Document

EX-99.1 2 bhr2022q3earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1

NEWS RELEASE


Contact:	Deric Eubanks	Jordan Jennings	Joseph Calabrese
	Chief Financial Officer	Investor Relations	Financial Relations Board
	(972) 490-9600	(972) 778-9487	(212) 827-3772

BRAEMAR HOTELS & RESORTS REPORTS

THIRD QUARTER 2022 RESULTS

Comparable RevPAR Increased 19% to $288

Net Loss Attributable to Common Stockholders was $(14.1) Million

Adjusted EBITDAre was $34.0 Million

Comparable Hotel EBITDA was $40.7 Million

AFFO per Share was $0.16

Announced Agreement to Acquire Four Seasons Resort Scottsdale

DALLAS – November 2, 2022 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2022. 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 September 30, 2022, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2022 with the third quarter ended September 30, 2021 (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 19% over the prior year quarter to $288. Comparable ADR increased 1.8% over the prior year quarter to $403 and Comparable Occupancy increased 16.5% over the prior year quarter to 71.5%. Compared to the third quarter of 2019, Comparable RevPAR was 19.2% higher, Comparable ADR was 35.7% higher, and Comparable Occupancy was 12.1% lower.

•Net loss attributable to common stockholders for the quarter was $(14.1) million or $(0.20) per diluted share.

•Adjusted funds from operations (AFFO) was $0.16 per diluted share for the quarter.

•Adjusted EBITDAre was $34.0 million for the quarter, reflecting a growth rate of 56% over the prior year quarter, and 19.1% higher than what the Company reported in the third quarter of 2019.

•Comparable Hotel EBITDA was $40.7 million for the quarter, which was 47.7% higher than the prior year quarter and 23.5% higher than the third quarter of 2019.

•The Company ended the quarter with cash and cash equivalents of $358.9 million and restricted cash of $53.9 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 $22.9 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.

BHR Reports Third Quarter Results

Page 2

November 2, 2022

•During the quarter, the Company booked an accrual of $5.2 million in general & administrative expense. This accrual is in anticipation of the true-up for the Ashford Securities Contribution Plan that the Company expects to occur in 2023. The true-up is based on actual capital raised through Ashford Securities and will be split between Braemar, Ashford Hospitality Trust, Inc. (NYSE: AHT), and Ashford Inc. (NYSE American: AINC).

•Net debt to gross assets was 36.8% at the end of the third quarter.

•Capex invested during the quarter was $16.6 million.

FOUR SEASONS RESORT SCOTTSDALE ACQUISITION

On November 1, 2022, the Company announced that it has entered into a definitive agreement to acquire the 210-room Four Seasons Resort Scottsdale at Troon North. In addition, the Company will acquire 5.7 acres of developable land that is currently zoned for commercial use. The Company expects the acquisition to close in the fourth quarter.

Located on East Crescent Moon Drive in Scottsdale, Arizona, the idyllic Four Seasons Resort Scottsdale is set on 37 acres featuring adobe-inspired rooms situated among saguaro cacti, dramatic valleys, and views of the iconic Pinnacle Peak. Amenities include locally inspired spa treatments at the 9,000 sq. ft. spa, a bi-level pool and authentic Southwest cuisine. The resort also offers guests opportunities for outdoor adventure, including close shuttle access to two world-class golf courses, four pickleball and two tennis courts, as well as the opportunities to hike, bike or rock climb surrounding hills.

The announced total consideration for the acquisition is $267.8 million. Of the total consideration, $250.0 million is allocated to the existing resort ($1.2 million per key). The acquisition will be funded with existing cash on hand and no common equity will be issued.

CAPITAL STRUCTURE

At September 30, 2022, the Company had total assets of $2.2 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 5.5%. The Company has interest rate caps in place on 75% of its consolidated floating rate debt. Taking into account the current level of LIBOR and SOFR and the corresponding interest rate caps, approximately 41% of the Company’s consolidated debt is effectively fixed and approximately 59% is effectively floating. Assuming the current level of LIBOR and SOFR increases a further 20 basis points, and giving effect to the existing interest rate caps, approximately 77% of the Company’s consolidated debt would be effectively fixed and approximately 23% would be effectively floating.

During the third quarter and the month of October, the Company raised approximately $114.5 million and $36.6 million of net proceeds from the sale of its non-traded preferred stock, respectively. The Company currently has 11.6 million shares of its Series E and Series M non-traded preferred stock outstanding and has raised approximately $262 million of net proceeds from this offering.

On September 8, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.01 per diluted share for the Company’s common stock for the third quarter ending September 30, 2022. The dividend, which equates to an annual rate of $0.04 per share, was paid on October 17, 2022, to stockholders of record as of September 30, 2022. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.

BHR Reports Third Quarter Results

Page 3

November 2, 2022

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’re extremely pleased with Braemar’s record third quarter performance and couldn’t be more excited about our announced planned acquisition of the exquisite Four Seasons Resort Scottsdale,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “As expected, our portfolio has continued to see significant ADR outperformance relative to 2019. The portfolio significantly exceeded 2019 in terms of both RevPAR and EBITDA. Further, we reported Hotel EBITDA margins that exceeded the comparable period in the prior year by over 400 basis points,” he continued. “Our urban portfolio continues to ramp up quickly, reporting over $15.7 million of EBITDA for the quarter and comprising over 38% of portfolio Hotel EBITDA for the quarter. Looking ahead to the remainder of 2022 and into 2023, we remain very well positioned with strong leisure demand and the continued recovery of our urban portfolio,” Stockton concluded.

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Thursday, November 3, 2022, at 12:00 p.m. ET. The number to call for this interactive teleconference is (201) 389-0920. A replay of the conference call will be available through Thursday, November 10, 2022, by dialing (412) 317-6671 and entering the confirmation number, 13732690.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2022 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 Thursday, November 3, 2022, beginning at 12:00 p.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, 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. Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes the change has been applied retrospectively.

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.

* * * * *

BHR Reports Third Quarter Results

Page 4

November 2, 2022

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: our ability to complete the proposed transaction on the terms or timeline currently contemplated or at all, 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; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; 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)


	September 30, 2022		December 31, 2021
ASSETS
Investments in hotel properties, gross	$	2,055,773	$	1,845,078
Accumulated depreciation	(431,303)		(399,481)
Investments in hotel properties, net	1,624,470		1,445,597
Cash and cash equivalents	358,878		215,998
Restricted cash	53,932		47,376
Accounts receivable, net of allowance of $197 and $134, respectively	27,158		23,701

Inventories	4,540		3,128

Prepaid expenses	8,841		4,352

Investment in OpenKey	1,797		1,689
Derivative assets	5,255		139
Other assets	17,489		23,588
Operating lease right-of-use assets	79,719		80,462
Intangible assets, net	3,977		4,261

Due from related parties, net	1,097		1,770
Due from third-party hotel managers	22,941		27,461
Total assets	$	2,210,094	$	1,879,522

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,236,864	$	1,172,678
Accounts payable and accrued expenses	122,150		96,316
Dividends and distributions payable	4,353		2,173

Due to Ashford Inc., net	8,891		1,474

Due to third-party hotel managers	1,514		610
Operating lease liabilities	60,771		60,937

Derivative liabilities	440		1,435
Other liabilities	20,265		20,034
Total liabilities	1,455,248		1,355,657

5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2022 and December 31, 2021	65,426		65,426
Series E Redeemable Preferred Stock, $0.01 par value, 8,880,432 and 1,710,399 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	204,252		39,339
Series M Redeemable Preferred Stock, $0.01 par value, 1,066,934 and 29,044 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	26,274		715
Redeemable noncontrolling interests in operating partnership	40,635		36,087
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at September 30, 2022 and December 31, 2021	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 71,456,351 and 65,365,470 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	714		653
Additional paid-in capital	739,394		707,418
Accumulated deficit	(307,745)		(309,240)
Total stockholders' equity of the Company	432,379		398,847
Noncontrolling interest in consolidated entities	(14,120)		(16,549)
Total equity	418,259		382,298
Total liabilities and equity	$	2,210,094	$	1,879,522

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
REVENUE
Rooms	$	104,503	$	77,560	$	322,222	$	195,720
Food and beverage	37,624		24,494		116,600		60,976
Other	19,062		14,123		59,141		40,439
Total hotel revenue	161,189		116,177		497,963		297,135


EXPENSES
Hotel operating expenses:
Rooms	25,424		17,072		69,742		41,569
Food and beverage	31,320		20,252		91,242		50,526
Other expenses	50,836		36,124		149,130		98,143
Management fees	5,116		3,595		14,802		9,079
Total hotel operating expenses	112,696		77,043		324,916		199,317
Property taxes, insurance and other	8,851		12,622		22,731		27,076
Depreciation and amortization	19,604		18,284		57,616		54,881

Advisory services fee:
Base advisory fee	3,269		2,758		9,434		7,981
Reimbursable expenses	1,191		694		3,460		1,696
Incentive fee	1,048		(1,637)		1,294		—
Stock/unit-based compensation	3,346		2,994		8,293		6,666
(Gain) loss on legal settlements	—		—		(114)		(989)
Transaction costs	—		275		—		571
Corporate, general and administrative:
Stock/unit-based compensation	39		39		627		555
Other general and administrative	8,036		2,055		13,381		5,522
Total operating expenses	158,080		115,127		441,638		303,276
Gain (loss) on insurance settlement and disposition of assets	—		—		—		696
OPERATING INCOME (LOSS)	3,109		1,050		56,325		(5,445)
Equity in earnings (loss) of unconsolidated entity	(74)		(68)		(220)		(198)
Interest income	745		13		932		34
Other income (expense)	27		—		27		—
Interest expense	(13,869)		(7,935)		(31,432)		(20,597)
Amortization of loan costs	(621)		(429)		(1,861)		(1,749)
Write-off of loan costs and exit fees	(8)		(432)		(106)		(1,960)

Unrealized gain (loss) on derivatives	2,403		142		4,019		64
INCOME (LOSS) BEFORE INCOME TAXES	(8,288)		(7,659)		27,684		(29,851)
Income tax (expense) benefit	(95)		(560)		(3,783)		(766)
NET INCOME (LOSS)	(8,383)		(8,219)		23,901		(30,617)
(Income) loss attributable to noncontrolling interest in consolidated entities	(823)		450		(2,265)		2,546
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,166		823		(647)		3,184
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(8,040)		(6,946)		20,989		(24,887)
Preferred dividends	(6,028)		(1,977)		(13,395)		(6,258)
Gain (loss) on extinguishment of preferred stock	—		(111)		—		(4,595)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(14,068)	$	(9,034)	$	7,594	$	(35,740)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.20)	$	(0.15)	$	0.11	$	(0.73)
Weighted average common shares outstanding – basic	70,956		59,207		69,213		48,954
Diluted:
Net income (loss) attributable to common stockholders	$	(0.20)	$	(0.15)	$	0.11	$	(0.73)
Weighted average common shares outstanding – diluted	70,956		59,207		69,214		48,954
Dividends declared per common share:	$	0.01	$	—	$	0.03	$	—

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income (loss)	$	(8,383)	$	(8,219)	$	23,901	$	(30,617)

