EXHIBIT 99.1

NEWS RELEASE

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

BRAEMAR HOTELS & RESORTS REPORTS

THIRD QUARTER 2023 RESULTS

DALLAS – November 8, 2023 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 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 September 30, 2023, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2023 with the third quarter ended September 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS

•Comparable RevPAR for all hotels decreased 7.1% over the prior year quarter to $263. Comparable ADR decreased 5.8% over the prior year quarter to $384 and Comparable Occupancy decreased 1.4% over the prior year quarter to 68.4%.

•Net loss attributable to common stockholders for the quarter was $(33.1) million or $(0.50) per diluted share.

•Adjusted funds from operations (AFFO) was $(0.08) per diluted share for the quarter.

•Adjusted EBITDAre was $27.0 million for the quarter.

•Comparable Hotel EBITDA was $34.9 million for the quarter.

•The Company ended the quarter with cash and cash equivalents of $149.5 million and restricted cash of $57.3 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 $14.2 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 38.6% at the end of the third quarter.

•Capex invested during the quarter was $19.4 million.

RECENT OPERATING HIGHLIGHTS

•During the quarter, the Company entered into a new $200 million corporate financing that includes a $150 million term loan and a $50 million credit facility.

•During the quarter, the Company announced the planned conversion of its Mr. C Beverly Hills Hotel to Hilton’s LXR brand under the new name, Cameo Beverly Hills.

•During the quarter, the Company upsized and extended its mortgage loan secured by the Four Seasons Resort Scottsdale at Troon North.

BHR Reports Third Quarter Results

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November 8, 2023

•Subsequent to quarter end, the Company extended its mortgage loan secured by the Ritz-Carlton Lake Tahoe.

MR. C BRAND CONVERSION

During the quarter, the Company announced the rebranding and planned conversion of its Mr. C Beverly Hills in Los Angeles, California to the Cameo Beverly Hills.Beginning in early August 2023, Cameo Beverly Hills was available for booking on Hilton’s website at hilton.com and joined Hilton Honors, Hilton’s award-winning guest loyalty program.

Looking ahead, following an extensive renovation which is expected to be completed by the end of 2025, the hotel will join LXR Hotels & Resorts (“LXR”). One of Hilton’s iconic luxury brands, LXR is a collection of unique, independent luxury properties around the world that focuses on individualized service and one-of-a-kind stays.

The conversion of the hotel, which was built in 1965, will reflect its unique history and distinctive location in the heart of West Los Angeles near iconic amenities and high-end shopping on Rodeo Drive. The Company is planning an approximately $25 million renovation to further elevate this distinctive hotel that will enable a revitalized luxury guest experience when it is completed. Added amenities and enhanced design elements will include upgrades to the guestrooms, guest bathrooms, restaurant, lobby, pool, fitness area, and meeting spaces. Remington will continue to manage the property after the conversion under a management agreement.

CAPITAL STRUCTURE

As of September 30, 2023, the Company had total assets of $2.3 billion and $1.2 billion of loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of 7.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 69% of the Company’s consolidated debt is currently effectively fixed and approximately 31% is effectively floating.

During the quarter, the Company completed a $200 million corporate financing.The financing includes a $150 million term loan and $50 million credit facility.The corporate financing is secured by The Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel and Spa.

During the quarter, the Company successfully closed on the upsizing and extension of the mortgage loan secured by the 210-room Four Seasons Resort Scottsdale at Troon North in Scottsdale, Arizona. The non-recourse loan now totals $140.0 million and has an initial maturity in December of 2026 with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and continues to have a floating interest rate of SOFR + 3.75%.

Subsequent to quarter end, the Company successfully closed on the extension of the mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe in Truckee, California. The non-recourse loan now totals $53.4 million and has a one-year initial term with one, one-year extension option, subject to the satisfaction of certain conditions. The loan is interest only and has a floating interest rate of SOFR + 3.60%.

DIVIDENDS

On October 10, 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 fourth quarter ending December 31, 2023. The dividend, which equates to an annual rate of $0.20 per share, will be paid on January 16, 2024, to stockholders of record as of December 29, 2023. The Board of Directors will review

BHR Reports Third Quarter Results

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November 8, 2023

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.

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.

