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

FOURTH QUARTER AND FULL YEAR 2022 RESULTS

DALLAS – February 22, 2023 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 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 December 31, 2022, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2022 with the fourth quarter and full year ended December 31, 2021 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 8.3% over the prior year quarter to $301. Comparable ADR increased 2.8% over the prior year quarter to $469 and Comparable Occupancy increased 5.4% over the prior year quarter to 64.2%. Compared to the fourth quarter of 2019, Comparable RevPAR was 20.4% higher, Comparable ADR was 39.9% higher, and Comparable Occupancy was 13.9% lower.

•Net loss attributable to common stockholders for the quarter was $(13.5) million or $(0.19) per diluted share.

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

•Adjusted EBITDAre was $39.2 million for the quarter, reflecting a growth rate of 33% over the prior year quarter, and 53.9% higher than what the Company reported in the fourth quarter of 2019.

•Comparable Hotel EBITDA was $52.2 million for the quarter, which was 8.4% higher than the prior year quarter and 35.4% higher than the fourth quarter of 2019.

•The Company ended the quarter with cash and cash equivalents of $261.5 million and restricted cash of $54.2 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 $26.6 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

•Net debt to gross assets was 40.4% at the end of the fourth quarter.

•Capex invested during the quarter was $12.6 million.

BHR Reports Fourth Quarter Results

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February 22, 2023

FULL YEAR 2022 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for the year for all hotels increased 31.1% over the prior year to $312, Comparable ADR increased 5.2% to $482 and Comparable Occupancy increased 24.6% to 64.7%. Compared to 2019, Comparable RevPAR for the year for all hotels was 21.7% higher, Comparable ADR was 44.9% higher, and Comparable Occupancy was 16.1% lower.

•For the year, net loss attributable to common stockholders was $(10.7) million or $(0.15) per diluted share.

•For the year, AFFO per diluted share was $1.23, which reflected a growth rate of 44.7% over the prior year.

•Adjusted EBITDAre for the year was $172.4 million, which reflected a growth rate of 97.1% over the prior year.

•Comparable Hotel EBITDA for the year was $221.9 million, which reflected a growth rate of 55.8% over the prior year.

•Capex invested during the year was $49.1million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company completed the acquisition of the 210-room Four Seasons Resort Scottsdale at Troon North.

•During the quarter, the Company successfully closed on a new $100 million non-recourse mortgage loan secured by the Four Seasons Resort Scottsdale. Subsequent to quarter end, the Company used the majority of the proceeds from the new loan to pay off a more expensive loan secured by the Ritz-Carlton Reserve Dorado Beach.

•During the quarter, the Company announced an increase in its quarterly common stock dividend to $0.05 per share.

•During the quarter, the Company announced that its Board of Directors authorized a stock repurchase program of up to $25 million. The Company recently completed this $25 million repurchase program, repurchasing 5.4 million shares at an average price of $4.60 per share.

FOUR SEASONS RESORT SCOTTSDALE ACQUISITION

On December 1, 2022, the Company announced that it completed the acquisition of the luxury 210-room Four Seasons Resort Scottsdale at Troon North. In addition, the Company acquired 5.7 acres of developable land that is currently zoned for commercial use.

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 acquisition was funded with cash on hand and no common equity was issued to fund the acquisition. The total consideration for the acquisition was $267.8 million. Of the total consideration, $250.0 million was allocated to the existing resort ($1.2 million per key) and $17.8 million was allocated to the excess developable land.

CAPITAL STRUCTURE

At December 31, 2022, the Company had total assets of $2.4 billion and $1.3 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

BHR Reports Fourth Quarter Results

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February 22, 2023

6.4%, taking into account in-the-money interest rate caps. Based on the current level of LIBOR and SOFR, and the Company’s corresponding interest rate caps, approximately 82% of the Company’s consolidated debt is effectively fixed and approximately 18% is effectively floating.

On February 17, 2023, the offering for the Company’s Series E and Series M non-traded preferred stock closed. During the offering period, the Company issued approximately $460 million in gross proceeds and currently has 16,472,728 shares of its Series E and 1,960,336 shares of its Series M non-traded preferred stock outstanding.

During the quarter, the Company successfully closed on a mortgage loan secured by the 210-room Four Seasons Resort Scottsdale at Troon North in Scottsdale, Arizona. The non-recourse loan totals $100.0 million and has a three-year initial term with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and provides for a floating interest rate of SOFR + 3.75%. The Company used the majority of the proceeds from the new loan to pay off a more expensive loan secured by the Ritz-Carlton Reserve Dorado Beach, which had a floating interest rate of LIBOR + 6.00%.

On December 8, 2022, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company’s common stock for the fourth quarter ending December 31, 2022. The dividend, which equates to an annual rate of $0.20 per share, was paid on January 17, 2023, to stockholders of record as of December 30, 2022. The Board of Directors also approved the Company’s dividend policy for 2023. The Company expects to pay a quarterly cash dividend of $0.05 per share for 2023, or $0.20 per share on an annualized basis. 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.

On December 8, 2022, the Company also announced that its Board of Directors authorized a stock repurchase program of up to $25 million. The Company recently completed this $25 million repurchase program and repurchased 5.4 million shares at an average price of $4.60 per share.

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 solid fourth quarter performance and couldn’t be more excited about our recent acquisition of the iconic Four Seasons Resort Scottsdale,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “During the quarter, our portfolio continued to see significant outperformance relative to 2019. Further, our urban portfolio continues to ramp up quickly, reporting $11 million of Comparable Hotel EBITDA for the quarter and comprising 21% of total Comparable Hotel EBITDA for the quarter,” he added. “Additionally, the Board’s authorization of a $25 million share repurchase program, and the decision to increase the Company’s quarterly cash dividend to $0.05 per share, reflects a strong conviction in Braemar’s strategy and our commitment to create long-term shareholder value. Looking ahead to 2023, we remain very well positioned with expectations for strong leisure demand and the continued recovery of our urban portfolio,” Stockton concluded.

BHR Reports Fourth Quarter Results

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February 22, 2023

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Thursday, February 23, 2023, at 11:00 a.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, March 2, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13734832.

The Company will also provide an online simulcast and rebroadcast of its fourth 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, February 23, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

* * * * *

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 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.

BHR Reports Fourth Quarter Results

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February 22, 2023

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

	December 31, 2022		December 31, 2021
ASSETS
Investments in hotel properties, gross	$	2,325,093	$	1,845,078
Accumulated depreciation	(440,492)		(399,481)
Investments in hotel properties, net	1,884,601		1,445,597
Cash and cash equivalents	261,541		215,998
Restricted cash	54,155		47,376
Accounts receivable, net of allowance of $339 and $134, respectively	51,448		23,701
Inventories	5,238		3,128
Prepaid expenses	7,044		4,352
Investment in OpenKey	1,689		1,689
Derivative assets	6,482		139
Other assets	14,621		23,588
Operating lease right-of-use assets	79,449		80,462
Intangible assets, net	3,883		4,261
Due from related parties, net	938		1,770
Due from third-party hotel managers	26,625		27,461
Total assets	$	2,397,714	$	1,879,522
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,334,130	$	1,172,678
Accounts payable and accrued expenses	133,978		96,316
Dividends and distributions payable	8,184		2,173
Due to Ashford Inc., net	10,005		1,474
Due to third-party hotel managers	2,096		610
Operating lease liabilities	60,692		60,937
Derivative liabilities	284		1,435
Other liabilities	22,343		20,034
Total liabilities	1,571,712		1,355,657
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2022 and December 31, 2021	65,426		65,426
Series E Redeemable Preferred Stock, $0.01 par value, 12,656,529 and 1,710,399 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	291,076		39,339
Series M Redeemable Preferred Stock, $0.01 par value, 1,428,332 and 29,044 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	35,182		715
Redeemable noncontrolling interests in operating partnership	40,555		36,087
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at December 31, 2022 and December 31, 2021	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 69,919,065 and 65,365,470 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	699		653
Additional paid-in capital	734,134		707,418
Accumulated deficit	(324,740)		(309,240)
Total stockholders' equity of the Company	410,109		398,847
Noncontrolling interest in consolidated entities	(16,346)		(16,549)
Total equity	393,763		382,298
Total liabilities and equity	$	2,397,714	$	1,879,522

6

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
REVENUE
Rooms	$	109,293	$	84,848	$	431,515	$	280,568
Food and beverage	42,641		29,323		159,241		90,299
Other	19,688		16,236		78,829		56,675
Total hotel revenue	171,622		130,407		669,585		427,542
EXPENSES
Hotel operating expenses:
Rooms	24,668		18,249		94,410		59,818
Food and beverage	34,313		24,651		125,555		75,177
Other expenses	56,243		40,771		205,373		138,914
Management fees	5,347		4,038		20,149		13,117
Total hotel operating expenses	120,571		87,709		445,487		287,026
Property taxes, insurance and other	8,035		7,921		30,766		34,997
Depreciation and amortization	20,506		18,881		78,122		73,762
Advisory services fee:
Base advisory fee	3,356		2,825		12,790		10,806
Reimbursable expenses	1,193		601		4,653		2,297
Incentive fee	(491)		—		803		—
Stock/unit-based compensation	2,308		2,872		10,601		9,538
(Gain) loss on legal settlements	—		72		(114)		(917)
Transaction costs	—		(8)		—		563
Corporate, general and administrative:
Stock/unit-based compensation	32		55		659		610
Other general and administrative	4,044		2,585		17,425		8,107
Total operating expenses	159,554		123,513		601,192		426,789
Gain (loss) on insurance settlement and disposition of assets	—		—		—		696
OPERATING INCOME (LOSS)	12,068		6,894		68,393		1,449
Equity in earnings (loss) of unconsolidated entity	(108)		(54)		(328)		(252)
Interest income	1,745		14		2,677		48
Other income (expense)	470		—		497		—
Interest expense	(18,278)		(8,096)		(49,710)		(28,693)
Amortization of loan costs	(595)		(459)		(2,456)		(2,208)
Write-off of loan costs and exit fees	(40)		(3)		(146)		(1,963)
Unrealized gain (loss) on derivatives	445		(32)		4,464		32
INCOME (LOSS) BEFORE INCOME TAXES	(4,293)		(1,736)		23,391		(31,587)
Income tax (expense) benefit	(260)		(558)		(4,043)		(1,324)
NET INCOME (LOSS)	(4,553)		(2,294)		19,348		(32,911)
(Income) loss attributable to noncontrolling interest in consolidated entities	202		104		(2,063)		2,650
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,123		413		476		3,597
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(3,228)		(1,777)		17,761		(26,664)
Preferred dividends	(8,108)		(2,487)		(21,503)		(8,745)
Deemed dividends on redeemable preferred stock	(2,152)		—		(6,954)		—
Gain (loss) on extinguishment of preferred stock	—		—		—		(4,595)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(13,488)	$	(4,264)	$	(10,696)	$	(40,004)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.19)	$	(0.06)	$	(0.15)	$	(0.76)
Weighted average common shares outstanding – basic	70,839		63,743		69,687		52,684
Diluted:
Net income (loss) attributable to common stockholders	$	(0.19)	$	(0.06)	$	(0.15)	$	(0.76)
Weighted average common shares outstanding – diluted	70,839		63,743		69,687		52,684
Dividends declared per common share:	$	0.05	$	—	$	0.08	$	—

