30.25 % 30.52 % 30.28 % 73.37 % 72.44 %
ADR $ 386.26 $ 322.42 $ 388.64 $ 327.43 $ 336.43 $ 333.42 17.97 % 16.56 %

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) Rooms revenue, RevPAR, Occupancy and ADR have been revised in prior periods to include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton to be comparable to the current period.

(3) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA

17

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable
2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021
4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter
Total Hotel Revenue $ 130,925 $ $ 130,925 $ 116,210 $ 2,044 $ 118,254 $ 97,110 $ 3,551 $ 100,661 $ 83,848 $ 2,108 $ 85,956
Hotel EBITDA $ 35,498 $ $ 35,498 $ 27,261 $ 518 $ 27,779 $ 24,728 $ 619 $ 25,347 $ 20,499 $ 91 $ 20,590
Hotel EBITDA Margin 27.11 % 27.11 % 23.46 % 23.49 % 25.46 % 25.18 % 24.45 % 23.95 %
EBITDA % of Total TTM 32.9 % 32.5 % 25.2 % 25.4 % 22.9 % 23.2 % 19.0 % 18.9 %
JV Interests in EBITDA $ 713 $ $ 713 $ 388 $ $ 388 $ 27 $ $ 27 $ (405) $ $ (405)
Actual Non-comparable Adjustments Comparable
2021 2021 2021
TTM TTM TTM
Total Hotel Revenue $ 428,093 $ 7,703 $ 435,796
Hotel EBITDA $ 107,986 $ 1,228 $ 109,214
Hotel EBITDA Margin 25.22 % 25.06 %
EBITDA % of Total TTM 100.0 % 100.0 %
JV Interests in EBITDA $ 723 $ $ 723

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

18

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

December 31, 2021

(in thousands, except share price)

(unaudited)

December 31, 2021
Common stock shares outstanding 65,365
Partnership units outstanding (common stock equivalents) 7,158
Combined common stock shares and partnership units outstanding 72,523
Common stock price $ 5.10
Market capitalization $ 369,867
Series B cumulative convertible preferred stock $ 76,950
Series D cumulative preferred stock $ 40,000
Series E redeemable preferred stock $ 42,760
Series M redeemable preferred stock $ 726
Indebtedness $ 1,180,750
Joint venture partner’s share of consolidated indebtedness $ (48,750)
Net working capital (see below) $ (218,061)
Total enterprise value (TEV) $ 1,444,242
Cash and cash equivalents $ 214,668
Restricted cash $ 46,403
Accounts receivable, net $ 23,050
Prepaid expenses $ 4,214
Due from affiliates, net $ 402
Due from third-party hotel managers, net $ 26,998
Total current assets $ 315,735
Accounts payable, net & accrued expenses $ 95,501
Dividends and distributions payable $ 2,173
Total current liabilities $ 97,674
Net working capital* $ 218,061

* Includes the Company’s pro rata share of net working capital in joint ventures.

19

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

2021 2021 2021 2021 December 31, 2021
4th Quarter 3rd Quarter 2nd Quarter 1st Quarter TTM
Net income (loss) $ 11,933 $ 3,548 $ 2,585 $ (698) $ 17,368
Non-property adjustments (9) 945 (386) (496) 54
Interest income (11) (10) (10) (8) (39)
Interest expense 3,685 3,517 3,216 3,160 13,578
Amortization of loan costs 350 320 307 303 1,280
Depreciation and amortization 18,881 18,284 18,244 18,353 73,762
Income tax expense (benefit) 27 6 17 1 51
Non-hotel EBITDA ownership expense 642 651 755 (116) 1,932
Hotel EBITDA including amounts attributable to noncontrolling interest 35,498 27,261 24,728 20,499 107,986
Non-comparable adjustments 518 619 91 1,228
Comparable hotel EBITDA $ 35,498 $ 27,779 $ 25,347 $ 20,590 $ 109,214