Interest expense and amortization of loan costs	14,490		8,364		33,293		22,346
Depreciation and amortization	19,604		18,284		57,616		54,881
Income tax expense (benefit)	95		560		3,783		766
Equity in (earnings) loss of unconsolidated entity	74		68		220		198
Company's portion of EBITDA of OpenKey	(74)		(68)		(220)		(196)
EBITDA	25,806		18,989		118,593		47,378

(Gain) loss on insurance settlement and disposition of assets	—		—		—		(696)

EBITDAre	25,806		18,989		118,593		46,682
Amortization of favorable (unfavorable) contract assets (liabilities)	119		118		345		394
Transaction and conversion costs	5,562		980		6,888		2,148
Other (income) expense	(27)		—		(27)		—
Write-off of loan costs and exit fees	8		432		106		1,960

Unrealized (gain) loss on derivatives	(2,403)		(142)		(4,019)		(64)
Stock/unit-based compensation	3,391		3,044		8,941		7,265
Legal, advisory and settlement costs	544		107		1,176		(320)
Advisory services incentive fee	1,048		(1,637)		1,294		—



Company's portion of adjustments to EBITDAre of OpenKey	1		1		6		7
Adjusted EBITDAre	$	34,049	$	21,892	$	133,303	$	58,072

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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Net income (loss)	$	(8,383)	$	(8,219)	$	23,901	$	(30,617)
(Income) loss attributable to noncontrolling interest in consolidated entities	(823)		450		(2,265)		2,546
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,166		823		(647)		3,184
Preferred dividends	(6,028)		(1,977)		(13,395)		(6,258)
Gain (loss) on extinguishment of preferred stock	—		(111)		—		(4,595)
Net income (loss) attributable to common stockholders	(14,068)		(9,034)		7,594		(35,740)
Depreciation and amortization on real estate	18,956		17,619		55,678		52,843

Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(1,166)		(823)		647		(3,184)
Equity in (earnings) loss of unconsolidated entity	74		68		220		198
(Gain) loss on insurance settlement and disposition of assets	—		—		—		(696)
Company's portion of FFO of OpenKey	(74)		(68)		(220)		(197)
FFO available to common stockholders and OP unitholders	3,722		7,762		63,919		13,224

(Gain) loss on extinguishment of preferred stock	—		111		—		4,595
Transaction and conversion costs	5,562		980		6,888		2,148


Interest expense accretion on refundable membership club deposits	177		190		545		582
Write-off of loan costs and exit fees	8		432		106		1,960
Amortization of loan costs	598		407		1,793		1,684

Unrealized (gain) loss on derivatives	(2,403)		(142)		(4,019)		(64)
Stock/unit-based compensation	3,391		3,044		8,941		7,265
Legal, advisory and settlement costs	544		107		1,176		(320)
Advisory services incentive fee	1,048		(1,637)		1,294		—



Company's portion of adjustments to FFO of OpenKey	1		1		6		7
Adjusted FFO available to common stockholders and OP unitholders	$	12,648	$	11,255	$	80,649	$	31,081
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.16	$	0.17	$	1.07	$	0.58
Weighted average diluted shares	76,962		64,860		75,140		53,597

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 2022

(dollars in thousands)

(unaudited)


Lender	Hotels	Current Maturity	Final Maturity (7)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA(8)		Comparable TTM EBITDA Debt Yield
BAML	The Ritz-Carlton Sarasota	April 2023	April 2023	LIBOR + 2.65%	$	—		$	98,750		(1)	$	98,750		$	31,163	31.6	%
BAML	Hotel Yountville	May 2023	May 2023	LIBOR + 2.55%	—			51,000			(1)	51,000			7,195		14.1	%
BAML	See footnote	June 2023	June 2025	LIBOR + 2.16%	—			435,000			(2)	435,000			29,037		6.7	%
BAML	Bardessono Hotel and Spa	August 2023	August 2023	LIBOR + 2.55%	—			40,000			(1)	40,000			9,860		24.7	%
Apollo	The Ritz-Carlton St. Thomas	August 2023	August 2024	LIBOR + 3.95%	—			42,500			(3)	42,500			30,169		71.0	%
BAML	The Ritz-Carlton Lake Tahoe	January 2024	January 2024	LIBOR + 2.10%	—			54,000			(1)	54,000			12,696		23.5	%
Prudential	Capital Hilton and Hilton La Jolla Torrey Pines	February 2024	February 2024	LIBOR + 1.70%	—			195,000				195,000			23,163		11.9	%
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2024	February 2027	SOFR + 2.86%	—			70,500			(4)	70,500			12,909		18.3	%
Knighthead Funding	The Ritz-Carlton Reserve Dorado Beach	March 2024	March 2026	LIBOR + 6.00%	—			54,000			(5)	54,000			18,674		34.6	%
LoanCore	Mr. C Beverly Hills Hotel	August 2024	August 2024	LIBOR + 3.60%	—			30,000			(6)	30,000			3,324		11.1	%
BAML	Pier House Resort & Spa	September 2024	September 2024	SOFR + 1.95%	—			80,000				80,000			19,577		24.5	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A
Total					$	86,250		$	1,150,750			$	1,237,000		$	197,767	16.0	%
Percentage					7.0		%	93.0		%		100.0		%
Weighted average interest rate					4.50		%	5.56		%		5.49		%

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

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

(2) This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in June 2022. 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 second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%.

(4) This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.

(5) This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%.

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

September 30, 2022

(dollars in thousands)

(unaudited)


Lender	Hotels	2022		2023		2024		2025		2026		Thereafter		Total
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
Knighthead Funding	The Ritz-Carlton Reserve Dorado Beach	—		—		—		—		54,000		—		54,000
Convertible Senior Notes	N/A	—		—		—		—		86,250		—		86,250
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	—		—		—		—		—		70,500		70,500
Principal due in future periods		$	—	$	189,000	$	401,500	$	435,000	$	140,250	$	70,500	$	1,236,250
Scheduled amortization payments remaining		250		500		—		—		—		—		750
Total indebtedness		$	250	$	189,500	$	401,500	$	435,000	$	140,250	$	70,500	$	1,237,000

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	105,769		$	—		$	105,769		$	77,301		$	11,678		$	88,979		36.83	%	18.87	%
	RevPAR	$	288.14		$	—		$	288.14		$	220.31		$	733.61		$	242.94		30.79	%	18.60	%
	Occupancy	71.50		%	—		%	71.50		%	61.62		%	55.19		%	61.38		%	16.03	%	16.49	%
	ADR	$	402.98		$	—		$	402.98		$	357.51		$	1,329.32		$	395.81		12.72	%	1.81	%


ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	326,798		$	10,256		$	337,054		$	194,330		$	44,300		$	238,630		68.17	%	41.25	%
	RevPAR	$	301.89		$	1,402.17		$	309.28		$	189.67		$	690.73		$	219.19		59.17	%	41.10	%
	Occupancy	66.00		%	50.36		%	65.89		%	49.42		%	51.24		%	49.53		%	33.54	%	33.04	%
	ADR	$	457.41		$	2,784.54		$	469.35		$	383.76		$	1,348.09		$	442.53		19.19	%	6.06	%

NOTES:

(1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2022, 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 condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.


ALL HOTELS NOT UNDER RENOVATION:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	97,530		$	—		$	97,530		$	70,395		$	11,678		$	82,073		38.55	%	18.83	%
	RevPAR	$	292.12		$	—		$	292.12		$	315.45		$	759.44		$	246.43		(7.40)	%	18.54	%
	Occupancy	71.85		%	—		%	71.85		%	67.03		%	55.78		%	59.58		%	7.19	%	20.59	%
	ADR	$	406.59		$	—		$	406.59		$	470.64		$	1,361.54		$	413.64		(13.61)	%	(1.70)	%


ALL HOTELS NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	310,384		$	10,256		$	320,640		$	183,350		$	44,300		$	227,650		69.28	%	40.85	%
	RevPAR	$	315.45		$	1,402.17		$	323.47		$	198.00		$	3,183.45		$	229.92		59.32	%	40.69	%
	Occupancy	67.03		%	50.36		%	66.90		%	49.56		%	87.96		%	49.67		%	35.25	%	34.71	%
	ADR	$	470.64		$	2,784.54		$	483.49		$	399.54		$	3,619.35		$	462.92		17.80	%	4.44	%

NOTES:

(1) The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at September 30, 2022, and not under renovation during the three months ended September 30, 2022, 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 condominium units not owned by The Ritz-Carlton Lake Tahoe in order to be comparable to the current period.

(4) Excluded hotels under renovation:

Marriott Seattle Waterfront

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2022			2021			% Variance		2022			2021			% Variance
	Total hotel revenue	$	162,225		$	116,210		39.60	%	$	501,709		$	297,168		68.83	%
	Non-comparable adjustments	—			16,942					15,168			61,520
	Comparable total hotel revenue	$	162,225		$	133,152		21.83	%	$	516,877		$	358,688		44.10	%

	Hotel EBITDA	$	40,693		$	27,261		49.27	%	$	153,440		$	72,488		111.68	%
	Non-comparable adjustments	—			299					3,634			12,871
	Comparable hotel EBITDA	$	40,693		$	27,560		47.65	%	$	157,074		$	85,359		84.02	%
	Hotel EBITDA margin	25.08		%	23.46		%	1.62	%	30.58		%	24.39		%	6.19	%
	Comparable hotel EBITDA margin	25.08		%	20.70		%	4.38	%	30.39		%	23.80		%	6.59	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,880		$	388		384.54	%	$	5,078		$	10		50,680.00	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	38,813		$	26,873		44.43	%	$	148,362		$	72,478		104.70	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	38,813		$	27,172		42.84	%	$	151,996		$	85,349		78.09	%

NOTES:

(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.


ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2022			2021			% Variance		2022			2021			% Variance
	Total hotel revenue	$	152,378		$	107,962		41.14	%	$	481,764		$	284,101		69.57	%
	Non-comparable adjustments	—			16,942					15,168			61,520
	Comparable total hotel revenue	$	152,378		$	124,904		22.00	%	$	496,932		$	345,621		43.78	%

	Hotel EBITDA	$	36,221		$	25,571		41.65	%	$	146,008		$	70,272		107.78	%
	Non-comparable adjustments	—			299					3,634			12,871
	Comparable hotel EBITDA	$	36,221		$	25,870		40.01	%	$	149,642		$	83,143		79.98	%
	Hotel EBITDA margin	23.77		%	23.69		%	0.08	%	30.31		%	24.73		%	5.58	%
	Comparable hotel EBITDA margin	23.77		%	20.71		%	3.06	%	30.11		%	24.06		%	6.05	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,880		$	388		384.54	%	$	5,078		$	10		50,680.00	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	34,341		$	25,183		36.37	%	$	140,930		$	70,262		100.58	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	34,341		$	25,482		34.77	%	$	144,564		$	83,133		73.89	%

NOTES:

(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.