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Net income (loss)	$	(4,553)	$	(2,294)	$	19,348	$	(32,911)
Interest expense and amortization of loan costs	18,873		8,555		52,166		30,901
Depreciation and amortization	20,506		18,881		78,122		73,762
Income tax expense (benefit)	260		558		4,043		1,324
Equity in (earnings) loss of unconsolidated entity	108		54		328		252
Company's portion of EBITDA of OpenKey	(114)		(54)		(334)		(250)
EBITDA	35,080		25,700		153,673		73,078
(Gain) loss on insurance settlement and disposition of assets	—		—		—		(696)
EBITDAre	35,080		25,700		153,673		72,382
Amortization of favorable (unfavorable) contract assets (liabilities)	118		118		463		512
Transaction and conversion costs	2,791		489		9,679		2,637
Other (income) expense	(470)		—		(497)		—
Write-off of loan costs and exit fees	40		3		146		1,963
(Gain) loss in insurance settlements	(55)		—		(55)		—
Unrealized (gain) loss on derivatives	(445)		32		(4,464)		(32)
Stock/unit-based compensation	2,344		2,939		11,285		10,204
Legal, advisory and settlement costs	1,069		112		2,170		(208)
Advisory services incentive fee	(1,294)		—		—		—
Company's portion of adjustments to EBITDAre of OpenKey	2		—		8		7
Adjusted EBITDAre	$	39,180	$	29,393	$	172,408	$	87,465

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Year Ended
	December 31,				December 31,
	2022		2021		2022		2021
Net income (loss)	$	(4,553)	$	(2,294)	$	19,348	$	(32,911)
(Income) loss attributable to noncontrolling interest in consolidated entities	202		104		(2,063)		2,650
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	1,123		413		476		3,597
Preferred dividends	(8,108)		(2,487)		(21,503)		(8,745)
Deemed dividends on redeemable preferred stock	(2,152)		—		(6,954)		—
Gain (loss) on extinguishment of preferred stock	—		—		—		(4,595)
Net income (loss) attributable to common stockholders	(13,488)		(4,264)		(10,696)		(40,004)
Depreciation and amortization on real estate	19,830		18,229		75,508		71,072
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(1,123)		(413)		(476)		(3,597)
Equity in (earnings) loss of unconsolidated entity	108		54		328		252
(Gain) loss on insurance settlement and disposition of assets	—		—		—		(696)
Company's portion of FFO of OpenKey	(113)		(54)		(333)		(251)
FFO available to common stockholders and OP unitholders	5,214		13,552		64,331		26,776
Deemed dividends on redeemable preferred stock	2,152		—		6,954
(Gain) loss on extinguishment of preferred stock	—		—		—		4,595
Transaction and conversion costs	2,791		489		9,679		2,637
Interest expense accretion on refundable membership club deposits	178		190		723		772
Write-off of loan costs and exit fees	40		3		146		1,963
Amortization of loan costs	572		437		2,365		2,121
(Gain) loss in insurance settlements	(55)		—		(55)		—
Unrealized (gain) loss on derivatives	(445)		32		(4,464)		(32)
Stock/unit-based compensation	2,344		2,939		11,285		10,204
Legal, advisory and settlement costs	1,069		112		2,170		(208)
Advisory services incentive fee	(1,294)		—		—		—
Company's portion of adjustments to FFO of OpenKey	2		—		8		7
Adjusted FFO available to common stockholders and OP unitholders	$	12,568	$	17,754	$	93,142	$	48,835
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.16	$	0.25	$	1.23	$	0.85
Weighted average diluted shares	76,848		70,127		75,635		57,762

8

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

December 31, 2022

(dollars in thousands)

(unaudited)

Lender	Hotels	Current Maturity	Final Maturity (11)	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel Net Income		Comparable TTM Hotel Net Income Debt Yield		Comparable TTM Hotel EBITDA(12)		Comparable TTM EBITDA Debt Yield
BAML	The Ritz-Carlton Sarasota	April 2023	April 2023	LIBOR (1) + 2.65%	$	—		$	98,500		(3)	$	98,500		$	17,641	17.9	%	$	30,377	30.8	%
BAML	Hotel Yountville	May 2023	May 2023	LIBOR (1) + 2.55%	—			51,000			(3)	51,000			2,547		5.0	%	6,958		13.6	%
BAML	See footnote	June 2023	June 2025	LIBOR (1) + 2.16%	—			435,000			(4)	435,000			2,639		0.6	%	33,532		7.7	%
BAML	Bardessono Hotel and Spa	August 2023	August 2023	SOFR (2) + 2.65%	—			40,000				40,000			4,488		11.2	%	9,127		22.8	%
Apollo	The Ritz-Carlton St. Thomas	August 2023	August 2024	LIBOR (1) + 3.95%	—			42,500			(5)	42,500			18,920		44.5	%	30,137		70.9	%
BAML	The Ritz-Carlton Lake Tahoe	January 2024	January 2024	SOFR (2) + 2.20%	—			54,000				54,000			5,020		9.3	%	11,383		21.1	%
Prudential	Capital Hilton and Hilton La Jolla Torrey Pines	February 2024	February 2024	LIBOR (1) + 1.70%	—			195,000				195,000			14,287		7.3	%	27,502		14.1	%
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2024	February 2027	SOFR (2) + 2.86%	—			70,500			(6)	70,500			5,668		8.0	%	13,620		19.3	%
Knighthead Funding	The Ritz-Carlton Reserve Dorado Beach	March 2024	March 2026	LIBOR (1) + 6.00%	—			54,000			(7)	54,000			9,672		17.9	%	18,521		34.3	%
LoanCore	Mr. C Beverly Hills Hotel	August 2024	August 2024	LIBOR (1) + 3.60%	—			30,000			(8)	30,000			(1,390)		(4.6)	%	3,157		10.5	%
BAML	Pier House Resort & Spa	September 2024	September 2024	SOFR (2) + 1.95%	—			80,000				80,000			12,377		15.5	%	18,115		22.6	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	December 2025	December 2027	SOFR (2) + 3.75%	—			100,000			(9)	100,000			4,095		4.1	%	19,497		19.5	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A		N/A		N/A
Total					$	86,250		$	1,250,500			$	1,336,750		$	95,964	7.2	%	$	221,926	16.6	%
Percentage					6.5		%	93.5		%		100.0		%
Weighted average interest rate (10)					4.50		%	6.49		%		6.36		%

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

(1)    LIBOR rate was 4.392% at December 31, 2022.

(2)    SOFR rate was 4.358% at December 31, 2022.

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

(4)    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.

(5)    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%.

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

(7)    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%.

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

(9)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.

(10)    The weighted average interest rates are adjusted for in-the-money interest rate caps.

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

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

9

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

December 31, 2022

(dollars in thousands)

(unaudited)

Lender	Hotels	2023		2024		2025		2026		2027		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
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		—		—		96,000		—		96,000
Principal due in future periods		$	189,000	$	401,500	$	435,000	$	140,250	$	166,500	$	—	$	1,332,250
Scheduled amortization payments remaining		500		—		—		2,000		2,000		—		4,500
Total indebtedness		$	189,500	$	401,500	$	435,000	$	142,250	$	168,500	$	—	$	1,336,750

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

10

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	111,422		$	4,960		$	116,382		$	85,482		$	21,721		$	107,203		30.35	%	8.56	%
	RevPAR	$	298.03		$	387.17		$	300.98		$	239.62		$	747.14		$	277.86		24.38	%	8.32	%
	Occupancy	64.50		%	54.47		%	64.17		%	61.12		%	58.10		%	60.89		%	5.54	%	5.39	%
	ADR	$	462.04		$	710.76		$	469.03		$	392.08		$	1,285.86		$	456.35		17.84	%	2.78	%

ALL HOTELS:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	438,220		$	39,586		$	477,806		$	279,812		$	84,135		$	363,947		56.61	%	31.28	%
	RevPAR	$	300.90		$	511.09		$	311.51		$	202.57		$	558.91		$	237.59		48.54	%	31.11	%
	Occupancy	65.62		%	46.76		%	64.66		%	52.44		%	46.96		%	51.90		%	25.12	%	24.58	%
	ADR	$	458.58		$	1,093.04		$	481.75		$	386.26		$	1,190.21		$	457.74		18.72	%	5.24	%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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 December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	99,835		$	4,960		$	104,795		$	76,112		$	21,721		$	97,833		31.17	%	7.12	%
	RevPAR	$	308.92		$	387.17		$	311.91		$	311.91		$	747.14		$	291.94		(0.96)	%	6.84	%
	Occupancy	65.62		%	54.47		%	65.19		%	66.81		%	58.10		%	61.13		%	(1.78)	%	6.66	%
	ADR	$	470.78		$	710.76		$	478.43		$	466.85		$	1,285.86		$	477.60		0.84	%	0.17	%

ALL HOTELS      NOT UNDER RENOVATION:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
	Rooms revenue (in thousands)	$	391,522		$	39,586		$	431,108		$	247,404		$	84,135		$	331,539		58.25	%	30.03	%
	RevPAR	$	311.91		$	511.09		$	323.48		$	209.63		$	558.91		$	249.14		48.79	%	29.84	%
	Occupancy	66.81		%	46.76		%	65.65		%	52.32		%	46.96		%	51.72		%	27.69	%	26.94	%
	ADR	$	466.85		$	1,093.04		$	492.77		$	400.66		$	1,190.21		$	481.76		16.52	%	2.29	%

NOTES:

(1)    The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at December 31, 2022, and not under renovation during the three months ended December 31, 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; Park Hyatt Beaver Creek

11

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:		Three Months Ended								Year Ended
		December 31,								December 31,
		2022			2021			% Variance		2022			2021			% Variance
	Total hotel revenue	$	173,363		$	130,925		32.41	%	$	675,072		$	428,093		57.69	%
	Non-comparable adjustments	13,930			38,883					71,228			131,666
	Comparable total hotel revenue	$	187,293		$	169,808		10.30	%	$	746,300		$	559,759		33.33	%
	Hotel net income (loss)	$	13,699		$	11,933		14.80	%	$	90,713		$	17,368		422.30	%
	Non-comparable adjustments	1,574			7,250					5,251			10,433
	Comparable hotel net income (loss)	$	15,273		$	19,183		(20.38)	%	$	95,964		$	27,801		245.18	%
	Hotel net income (loss) margin	7.90		%	9.11		%	(1.21)	%	13.44		%	4.06		%	9.38	%
	Comparable hotel net income margin	8.15		%	11.30		%	(3.15)	%	12.86		%	4.97		%	7.89	%
	Hotel EBITDA	$	47,065		$	35,498		32.58	%	$	200,505		$	107,986		85.68	%
	Non-comparable adjustments	5,141			12,643					21,421			34,468
	Comparable hotel EBITDA	$	52,206		$	48,141		8.44	%	$	221,926		$	142,454		55.79	%
	Hotel EBITDA margin	27.15		%	27.11		%	0.04	%	29.70		%	25.22		%	4.48	%
	Comparable hotel EBITDA margin	27.87		%	28.35		%	(0.48)	%	29.74		%	25.45		%	4.29	%
	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	714		$	(15)		4,938.98	%	$	3,572		$	(2,292)		255.85	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	12,985		$	11,948		8.68	%	$	87,141		$	19,660		343.25	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	14,559		$	19,198		(24.16)	%	$	92,392		$	30,093		207.02	%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,798		$	388		363.40	%	$	6,876		$	723		851.04	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	45,267		$	35,110		28.93	%	$	193,629		$	107,263		80.52	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	50,408		$	47,753		5.56	%	$	215,050		$	141,731		51.73	%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

