EXHIBIT 99.1

NEWS RELEASE



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

BRAEMAR HOTELS & RESORTS REPORTS

FOURTH QUARTER AND YEAR END 2019 RESULTS

Comparable RevPAR for All Hotels Increased 6.2% in the Fourth Quarter

Comparable Total RevPAR for All Hotels Increased 10.2% in the Fourth Quarter

Net Income Attributable to Common Stockholders was $12.7 Million in the Fourth Quarter

Adjusted Funds From Operations per Share Increased 93% in the Fourth Quarter

Adjusted EBITDAre Increased 25% in the Fourth Quarter

The Ritz-Carlton St. Thomas Reopened in November 2019

The Maple Grove Presidential Villa Opened at the Bardessono Hotel & Spa

Completed Sale and Distribution of Ashford Inc. Shares

DALLAS - February 26, 2020 - Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2019. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2019 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter ended December 31, 2019 with the fourth quarter ended December 31, 2018 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW


•	Focused strategy of investing in luxury hotels and resorts


•	Targets conservative leverage levels of 45% Net Debt to Gross Assets


•	Highly-aligned management team and advisory structure


•	Dividend yield of approximately 8.8%

FINANCIAL AND OPERATING HIGHLIGHTS


•	Net income attributable to common stockholders for the quarter was $12.7 million or $0.36 per diluted share. For the full year of 2019, net loss attributable to common stockholders was $9.8 million or $0.32 per diluted share.


•	Actual RevPAR for all hotels increased 9.9% to $223.70 during the quarter.


•	Comparable RevPAR for all hotels increased 6.2% to $223.70 during the quarter.


•	Adjusted funds from operations (AFFO) was $0.27 per diluted share for the quarter, an increase of 93% over the prior-year quarter.


•	Adjusted EBITDAre was $25.5 million for the quarter, an increase of 25% over the prior-year quarter.

BHR Reports Fourth Quarter Results

Page 2

February 26, 2020


•	During the quarter, the Company sold 19,897 shares of Ashford Inc. (NYSE American: AINC) (“Ashford”) common stock to Ashford for net proceeds of approximately $0.6 million. Additionally, during the quarter, the Company distributed its remaining 174,983 shares of Ashford common stock on a pro-rata basis to its common shareholders and unitholders.


•	During the quarter, the Company announced it had refinanced its mortgage loan for the 142-room Pier House Resort & Spa in Key West, Florida.


•	During the quarter, the Company announced it had entered into a new secured credit facility to replace its previous secured credit facility.


•	During the quarter, the Company announced the opening of The Maple Grove Presidential Villa at the Bardessono Hotel & Spa in Yountville, CA.


•	During the quarter, the Company announced that it had reopened its 180-room Ritz-Carlton St. Thomas hotel in St. Thomas, USVI on November 22, 2019.


•	Capex invested during the quarter was $28.1 million, bringing the total capex invested for the full year to $136.3 million.

UPDATE ON BUSINESS INTERRUPTION INCOME

During the quarter, the Company recognized $2.8 million of business interruption (“BI”) income for the Ritz-Carlton St. Thomas related to lost profits for the period of September 2019 through November 2019 due to the impact of Hurricane Irma. BI income for the full year 2019 totaled $19.3 million and related to lost profits for the period of December 2018 through November 2019. The Company will continue to work with its insurers on the claims at the Ritz-Carlton St. Thomas.

OPENING OF THE MAPLE GROVE PRESIDENTIAL VILLA

On October 3, 2019, the Company announced the opening of The Maple Grove Presidential Villa at the Bardessono Hotel & Spa in Yountville, California. The spacious Presidential Villa is available in its entirety, offering 3,705 square feet of space including three bedrooms at a published rate of $9,000 per night. The Presidential Villa is also available as three separate large, one-bedroom suites: the Flint Villa, the Jaspe Villa, and the Quartole Villa. Each separate suite boasts a distinctive great room, stately king bedroom, spa bathroom and courtyard.

REOPENING OF THE PRESTIGIOUS RITZ-CARLTON ST. THOMAS

On December 2, 2019, the Company announced it had reopened its 180-room Ritz-Carlton St. Thomas hotel in St. Thomas, USVI as planned on November 22,2019. The property, which had been operating with minimal operations since being struck by Hurricane Irma in September 2017, underwent approximately $100 million in renovations that were substantially funded by insurance proceeds. The renovation included guestrooms, guest bathrooms, public space, meeting space, ballroom, lobby, F&B outlets as well as several infrastructure projects. Additionally, during the renovation, several new amenities were added including expanding the meeting space pre-function area, renovating the lobby, expanding the retail space, repositioning the hotel’s signature restaurant - Alloro, renovating the Kid’s Club, adding a centralized café and market, constructing a family pool with splash pad, and adding 11 luxury pool cabanas.

CAPITAL STRUCTURE

At December 31, 2019, the Company had total assets of $1.8 billion and $1.1 billion of mortgage 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 mortgage loans had a blended average interest rate of 4.0%.

BHR Reports Fourth Quarter Results

Page 3

February 26, 2020

On October 2, 2019, the Company announced that it entered into a stock purchase agreement with Ashford under which Ashford purchased 19,897 shares of its common stock for $30 per share, resulting in total proceeds of approximately $0.6 million to the Company. The purchase price reflected a premium of approximately 20% based on the closing price of Ashford common stock on October 1, 2019. Due to the parameters of the private letter ruling from the Internal Revenue Service received by the Company, Ashford was only able to acquire the shares held by the Company’s taxable REIT subsidiary. Additionally, on November 5, 2019, the Company distributed its remaining 174,983 shares of Ashford common stock to its common shareholders and unitholders through a pro-rata, taxable dividend.

On October 3, 2019, the Company announced that it had refinanced its mortgage loan for the 142-room Pier House Resort & Spa in Key West, Florida, which had an existing outstanding balance of $70 million, a floating interest rate of LIBOR + 2.25%, and a final maturity date in March 2020. The new, non-recourse loan totals $80 million and has a five-year term. The loan is interest only and provides for a floating interest rate of LIBOR + 1.85%. The Company’s next hard maturity is not until April 2022.

On October 28, 2019, the Company announced that it had entered into a new $75 million secured credit facility, which replaced the Company’s previous credit facility that was scheduled to mature in November 2019. The new credit facility provides for a three-year revolving line of credit and bears interest at a range of LIBOR + 2.25%-3.50%, depending on the leverage level of the Company. There are two, one-year extension options, subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $175 million to an aggregate size of $250 million.

On December 4, 2019, the Company entered into separate equity distribution agreements with B. Riley FBR, Inc. and Janney Montgomery Scott LLC, relating to our shares of 5.50% Series B Cumulative Convertible Preferred Stock, (the “Series B Preferred Stock”). As part of this “at-the-market” (“ATM”) equity offering program, the Company may offer and sell, from time to time, up to an aggregate of $40 million of its Series B Preferred Stock. Since the inception of the ATM program, the Company has sold $1.25 million of its Series B Preferred Stock at an average price of $19.02 and expects to use the proceeds for general corporate purposes.