“In 2022, our resort hotels delivered record high, but knowingly unsustainable performance. This was primarily due to restrictions on international travel concentrating domestic demand, unprecedented government stimulus programs providing excess liquidity to consumers and flexible work schedules giving them more time to travel. As a result, this year we are seeing some normalization of these trends, resulting in unfavorable year over year comparisons. Nevertheless, our resort hotel performance continues to meaningfully outperform pre-pandemic levels,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Furthermore, our urban hotel portfolio continues on its upward recovery trend as business transient and corporate group demand rises steadily,” he added. He continued, “We’re also very excited about the recent rebranding of the Mr. C Beverly Hills to Cameo Beverly Hills and its upcoming conversion to Hilton’s LXR brand, which fills a desirable niche in the attractive Beverly Hills lodging market.” He concluded, “We continue to make solid progress addressing our near term loan maturities due to the extremely high quality of our portfolio. Looking ahead, we’re very encouraged by the expected ramp-up of group pace in 2024, and we believe our portfolio is well-positioned to outperform in both the near-term and long-term.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Thursday, November 9, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Thursday, November 16, 2023, by dialing (647) 362-9199 and entering the confirmation number, 2925607.

The Company will also provide an online simulcast and rebroadcast of its third 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 Thursday, November 9, 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

BHR Reports Third Quarter Results

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November 8, 2023

Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes the change has been applied retrospectively.

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

*****

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

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

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

	September 30, 2023		December 31, 2022
ASSETS
Investments in hotel properties, gross	$	2,365,256	$	2,325,093
Accumulated depreciation	(483,081)		(440,492)
Investments in hotel properties, net	1,882,175		1,884,601
Cash and cash equivalents	149,496		261,541
Restricted cash	57,333		54,155
Accounts receivable, net of allowance of $233 and $339, respectively	35,939		51,448
Inventories	4,944		5,238
Prepaid expenses	14,006		7,044
Deferred costs, net	75		—
Investment in OpenKey	1,718		1,689
Derivative assets	4,945		6,482
Other assets	18,479		14,621
Operating lease right-of-use assets	78,660		79,449
Intangible assets, net	3,599		3,883
Due from Ashford Inc.	1,538		—
Due from related parties, net	520		938
Due from third-party hotel managers	14,200		26,625
Total assets	$	2,267,627	$	2,397,714
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,178,720	$	1,334,130
Accounts payable and accrued expenses	144,064		133,978
Dividends and distributions payable	8,967		8,184
Due to Ashford Inc., net	—		10,005
Due to third-party hotel managers	1,615		2,096
Operating lease liabilities	60,470		60,692
Derivative liabilities	11		284
Other liabilities	22,579		22,343
Total liabilities	1,416,426		1,571,712
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2023 and December 31, 2022	65,426		65,426
Series E Redeemable Preferred Stock, $0.01 par value, 16,409,685 and 12,656,529 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	377,876		291,076
Series M Redeemable Preferred Stock, $0.01 par value, 1,911,703 and 1,428,332 shares issued and outstanding at September 30,2023 and December 31, 2022, respectively	47,460		35,182
Redeemable noncontrolling interests in operating partnership	33,494		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 September 30, 2023 and December 31, 2022	16		16
Common stock, $0.01 par value, 250,000,000 shares authorized, 65,993,893 and 69,919,065 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	659		699
Additional paid-in capital	717,564		734,134
Accumulated deficit	(377,658)		(324,740)
Total stockholders' equity of the Company	340,581		410,109
Noncontrolling interest in consolidated entities	(13,636)		(16,346)
Total equity	326,945		393,763
Total liabilities and equity	$	2,267,627	$	2,397,714