12

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS      NOT UNDER RENOVATION:		Three Months Ended								Year Ended
		December 31,								December 31,
		2022			2021			% Variance		2022			2021			% Variance
	Total hotel revenue	$	155,321		$	115,953		33.95	%	$	598,072		$	373,594		60.09	%
	Non-comparable adjustments	13,930			38,883					71,228			131,666
	Comparable total hotel revenue	$	169,251		$	154,836		9.31	%	$	669,300		$	505,260		32.47	%
	Hotel net income (loss)	$	13,094		$	11,095		18.02	%	$	81,255		$	13,656		495.01	%
	Non-comparable adjustments	1,574			7,250					5,251			10,433
	Comparable hotel net income (loss)	$	14,668		$	18,345		(20.04)	%	$	86,506		$	24,089		259.11	%
	Hotel net income (loss) margin	8.43		%	9.57		%	(1.14)	%	13.59		%	3.66		%	9.93	%
	Comparable hotel net income margin	8.67		%	11.85		%	(3.18)	%	12.92		%	4.77		%	8.15	%
	Hotel EBITDA	$	42,546		$	32,134		32.40	%	$	177,668		$	94,820		87.37	%
	Non-comparable adjustments	5,141			12,643					21,421			34,468
	Comparable hotel EBITDA	$	47,687		$	44,777		6.50	%	$	199,089		$	129,288		53.99	%
	Hotel EBITDA margin	27.39		%	27.71		%	(0.32)	%	29.71		%	25.38		%	4.33	%
	Comparable hotel EBITDA margin	28.18		%	28.92		%	(0.74)	%	29.75		%	25.59		%	4.16	%
	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	714		$	(15)		4,938.98	%	$	3,572		$	(2,292)		(255.85)	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	12,380		$	11,110		11.44	%	$	77,683		$	15,948		387.11	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	13,954		$	18,360		(24.00)	%	$	82,934		$	26,381		214.37	%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,798		$	388		363.40	%	$	6,876		$	723		851.04	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	40,748		$	31,746		28.36	%	$	170,792		$	94,097		81.51	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	45,889		$	44,389		3.38	%	$	192,213		$	128,565		49.51	%

NOTES:

(1)    The above comparable information assumes the 14 hotel properties owned and included in the Company's operations at December 31, 2022, and not under renovation during the three months ended December 31, 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)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(4)    Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

13

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	8,532		$	—		$	8,532		$	4,062		$	—		$	4,062		110.04	%	110.04	%
	Total hotel revenue	$	13,183		$	—		$	13,183		$	6,619		$	—		$	6,619		99.17	%	99.17	%
	Hotel net income (loss)	$	(21)		$	—		$	(21)		$	(1,447)		$	—		$	(1,447)		98.55	%	98.55	%
	Hotel net income (loss) margin	(0.16)		%				(0.16)		%	(21.86)		%				(21.86)		%	21.70	%	21.70	%
	Hotel EBITDA	$	3,284		$	—		$	3,284		$	409		$	—		$	409		702.93	%	702.93	%
	Hotel EBITDA margin	24.91		%				24.91		%	6.18		%				6.18		%	18.73	%	18.73	%
	Selected Operating Information:
	RevPAR	$	168.61		$	—		$	168.61		$	80.28		$	—		$	80.28		110.03	%	110.03	%
	Occupancy	72.96		%	—		%	72.96		%	43.74		%	—		%	43.74		%	66.83	%	66.83	%
	ADR	$	231.08		$	—		$	231.08		$	183.55		$	—		$	183.55		25.90	%	25.90	%
HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	6,067		$	—		$	6,067		$	4,862		$	—		$	4,862		24.78	%	24.78	%
	Total hotel revenue	$	11,535		$	—		$	11,535		$	8,323		$	—		$	8,323		38.59	%	38.59	%
	Hotel net income (loss)	$	2,876		$	—		$	2,876		$	1,388		$	—		$	1,388		107.20	%	107.20	%
	Hotel net income (loss) margin	24.93		%				24.93		%	16.68		%				16.68		%	8.25	%	8.25	%
	Hotel EBITDA	$	3,909		$	—		$	3,909		$	2,445		$	—		$	2,445		59.88	%	59.88	%
	Hotel EBITDA margin	33.89		%				33.89		%	29.38		%				29.38		%	4.51	%	4.51	%
	Selected Operating Information:
	RevPAR	$	167.37		$	—		$	167.37		$	134.15		$	—		$	134.15		24.77	%	24.77	%
	Occupancy	70.27		%	—		%	70.27		%	63.55		%	—		%	63.55		%	10.58	%	10.58	%
	ADR	$	238.16		$	—		$	238.16		$	211.08		$	—		$	211.08		12.83	%	12.83	%
SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	6,363		$	—		$	6,363		$	4,815		$	—		$	4,815		32.15	%	32.15	%
	Total hotel revenue	$	8,559		$	—		$	8,559		$	6,574		$	—		$	6,574		30.19	%	30.19	%
	Hotel net income (loss)	$	(91)		$	—		$	(91)		$	(1,776)		$	—		$	(1,776)		94.88	%	94.88	%
	Hotel net income (loss) margin	(1.06)		%				(1.06)		%	(27.02)		%				(27.02)		%	25.96	%	25.96	%
	Hotel EBITDA	$	1,320		$	—		$	1,320		$	(126)		$	—		$	(126)		1,147.62	%	1,147.62	%
	Hotel EBITDA margin	15.42		%				15.42		%	(1.92)		%				(1.92)		%	17.34	%	17.34	%
	Selected Operating Information:
	RevPAR	$	166.66		$	—		$	166.66		$	126.11		$	—		$	126.11		32.16	%	32.16	%
	Occupancy	66.17		%	—		%	66.17		%	61.34		%	—		%	61.34		%	7.89	%	7.89	%
	ADR	$	251.85		$	—		$	251.85		$	205.60		$	—		$	205.60		22.49	%	22.49	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	4,460		$	—		$	4,460		$	5,399		$	—		$	5,399		(17.39)	%	(17.39)	%
	Total hotel revenue	$	6,083		$	—		$	6,083		$	6,822		$	—		$	6,822		(10.83)	%	(10.83)	%
	Hotel net income (loss)	$	702		$	—		$	702		$	1,731		$	—		$	1,731		(59.45)	%	(59.45)	%
	Hotel net income (loss) margin	11.54		%				11.54		%	25.37		%				25.37		%	(13.83)	%	(13.83)	%
	Hotel EBITDA	$	2,038		$	—		$	2,038		$	2,771		$	—		$	2,771		(26.45)	%	(26.45)	%
	Hotel EBITDA margin	33.50		%				33.50		%	40.62		%				40.62		%	(7.12)	%	(7.12)	%
	Selected Operating Information:
	RevPAR	$	745.87		$	—		$	745.87		$	902.76		$	—		$	902.76		(17.38)	%	(17.38)	%
	Occupancy	60.75		%	—		%	60.75		%	70.95		%	—		%	70.95		%	(14.38)	%	(14.38)	%
	ADR	$	1,227.73		$	—		$	1,227.73		$	1,272.33		$	—		$	1,272.33		(3.51)	%	(3.51)	%

14

		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	5,758		$	—		$	5,758		$	7,046		$	—		$	7,046		(18.28)	%	(18.28)	%
	Total hotel revenue	$	7,316		$	—		$	7,316		$	8,696		$	—		$	8,696		(15.87)	%	(15.87)	%
	Hotel net income (loss)	$	1,655		$	—		$	1,655		$	3,787		$	—		$	3,787		(56.30)	%	(56.30)	%
	Hotel net income (loss) margin	22.62		%				22.62		%	43.55		%				43.55		%	(20.93)	%	(20.93)	%
	Hotel EBITDA	$	3,503		$	—		$	3,503		$	4,965		$	—		$	4,965		(29.45)	%	(29.45)	%
	Hotel EBITDA margin	47.88		%				47.88		%	57.10		%				57.10		%	(9.22)	%	(9.22)	%
	Selected Operating Information:
	RevPAR	$	440.75		$	—		$	440.75		$	539.33		$	—		$	539.33		(18.28)	%	(18.28)	%
	Occupancy	63.70		%	—		%	63.70		%	75.42		%	—		%	75.42		%	(15.54)	%	(15.54)	%
	ADR	$	691.90		$	—		$	691.90		$	715.09		$	—		$	715.09		(3.24)	%	(3.24)	%
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	3,486		$	—		$	3,486		$	3,855		$	—		$	3,855		(9.57)	%	(9.57)	%
	Total hotel revenue	$	4,269		$	—		$	4,269		$	4,620		$	—		$	4,620		(7.60)	%	(7.60)	%
	Hotel net income (loss)	$	672		$	—		$	672		$	1,059		$	—		$	1,059		(36.54)	%	(36.54)	%
	Hotel net income (loss) margin	15.74		%				15.74		%	22.92		%				22.92		%	(7.18)	%	(7.18)	%
	Hotel EBITDA	$	1,884		$	—		$	1,884		$	2,121		$	—		$	2,121		(11.17)	%	(11.17)	%
	Hotel EBITDA margin	44.13		%				44.13		%	45.91		%				45.91		%	(1.78)	%	(1.78)	%
	Selected Operating Information:
	RevPAR	$	473.63		$	—		$	473.63		$	523.83		$	—		$	523.83		(9.58)	%	(9.58)	%
	Occupancy	54.47		%	—		%	54.47		%	58.25		%	—		%	58.25		%	(6.48)	%	(6.48)	%
	ADR	$	869.53		$	—		$	869.53		$	899.31		$	—		$	899.31		(3.31)	%	(3.31)	%
PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	6,556		$	—		$	6,556		$	5,245		$	—		$	5,245		25.00	%	25.00	%
	Total hotel revenue	$	11,602		$	—		$	11,602		$	9,724		$	—		$	9,724		19.31	%	19.31	%
	Hotel net income (loss)	$	322		$	—		$	322		$	577		$	—		$	577		(44.19)	%	(44.19)	%
	Hotel net income (loss) margin	2.78		%				2.78		%	5.93		%				5.93		%	(3.15)	%	(3.15)	%
	Hotel EBITDA	$	2,734		$	—		$	2,734		$	2,023		$	—		$	2,023		35.15	%	35.15	%
	Hotel EBITDA margin	23.56		%				23.56		%	20.80		%				20.80		%	2.76	%	2.76	%
	Selected Operating Information:
	RevPAR	$	375.04		$	—		$	375.04		$	300.05		$	—		$	300.05		24.99	%	24.99	%
	Occupancy	52.04		%	—		%	52.04		%	49.98		%	—		%	49.98		%	4.12	%	4.12	%
	ADR	$	720.64		$	—		$	720.64		$	600.31		$	—		$	600.31		20.04	%	20.04	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	6,981		$	—		$	6,981		$	4,321		$	—		$	4,321		61.56	%	61.56	%
	Total hotel revenue	$	8,735		$	—		$	8,735		$	5,394		$	—		$	5,394		61.94	%	61.94	%
	Hotel net income (loss)	$	799		$	—		$	799		$	(683)		$	—		$	(683)		216.98	%	216.98	%
	Hotel net income (loss) margin	9.15		%				9.15		%	(12.66)		%				(12.66)		%	21.81	%	21.81	%
	Hotel EBITDA	$	2,865		$	—		$	2,865		$	1,293		$	—		$	1,293		121.58	%	121.58	%
	Hotel EBITDA margin	32.80		%				32.80		%	23.97		%				23.97		%	8.83	%	8.83	%
	Selected Operating Information:
	RevPAR	$	152.07		$	—		$	152.07		$	94.12		$	—		$	94.12		61.58	%	61.58	%
	Occupancy	63.14		%	—		%	63.14		%	49.14		%	—		%	49.14		%	28.49	%	28.49	%
	ADR	$	240.84		$	—		$	240.84		$	191.52		$	—		$	191.52		25.75	%	25.75	%