Also during the quarter, the Company filed a registration statement for the issuance of up to $700 million of Series E or Series M non-traded perpetual preferred stock that the Company expects will permit it to issue securities through the financial advisor and registered investment advisor networks over the next 3 years, market conditions permitting. The Company is currently targeting to raise $350 million over that period, and has registered a larger amount to allow for a dividend reinvestment program, as well as the potential for a more favorable reception to the offering concurrent with a more attractive hotel investment market. That registration statement is now effective. Ashford Securities, a division of Ashford Inc., has been established and licensed by FINRA as a broker-dealer, in order to act as dealer-manager on behalf of the Company in respect of the Series E and Series M non-traded preferred stock. The Company expects to use any proceeds from the sale of the Series E or Series M non-traded perpetual preferred stock for general corporate purposes and to enable the Company to continue to grow at a time when the retail capital markets are strong and the traditional equity markets are less favorable.

PORTFOLIO REVPAR

As of December 31, 2019, the portfolio consisted of thirteen hotels. During the fourth quarter of 2019, eleven of the Company’s hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 13 hotels) and comparable not under renovation basis

BHR Reports Fourth Quarter Results

Page 4

February 26, 2020

(11 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.


•	Comparable RevPAR increased 6.2% to $223.70 for all hotels on a 4.5% increase in ADR and a 1.7% increase in occupancy.


•	Comparable RevPAR increased 4.8% to $219.11 for all hotels not under renovation on a 2.1% increase in ADR and a 2.7% increase in occupancy.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

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

COMMON STOCK DIVIDEND

On December 5, 2019, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.16 per diluted share for the Company’s common stock for the fourth quarter ending December 31, 2019. The dividend, which equates to an annual rate of $0.64 per share, was paid on January 15, 2020, to shareholders of record as of December 31, 2019.

“We continue to diligently execute on our strategic objectives focusing on the luxury hotel segment,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Throughout 2019, we consistently made progress on our portfolio repositioning, capital investment, and the asset management front. We recently completed the renovation of the Ritz-Carlton St. Thomas, which reopened in November, and also completed The Maple Grove Presidential Villa at the Bardessono. We remain excited that the renovation and rebranding of the Courtyard Downtown San Francisco to The Clancy, an Autograph Collection Hotel, will be completed this May. Additionally, with our recent refinancing activity, we have pushed out our debt maturities while also lowering our cost of debt. We will continue to look for opportunities to maximize value for our shareholders and remain focused on delivering solid operational performance. Heading into 2020, we believe our portfolio is well-positioned and has unique aspects that are expected to result in opportunities for RevPAR outperformance.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Thursday, February 27, 2020 at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Thursday, March 5, 2020, by dialing (412) 317-6671 and entering the confirmation number, 13697612.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2019 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s web site, www.bhrreit.com on Thursday, February 27, 2020, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

BHR Reports Fourth Quarter Results

Page 5

February 26, 2020

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.

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.

Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”

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 federal securities regulations. Forward-looking statements in this press release may include, among others, statements about the implied share price for the Company's common stock. 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: general conditions of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, 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. 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.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)



	December 31, 2019			December 31, 2018
ASSETS
Investments in hotel properties, gross	$	1,791,174		$	1,562,806
Accumulated depreciation	(309,752		)	(262,905		)
Investments in hotel properties, net	1,481,422			1,299,901
Cash and cash equivalents	71,995			182,578
Restricted cash	58,388			75,910
Accounts receivable, net of allowance of $153 and $101, respectively	19,053			12,739
Inventories	2,794			1,862
Prepaid expenses	4,992			4,409
Investment in Ashford Inc., at fair value	—			10,114
Investment in OpenKey	1,899			1,766
Derivative assets	582			772
Other assets	13,018			13,831
Operating lease right-of-use assets	82,596			—
Intangible assets, net	5,019			27,678
Due from related parties, net	551			—
Due from third-party hotel managers	16,638			4,927
Total assets	$	1,758,947		$	1,636,487

LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,058,486		$	985,873
Accounts payable and accrued expenses	94,919			64,116
Dividends and distributions payable	9,143			8,514
Due to Ashford Inc., net	4,344			4,001
Due to related parties, net	—			224
Due to third-party hotel managers	1,685			1,633
Operating lease liabilities	61,118			—
Other liabilities	17,508			29,033
Total liabilities	1,247,203			1,093,394

5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 5,008,421 and 4,965,850 shares issued and outstanding at December 31, 2019 and 2018, respectively	106,920			106,123
Redeemable noncontrolling interests in operating partnership	41,570			44,885
Equity:
Preferred stock, $0.01 value, 50,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at December 31, 2019 and 2018	16			16
Common stock, $0.01 par value, 200,000,000 shares authorized, 32,885,217 and 32,511,660 shares issued and outstanding at December 31, 2019 and 2018, respectively	329			325
Additional paid-in capital	519,551			512,545
Accumulated deficit	(150,629		)	(115,410		)
Total stockholders' equity of the Company	369,267			397,476
Noncontrolling interest in consolidated entities	(6,013		)	(5,391		)
Total equity	363,254			392,085
Total liabilities and equity	$	1,758,947		$	1,636,487

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)



	Three Months Ended						Year Ended
	December 31,						December 31,
	2019			2018			2019			2018
REVENUE
Rooms	$	75,188		$	64,471		$	303,848		$	282,775
Food and beverage	30,759			24,607			115,085			94,671
Other	15,754			9,867			68,674			53,952
Total hotel revenue	121,701			98,945			487,607			431,398
Other	—			—			7			—
Total revenue	121,701			98,945			487,614			431,398
EXPENSES
Hotel operating expenses:
Rooms	18,217			14,304			70,297			62,498
Food and beverage	23,354			17,308			85,679			66,386
Other expenses	39,632			32,610			151,063			128,100
Management fees	4,031			3,567			16,573			15,648
Total hotel operating expenses	85,234			67,789			323,612			272,632
Property taxes, insurance and other	7,629			7,511			27,985			26,027
Depreciation and amortization	18,121			15,092			70,112			57,383
Impairment charges	—			—			—			71
Advisory services fee:
Base advisory fee	2,664			2,496			10,834			9,424
Reimbursable expenses	383			624			2,289			2,072
Incentive fee	(77		)	(206		)	—			2,035
Non-cash stock/unit-based compensation	1,978			1,241			7,404			6,481
Transaction costs	—			—			704			949
Corporate, general and administrative:
Non-cash stock/unit-based compensation	18			—			384			304
Other general and administrative	1,784			1,238			5,051			3,933
Total operating expenses	117,734			95,785			448,375			381,311
Gain (loss) on insurance settlement, disposition of assets and sale of hotel property	26,319			27			25,165			15,738
OPERATING INCOME (LOSS)	30,286			3,187			64,404			65,825
Equity in earnings (loss) of unconsolidated entity	(50		)	(88		)	(199		)	(234		)
Interest income	189			632			1,087			1,602
Other income (expense)	(13,577		)	(63		)	(13,947		)	(253		)
Interest expense	(11,518		)	(12,609		)	(50,164		)	(45,393		)
Amortization of loan costs	(1,095		)	(1,103		)	(4,343		)	(4,260		)
Write-off of loan costs and exit fees	—			—			(647		)	(4,178		)
Unrealized gain (loss) on investments	13,262			(4,672		)	7,872			(8,010		)
Unrealized gain (loss) on derivatives	(131		)	721			(1,103		)	(82		)
INCOME (LOSS) BEFORE INCOME TAXES	17,366			(13,995		)	2,960			5,017
Income tax (expense) benefit	(271		)	82			(1,764		)	(2,432		)
NET INCOME (LOSS)	17,095			(13,913		)	1,196			2,585
(Income) loss from consolidated entities attributable to noncontrolling interest	(282		)	(274		)	(2,032		)	(2,016		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(1,563		)	1,826			1,207			751
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	15,250			(12,361		)	371			1,320
Preferred dividends	(2,545		)	(2,083		)	(10,142		)	(7,205		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	12,705		$	(14,444	)	$	(9,771	)	$	(5,885	)

INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	0.38		$	(0.44	)	$	(0.32	)	$	(0.19	)
Weighted average common shares outstanding – basic	32,376			32,058			32,289			31,944
Diluted:
Net income (loss) attributable to common stockholders	$	0.36		$	(0.44	)	$	(0.32	)	$	(0.19	)
Weighted average common shares outstanding – diluted	38,995			32,058			32,289			31,944
Dividends declared per common share:	$	0.16		$	0.16		$	0.64		$	0.64

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands)

(unaudited)



	Three Months Ended						Year Ended
	December 31,						December 31,
	2019			2018			2019			2018
Net income (loss)	$	17,095		$	(13,913	)	$	1,196		$	2,585
Interest expense and amortization of loan costs	12,613			13,712			54,507			49,653
Depreciation and amortization	18,121			15,092			70,112			57,383
Income tax expense (benefit)	271			(82		)	1,764			2,432
Equity in (earnings) loss of unconsolidated entity	50			88			199			234
Company's portion of EBITDA of OpenKey	(48		)	(77		)	(195		)	(220		)
EBITDA	48,102			14,820			127,583			112,067
Impairment charges on real estate	—			—			—			71
Gain (loss) on insurance settlement, disposition of assets and sale of hotel property	(26,319		)	(27		)	(25,165		)	(15,738		)
EBITDAre	21,783			14,793			102,418			96,400
Amortization of favorable (unfavorable) contract assets (liabilities)	285			52			651			195
Transaction and conversion costs	893			2,000			2,076			2,965
Other (income) expense	13,577			63			13,947			253
Write-off of loan costs and exit fees	—			—			647			4,178
Unrealized (gain) loss on investments	(13,262		)	4,672			(7,872		)	8,010
Unrealized (gain) loss on derivatives	131			(721		)	1,103			82
Non-cash stock/unit-based compensation	2,035			1,295			7,943			7,004
Legal, advisory and settlement costs	93			426			527			(241		)
Advisory services incentive fee	(77		)	(2,241		)	—			—
Uninsured hurricane and wildfire related costs	—			—			—			412
Company's portion of adjustments to EBITDAre of OpenKey	3			8			25			7
Adjusted EBITDAre	$	25,461		$	20,347		$	121,465		$	119,265

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

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

(in thousands, except per share amounts)

(unaudited)



	Three Months Ended						Year Ended
	December 31,						December 31,
	2019			2018			2019			2018
Net income (loss)	$	17,095		$	(13,913	)	$	1,196		$	2,585
(Income) loss from consolidated entities attributable to noncontrolling interest	(282		)	(274		)	(2,032		)	(2,016		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	(1,563		)	1,826			1,207			751
Preferred dividends	(2,545		)	(2,545		)	(10,142		)	(7,205		)
Net income (loss) attributable to common stockholders	12,705			(14,906		)	(9,771		)	(5,885		)
Depreciation and amortization on real estate	17,324			14,320			66,933			54,350
Impairment charges on real estate	—			—			—			71
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	1,563			(1,826		)	(1,207		)	(751		)
Equity in (earnings) loss of unconsolidated entity	50			88			199			234
Gain (loss) on insurance settlement, disposition of assets and sale of hotel property	(26,319		)	(27		)	(25,165		)	(15,738		)
Company's portion of FFO of OpenKey	(50		)	(78		)	(201		)	(224		)
FFO available to common stockholders and OP unitholders	5,273			(2,429		)	30,788			32,057
Series B Cumulative Convertible Preferred Stock dividends	1,720			1,707			6,842			6,829
Transaction and conversion costs	893			2,000			2,076			2,965
Other (income) expense	13,577			63			13,947			253
Interest expense accretion on refundable membership club deposits	213			300			864			676
Write-off of loan costs and exit fees	—			—			647			4,178
Amortization of loan costs	1,076			1,080			4,263			4,164
Unrealized (gain) loss on investments	(13,262		)	4,672			(7,872		)	8,010
Unrealized (gain) loss on derivatives	131			(721		)	1,103			82
Non-cash stock/unit-based compensation	2,035			1,295			7,943			7,004
Legal, advisory and settlement costs	93			426			527			(241		)
Advisory services incentive fee	(77		)	(2,241		)	—			—
Uninsured hurricane and wildfire related costs	—			—			—			412
Company's portion of adjustments to FFO of OpenKey	4			8			28			7
Adjusted FFO available to common stockholders and OP unitholders	$	11,676		$	6,160		$	61,156		$	66,396
Adjusted FFO per diluted share available to common stockholders and OP unitholders	$	0.27		$	0.14		$	1.41		$	1.55
Weighted average diluted shares	43,381			43,026			43,387			42,787

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

DECEMBER 31, 2019

(dollars in thousands)

(unaudited)



Lender	Hotels	Maturity	Interest Rate	Fixed-Rate Debt			Floating-Rate Debt				Total Debt			Comparable TTM Hotel EBITDA⁽⁶⁾		Comparable TTM EBITDA Debt Yield
JPMorgan	Park Hyatt Beaver Creek	April 2020	LIBOR + 2.75%	$	—		$	67,500		(1)	$	67,500		$	10,142	15.0	%
BAML	See footnote	June 2020	LIBOR + 2.16%	—			435,000			(2)	435,000			$	45,517	10.5	%
Apollo	Ritz-Carlton, St. Thomas	August 2021	LIBOR + 4.95%	—			42,500			(3)	42,500			11,399		26.8	%
BAML	Hotel Yountville	May 2022	LIBOR + 2.55%	—			51,000				51,000			6,202		12.2	%
BAML	Bardessono	August 2022	LIBOR + 2.55%	—			40,000				40,000			5,610		14.0	%
BAML secured revolving credit facility	N/A	October 2022	Base Rate(5) + 1.25% to 2.50% or LIBOR + 2.25% to 3.50%	—			—			(4)	—			N/A		N/A
BAML	Ritz-Carlton, Sarasota	April 2023	LIBOR + 2.65%	—			100,000				100,000			13,626		13.6	%
BAML	Ritz-Carlton, Lake Tahoe	January 2024	LIBOR + 2.10%	—			54,000				54,000			8,064		14.9	%
Prudential	Capital Hilton and Hilton Torrey Pines	February 2024	LIBOR + 1.70%	—			195,000				195,000			29,836		15.3	%
BAML	Pier House Resort	September 2024	LIBOR + 1.85%	—			80,000				80,000			11,700		14.6	%
Total				$	—		$	1,065,000			$	1,065,000		$	142,096	13.3	%
Percentage				—		%	100.0		%		100.0		%
Weighted average interest rate				—		%	4.04		%		4.04		%

All indebtedness is non-recourse with the exception of the secured revolving credit facility.