20

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended December 31, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (1,447) $ 1,388 $ (1,776) $ 1,731 $ 3,787 $ 1,059 $ 577 $ (683) $ (3,338) $ 4,512 $ 2,544 $ 261 $ 3,745 $ (427) $ 11,933 $ (14,227) $ (2,294)
Non-property adjustments (9) (9) 9
Interest income (1) (6) (3) (1) (11) 11
Interest expense 262 405 328 534 880 304 34 538 400 3,685 4,411 8,096
Amortization of loan cost 49 75 60 89 37 40 350 109 459
Depreciation and amortization 1,821 1,035 1,628 605 696 665 901 1,981 3,498 1,422 754 1,044 2,232 599 18,881 18,881
Income tax expense (benefit) (12) 39 27 531 558
Non-hotel EBITDA ownership expense 35 22 22 124 2 9 11 7 (2) 47 255 5 85 20 642 (642)
Hotel EBITDA including amounts attributable to noncontrolling interest 409 2,445 (126) 2,771 4,965 2,121 2,023 1,293 157 6,944 3,894 1,341 6,638 623 35,498 (9,798) 25,700
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (102) (611) (713) 713
Equity in earnings (loss) of unconsolidated entities 54 54
Company’s portion of EBITDA of OpenKey (54) (54)
Hotel EBITDA attributable to the Company and OP unitholders $ 307 $ 1,834 $ (126) $ 2,771 $ 4,965 $ 2,121 $ 2,023 $ 1,293 $ 157 $ 6,944 $ 3,894 $ 1,341 $ 6,638 $ 623 $ 34,785 $ (9,085) $ 25,700
Non-comparable adjustments
Comparable hotel EBITDA $ 409 $ 2,445 $ (126) $ 2,771 $ 4,965 $ 2,121 $ 2,023 $ 1,293 $ 157 $ 6,944 $ 3,894 $ 1,341 $ 6,638 $ 623 $ 35,498

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House Resort & Spa) $ $ $ $ $ 4,965 $ $ $ $ $ $ $ $ $ $ 4,965
BAML (Bardessono Hotel and Spa) 2,771 2,771
BAML (Hotel Yountville) 2,121 2,121
Apollo (The Ritz-Carlton St. Thomas) 6,638 6,638
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) 409 2,445 2,854
BAML Pool (see footnote 3) (126) 1,293 157 1,341 2,665
JP Morgan (Park Hyatt Beaver Creek Resort & Spa) 2,023 2,023
BAML (The Ritz-Carlton Sarasota) 6,944 6,944
BAML (The Ritz-Carlton Lake Tahoe) 3,894 3,894
LoanCore (Mr. C Beverly Hills Hotel) 623 623
Total $ 409 $ 2,445 $ (126) $ 2,771 $ 4,965 $ 2,121 $ 2,023 $ 1,293 $ 157 $ 6,944 $ 3,894 $ 1,341 $ 6,638 $ 623 $ 35,498

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

21

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended September 30, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Seattle Marriott Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (3,090) $ 1,642 $ (3,735) $ 2,520 $ 2,740 $ 1,604 $ 2,099 $ (875) $ (2,710) $ 1,000 $ 196 $ 675 $ 2,685 $ (1,203) $ 3,548 $ (11,767) $ (8,219)
Non-property adjustments 945 945 (945)
Interest income (1) (5) (3) (1) (10) 10
Interest expense 262 405 329 533 882 304 20 538 244 3,517 4,420 7,937
Amortization of loan cost 38 74 40 89 36 17 26 320 107 427
Depreciation and amortization 1,827 1,081 1,645 611 685 661 866 2,030 3,129 1,675 727 962 2,012 373 18,284 18,284
Income tax expense (benefit) 3 3 6 554 560
Non-hotel EBITDA ownership expense 66 24 4 142 11 20 31 97 19 (7) 147 36 17 44 651 (651)
Hotel EBITDA including amounts attributable to noncontrolling interest (1,197) 2,747 (2,086) 3,573 3,915 2,654 3,529 1,255 437 3,634 1,410 1,690 5,271 429 27,261 (8,272) 18,989
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 300 (688) (388) 388
Equity in earnings (loss) of unconsolidated entities 68 68
Company’s portion of EBITDA of OpenKey (68) (68)
Hotel EBITDA attributable to the Company and OP unitholders $ (897) $ 2,059 $ (2,086) $ 3,573 $ 3,915 $ 2,654 $ 3,529 $ 1,255 $ 437 $ 3,634 $ 1,410 $ 1,690 $ 5,271 $ 429 $ 26,873 $ (7,884) $ 18,989
Non-comparable adjustments 518 518
Comparable hotel EBITDA $ (1,197) $ 2,747 $ (2,086) $ 3,573 $ 3,915 $ 2,654 $ 3,529 $ 1,255 $ 437 $ 3,634 $ 1,410 $ 1,690 $ 5,271 $ 947 $ 27,779

