Document

EX-99.1 2 bhr2023q1earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1

NEWS RELEASE


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

BRAEMAR HOTELS & RESORTS REPORTS

FIRST QUARTER 2023 RESULTS

DALLAS – May 2, 2023 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2023. 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 March 31, 2023, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2023 with the first quarter ended March 31, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FIRST QUARTER 2023 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels increased 8.4% over the prior year quarter to $369. Comparable ADR decreased 8.5% over the prior year quarter to $569 and Comparable Occupancy increased 18.4% over the prior year quarter to 64.9%.

•Net income attributable to common stockholders for the quarter was $3.2 million or $0.05 per diluted share.

•Adjusted funds from operations (AFFO) was $0.44 per diluted share for the quarter.

•Adjusted EBITDAre was $66.1 million for the quarter, reflecting a growth rate of 34% over the prior year quarter.

•Comparable Hotel EBITDA was $72.8 million for the quarter, reflecting a growth rate of 10.0% over the prior year quarter.

•The Company ended the quarter with cash and cash equivalents of $281.5 million and restricted cash of $63.1 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 $19.1 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 37.1% at the end of the first quarter.

•Capex invested during the quarter was $18.7 million.

RECENT OPERATING HIGHLIGHTS

•Subsequent to quarter end, the Company finalized an extension of its $98.25 million mortgage loan for the 276-room The Ritz-Carlton Sarasota and its $51.0 million mortgage loan for the 80-room Hotel Yountville.

BHR Reports First Quarter Results

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May 2, 2023

CAPITAL STRUCTURE

As of March 31, 2023, 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 6.3%, 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 74% of the Company’s consolidated debt is effectively fixed and approximately 26% 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.

Subsequent to quarter end, the Company finalized an extension of its $98.25 million mortgage loan for the 276-room The Ritz-Carlton Sarasota. The loan is being extended beyond its original maturity in April 2023 for an additional 6 months with one additional 6-month extension available. As extended, The Ritz-Carlton Sarasota loan will have a rate of SOFR + 2.65% that will reset to SOFR + 3.50% on June 1, 2023. In conjunction with this extension, the Company has purchased a SOFR interest rate cap at a strike of 5.25% with an expiry of October 4, 2023. The Company also finalized an extension of its $51.0 million mortgage loan for the 80-room Hotel Yountville. The loan is being extended beyond its original maturity in May 2023 for an additional 6 months with one additional 6-month extension available. As extended, The Hotel Yountville loan will have a rate of SOFR + 2.55% that will reset to SOFR + 3.50% on July 1, 2023. In conjunction with this extension, the Company has purchased a SOFR interest rate cap at a strike of 5.25% with an expiry of November 10, 2023.

On January 11, 2023, 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 first quarter ending March 31, 2023. The dividend, which equates to an annual rate of $0.20 per share, was paid on April 17, 2023, to stockholders of record as of March 31, 2023. 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 announced that its Board of Directors authorized a stock repurchase program of up to $25 million. During the quarter, the Company completed the share repurchase program and acquired 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 first quarter results as we continued to see strong growth from our urban hotels,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “As we’ve been saying for several quarters, we have expected our next leg of growth to come from our urban

BHR Reports First Quarter Results

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May 2, 2023

hotels and that’s exactly what we experienced in the first quarter. Our resorts also continue to perform well with strong margins despite challenging year over year comparisons,” he added. “We are also pleased with the performance of our most recent acquisition, the Four Seasons Resort Scottsdale at Toon North, which reported RevPAR growth of 25% in the quarter, and the progress we have made with the extensions of our loans and our liability management initiatives.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Wednesday, May 3, 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 Wednesday, May 10, 2023, by dialing (412) 317-6671 and entering the confirmation number, 13737039.

The Company will also provide an online simulcast and rebroadcast of its first quarter 2023 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 Wednesday, May 3, 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

BHR Reports First Quarter Results

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May 2, 2023

capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)


	March 31, 2023		December 31, 2022
ASSETS
Investments in hotel properties, gross	$	2,335,545	$	2,325,093
Accumulated depreciation	(455,279)		(440,492)
Investments in hotel properties, net	1,880,266		1,884,601
Cash and cash equivalents	281,490		261,541
Restricted cash	63,063		54,155
Accounts receivable, net of allowance of $285 and $339, respectively	44,998		51,448

Inventories	5,243		5,238

Prepaid expenses	8,826		7,044

Investment in OpenKey	1,715		1,689
Derivative assets	4,933		6,482
Other assets	16,292		14,621
Operating lease right-of-use assets	79,189		79,449
Intangible assets, net	3,788		3,883

Due from related parties, net	586		938
Due from third-party hotel managers	19,133		26,625
Total assets	$	2,409,522	$	2,397,714

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,277,642	$	1,334,130
Accounts payable and accrued expenses	129,567		133,978
Dividends and distributions payable	8,756		8,184

Due to Ashford Inc., net	3,759		10,005

Due to third-party hotel managers	1,463		2,096
Operating lease liabilities	60,620		60,692

Derivative liabilities	181		284
Other liabilities	22,537		22,343
Total liabilities	1,504,525		1,571,712

5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at March 31, 2023 and December 31, 2022	65,426		65,426
Series E Redeemable Preferred Stock, $0.01 par value, 16,474,156 and 12,656,529 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	378,906		291,076
Series M Redeemable Preferred Stock, $0.01 par value, 1,960,267 and 1,428,332 shares issued and outstanding at March 31,2023 and December 31, 2022, respectively	48,294		35,182
Redeemable noncontrolling interests in operating partnership	34,820		40,555
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 March 31, 2023 and December 31, 2022	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 65,949,691 and 69,919,065 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	659		699
Additional paid-in capital	715,729		734,134
Accumulated deficit	(324,840)		(324,740)
Total stockholders' equity of the Company	391,564		410,109
Noncontrolling interest in consolidated entities	(14,013)		(16,346)
Total equity	377,551		393,763
Total liabilities and equity	$	2,409,522	$	2,397,714

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	Three Months Ended
	March 31,
	2023		2022
REVENUE
Rooms	$	137,527	$	105,192
Food and beverage	52,228		36,707
Other	25,546		19,981
Total hotel revenue	215,301		161,880


EXPENSES
Hotel operating expenses:
Rooms	27,358		20,184
Food and beverage	39,739		28,028
Other expenses	62,295		46,207
Management fees	6,705		4,148
Total hotel operating expenses	136,097		98,567
Property taxes, insurance and other	8,116		8,603
Depreciation and amortization	22,521		18,441

Advisory services fee:
Base advisory fee	3,640		2,939
Reimbursable expenses	2,022		1,096
Incentive fee	—		977
Stock/unit-based compensation	2,286		2,310


Corporate, general and administrative:
Stock/unit-based compensation	37		45
Other general and administrative	2,783		2,450
Total operating expenses	177,502		135,428

OPERATING INCOME (LOSS)	37,799		26,452
Equity in earnings (loss) of unconsolidated entity	(73)		(72)
Interest income	2,108		25

Interest expense	(22,111)		(7,858)
Amortization of loan costs	(762)		(664)
Write-off of loan costs and exit fees	(12)		(76)
Gain (loss) on extinguishment of debt	2,318		—
Realized and unrealized gain (loss) on derivatives	(334)		408
INCOME (LOSS) BEFORE INCOME TAXES	18,933		18,215
Income tax (expense) benefit	(2,329)		(2,611)
NET INCOME (LOSS)	16,604		15,604
(Income) loss attributable to noncontrolling interest in consolidated entities	(309)		26
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(261)		(967)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	16,034		14,663
Preferred dividends	(10,350)		(3,303)
Deemed dividends on redeemable preferred stock	(2,454)		—

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	3,230	$	11,360

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	0.05	$	0.17
Weighted average common shares outstanding – basic	66,498		65,878
Diluted:
Net income (loss) attributable to common stockholders	$	0.05	$	0.15
Weighted average common shares outstanding – diluted	72,478		89,895
Dividends declared per common share:	$	0.05	$	0.01

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)