15

		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	7,183		$	—		$	7,183		$	5,474		$	—		$	5,474		31.22	%	31.22	%
	Total hotel revenue	$	8,373		$	—		$	8,373		$	6,513		$	—		$	6,513		28.56	%	28.56	%
	Hotel net income (loss)	$	(1,477)		$	—		$	(1,477)		$	(3,338)		$	—		$	(3,338)		55.75	%	55.75	%
	Hotel net income (loss) margin	(17.64)		%				(17.64)		%	(51.25)		%				(51.25)		%	33.61	%	33.61	%
	Hotel EBITDA	$	1,190		$	—		$	1,190		$	157		$	—		$	157		657.96	%	657.96	%
	Hotel EBITDA margin	14.21		%				14.21		%	2.41		%				2.41		%	11.80	%	11.80	%
	Selected Operating Information:
	RevPAR	$	190.44		$	—		$	190.44		$	145.12		$	—		$	145.12		31.23	%	31.23	%
	Occupancy	65.61		%	—		%	65.61		%	74.02		%	—		%	74.02		%	(11.35)	%	(11.35)	%
	ADR	$	290.25		$	—		$	290.25		$	196.06		$	—		$	196.06		48.04	%	48.04	%
THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	9,677		$	—		$	9,677		$	10,964		$	—		$	10,964		(11.74)	%	(11.74)	%
	Total hotel revenue	$	22,971		$	—		$	22,971		$	23,513		$	—		$	23,513		(2.31)	%	(2.31)	%
	Hotel net income (loss)	$	1,194		$	—		$	1,194		$	4,512		$	—		$	4,512		(73.54)	%	(73.54)	%
	Hotel net income (loss) margin	5.20		%				5.20		%	19.19		%				19.19		%	(13.99)	%	(13.99)	%
	Hotel EBITDA	$	6,158		$	—		$	6,158		$	6,944		$	—		$	6,944		(11.32)	%	(11.32)	%
	Hotel EBITDA margin	26.81		%				26.81		%	29.53		%				29.53		%	(2.72)	%	(2.72)	%
	Selected Operating Information:
	RevPAR	$	381.12		$	—		$	381.12		$	443.70		$	—		$	443.70		(14.10)	%	(14.10)	%
	Occupancy	66.71		%	—		%	66.71		%	78.54		%	—		%	78.54		%	(15.06)	%	(15.06)	%
	ADR	$	571.31		$	—		$	571.31		$	564.93		$	—		$	564.93		1.13	%	1.13	%
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	7,751		$	—		$	7,751		$	8,396		$	—		$	8,396		(7.68)	%	(7.68)	%
	Total hotel revenue	$	13,666		$	—		$	13,666		$	13,862		$	—		$	13,862		(1.41)	%	(1.41)	%
	Hotel net income (loss)	$	681		$	—		$	681		$	2,544		$	—		$	2,544		(73.23)	%	(73.23)	%
	Hotel net income (loss) margin	4.98		%				4.98		%	18.35		%				18.35		%	(13.37)	%	(13.37)	%
	Hotel EBITDA	$	2,581		$	—		$	2,581		$	3,894		$	—		$	3,894		(33.72)	%	(33.72)	%
	Hotel EBITDA margin	18.89		%				18.89		%	28.09		%				28.09		%	(9.20)	%	(9.20)	%
	Selected Operating Information:
	RevPAR	$	462.91		$	—		$	462.91		$	506.99		$	—		$	506.99		(8.69)	%	(8.69)	%
	Occupancy	56.59		%	—		%	56.59		%	57.90		%	—		%	57.90		%	(2.27)	%	(2.27)	%
	ADR	$	818.04		$	—		$	818.04		$	875.56		$	—		$	875.56		(6.57)	%	(6.57)	%
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	5,031		$	—		$	5,031		$	4,125		$	—		$	4,125		21.96	%	21.96	%
	Total hotel revenue	$	6,440		$	—		$	6,440		$	5,248		$	—		$	5,248		22.71	%	22.71	%
	Hotel net income (loss)	$	283		$	—		$	283		$	261		$	—		$	261		8.43	%	8.43	%
	Hotel net income (loss) margin	4.39		%				4.39		%	4.97		%				4.97		%	(0.58)	%	(0.58)	%
	Hotel EBITDA	$	1,785		$	—		$	1,785		$	1,341		$	—		$	1,341		33.11	%	33.11	%
	Hotel EBITDA margin	27.72		%				27.72		%	25.55		%				25.55		%	2.17	%	2.17	%
	Selected Operating Information:
	RevPAR	$	151.49		$	—		$	151.49		$	124.19		$	—		$	124.19		21.98	%	21.98	%
	Occupancy	60.21		%	—		%	60.21		%	64.24		%	—		%	64.24		%	(6.28)	%	(6.28)	%
	ADR	$	251.61		$	—		$	251.61		$	193.33		$	—		$	193.33		30.15	%	30.15	%

16

		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	13,280		$	(1,652)		$	11,628		$	13,922		$	—		$	13,922		(4.61)	%	(16.48)	%
	Total hotel revenue	$	19,725		$	(1,652)		$	18,073		$	20,697		$	—		$	20,697		(4.70)	%	(12.68)	%
	Hotel net income (loss)	$	3,752		$	(1,653)		$	2,099		$	3,745		$	—		$	3,745		0.19	%	(43.95)	%
	Hotel net income (loss) margin	19.02		%				11.61		%	18.09		%				18.09		%	0.93	%	(6.48)	%
	Hotel EBITDA	$	6,606		$	(1,652)		$	4,954		$	6,638		$	—		$	6,638		(0.48)	%	(25.37)	%
	Hotel EBITDA margin	33.49		%				27.41		%	32.07		%				32.07		%	1.42	%	(4.66)	%
	Selected Operating Information:
	RevPAR	$	801.98		$	—		$	702.18		$	840.70		$	—		$	840.70		(4.61)	%	(16.48)	%
	Occupancy	59.30		%	—		%	59.30		%	74.48		%	—		%	74.48		%	(20.38)	%	(20.38)	%
	ADR	$	1,352.42		$	—		$	1,184.13		$	1,128.76		$	—		$	1,128.76		19.82	%	4.91	%
MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	3,298		$	—		$	3,298		$	2,996		$	(109)		$	2,887		10.08	%	14.24	%
	Total hotel revenue	$	4,656		$	—		$	4,656		$	4,320		$	—		$	4,320		7.78	%	7.78	%
	Hotel net income (loss)	$	(816)		$	—		$	(816)		$	(427)		$	—		$	(427)		(91.10)	%	(91.10)	%
	Hotel net income (loss) margin	(17.53)		%				(17.53)		%	(9.88)		%				(9.88)		%	(7.65)	%	(7.65)	%
	Hotel EBITDA	$	456		$	—		$	456		$	623		$	—		$	623		(26.81)	%	(26.81)	%
	Hotel EBITDA margin	9.79		%				9.79		%	—		%				14.42		%	9.79	%	(4.63)	%
	Selected Operating Information:
	RevPAR	$	250.68		$	—		$	250.68		$	227.78		$	—		$	219.46		10.05	%	14.22	%
	Occupancy	76.14		%	—		%	76.14		%	69.73		%	—		%	69.73		%	9.19	%	9.19	%
	ADR	$	329.23		$	—		$	329.23		$	326.65		$	—		$	314.72		0.79	%	4.61	%
THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	13,892		$	—		$	13,892		$	—		$	12,645		$	12,645		—	%	9.86	%
	Total hotel revenue	$	21,056		$	—		$	21,056		$	—		$	20,321		$	20,321		—	%	3.62	%
	Hotel net income (loss)	$	2,235		$	—		$	2,235		$	—		$	3,260		$	3,260		—	%	(31.44)	%
	Hotel net income (loss) margin	10.61		%				10.61		%	—		%				16.04		%	10.61	%	(5.43)	%
	Hotel EBITDA	$	5,042		$	—		$	5,042		$	—		$	5,195		$	5,195		—	%	(2.95)	%
	Hotel EBITDA margin	23.95		%				23.95		%	—		%				25.56		%	23.95	%	(1.61)	%
	Selected Operating Information:
	RevPAR	$	1,424.51		$	—		$	1,424.51		$	—		$	1,296.69		$	1,296.69		—	%	9.86	%
	Occupancy	56.54		%	—		%	56.54		%	—		%	59.93		%	59.93		%	—	%	(5.65)	%
	ADR	$	2,519.37		$	—		$	2,519.37		$	—		$	2,163.81		$	2,163.81		—	%	16.43	%
FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	3,107		$	6,612		$	9,719		$	—		$	9,185		$	9,185		—	%	5.81	%
	Total hotel revenue	$	5,194		$	15,582		$	20,776		$	—		$	18,562		$	18,562		—	%	11.93	%
	Hotel net income (loss)	$	933		$	3,227		$	4,160		$	—		$	3,990		$	3,990		—	%	4.26	%
	Hotel net income (loss) margin	17.96		%				20.02		%	—		%				21.50		%	17.96	%	(1.48)	%
	Hotel EBITDA	$	1,710		$	6,793		$	8,503		$	—		$	7,448		$	7,448		—	%	14.16	%
	Hotel EBITDA margin	32.92		%				40.93		%	—		%				40.12		%	32.92	%	0.81	%
	Selected Operating Information:
	RevPAR	$	477.19		$	516.18		$	503.04		$	—		$	475.41		$	475.41		—	%	5.81	%
	Occupancy	45.15		%	54.47		%	51.33		%	—		%	57.18		%	57.18		%	—	%	(10.24)	%
	ADR	$	1,056.99		$	947.59		$	980.01		$	—		$	831.37		$	831.37		—	%	17.88	%

17

		Three Months Ended December 31,
		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	$	74,034		$	4,960		$	78,994		$	59,689		$	21,830		$	81,519		24.03	%	(3.10)	%
	Total hotel revenue	$	123,417		$	13,930		$	137,347		$	96,257		$	38,883		$	135,140		28.22	%	1.63	%
	Hotel net income (loss)	$	15,024		$	1,574		$	16,598		$	19,344		$	7,251		$	26,595		(22.33)	%	(37.59)	%
	Hotel net income (loss) margin	12.17		%				12.08		%	20.10		%				19.68		%	(7.93)	%	(7.60)	%
	Hotel EBITDA	$	36,165		$	5,141		$	41,306		$	31,801		$	12,643		$	44,444		13.72	%	(7.06)	%
	Hotel EBITDA margin	29.30		%				30.07		%	33.04		%				32.89		%	(3.74)	%	(2.82)	%
	Selected Operating Information:
	RevPAR	$	477.36		$	387.17		$	470.48		$	432.65		$	—		$	488.04		10.34	%	(3.60)	%
	Occupancy	61.40		%	54.47		%	60.87		%	66.31		%	—		%	64.88		%	(7.41)	%	(6.19)	%
	ADR	$	777.50		$	710.76		$	772.94		$	652.43		$	—		$	752.17		19.17	%	2.76	%
URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	37,388		$	—		$	37,388		$	25,793		$	(109)		$	25,684		44.95	%	45.57	%
	Total hotel revenue	$	49,946		$	—		$	49,946		$	34,668		$	—		$	34,668		44.07	%	44.07	%
	Hotel net income (loss)	$	(1,325)		$	—		$	(1,325)		$	(7,411)		$	—		$	(7,411)		82.12	%	82.12	%
	Hotel net income (loss) margin	(2.65)		%				(2.65)		%	(21.38)		%				(21.38)		%	18.73	%	18.73	%
	Hotel EBITDA	$	10,900		$	—		$	10,900		$	3,697		$	—		$	3,697		194.83	%	194.83	%
	Hotel EBITDA margin	21.82		%				21.82		%	10.66		%				10.66		%	11.16	%	11.16	%
	Selected Operating Information:
	RevPAR	$	170.90		$	—		$	170.90		$	117.89		$	—		$	117.39		44.96	%	45.58	%
	Occupancy	66.71		%	—		%	66.71		%	57.84		%	—		%	57.84		%	15.33	%	15.33	%
	ADR	$	256.20		$	—		$	256.20		$	203.84		$	—		$	202.97		25.69	%	26.22	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	111,422		$	4,960		$	116,382		$	85,482		$	21,721		$	107,203		30.35	%	8.56	%
	Total hotel revenue	$	173,363		$	13,930		$	187,293		$	130,925		$	38,883		$	169,808		32.41	%	10.30	%
	Hotel net income (loss)	$	13,699		$	1,574		$	15,273		$	11,933		$	7,250		$	19,183		14.80	%	(20.38)	%
	Hotel net income (loss) margin	7.90		%				8.15		%	9.11		%				11.30		%	(1.21)	%	(3.15)	%
	Hotel EBITDA	$	47,065		$	5,141		$	52,206		$	35,498		$	12,643		$	48,141		32.58	%	8.44	%
	Hotel EBITDA margin	27.15		%				27.87		%	27.11		%				28.35		%	0.04	%	(0.48)	%
	Selected Operating Information:
	RevPAR	$	298.03		$	387.17		$	300.98		$	239.62		$	747.14		$	277.86		24.38	%	8.32	%
	Occupancy	64.50		%	54.47		%	64.17		%	61.12		%	58.10		%	60.89		%	5.54	%	5.39	%
	ADR	$	462.04		$	710.76		$	469.03		$	392.08		$	1,285.86		$	456.35		17.84	%	2.78	%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    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, Four Seasons Resort Scottsdale,