5

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
REVENUE
Rooms	$	100,738	$	104,503	$	355,402	$	322,222
Food and beverage	38,537		37,624		138,541		116,600
Other	20,526		19,062		67,866		59,141
Total hotel revenue	159,801		161,189		561,809		497,963
EXPENSES
Hotel operating expenses:
Rooms	25,899		25,424		79,962		69,742
Food and beverage	32,750		31,320		108,854		91,242
Other expenses	52,725		50,836		171,317		149,130
Management fees	5,076		5,116		17,661		14,802
Total hotel operating expenses	116,450		112,696		377,794		324,916
Property taxes, insurance and other	10,471		8,851		27,983		22,731
Depreciation and amortization	22,703		19,604		67,791		57,616
Advisory services fee:
Base advisory fee	3,393		3,269		10,700		9,434
Reimbursable expenses	2,028		1,191		6,092		3,460
Incentive fee	—		1,048		—		1,294
Stock/unit-based compensation	1,599		3,346		6,391		8,293
(Gain) loss on legal settlements	—		—		—		(114)
Corporate, general and administrative:
Stock/unit-based compensation	27		39		455		627
Other general and administrative	2,479		8,036		8,767		13,381
Total operating expenses	159,150		158,080		505,973		441,638
OPERATING INCOME (LOSS)	651		3,109		55,836		56,325
Equity in earnings (loss) of unconsolidated entity	(60)		(74)		(208)		(220)
Interest income	986		745		5,389		932
Other income (expense)	293		27		293		27
Interest expense	(22,425)		(13,869)		(67,451)		(31,432)
Amortization of loan costs	(881)		(621)		(2,328)		(1,861)
Write-off of loan costs and exit fees	(2,588)		(8)		(2,848)		(106)
Gain (loss) on extinguishment of debt	—		—		2,318		—
Realized and unrealized gain (loss) on derivatives	223		2,403		918		4,019
INCOME (LOSS) BEFORE INCOME TAXES	(23,801)		(8,288)		(8,081)		27,684
Income tax (expense) benefit	1,190		(95)		(1,064)		(3,783)
NET INCOME (LOSS)	(22,611)		(8,383)		(9,145)		23,901
(Income) loss attributable to noncontrolling interest in consolidated entities	(1,773)		(823)		(1,715)		(2,265)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,354		1,166		3,018		(647)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(22,030)		(8,040)		(7,842)		20,989
Preferred dividends	(10,582)		(6,028)		(31,809)		(13,395)
Deemed dividends on redeemable preferred stock	(516)		(2,649)		(3,271)		(4,802)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(33,128)	$	(16,717)	$	(42,922)	$	2,792
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.50)	$	(0.24)	$	(0.63)	$	0.04
Weighted average common shares outstanding – basic	65,825		70,956		68,010		69,213
Diluted:
Net income (loss) attributable to common stockholders	$	(0.50)	$	(0.24)	$	(0.63)	$	0.04
Weighted average common shares outstanding – diluted	65,825		70,956		68,010		69,214
Dividends declared per common share	$	0.05	$	0.01	$	0.15	$	0.03

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income (loss)	$	(22,611)	$	(8,383)	$	(9,145)	$	23,901
Interest expense and amortization of loan costs	23,306		14,490		69,779		33,293
Depreciation and amortization	22,703		19,604		67,791		57,616
Income tax expense (benefit)	(1,190)		95		1,064		3,783
Equity in (earnings) loss of unconsolidated entity	60		74		208		220
Company's portion of EBITDA of OpenKey	(63)		(74)		(220)		(220)
EBITDA and EBITDAre	22,205		25,806		129,477		118,593
Amortization of favorable (unfavorable) contract assets (liabilities)	119		119		356		345
Transaction and conversion costs	978		5,562		3,229		6,888
Write-off of loan costs and exit fees	2,588		8		2,848		106
Realized and unrealized (gain) loss on derivatives	(223)		(2,403)		(918)		(4,019)
Stock/unit-based compensation	1,627		3,391		6,854		8,941
Legal, advisory and settlement costs	—		544		81		1,176
Advisory services incentive fee	—		1,048		—		1,294
(Gain) loss on extinguishment of debt	—		—		(2,318)		—
Other (income) loss	(293)		(27)		(293)		(27)
Company's portion of adjustments to EBITDAre of OpenKey	—		1		—		6
Adjusted EBITDAre	$	27,001	$	34,049	$	139,316	$	133,303