⁽¹⁾This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in April 2019.


⁽²⁾	This mortgage loan has five one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel.

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

⁽⁴⁾This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning October 2022.

⁽⁵⁾Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.

⁽⁶⁾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

DECEMBER 31, 2019

(dollars in thousands)

(unaudited)



Lender	Hotels	2020		2021		2022		2023		2024		Thereafter		Total
BAML secured revolving credit facility	N/A	$	—	$	—	$	—	$	—	$	—	$	—	$	—
JPMorgan	Park Hyatt Beaver Creek	—		—		67,500		—		—		—		67,500
BAML	Hotel Yountville	—		—		51,000		—		—		—		51,000
BAML	Bardessono	—		—		40,000		—		—		—		40,000
BAML	Ritz-Carlton, Sarasota	—		—		—		98,000		—		—		98,000
BAML	Ritz-Carlton, Lake Tahoe	—		—		—		—		54,000		—		54,000
Prudential	Capital Hilton and Hilton Torrey Pines	—		—		—		—		195,000		—		195,000
Apollo	Ritz-Carlton, St. Thomas	—		—		—		—		42,500		—		42,500
BAML	Pier House Resort	—		—		—		—		80,000		—		80,000
BAML	See footnote 1	—		—		—		—		—		435,000		435,000
Principal due in future periods		$	—	$	—	$	158,500	$	98,000	$	371,500	$	435,000	$	1,063,000
Scheduled amortization payments remaining		—		500		1,000		500		—		—		2,000
Total indebtedness		$	—	$	500	$	159,500	$	98,500	$	371,500	$	435,000	$	1,065,000

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)



ALL HOTELS:
		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	74,753		$	—		$	74,753		$	64,471		$	5,538		$	70,009		15.95	%	6.78	%
	RevPAR	$	223.70		$	—		$	223.70		$	203.51		$	354.11		$	210.59		9.92	%	6.23	%
	Occupancy	76.46		%	—		%	76.46		%	75.58		%	67.79		%	75.22		%	1.16	%	1.65	%
	ADR	$	292.58		$	—		$	292.58		$	269.24		$	522.33		$	279.97		8.67	%	4.50	%



ALL HOTELS:
		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	302,469		$	1,719		$	304,188		$	282,775		$	22,479		$	305,254		6.96	%	(0.35	)%
	RevPAR	$	232.56		$	722.13		$	233.45		$	221.17		$	528.35		$	231.06		5.15	%	1.03	%
	Occupancy	78.85		%	77.52		%	78.85		%	81.31		%	54.04		%	80.43		%	(3.03	)%	(1.96	)%
	ADR	$	294.93		$	931.53		$	296.07		$	272.02		$	977.62		$	287.29		8.42	%	3.06	%

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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)	The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	63,134		$	—		$	63,134		$	54,657		$	5,538		$	60,195		15.51	%	4.88	%
	RevPAR	$	219.11		$	—		$	219.11		$	200.77		$	354.11		$	209.11		9.13	%	4.78	%
	Occupancy	76.37		%	—		%	76.37		%	74.75		%	67.79		%	74.37		%	2.17	%	2.69	%
	ADR	$	286.91		$	—		$	286.91		$	268.58		$	522.33		$	281.15		6.82	%	2.05	%



ALL HOTELS NOT UNDER RENOVATION:
ALL HOTELS NOT UNDER RENOVATION:		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
	Rooms revenue (in thousands)	$	258,598		$	1,719		$	260,317		$	239,139		$	22,479		$	261,618		8.14	%	(0.50	)%
	RevPAR	$	226.84		$	722.13		$	227.88		$	217.49		$	528.35		$	229.07		4.30	%	(0.52	)%
	Occupancy	77.68		%	77.52		%	77.68		%	80.63		%	54.04		%	79.64		%	(3.66	)%	(2.46	)%
	ADR	$	292.01		$	931.53		$	293.34		$	269.72		$	977.62		$	287.62		8.26	%	1.99	%

NOTES:

(1)

The above comparable information assumes the eleven hotel properties owned and included in the Company's operations at December 31, 2019, and not under renovation during the three months ended December 31, 2019, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold 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)	The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	Excluded Hotels Under Renovation:

San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)



ALL HOTELS:		Three Months Ended								Year Ended
		December 31,								December 31,
		2019			2018			% Variance		2019			2018			% Variance
	Total hotel revenue	$	121,265		$	98,945		22.56	%	$	486,228		$	431,398		12.71	%
	Non-comparable adjustments	—			10,535					2,671			45,896
	Comparable total hotel revenue	$	121,265		$	109,480		10.76	%	$	488,899		$	477,294		2.43	%

	Hotel EBITDA	$	30,063		$	26,950		11.55	%	$	141,318		$	137,621		2.69	%
	Non-comparable adjustments	(44		)	2,301					778			7,067
	Comparable hotel EBITDA	$	30,019		$	29,251		2.63	%	$	142,096		$	144,688		(1.79	)%
	Hotel EBITDA margin	24.79		%	27.24		%	(2.45	)%	29.06		%	31.90		%	(2.84	)%
	Comparable hotel EBITDA margin	24.75		%	26.72		%	(1.97	)%	29.06		%	30.31		%	(1.25	)%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,521		$	1,519		0.13	%	$	7,459		$	7,304		2.12	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	28,542		$	25,431		12.23	%	$	133,859		$	130,317		2.72	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	28,498		$	27,732		2.76	%	$	134,637		$	137,384		(2.00	)%

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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)	The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


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



ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended								Year Ended
ALL HOTELS NOT UNDER RENOVATION:		December 31,								December 31,
		2019			2018			% Variance		2019			2018			% Variance
	Total hotel revenue	$	104,365		$	87,478		19.30	%	$	415,939		$	367,831		13.08	%
	Non-comparable adjustments	—			10,535					2,671			45,896
	Comparable total hotel revenue	$	104,365		$	98,013		6.48	%	$	418,610		$	413,727		1.18	%

	Hotel EBITDA	$	26,465		$	24,970		5.99	%	$	115,671		$	113,496		1.92	%
	Non-comparable adjustments	152			2,301					778			7,067
	Comparable hotel EBITDA	$	26,617		$	27,271		(2.40	)%	$	116,449		$	120,563		(3.41	)%
	Hotel EBITDA margin	25.36		%	28.54		%	(3.18	)%	27.81		%	30.86		%	(3.05	)%
	Comparable hotel EBITDA margin	25.50		%	27.82		%	(2.32	)%	27.82		%	29.14		%	(1.32	)%

	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	1,521		$	1,519		0.13	%	$	7,459		$	7,304		2.12	%
	Hotel EBITDA attributable to the Company and OP unitholders	$	24,944		$	23,451		6.37	%	$	108,212		$	106,192		1.90	%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	25,096		$	25,752		(2.55	)%	$	108,990		$	113,259		(3.77	)%

NOTES:

(1)


(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 does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

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


(5)	Excluded Hotels Under Renovation:

San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)