(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.

18

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	29,877		$	—		$	29,877		$	9,773		$	—		$	9,773		205.71	%	205.71	%
	Total hotel revenue	$	45,113		$	—		$	45,113		$	13,929		$	—		$	13,929		223.88	%	223.88	%
	Hotel net income (loss)	$	1,125		$	—		$	1,125		$	(11,082)		$	—		$	(11,082)		110.15	%	110.15	%
	Hotel net income (loss) margin	2.49		%				2.49		%	(79.56)		%				(79.56)		%	82.05	%	82.05	%
	Hotel EBITDA	$	10,174		$	—		$	10,174		$	(3,342)		$	—		$	(3,342)		404.43	%	404.43	%
	Hotel EBITDA margin	22.55		%				22.55		%	(23.99)		%				(23.99)		%	46.54	%	46.54	%
	Selected Operating Information:
	RevPAR	$	148.82		$	—		$	148.82		$	48.68		$	—		$	48.68		205.69	%	205.69	%
	Occupancy	65.17		%	—		%	65.17		%	30.47		%	—		%	30.47		%	113.87	%	113.87	%
	ADR	$	228.36		$	—		$	228.36		$	159.77		$	—		$	159.77		42.93	%	42.93	%
HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	27,880		$	—		$	27,880		$	16,927		$	—		$	16,927		64.71	%	64.71	%
	Total hotel revenue	$	49,076		$	—		$	49,076		$	25,816		$	—		$	25,816		90.10	%	90.10	%
	Hotel net income (loss)	$	13,162		$	—		$	13,162		$	1,915		$	—		$	1,915		587.31	%	587.31	%
	Hotel net income (loss) margin	26.82		%				26.82		%	7.42		%				7.42		%	19.40	%	19.40	%
	Hotel EBITDA	$	17,328		$	—		$	17,328		$	6,235		$	—		$	6,235		177.91	%	177.91	%
	Hotel EBITDA margin	35.31		%				35.31		%	24.15		%				24.15		%	11.16	%	11.16	%
	Selected Operating Information:
	RevPAR	$	193.87		$	—		$	193.87		$	117.70		$	—		$	117.70		64.71	%	64.71	%
	Occupancy	77.25		%	—		%	77.25		%	57.80		%	—		%	57.80		%	33.65	%	33.65	%
	ADR	$	250.95		$	—		$	250.95		$	203.63		$	—		$	203.63		23.24	%	23.24	%
SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	24,829		$	—		$	24,829		$	14,422		$	—		$	14,422		72.16	%	72.16	%
	Total hotel revenue	$	33,635		$	—		$	33,635		$	18,993		$	—		$	18,993		77.09	%	77.09	%
	Hotel net income (loss)	$	2,226		$	—		$	2,226		$	(10,181)		$	—		$	(10,181)		121.86	%	121.86	%
	Hotel net income (loss) margin	6.62		%				6.62		%	(53.60)		%				(53.60)		%	60.22	%	60.22	%
	Hotel EBITDA	$	8,288		$	—		$	8,288		$	(3,560)		$	—		$	(3,560)		332.81	%	332.81	%
	Hotel EBITDA margin	24.64		%				24.64		%	(18.74)		%				(18.74)		%	43.38	%	43.38	%
	Selected Operating Information:
	RevPAR	$	163.92		$	—		$	163.92		$	95.21		$	—		$	95.21		72.16	%	72.16	%
	Occupancy	65.36		%	—		%	65.36		%	46.93		%	—		%	46.93		%	39.28	%	39.28	%
	ADR	$	250.78		$	—		$	250.78		$	202.88		$	—		$	202.88		23.61	%	23.61	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	19,082		$	—		$	19,082		$	18,391		$	—		$	18,391		3.76	%	3.76	%
	Total hotel revenue	$	25,259		$	—		$	25,259		$	23,329		$	—		$	23,329		8.27	%	8.27	%
	Hotel net income (loss)	$	4,488		$	—		$	4,488		$	5,053		$	—		$	5,053		(11.18)	%	(11.18)	%
	Hotel net income (loss) margin	17.77		%				17.77		%	21.66		%				21.66		%	(3.89)	%	(3.89)	%
	Hotel EBITDA	$	9,127		$	—		$	9,127		$	9,208		$	—		$	9,208		(0.88)	%	(0.88)	%
	Hotel EBITDA margin	36.13		%				36.13		%	39.47		%				39.47		%	(3.34)	%	(3.34)	%
	Selected Operating Information:
	RevPAR	$	804.31		$	—		$	804.31		$	775.18		$	—		$	775.18		3.76	%	3.76	%
	Occupancy	63.96		%	—		%	63.96		%	67.92		%	—		%	67.92		%	(5.83)	%	(5.83)	%
	ADR	$	1,257.56		$	—		$	1,257.56		$	1,141.39		$	—		$	1,141.39		10.18	%	10.18	%

19

		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	27,419		$	—		$	27,419		$	25,082		$	—		$	25,082		9.32	%	9.32	%
	Total hotel revenue	$	34,104		$	—		$	34,104		$	31,408		$	—		$	31,408		8.58	%	8.58	%
	Hotel net income (loss)	$	12,377		$	—		$	12,377		$	13,411		$	—		$	13,411		(7.71)	%	(7.71)	%
	Hotel net income (loss) margin	36.29		%				36.29		%	42.70		%				42.70		%	(6.41)	%	(6.41)	%
	Hotel EBITDA	$	18,115		$	—		$	18,115		$	18,039		$	—		$	18,039		0.42	%	0.42	%
	Hotel EBITDA margin	53.12		%				53.12		%	57.43		%				57.43		%	(4.31)	%	(4.31)	%
	Selected Operating Information:
	RevPAR	$	529.03		$	—		$	529.03		$	483.93		$	—		$	483.93		9.32	%	9.32	%
	Occupancy	74.81		%	—		%	74.81		%	81.83		%	—		%	81.83		%	(8.57)	%	(8.57)	%
	ADR	$	707.12		$	—		$	707.12		$	591.40		$	—		$	591.40		19.57	%	19.57	%
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	14,314		$	—		$	14,314		$	12,886		$	—		$	12,886		11.08	%	11.08	%
	Total hotel revenue	$	17,194		$	—		$	17,194		$	15,175		$	—		$	15,175		13.30	%	13.30	%
	Hotel net income (loss)	$	2,547		$	—		$	2,547		$	2,310		$	—		$	2,310		10.26	%	10.26	%
	Hotel net income (loss) margin	14.81		%				14.81		%	15.22		%				15.22		%	(0.41)	%	(0.41)	%
	Hotel EBITDA	$	6,958		$	—		$	6,958		$	6,433		$	—		$	6,433		8.16	%	8.16	%
	Hotel EBITDA margin	40.47		%				40.47		%	42.39		%				42.39		%	(1.92)	%	(1.92)	%
	Selected Operating Information:
	RevPAR	$	490.21		$	—		$	490.21		$	441.29		$	—		$	441.29		11.09	%	11.09	%
	Occupancy	54.06		%	—		%	54.06		%	57.90		%	—		%	57.90		%	(6.64)	%	(6.64)	%
	ADR	$	906.82		$	—		$	906.82		$	762.15		$	—		$	762.15		18.98	%	18.98	%
PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	25,253		$	—		$	25,253		$	17,303		$	—		$	17,303		45.95	%	45.95	%
	Total hotel revenue	$	50,615		$	—		$	50,615		$	36,184		$	—		$	36,184		39.88	%	39.88	%
	Hotel net income (loss)	$	5,668		$	—		$	5,668		$	4,005		$	—		$	4,005		41.52	%	41.52	%
	Hotel net income (loss) margin	11.20		%				11.20		%	11.07		%				11.07		%	0.13	%	0.13	%
	Hotel EBITDA	$	13,620		$	—		$	13,620		$	9,609		$	—		$	9,609		41.74	%	41.74	%
	Hotel EBITDA margin	26.91		%				26.91		%	26.56		%				26.56		%	0.35	%	0.35	%
	Selected Operating Information:
	RevPAR	$	364.13		$	—		$	364.13		$	249.50		$	—		$	249.50		45.94	%	45.94	%
	Occupancy	60.58		%	—		%	60.58		%	54.94		%	—		%	54.94		%	10.28	%	10.28	%
	ADR	$	601.05		$	—		$	601.05		$	454.17		$	—		$	454.17		32.34	%	32.34	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	22,237		$	—		$	22,237		$	11,889		$	—		$	11,889		87.04	%	87.04	%
	Total hotel revenue	$	27,536		$	—		$	27,536		$	14,158		$	—		$	14,158		94.49	%	94.49	%
	Hotel net income (loss)	$	(505)		$	—		$	(505)		$	(6,261)		$	—		$	(6,261)		91.93	%	91.93	%
	Hotel net income (loss) margin	(1.83)		%				(1.83)		%	(44.22)		%				(44.22)		%	42.39	%	42.39	%
	Hotel EBITDA	$	7,673		$	—		$	7,673		$	1,924		$	—		$	1,924		298.80	%	298.80	%
	Hotel EBITDA margin	27.87		%				27.87		%	13.59		%				13.59		%	14.28	%	14.28	%
	Selected Operating Information:
	RevPAR	$	122.10		$	—		$	122.10		$	65.27		$	—		$	65.27		87.05	%	87.05	%
	Occupancy	55.92		%	—		%	55.92		%	36.94		%	—		%	36.94		%	51.37	%	51.37	%
	ADR	$	218.34		$	—		$	218.34		$	176.70		$	—		$	176.70		23.57	%	23.57	%