(4) Excluded hotels under renovation:

Marriott Seattle Waterfront

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	7,745		$	—		$	7,745		$	2,476		$	—		$	2,476		212.80	%	212.80	%
	Total hotel revenue	$	11,605		$	—		$	11,605		$	3,325		$	—		$	3,325		249.02	%	249.02	%
	Hotel EBITDA	$	2,226		$	—		$	2,226		$	(1,197)		$	—		$	(1,197)		285.96	%	285.96	%
	Hotel EBITDA margin	19.18		%				19.18		%	(36.00)		%				(36.00)		%	55.18	%	55.18	%
	Selected Operating Information:
	RevPAR	$	153.06		$	—		$	153.06		$	48.93		$	—		$	48.93		212.81	%	212.81	%
	Occupancy	73.01		%	—		%	73.01		%	32.22		%	—		%	32.22		%	126.63	%	126.63	%
	ADR	$	209.63		$	—		$	209.63		$	151.88		$	—		$	151.88		38.03	%	38.03	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	8,917		$	—		$	8,917		$	6,157		$	—		$	6,157		44.83	%	44.83	%
	Total hotel revenue	$	14,526		$	—		$	14,526		$	8,627		$	—		$	8,627		68.38	%	68.38	%
	Hotel EBITDA	$	5,293		$	—		$	5,293		$	2,747		$	—		$	2,747		92.68	%	92.68	%
	Hotel EBITDA margin	36.44		%				36.44		%	31.84		%				31.84		%	4.60	%	4.60	%
	Selected Operating Information:
	RevPAR	$	246.01		$	—		$	246.01		$	169.85		$	—		$	169.85		44.84	%	44.84	%
	Occupancy	86.96		%	—		%	86.96		%	73.12		%	—		%	73.12		%	18.92	%	18.92	%
	ADR	$	282.92		$	—		$	282.92		$	232.29		$	—		$	232.29		21.80	%	21.80	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	8,165		$	—		$	8,165		$	5,233		$	—		$	5,233		56.03	%	56.03	%
	Total hotel revenue	$	11,029		$	—		$	11,029		$	6,818		$	—		$	6,818		61.76	%	61.76	%
	Hotel EBITDA	$	2,609		$	—		$	2,609		$	(2,086)		$	—		$	(2,086)		225.07	%	225.07	%
	Hotel EBITDA margin	23.66		%				23.66		%	(30.60)		%				(30.60)		%	54.26	%	54.26	%
	Selected Operating Information:
	RevPAR	$	213.86		$	—		$	213.86		$	137.07		$	—		$	137.07		56.02	%	56.02	%
	Occupancy	76.58		%	—		%	76.58		%	61.87		%	—		%	61.87		%	23.76	%	23.76	%
	ADR	$	279.27		$	—		$	279.27		$	221.54		$	—		$	221.54		26.06	%	26.06	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	5,416		$	—		$	5,416		$	6,427		$	—		$	6,427		(15.73)	%	(15.73)	%
	Total hotel revenue	$	6,968		$	—		$	6,968		$	8,003		$	—		$	8,003		(12.93)	%	(12.93)	%
	Hotel EBITDA	$	2,777		$	—		$	2,777		$	3,573		$	—		$	3,573		(22.28)	%	(22.28)	%
	Hotel EBITDA margin	39.85		%				39.85		%	44.65		%				44.65		%	(4.80)	%	(4.80)	%
	Selected Operating Information:
	RevPAR	$	905.63		$	—		$	905.63		$	1,074.83		$	—		$	1,074.83		(15.74)	%	(15.74)	%
	Occupancy	65.95		%	—		%	65.95		%	79.82		%	—		%	79.82		%	(17.37)	%	(17.37)	%
	ADR	$	1,373.14		$	—		$	1,373.14		$	1,346.63		$	—		$	1,346.63		1.97	%	1.97	%

PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	5,280		$	—		$	5,280		$	5,756		$	—		$	5,756		(8.27)	%	(8.27)	%
	Total hotel revenue	$	6,853		$	—		$	6,853		$	7,235		$	—		$	7,235		(5.28)	%	(5.28)	%
	Hotel EBITDA	$	2,889		$	—		$	2,889		$	3,915		$	—		$	3,915		(26.21)	%	(26.21)	%
	Hotel EBITDA margin	42.16		%				42.16		%	54.11		%				54.11		%	(11.95)	%	(11.95)	%
	Selected Operating Information:
	RevPAR	$	404.22		$	—		$	404.22		$	440.63		$	—		$	440.63		(8.26)	%	(8.26)	%
	Occupancy	74.36		%	—		%	74.36		%	76.73		%	—		%	76.73		%	(3.09)	%	(3.09)	%
	ADR	$	543.62		$	—		$	543.62		$	574.26		$	—		$	574.26		(5.34)	%	(5.34)	%


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	4,388		$	—		$	4,388		$	4,584		$	—		$	4,584		(4.28)	%	(4.28)	%
	Total hotel revenue	$	5,116		$	—		$	5,116		$	5,269		$	—		$	5,269		(2.90)	%	(2.90)	%
	Hotel EBITDA	$	2,392		$	—		$	2,392		$	2,654		$	—		$	2,654		(9.87)	%	(9.87)	%
	Hotel EBITDA margin	46.76		%				46.76		%	50.37		%				50.37		%	(3.61)	%	(3.61)	%
	Selected Operating Information:
	RevPAR	$	596.15		$	—		$	596.15		$	622.77		$	—		$	622.77		(4.28)	%	(4.28)	%
	Occupancy	61.22		%	—		%	61.22		%	70.27		%	—		%	70.27		%	(12.88)	%	(12.88)	%
	ADR	$	973.74		$	—		$	973.74		$	886.24		$	—		$	886.24		9.87	%	9.87	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	4,214		$	—		$	4,214		$	4,123		$	—		$	4,123		2.21	%	2.21	%
	Total hotel revenue	$	10,920		$	—		$	10,920		$	10,443		$	—		$	10,443		4.57	%	4.57	%
	Hotel EBITDA	$	2,041		$	—		$	2,041		$	3,529		$	—		$	3,529		(42.16)	%	(42.16)	%
	Hotel EBITDA margin	18.69		%				18.69		%	33.79		%				33.79		%	(15.10)	%	(15.10)	%
	Selected Operating Information:
	RevPAR	$	241.07		$	—		$	241.07		$	235.90		$	—		$	235.90		2.19	%	2.19	%
	Occupancy	68.20		%	—		%	68.20		%	73.67		%	—		%	73.67		%	(7.42)	%	(7.42)	%
	ADR	$	353.46		$	—		$	353.46		$	320.20		$	—		$	320.20		10.39	%	10.39	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	6,023		$	—		$	6,023		$	3,911		$	—		$	3,911		54.00	%	54.00	%
	Total hotel revenue	$	7,422		$	—		$	7,422		$	4,734		$	—		$	4,734		56.78	%	56.78	%
	Hotel EBITDA	$	2,327		$	—		$	2,327		$	1,255		$	—		$	1,255		85.42	%	85.42	%
	Hotel EBITDA margin	31.35		%				31.35		%	26.51		%				26.51		%	4.84	%	4.84	%
	Selected Operating Information:
	RevPAR	$	131.20		$	—		$	131.20		$	85.19		$	—		$	85.19		54.01	%	54.01	%
	Occupancy	59.44		%	—		%	59.44		%	45.83		%	—		%	45.83		%	29.70	%	29.70	%
	ADR	$	220.73		$	—		$	220.73		$	185.90		$	—		$	185.90		18.74	%	18.74	%

THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	9,662		$	—		$	9,662		$	5,186		$	—		$	5,186		86.31	%	86.31	%
	Total hotel revenue	$	11,096		$	—		$	11,096		$	6,179		$	—		$	6,179		79.58	%	79.58	%
	Hotel EBITDA	$	3,313		$	—		$	3,313		$	437		$	—		$	437		658.12	%	658.12	%
	Hotel EBITDA margin	29.86		%				29.86		%	7.07		%				7.07		%	22.79	%	22.79	%
	Selected Operating Information:
	RevPAR	$	256.15		$	—		$	256.15		$	137.48		$	—		$	137.48		86.32	%	86.32	%
	Occupancy	82.20		%	—		%	82.20		%	74.69		%	—		%	74.69		%	10.05	%	10.05	%
	ADR	$	311.62		$	—		$	311.62		$	184.06		$	—		$	184.06		69.30	%	69.30	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	8,200		$	—		$	8,200		$	7,982		$	—		$	7,982		2.73	%	2.73	%
	Total hotel revenue	$	17,718		$	—		$	17,718		$	16,468		$	—		$	16,468		7.59	%	7.59	%
	Hotel EBITDA	$	2,739		$	—		$	2,739		$	3,634		$	—		$	3,634		(24.63)	%	(24.63)	%
	Hotel EBITDA margin	15.46		%				15.46		%	22.07		%				22.07		%	(6.61)	%	(6.61)	%
	Selected Operating Information:
	RevPAR	$	326.49		$	—		$	326.49		$	326.15		$	—		$	326.15		0.11	%	0.11	%
	Occupancy	67.18		%	—		%	67.18		%	66.86		%	—		%	66.86		%	0.49	%	0.49	%
	ADR	$	485.96		$	—		$	485.96		$	487.83		$	—		$	487.83		(0.38)	%	(0.38)	%


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	6,539		$	—		$	6,539		$	4,690		$	918		$	5,608		39.42	%	16.60	%
	Total hotel revenue	$	12,707		$	—		$	12,707		$	10,171		$	413		$	10,584		24.93	%	20.06	%
	Hotel EBITDA	$	2,329		$	—		$	2,329		$	1,410		$	—		$	1,410		65.18	%	65.18	%
	Hotel EBITDA margin	18.33		%				18.33		%	13.86		%				13.32		%	4.47	%	5.01	%
	Selected Operating Information:
	RevPAR	$	390.55		$	—		$	390.55		$	294.25		$	—		$	338.66		32.73	%	15.32	%
	Occupancy	58.06		%	—		%	58.06		%	48.76		%	—		%	49.55		%	19.07	%	17.17	%
	ADR	$	672.70		$	—		$	672.70		$	603.50		$	—		$	683.52		11.47	%	(1.58)	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	8,239		$	—		$	8,239		$	6,906		$	—		$	6,906		19.30	%	19.30	%
	Total hotel revenue	$	9,847		$	—		$	9,847		$	8,248		$	—		$	8,248		19.39	%	19.39	%
	Hotel EBITDA	$	4,472		$	—		$	4,472		$	1,690		$	—		$	1,690		164.62	%	164.62	%
	Hotel EBITDA margin	45.41		%				45.41		%	20.49		%				20.49		%	24.92	%	24.92	%
	Selected Operating Information:
	RevPAR	$	248.08		$	—		$	248.08		$	207.94		$	—		$	207.94		19.30	%	19.30	%
	Occupancy	68.04		%	—		%	68.04		%	79.44		%	—		%	79.44		%	(14.35)	%	(14.35)	%
	ADR	$	364.63		$	—		$	364.63		$	261.76		$	—		$	261.76		39.30	%	39.30	%

THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	10,620		$	—		$	10,620		$	12,335		$	—		$	12,335		(13.90)	%	(13.90)	%
	Total hotel revenue	$	16,620		$	—		$	16,620		$	18,418		$	—		$	18,418		(9.76)	%	(9.76)	%
	Hotel EBITDA	$	3,604		$	—		$	3,604		$	5,271		$	—		$	5,271		(31.63)	%	(31.63)	%
	Hotel EBITDA margin	21.68		%				21.68		%	28.62		%				28.62		%	(6.94)	%	(6.94)	%
	Selected Operating Information:
	RevPAR	$	641.31		$	—		$	641.31		$	744.89		$	—		$	744.89		(13.91)	%	(13.91)	%
	Occupancy	71.24		%	—		%	71.24		%	77.18		%	—		%	77.18		%	(7.70)	%	(7.70)	%
	ADR	$	900.24		$	—		$	900.24		$	965.14		$	—		$	965.14		(6.72)	%	(6.72)	%

MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	3,471		$	—		$	3,471		$	1,535		$	1,044		$	2,579		126.12	%	34.59	%
	Total hotel revenue	$	4,911		$	—		$	4,911		$	2,272		$	1,631		$	3,903		116.15	%	25.83	%
	Hotel EBITDA	$	783		$	—		$	783		$	429		$	518		$	947		82.52	%	(17.32)	%
	Hotel EBITDA margin	15.94		%				15.94		%	—		%				24.26		%	15.94	%	(8.32)	%
	Selected Operating Information:
	RevPAR	$	263.80		$	—		$	263.80		$	188.14		$	208.62		$	195.93		40.21	%	34.64	%
	Occupancy	75.70		%	—		%	75.70		%	54.42		%	62.54		%	57.51		%	39.09	%	31.63	%
	ADR	$	348.49		$	—		$	348.49		$	345.71		$	333.59		$	340.70		0.80	%	2.29	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	8,890		$	—		$	8,890		$	—		$	9,716		$	9,716		—	%	(8.50)	%
	Total hotel revenue	$	14,887		$	—		$	14,887		$	—		$	14,898		$	14,898		—	%	(0.07)	%
	Hotel EBITDA	$	899		$	—		$	899		$	—		$	(219)		$	(219)		—		510.50	%
	Hotel EBITDA margin	6.04		%				6.04		%	—		%				(1.47)		%	6.04	%	7.51	%
	Selected Operating Information:
	RevPAR	$	911.44		$	—		$	911.44		$	—		$	996.30		$	996.30		—	%	(8.52)	%
	Occupancy	55.76		%	—		%	55.76		%	—		%	51.42		%	51.42		%	—	%	8.46	%
	ADR	$	1,634.48		$	—		$	1,634.48		$	—		$	1,937.75		$	1,937.75		—	%	(15.65)	%


		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	62,464		$	—		$	62,464		$	52,054		$	10,634		$	62,688		20.00	%	(0.36)	%
	Total hotel revenue	$	106,315		$	—		$	106,315		$	84,634		$	15,311		$	99,945		25.62	%	6.37	%
	Hotel EBITDA	$	24,963		$	—		$	24,963		$	26,733		$	(219)		$	26,514		(6.62)	%	(5.85)	%
	Hotel EBITDA margin	23.48		%				23.48		%	31.59		%				26.53		%	(8.11)	%	(3.05)	%
	Selected Operating Information:
	RevPAR	$	421.19		$	—		$	421.19		$	379.68		$	1,025.24		$	425.08		10.93	%	(0.92)	%
	Occupancy	71.09		%	—		%	71.09		%	70.21		%	52.52		%	68.97		%	1.25	%	3.08	%
	ADR	$	592.43		$	—		$	592.43		$	540.74		$	1,952.23		$	616.33		9.56	%	(3.88)	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	43,305		$	—		$	43,305		$	25,247		$	1,044		$	26,291		71.53	%	64.71	%
	Total hotel revenue	$	55,910		$	—		$	55,910		$	31,576		$	1,631		$	33,207		77.06	%	68.37	%
	Hotel EBITDA	$	15,730		$	—		$	15,730		$	528		$	518		$	1,046		2,879.17	%	1,403.82	%
	Hotel EBITDA margin	28.13		%				28.13		%	1.67		%				3.15		%	26.46	%	24.98	%
	Selected Operating Information:
	RevPAR	$	197.94		$	—		$	197.94		$	118.10		$	208.62		$	120.17		67.61	%	64.72	%
	Occupancy	71.78		%	—		%	71.78		%	56.11		%	62.54		%	56.26		%	27.91	%	27.58	%
	ADR	$	275.78		$	—		$	275.78		$	210.46		$	333.59		$	213.59		31.04	%	29.12	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	105,769		$	—		$	105,769		$	77,301		$	11,678		$	88,979		36.83	%	18.87	%
	Total hotel revenue	$	162,225		$	—		$	162,225		$	116,210		$	16,942		$	133,152		39.60	%	21.83	%
	Hotel EBITDA	$	40,693		$	—		$	40,693		$	27,261		$	299		$	27,560		49.27	%	47.65	%
	Hotel EBITDA margin	25.08		%				25.08		%	23.46		%				20.70		%	1.62	%	4.38	%
	Selected Operating Information:
	RevPAR	$	288.14		$	—		$	288.14		$	220.31		$	733.61		$	242.94		30.79	%	18.60	%
	Occupancy	71.50		%	—		%	71.50		%	61.62		%	55.19		%	61.38		%	16.03	%	16.49	%
	ADR	$	402.98		$	—		$	402.98		$	357.51		$	1,329.32		$	395.81		12.72	%	1.81	%

NOTES:

(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) Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach

(5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	21,345		$	—		$	21,345		$	5,711		$	—		$	5,711		273.75	%	273.75	%
	Total hotel revenue	$	31,930		$	—		$	31,930		$	7,310		$	—		$	7,310		336.80	%	336.80	%
	Hotel EBITDA	$	6,890		$	—		$	6,890		$	(3,751)		$	—		$	(3,751)		283.68	%	283.68	%
	Hotel EBITDA margin	21.58		%				21.58		%	(51.31)		%				(51.31)		%	72.89	%	72.89	%
	Selected Operating Information:
	RevPAR	$	142.15		$	—		$	142.15		$	38.04		$	—		$	38.04		273.72	%	273.72	%
	Occupancy	62.54		%	—		%	62.54		%	26.00		%	—		%	26.00		%	140.53	%	140.53	%
	ADR	$	227.29		$	—		$	227.29		$	146.29		$	—		$	146.29		55.38	%	55.38	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	21,813		$	—		$	21,813		$	12,065		$	—		$	12,065		80.80	%	80.80	%
	Total hotel revenue	$	37,541		$	—		$	37,541		$	17,493		$	—		$	17,493		114.61	%	114.61	%
	Hotel EBITDA	$	13,419		$	—		$	13,419		$	3,790		$	—		$	3,790		254.06	%	254.06	%
	Hotel EBITDA margin	35.74		%				35.74		%	21.67		%				21.67		%	14.07	%	14.07	%
	Selected Operating Information:
	RevPAR	$	202.80		$	—		$	202.80		$	112.16		$	—		$	112.16		80.80	%	80.80	%
	Occupancy	79.61		%	—		%	79.61		%	55.87		%	—		%	55.87		%	42.49	%	42.49	%
	ADR	$	254.75		$	—		$	254.75		$	200.77		$	—		$	200.77		26.89	%	26.89	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	18,466		$	—		$	18,466		$	9,607		$	—		$	9,607		92.21	%	92.21	%
	Total hotel revenue	$	25,076		$	—		$	25,076		$	12,419		$	—		$	12,419		101.92	%	101.92	%
	Hotel EBITDA	$	6,968		$	—		$	6,968		$	(3,434)		$	—		$	(3,434)		302.91	%	302.91	%
	Hotel EBITDA margin	27.79		%				27.79		%	(27.65)		%				(27.65)		%	55.44	%	55.44	%
	Selected Operating Information:
	RevPAR	$	162.99		$	—		$	162.99		$	84.80		$	—		$	84.80		92.20	%	92.20	%
	Occupancy	65.09		%	—		%	65.09		%	42.08		%	—		%	42.08		%	54.70	%	54.70	%
	ADR	$	250.41		$	—		$	250.41		$	201.54		$	—		$	201.54		24.25	%	24.25	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	14,622		$	—		$	14,622		$	12,992		$	—		$	12,992		12.55	%	12.55	%
	Total hotel revenue	$	19,176		$	—		$	19,176		$	16,507		$	—		$	16,507		16.17	%	16.17	%
	Hotel EBITDA	$	7,089		$	—		$	7,089		$	6,437		$	—		$	6,437		10.13	%	10.13	%
	Hotel EBITDA margin	36.97		%				36.97		%	39.00		%				39.00		%	(2.03)	%	(2.03)	%
	Selected Operating Information:
	RevPAR	$	824.00		$	—		$	824.00		$	732.19		$	—		$	732.19		12.54	%	12.54	%
	Occupancy	65.04		%	—		%	65.04		%	66.89		%	—		%	66.89		%	(2.77)	%	(2.77)	%
	ADR	$	1,266.95		$	—		$	1,266.95		$	1,094.59		$	—		$	1,094.59		15.75	%	15.75	%

PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	21,661		$	—		$	21,661		$	18,036		$	—		$	18,036		20.10	%	20.10	%
	Total hotel revenue	$	26,788		$	—		$	26,788		$	22,712		$	—		$	22,712		17.95	%	17.95	%
	Hotel EBITDA	$	14,612		$	—		$	14,612		$	13,074		$	—		$	13,074		11.76	%	11.76	%
	Hotel EBITDA margin	54.55		%				54.55		%	57.56		%				57.56		%	(3.01)	%	(3.01)	%
	Selected Operating Information:
	RevPAR	$	558.77		$	—		$	558.77		$	465.26		$	—		$	465.26		20.10	%	20.10	%
	Occupancy	78.56		%	—		%	78.56		%	83.99		%	—		%	83.99		%	(6.46)	%	(6.46)	%
	ADR	$	711.28		$	—		$	711.28		$	553.97		$	—		$	553.97		28.40	%	28.40	%


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	10,828		$	—		$	10,828		$	9,031		$	—		$	9,031		19.90	%	19.90	%
	Total hotel revenue	$	12,925		$	—		$	12,925		$	10,555		$	—		$	10,555		22.45	%	22.45	%
	Hotel EBITDA	$	5,074		$	—		$	5,074		$	4,312		$	—		$	4,312		17.67	%	17.67	%
	Hotel EBITDA margin	39.26		%				39.26		%	40.85		%				40.85		%	(1.59)	%	(1.59)	%
	Selected Operating Information:
	RevPAR	$	495.80		$	—		$	495.80		$	413.47		$	—		$	413.47		19.91	%	19.91	%
	Occupancy	53.92		%	—		%	53.92		%	57.78		%	—		%	57.78		%	(6.69)	%	(6.69)	%
	ADR	$	919.51		$	—		$	919.51		$	715.55		$	—		$	715.55		28.50	%	28.50	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	18,697		$	—		$	18,697		$	12,058		$	—		$	12,058		55.06	%	55.06	%
	Total hotel revenue	$	39,013		$	—		$	39,013		$	26,460		$	—		$	26,460		47.44	%	47.44	%
	Hotel EBITDA	$	10,886		$	—		$	10,886		$	7,586		$	—		$	7,586		43.50	%	43.50	%
	Hotel EBITDA margin	27.90		%				27.90		%	28.67		%				28.67		%	(0.77)	%	(0.77)	%
	Selected Operating Information:
	RevPAR	$	360.46		$	—		$	360.46		$	232.47		$	—		$	232.47		55.06	%	55.06	%
	Occupancy	63.46		%	—		%	63.46		%	56.60		%	—		%	56.60		%	12.11	%	12.11	%
	ADR	$	568.00		$	—		$	568.00		$	410.68		$	—		$	410.68		38.31	%	38.31	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	15,256		$	—		$	15,256		$	7,568		$	—		$	7,568		101.59	%	101.59	%
	Total hotel revenue	$	18,801		$	—		$	18,801		$	8,764		$	—		$	8,764		114.53	%	114.53	%
	Hotel EBITDA	$	4,808		$	—		$	4,808		$	631		$	—		$	631		661.97	%	661.97	%
	Hotel EBITDA margin	25.57		%				25.57		%	7.20		%				7.20		%	18.37	%	18.37	%
	Selected Operating Information:
	RevPAR	$	111.99		$	—		$	111.99		$	55.55		$	—		$	55.55		101.59	%	101.59	%
	Occupancy	53.48		%	—		%	53.48		%	32.83		%	—		%	32.83		%	62.91	%	62.91	%
	ADR	$	209.39		$	—		$	209.39		$	169.22		$	—		$	169.22		23.74	%	23.74	%

THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	24,151		$	—		$	24,151		$	9,153		$	—		$	9,153		163.86	%	163.86	%
	Total hotel revenue	$	27,790		$	—		$	27,790		$	10,867		$	—		$	10,867		155.73	%	155.73	%
	Hotel EBITDA	$	7,164		$	—		$	7,164		$	(2,374)		$	—		$	(2,374)		401.77	%	401.77	%
	Hotel EBITDA margin	25.78		%				25.78		%	(21.85)		%				(21.85)		%	47.63	%	47.63	%
	Selected Operating Information:
	RevPAR	$	215.77		$	—		$	215.77		$	81.77		$	—		$	81.77		163.86	%	163.86	%
	Occupancy	71.54		%	—		%	71.54		%	49.88		%	—		%	49.88		%	43.42	%	43.42	%
	ADR	$	301.59		$	—		$	301.59		$	163.93		$	—		$	163.93		83.97	%	83.97	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	36,533		$	—		$	36,533		$	29,928		$	—		$	29,928		22.07	%	22.07	%
	Total hotel revenue	$	75,393		$	—		$	75,393		$	59,295		$	—		$	59,295		27.15	%	27.15	%
	Hotel EBITDA	$	24,219		$	—		$	24,219		$	18,719		$	—		$	18,719		29.38	%	29.38	%
	Hotel EBITDA margin	32.12		%				32.12		%	31.57		%				31.57		%	0.55	%	0.55	%
	Selected Operating Information:
	RevPAR	$	486.64		$	—		$	486.64		$	412.12		$	—		$	412.12		18.08	%	18.08	%
	Occupancy	77.09		%	—		%	77.09		%	76.47		%	—		%	76.47		%	0.82	%	0.82	%
	ADR	$	631.22		$	—		$	631.22		$	538.95		$	—		$	538.95		17.12	%	17.12	%


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	23,512		$	—		$	23,512		$	14,769		$	3,180		$	17,949		59.20	%	30.99	%
	Total hotel revenue	$	41,113		$	—		$	41,113		$	29,823		$	1,431		$	31,254		37.86	%	31.54	%
	Hotel EBITDA	$	8,802		$	—		$	8,802		$	3,941		$	—		$	3,941		123.34	%	123.34	%
	Hotel EBITDA margin	21.41		%				21.41		%	13.21		%				12.61		%	8.20	%	8.80	%
	Selected Operating Information:
	RevPAR	$	473.21		$	—		$	473.21		$	316.19		$	—		$	365.26		49.66	%	29.55	%
	Occupancy	56.09		%	—		%	56.09		%	54.07		%	—		%	54.67		%	3.73	%	2.59	%
	ADR	$	843.66		$	—		$	843.66		$	584.75		$	—		$	668.09		44.28	%	26.28	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	16,414		$	—		$	16,414		$	10,980		$	—		$	10,980		49.49	%	49.49	%
	Total hotel revenue	$	19,945		$	—		$	19,945		$	13,067		$	—		$	13,067		52.64	%	52.64	%
	Hotel EBITDA	$	7,432		$	—		$	7,432		$	2,216		$	—		$	2,216		235.38	%	235.38	%
	Hotel EBITDA margin	37.26		%				37.26		%	16.96		%				16.96		%	20.30	%	20.30	%
	Selected Operating Information:
	RevPAR	$	166.55		$	—		$	166.55		$	111.42		$	—		$	111.42		49.48	%	49.48	%
	Occupancy	55.76		%	—		%	55.76		%	48.18		%	—		%	48.18		%	15.74	%	15.74	%
	ADR	$	298.71		$	—		$	298.71		$	231.28		$	—		$	231.28		29.16	%	29.16	%

THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	45,146		$	—		$	45,146		$	40,897		$	—		$	40,897		10.39	%	10.39	%
	Total hotel revenue	$	67,929		$	—		$	67,929		$	59,624		$	—		$	59,624		13.93	%	13.93	%
	Hotel EBITDA	$	23,531		$	—		$	23,531		$	20,912		$	—		$	20,912		12.52	%	12.52	%
	Hotel EBITDA margin	34.64		%				34.64		%	35.07		%				35.07		%	(0.43)	%	(0.43)	%
	Selected Operating Information:
	RevPAR	$	918.73		$	—		$	918.73		$	832.26		$	—		$	832.26		10.39	%	10.39	%
	Occupancy	78.70		%	—		%	78.70		%	81.22		%	—		%	81.22		%	(3.10)	%	(3.10)	%
	ADR	$	1,167.42		$	—		$	1,167.42		$	1,024.73		$	—		$	1,024.73		13.92	%	13.92	%

MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	10,174		$	—		$	10,174		$	1,535		$	3,982		$	5,517		562.80	%	84.41	%
	Total hotel revenue	$	14,828		$	—		$	14,828		$	2,272		$	6,272		$	8,544		552.64	%	73.55	%
	Hotel EBITDA	$	2,701		$	—		$	2,701		$	429		$	1,228		$	1,657		529.60	%	63.01	%
	Hotel EBITDA margin	18.22		%				18.22		%	18.88		%				19.39		%	(0.66)	%	(1.17)	%
	Selected Operating Information:
	RevPAR	$	260.60		$	—		$	260.60		$	188.14		$	128.94		$	141.30		38.51	%	84.43	%
	Occupancy	73.62		%	—		%	73.62		%	54.42		%	40.65		%	43.53		%	35.28	%	69.13	%
	ADR	$	353.97		$	—		$	353.97		$	345.71		$	317.17		$	324.62		2.39	%	9.04	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	28,180		$	10,256		$	38,436		$	—		$	37,138		$	37,138		—		3.50	%
	Total hotel revenue	$	43,461		$	15,168		$	58,629		$	—		$	53,817		$	53,817		—		8.94	%
	Hotel EBITDA	$	9,845		$	3,634		$	13,479		$	—		$	11,643		$	11,643		—		15.77	%
	Hotel EBITDA margin	22.65		%				22.99		%	—						21.63		%	22.65		1.36	%
	Selected Operating Information:
	RevPAR	$	1,303.20		$	1,402.17		$	1,328.21		$	—		$	1,205.09		$	1,205.09		—		10.22	%
	Occupancy	62.14		%	50.36		%	59.16		%	—		%	60.67		%	60.67		%	—	%	(2.48)	%
	ADR	$	2,097.22		$	2,784.54		$	2,245.08		$	—		$	1,986.43		$	1,986.43		—	%	13.02	%


		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	220,992		$	10,256		$	231,248		$	149,776		$	40,318		$	190,094		47.55	%	21.65	%
	Total hotel revenue	$	363,339		$	15,168		$	378,507		$	242,469		$	55,248		$	297,717		49.85	%	27.14	%
	Hotel EBITDA	$	117,477		$	3,634		$	121,111		$	78,771		$	11,643		$	90,414		49.14	%	33.95	%
	Hotel EBITDA margin	32.33		%				32.00		%	32.49		%				30.37		%	(0.16)	%	1.63	%
	Selected Operating Information:
	RevPAR	$	510.02		$	1,402.17		$	524.83		$	368.68		$	1,212.65		$	432.52		38.34	%	21.34	%
	Occupancy	71.58		%	50.36		%	71.23		%	65.77		%	61.07		%	65.42		%	8.83	%	8.89	%
	ADR	$	712.49		$	2,784.54		$	736.81		$	560.54		$	1,985.63		$	661.19		27.11	%	11.44	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	105,806		$	—		$	105,806		$	44,554		$	3,982		$	48,536		137.48	%	117.99	%
	Total hotel revenue	$	138,370		$	—		$	138,370		$	54,699		$	6,272		$	60,971		152.97	%	126.94	%
	Hotel EBITDA	$	35,963		$	—		$	35,963		$	(6,283)		$	1,228		$	(5,055)		672.39	%	811.43	%
	Hotel EBITDA margin	25.99		%				25.99		%	(11.49)		%				(8.29)		%	37.48	%	34.28	%
	Selected Operating Information:
	RevPAR	$	162.98		$	—		$	162.98		$	72.06		$	128.94		$	74.76		126.18	%	117.99	%
	Occupancy	62.27		%	—		%	62.27		%	38.68		%	40.65		%	38.78		%	60.98	%	60.59	%
	ADR	$	261.71		$	—		$	261.71		$	186.28		$	317.17		$	192.80		40.50	%	35.74	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	326,798		$	10,256		$	337,054		$	194,330		$	44,300		$	238,630		68.17	%	41.25	%
	Total hotel revenue	$	501,709		$	15,168		$	516,877		$	297,168		$	61,520		$	358,688		68.83	%	44.10	%
	Hotel EBITDA	$	153,440		$	3,634		$	157,074		$	72,488		$	12,871		$	85,359		111.68	%	84.02	%
	Hotel EBITDA margin	30.58		%				30.39		%	24.39		%				23.80		%	6.19	%	6.59	%
	Selected Operating Information:
	RevPAR	$	301.89		$	1,402.17		$	309.28		$	189.67		$	690.73		$	219.19		59.17	%	41.10	%
	Occupancy	66.00		%	50.36		%	65.89		%	49.42		%	51.24		%	49.53		%	33.54	%	33.04	%
	ADR	$	457.41		$	2,784.54		$	469.35		$	383.76		$	1,348.09		$	442.53		19.19	%	6.06	%

NOTES:

(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.