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House Resort & Spa) $ $ $ $ $ 3,915 $ $ $ $ $ $ $ $ $ $ 3,915
BAML (Bardessono Hotel and Spa) 3,573 3,573
BAML (Hotel Yountville) 2,654 2,654
Apollo (The Ritz-Carlton St. Thomas) 5,271 5,271
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) (1,197) 2,747 1,550
BAML Pool (see footnote 3) (2,086) 1,255 437 1,690 1,296
JP Morgan (Park Hyatt Beaver Creek Resort & Spa) 3,529 3,529
BAML (The Ritz-Carlton Sarasota) 3,634 3,634
BAML (The Ritz-Carlton Lake Tahoe) 1,410 1,410
LoanCore (Mr. C Beverly Hills Hotel) 947 947
Total $ (1,197) $ 2,747 $ (2,086) $ 3,573 $ 3,915 $ 2,654 $ 3,529 $ 1,255 $ 437 $ 3,634 $ 1,410 $ 1,690 $ 5,271 $ 947 $ 27,779

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

22

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended June 30, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (3,754) $ 717 $ (1,804) $ 1,703 $ 3,834 $ 743 $ (1,811) $ (2,019) $ (4,161) $ 4,906 $ (1,527) $ 187 $ 5,571 $ $ 2,585 $ (13,949) $ (11,364)
Non-property adjustments (100) (97) (189) (386) 386
Interest income (1) (6) (3) (10) 10
Interest expense 259 400 325 523 876 301 532 3,216 3,417 6,633
Amortization of loan cost 38 73 40 7 88 36 25 307 286 593
Depreciation and amortization 1,875 1,086 1,654 674 759 630 880 2,168 3,127 1,736 742 971 1,942 18,244 18,244
Income tax expense (benefit) 1 16 17 44 61
Non-hotel EBITDA ownership expense 173 12 (6) 84 (56) 21 4 11 123 142 8 239 755 (755)
Hotel EBITDA including amounts attributable to noncontrolling interest (1,706) 1,815 (156) 2,658 4,913 1,759 (401) 154 (1,024) 7,723 (306) 1,163 8,136 24,728 (10,561) 14,167
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 428 (455) (27) 27
Equity in earnings (loss) of unconsolidated entities 66 66
Company’s portion of EBITDA of OpenKey (65) (65)
Hotel EBITDA attributable to the Company and OP unitholders $ (1,278) $ 1,360 $ (156) $ 2,658 $ 4,913 $ 1,759 $ (401) $ 154 $ (1,024) $ 7,723 $ (306) $ 1,163 $ 8,136 $ $ 24,701 $ (10,533) $ 14,168
Non-comparable adjustments 619 619
Comparable hotel EBITDA $ (1,706) $ 1,815 $ (156) $ 2,658 $ 4,913 $ 1,759 $ (401) $ 154 $ (1,024) $ 7,723 $ (306) $ 1,163 $ 8,136 $ 619 $ 25,347

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House Resort & Spa) $ $ $ $ $ 4,913 $ $ $ $ $ $ $ $ $ $ 4,913
BAML (Bardessono Hotel and Spa) 2,658 2,658
BAML (Hotel Yountville) 1,759 1,759
Apollo (The Ritz-Carlton St. Thomas) 8,136 8,136
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) (1,706) 1,815 109
BAML Pool (see footnote 3) (156) 154 (1,024) 1,163 137
JP Morgan (Park Hyatt Beaver Creek Resort & Spa) (401) (401)
BAML (The Ritz-Carlton Sarasota) 7,723 7,723
BAML (The Ritz-Carlton Lake Tahoe) (306) (306)
LoanCore (Mr. C Beverly Hills Hotel) 619 619
Total $ (1,706) $ 1,815 $ (156) $ 2,658 $ 4,913 $ 1,759 $ (401) $ 154 $ (1,024) $ 7,723 $ (306) $ 1,163 $ 8,136 $ 619 $ 25,347

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

23

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended March 31, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (2,791) $ (1,832) $ (2,866) $ (901) $ 3,050 $ (1,096) $ 3,140 $ (2,684) $ (5,258) $ 4,924 $ 1,580 $ (1,416) $ 5,452 $ $ (698) $ (10,336) $ (11,034)
Non-property adjustments (17) 1 1 1 (482) (496) 496
Interest income (5) (3) (8) 8
Interest expense 256 396 321 485 880 296 526 3,160 2,869 6,029
Amortization of loan cost 37 72 40 7 86 35 26 303 424 727
Depreciation and amortization 1,925 1,091 1,655 691 743 616 879 2,154 3,504 1,514 708 988 1,885 18,353 18,353
Income tax expense (benefit) (43) 1 43 1 144 145
Non-hotel EBITDA ownership expense 18 12 19 140 (16) 18 (53) (249) (33) (38) 217 (206) 55 (116) 116
Hotel EBITDA including amounts attributable to noncontrolling interest (848) (772) (1,192) 206 4,246 (101) 4,458 (778) (1,787) 7,362 2,837 (637) 7,505 20,499 (6,279) 14,220
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 213 192 405 (405)
Equity in earnings (loss) of unconsolidated entities 64 64
Company’s portion of EBITDA of OpenKey (63) (63)
Hotel EBITDA attributable to the Company and OP unitholders $ (635) $ (580) $ (1,192) $ 206 $ 4,246 $ (101) $ 4,458 $ (778) $ (1,787) $ 7,362 $ 2,837 $ (637) $ 7,505 $ $ 20,904 $ (6,683) $ 14,221
Non-comparable adjustments 91 91
Comparable hotel EBITDA $ (848) $ (772) $ (1,192) $ 206 $ 4,246 $ (101) $ 4,458 $ (778) $ (1,787) $ 7,362 $ 2,837 $ (637) $ 7,505 $ 91 $ 20,590