20

		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	31,334		$	—		$	31,334		$	14,627		$	—		$	14,627		114.22	%	114.22	%
	Total hotel revenue	$	36,163		$	—		$	36,163		$	17,380		$	—		$	17,380		108.07	%	108.07	%
	Hotel net income (loss)	$	(2,872)		$	—		$	(2,872)		$	(15,467)		$	—		$	(15,467)		81.43	%	81.43	%
	Hotel net income (loss) margin	(7.94)		%				(7.94)		%	(88.99)		%				(88.99)		%	81.05	%	81.05	%
	Hotel EBITDA	$	8,354		$	—		$	8,354		$	(2,217)		$	—		$	(2,217)		476.82	%	476.82	%
	Hotel EBITDA margin	23.10		%				23.10		%	(12.76)		%				(12.76)		%	35.86	%	35.86	%
	Selected Operating Information:
	RevPAR	$	209.38		$	—		$	209.38		$	97.74		$	—		$	97.74		114.23	%	114.23	%
	Occupancy	70.05		%	—		%	70.05		%	55.97		%	—		%	55.97		%	25.16	%	25.16	%
	ADR	$	298.91		$	—		$	298.91		$	174.64		$	—		$	174.64		71.16	%	71.16	%
THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	46,210		$	—		$	46,210		$	40,892		$	—		$	40,892		13.00	%	13.00	%
	Total hotel revenue	$	98,364		$	—		$	98,364		$	82,808		$	—		$	82,808		18.79	%	18.79	%
	Hotel net income (loss)	$	17,641		$	—		$	17,641		$	15,342		$	—		$	15,342		14.99	%	14.99	%
	Hotel net income (loss) margin	17.93		%				17.93		%	18.53		%				18.53		%	(0.60)	%	(0.60)	%
	Hotel EBITDA	$	30,377		$	—		$	30,377		$	25,663		$	—		$	25,663		18.37	%	18.37	%
	Hotel EBITDA margin	30.88		%				30.88		%	30.99		%				30.99		%	(0.11)	%	(0.11)	%
	Selected Operating Information:
	RevPAR	$	459.97		$	—		$	459.97		$	420.14		$	—		$	420.14		9.48	%	9.48	%
	Occupancy	74.47		%	—		%	74.47		%	76.99		%	—		%	76.99		%	(3.28)	%	(3.28)	%
	ADR	$	617.66		$	—		$	617.66		$	545.68		$	—		$	545.68		13.19	%	13.19	%
THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	31,263		$	—		$	31,263		$	23,165		$	3,180		$	26,345		34.96	%	18.67	%
	Total hotel revenue	$	54,779		$	—		$	54,779		$	43,685		$	1,430		$	45,115		25.40	%	21.42	%
	Hotel net income (loss)	$	5,020		$	—		$	5,020		$	2,793		$	—		$	2,793		79.74	%	79.74	%
	Hotel net income (loss) margin	9.16		%				9.16		%	6.39		%				6.19		%	2.77	%	2.97	%
	Hotel EBITDA	$	11,383		$	—		$	11,383		$	7,835		$	—		$	7,835		45.28	%	45.28	%
	Hotel EBITDA margin	20.78		%				20.78		%	17.94		%				17.37		%	2.84	%	3.41	%
	Selected Operating Information:
	RevPAR	$	470.61		$	—		$	470.61		$	366.13		$	—		$	400.98		28.54	%	17.36	%
	Occupancy	56.22		%	—		%	56.22		%	55.08		%	—		%	55.49		%	2.07	%	1.31	%
	ADR	$	837.16		$	—		$	837.16		$	664.78		$	—		$	722.66		25.93	%	15.84	%
MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	21,445		$	—		$	21,445		$	15,105		$	—		$	15,105		41.97	%	41.97	%
	Total hotel revenue	$	26,385		$	—		$	26,385		$	18,315		$	—		$	18,315		44.06	%	44.06	%
	Hotel net income (loss)	$	3,790		$	—		$	3,790		$	(293)		$	—		$	(293)		1,393.52	%	1,393.52	%
	Hotel net income (loss) margin	14.36		%				14.36		%	(1.60)		%				(1.60)		%	15.96	%	15.96	%
	Hotel EBITDA	$	9,217		$	—		$	9,217		$	3,557		$	—		$	3,557		159.12	%	159.12	%
	Hotel EBITDA margin	34.93		%				34.93		%	19.42		%				19.42		%	15.51	%	15.51	%
	Selected Operating Information:
	RevPAR	$	162.75		$	—		$	162.75		$	114.64		$	—		$	114.64		41.97	%	41.97	%
	Occupancy	56.88		%	—		%	56.88		%	52.22		%	—		%	52.22		%	8.91	%	8.91	%
	ADR	$	286.14		$	—		$	286.14		$	219.51		$	—		$	219.51		30.35	%	30.35	%

21

		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2022			2022			2022			2021			2021			2021			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	58,426		$	—		$	58,426		$	54,819		$	—		$	54,819		6.58	%	6.58	%
	Total hotel revenue	$	87,654		$	—		$	87,654		$	80,321		$	—		$	80,321		9.13	%	9.13	%
	Hotel net income (loss)	$	18,920		$	—		$	18,920		$	17,453		$	—		$	17,453		8.41	%	8.41	%
	Hotel net income (loss) margin	21.58		%				21.58		%	21.73		%				21.73		%	(0.15)	%	(0.15)	%
	Hotel EBITDA	$	30,137		$	—		$	30,137		$	27,550		$	—		$	27,550		9.39	%	9.39	%
	Hotel EBITDA margin	34.38		%				34.38		%	34.30		%				34.30		%	0.08	%	0.08	%
	Selected Operating Information:
	RevPAR	$	889.30		$	—		$	889.30		$	834.39		$	—		$	834.39		6.58	%	6.58	%
	Occupancy	73.81		%	—		%	73.81		%	79.52		%	—		%	79.52		%	(7.18)	%	(7.18)	%
	ADR	$	1,204.88		$	—		$	1,204.88		$	1,049.29		$	—		$	1,049.29		14.83	%	14.83	%
MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	13,472		$	—		$	13,472		$	4,531		$	3,873		$	8,404		197.33	%	60.30	%
	Total hotel revenue	$	19,484		$	—		$	19,484		$	6,592		$	6,272		$	12,864		195.57	%	51.46	%
	Hotel net income (loss)	$	(1,390)		$	—		$	(1,390)		$	(1,630)		$	(1,247)		$	(2,877)		14.72	%	51.69	%
	Hotel net income (loss) margin	(7.13)		%				(7.13)		%	(24.73)		%				(22.36)		%	17.60	%	15.23	%
	Hotel EBITDA	$	3,157		$	—		$	3,157		$	1,052		$	1,228		$	2,280		200.10	%	38.46	%
	Hotel EBITDA margin	16.20		%				16.20		%	15.96		%				17.72		%	0.24	%	(1.52)	%
	Selected Operating Information:
	RevPAR	$	258.10		$	—		$	258.10		$	212.62		$	125.40		$	161.00		21.39	%	60.31	%
	Occupancy	74.26		%	—		%	74.26		%	63.88		%	40.65		%	50.13		%	16.25	%	48.12	%
	ADR	$	347.57		$	—		$	347.57		$	332.86		$	308.45		$	321.15		4.42	%	8.23	%
THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	42,072		$	10,256		$	52,328		$	—		$	49,783		$	49,783		—	%	5.11	%
	Total hotel revenue	$	64,517		$	15,169		$	79,686		$	—		$	74,137		$	74,137		—	%	7.48	%
	Hotel net income (loss)	$	7,583		$	2,089		$	9,672		$	—		$	9,099		$	9,099		—	%	6.30	%
	Hotel net income (loss) margin	11.75		%				12.14		%	—		%				12.27		%	11.75	%	(0.13)	%
	Hotel EBITDA	$	14,887		$	3,634		$	18,521		$	—		$	16,838		$	16,838		—	%	10.00	%
	Hotel EBITDA margin	23.07		%				23.24		%	—						22.71		%	23.07	%	0.53	%
	Selected Operating Information:
	RevPAR	$	1,340.90		$	1,402.17		$	1,352.48		$	—		$	1,227.10		$	1,227.10		—	%	10.22	%
	Occupancy	60.40		%	50.36		%	58.50		%	—		%	60.49		%	60.49		%	—	%	(3.29)	%
	ADR	$	2,220.05		$	2,784.54		$	2,311.90		$	—		$	2,028.67		$	2,028.67		—	%	13.96	%
FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	3,107		$	29,330		$	32,437		$	—		$	27,299		$	27,299		—	%	18.82	%
	Total hotel revenue	$	5,194		$	56,059		$	61,253		$	—		$	49,827		$	49,827		—	%	22.93	%
	Hotel net income (loss)	$	933		$	3,162		$	4,095		$	—		$	2,581		$	2,581		—	%	58.66	%
	Hotel net income (loss) margin	17.96		%				6.69		%	—		%				5.18		%	17.96	%	1.51	%
	Hotel EBITDA	$	1,710		$	17,787		$	19,497		$	—		$	16,402		$	16,402		—	%	18.87	%
	Hotel EBITDA margin	32.92		%				31.83		%	—						32.92		%	32.92	%	(1.09)	%
	Selected Operating Information:
	RevPAR	$	477.19		$	418.17		$	423.18		$	—		$	356.17		$	356.17		—	%	18.81	%
	Occupancy	45.15		%	46.38		%	46.28		%	—		%	41.73		%	41.73		%	—	%	10.90	%
	ADR	$	1,056.99		$	901.55		$	914.43		$	—		$	853.53		$	853.53		—	%	7.13	%

22

		Year Ended December 31,
		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	$	295,026		$	39,586		$	334,612		$	209,465		$	80,262		$	289,727		40.85	%	15.49	%
	Total hotel revenue	$	486,756		$	71,228		$	557,984		$	338,726		$	125,394		$	464,120		43.70	%	20.22	%
	Hotel net income (loss)	$	88,339		$	5,251		$	93,590		$	62,282		$	11,680		$	73,962		41.84	%	26.54	%
	Hotel net income (loss) margin	18.15		%				16.77		%	18.39		%				15.94		%	(0.24)	%	0.83	%
	Hotel EBITDA	$	153,642		$	21,421		$	175,063		$	110,572		$	33,240		$	143,812		38.95	%	21.73	%
	Hotel EBITDA margin	31.56		%				31.37		%	32.64		%				30.99		%	(1.08)	%	0.38	%
	Selected Operating Information:
	RevPAR	$	501.41		$	511.09		$	502.54		$	384.89		$	670.82		$	436.43		30.27	%	15.15	%
	Occupancy	68.90		%	46.76		%	66.32		%	65.91		%	48.59		%	62.79		%	4.53	%	5.63	%
	ADR	$	727.76		$	1,093.04		$	757.72		$	583.98		$	1,380.67		$	695.10		24.62	%	9.01	%
URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	143,194		$	—		$	143,194		$	70,347		$	3,873		$	74,220		103.55	%	92.93	%
	Total hotel revenue	$	188,316		$	—		$	188,316		$	89,367		$	6,272		$	95,639		110.72	%	96.90	%
	Hotel net income (loss)	$	2,374		$	—		$	2,374		$	(44,916)		$	(1,245)		$	(46,161)		105.29	%	105.14	%
	Hotel net income (loss) margin	1.26		%				1.26		%	(50.26)		%				(48.27)		%	51.52	%	49.53	%
	Hotel EBITDA	$	46,863		$	—		$	46,863		$	(2,586)		$	1,228		$	(1,358)		1,912.18	%	3,550.88	%
	Hotel EBITDA margin	24.89		%				24.89		%	(2.89)		%				(1.42)		%	27.78	%	26.31	%
	Selected Operating Information:
	RevPAR	$	164.98		$	—		$	164.98		$	84.04		$	125.40		$	85.51		96.31	%	92.93	%
	Occupancy	63.39		%	—		%	63.39		%	43.69		%	40.65		%	43.58		%	45.09	%	45.45	%
	ADR	$	260.25		$	—		$	260.25		$	192.35		$	308.45		$	196.21		35.30	%	32.64	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	438,220		$	39,586		$	477,806		$	279,812		$	84,135		$	363,947		56.61	%	31.28	%
	Total hotel revenue	$	675,072		$	71,228		$	746,300		$	428,093		$	131,666		$	559,759		57.69	%	33.33	%
	Hotel net income (loss)	$	90,713		$	5,251		$	95,964		$	17,368		$	10,433		$	27,801		422.30	%	245.18	%
	Hotel net income (loss) margin	13.44		%				12.86		%	4.06		%				4.97		%	9.38	%	7.89	%
	Hotel EBITDA	$	200,505		$	21,421		$	221,926		$	107,986		$	34,468		$	142,454		85.68	%	55.79	%
	Hotel EBITDA margin	29.70		%				29.74		%	25.22		%				25.45		%	4.48	%	4.29	%
	Selected Operating Information:
	RevPAR	$	300.90		$	511.09		$	311.51		$	202.57		$	558.91		$	237.59		48.54	%	31.11	%
	Occupancy	65.62		%	46.76		%	64.66		%	52.44		%	46.96		%	51.90		%	25.12	%	24.58	%
	ADR	$	458.58		$	1,093.04		$	481.75		$	386.26		$	1,190.21		$	457.74		18.72	%	5.24	%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    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, Four Seasons Resort Scottsdale