	Three Months Ended
	March 31,
	2023		2022
Net income (loss)	$	16,604	$	15,604

Interest expense and amortization of loan costs	22,873		8,522
Depreciation and amortization	22,521		18,441
Income tax expense (benefit)	2,329		2,611
Equity in (earnings) loss of unconsolidated entity	73		72
Company's portion of EBITDA of OpenKey	(77)		(71)
EBITDA and EBITDAre	64,323		45,179




Amortization of favorable (unfavorable) contract assets (liabilities)	119		108
Transaction and conversion costs	1,195		555
Write-off of loan costs and exit fees	12		76
Realized and unrealized (gain) loss on derivatives	334		(408)
Stock/unit-based compensation	2,328		2,365
Legal, advisory and settlement costs	69		317
Advisory services incentive fee	—		977
(Gain) loss on extinguishment of debt	(2,318)		—




Company's portion of adjustments to EBITDAre of OpenKey	—		6
Adjusted EBITDAre	$	66,062	$	49,175

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
	March 31,
	2023		2022
Net income (loss)	$	16,604	$	15,604
(Income) loss attributable to noncontrolling interest in consolidated entities	(309)		26
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(261)		(967)
Preferred dividends	(10,350)		(3,303)
Deemed dividends on redeemable preferred stock	(2,454)		—

Net income (loss) attributable to common stockholders	3,230		11,360
Depreciation and amortization on real estate	21,785		17,795
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	261		967
Equity in (earnings) loss of unconsolidated entity	73		72


Company's portion of FFO of OpenKey	(78)		(72)
FFO available to common stockholders and OP unitholders	25,271		30,122
Deemed dividends on redeemable preferred stock	2,454		—

Transaction and conversion costs	1,195		555
Write-off of loan costs and exit fees	12		76
Unrealized (gain) loss on derivatives	2,201		(408)
Stock/unit-based compensation	2,328		2,365
Legal, advisory and settlement costs	69		317
Interest expense accretion on refundable membership club deposits	178		190
Amortization of loan costs	739		642
Advisory services incentive fee	—		977
(Gain) loss on extinguishment of debt	(2,318)		—





Company's portion of adjustments to FFO of OpenKey	—		6
Adjusted FFO available to common stockholders and OP unitholders	$	32,129	$	34,842
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.44	$	0.49
Weighted average diluted shares	72,831		71,756

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

March 31, 2023

(dollars in thousands)

(unaudited)


Lender	Hotels	Current Maturity	Final Maturity (10)	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(11)		Comparable TTM Hotel EBITDA Debt Yield
BAML	See footnote	June 2023	June 2025	LIBOR (1) + 2.16%	$	—		$	435,000		(3)	$	435,000		$	8,464	1.9	%	$	39,078	9.0	%
BAML	Bardessono Hotel and Spa	August 2023	August 2023	SOFR (2) + 2.65%	—			40,000				40,000			2,799		7.0	%	7,838		19.6	%
Apollo	The Ritz-Carlton St. Thomas	August 2023	August 2024	LIBOR (1) + 3.95%	—			42,500			(4)	42,500			16,006		37.7	%	27,738		65.3	%
BAML	The Ritz-Carlton Sarasota	October 2023	April 2024	LIBOR (1) + 2.65%	—			98,250			(5)	98,250			14,140		14.4	%	27,898		28.4	%
BAML	Hotel Yountville	November 2023	May 2024	LIBOR (1) + 2.55%	—			51,000			(5)	51,000			2,179		4.3	%	6,847		13.4	%
BAML	The Ritz-Carlton Lake Tahoe	January 2024	January 2024	SOFR (2) + 2.20%	—			54,000				54,000			2,894		5.4	%	10,403		19.3	%
Prudential	Capital Hilton and Hilton La Jolla Torrey Pines	February 2024	February 2024	LIBOR (1) + 1.70%	—			195,000				195,000			18,668		9.6	%	32,029		16.4	%
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2024	February 2027	SOFR (2) + 2.86%	—			70,500			(6)	70,500			5,759		8.2	%	14,676		20.8	%
LoanCore	Mr. C Beverly Hills Hotel	August 2024	August 2024	LIBOR (1) + 3.60%	—			30,000			(7)	30,000			(1,713)		(5.7)	%	3,034		10.1	%
BAML	Pier House Resort & Spa	September 2024	September 2024	SOFR (2) + 1.95%	—			80,000				80,000			10,365		13.0	%	16,904		21.1	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	December 2025	December 2027	SOFR (2) + 3.75%	—			100,000			(8)	100,000			5,874		5.9	%	22,559		22.6	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A		N/A		N/A
Unencumbered hotel	The Ritz-Carlton Reserve Dorado Beach				—			—				—			10,616		N/A		19,563		N/A
Total					$	86,250		$	1,196,250			$	1,282,500		$	96,051	7.5	%	$	228,567	17.8	%
Percentage					6.7		%	93.3		%		100.0		%
Weighted average interest rate (9)					4.50		%	6.42		%		6.29		%

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

(1) LIBOR rate was 4.86% at March 31, 2023.

(2) SOFR rate was 4.80% at March 31, 2023.

(3) 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.

(4) 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%.

(5) This mortgage loan has one six-month extension option subject to satisfaction of certain conditions.

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

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

(8) 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%.

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

March 31, 2023

(dollars in thousands)

(unaudited)


Lender	Hotels	2023		2024		2025		2026		2027		Thereafter		Total
BAML	Bardessono Hotel and Spa	$	40,000	$	—	$	—	$	—	$	—	$	—	$	40,000
BAML	Hotel Yountville	—		51,000		—		—		—		—		51,000
BAML	The Ritz-Carlton Lake Tahoe	—		54,000		—		—		—		—		54,000
Prudential	Capital Hilton and Hilton La Jolla Torrey Pines	—		195,000		—		—		—		—		195,000
BAML	The Ritz-Carlton Sarasota	—		97,000		—		—		—		—		97,000
Apollo	The Ritz-Carlton St. Thomas	—		42,500		—		—		—		—		42,500
LoanCore	Mr. C Beverly Hills Hotel	—		30,000		—		—		—		—		30,000
BAML	Pier House Resort & Spa	—		80,000		—		—		—		—		80,000
BAML	See footnote 1	—		—		435,000		—		—		—		435,000
Convertible Senior Notes	N/A	—		—		—		86,250		—		—		86,250
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		$	40,000	$	549,500	$	435,000	$	86,250	$	166,500	$	—	$	1,277,250
Scheduled amortization payments remaining		750		500		—		2,000		2,000		—		5,250
Total indebtedness		$	40,750	$	550,000	$	435,000	$	88,250	$	168,500	$	—	$	1,282,500

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)


ALL HOTELS:
		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	139,823		$	—		$	139,823		$	107,051		$	21,651		$	128,702		30.61	%	8.64	%
	RevPAR	$	368.68		$	—		$	368.68		$	304.07		$	825.94		$	340.24		21.25	%	8.36	%
	Occupancy	64.85		%	—		%	64.85		%	54.95		%	52.38		%	54.77		%	18.02	%	18.40	%
	ADR	$	568.50		$	—		$	568.50		$	553.41		$	1,576.92		$	621.24		2.73	%	(8.49)	%

NOTES:

(1) The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at March 31, 2023, 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 March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	131,046		$	—		$	131,046		$	103,170		$	21,651		$	124,821		27.02	%	4.99	%
	RevPAR	$	397.40		$	—		$	397.40		$	341.00		$	825.94		$	379.66		16.54	%	4.67	%
	Occupancy	63.88		%	—		%	63.88		%	57.66		%	52.38		%	57.24		%	10.79	%	11.60	%
	ADR	$	622.13		$	—		$	622.13		$	591.41		$	1,576.92		$	663.32		5.19	%	(6.21)	%

NOTES:

(1) The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at March 31, 2023, and not under renovation during the three months ended March 31, 2023, 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:

Capital Hilton Washington D.C.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS:		Three Months Ended
		March 31,
		2023			2022			% Variance
	Total hotel revenue	$	217,180		$	163,402		32.91	%
	Non-comparable adjustments	—			33,311
	Comparable total hotel revenue	$	217,180		$	196,713		10.40	%