(5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2022			2022			2022
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	25,407		$	—		$	25,407
	Total hotel revenue	$	38,549		$	—		$	38,549
	Hotel EBITDA	$	7,299		$	—		$	7,299
	Hotel EBITDA margin	18.93		%				18.93		%
	Selected Operating Information:
	RevPAR	$	126.56		$	—		$	126.56
	Occupancy	57.80		%	—		%	57.80		%
	ADR	$	218.95		$	—		$	218.95

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	26,675		$	—		$	26,675
	Total hotel revenue	$	45,864		$	—		$	45,864
	Hotel EBITDA	$	15,864		$	—		$	15,864
	Hotel EBITDA margin	34.59		%				34.59		%
	Selected Operating Information:
	RevPAR	$	185.49		$	—		$	185.49
	Occupancy	75.56		%	—		%	75.56		%
	ADR	$	245.49		$	—		$	245.49

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	23,281		$	—		$	23,281
	Total hotel revenue	$	31,650		$	—		$	31,650
	Hotel EBITDA	$	6,842		$	—		$	6,842
	Hotel EBITDA margin	21.62		%				21.62		%
	Selected Operating Information:
	RevPAR	$	153.70		$	—		$	153.70
	Occupancy	64.14		%	—		%	64.14		%
	ADR	$	239.61		$	—		$	239.61

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	20,021		$	—		$	20,021
	Total hotel revenue	$	25,998		$	—		$	25,998
	Hotel EBITDA	$	9,860		$	—		$	9,860
	Hotel EBITDA margin	37.93		%				37.93		%
	Selected Operating Information:
	RevPAR	$	843.85		$	—		$	843.85
	Occupancy	66.53		%	—		%	66.53		%
	ADR	$	1,268.40		$	—		$	1,268.40

PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	28,707		$	—		$	28,707
	Total hotel revenue	$	35,484		$	—		$	35,484
	Hotel EBITDA	$	19,577		$	—		$	19,577
	Hotel EBITDA margin	55.17		%				55.17		%
	Selected Operating Information:
	RevPAR	$	553.87		$	—		$	553.87
	Occupancy	77.77		%	—		%	77.77		%
	ADR	$	712.21		$	—		$	712.21


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2022			2022			2022
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	14,683		$	—		$	14,683
	Total hotel revenue	$	17,545		$	—		$	17,545
	Hotel EBITDA	$	7,195		$	—		$	7,195
	Hotel EBITDA margin	41.01		%				41.01		%
	Selected Operating Information:
	RevPAR	$	502.86		$	—		$	502.86
	Occupancy	55.01		%	—		%	55.01		%
	ADR	$	914.12		$	—		$	914.12

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	23,942		$	—		$	23,942
	Total hotel revenue	$	48,737		$	—		$	48,737
	Hotel EBITDA	$	12,909		$	—		$	12,909
	Hotel EBITDA margin	26.49		%				26.49		%
	Selected Operating Information:
	RevPAR	$	345.23		$	—		$	345.23
	Occupancy	60.06		%	—		%	60.06		%
	ADR	$	574.78		$	—		$	574.78

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	19,577		$	—		$	19,577
	Total hotel revenue	$	24,195		$	—		$	24,195
	Hotel EBITDA	$	6,101		$	—		$	6,101
	Hotel EBITDA margin	25.22		%				25.22		%
	Selected Operating Information:
	RevPAR	$	107.49		$	—		$	107.49
	Occupancy	52.39		%	—		%	52.39		%
	ADR	$	205.17		$	—		$	205.17

THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	29,625		$	—		$	29,625
	Total hotel revenue	$	34,303		$	—		$	34,303
	Hotel EBITDA	$	7,321		$	—		$	7,321
	Hotel EBITDA margin	21.34		%				21.34		%
	Selected Operating Information:
	RevPAR	$	197.96		$	—		$	197.96
	Occupancy	72.17		%	—		%	72.17		%
	ADR	$	274.31		$	—		$	274.31

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	47,497		$	—		$	47,497
	Total hotel revenue	$	98,906		$	—		$	98,906
	Hotel EBITDA	$	31,163		$	—		$	31,163
	Hotel EBITDA margin	31.51		%				31.51		%
	Selected Operating Information:
	RevPAR	$	476.00		$	—		$	476.00
	Occupancy	77.45		%	—		%	77.45		%
	ADR	$	614.58		$	—		$	614.58


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2022			2022			2022
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	31,908		$			$	31,908
	Total hotel revenue	$	54,975		$			$	54,975
	Hotel EBITDA	$	12,696		$	—		$	12,696
	Hotel EBITDA margin	23.09		%				23.09		%
	Selected Operating Information:
	RevPAR	$	481.65		$	—		$	481.65
	Occupancy	56.54		%	—		%	56.54		%
	ADR	$	851.82		$	—		$	851.82
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	20,539		$	—		$	20,539
	Total hotel revenue	$	25,193		$	—		$	25,193
	Hotel EBITDA	$	8,773		$	—		$	8,773
	Hotel EBITDA margin	34.82		%				34.82		%
	Selected Operating Information:
	RevPAR	$	155.87		$	—		$	155.87
	Occupancy	57.89		%	—		%	57.89		%
	ADR	$	269.24		$	—		$	269.24

THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	59,068		$	—		$	59,068
	Total hotel revenue	$	88,626		$	—		$	88,626
	Hotel EBITDA	$	30,169		$	—		$	30,169
	Hotel EBITDA margin	34.04		%				34.04		%
	Selected Operating Information:
	RevPAR	$	899.06		$	—		$	899.06
	Occupancy	77.63		%	—		%	77.63		%
	ADR	$	1,158.07		$	—		$	1,158.07

MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	13,170		$	(109)		$	13,061
	Total hotel revenue	$	19,148		$	—		$	19,148
	Hotel EBITDA	$	3,324		$	—		$	3,324
	Hotel EBITDA margin	17.36		%				17.36		%
	Selected Operating Information:
	RevPAR	$	252.32		$	—		$	250.23
	Occupancy	72.64		%	—		%	72.64		%
	ADR	$	347.36		$	—		$	344.47

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	28,180		$	22,901		$	51,081
	Total hotel revenue	$	43,461		$	35,489		$	78,950
	Hotel EBITDA	$	9,845		$	8,829		$	18,674
	Hotel EBITDA margin	22.65		%				23.65		%
	Selected Operating Information:
	RevPAR	$	1,303.20		$	1,341.89		$	1,320.27
	Occupancy	62.14		%	55.82		%	59.35		%
	ADR	$	2,097.22		$	2,403.77		$	2,224.40


		TTM Ended September 30,
		Actual			Non-comparable Adjustments			Comparable
		2022			2022			2022
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	280,682		$	22,901		$	303,583
	Total hotel revenue	$	459,598		$	35,489		$	495,087
	Hotel EBITDA	$	149,277		$	8,829		$	158,106
	Hotel EBITDA margin	32.48		%				31.93		%
	Selected Operating Information:
	RevPAR	$	491.33		$	1,341.89		$	516.00
	Occupancy	70.31		%	55.82		%	69.89		%
	ADR	$	698.81		$	2,403.77		$	738.32

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	131,598		$	(109)		$	131,489
	Total hotel revenue	$	173,037		$	—		$	173,037
	Hotel EBITDA	$	39,660		$	—		$	39,660
	Hotel EBITDA margin	22.92		%				22.92		%
	Selected Operating Information:
	RevPAR	$	151.62		$	—		$	151.49
	Occupancy	61.16		%	—		%	61.16		%
	ADR	$	247.92		$	—		$	247.71

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	412,280		$	22,792		$	435,072
	Total hotel revenue	$	632,634		$	35,489		$	668,123
	Hotel EBITDA	$	188,938		$	8,829		$	197,767
	Hotel EBITDA margin	29.87		%				29.60		%
	Selected Operating Information:
	RevPAR	$	286.46		$	1,335.48		$	298.75
	Occupancy	64.79		%	55.82		%	64.68		%
	ADR	$	442.14		$	2,392.28		$	461.86

NOTES:

(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.

(5) Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Mr. C Beverly Hills Hotel

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

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
	2022			2022		2022			2022			2022		2022			2022			2022		2022			2021			2021		2021
	3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter
Total Hotel Revenue	$	162,225		$	—	$	162,225		$	176,082		$	—	$	176,082		$	163,402		$	15,168	$	178,570		$	130,925		$	20,321	$	151,246
Hotel EBITDA	$	40,693		$	—	$	40,693		$	57,066		$	355	$	57,421		$	55,681		$	3,279	$	58,960		$	35,498		$	5,195	$	40,693
Hotel EBITDA Margin	25.08		%			25.08		%	32.41		%			32.61		%	34.08		%			33.02		%	27.11		%			26.91		%

EBITDA % of Total TTM	21.5		%			20.6		%	30.2		%			29.0		%	29.5		%			29.8		%	18.8		%			20.6		%

JV Interests in EBITDA	$	1,880		$	—	$	1,880		$	2,387		$	—	$	2,387		$	811		$	—	$	811		$	713		$	—	$	713

	Actual			Non-comparable Adjustments		Comparable
	2022			2022		2022
	TTM			TTM		TTM
Total Hotel Revenue	$	632,634		$	35,489	$	668,123
Hotel EBITDA	$	188,938		$	8,829	$	197,767
Hotel EBITDA Margin	29.87		%			29.60		%

EBITDA % of Total TTM	100.0		%			100.0		%

JV Interests in EBITDA	$	5,791		$	—	$	5,791

NOTES:

(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.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

September 30, 2022

(in thousands, except share price)

(unaudited)



	September 30, 2022
Common stock shares outstanding	71,456
Partnership units outstanding (common stock equivalents)	8,348
Combined common stock shares and partnership units outstanding	79,804
Common stock price	$	4.30
Market capitalization	$	343,157
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	222,011
Series M redeemable preferred stock	$	26,673
Indebtedness	$	1,237,000
Joint venture partner's share of consolidated indebtedness	$	(48,750)
Net working capital (see below)	$	(330,272)
Total enterprise value (TEV)	$	1,566,769






Cash and cash equivalents	$	354,797
Restricted cash	$	51,812
Accounts receivable, net	$	25,730

Prepaid expenses	$	8,540

Due from third-party hotel managers, net	$	21,708

Total current assets	$	462,587

Accounts payable, net & accrued expenses	$	120,413
Dividends and distributions payable	$	4,353
Due to affiliates, net	$	7,549

Total current liabilities	$	132,315

Net working capital*	$	330,272

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2022

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Marriott Seattle Waterfront

361

Park Hyatt Beaver Creek

190

Total

(a) Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 are included in this table.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2022		2022		2022		2021		September 30, 2022
	3rd Quarter		2nd Quarter		1st Quarter		4th Quarter		TTM
Net income (loss)	$	13,551	$	31,259	$	32,204	$	11,933	$	88,947
Non-property adjustments	(1)		—		76		(9)		66
Interest income	(63)		(14)		(11)		(11)		(99)
Interest expense	6,373		4,522		3,646		3,685		18,226
Amortization of loan costs	496		462		553		350		1,861
Depreciation and amortization	19,604		19,571		18,441		18,881		76,497
Income tax expense (benefit)	(99)		424		223		27		575
Non-hotel EBITDA ownership expense	832		842		549		642		2,865
Hotel EBITDA including amounts attributable to noncontrolling interest	40,693		57,066		55,681		35,498		188,938
Non-comparable adjustments	—		355		3,279		5,195		8,829
Comparable hotel EBITDA	$	40,693	$	57,421	$	58,960	$	40,693	$	197,767