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Net income (loss)	$	(22,611)	$	(8,383)	$	(9,145)	$	23,901
(Income) loss attributable to noncontrolling interest in consolidated entities	(1,773)		(823)		(1,715)		(2,265)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,354		1,166		3,018		(647)
Preferred dividends	(10,582)		(6,028)		(31,809)		(13,395)
Deemed dividends on redeemable preferred stock	(516)		(2,649)		(3,271)		(4,802)
Net income (loss) attributable to common stockholders	(33,128)		(16,717)		(42,922)		2,792
Depreciation and amortization on real estate	21,886		18,956		65,434		55,678
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(2,354)		(1,166)		(3,018)		647
Equity in (earnings) loss of unconsolidated entity	60		74		208		220
Company's portion of FFO of OpenKey	(71)		(74)		(234)		(220)
FFO available to common stockholders and OP unitholders	(13,607)		1,073		19,468		59,117
Deemed dividends on redeemable preferred stock	516		2,649		3,271		4,802
Transaction and conversion costs	978		5,562		3,229		6,888
Write-off of premiums, loan costs and exit fees	2,588		8		2,848		106
Unrealized (gain) loss on derivatives	1,790		(2,403)		5,244		(4,019)
Stock/unit-based compensation	1,627		3,391		6,854		8,941
Legal, advisory and settlement costs	—		544		81		1,176
Interest expense accretion on refundable membership club deposits	165		177		507		545
Amortization of loan costs	858		598		2,258		1,793
Advisory services incentive fee	—		1,048		—		1,294
(Gain) loss on extinguishment of debt	—		—		(2,318)		—
Other (income) loss	(293)		—		(293)		—
Company's portion of adjustments to FFO of OpenKey	—		1		—		6
Adjusted FFO available to common stockholders and OP unitholders	$	(5,378)	$	12,648	$	41,149	$	80,649
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	(0.08)	$	0.16	$	0.56	$	1.07
Weighted average diluted shares	71,482		76,962		73,844		75,140

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

September 30, 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	The Ritz-Carlton Lake Tahoe	January 2024	January 2024	SOFR (1) + 2.20%	$	—		$	54,000			$	54,000		$	625	1.2	%	$	9,892	18.3	%
Prudential	Capital Hilton and Hilton La Jolla Torrey Pines	February 2024	February 2024	SOFR (1) + 1.70%	—			195,000				195,000			17,819		9.1	%	32,831		16.8	%
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	February 2024	February 2027	SOFR (1) + 2.86%	—			70,500			(3)	70,500			2,523		3.6	%	13,176		18.7	%
BAML	See footnote	June 2024	June 2025	SOFR (1) + 2.66%	—			293,180			(4)	293,180			9,418		3.2	%	38,948		13.3	%
LoanCore	Cameo Beverly Hills	August 2024	August 2024	SOFR (1) + 3.66%	—			30,000			(5)	30,000			(3,176)		(10.6)	%	1,717		5.7	%
Apollo	The Ritz-Carlton St. Thomas	August 2024	August 2024	SOFR (1) + 4.04%	—			42,500			(6)	42,500			12,483		29.4	%	23,338		54.9	%
BAML	Pier House Resort & Spa	September 2024	September 2024	SOFR (1) + 1.95%	—			80,000				80,000			7,206		9.0	%	15,151		18.9	%
Convertible Senior Notes	N/A	June 2026	June 2026	4.50%	86,250			—				86,250			N/A		N/A		N/A		N/A
BAML Credit Facility	See footnote	July 2026	July 2027	Base Rate (2) + 1.25% to 2.00% or SOFR (1) + 2.35% to 3.10%	—			196,000			(7)	196,000			11,804		6.0	%	36,030		18.4	%
Aareal Capital Corporation	Four Seasons Resort Scottsdale	December 2026	December 2028	SOFR (1) + 3.75%	—			140,000			(8)	140,000			(114)		(0.1)	%	22,263		15.9	%
Unencumbered Hotel	The Ritz-Carlton Reserve Dorado Beach				—			—				—			11,795		N/A		20,184		N/A
Total					$	86,250		$	1,101,180			$	1,187,430		$	70,383	5.9	%	$	213,530	18.0	%
Percentage					7.3		%	92.7		%		100.0		%
Weighted average interest rate (9)					4.50		%	7.30		%		7.10		%

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

(1)    SOFR rate was 5.32% at September 30, 2023.

(2)    Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%.

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

(4)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.

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

(6)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in August 2023. This mortgage loan has a SOFR floor of 1.00%.

(7)    This credit facility has one one-year extension option subject to satisfaction of certain conditions. This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

(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.