	Hotel net income (loss)	$	37,753		$	32,204		17.23	%
	Non-comparable adjustments	—			5,462
	Comparable hotel net income (loss)	$	37,753		$	37,666		0.23	%
	Hotel net income (loss) margin	17.38		%	19.71		%	(2.33)	%
	Comparable hotel net income margin	17.38		%	19.15		%	(1.77)	%

	Hotel EBITDA	$	72,796		$	55,681		30.74	%
	Non-comparable adjustments	—			10,474
	Comparable hotel EBITDA	$	72,796		$	66,155		10.04	%
	Hotel EBITDA margin	33.52		%	34.08		%	(0.56)	%
	Comparable hotel EBITDA margin	33.52		%	33.63		%	(0.11)	%

	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	1,154		$	58		1,897.84	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	36,599		$	32,146		13.85	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	36,599		$	37,608		(2.68)	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,943		$	811		139.59	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	70,854		$	54,870		29.13	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	70,854		$	65,344		8.43	%

NOTES:

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)


ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended								Three Months Ended
		March 31,								March 31,
		2023			2022			% Variance		2023			2022			% Variance
	Total hotel revenue	$	202,482		$	156,771		29.16	%	$	202,482		$	156,771		29.16	%
	Non-comparable adjustments	—			33,311					—			33,311
	Comparable total hotel revenue	$	202,482		$	190,082		6.52	%	$	202,482		$	190,082		6.52	%

	Hotel net income (loss)	$	36,018		$	34,046		5.79	%	$	36,018		$	34,046		5.79	%
	Non-comparable adjustments	—			5,462					—			5,462
	Comparable hotel net income (loss)	$	36,018		$	39,508		(8.83)	%	$	36,018		$	39,508		(8.83)	%
	Hotel net income (loss) margin	17.79		%	21.72		%	(3.93)	%	17.79		%	21.72		%	(3.93)	%
	Comparable hotel net income margin	17.79		%	20.78		%	(2.99)	%	17.79		%	20.78		%	(2.99)	%

	Hotel EBITDA	$	68,898		$	55,601		23.92	%	$	68,898		$	55,601		23.92	%
	Non-comparable adjustments	—			10,474					—			10,474
	Comparable hotel EBITDA	$	68,898		$	66,075		4.27	%	$	68,898		$	66,075		4.27	%
	Hotel EBITDA margin	34.03		%	35.47		%	(1.44)	%	34.03		%	35.47		%	(1.44)	%
	Comparable hotel EBITDA margin	34.03		%	34.76		%	(0.73)	%	34.03		%	34.76		%	(0.73)	%

	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	1,154		$	58		1,897.84	%	$	1,154		$	58		1,897.84	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	34,864		$	33,988		2.58	%	$	34,864		$	33,988		2.58	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	34,864		$	39,450		(11.62)	%	$	34,864		$	39,450		(11.62)	%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,943		$	811		139.59	%	$	1,943		$	811		139.59	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	66,956		$	54,790		22.20	%	$	66,956		$	54,790		22.20	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	66,956		$	65,264		2.59	%	$	66,956		$	65,264		2.59	%

NOTES:

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

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

(4) Excluded hotels under renovation:

Capital Hilton Washington D.C.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	8,777		$	—		$	8,777		$	3,881		$	—		$	3,881		126.15	%	126.15	%
	Total hotel revenue	$	14,698		$	—		$	14,698		$	6,631		$	—		$	6,631		121.66	%	121.66	%
	Hotel net income (loss)	$	1,734		$	—		$	1,734		$	(1,842)		$	—		$	(1,842)		194.14	%	194.14	%
	Hotel net income (loss) margin	11.80		%				11.80		%	(27.78)		%				(27.78)		%	39.58	%	39.58	%
	Hotel EBITDA	$	3,898		$	—		$	3,898		$	80		$	—		$	80		4,772.50	%	4,772.50	%
	Hotel EBITDA margin	26.52		%				26.52		%	1.21		%				1.21		%	25.31	%	25.31	%
	Selected Operating Information:
	RevPAR	$	177.32		$	—		$	177.32		$	78.39		$	—		$	78.39		126.20	%	126.20	%
	Occupancy	71.34		%	—		%	71.34		%	38.37		%	—		%	38.37		%	85.93	%	85.93	%
	ADR	$	248.57		$	—		$	248.57		$	204.31		$	—		$	204.31		21.66	%	21.66	%

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	6,662		$	—		$	6,662		$	5,258		$	—		$	5,258		26.70	%	26.70	%
	Total hotel revenue	$	11,870		$	—		$	11,870		$	9,793		$	—		$	9,793		21.21	%	21.21	%
	Hotel net income (loss)	$	2,882		$	—		$	2,882		$	2,077		$	—		$	2,077		38.76	%	38.76	%
	Hotel net income (loss) margin	24.28		%				24.28		%	21.21		%				21.21		%	3.07	%	3.07	%
	Hotel EBITDA	$	3,872		$	—		$	3,872		$	3,163		$	—		$	3,163		22.42	%	22.42	%
	Hotel EBITDA margin	32.62		%				32.62		%	32.30		%				32.30		%	0.32	%	0.32	%
	Selected Operating Information:
	RevPAR	$	187.87		$	—		$	187.87		$	148.27		$	—		$	148.27		26.71	%	26.71	%
	Occupancy	74.91		%	—		%	74.91		%	66.24		%	—		%	66.24		%	13.09	%	13.09	%
	ADR	$	250.80		$	—		$	250.80		$	223.84		$	—		$	223.84		12.04	%	12.04	%

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	3,566		$	—		$	3,566		$	2,759		$	—		$	2,759		29.25	%	29.25	%
	Total hotel revenue	$	4,904		$	—		$	4,904		$	3,885		$	—		$	3,885		26.23	%	26.23	%
	Hotel net income (loss)	$	(923)		$	—		$	(923)		$	(2,915)		$	—		$	(2,915)		68.34	%	68.34	%
	Hotel net income (loss) margin	(18.82)		%				(18.82)		%	(75.03)		%				(75.03)		%	56.21	%	56.21	%
	Hotel EBITDA	$	385		$	—		$	385		$	(1,283)		$	—		$	(1,283)		130.01	%	130.01	%
	Hotel EBITDA margin	7.85		%				7.85		%	(33.02)		%				(33.02)		%	40.87	%	40.87	%
	Selected Operating Information:
	RevPAR	$	95.48		$	—		$	95.48		$	73.88		$	—		$	73.88		29.24	%	29.24	%
	Occupancy	54.78		%	—		%	54.78		%	44.01		%	—		%	44.01		%	24.47	%	24.47	%
	ADR	$	174.28		$	—		$	174.28		$	167.86		$	—		$	167.86		3.82	%	3.82	%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	2,674		$	—		$	2,674		$	3,507		$	—		$	3,507		(23.75)	%	(23.75)	%
	Total hotel revenue	$	3,778		$	—		$	3,778		$	4,915		$	—		$	4,915		(23.13)	%	(23.13)	%
	Hotel net income (loss)	$	(1,304)		$	—		$	(1,304)		$	385		$	—		$	385		(438.70)	%	(438.70)	%
	Hotel net income (loss) margin	(34.52)		%				(34.52)		%	7.83		%				7.83		%	(42.35)	%	(42.35)	%
	Hotel EBITDA	$	120		$	—		$	120		$	1,409		$	—		$	1,409		(91.48)	%	(91.48)	%
	Hotel EBITDA margin	3.18		%				3.18		%	28.67		%				28.67		%	(25.49)	%	(25.49)	%
	Selected Operating Information:
	RevPAR	$	457.07		$	—		$	457.07		$	599.51		$	—		$	599.51		(23.76)	%	(23.76)	%
	Occupancy	49.08		%	—		%	49.08		%	57.21		%	—		%	57.21		%	(14.21)	%	(14.21)	%
	ADR	$	931.34		$	—		$	931.34		$	1,047.84		$	—		$	1,047.84		(11.12)	%	(11.12)	%