(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

23

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL REVENUE, NET INCOME (LOSS) & 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			2022			2022		2022
	4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter
Total Hotel Revenue	$	173,363		$	13,930	$	187,293		$	162,225		$	7,072	$	169,297		$	176,082		$	16,915	$	192,997		$	163,402		$	33,311	$	196,713
Hotel net income (loss)	$	13,699		$	1,574	$	15,273		$	13,551		$	(4,569)	$	8,982		$	31,259		$	2,784	$	34,043		$	32,204		$	5,462	$	37,666
Hotel net income (loss) margin	7.90		%			8.15		%	8.35		%			5.31		%	17.75		%			17.64		%	19.71		%			19.15		%
Hotel EBITDA	$	47,065		$	5,141	$	52,206		$	40,693		$	(598)	$	40,095		$	57,066		$	6,404	$	63,470		$	55,681		$	10,474	$	66,155
Hotel EBITDA margin	27.15		%			27.87		%	25.08		%			23.68		%	32.41		%			32.89		%	34.08		%			33.63		%
Hotel net income (loss) % of total TTM	15.1		%			15.9		%	14.9		%			9.4		%	34.5		%			35.5		%	35.5		%			39.2		%
EBITDA % of total TTM	23.5		%			23.5		%	20.3		%			18.1		%	28.5		%			28.6		%	27.7		%			29.8		%
JV interests in Hotel net income (loss)	$	714		$	—	$	714		$	1,169		$	—	$	1,169		$	1,631		$	—	$	1,631		$	58		$	—	$	58
JV interests in EBITDA	$	1,798		$	—	$	1,798		$	1,880		$	—	$	1,880		$	2,387		$	—	$	2,387		$	811		$	—	$	811
	Actual			Non-comparable Adjustments		Comparable
	2022			2022		2022
	TTM			TTM		TTM
Total Hotel Revenue	$	675,072		$	71,228	$	746,300
Hotel net income (loss)	$	90,713		$	5,251	$	95,964
Hotel net income (loss) margin	13.44		%			12.86		%
Hotel EBITDA	$	200,505		$	21,421	$	221,926
Hotel EBITDA margin	29.70		%			29.74		%
Hotel net income (loss) % of total TTM	100.0		%			100.0		%
EBITDA % of total TTM	100.0		%			100.0		%
JV interests in Hotel net income (loss)	$	3,572		$	—	$	3,572
JV interests in EBITDA	$	6,876		$	—	$	6,876

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

24

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

December 31, 2022

(in thousands, except share price)

(unaudited)

	December 31, 2022
Common stock shares outstanding	69,919
Partnership units outstanding (common stock equivalents)	8,283
Combined common stock shares and partnership units outstanding	78,202
Common stock price	$	4.11
Market capitalization	$	321,410
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	316,413
Series M redeemable preferred stock	$	35,708
Indebtedness	$	1,336,750
Joint venture partner's share of consolidated indebtedness	$	(48,750)
Net working capital (see below)	$	(244,313)
Total enterprise value (TEV)	$	1,834,168
Cash and cash equivalents	$	259,391
Restricted cash	$	51,689
Accounts receivable, net	$	50,232
Prepaid expenses	$	6,846
Due from third-party hotel managers, net	$	24,817
Total current assets	$	392,975
Accounts payable, net & accrued expenses	$	131,658
Dividends and distributions payable	$	8,184
Due to affiliates, net	$	8,820
Total current liabilities	$	148,662
Net working capital*	$	244,313

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

25

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

		2022				2023
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Actual	Estimated	Estimated	Estimated	Estimated
Bardessono Hotel and Spa	65								x
Capital Hilton Washington D.C.	550					x	x	x	x
Hotel Yountville	80								x
Marriott Seattle Waterfront	361	x	x	x	x
Park Hyatt Beaver Creek	190				x			x	x
The Ritz-Carlton Lake Tahoe	170						x	x	x
The Ritz-Carlton Sarasota	266						x	x
Total		1	1	1	2	1	3	4	5

(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2022 and 2023 are included in this table.

26

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2022		2022		2022		2022		December 31, 2022
	4th Quarter		3rd Quarter		2nd Quarter		1st Quarter		TTM
Net income (loss)	$	13,699	$	13,551	$	31,259	$	32,204	$	90,713
Non-property adjustments	(55)		(1)		—		76		20
Interest income	(145)		(63)		(14)		(11)		(233)
Interest expense	8,416		6,373		4,522		3,646		22,957
Amortization of loan costs	476		496		462		553		1,987
Depreciation and amortization	20,506		19,604		19,571		18,441		78,122
Income tax expense (benefit)	219		(99)		424		223		767
Non-hotel EBITDA ownership expense	3,949		832		842		549		6,172
Hotel EBITDA including amounts attributable to noncontrolling interest	47,065		40,693		57,066		55,681		200,505
Non-comparable adjustments	5,141		(598)		6,404		10,474		21,421
Comparable hotel EBITDA	$	52,206	$	40,095	$	63,470	$	66,155	$	221,926

27

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 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		Four Seasons Scottssdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(21)	$	2,876	$	(91)	$	702	$	1,655	$	672	$	322	$	799	$	(1,477)	$	1,194	$	681	$	283	$	3,752	$	(816)	$	2,235	$	933	$	13,699	$	(18,252)	$	(4,553)
Non-property adjustments	—		—		—		—		—		—		—		(16)		—		—		—		—		(39)		—		—		—		(55)		55		—
Interest income	(38)		(50)		—		—		—		—		—		(4)		(15)		(25)		—		(7)		(2)		—		—		(4)		(145)		145		—
Interest expense	—		—		—		638		1,117		809		1,168		—		—		1,717		774		20		828		574		771		—		8,416		9,862		18,278
Amortization of loan cost	—		—		—		—		78		—		197		—		—		94		38		—		26		43		—		—		476		119		595
Depreciation and amortization	1,901		1,070		1,382		584		648		395		1,051		2,029		2,683		1,419		852		1,488		2,002		619		1,602		781		20,506		—		20,506
Income tax expense (benefit)	—		—		—		—		—		—		—		6		—		—		—		—		(124)		—		337		—		219		41		260
Non-hotel EBITDA ownership expense	1,442		13		29		114		5		8		(4)		51		(1)		1,759		236		1		164		36		97		(1)		3,949		(3,949)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,284		3,909		1,320		2,038		3,503		1,884		2,734		2,865		1,190		6,158		2,581		1,785		6,607		456		5,042		1,709		47,065		(11,979)		35,086
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(821)		(977)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,798)		1,798		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		108		108
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(114)		(114)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,463	$	2,932	$	1,320	$	2,038	$	3,503	$	1,884	$	2,734	$	2,865	$	1,190	$	6,158	$	2,581	$	1,785	$	6,607	$	456	$	5,042	$	1,709	$	45,267	$	(10,187)	$	35,080
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1,653)		—		—		6,794		5,141
Comparable hotel EBITDA	$	3,284	$	3,909	$	1,320	$	2,038	$	3,503	$	1,884	$	2,734	$	2,865	$	1,190	$	6,158	$	2,581	$	1,785	$	4,954	$	456	$	5,042	$	8,503	$	52,206
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,284	$	3,909	$	1,320	$	2,038	$	3,503	$	1,884	$	—	$	2,865	$	1,190	$	6,158	$	2,581	$	—	$	6,607	$	456	$	5,042	$	1,709	$	42,546
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1,653)		—		—		6,794		5,141
Comparable hotel EBITDA	$	3,284	$	3,909	$	1,320	$	2,038	$	3,503	$	1,884	$	—	$	2,865	$	1,190	$	6,158	$	2,581	$	—	$	4,954	$	456	$	5,042	$	8,503	$	47,687
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	3,909	$	—	$	2,038	$	3,503	$	1,884	$	2,734	$	—	$	—	$	6,158	$	2,581	$	—	$	6,607	$	—	$	5,042	$	1,709	$	36,165
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1,653)		—		—		6,794		5,141
Comparable hotel EBITDA	$	—	$	3,909	$	—	$	2,038	$	3,503	$	1,884	$	2,734	$	—	$	—	$	6,158	$	2,581	$	—	$	4,954	$	—	$	5,042	$	8,503	$	41,306
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,284	$	—	$	1,320	$	—	$	—	$	—	$	—	$	2,865	$	1,190	$	—	$	—	$	1,785	$	—	$	456	$	—	$	—	$	10,900
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	3,284	$	—	$	1,320	$	—	$	—	$	—	$	—	$	2,865	$	1,190	$	—	$	—	$	1,785	$	—	$	456	$	—	$	—	$	10,900

28

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

	Three Months Ended December 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		Four Seasons Scottssdale Resort		Hotel Total
BAML (Pier House Resort & Spa)	$	—	$	—	$	—	$	—	$	3,503	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,503
BAML (Bardessono Hotel and Spa)	—		—		—		2,038		—		—		—		—		—		—		—		—		—		—		—		—		2,038
BAML (Hotel Yountville)	—		—		—		—		—		1,884		—		—		—		—		—		—		—		—		—		—		1,884
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		4,954		—		—		—		4,954
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	3,284		3,909		—		—		—		—		—		—		—		—		—		—		—		—		—		—		7,193
BAML Pool (see footnote 3)	—		—		1,320		—		—		—		—		2,865		1,190		—		—		1,785		—		—		—		—		7,160
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		2,734		—		—		—		—		—		—		—		—		—		2,734
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		6,158		—		—		—		—		—		—		6,158
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		2,581		—		—		—		—		—		2,581
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		456		—		—		456
Knighthead Funding (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,042		—		5,042
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		8,503		8,503
Total	$	3,284	$	3,909	$	1,320	$	2,038	$	3,503	$	1,884	$	2,734	$	2,865	$	1,190	$	6,158	$	2,581	$	1,785	$	4,954	$	456	$	5,042	$	8,503	$	52,206

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    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; Park Hyatt Beaver Creek