8

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

September 30, 2023

(dollars in thousands)

(unaudited)

Lender	Hotels	2023		2024		2025		2026		2027		Thereafter		Total
BAML	The Ritz-Carlton Lake Tahoe	$	—	$	54,000	$	—	$	—	$	—	$	—	$	54,000
Prudential	Capital Hilton and Hilton La Jolla Torrey Pines	—		195,000		—		—		—		—		195,000
Apollo	The Ritz-Carlton St. Thomas	—		42,500		—		—		—		—		42,500
LoanCore	Cameo Beverly Hills	—		30,000		—		—		—		—		30,000
BAML	Pier House Resort & Spa	—		80,000		—		—		—		—		80,000
BAML	See footnote 1	—		—		293,180		—		—		—		293,180
Convertible Senior Notes	N/A	—		—		—		86,250		—		—		86,250
BAML Credit Facility	See footnote 2	—		—		—		—		196,000		—		196,000
Credit Agricole	Park Hyatt Beaver Creek Resort & Spa	—		—		—		—		70,500		—		70,500
Aareal Capital Corporation	Four Seasons Resort Scottsdale	—		—		—		—		—		136,000		136,000
Principal due in future periods		$	—	$	401,500	$	293,180	$	86,250	$	266,500	$	136,000	$	1,183,430
Scheduled amortization payments remaining		—		—		—		—		2,000		2,000		4,000
Total indebtedness		$	—	$	401,500	$	293,180	$	86,250	$	268,500	$	138,000	$	1,187,430

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

(2)    This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.

9

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	101,832		$	—		$	101,832		$	105,769		$	3,466		$	109,235		(3.72)	%	(6.78)	%
	RevPAR	$	262.60		$	—		$	262.60		$	288.14		$	179.37		$	282.70		(8.86)	%	(7.11)	%
	Occupancy	68.37		%	—		%	68.37		%	71.50		%	28.23		%	69.34		%	(4.38)	%	(1.40)	%
	ADR	$	384.10		$	—		$	384.10		$	402.98		$	635.29		$	407.71		(4.69)	%	(5.79)	%

ALL HOTELS:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	360,258		$	—		$	360,258		$	326,798		$	34,626		$	361,424		10.24	%	(0.32)	%
	RevPAR	$	313.10		$	—		$	313.10		$	301.89		$	535.64		$	315.06		3.71	%	(0.62)	%
	Occupancy	68.06		%	—		%	68.06		%	66.00		%	45.23		%	64.83		%	3.12	%	4.98	%
	ADR	$	460.07		$	—		$	460.07		$	457.41		$	1,184.28		$	485.99		0.58	%	(5.33)	%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 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.

(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)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.

ALL HOTELS      NOT UNDER RENOVATION:
		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	82,142		$	—		$	82,142		$	83,285		$	3,466		$	86,751		(1.37)	%	(5.31)	%
	RevPAR	$	278.49		$	—		$	278.49		$	303.27		$	179.37		$	295.13		(8.17)	%	(5.64)	%
	Occupancy	70.16		%	—		%	70.16		%	72.44		%	28.23		%	69.53		%	(3.15)	%	0.91	%
	ADR	$	396.92		$	—		$	396.92		$	418.67		$	635.29		$	424.45		(5.20)	%	(6.49)	%

ALL HOTELS      NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
	Rooms revenue (in thousands)	$	280,063		$	—		$	280,063		$	245,408		$	34,626		$	280,034		14.12	%	0.01	%
	RevPAR	$	320.02		$	—		$	320.02		$	303.88		$	535.64		$	321.06		5.31	%	(0.32)	%
	Occupancy	67.87		%	—		%	67.87		%	66.22		%	45.23		%	64.67		%	2.49	%	4.95	%
	ADR	$	471.53		$	—		$	471.53		$	458.88		$	1,184.28		$	496.49		2.76	%	(5.03)	%

NOTES:

(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2023, and not under renovation during the three months ended September 30, 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.

(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)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.

(4)    Excluded hotels under renovation:

Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.