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	8,014		$	—		$	8,014		$	9,366		$	—		$	9,366		(14.44)	%	(14.44)	%
	Total hotel revenue	$	9,859		$	—		$	9,859		$	11,225		$	—		$	11,225		(12.17)	%	(12.17)	%
	Hotel net income (loss)	$	3,814		$	—		$	3,814		$	5,826		$	—		$	5,826		(34.53)	%	(34.53)	%
	Hotel net income (loss) margin	38.69		%				38.69		%	51.90		%				51.90		%	(13.21)	%	(13.21)	%
	Hotel EBITDA	$	5,758		$	—		$	5,758		$	6,969		$	—		$	6,969		(17.38)	%	(17.38)	%
	Hotel EBITDA margin	58.40		%				58.40		%	62.08		%				62.08		%	(3.68)	%	(3.68)	%
	Selected Operating Information:
	RevPAR	$	627.00		$	—		$	627.00		$	732.85		$	—		$	732.85		(14.44)	%	(14.44)	%
	Occupancy	81.83		%	—		%	81.83		%	87.04		%	—		%	87.04		%	(5.99)	%	(5.99)	%
	ADR	$	766.21		$	—		$	766.21		$	841.95		$	—		$	841.95		(9.00)	%	(9.00)	%

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	2,052		$	—		$	2,052		$	2,131		$	—		$	2,131		(3.71)	%	(3.71)	%
	Total hotel revenue	$	2,613		$	—		$	2,613		$	2,687		$	—		$	2,687		(2.75)	%	(2.75)	%
	Hotel net income (loss)	$	(997)		$	—		$	(997)		$	(629)		$	—		$	(629)		(58.51)	%	(58.51)	%
	Hotel net income (loss) margin	(38.16)		%				(38.16)		%	(23.41)		%				(23.41)		%	(14.75)	%	(14.75)	%
	Hotel EBITDA	$	318		$	—		$	318		$	429		$	—		$	429		(25.87)	%	(25.87)	%
	Hotel EBITDA margin	12.17		%				12.17		%	15.97		%				15.97		%	(3.80)	%	(3.80)	%
	Selected Operating Information:
	RevPAR	$	284.99		$	—		$	284.99		$	296.03		$	—		$	296.03		(3.73)	%	(3.73)	%
	Occupancy	48.68		%	—		%	48.68		%	38.97		%	—		%	38.97		%	24.92	%	24.92	%
	ADR	$	585.42		$	—		$	585.42		$	759.60		$	—		$	759.60		(22.93)	%	(22.93)	%

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	14,341		$	—		$	14,341		$	12,177		$	—		$	12,177		17.77	%	17.77	%
	Total hotel revenue	$	23,685		$	—		$	23,685		$	21,441		$	—		$	21,441		10.47	%	10.47	%
	Hotel net income (loss)	$	7,458		$	—		$	7,458		$	7,367		$	—		$	7,367		1.24	%	1.24	%
	Hotel net income (loss) margin	31.49		%				31.49		%	34.36		%				34.36		%	(2.87)	%	(2.87)	%
	Hotel EBITDA	$	10,081		$	—		$	10,081		$	9,025		$	—		$	9,025		11.70	%	11.70	%
	Hotel EBITDA margin	42.56		%				42.56		%	42.09		%				42.09		%	0.47	%	0.47	%
	Selected Operating Information:
	RevPAR	$	830.12		$	—		$	830.12		$	712.13		$	—		$	712.13		16.57	%	16.57	%
	Occupancy	81.25		%	—		%	81.25		%	77.38		%	—		%	77.38		%	5.00	%	5.00	%
	ADR	$	1,021.65		$	—		$	1,021.65		$	920.30		$	—		$	920.30		11.01	%	11.01	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	4,520		$	—		$	4,520		$	3,075		$	—		$	3,075		46.99	%	46.99	%
	Total hotel revenue	$	5,798		$	—		$	5,798		$	3,792		$	—		$	3,792		52.90	%	52.90	%
	Hotel net income (loss)	$	(1,358)		$	—		$	(1,358)		$	(2,000)		$	—		$	(2,000)		32.10	%	32.10	%
	Hotel net income (loss) margin	(23.42)		%				(23.42)		%	(52.74)		%				(52.74)		%	29.32	%	29.32	%
	Hotel EBITDA	$	694		$	—		$	694		$	1		$	—		$	1		69,300.00	%	69,300.00	%
	Hotel EBITDA margin	11.97		%				11.97		%	0.03		%				0.03		%	11.94	%	11.94	%
	Selected Operating Information:
	RevPAR	$	100.63		$	—		$	100.63		$	68.47		$	—		$	68.47		46.97	%	46.97	%
	Occupancy	50.44		%	—		%	50.44		%	38.60		%	—		%	38.60		%	30.67	%	30.67	%
	ADR	$	199.51		$	—		$	199.51		$	177.37		$	—		$	177.37		12.48	%	12.48	%


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	8,250		$	—		$	8,250		$	4,736		$	—		$	4,736		74.20	%	74.20	%
	Total hotel revenue	$	9,761		$	—		$	9,761		$	5,600		$	—		$	5,600		74.30	%	74.30	%
	Hotel net income (loss)	$	(151)		$	—		$	(151)		$	(2,867)		$	—		$	(2,867)		94.73	%	94.73	%
	Hotel net income (loss) margin	(1.55)		%				(1.55)		%	(51.20)		%				(51.20)		%	49.65	%	49.65	%
	Hotel EBITDA	$	2,395		$	—		$	2,395		$	102		$	—		$	102		2,248.04	%	2,248.04	%
	Hotel EBITDA margin	24.54		%				24.54		%	1.82		%				1.82		%	22.72	%	22.72	%
	Selected Operating Information:
	RevPAR	$	223.59		$	—		$	223.59		$	128.34		$	—		$	128.34		74.22	%	74.22	%
	Occupancy	63.47		%	—		%	63.47		%	52.79		%	—		%	52.79		%	20.23	%	20.23	%
	ADR	$	352.26		$	—		$	352.26		$	243.11		$	—		$	243.11		44.90	%	44.90	%

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	13,635		$	—		$	13,635		$	15,717		$	—		$	15,717		(13.25)	%	(13.25)	%
	Total hotel revenue	$	28,960		$	—		$	28,960		$	30,423		$	—		$	30,423		(4.81)	%	(4.81)	%
	Hotel net income (loss)	$	6,751		$	—		$	6,751		$	10,252		$	—		$	10,252		(34.15)	%	(34.15)	%
	Hotel net income (loss) margin	23.31		%				23.31		%	33.70		%				33.70		%	(10.39)	%	(10.39)	%
	Hotel EBITDA	$	10,006		$	—		$	10,006		$	12,485		$	—		$	12,485		(19.86)	%	(19.86)	%
	Hotel EBITDA margin	34.55		%				34.55		%	41.04		%				41.04		%	(6.49)	%	(6.49)	%
	Selected Operating Information:
	RevPAR	$	548.90		$	—		$	548.90		$	632.73		$	—		$	632.73		(13.25)	%	(13.25)	%
	Occupancy	75.54		%	—		%	75.54		%	78.32		%	—		%	78.32		%	(3.55)	%	(3.55)	%
	ADR	$	726.64		$	—		$	726.64		$	807.86		$	—		$	807.86		(10.05)	%	(10.05)	%

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	12,740		$	—		$	12,740		$	13,186		$	—		$	13,186		(3.38)	%	(3.38)	%
	Total hotel revenue	$	19,825		$	—		$	19,825		$	20,096		$	—		$	20,096		(1.35)	%	(1.35)	%
	Hotel net income (loss)	$	3,628		$	—		$	3,628		$	5,754		$	—		$	5,754		(36.95)	%	(36.95)	%
	Hotel net income (loss) margin	18.30		%				18.30		%	28.63		%				28.63		%	(10.33)	%	(10.33)	%
	Hotel EBITDA	$	6,109		$	—		$	6,109		$	7,089		$	—		$	7,089		(13.82)	%	(13.82)	%
	Hotel EBITDA margin	30.81		%				30.81		%	35.28		%				35.28		%	(4.47)	%	(4.47)	%
	Selected Operating Information:
	RevPAR	$	773.53		$	—		$	773.53		$	804.98		$	—		$	804.98		(3.91)	%	(3.91)	%
	Occupancy	67.03		%	—		%	67.03		%	65.02		%	—		%	65.02		%	3.09	%	3.09	%
	ADR	$	1,153.99		$	—		$	1,153.99		$	1,238.09		$	—		$	1,238.09		(6.79)	%	(6.79)	%