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 2022
	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		The Ritz-Carlton Reserve Dorado Beach		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	404	$	4,270	$	1,129	$	1,581	$	1,366	$	1,257	$	(72)	$	294	$	541	$	(391)	$	755	$	3,103	$	846	$	(370)	$	(1,162)	$	13,551	$	(21,934)	$	(8,383)
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1)		—		—		(1)		1		—
Interest income	(15)		(22)		—		—		—		—		—		(1)		(5)		(16)		—		(2)		(2)		—		—		(63)		63		—
Interest expense	—		—		—		470		808		621		901		—		—		1,356		575		(62)		669		461		574		6,373		7,496		13,869
Amortization of loan cost	—		—		—		34		77		—		195		—		—		93		38		—		17		42		—		496		125		621
Depreciation and amortization	1,840		1,020		1,476		590		633		435		1,011		2,005		2,760		1,329		802		1,432		2,059		613		1,599		19,604		—		19,604
Income tax expense (benefit)	—		—		—		—		—		—		—		4		—		—		—		—		13		—		(116)		(99)		194		95
Non-hotel EBITDA ownership expense	(3)		25		4		102		5		79		6		25		17		368		159		1		3		37		4		832		(832)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,226		5,293		2,609		2,777		2,889		2,392		2,041		2,327		3,313		2,739		2,329		4,472		3,604		783		899		40,693		(14,887)		25,806
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(556)		(1,324)		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,880)		1,880		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		74		74
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(74)		(74)
Hotel EBITDA attributable to the Company and OP unitholders	$	1,670	$	3,969	$	2,609	$	2,777	$	2,889	$	2,392	$	2,041	$	2,327	$	3,313	$	2,739	$	2,329	$	4,472	$	3,604	$	783	$	899	$	38,813	$	(13,007)	$	25,806
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,226	$	5,293	$	2,609	$	2,777	$	2,889	$	2,392	$	2,041	$	2,327	$	3,313	$	2,739	$	2,329	$	4,472	$	3,604	$	783	$	899	$	40,693
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,226	$	5,293	$	2,609	$	2,777	$	2,889	$	2,392	$	2,041	$	2,327	$	3,313	$	2,739	$	2,329	$	—	$	3,604	$	783	$	899	$	36,221
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,226	$	5,293	$	2,609	$	2,777	$	2,889	$	2,392	$	2,041	$	2,327	$	3,313	$	2,739	$	2,329	$	—	$	3,604	$	783	$	899	$	36,221
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	5,293	$	—	$	2,777	$	2,889	$	2,392	$	2,041	$	—	$	—	$	2,739	$	2,329	$	—	$	3,604	$	—	$	899	$	24,963
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	—	$	5,293	$	—	$	2,777	$	2,889	$	2,392	$	2,041	$	—	$	—	$	2,739	$	2,329	$	—	$	3,604	$	—	$	899	$	24,963
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,226	$	—	$	2,609	$	—	$	—	$	—	$	—	$	2,327	$	3,313	$	—	$	—	$	4,472	$	—	$	783	$	—	$	15,730
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	2,226	$	—	$	2,609	$	—	$	—	$	—	$	—	$	2,327	$	3,313	$	—	$	—	$	4,472	$	—	$	783	$	—	$	15,730

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended September 30, 2022
	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		The Ritz-Carlton Reserve Dorado Beach		Hotel Total
BAML (Pier House Resort & Spa)	$	—	$	—	$	—	$	—	$	2,889	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,889
BAML (Bardessono Hotel and Spa)	—		—		—		2,777		—		—		—		—		—		—		—		—		—		—		—		2,777
BAML (Hotel Yountville)	—		—		—		—		—		2,392		—		—		—		—		—		—		—		—		—		2,392
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		3,604		—		—		3,604
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	2,226		5,293		—		—		—		—		—		—		—		—		—		—		—		—		—		7,519
BAML Pool (see footnote 3)	—		—		2,609		—		—		—		—		2,327		3,313		—		—		4,472		—		—		—		12,721
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		2,041		—		—		—		—		—		—		—		—		2,041
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		2,739		—		—		—		—		—		2,739
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		2,329		—		—		—		—		2,329
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		783		—		783
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		899		899
Total	$	2,226	$	5,293	$	2,609	$	2,777	$	2,889	$	2,392	$	2,041	$	2,327	$	3,313	$	2,739	$	2,329	$	4,472	$	3,604	$	783	$	899	$	40,693

NOTES:

(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 Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

(4) Excluded hotels under renovation:

Marriott Seattle Waterfront

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended June 30, 2022
	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		The Ritz-Carlton Reserve Dorado Beach		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	2,584	$	3,939	$	4,103	$	1,820	$	3,530	$	1,247	$	(1,949)	$	402	$	931	$	6,586	$	(2,170)	$	1,510	$	5,742	$	(34)	$	3,018	$	31,259	$	(14,579)	$	16,680
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Interest income	(2)		(1)		—		—		—		—		—		—		(2)		(6)		—		(1)		(2)		—		—		(14)		14		—
Interest expense	—		—		—		310		482		415		633		—		—		984		371		34		534		396		363		4,522		5,183		9,705
Amortization of loan cost	—		—		—		51		76		42		193		—		—		92		37		—		—		41		(70)		462		114		576
Depreciation and amortization	1,839		1,006		1,490		594		662		540		943		2,011		2,814		1,327		788		1,295		2,079		611		1,572		19,571		—		19,571
Income tax expense (benefit)	—		—		—		—		—		—		—		6		—		—		—		—		306		—		112		424		653		1,077
Non-hotel EBITDA ownership expense	163		19		49		128		4		9		—		61		6		12		358		2		5		27		(1)		842		(842)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	4,584		4,963		5,642		2,903		4,754		2,253		(180)		2,480		3,749		8,995		(616)		2,840		8,664		1,041		4,994		57,066		(9,457)		47,609
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,146)		(1,241)		—		—		—		—		—		—		—		—		—		—		—		—		—		(2,387)		2,387		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		74		74
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(75)		(75)
Hotel EBITDA attributable to the Company and OP unitholders	$	3,438	$	3,722	$	5,642	$	2,903	$	4,754	$	2,253	$	(180)	$	2,480	$	3,749	$	8,995	$	(616)	$	2,840	$	8,664	$	1,041	$	4,994	$	54,679	$	(7,071)	$	47,608
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		355		355
Comparable hotel EBITDA	$	4,584	$	4,963	$	5,642	$	2,903	$	4,754	$	2,253	$	(180)	$	2,480	$	3,749	$	8,995	$	(616)	$	2,840	$	8,664	$	1,041	$	5,349	$	57,421




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	4,963	$	—	$	2,903	$	4,754	$	2,253	$	(180)	$	—	$	—	$	8,995	$	(616)	$	—	$	8,664	$	—	$	4,994	$	36,730
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		355		355
Comparable hotel EBITDA	$	—	$	4,963	$	—	$	2,903	$	4,754	$	2,253	$	(180)	$	—	$	—	$	8,995	$	(616)	$	—	$	8,664	$	—	$	5,349	$	37,085
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	4,584	$	—	$	5,642	$	—	$	—	$	—	$	—	$	2,480	$	3,749	$	—	$	—	$	2,840	$	—	$	1,041	$	—	$	20,336
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	4,584	$	—	$	5,642	$	—	$	—	$	—	$	—	$	2,480	$	3,749	$	—	$	—	$	2,840	$	—	$	1,041	$	—	$	20,336

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended June 30, 2022
	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		The Ritz-Carlton Reserve Dorado Beach		Hotel Total
BAML (Pier House Resort & Spa)	$	—	$	—	$	—	$	—	$	4,754	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,754
BAML (Bardessono Hotel and Spa)	—		—		—		2,903		—		—		—		—		—		—		—		—		—		—		—		2,903
BAML (Hotel Yountville)	—		—		—		—		—		2,253		—		—		—		—		—		—		—		—		—		2,253
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		8,664		—		—		8,664
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	4,584		4,963		—		—		—		—		—		—		—		—		—		—		—		—		—		9,547
BAML Pool (see footnote 3)	—		—		5,642		—		—		—		—		2,480		3,749		—		—		2,840		—		—		—		14,711
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		(180)		—		—		—		—		—		—		—		—		(180)
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		8,995		—		—		—		—		—		8,995
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		(616)		—		—		—		—		(616)
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		1,041		—		1,041
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,349		5,349
Total	$	4,584	$	4,963	$	5,642	$	2,903	$	4,754	$	2,253	$	(180)	$	2,480	$	3,749	$	8,995	$	(616)	$	2,840	$	8,664	$	1,041	$	5,349	$	57,421

NOTES:

(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 Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2022
	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		The Ritz-Carlton Reserve Dorado Beach		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,842)	$	2,077	$	(2,915)	$	385	$	5,826	$	(629)	$	7,367	$	(2,000)	$	(2,867)	$	10,252	$	5,754	$	(1,106)	$	8,580	$	(170)	$	3,492	$	32,204	$	(16,600)	$	15,604
Non-property adjustments	—		—		—		—		—		—		76		—		—		—		—		—		—		—		—		76		(76)		—
Interest income	—		—		—		—		—		—		—		—		(2)		(5)		—		(2)		(2)		—		—		(11)		11		—
Interest expense	—		—		—		256		395		320		526		—		—		862		297		34		526		391		39		3,646		4,212		7,858
Amortization of loan cost	—		—		—		50		76		60		128		—		—		91		37		—		—		41		70		553		111		664
Depreciation and amortization	1,840		1,022		1,627		603		668		676		927		1,983		2,969		1,251		792		1,191		1,932		609		351		18,441		—		18,441
Income tax expense (benefit)	—		—		—		—		—		—		—		3		—		—		—		—		220		—		—		223		2,388		2,611
Non-hotel EBITDA ownership expense	82		64		5		115		4		2		1		15		2		34		209		3		7		6		—		549		(549)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	80		3,163		(1,283)		1,409		6,969		429		9,025		1		102		12,485		7,089		120		11,263		877		3,952		55,681		(10,503)		45,178
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(20)		(791)		—		—		—		—		—		—		—		—		—		—		—		—		—		(811)		811		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		72		72
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(71)		(71)
Hotel EBITDA attributable to the Company and OP unitholders	$	60	$	2,372	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,263	$	877	$	3,952	$	54,870	$	(9,691)	$	45,179
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		3,279		3,279
Comparable hotel EBITDA	$	80	$	3,163	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,263	$	877	$	7,231	$	58,960




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	3,163	$	—	$	1,409	$	6,969	$	429	$	9,025	$	—	$	—	$	12,485	$	7,089	$	—	$	11,263	$	—	$	3,952	$	55,784
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		3,279		3,279
Comparable hotel EBITDA	$	—	$	3,163	$	—	$	1,409	$	6,969	$	429	$	9,025	$	—	$	—	$	12,485	$	7,089	$	—	$	11,263	$	—	$	7,231	$	59,063
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	80	$	—	$	(1,283)	$	—	$	—	$	—	$	—	$	1	$	102	$	—	$	—	$	120	$	—	$	877	$	—	$	(103)
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	80	$	—	$	(1,283)	$	—	$	—	$	—	$	—	$	1	$	102	$	—	$	—	$	120	$	—	$	877	$	—	$	(103)