29

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		Four Seasons Scottssdale Resort		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	—		—		—		—		—		—		—		—		—		—		—		—		563		—		—		(1,161)		(598)
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	$	4,167	$	783	$	899	$	(1,161)	$	40,095
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	—		—		—		—		—		—		—		—		—		—		—		—		563		—		—		(1,161)		(598)
Comparable hotel EBITDA	$	—	$	5,293	$	—	$	2,777	$	2,889	$	2,392	$	2,041	$	—	$	—	$	2,739	$	2,329	$	—	$	4,167	$	—	$	899	$	(1,161)	$	24,365
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

30

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		Four Seasons Scottssdale Resort		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)	—		—		—		—		—		—		—		—		—		—		—		—		4,167		—		—		—		4,167
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
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,161)		(1,161)
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	$	4,167	$	783	$	899	$	(1,161)	$	40,095

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

31

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		Four Seasons Scottssdale Resort		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	—		—		—		—		—		—		—		—		—		—		—		—		952		—		355		5,097		6,404
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	$	9,616	$	1,041	$	5,349	$	5,097	$	63,470
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	—		—		—		—		—		—		—		—		—		—		—		—		952		—		355		5,097		6,404
Comparable hotel EBITDA	$	—	$	4,963	$	—	$	2,903	$	4,754	$	2,253	$	(180)	$	—	$	—	$	8,995	$	(616)	$	—	$	9,616	$	—	$	5,349	$	5,097	$	43,134
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

32

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		Four Seasons Scottssdale Resort		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)	—		—		—		—		—		—		—		—		—		—		—		—		9,616		—		—		—		9,616
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
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,097		5,097
Total	$	4,584	$	4,963	$	5,642	$	2,903	$	4,754	$	2,253	$	(180)	$	2,480	$	3,749	$	8,995	$	(616)	$	2,840	$	9,616	$	1,041	$	5,349	$	5,097	$	63,470

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

33

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		Four Seasons Scottssdale Resort		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	—		—		—		—		—		—		—		—		—		—		—		—		137		—		3,279		7,058		10,474
Comparable hotel EBITDA	$	80	$	3,163	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,400	$	877	$	7,231	$	7,058	$	66,155
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	—		—		—		—		—		—		—		—		—		—		—		—		137		—		3,279		7,058		10,474
Comparable hotel EBITDA	$	—	$	3,163	$	—	$	1,409	$	6,969	$	429	$	9,025	$	—	$	—	$	12,485	$	7,089	$	—	$	11,400	$	—	$	7,231	$	7,058	$	66,258
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)

34

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		Four Seasons Scottssdale Resort		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)	—		—		—		—		—		—		—		—		—		—		—		—		11,400		—		—		—		11,400
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
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		7,058		7,058
Total	$	80	$	3,163	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,400	$	877	$	7,231	$	7,058	$	66,155

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

35

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		Four Seasons Scottssdale Resort		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		7,448		12,643
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	$	7,448	$	48,141
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	409	$	2,445	$	(126)	$	2,771	$	4,965	$	2,121	$	—	$	1,293	$	157	$	6,944	$	3,894	$	—	$	6,638	$	623	$	—	$	—	$	32,134
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		5,195		7,448		12,643
Comparable hotel EBITDA	$	409	$	2,445	$	(126)	$	2,771	$	4,965	$	2,121	$	—	$	1,293	$	157	$	6,944	$	3,894	$	—	$	6,638	$	623	$	5,195	$	7,448	$	44,777
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		7,448		12,643
Comparable hotel EBITDA	$	—	$	2,445	$	—	$	2,771	$	4,965	$	2,121	$	2,023	$	—	$	—	$	6,944	$	3,894	$	—	$	6,638	$	—	$	5,195	$	7,448	$	44,444
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

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

36

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 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		Four Seasons Scottssdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	1,125	$	13,162	$	2,226	$	4,488	$	12,377	$	2,547	$	5,668	$	(505)	$	(2,872)	$	17,641	$	5,020	$	3,790	$	18,920	$	(1,390)	$	7,583	$	933	$	90,713	$	(71,365)	$	19,348
Non-property adjustments	—		—		—		—		—		—		76		(16)		—		—		—		—		(40)		—		—		—		20		(20)		—
Interest income	(55)		(73)		—		—		—		—		—		(5)		(24)		(52)		—		(12)		(8)		—		—		(4)		(233)		233		—
Interest expense	—		—		—		1,674		2,802		2,165		3,228		—		—		4,919		2,017		26		2,557		1,822		1,747		—		22,957		26,753		49,710
Amortization of loan cost	—		—		—		135		307		102		713		—		—		370		150		—		43		167		—		—		1,987		469		2,456
Depreciation and amortization	7,420		4,118		5,975		2,371		2,611		2,046		3,932		8,028		11,226		5,326		3,234		5,406		8,072		2,452		5,124		781		78,122		—		78,122
Income tax expense (benefit)	—		—		—		—		—		—		—		19		—		—		—		—		415		—		333		—		767		3,276		4,043
Non-hotel EBITDA ownership expense	1,684		121		87		459		18		98		3		152		24		2,173		962		7		179		106		100		(1)		6,172		(6,172)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	10,174		17,328		8,288		9,127		18,115		6,958		13,620		7,673		8,354		30,377		11,383		9,217		30,138		3,157		14,887		1,709		200,505		(46,826)		153,679
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(2,543)		(4,333)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(6,876)		6,876		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		328		328
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(334)		(334)
Hotel EBITDA attributable to the Company and OP unitholders	$	7,631	$	12,995	$	8,288	$	9,127	$	18,115	$	6,958	$	13,620	$	7,673	$	8,354	$	30,377	$	11,383	$	9,217	$	30,138	$	3,157	$	14,887	$	1,709	$	193,629	$	(39,956)	$	153,673
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1)		—		3,634		17,788		21,421
Comparable hotel EBITDA	$	10,174	$	17,328	$	8,288	$	9,127	$	18,115	$	6,958	$	13,620	$	7,673	$	8,354	$	30,377	$	11,383	$	9,217	$	30,137	$	3,157	$	18,521	$	19,497	$	221,926
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	10,174	$	17,328	$	8,288	$	9,127	$	18,115	$	6,958	$	—	$	7,673	$	8,354	$	30,377	$	11,383	$	—	$	30,138	$	3,157	$	14,887	$	1,709	$	177,668
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1)		—		3,634		17,788		21,421
Comparable hotel EBITDA	$	10,174	$	17,328	$	8,288	$	9,127	$	18,115	$	6,958	$	—	$	7,673	$	8,354	$	30,377	$	11,383	$	—	$	30,137	$	3,157	$	18,521	$	19,497	$	199,089
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	17,328	$	—	$	9,127	$	18,115	$	6,958	$	13,620	$	—	$	—	$	30,377	$	11,383	$	—	$	30,138	$	—	$	14,887	$	1,709	$	153,642
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1)		—		3,634		17,788		21,421
Comparable hotel EBITDA	$	—	$	17,328	$	—	$	9,127	$	18,115	$	6,958	$	13,620	$	—	$	—	$	30,377	$	11,383	$	—	$	30,137	$	—	$	18,521	$	19,497	$	175,063
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	10,174	$	—	$	8,288	$	—	$	—	$	—	$	—	$	7,673	$	8,354	$	—	$	—	$	9,217	$	—	$	3,157	$	—	$	—	$	46,863
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	10,174	$	—	$	8,288	$	—	$	—	$	—	$	—	$	7,673	$	8,354	$	—	$	—	$	9,217	$	—	$	3,157	$	—	$	—	$	46,863

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

37

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Year Ended December 31, 2021
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Mr. C Beverly Hills Hotel		The Ritz-Carlton Reserve Dorado Beach		Four Seasons Scottssdale Resort		Hotel Total		Corporate / Allocated		Braemar Hotels & Resorts Inc.
Net income (loss)	$	(11,082)	$	1,915	$	(10,181)	$	5,053	$	13,411	$	2,310	$	4,005	$	(6,261)	$	(15,467)	$	15,342	$	2,793	$	(293)	$	17,453	$	(1,630)	$	—	$	—	$	17,368	$	(50,279)	$	(32,911)
Non-property adjustments	—		—		—		(117)		(96)		—		—		—		—		1		1		—		(671)		936		—		—		54		(54)		—
Interest income	—		—		—		—		—		—		—		—		(3)		(22)		—		(12)		(2)		—		—		—		(39)		39		—
Interest expense	—		—		—		1,039		1,606		1,303		2,075		—		—		3,518		1,205		54		2,134		644		—		—		13,578		15,117		28,695
Amortization of loan cost	—		—		—		162		294		180		14		—		—		352		144		—		68		66		—		—		1,280		926		2,206
Depreciation and amortization	7,448		4,293		6,582		2,581		2,883		2,572		3,526		8,333		13,258		6,347		2,931		3,965		8,071		972		—		—		73,762		—		73,762
Income tax expense (benefit)	—		(43)		—		—		—		—		—		(7)		—		—		—		—		101		—		—		—		51		1,273		1,324
Non-hotel EBITDA ownership expense	292		70		39		490		(59)		68		(11)		(141)		(5)		125		761		(157)		396		64		—		—		1,932		(1,932)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(3,342)		6,235		(3,560)		9,208		18,039		6,433		9,609		1,924		(2,217)		25,663		7,835		3,557		27,550		1,052		—		—		107,986		(34,910)		73,076
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	839		(1,562)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(723)		723		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		252		252
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(250)		(250)
Hotel EBITDA attributable to the Company and OP unitholders	$	(2,503)	$	4,673	$	(3,560)	$	9,208	$	18,039	$	6,433	$	9,609	$	1,924	$	(2,217)	$	25,663	$	7,835	$	3,557	$	27,550	$	1,052	$	—	$	—	$	107,263	$	(34,185)	$	73,078
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		1,228		16,838		16,402		34,468
Comparable hotel EBITDA	$	(3,342)	$	6,235	$	(3,560)	$	9,208	$	18,039	$	6,433	$	9,609	$	1,924	$	(2,217)	$	25,663	$	7,835	$	3,557	$	27,550	$	2,280	$	16,838	$	16,402	$	142,454
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(3,342)	$	6,235	$	(3,560)	$	9,208	$	18,039	$	6,433	$	—	$	1,924	$	(2,217)	$	25,663	$	7,835	$	—	$	27,550	$	1,052	$	—	$	—	$	94,820
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		1,228		16,838		16,402		34,468
Comparable hotel EBITDA	$	(3,342)	$	6,235	$	(3,560)	$	9,208	$	18,039	$	6,433	$	—	$	1,924	$	(2,217)	$	25,663	$	7,835	$	—	$	27,550	$	2,280	$	16,838	$	16,402	$	129,288
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	6,235	$	—	$	9,208	$	18,039	$	6,433	$	9,609	$	—	$	—	$	25,663	$	7,835	$	—	$	27,550	$	—	$	—	$	—	$	110,572
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		16,838		16,402		33,240
Comparable hotel EBITDA	$	—	$	6,235	$	—	$	9,208	$	18,039	$	6,433	$	9,609	$	—	$	—	$	25,663	$	7,835	$	—	$	27,550	$	—	$	16,838	$	16,402	$	143,812
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(3,342)	$	—	$	(3,560)	$	—	$	—	$	—	$	—	$	1,924	$	(2,217)	$	—	$	—	$	3,557	$	—	$	1,052	$	—	$	—	$	(2,586)
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		1,228		—		—		1,228
Comparable hotel EBITDA	$	(3,342)	$	—	$	(3,560)	$	—	$	—	$	—	$	—	$	1,924	$	(2,217)	$	—	$	—	$	3,557	$	—	$	2,280	$	—	$	—	$	(1,358)

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 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)    Excluded hotels under renovation:

Marriott Seattle Waterfront; Park Hyatt Beaver Creek

38