10

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2023			2022			% Variance		2023			2022			% Variance
	Total hotel revenue	$	160,697		$	162,225		(0.94)	%	$	565,782		$	501,709		12.77	%
	Non-comparable adjustments	—			7,072					—			57,298
	Comparable total hotel revenue	$	160,697		$	169,297		(5.08)	%	$	565,782		$	559,007		1.21	%
	Hotel net income (loss)	$	788		$	13,551		(94.18)	%	$	56,684		$	77,014		(26.40)	%
	Non-comparable adjustments	—			(4,568)					—			3,677
	Comparable hotel net income (loss)	$	788		$	8,983		(91.23)	%	$	56,684		$	80,691		(29.75)	%
	Hotel net income (loss) margin	0.49		%	8.35		%	(7.86)	%	10.02		%	15.35		%	(5.33)	%
	Comparable hotel net income margin	—		%	5.31		%	(5.31)	%	10.02		%	14.43		%	(4.41)	%
	Hotel EBITDA	$	34,867		$	40,693		(14.32)	%	$	161,323		$	153,440		5.14	%
	Non-comparable adjustments	—			(598)					—			16,280
	Comparable hotel EBITDA	$	34,867		$	40,095		(13.04)	%	$	161,323		$	169,720		(4.95)	%
	Hotel EBITDA margin	21.70		%	25.08		%	(3.38)	%	28.51		%	30.58		%	(2.07)	%
	Comparable hotel EBITDA margin	21.70		%	23.68		%	(1.98)	%	28.51		%	30.36		%	(1.85)	%
	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	830		$	1,168		(28.91)	%	$	3,741		$	2,858		30.88	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	(42)		$	12,384		(100.34)	%	$	52,943		$	74,156		(28.61)	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	(42)		$	7,816		(100.54)	%	$	52,943		$	77,833		(31.98)	%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,849		$	1,880		(1.62)	%	$	6,410		$	5,077		26.24	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	33,018		$	38,814		(14.93)	%	$	154,914		$	148,363		4.42	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	33,018		$	38,216		(13.60)	%	$	154,914		$	164,643		(5.91)	%

NOTES:

(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 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.

(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)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.

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

11

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL NET INCOME (LOSS) & EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS      NOT UNDER RENOVATION:		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2023			2022			% Variance		2023			2022			% Variance
	Total hotel revenue	$	122,155		$	120,196		1.63	%	$	414,214		$	353,273		17.25	%
	Non-comparable adjustments	—			7,072					—			57,298
	Comparable total hotel revenue	$	122,155		$	127,268		(4.02)	%	$	414,214		$	410,571		0.89	%
	Hotel net income (loss)	$	3,918		$	12,783		(69.35)	%	$	43,631		$	55,082		(20.79)	%
	Non-comparable adjustments	—			(4,568)					—			3,677
	Comparable hotel net income (loss)	$	3,918		$	8,215		(52.31)	%	$	43,631		$	58,760		(25.75)	%
	Hotel net income (loss) margin	3.21		%	10.64		%	(7.43)	%	10.53		%	15.59		%	(5.06)	%
	Comparable hotel net income margin	3.21		%	6.45		%	(3.24)	%	10.53		%	14.31		%	(3.78)	%
	Hotel EBITDA	$	30,014		$	33,399		(10.14)	%	$	124,110		$	113,529		9.32	%
	Non-comparable adjustments	—			(598)					—			16,280
	Comparable hotel EBITDA	$	30,014		$	32,801		(8.50)	%	$	124,110		$	129,809		(4.39)	%
	Hotel EBITDA margin	24.57		%	27.79		%	(3.22)	%	29.96		%	32.14		%	(2.18)	%
	Comparable hotel EBITDA margin	24.57		%	25.77		%	(1.20)	%	29.96		%	31.62		%	(1.66)	%
	Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests	$	984		$	1,067		(7.76)	%	$	2,481		$	2,572		(3.54)	%
	Hotel net income (loss) attributable to the Company and OP unitholders	$	2,934		$	11,717		(74.96)	%	$	41,151		$	52,511		(21.63)	%
	Comparable hotel net income (loss) attributable to the Company and OP unitholders	$	2,934		$	7,149		(58.95)	%	$	41,151		$	56,189		(26.76)	%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,246		$	1,323		(5.86)	%	$	3,246		$	3,355		(3.23)	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	28,768		$	32,076		(10.31)	%	$	120,864		$	110,174		9.70	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	28,768		$	31,478		(8.61)	%	$	120,864		$	126,454		(4.42)	%

NOTES:

(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2023, and not under renovation during the three months ended September 30, 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.

(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)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.

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

(5)    Excluded hotels under renovation:

Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.