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended March 31, 2022
	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		The Ritz-Carlton Reserve Dorado Beach		Hotel Total
BAML (Pier House Resort & Spa)	$	—	$	—	$	—	$	—	$	6,969	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,969
BAML (Bardessono Hotel and Spa)	—		—		—		1,409		—		—		—		—		—		—		—		—		—		—		—		1,409
BAML (Hotel Yountville)	—		—		—		—		—		429		—		—		—		—		—		—		—		—		—		429
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		11,263		—		—		11,263
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	80		3,163		—		—		—		—		—		—		—		—		—		—		—		—		—		3,243
BAML Pool (see footnote 3)	—		—		(1,283)		—		—		—		—		1		102		—		—		120		—		—		—		(1,060)
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		9,025		—		—		—		—		—		—		—		—		9,025
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		12,485		—		—		—		—		—		12,485
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		7,089		—		—		—		—		7,089
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		877		—		877
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		7,231		7,231
Total	$	80	$	3,163	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,263	$	877	$	7,231	$	58,960

NOTES:

(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 Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

Exhibit 1

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		The Ritz-Carlton Reserve Dorado Beach		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	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,195		5,195
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	$	5,195	$	40,693




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	2,445	$	—	$	2,771	$	4,965	$	2,121	$	2,023	$	—	$	—	$	6,944	$	3,894	$	—	$	6,638	$	—	$	—	$	31,801
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,195		5,195
Comparable hotel EBITDA	$	—	$	2,445	$	—	$	2,771	$	4,965	$	2,121	$	2,023	$	—	$	—	$	6,944	$	3,894	$	—	$	6,638	$	—	$	5,195	$	36,996
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	409	$	—	$	(126)	$	—	$	—	$	—	$	—	$	1,293	$	157	$	—	$	—	$	1,341	$	—	$	623	$	—	$	3,697
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	409	$	—	$	(126)	$	—	$	—	$	—	$	—	$	1,293	$	157	$	—	$	—	$	1,341	$	—	$	623	$	—	$	3,697

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(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		The Ritz-Carlton Reserve Dorado Beach		Hotel Total
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
Credit Agricole (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
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,195		5,195
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	$	5,195	$	40,693

NOTES:

(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 Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

Exhibit 1

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		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Mr. C Beverly Hills Hotel		The Ritz-Carlton Reserve Dorado Beach		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		(219)		299
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	$	(219)	$	27,560
ALL HOTELS NOT UNDER RENOVATION:
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	$	—	$	5,271	$	429	$	—	$	25,571
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		518		(219)		299
Comparable hotel EBITDA	$	(1,197)	$	2,747	$	(2,086)	$	3,573	$	3,915	$	2,654	$	3,529	$	1,255	$	437	$	3,634	$	1,410	$	—	$	5,271	$	947	$	(219)	$	25,870
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	2,747	$	—	$	3,573	$	3,915	$	2,654	$	3,529	$	—	$	—	$	3,634	$	1,410	$	—	$	5,271	$	—	$	—	$	26,733
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		(219)		(219)
Comparable hotel EBITDA	$	—	$	2,747	$	—	$	3,573	$	3,915	$	2,654	$	3,529	$	—	$	—	$	3,634	$	1,410	$	—	$	5,271	$	—	$	(219)	$	26,514
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(1,197)	$	—	$	(2,086)	$	—	$	—	$	—	$	—	$	1,255	$	437	$	—	$	—	$	1,690	$	—	$	429	$	—	$	528
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		518		—		518
Comparable hotel EBITDA	$	(1,197)	$	—	$	(2,086)	$	—	$	—	$	—	$	—	$	1,255	$	437	$	—	$	—	$	1,690	$	—	$	947	$	—	$	1,046

NOTES:

(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) Excluded hotels under renovation:

Marriott Seattle Waterfront

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine Months Ended September 30, 2022
	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		The Ritz-Carlton Reserve Dorado Beach		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	1,146	$	10,286	$	2,317	$	3,786	$	10,722	$	1,875	$	5,346	$	(1,304)	$	(1,395)	$	16,447	$	4,339	$	3,507	$	15,168	$	(574)	$	5,348	$	77,014	$	(53,113)	$	23,901
Non-property adjustments	—		—		—		—		—		—		76		—		—		—		—		—		(1)		—		—		75		(75)		—
Interest income	(17)		(23)		—		—		—		—		—		(1)		(9)		(27)		—		(5)		(6)		—		—		(88)		88		—
Interest expense	—		—		—		1,036		1,685		1,356		2,060		—		—		3,202		1,243		6		1,729		1,248		976		14,541		16,891		31,432
Amortization of loan cost	—		—		—		135		229		102		516		—		—		276		112		—		17		124		—		1,511		350		1,861
Depreciation and amortization	5,519		3,048		4,593		1,787		1,963		1,651		2,881		5,999		8,543		3,907		2,382		3,918		6,070		1,833		3,522		57,616		—		57,616
Income tax expense (benefit)	—		—		—		—		—		—		—		13		—		—		—		—		539		—		(4)		548		3,235		3,783
Non-hotel EBITDA ownership expense	242		108		58		345		13		90		7		101		25		414		726		6		15		70		3		2,223		(2,223)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	6,890		13,419		6,968		7,089		14,612		5,074		10,886		4,808		7,164		24,219		8,802		7,432		23,531		2,701		9,845		153,440		(34,847)		118,593
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,723)		(3,355)		—		—		—		—		—		—		—		—		—		—		—		—		—		(5,078)		5,078		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		220		220
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(220)		(220)
Hotel EBITDA attributable to the Company and OP unitholders	$	5,167	$	10,064	$	6,968	$	7,089	$	14,612	$	5,074	$	10,886	$	4,808	$	7,164	$	24,219	$	8,802	$	7,432	$	23,531	$	2,701	$	9,845	$	148,362	$	(29,769)	$	118,593
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		3,634		3,634
Comparable hotel EBITDA	$	6,890	$	13,419	$	6,968	$	7,089	$	14,612	$	5,074	$	10,886	$	4,808	$	7,164	$	24,219	$	8,802	$	7,432	$	23,531	$	2,701	$	13,479	$	157,074
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,890	$	13,419	$	6,968	$	7,089	$	14,612	$	5,074	$	10,886	$	4,808	$	7,164	$	24,219	$	8,802	$	—	$	23,531	$	2,701	$	9,845	$	146,008
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		3,634		3,634
Comparable hotel EBITDA	$	6,890	$	13,419	$	6,968	$	7,089	$	14,612	$	5,074	$	10,886	$	4,808	$	7,164	$	24,219	$	8,802	$	—	$	23,531	$	2,701	$	13,479	$	149,642
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	13,419	$	—	$	7,089	$	14,612	$	5,074	$	10,886	$	—	$	—	$	24,219	$	8,802	$	—	$	23,531	$	—	$	9,845	$	117,477
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		3,634		3,634
Comparable hotel EBITDA	$	—	$	13,419	$	—	$	7,089	$	14,612	$	5,074	$	10,886	$	—	$	—	$	24,219	$	8,802	$	—	$	23,531	$	—	$	13,479	$	121,111
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	6,890	$	—	$	6,968	$	—	$	—	$	—	$	—	$	4,808	$	7,164	$	—	$	—	$	7,432	$	—	$	2,701	$	—	$	35,963
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	6,890	$	—	$	6,968	$	—	$	—	$	—	$	—	$	4,808	$	7,164	$	—	$	—	$	7,432	$	—	$	2,701	$	—	$	35,963

NOTES:

(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) Excluded hotels under renovation:

Marriott Seattle Waterfront

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Nine 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		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Mr. C Beverly Hills Hotel		The Ritz-Carlton Reserve Dorado Beach		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(9,635)	$	527	$	(8,405)	$	3,322	$	9,624	$	1,251	$	3,428	$	(5,578)	$	(12,129)	$	10,830	$	249	$	(554)	$	13,708	$	(1,203)	$	—	$	5,435	$	(36,052)	$	(30,617)
Non-property adjustments	—		—		—		(117)		(96)		—		—		—		—		1		1		—		(671)		945		—		63		(63)		—
Interest income	—		—		—		—		—		—		—		—		(2)		(16)		—		(9)		(1)		—		—		(28)		28		—
Interest expense	—		—		—		777		1,201		975		1,541		—		—		2,638		901		20		1,596		244		—		9,893		10,706		20,599
Amortization of loan cost	—		—		—		113		219		120		14		—		—		263		107		—		68		26		—		930		817		1,747
Depreciation and amortization	5,627		3,258		4,954		1,976		2,187		1,907		2,625		6,352		9,760		4,925		2,177		2,921		5,839		373		—		54,881		—		54,881
Income tax expense (benefit)	—		(43)		—		—		—		—		—		5		—		—		—		—		62		—		—		24		742		766
Non-hotel EBITDA ownership expense	257		48		17		366		(61)		59		(22)		(148)		(3)		78		506		(162)		311		44		—		1,290		(1,290)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(3,751)		3,790		(3,434)		6,437		13,074		4,312		7,586		631		(2,374)		18,719		3,941		2,216		20,912		429		—		72,488		(25,112)		47,376
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	941		(951)		—		—		—		—		—		—		—		—		—		—		—		—		—		(10)		10		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		198		198
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(196)		(196)
Hotel EBITDA attributable to the Company and OP unitholders	$	(2,810)	$	2,839	$	(3,434)	$	6,437	$	13,074	$	4,312	$	7,586	$	631	$	(2,374)	$	18,719	$	3,941	$	2,216	$	20,912	$	429	$	—	$	72,478	$	(25,100)	$	47,378
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		1,228		11,643		12,871
Comparable hotel EBITDA	$	(3,751)	$	3,790	$	(3,434)	$	6,437	$	13,074	$	4,312	$	7,586	$	631	$	(2,374)	$	18,719	$	3,941	$	2,216	$	20,912	$	1,657	$	11,643	$	85,359
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(3,751)	$	3,790	$	(3,434)	$	6,437	$	13,074	$	4,312	$	7,586	$	631	$	(2,374)	$	18,719	$	3,941	$	—	$	20,912	$	429	$	—	$	70,272
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		1,228		11,643		12,871
Comparable hotel EBITDA	$	(3,751)	$	3,790	$	(3,434)	$	6,437	$	13,074	$	4,312	$	7,586	$	631	$	(2,374)	$	18,719	$	3,941	$	—	$	20,912	$	1,657	$	11,643	$	83,143
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	3,790	$	—	$	6,437	$	13,074	$	4,312	$	7,586	$	—	$	—	$	18,719	$	3,941	$	—	$	20,912	$	—	$	—	$	78,771
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		11,643		11,643
Comparable hotel EBITDA	$	—	$	3,790	$	—	$	6,437	$	13,074	$	4,312	$	7,586	$	—	$	—	$	18,719	$	3,941	$	—	$	20,912	$	—	$	11,643	$	90,414
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(3,751)	$	—	$	(3,434)	$	—	$	—	$	—	$	—	$	631	$	(2,374)	$	—	$	—	$	2,216	$	—	$	429	$	—	$	(6,283)
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		1,228		—		1,228
Comparable hotel EBITDA	$	(3,751)	$	—	$	(3,434)	$	—	$	—	$	—	$	—	$	631	$	(2,374)	$	—	$	—	$	2,216	$	—	$	1,657	$	—	$	(5,055)

NOTES:

(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) Excluded hotels under renovation:

Marriott Seattle Waterfront