		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	8,775		$	—		$	8,775		$	8,801		$	—		$	8,801		(0.30	)%	(0.30	)%
	Total hotel revenue	$	13,450		$	—		$	13,450		$	12,842		$	—		$	12,842		4.73	%	4.73	%
	Hotel EBITDA	$	2,836		$	—		$	2,836		$	2,642		$	—		$	2,642		7.34	%	7.34	%
	Hotel EBITDA margin	21.09		%				21.09		%	20.57		%				20.57		%	0.52	%	0.52	%
	Selected Operating Information:
	RevPAR	$	173.43		$	—		$	173.43		$	173.93		$	—		$	173.93		(0.29	)%	(0.29	)%
	Occupancy	78.12		%	—		%	78.12		%	77.49		%	—		%	77.49		%	0.81	%	0.81	%
	ADR	$	222.00		$	—		$	222.00		$	224.45		$	—		$	224.45		(1.09	)%	(1.09	)%

LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	5,355		$	—		$	5,355		$	5,801		$	—		$	5,801		(7.69	)%	(7.69	)%
	Total hotel revenue	$	11,030		$	—		$	11,030		$	10,871		$	—		$	10,871		1.46	%	1.46	%
	Hotel EBITDA	$	3,248		$	—		$	3,248		$	3,435		$	—		$	3,435		(5.44	)%	(5.44	)%
	Hotel EBITDA margin	29.45		%				29.45		%	31.60		%				31.60		%	(2.15	)%	(2.15	)%
	Selected Operating Information:
	RevPAR	$	147.74		$	—		$	147.74		$	160.03		$	—		$	160.03		(7.68	)%	(7.68	)%
	Occupancy	76.63		%	—		%	76.63		%	79.79		%	—		%	79.79		%	(3.96	)%	(3.96	)%
	ADR	$	192.79		$	—		$	192.79		$	200.57		$	—		$	200.57		(3.88	)%	(3.88	)%

CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	6,313		$	—		$	6,313		$	6,550		$	—		$	6,550		(3.62	)%	(3.62	)%
	Total hotel revenue	$	8,753		$	—		$	8,753		$	9,031		$	—		$	9,031		(3.08	)%	(3.08	)%
	Hotel EBITDA	$	1,610		$	—		$	1,610		$	2,579		$	—		$	2,579		(37.57	)%	(37.57	)%
	Hotel EBITDA margin	18.39		%				18.39		%	28.56		%				28.56		%	(10.17	)%	(10.17	)%
	Selected Operating Information:
	RevPAR	$	165.33		$	—		$	165.33		$	171.54		$	—		$	171.54		(3.62	)%	(3.62	)%
	Occupancy	79.82		%	—		%	79.82		%	76.74		%	—		%	76.74		%	4.01	%	4.01	%
	ADR	$	207.14		$	—		$	207.14		$	223.54		$	—		$	223.54		(7.34	)%	(7.34	)%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	3,476		$	—		$	3,476		$	3,461		$	—		$	3,461		0.43	%	0.43	%
	Total hotel revenue	$	4,790		$	—		$	4,790		$	4,731		$	—		$	4,731		1.25	%	1.25	%
	Hotel EBITDA	$	1,353		$	—		$	1,353		$	1,545		$	(2	)	$	1,543		(12.43	)%	(12.31	)%
	Hotel EBITDA margin	28.25		%				28.25		%	32.66		%				32.61		%	(4.41	)%	(4.36	)%
	Selected Operating Information:
	RevPAR	$	581.32		$	—		$	581.32		$	606.76		$	—		$	606.76		(4.19	)%	(4.19	)%
	Occupancy	74.53		%	—		%	74.53		%	76.42		%	—		%	76.42		%	(2.47	)%	(2.47	)%
	ADR	$	779.96		$	—		$	779.96		$	793.98		$	—		$	793.98		(1.77	)%	(1.77	)%

KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	5,062		$	—		$	5,062		$	4,589		$	—		$	4,589		10.31	%	10.31	%
	Total hotel revenue	$	6,587		$	—		$	6,587		$	5,961		$	—		$	5,961		10.50	%	10.50	%
	Hotel EBITDA	$	2,883		$	—		$	2,883		$	2,685		$	4		$	2,689		7.37	%	7.21	%
	Hotel EBITDA margin	43.77		%				43.77		%	45.04		%				45.11		%	(1.27	)%	(1.34	)%
	Selected Operating Information:
	RevPAR	$	387.46		$	—		$	387.46		$	351.27		$	—		$	351.27		10.30	%	10.30	%
	Occupancy	86.41		%	—		%	86.41		%	78.41		%	—		%	78.41		%	10.20	%	10.20	%
	ADR	$	448.43		$	—		$	448.43		$	447.97		$	—		$	447.97		0.10	%	0.10	%



		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	3,007		$	—		$	3,007		$	2,943		$	—		$	2,943		2.17	%	2.17	%
	Total hotel revenue	$	3,747		$	—		$	3,747		$	3,633		$	—		$	3,633		3.14	%	3.14	%
	Hotel EBITDA	$	1,422		$	—		$	1,422		$	1,372		$	(1	)	$	1,371		3.64	%	3.72	%
	Hotel EBITDA margin	37.95		%				37.95		%	37.76		%				37.74		%	0.19	%	0.21	%
	Selected Operating Information:
	RevPAR	$	408.68		$	—		$	408.68		$	399.86		$	—		$	399.86		2.21	%	2.21	%
	Occupancy	69.47		%	—		%	69.47		%	71.33		%	—		%	71.33		%	(2.61	)%	(2.61	)%
	ADR	$	588.28		$	—		$	588.28		$	560.57		$	—		$	560.57		4.94	%	4.94	%

PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	4,150		$	—		$	4,150		$	3,613		$	—		$	3,613		14.86	%	14.86	%
	Total hotel revenue	$	9,000		$	—		$	9,000		$	8,168		$	—		$	8,168		10.19	%	10.19	%
	Hotel EBITDA	$	1,105		$	—		$	1,105		$	1,015		$	—		$	1,015		8.87	%	8.87	%
	Hotel EBITDA margin	12.28		%				12.28		%	12.43		%				12.43		%	(0.15	)%	(0.15	)%
	Selected Operating Information:
	RevPAR	$	237.42		$	—		$	237.42		$	206.71		$	—		$	206.71		14.86	%	14.86	%
	Occupancy	52.87		%	—		%	52.87		%	51.51		%	—		%	51.51		%	2.64	%	2.64	%
	ADR	$	449.05		$	—		$	449.05		$	401.30		$	—		$	401.30		11.90	%	11.90	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	7,847		$	—		$	7,847		$	6,466		$	—		$	6,466		21.36	%	21.36	%
	Total hotel revenue	$	9,738		$	—		$	9,738		$	8,161		$	—		$	8,161		19.32	%	19.32	%
	Hotel EBITDA	$	3,333		$	118		$	3,451		$	3,218		$	—		$	3,218		3.57	%	7.24	%
	Hotel EBITDA margin	34.23		%				35.44		%	39.43		%				39.43		%	(5.20	)%	(3.99	)%
	Selected Operating Information:
	RevPAR	$	170.92		$	—		$	170.92		$	140.84		$	—		$	140.84		21.36	%	21.36	%
	Occupancy	81.00		%	—		%	81.00		%	71.84		%	—		%	71.84		%	12.75	%	12.75	%
	ADR	$	211.01		$	—		$	211.01		$	196.04		$	—		$	196.04		7.64	%	7.64	%