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	4,221		$	—		$	4,221		$	2,588		$	—		$	2,588		63.10	%	63.10	%
	Total hotel revenue	$	5,333		$	—		$	5,333		$	3,308		$	—		$	3,308		61.22	%	61.22	%
	Hotel net income (loss)	$	(631)		$	—		$	(631)		$	(1,106)		$	—		$	(1,106)		42.95	%	42.95	%
	Hotel net income (loss) margin	(11.83)		%				(11.83)		%	(33.43)		%				(33.43)		%	21.60	%	21.60	%
	Hotel EBITDA	$	1,012		$	—		$	1,012		$	120		$	—		$	120		743.33	%	743.33	%
	Hotel EBITDA margin	18.98		%				18.98		%	3.63		%				3.63		%	15.35	%	15.35	%
	Selected Operating Information:
	RevPAR	$	127.10		$	—		$	127.10		$	79.66		$	—		$	79.66		59.55	%	59.55	%
	Occupancy	58.94		%	—		%	58.94		%	41.99		%	—		%	41.99		%	40.37	%	40.37	%
	ADR	$	215.63		$	—		$	215.63		$	189.74		$	—		$	189.74		13.64	%	13.64	%


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	16,300		$	—		$	16,300		$	19,182		$	137		$	19,319		(15.02)	%	(15.63)	%
	Total hotel revenue	$	23,765		$	—		$	23,765		$	26,896		$	137		$	27,033		(11.64)	%	(12.09)	%
	Hotel net income (loss)	$	5,804		$	—		$	5,804		$	8,580		$	137		$	8,717		(32.35)	%	(33.42)	%
	Hotel net income (loss) margin	24.42		%				24.42		%	31.90		%				32.25		%	(7.48)	%	(7.83)	%
	Hotel EBITDA	$	9,001		$	—		$	9,001		$	11,263		$	137		$	11,400		(20.08)	%	(21.04)	%
	Hotel EBITDA margin	37.88		%				37.88		%	41.88		%				42.17		%	(4.00)	%	(4.29)	%
	Selected Operating Information:
	RevPAR	$	1,006.13		$	—		$	1,006.13		$	1,184.09		$	—		$	1,192.55		(15.03)	%	(15.63)	%
	Occupancy	74.79		%	—		%	74.79		%	81.96		%	—		%	81.96		%	(8.75)	%	(8.75)	%
	ADR	$	1,345.27		$	—		$	1,345.27		$	1,444.77		$	—		$	1,455.09		(6.89)	%	(7.55)	%

MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	3,195		$	—		$	3,195		$	3,285		$	(104)		$	3,181		(2.74)	%	0.44	%
	Total hotel revenue	$	4,544		$	—		$	4,544		$	4,620		$	—		$	4,620		(1.65)	%	(1.65)	%
	Hotel net income (loss)	$	(493)		$	—		$	(493)		$	(170)		$	—		$	(170)		(190.00)	%	(190.00)	%
	Hotel net income (loss) margin	(10.85)		%				(10.85)		%	(3.68)		%				(3.68)		%	(7.17)	%	(7.17)	%
	Hotel EBITDA	$	754		$	—		$	754		$	877		$	—		$	877		(14.03)	%	(14.03)	%
	Hotel EBITDA margin	16.59		%				16.59		%	18.98		%				18.98		%	(2.39)	%	(2.39)	%
	Selected Operating Information:
	RevPAR	$	248.30		$	—		$	248.30		$	255.22		$	—		$	247.17		(2.71)	%	0.46	%
	Occupancy	75.50		%	—		%	75.50		%	66.18		%	—		%	66.18		%	14.08	%	14.08	%
	ADR	$	328.88		$	—		$	328.88		$	385.61		$	—		$	373.46		(14.71)	%	(11.94)	%

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	16,719		$	—		$	16,719		$	6,203		$	10,256		$	16,459		169.53	%	1.58	%
	Total hotel revenue	$	24,496		$	—		$	24,496		$	8,090		$	15,168		$	23,258		202.79	%	5.32	%
	Hotel net income (loss)	$	6,170		$	—		$	6,170		$	3,492		$	1,735		$	5,227		76.69	%	18.04	%
	Hotel net income (loss) margin	25.19		%				25.19		%	43.16		%				22.47		%	(17.97)	%	2.72	%
	Hotel EBITDA	$	8,273		$	—		$	8,273		$	3,952		$	3,279		$	7,231		109.34	%	14.41	%
	Hotel EBITDA margin	33.77		%				33.77		%	48.85		%				31.09		%	(15.08)	%	2.68	%
	Selected Operating Information:
	RevPAR	$	1,752.55		$	—		$	1,752.55		$	2,786.91		$	1,402.17		$	1,725.27		(37.11)	%	1.58	%
	Occupancy	56.27		%	—		%	56.27		%	74.39		%	50.36		%	55.96		%	(24.36)	%	0.55	%
	ADR	$	3,114.63		$	—		$	3,114.63		$	3,746.18		$	2,784.54		$	3,082.81		(16.86)	%	1.03	%

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	14,157		$	—		$	14,157		$	—		$	11,362		$	11,362		—	%	24.60	%
	Total hotel revenue	$	23,291		$	—		$	23,291		$	—		$	18,006		$	18,006		—	%	29.35	%
	Hotel net income (loss)	$	5,369		$	—		$	5,369		$	—		$	3,590		$	3,590		—	%	49.55	%
	Hotel net income (loss) margin	23.05		%				23.05		%	—		%				19.94		%	23.05	%	3.11	%
	Hotel EBITDA	$	10,120		$	—		$	10,120		$	—		$	7,058		$	7,058		—	%	43.38	%
	Hotel EBITDA margin	43.45		%				43.45		%	—		%				39.20		%	43.45	%	4.25	%
	Selected Operating Information:
	RevPAR	$	749.04		$	—		$	749.04		$	—		$	601.17		$	601.17		—	%	24.60	%
	Occupancy	53.40		%	—		%	53.40		%	—		%	53.16		%	53.16		%	—	%	0.45	%
	ADR	$	1,402.78		$	—		$	1,402.78		$	—		$	1,130.90		$	1,130.90		—	%	24.04	%


		Three Months Ended March 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	107,294		$	—		$	107,294		$	86,727		$	21,755		$	108,482		23.71	%	(1.10)	%
	Total hotel revenue	$	172,142		$	—		$	172,142		$	135,566		$	33,311		$	168,877		26.98	%	1.93	%
	Hotel net income (loss)	$	39,575		$	—		$	39,575		$	43,104		$	5,462		$	48,566		(8.19)	%	(18.51)	%
	Hotel net income (loss) margin	22.99		%				22.99		%	31.80		%				28.76		%	(8.81)	%	(5.77)	%
	Hotel EBITDA	$	63,658		$	—		$	63,658		$	55,784		$	10,474		$	66,258		14.12	%	(3.92)	%
	Hotel EBITDA margin	36.98		%				36.98		%	41.15		%				39.23		%	(4.17)	%	(2.25)	%
	Selected Operating Information:
	RevPAR	$	652.17		$	—		$	652.17		$	628.30		$	829.89		$	660.47		3.80	%	(1.26)	%
	Occupancy	69.79		%	—		%	69.79		%	71.75		%	52.38		%	68.65		%	(2.73)	%	1.66	%
	ADR	$	934.49		$	—		$	934.49		$	875.73		$	1,584.46		$	962.02		6.71	%	(2.86)	%