12

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

		Three Months Ended September 30,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2023			2023			2023			2022			2022			2022			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	8,264		$	—		$	8,264		$	7,745		$	—		$	7,745		6.70	%	6.70	%
	Total hotel revenue	$	12,535		$	—		$	12,535		$	11,605		$	—		$	11,605		8.01	%	8.01	%
	Hotel net income (loss)	$	(616)		$	—		$	(616)		$	404		$	—		$	404		(252.48)	%	(252.48)	%
	Hotel net income (loss) margin	(4.91)		%				(4.91)		%	3.48		%				3.48		%	(8.39)	%	(8.39)	%
	Hotel EBITDA	$	2,413		$	—		$	2,413		$	2,226		$	—		$	2,226		8.40	%	8.40	%
	Hotel EBITDA margin	19.25		%				19.25		%	19.18		%				19.18		%	0.07	%	0.07	%
	Selected Operating Information:
	RevPAR	$	163.33		$	—		$	163.33		$	153.06		$	—		$	153.06		6.71	%	6.71	%
	Occupancy	73.80		%	—		%	73.80		%	73.01		%	—		%	73.01		%	1.08	%	1.08	%
	ADR	$	221.30		$	—		$	221.30		$	209.63		$	—		$	209.63		5.57	%	5.57	%
HILTON LA JOLLA TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	8,448		$	—		$	8,448		$	8,917		$	—		$	8,917		(5.26)	%	(5.26)	%
	Total hotel revenue	$	13,688		$	—		$	13,688		$	14,526		$	—		$	14,526		(5.77)	%	(5.77)	%
	Hotel net income (loss)	$	3,935		$	—		$	3,935		$	4,270		$	—		$	4,270		(7.85)	%	(7.85)	%
	Hotel net income (loss) margin	28.75		%				28.75		%	29.40		%				29.40		%	(0.65)	%	(0.65)	%
	Hotel EBITDA	$	4,983		$	—		$	4,983		$	5,293		$	—		$	5,293		(5.86)	%	(5.86)	%
	Hotel EBITDA margin	36.40		%				36.40		%	36.44		%				36.44		%	(0.04)	%	(0.04)	%
	Selected Operating Information:
	RevPAR	$	233.05		$	—		$	233.05		$	246.01		$	—		$	246.01		(5.27)	%	(5.27)	%
	Occupancy	84.34		%	—		%	84.34		%	86.96		%	—		%	86.96		%	(3.01)	%	(3.01)	%
	ADR	$	276.32		$	—		$	276.32		$	282.92		$	—		$	282.92		(2.33)	%	(2.33)	%
SOFITEL CHICAGO MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	7,735		$	—		$	7,735		$	8,165		$	—		$	8,165		(5.27)	%	(5.27)	%
	Total hotel revenue	$	10,135		$	—		$	10,135		$	11,029		$	—		$	11,029		(8.11)	%	(8.11)	%
	Hotel net income (loss)	$	2,147		$	—		$	2,147		$	1,129		$	—		$	1,129		90.17	%	90.17	%
	Hotel net income (loss) margin	21.18		%				21.18		%	10.24		%				10.24		%	10.94	%	10.94	%
	Hotel EBITDA	$	3,244		$	—		$	3,244		$	2,609		$	—		$	2,609		24.34	%	24.34	%
	Hotel EBITDA margin	32.01		%				32.01		%	23.66		%				23.66		%	8.35	%	8.35	%
	Selected Operating Information:
	RevPAR	$	202.60		$	—		$	202.60		$	213.86		$	—		$	213.86		(5.27)	%	(5.27)	%
	Occupancy	78.28		%	—		%	78.28		%	76.58		%	—		%	76.58		%	2.22	%	2.22	%
	ADR	$	258.83		$	—		$	258.83		$	279.27		$	—		$	279.27		(7.32)	%	(7.32)	%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	5,205		$	—		$	5,205		$	5,416		$	—		$	5,416		(3.90)	%	(3.90)	%
	Total hotel revenue	$	6,903		$	—		$	6,903		$	6,968		$	—		$	6,968		(0.93)	%	(0.93)	%
	Hotel net income (loss)	$	1,463		$	—		$	1,463		$	1,581		$	—		$	1,581		(7.46)	%	(7.46)	%
	Hotel net income (loss) margin	21.19		%				21.19		%	22.69		%				22.69		%	(1.50)	%	(1.50)	%
	Hotel EBITDA	$	2,493		$	—		$	2,493		$	2,777		$	—		$	2,777		(10.23)	%	(10.23)	%
	Hotel EBITDA margin	36.11		%				36.11		%	39.85		%				39.85		%	(3.74)	%	(3.74)	%
	Selected Operating Information:
	RevPAR	$	870.52		$	—		$	870.52		$	905.63		$	—		$	905.63		(3.88)	%	(3.88)	%
	Occupancy	80.32		%	—		%	80.32		%	65.95		%	—		%	65.95		%	21.79	%	21.79	%
	ADR	$	1,083.84		$	—		$	1,083.84		$	1,373.14		$	—		$	1,373.14		(21.07)	%	(21.07)	%