SAN FRANCISCO COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	9,158		$	—		$	9,158		$	8,149		$	—		$	8,149		12.38	%	12.38	%
	Total hotel revenue	$	9,825		$	—		$	9,825		$	9,004		$	—		$	9,004		9.12	%	9.12	%
	Hotel EBITDA	$	2,678		$	(196	)	$	2,482		$	2,487		$	—		$	2,487		7.68	%	(0.20	)%
	Hotel EBITDA margin	27.26		%				25.26		%	27.62		%				27.62		%	(0.36	)%	(2.36	)%
	Selected Operating Information:
	RevPAR	$	242.79		$	—		$	242.79		$	216.04		$	—		$	216.04		12.38	%	12.38	%
	Occupancy	85.56		%	—		%	85.56		%	80.29		%	—		%	80.29		%	6.56	%	6.56	%
	ADR	$	283.75		$	—		$	283.75		$	269.08		$	—		$	269.08		5.45	%	5.45	%

SARASOTA RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	7,430		$	—		$	7,430		$	6,332		$	—		$	6,332		17.34	%	17.34	%
	Total hotel revenue	$	18,197		$	—		$	18,197		$	15,872		$	—		$	15,872		14.65	%	14.65	%
	Hotel EBITDA	$	4,462		$	—		$	4,462		$	3,637		$	—		$	3,637		22.68	%	22.68	%
	Hotel EBITDA margin	24.52		%				24.52		%	22.91		%				22.91		%	1.61	%	1.61	%
	Selected Operating Information:
	RevPAR	$	303.60		$	—		$	303.60		$	258.77		$	—		$	258.77		17.32	%	17.32	%
	Occupancy	81.42		%	—		%	81.42		%	73.98		%	—		%	73.98		%	10.06	%	10.06	%
	ADR	$	372.87		$	—		$	372.87		$	349.79		$	—		$	349.79		6.60	%	6.60	%



		Three Months Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
LAKE TAHOE RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	5,862		$	—		$	5,862		$	—		$	5,538		$	5,538		—	%	5.85	%
	Total hotel revenue	$	11,213		$	—		$	11,213		$	—		$	10,609		$	10,609		—	%	5.69	%
	Hotel EBITDA	$	1,853		$	34		$	1,887		$	—		$	2,327		$	2,327		—	%	(18.91	)%
	Hotel EBITDA margin	16.53		%				16.83		%	—		%				21.93		%	16.53	%	(5.10	)%
	Selected Operating Information:
	RevPAR	$	374.80		$	—		$	374.80		$	—		$	354.11		$	354.11		—	%	5.84	%
	Occupancy	64.26		%	—		%	64.26		%	—		%	67.79		%	67.79		%	—	%	(5.21	)%
	ADR	$	583.27		$	—		$	583.27		$	—		$	522.33		$	522.33		—	%	11.67	%

SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	5,857		$	—		$	5,857		$	6,101		$	—		$	6,101		(4.00	)%	(4.00	)%
	Total hotel revenue	$	7,860		$	—		$	7,860		$	8,134		$	—		$	8,134		(3.37	)%	(3.37	)%
	Hotel EBITDA	$	2,360		$	—		$	2,360		$	2,815		$	—		$	2,815		(16.16	)%	(16.16	)%
	Hotel EBITDA margin	30.03		%				30.03		%	34.61		%				34.61		%	(4.58	)%	(4.58	)%
	Selected Operating Information:
	RevPAR	$	176.36		$	—		$	176.36		$	183.70		$	—		$	183.70		(4.00	)%	(4.00	)%
	Occupancy	75.30		%	—		%	75.30		%	78.67		%	—		%	78.67		%	(4.28	)%	(4.28	)%
	ADR	$	234.20		$	—		$	234.20		$	233.52		$	—		$	233.52		0.29	%	0.29	%

ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	2,461		$	—		$	2,461		$	1,665		$	—		$	1,665		47.81	%	47.81	%
	Total hotel revenue	$	7,075		$	—		$	7,075		$	2,463		$	—		$	2,463		187.25	%	187.25	%
	Hotel EBITDA	$	920		$	—		$	920		$	(507	)	$	—		$	(507	)	281.46	%	281.46	%
	Hotel EBITDA margin	13.00		%				13.00		%	(20.58		)%				(20.58		)%	33.58	%	33.58	%
	Selected Operating Information:
	RevPAR	$	296.19		$	—		$	296.19		$	242.95		$	—		$	242.95		21.91	%	21.91	%
	Occupancy	38.13		%	—		%	38.13		%	82.74		%	—		%	82.74		%	(53.92	)%	(53.92	)%
	ADR	$	776.76		$	—		$	776.76		$	293.63		$	—		$	293.63		164.54	%	164.54	%

TAMPA RENAISSANCE
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	74		$	(74	)	$	—		—	%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	27		$	(27	)	$	—		(100.00	)%	—	%
	Hotel EBITDA margin	—		%				—		%	—		%				—		%	—	%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%
	Occupancy	—		%	—		%	—		%	—		%	—		%	—		%	—	%	—	%
	ADR	$	—		$	—		$	—		$	—		$	—		$	—		—	%	—	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	74,753		$	—		$	74,753		$	64,471		$	5,538		$	70,009		15.95	%	6.78	%
	Total hotel revenue	$	121,265		$	—		$	121,265		$	98,945		$	10,535		$	109,480		22.56	%	10.76	%
	Hotel EBITDA	$	30,063		$	(44	)	$	30,019		$	26,950		$	2,301		$	29,251		11.55	%	2.63	%
	Hotel EBITDA margin	24.79		%				24.75		%	27.24		%				26.72		%	(2.45	)%	(1.97	)%
	Selected Operating Information:
	RevPAR	$	223.70		$	—		$	223.70		$	203.51		$	354.11		$	210.59		9.92	%	6.23	%
	Occupancy	76.46		%	—		%	76.46		%	75.58		%	67.79		%	75.22		%	1.16	%	1.65	%
	ADR	$	292.58		$	—		$	292.58		$	269.24		$	522.33		$	279.97		8.67	%	4.50	%

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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)	The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	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)



		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	38,735		$	—		$	38,735		$	39,191		$	—		$	39,191		(1.16	)%	(1.16	)%
	Total hotel revenue	$	57,285		$	—		$	57,285		$	55,081		$	—		$	55,081		4.00	%	4.00	%
	Hotel EBITDA	$	14,141		$	—		$	14,141		$	13,748		$	—		$	13,748		2.86	%	2.86	%
	Hotel EBITDA margin	24.69		%				24.69		%	24.96		%				24.96		%	(0.27	)%	(0.27	)%
	Selected Operating Information:
	RevPAR	$	192.95		$	—		$	192.95		$	195.22		$	—		$	195.22		(1.16	)%	(1.16	)%
	Occupancy	82.95		%	—		%	82.95		%	83.53		%	—		%	83.53		%	(0.69	)%	(0.69	)%
	ADR	$	232.62		$	—		$	232.62		$	233.73		$	—		$	233.73		(0.47	)%	(0.47	)%

LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	25,822		$	—		$	25,822		$	26,304		$	—		$	26,304		(1.83	)%	(1.83	)%
	Total hotel revenue	$	46,973		$	—		$	46,973		$	46,471		$	—		$	46,471		1.08	%	1.08	%
	Hotel EBITDA	$	15,695		$	—		$	15,695		$	15,468		$	—		$	15,468		1.47	%	1.47	%
	Hotel EBITDA margin	33.41		%				33.41		%	33.29		%				33.29		%	0.12	%	0.12	%
	Selected Operating Information:
	RevPAR	$	179.56		$	—		$	179.56		$	182.91		$	—		$	182.91		(1.83	)%	(1.83	)%
	Occupancy	83.06		%	—		%	83.06		%	85.33		%	—		%	85.33		%	(2.66	)%	(2.66	)%
	ADR	$	216.18		$	—		$	216.18		$	214.34		$	—		$	214.34		0.86	%	0.86	%

CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	25,366		$	—		$	25,366		$	25,909		$	—		$	25,909		(2.10	)%	(2.10	)%
	Total hotel revenue	$	34,770		$	—		$	34,770		$	35,398		$	—		$	35,398		(1.77	)%	(1.77	)%
	Hotel EBITDA	$	7,169		$	—		$	7,169		$	7,663		$	—		$	7,663		(6.45	)%	(6.45	)%
	Hotel EBITDA margin	20.62		%				20.62		%	21.65		%				21.65		%	(1.03	)%	(1.03	)%
	Selected Operating Information:
	RevPAR	$	167.46		$	—		$	167.46		$	171.04		$	—		$	171.04		(2.09	)%	(2.09	)%
	Occupancy	82.35		%	—		%	82.35		%	79.15		%	—		%	79.15		%	4.04	%	4.04	%
	ADR	$	203.34		$	—		$	203.34		$	216.11		$	—		$	216.11		(5.91	)%	(5.91	)%

BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	13,633		$	—		$	13,633		$	13,846		$	—		$	13,846		(1.54	)%	(1.54	)%
	Total hotel revenue	$	19,060		$	—		$	19,060		$	19,693		$	—		$	19,693		(3.21	)%	(3.21	)%
	Hotel EBITDA	$	5,610		$	—		$	5,610		$	6,464		$	(8	)	$	6,456		(13.21	)%	(13.10	)%
	Hotel EBITDA margin	29.43		%				29.43		%	32.82		%				32.78		%	(3.39	)%	(3.35	)%
	Selected Operating Information:
	RevPAR	$	595.19		$	—		$	595.19		$	611.84		$	—		$	611.84		(2.72	)%	(2.72	)%
	Occupancy	75.11		%	—		%	75.11		%	76.77		%	—		%	76.77		%	(2.16	)%	(2.16	)%
	ADR	$	792.41		$	—		$	792.41		$	796.93		$	—		$	796.93		(0.57	)%	(0.57	)%

KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	19,235		$	—		$	19,235		$	18,122		$	—		$	18,122		6.14	%	6.14	%
	Total hotel revenue	$	25,056		$	—		$	25,056		$	23,609		$	—		$	23,609		6.13	%	6.13	%
	Hotel EBITDA	$	11,700		$	—		$	11,700		$	10,907		$	16		$	10,923		7.27	%	7.11	%
	Hotel EBITDA margin	46.70		%				46.70		%	46.20		%				46.27		%	0.50	%	0.43	%
	Selected Operating Information:
	RevPAR	$	371.12		$	—		$	371.12		$	349.64		$	—		$	349.64		6.14	%	6.14	%
	Occupancy	82.14		%	—		%	82.14		%	81.00		%	—		%	81.00		%	1.41	%	1.41	%
	ADR	$	451.84		$	—		$	451.84		$	431.67		$	—		$	431.67		4.67	%	4.67	%



		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	12,054		$	—		$	12,054		$	12,179		$	—		$	12,179		(1.03	)%	(1.03	)%
	Total hotel revenue	$	15,305		$	—		$	15,305		$	15,570		$	—		$	15,570		(1.70	)%	(1.70	)%
	Hotel EBITDA	$	6,202		$	—		$	6,202		$	6,418		$	(4	)	$	6,414		(3.37	)%	(3.31	)%
	Hotel EBITDA margin	40.52		%				40.52		%	41.22		%				41.19		%	(0.70	)%	(0.67	)%
	Selected Operating Information:
	RevPAR	$	412.82		$	—		$	412.82		$	417.08		$	—		$	417.08		(1.02	)%	(1.02	)%
	Occupancy	73.91		%	—		%	73.91		%	74.70		%	—		%	74.70		%	(1.06	)%	(1.06	)%
	ADR	$	558.52		$	—		$	558.52		$	558.38		$	—		$	558.38		0.03	%	0.03	%

PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	18,209		$	—		$	18,209		$	18,349		$	—		$	18,349		(0.76	)%	(0.76	)%
	Total hotel revenue	$	40,688		$	—		$	40,688		$	40,292		$	—		$	40,292		0.98	%	0.98	%
	Hotel EBITDA	$	10,142		$	—		$	10,142		$	9,238		$	—		$	9,238		9.79	%	9.79	%
	Hotel EBITDA margin	24.93		%				24.93		%	22.93		%				22.93		%	2.00	%	2.00	%
	Selected Operating Information:
	RevPAR	$	262.57		$	—		$	262.57		$	264.59		$	—		$	264.59		(0.76	)%	(0.76	)%
	Occupancy	59.06		%	—		%	59.06		%	61.73		%	—		%	61.73		%	(4.33	)%	(4.33	)%
	ADR	$	444.54		$	—		$	444.54		$	428.59		$	—		$	428.59		3.72	%	3.72	%

THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	26,016		$	—		$	26,016		$	28,107		$	—		$	28,107		(7.44	)%	(7.44	)%
	Total hotel revenue	$	31,887		$	—		$	31,887		$	34,983		$	—		$	34,983		(8.85	)%	(8.85	)%
	Hotel EBITDA	$	9,850		$	—		$	9,850		$	14,038		$	—		$	14,038		(29.83	)%	(29.83	)%
	Hotel EBITDA margin	30.89		%				30.89		%	40.13		%				40.13		%	(9.24	)%	(9.24	)%
	Selected Operating Information:
	RevPAR	$	142.84		$	—		$	142.84		$	154.32		$	—		$	154.32		(7.44	)%	(7.44	)%
	Occupancy	72.15		%	—		%	72.15		%	82.92		%	—		%	82.92		%	(12.99	)%	(12.99	)%
	ADR	$	197.97		$	—		$	197.97		$	186.10		$	—		$	186.10		6.38	%	6.38	%

SAN FRANCISCO COURTYARD DOWNTOWN
	Selected Financial Information:
	Rooms revenue	$	40,576		$	—		$	40,576		$	37,032		$	—		$	37,032		9.57	%	9.57	%
	Total hotel revenue	$	44,167		$	—		$	44,167		$	41,933		$	—		$	41,933		5.33	%	5.33	%
	Hotel EBITDA	$	14,248		$	—		$	14,248		$	13,834		$	—		$	13,834		2.99	%	2.99	%
	Hotel EBITDA margin	32.26		%				32.26		%	32.99		%				32.99		%	(0.73	)%	(0.73	)%
	Selected Operating Information:
	RevPAR	$	271.14		$	—		$	271.14		$	247.58		$	—		$	247.58		9.52	%	9.52	%
	Occupancy	89.99		%	—		%	89.99		%	86.66		%	—		%	86.66		%	3.84	%	3.84	%
	ADR	$	301.30		$	—		$	301.30		$	285.70		$	—		$	285.70		5.46	%	5.46	%