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	32,529		$	—		$	32,529		$	20,324		$	(104)		$	20,220		60.05	%	60.88	%
	Total hotel revenue	$	45,038		$	—		$	45,038		$	27,836		$	—		$	27,836		61.80	%	61.80	%
	Hotel net income (loss)	$	(1,822)		$	—		$	(1,822)		$	(10,900)		$	—		$	(10,900)		83.28	%	83.28	%
	Hotel net income (loss) margin	(4.05)		%				(4.05)		%	(39.16)		%				(39.16)		%	35.11	%	35.11	%
	Hotel EBITDA	$	9,138		$	—		$	9,138		$	(103)		$	—		$	(103)		8,971.84	%	8,971.84	%
	Hotel EBITDA margin	20.29		%				20.29		%	(0.37)		%				(0.37)		%	20.66	%	20.66	%
	Selected Operating Information:
	RevPAR	$	151.48		$	—		$	151.48		$	94.96		$	—		$	94.48		59.52	%	60.33	%
	Occupancy	61.07		%	—		%	61.07		%	44.11		%	—		%	44.11		%	38.45	%	38.45	%
	ADR	$	248.06		$	—		$	248.06		$	215.28		$	—		$	214.18		15.23	%	15.82	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	139,823		$	—		$	139,823		$	107,051		$	21,651		$	128,702		30.61	%	8.64	%
	Total hotel revenue	$	217,180		$	—		$	217,180		$	163,402		$	33,311		$	196,713		32.91	%	10.40	%
	Hotel net income (loss)	$	37,753		$	—		$	37,753		$	32,204		$	5,462		$	37,666		17.23	%	0.23	%
	Hotel net income (loss) margin	17.38		%				17.38		%	19.71		%				19.15		%	(2.33)	%	(1.77)	%
	Hotel EBITDA	$	72,796		$	—		$	72,796		$	55,681		$	10,474		$	66,155		30.74	%	10.04	%
	Hotel EBITDA margin	33.52		%				33.52		%	34.08		%				33.63		%	(0.56)	%	(0.11)	%
	Selected Operating Information:
	RevPAR	$	368.68		$	—		$	368.68		$	304.07		$	825.94		$	340.24		21.25	%	8.36	%
	Occupancy	64.85		%	—		%	64.85		%	54.95		%	52.38		%	54.77		%	18.02	%	18.40	%
	ADR	$	568.50		$	—		$	568.50		$	553.41		$	1,576.92		$	621.24		2.73	%	(8.49)	%

NOTES:

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2023			2023			2023
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	34,773		$	—		$	34,773
	Total hotel revenue	$	53,180		$	—		$	53,180
	Hotel net income	$	4,701		$	—		$	4,701
	Hotel net income margin	13.52		%				13.52		%
	Hotel EBITDA	$	13,992		$	—		$	13,992
	Hotel EBITDA margin	26.31		%				26.31		%
	Selected Operating Information:
	RevPAR	$	173.22		$	—		$	173.22
	Occupancy	73.30		%	—		%	73.30		%
	ADR	$	236.32		$	—		$	236.32

HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	29,284		$	—		$	29,284
	Total hotel revenue	$	51,153		$	—		$	51,153
	Hotel net income	$	13,967		$	—		$	13,967
	Hotel net income margin	47.69		%				47.69		%
	Hotel EBITDA	$	18,037		$	—		$	18,037
	Hotel EBITDA margin	35.26		%				35.26		%
	Selected Operating Information:
	RevPAR	$	203.63		$	—		$	203.63
	Occupancy	79.39		%	—		%	79.39		%
	ADR	$	256.49		$	—		$	256.49

SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	25,636		$	—		$	25,636
	Total hotel revenue	$	34,654		$	—		$	34,654
	Hotel net income	$	4,218		$	—		$	4,218
	Hotel net income margin	16.45		%				16.45		%
	Hotel EBITDA	$	9,956		$	—		$	9,956
	Hotel EBITDA margin	28.73		%				28.73		%
	Selected Operating Information:
	RevPAR	$	169.25		$	—		$	169.25
	Occupancy	68.02		%	—		%	68.02		%
	ADR	$	248.82		$	—		$	248.82

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	18,249		$	—		$	18,249
	Total hotel revenue	$	24,122		$	—		$	24,122
	Hotel net income	$	2,799		$	—		$	2,799
	Hotel net income margin	15.34		%				15.34		%
	Hotel EBITDA	$	7,838		$	—		$	7,838
	Hotel EBITDA margin	32.49		%				32.49		%
	Selected Operating Information:
	RevPAR	$	769.19		$	—		$	769.19
	Occupancy	61.95		%	—		%	61.95		%
	ADR	$	1,241.60		$	—		$	1,241.60


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2023			2023			2023
PIER HOUSE RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	26,067		$	—		$	26,067
	Total hotel revenue	$	32,738		$	—		$	32,738
	Hotel net income	$	10,365		$	—		$	10,365
	Hotel net income margin	39.76		%				39.76		%
	Hotel EBITDA	$	16,904		$	—		$	16,904
	Hotel EBITDA margin	51.63		%				51.63		%
	Selected Operating Information:
	RevPAR	$	502.92		$	—		$	502.92
	Occupancy	73.53		%	—		%	73.53		%
	ADR	$	683.98		$	—		$	683.98

HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	14,235		$	—		$	14,235
	Total hotel revenue	$	17,120		$	—		$	17,120
	Hotel net income	$	2,179		$	—		$	2,179
	Hotel net income margin	15.31		%				15.31		%
	Hotel EBITDA	$	6,847		$	—		$	6,847
	Hotel EBITDA margin	39.99		%				39.99		%
	Selected Operating Information:
	RevPAR	$	487.49		$	—		$	487.49
	Occupancy	56.45		%	—		%	56.45		%
	ADR	$	863.54		$	—		$	863.54

PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	27,417		$	—		$	27,417
	Total hotel revenue	$	52,859		$	—		$	52,859
	Hotel net income	$	5,759		$	—		$	5,759
	Hotel net income margin	21.01		%				21.01		%
	Hotel EBITDA	$	14,676		$	—		$	14,676
	Hotel EBITDA margin	27.76		%				27.76		%
	Selected Operating Information:
	RevPAR	$	394.34		$	—		$	394.34
	Occupancy	61.59		%	—		%	61.59		%
	ADR	$	640.29		$	—		$	640.29

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	23,682		$	—		$	23,682
	Total hotel revenue	$	29,542		$	—		$	29,542
	Hotel net income	$	136		$	—		$	136
	Hotel net income margin	0.57		%				0.57		%
	Hotel EBITDA	$	8,366		$	—		$	8,366
	Hotel EBITDA margin	28.32		%				28.32		%
	Selected Operating Information:
	RevPAR	$	130.03		$	—		$	130.03
	Occupancy	58.84		%	—		%	58.84		%
	ADR	$	220.99		$	—		$	220.99


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2023			2023			2023
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	34,848		$	—		$	34,848
	Total hotel revenue	$	40,324		$	—		$	40,324
	Hotel net income	$	(155)		$	—		$	(155)
	Hotel net income margin	(0.44)		%				(0.44)		%
	Hotel EBITDA	$	10,647		$	—		$	10,647
	Hotel EBITDA margin	26.40		%				26.40		%
	Selected Operating Information:
	RevPAR	$	232.87		$	—		$	232.87
	Occupancy	72.68		%	—		%	72.68		%
	ADR	$	320.39		$	—		$	320.39

THE RITZ-CARLTON SARASOTA
	Selected Financial Information:
	Rooms revenue	$	44,128		$	—		$	44,128
	Total hotel revenue	$	96,901		$	—		$	96,901
	Hotel net income	$	14,140		$	—		$	14,140
	Hotel net income margin	32.04		%				32.04		%
	Hotel EBITDA	$	27,898		$	—		$	27,898
	Hotel EBITDA margin	28.79		%				28.79		%
	Selected Operating Information:
	RevPAR	$	439.24		$	—		$	439.24
	Occupancy	73.78		%	—		%	73.78		%
	ADR	$	595.33		$	—		$	595.33

THE RITZ-CARLTON LAKE TAHOE
	Selected Financial Information:
	Rooms revenue	$	30,817		$	—		$	30,817
	Total hotel revenue	$	54,508		$	—		$	54,508
	Hotel net income	$	2,894		$	—		$	2,894
	Hotel net income margin	9.39		%				9.39		%
	Hotel EBITDA	$	10,403		$	—		$	10,403
	Hotel EBITDA margin	19.09		%				19.09		%
	Selected Operating Information:
	RevPAR	$	463.28		$	—		$	463.28
	Occupancy	56.73		%	—		%	56.73		%
	ADR	$	816.70		$	—		$	816.70