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House Resort & Spa) $ $ $ $ $ 4,246 $ $ $ $ $ $ $ $ $ $ 4,246
BAML (Bardessono Hotel and Spa) 206 206
BAML (Hotel Yountville) (101) (101)
Apollo (The Ritz-Carlton St. Thomas) 7,505 7,505
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines) (848) (772) (1,620)
BAML Pool (see footnote 3) (1,192) (778) (1,787) (637) (4,394)
JP Morgan (Park Hyatt Beaver Creek Resort & Spa) 4,458 4,458
BAML (The Ritz-Carlton Sarasota) 7,362 7,362
BAML (The Ritz-Carlton Lake Tahoe) 2,837 2,837
LoanCore (Mr. C Beverly Hills Hotel) 91 91
Total $ (848) $ (772) $ (1,192) $ 206 $ 4,246 $ (101) $ 4,458 $ (778) $ (1,787) $ 7,362 $ 2,837 $ (637) $ 7,505 $ 91 $ 20,590

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

24

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Three Months Ended December 31, 2020
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (3,661) $ (1,778) $ (2,247) $ (565) $ 861 $ (991) $ (533) $ (2,571) $ (5,156) $ 372 $ (1,872) $ (1,492) $ (178) $ $ (19,811) $ (10,317) $ (30,128)
Non-property adjustments
Interest income (2) (5) (3) (10) 10
Interest expense 263 404 329 500 896 306 538 3,236 2,999 6,235
Amortization of loan cost 37 72 39 7 85 35 26 301 401 702
Depreciation and amortization 1,896 1,097 1,668 694 763 612 873 2,168 3,054 1,523 697 997 1,931 17,973 17,973
Income tax expense (benefit) (229) (17) (90) (336) 552 216
Non-hotel EBITDA ownership expense (107) (80) (26) 112 6 5 (19) (85) 112 (27) 319 (14) 24 220 (220)
Hotel EBITDA including amounts attributable to noncontrolling interest (1,874) (990) (605) 541 2,106 (6) 828 (505) (1,990) 2,844 (515) (512) 2,251 1,573 (6,575) (5,002)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 469 247 716 (716)
Equity in earnings (loss) of unconsolidated entities 79 79
Company’s portion of EBITDA of OpenKey (79) (79)
Hotel EBITDA attributable to the Company and OP unitholders $ (1,405) $ (743) $ (605) $ 541 $ 2,106 $ (6) $ 828 $ (505) $ (1,990) $ 2,844 $ (515) $ (512) $ 2,251 $ $ 2,289 $ (7,291) $ (5,002)
Non-comparable adjustments (27) (27)
Comparable hotel EBITDA $ (1,874) $ (990) $ (605) $ 541 $ 2,106 $ (6) $ 828 $ (505) $ (1,990) $ 2,844 $ (515) $ (512) $ 2,251 $ (27) $ 1,546