13

		Three Months Ended September 30,
		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	$	4,471		$	—		$	4,471		$	5,280		$	—		$	5,280		(15.32)	%	(15.32)	%
	Total hotel revenue	$	5,920		$	—		$	5,920		$	6,853		$	—		$	6,853		(13.61)	%	(13.61)	%
	Hotel net income (loss)	$	28		$	—		$	28		$	1,366		$	—		$	1,366		(97.95)	%	(97.95)	%
	Hotel net income (loss) margin	0.47		%				0.47		%	19.93		%				19.93		%	(19.46)	%	(19.46)	%
	Hotel EBITDA	$	2,115		$	—		$	2,115		$	2,889		$	—		$	2,889		(26.79)	%	(26.79)	%
	Hotel EBITDA margin	35.73		%				35.73		%	42.16		%				42.16		%	(6.43)	%	(6.43)	%
	Selected Operating Information:
	RevPAR	$	342.24		$	—		$	342.24		$	404.22		$	—		$	404.22		(15.33)	%	(15.33)	%
	Occupancy	69.52		%	—		%	69.52		%	74.36		%	—		%	74.36		%	(6.51)	%	(6.51)	%
	ADR	$	492.30		$	—		$	492.30		$	543.62		$	—		$	543.62		(9.44)	%	(9.44)	%
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	3,987		$	—		$	3,987		$	4,388		$	—		$	4,388		(9.14)	%	(9.14)	%
	Total hotel revenue	$	4,927		$	—		$	4,927		$	5,116		$	—		$	5,116		(3.69)	%	(3.69)	%
	Hotel net income (loss)	$	1,234		$	—		$	1,234		$	1,257		$	—		$	1,257		(1.83)	%	(1.83)	%
	Hotel net income (loss) margin	25.05		%				25.05		%	24.57		%				24.57		%	0.48	%	0.48	%
	Hotel EBITDA	$	2,106		$	—		$	2,106		$	2,392		$	—		$	2,392		(11.96)	%	(11.96)	%
	Hotel EBITDA margin	42.74		%				42.74		%	46.76		%				46.76		%	(4.02)	%	(4.02)	%
	Selected Operating Information:
	RevPAR	$	541.67		$	—		$	541.67		$	596.15		$	—		$	596.15		(9.14)	%	(9.14)	%
	Occupancy	77.24		%	—		%	77.24		%	61.22		%	—		%	61.22		%	26.17	%	26.17	%
	ADR	$	701.26		$	—		$	701.26		$	973.74		$	—		$	973.74		(27.98)	%	(27.98)	%
PARK HYATT BEAVER CREEK RESORT & SPA
	Selected Financial Information:
	Rooms revenue	$	3,466		$	—		$	3,466		$	4,214		$	—		$	4,214		(17.75)	%	(17.75)	%
	Total hotel revenue	$	9,555		$	—		$	9,555		$	10,920		$	—		$	10,920		(12.50)	%	(12.50)	%
	Hotel net income (loss)	$	(1,255)		$	—		$	(1,255)		$	(72)		$	—		$	(72)		(1,643.06)	%	(1,643.06)	%
	Hotel net income (loss) margin	(13.13)		%				(13.13)		%	(0.66)		%				(0.66)		%	(12.47)	%	(12.47)	%
	Hotel EBITDA	$	1,551		$	—		$	1,551		$	2,041		$	—		$	2,041		(24.01)	%	(24.01)