MARRIOTT SEATTLE WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	23,078		$	—		$	23,078
	Total hotel revenue	$	28,410		$	—		$	28,410
	Hotel net income	$	4,265		$	—		$	4,265
	Hotel net income margin	18.48		%				18.48		%
	Hotel EBITDA	$	10,109		$	—		$	10,109
	Hotel EBITDA margin	35.58		%				35.58		%
	Selected Operating Information:
	RevPAR	$	174.19		$	—		$	174.19
	Occupancy	61.05		%	—		%	61.05		%
	ADR	$	285.34		$	—		$	285.34


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2023			2023			2023
THE RITZ-CARLTON ST. THOMAS
	Selected Financial Information:
	Rooms revenue	$	55,544		$	(137)		$	55,407
	Total hotel revenue	$	84,523		$	(137)		$	84,386
	Hotel net income	$	16,144		$	(138)		$	16,006
	Hotel net income margin	29.07		%				28.89		%
	Hotel EBITDA	$	27,875		$	(137)		$	27,738
	Hotel EBITDA margin	32.98		%				32.87		%
	Selected Operating Information:
	RevPAR	$	845.42		$	—		$	843.34
	Occupancy	72.04		%	—		%	72.04		%
	ADR	$	1,173.53		$	—		$	1,170.63

MR. C BEVERLY HILLS HOTEL
	Selected Financial Information:
	Rooms revenue	$	13,382		$	104		$	13,486
	Total hotel revenue	$	19,408		$	—		$	19,408
	Hotel net income	$	(1,713)		$	—		$	(1,713)
	Hotel net income margin	(12.80)		%				(12.70)		%
	Hotel EBITDA	$	3,034		$	—		$	3,034
	Hotel EBITDA margin	15.63		%				15.63		%
	Selected Operating Information:
	RevPAR	$	256.39		$	—		$	258.37
	Occupancy	76.55		%	—		%	76.55		%
	ADR	$	334.92		$	—		$	337.51

THE RITZ-CARLTON RESERVE DORADO BEACH
	Selected Financial Information:
	Rooms revenue	$	52,588		$	—		$	52,588
	Total hotel revenue	$	80,923		$	—		$	80,923
	Hotel net income	$	10,261		$	355		$	10,616
	Hotel net income margin	19.51		%				20.19		%
	Hotel EBITDA	$	19,208		$	355		$	19,563
	Hotel EBITDA margin	23.74		%				24.17		%
	Selected Operating Information:
	RevPAR	$	1,359.21		$	—		$	1,359.21
	Occupancy	58.58		%	—		%	58.58		%
	ADR	$	2,320.43		$	—		$	2,320.43

FOUR SEASONS RESORT SCOTTSDALE
	Selected Financial Information:
	Rooms revenue	$	17,264		$	17,968		$	35,232
	Total hotel revenue	$	28,485		$	38,054		$	66,539
	Hotel net income (loss)	$	6,302		$	(428)		$	5,874
	Hotel net income (loss) margin	36.50		%				16.67		%
	Hotel EBITDA	$	11,830		$	10,729		$	22,559
	Hotel EBITDA margin	41.53		%				33.90		%
	Selected Operating Information:
	RevPAR	$	679.39		$	350.66		$	459.64
	Occupancy	51.28		%	43.88		%	46.34		%
	ADR	$	1,324.79		$	799.08		$	991.96


		TTM Ended March 31,
		Actual			Non-comparable Adjustments			Comparable
		2023			2023			2023
RESORT PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	315,593		$	17,831		$	333,424
	Total hotel revenue	$	523,332		$	37,917		$	561,249
	Hotel net income	$	84,810		$	(211)		$	84,599
	Hotel net income margin	26.87		%				25.37		%
	Hotel EBITDA	$	161,516		$	10,947		$	172,463
	Hotel EBITDA margin	30.86		%				30.73		%
	Selected Operating Information:
	RevPAR	$	513.26		$	347.99		$	500.55
	Occupancy	68.50		%	43.88		%	66.60		%
	ADR	$	749.33		$	792.98		$	751.54

URBAN PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	155,399		$	104		$	155,503
	Total hotel revenue	$	205,518		$	—		$	205,518
	Hotel net income	$	11,452		$	—		$	11,452
	Hotel net income margin	7.37		%				7.36		%
	Hotel EBITDA	$	56,104		$	—		$	56,104
	Hotel EBITDA margin	27.30		%				27.30		%
	Selected Operating Information:
	RevPAR	$	178.89		$	—		$	179.01
	Occupancy	67.57		%	—		%	67.57		%
	ADR	$	264.76		$	—		$	264.94

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	470,992		$	17,935		$	488,927
	Total hotel revenue	$	728,850		$	37,917		$	766,767
	Hotel net income	$	96,262		$	(211)		$	96,051
	Hotel net income margin	20.44		%				19.65		%
	Hotel EBITDA	$	217,620		$	10,947		$	228,567
	Hotel EBITDA margin	29.86		%				29.81		%
	Selected Operating Information:
	RevPAR	$	317.47		$	350.01		$	318.56
	Occupancy	67.95		%	43.88		%	67.15		%
	ADR	$	467.20		$	797.59		$	474.41

NOTES:

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

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL REVENUE, 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
	2023			2023		2023			2022			2022		2022			2022			2022		2022			2022			2022		2022
	1st Quarter			1st Quarter		1st Quarter			4th Quarter			4th Quarter		4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter
Total Hotel Revenue	$	217,180		$	—	$	217,180		$	173,363		$	13,930	$	187,293		$	162,225		$	7,072	$	169,297		$	176,082		$	16,915	$	192,997
Hotel net income (loss)	$	37,753		$	—	$	37,753		$	13,699		$	1,574	$	15,273		$	13,551		$	(4,569)	$	8,982		$	31,259		$	2,784	$	34,043
Hotel net income (loss) margin	17.38		%			17.38		%	7.90		%			8.15		%	8.35		%			5.31		%	17.75		%			17.64		%
Hotel EBITDA	$	72,796		$	—	$	72,796		$	47,065		$	5,141	$	52,206		$	40,693		$	(598)	$	40,095		$	57,066		$	6,404	$	63,470
Hotel EBITDA margin	33.52		%			33.52		%	27.15		%			27.87		%	25.08		%			23.68		%	32.41		%			32.89		%

Hotel net income (loss) % of total TTM	39.2		%			39.3		%	14.2		%			15.9		%	14.1		%			9.4		%	32.5		%			35.4		%
EBITDA % of total TTM	33.5		%			31.8		%	21.6		%			22.8		%	18.7		%			17.5		%	26.2		%			27.9		%

JV interests in Hotel net income (loss)	$	1,154		$	—	$	1,154		$	714		$	—	$	714		$	1,169		$	—	$	1,169		$	1,631		$	—	$	1,631
JV interests in EBITDA	$	1,943		$	—	$	1,943		$	1,798		$	—	$	1,798		$	1,880		$	—	$	1,880		$	2,387		$	—	$	2,387

	Actual			Non-comparable Adjustments		Comparable
	2023			2023		2023
	TTM			TTM		TTM
Total Hotel Revenue	$	728,850		$	37,917	$	766,767
Hotel net income (loss)	$	96,262		$	(211)	$	96,051
Hotel net income (loss) margin	13.21		%			12.53		%
Hotel EBITDA	$	217,620		$	10,947	$	228,567
Hotel EBITDA margin	29.86		%			29.81		%

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)	$	4,667		$	—	$	4,667
JV interests in EBITDA	$	8,007		$	—	$	8,007

NOTES:

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

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

March 31, 2023

(in thousands, except share price)

(unaudited)



	March 31, 2023
Common stock shares outstanding	65,950
Partnership units outstanding (common stock equivalents)	6,860
Combined common stock shares and partnership units outstanding	72,810
Common stock price	$	3.86
Market capitalization	$	281,047
Series B cumulative convertible preferred stock	$	76,950
Series D cumulative preferred stock	$	40,000
Series E redeemable preferred stock	$	411,854
Series M redeemable preferred stock	$	49,007
Indebtedness	$	1,282,500
Joint venture partner's share of consolidated indebtedness	$	(48,750)
Net working capital (see below)	$	(270,627)
Total enterprise value (TEV)	$	1,821,981






Cash and cash equivalents	$	279,292
Restricted cash	$	60,831
Accounts receivable, net	$	42,979

Prepaid expenses	$	8,349

Due from third-party hotel managers, net	$	17,898

Total current assets	$	409,349

Accounts payable, net & accrued expenses	$	127,082
Dividends and distributions payable	$	8,756
Due to affiliates, net	$	2,884

Total current liabilities	$	138,722

Net working capital*	$	270,627

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Rooms

Actual

Estimated

Bardessono Hotel and Spa

Capital Hilton Washington D.C.