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

25

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Year Ended December 31, 2021
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (11,082) $ 1,915 $ (10,181) $ 5,053 $ 13,411 $ 2,310 $ 4,005 $ (6,261) $ (15,467) $ 15,342 $ 2,793 $ (293) $ 17,453 $ (1,630) $ 17,368 $ (50,279) $ (32,911)
Non-property adjustments (117) (96) 1 1 (671) 936 54 (54)
Interest income (3) (22) (12) (2) (39) 39
Interest expense 1,039 1,606 1,303 2,075 3,518 1,205 54 2,134 644 13,578 15,117 28,695
Amortization of loan cost 162 294 180 14 352 144 68 66 1,280 926 2,206
Depreciation and amortization 7,448 4,293 6,582 2,581 2,883 2,572 3,526 8,333 13,258 6,347 2,931 3,965 8,071 972 73,762 73,762
Income tax expense (benefit) (43) (7) 101 51 1,273 1,324
Non-hotel EBITDA ownership expense 292 70 39 490 (59) 68 (11) (141) (5) 125 761 (157) 396 64 1,932 (1,932)
Hotel EBITDA including amounts attributable to noncontrolling interest (3,342) 6,235 (3,560) 9,208 18,039 6,433 9,609 1,924 (2,217) 25,663 7,835 3,557 27,550 1,052 107,986 (34,910) 73,076
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 839 (1,562) (723) 723
Equity in earnings (loss) of unconsolidated entities 252 252
Company’s portion of EBITDA of OpenKey (250) (250)
Hotel EBITDA attributable to the Company and OP unitholders $ (2,503) $ 4,673 $ (3,560) $ 9,208 $ 18,039 $ 6,433 $ 9,609 $ 1,924 $ (2,217) $ 25,663 $ 7,835 $ 3,557 $ 27,550 $ 1,052 $ 107,263 $ (34,185) $ 73,078
Non-comparable adjustments 1,228 1,228
Comparable hotel EBITDA $ (3,342) $ 6,235 $ (3,560) $ 9,208 $ 18,039 $ 6,433 $ 9,609 $ 1,924 $ (2,217) $ 25,663 $ 7,835 $ 3,557 $ 27,550 $ 2,280 $ 109,214

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

26

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

Year Ended December 31, 2020
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Mr. C Beverly Hills Hotel Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (12,722) $ (4,013) $ (12,230) $ (4,360) $ 766 $ (4,772) $ (2,204) $ (10,642) $ (16,177) $ (294) $ (3,913) $ (6,001) $ 4,844 $ $ (71,718) $ (52,959) $ (124,677)
Non-property adjustments 100 200 128 250 135 (10,149) (9,336) 9,336
Interest income (12) (16) (6) (9) (29) (27) (1) (100) 100
Interest expense 1,474 2,426 1,865 2,281 4,634 1,769 2,283 16,732 24,963 41,695
Amortization of loan cost 145 282 153 13 334 136 104 1,167 2,242 3,409
Depreciation and amortization 7,648 5,032 6,667 3,126 3,006 2,441 4,562 8,768 12,028 5,992 2,772 3,949 7,380 73,371 73,371
Income tax expense (benefit) (703) (11) (83) (797) (3,609) (4,406)
Non-hotel EBITDA ownership expense 10 53 175 533 27 99 325 258 463 615 968 346 246 4,118 (4,118)
Hotel EBITDA including amounts attributable to noncontrolling interest (5,076) 353 (5,388) 1,018 6,707 (86) 4,977 (1,633) (3,695) 11,502 1,867 (1,733) 4,624 13,437 (24,045) (10,608)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest 1,269 (88) 1,181 (1,181)
Equity in earnings (loss) of unconsolidated entities 217 217
Company’s portion of EBITDA of OpenKey (214) (214)
Hotel EBITDA attributable to the Company and OP unitholders $ (3,807) $ 265 $ (5,388) $ 1,018 $ 6,707 $ (86) $ 4,977 $ (1,633) $ (3,695) $ 11,502 $ 1,867 $ (1,733) $ 4,624 $ $ 14,618 $ (25,223) $ (10,605)
Non-comparable adjustments 433 433
Comparable hotel EBITDA $ (5,076) $ 353 $ (5,388) $ 1,018 $ 6,707 $ (86) $ 4,977 $ (1,633) $ (3,695) $ 11,502 $ 1,867 $ (1,733) $ 4,624 $ 433 $ 13,870

NOTES:

(1) The above comparable information assumes the fourteen hotel properties owned and included in the Company’s operations at December 31, 2021, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period and adjustments to match the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with our hotel properties.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

27

Disclaimer

Braemar Hotel & Resorts Inc. published this content on 24 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2022 22:07:13 UTC.


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All news about BRAEMAR HOTELS & RESORTS, INC.
Analyst Recommendations on BRAEMAR HOTELS & RESORTS, INC.
Sales 2021 417 M

Net income 2021 -39,6 M

Net Debt 2021 1 029 M

P/E ratio 2021 -7,15x
Yield 2021
Capitalization 375 M
375 M
EV / Sales 2021 3,36x
EV / Sales 2022 2,67x
Nbr of Employees
Free-Float 83,2%
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Technical analysis trends BRAEMAR HOTELS & RESORTS, INC.

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Trends Bullish Bullish Neutral

Income Statement Evolution

Sell

Buy

Mean consensus BUY
Number of Analysts 4
Last Close Price 5,86 $
Average target price 10,75 $
Spread / Average Target 83,4%