550

Hotel Yountville

Park Hyatt Beaver Creek

193

The Ritz-Carlton Lake Tahoe

170

The Ritz-Carlton Sarasota

276

Total

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	2023		2022		2022		2022		March 31, 2023
	1st Quarter		4th Quarter		3rd Quarter		2nd Quarter		TTM
Net income (loss)	$	37,753	$	13,699	$	13,551	$	31,259	$	96,262
Non-property adjustments	12		(55)		(1)		—		(44)
Interest income	(235)		(145)		(63)		(14)		(457)
Interest expense	11,066		8,416		6,373		4,522		30,377
Amortization of loan costs	642		476		496		462		2,076
Depreciation and amortization	22,521		20,506		19,604		19,571		82,202
Income tax expense (benefit)	340		219		(99)		424		884
Non-hotel EBITDA ownership expense	697		3,949		832		842		6,320
Hotel EBITDA including amounts attributable to noncontrolling interest	72,796		47,065		40,693		57,066		217,620
Non-comparable adjustments	—		5,141		(598)		6,404		10,947
Comparable hotel EBITDA	$	72,796	$	52,206	$	40,095	$	63,470	$	228,567

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2023
	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)	$	1,734	$	2,882	$	(923)	$	(1,304)	$	3,814	$	(997)	$	7,458	$	(1,358)	$	(151)	$	6,751	$	3,628	$	(631)	$	5,804	$	(493)	$	6,170	$	5,369	$	37,753	$	(21,149)	$	16,604
Non-property adjustments	—		—		—		—		—		—		—		—		—		—		12		—		—		—		—		—		12		(12)		—
Interest income	(65)		(73)		—		—		—		—		—		(5)		(19)		(42)		—		(9)		(9)		—		—		(13)		(235)		235		—
Interest expense	—		—		—		717		1,268		902		1,301		—		—		1,891		894		20		901		622		281		2,269		11,066		11,045		22,111
Amortization of loan cost	—		—		—		—		79		—		199		—		—		95		39		—		27		43		—		160		642		120		762
Depreciation and amortization	2,186		1,027		1,235		594		593		393		1,108		2,031		2,545		1,305		1,230		1,625		2,136		549		1,637		2,327		22,521		—		22,521
Income tax expense (benefit)	26		12		—		—		—		—		—		5		—		—		—		—		136		—		161		—		340		1,989		2,329
Non-hotel EBITDA ownership expense	17		24		73		113		4		20		15		21		20		6		306		7		6		33		24		8		697		(697)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	3,898		3,872		385		120		5,758		318		10,081		694		2,395		10,006		6,109		1,012		9,001		754		8,273		10,120		72,796		(8,469)		64,327
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(975)		(968)		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(1,943)		1,943		—
Equity in earnings (loss) of unconsolidated entities	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		73		73
Company's portion of EBITDA of OpenKey	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(77)		(77)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,923	$	2,904	$	385	$	120	$	5,758	$	318	$	10,081	$	694	$	2,395	$	10,006	$	6,109	$	1,012	$	9,001	$	754	$	8,273	$	10,120	$	70,853	$	(6,530)	$	64,323
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	3,898	$	3,872	$	385	$	120	$	5,758	$	318	$	10,081	$	694	$	2,395	$	10,006	$	6,109	$	1,012	$	9,001	$	754	$	8,273	$	10,120	$	72,796
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	3,872	$	385	$	120	$	5,758	$	318	$	10,081	$	694	$	2,395	$	10,006	$	6,109	$	1,012	$	9,001	$	754	$	8,273	$	10,120	$	68,898
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	—	$	3,872	$	385	$	120	$	5,758	$	318	$	10,081	$	694	$	2,395	$	10,006	$	6,109	$	1,012	$	9,001	$	754	$	8,273	$	10,120	$	68,898
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	3,872	$	—	$	120	$	5,758	$	318	$	10,081	$	—	$	—	$	10,006	$	6,109	$	—	$	9,001	$	—	$	8,273	$	10,120	$	63,658
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	—	$	3,872	$	—	$	120	$	5,758	$	318	$	10,081	$	—	$	—	$	10,006	$	6,109	$	—	$	9,001	$	—	$	8,273	$	10,120	$	63,658
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	3,898	$	—	$	385	$	—	$	—	$	—	$	—	$	694	$	2,395	$	—	$	—	$	1,012	$	—	$	754	$	—	$	—	$	9,138
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—
Comparable hotel EBITDA	$	3,898	$	—	$	385	$	—	$	—	$	—	$	—	$	694	$	2,395	$	—	$	—	$	1,012	$	—	$	754	$	—	$	—	$	9,138

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)


	Three Months Ended March 31, 2023
	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)	$	—	$	—	$	—	$	—	$	5,758	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	5,758
BAML (Bardessono Hotel and Spa)	—		—		—		120		—		—		—		—		—		—		—		—		—		—		—		—		120
BAML (Hotel Yountville)	—		—		—		—		—		318		—		—		—		—		—		—		—		—		—		—		318
Apollo (The Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		9,001		—		—		—		9,001
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)	3,898		3,872		—		—		—		—		—		—		—		—		—		—		—		—		—		—		7,770
BAML Pool (see footnote 3)	—		—		385		—		—		—		—		694		2,395		—		—		1,012		—		—		—		—		4,486
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)	—		—		—		—		—		—		10,081		—		—		—		—		—		—		—		—		—		10,081
BAML (The Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		10,006		—		—		—		—		—		—		10,006
BAML (The Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		6,109		—		—		—		—		—		6,109
LoanCore (Mr. C Beverly Hills Hotel)	—		—		—		—		—		—		—		—		—		—		—		—		—		754		—		—		754
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		8,273		—		8,273
Aareal (Four Seasons Resort Scottsdale)	—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		10,120		10,120
Total	$	3,898	$	3,872	$	385	$	120	$	5,758	$	318	$	10,081	$	694	$	2,395	$	10,006	$	6,109	$	1,012	$	9,001	$	754	$	8,273	$	10,120	$	72,796

NOTES:

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

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

(4) Excluded hotels under renovation:

Capital Hilton Washington D.C.

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		163		36		97		—		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		6,606		456		5,042		1,710		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	$	6,606	$	456	$	5,042	$	1,710	$	45,267	$	(10,187)	$	35,080
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1,652)		—		—		6,793		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




RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	3,909	$	—	$	2,038	$	3,503	$	1,884	$	2,734	$	—	$	—	$	6,158	$	2,581	$	—	$	6,606	$	—	$	5,042	$	1,710	$	36,165
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		(1,652)		—		—		6,793		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

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
Unencumbered hotel (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:

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended September 30, 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

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
Unencumbered hotel (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:

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended 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

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
Unencumbered hotel (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:

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

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

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)


	Three Months Ended March 31, 2022
	Capital Hilton Washington D.C.		Hilton La Jolla Torrey Pines		Sofitel Chicago Magnificent Mile		Bardessono Hotel and Spa		Pier House Resort & Spa		Hotel Yountville		Park Hyatt Beaver Creek Resort & Spa		The Notary Hotel		The Clancy		The Ritz-Carlton Sarasota		The Ritz-Carlton Lake Tahoe		Marriott Seattle Waterfront		The Ritz-Carlton St. Thomas		Mr. C Beverly Hills Hotel		The Ritz-Carlton Reserve Dorado Beach		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
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	—	$	3,163	$	(1,283)	$	1,409	$	6,969	$	429	$	9,025	$	1	$	102	$	12,485	$	7,089	$	120	$	11,263	$	877	$	3,952	$	—	$	55,601
Non-comparable adjustments	—		—		—		—		—		—		—		—		—		—		—		—		137		—		3,279		7,058		10,474
Comparable hotel EBITDA	$	—	$	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	$	66,075
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)

NOTES:

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

(3) Excluded hotels under renovation:

Capital Hilton Washington D.C.