SARASOTA RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	27,931		$	—		$	27,931		$	17,273		$	9,451		$	26,724		61.70	%	4.52	%
	Total hotel revenue	$	65,524		$	—		$	65,524		$	42,232		$	20,073		$	62,305		55.15	%	5.17	%
	Hotel EBITDA	$	13,626		$	—		$	13,626		$	7,142		$	5,567		$	12,709		90.79	%	7.22	%
	Hotel EBITDA margin	20.80		%				20.80		%	16.91		%				20.40		%	3.89	%	0.40	%
	Selected Operating Information:
	RevPAR	$	287.68		$	—		$	287.68		$	238.74		$	382.06		$	275.25		20.50	%	4.52	%
	Occupancy	73.40		%	—		%	73.40		%	71.47		%	78.86		%	73.36		%	2.70	%	0.05	%
	ADR	$	391.92		$	—		$	391.92		$	334.02		$	484.46		$	375.23		17.33	%	4.45	%



		Year Ended December 31,
		Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments			Comparable			Actual		Comparable
		2019			2019			2019			2018			2018			2018			% Variance		% Variance
LAKE TAHOE RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	22,362		$	1,719		$	24,081		$	—		$	21,199		$	21,199		—	%	13.59	%
	Total hotel revenue	$	41,894		$	2,671		$	44,565		$	—		$	40,434		$	40,434		—	%	10.22	%
	Hotel EBITDA	$	7,286		$	778		$	8,064		$	—		$	8,021		$	8,021		—	%	0.54	%
	Hotel EBITDA margin	17.39		%				18.09		%	—		%				19.84		%	17.39	%	(1.75	)%
	Selected Operating Information:
	RevPAR	$	374.76		$	722.13		$	388.09		$	—		$	341.64		$	341.64		—	%	13.60	%
	Occupancy	67.39		%	77.52		%	67.78		%	—		%	66.64		%	66.64		%	—	%	1.71	%
	ADR	$	556.11		$	931.53		$	572.58		$	—		$	512.66		$	512.66		—	%	11.69	%

SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	29,235		$	—		$	29,235		$	31,688		$	—		$	31,688		(7.74	)%	(7.74	)%
	Total hotel revenue	$	37,497		$	—		$	37,497		$	39,891		$	—		$	39,891		(6.00	)%	(6.00	)%
	Hotel EBITDA	$	14,250		$	—		$	14,250		$	15,885		$	—		$	15,885		(10.29	)%	(10.29	)%
	Hotel EBITDA margin	38.00		%				38.00		%	39.82		%				39.82		%	(1.82	)%	(1.82	)%
	Selected Operating Information:
	RevPAR	$	221.87		$	—		$	221.87		$	240.49		$	—		$	240.49		(7.74	)%	(7.74	)%
	Occupancy	83.22		%	—		%	83.22		%	84.80		%	—		%	84.80		%	(1.86	)%	(1.86	)%
	ADR	$	266.62		$	—		$	266.62		$	283.59		$	—		$	283.59		(5.98	)%	(5.98	)%

ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	3,295		$	—		$	3,295		$	6,604		$	—		$	6,604		(50.11	)%	(50.11	)%
	Total hotel revenue	$	26,122		$	—		$	26,122		$	21,634		$	—		$	21,634		20.75	%	20.75	%
	Hotel EBITDA	$	11,399		$	—		$	11,399		$	10,291		$	—		$	10,291		10.77	%	10.77	%
	Hotel EBITDA margin	43.64		%				43.64		%	47.57		%				47.57		%	(3.93	)%	(3.93	)%
	Selected Operating Information:
	RevPAR	$	299.87		$	—		$	299.87		$	224.31		$	—		$	224.31		33.69	%	33.69	%
	Occupancy	48.61		%	—		%	48.61		%	79.20		%	—		%	79.20		%	(38.62	)%	(38.62	)%
	ADR	$	616.91		$	—		$	616.91		$	283.22		$	—		$	283.22		117.82	%	117.82	%

TAMPA RENAISSANCE
	Selected Financial Information:
	Rooms revenue	$	—		$	—		$	—		$	8,171		$	(8,171	)	$	—		(100.00	)%	—	%
	Total hotel revenue	$	—		$	—		$	—		$	14,611		$	(14,611	)	$	—		(100.00	)%	—	%
	Hotel EBITDA	$	—		$	—		$	—		$	6,525		$	(6,525	)	$	—		(100.00	)%	—	%
	Hotel EBITDA margin	—		%				—		%	44.66		%				—		%	(44.66	)%	—	%
	Selected Operating Information:
	RevPAR	$	—		$	—		$	—		$	184.70		$	(184.70	)	$	—		(100.00	)%	—	%
	Occupancy	—		%	—		%	—		%	85.59		%	(85.59		)%	—		%	(100.00	)%	—	%
	ADR	$	—		$	—		$	—		$	215.80		$	(215.80	)	$	—		(100.00	)%	—	%

BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	302,469		$	1,719		$	304,188		$	282,775		$	22,479		$	305,254		6.96	%	(0.35	)%
	Total hotel revenue	$	486,228		$	2,671		$	488,899		$	431,398		$	45,896		$	477,294		12.71	%	2.43	%
	Hotel EBITDA	$	141,318		$	778		$	142,096		$	137,621		$	7,067		$	144,688		2.69	%	(1.79	)%
	Hotel EBITDA margin	29.06		%				29.06		%	31.90		%				30.31		%	(2.84	)%	(1.25	)%
	Selected Operating Information:
	RevPAR	$	232.56		$	722.13		$	233.45		$	221.17		$	528.35		$	231.06		5.15	%	1.03	%
	Occupancy	78.85		%	77.52		%	78.85		%	81.31		%	54.04		%	80.43		%	(3.03	)%	(1.96	)%
	ADR	$	294.93		$	931.53		$	296.07		$	272.02		$	977.62		$	287.29		8.42	%	3.06	%

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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)	The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)



	Actual			Non-comparable Adjustments			Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable			Actual			Non-comparable Adjustments		Comparable
	2019			2019			2019			2019			2019		2019			2019			2019		2019			2019			2019		2019
	4th Quarter			4th Quarter			4th Quarter			3rd Quarter			3rd Quarter		3rd Quarter			2nd Quarter			2nd Quarter		2nd Quarter			1st Quarter			1st Quarter		1st Quarter
Total Hotel Revenue	$	121,265		$	—		$	121,265		$	118,525		$	—	$	118,525		$	118,412		$	—	$	118,412		$	128,026		$	2,671	$	130,697
Hotel EBITDA	$	30,063		$	(44	)	$	30,019		$	33,417		$	11	$	33,428		$	38,149		$	161	$	38,310		$	39,689		$	650	$	40,339
Hotel EBITDA Margin	24.79		%				24.75		%	28.19		%			28.20		%	32.22		%			32.35		%	31.00		%			30.86		%

EBITDA % of Total TTM	21.3		%				21.1		%	23.6		%			23.5		%	27.0		%			27.0		%	28.1		%			28.4		%

JV Interests in EBITDA	$	1,521		$	—		$	1,521		$	1,545		$	—	$	1,545		$	2,527		$	—	$	2,527		$	1,866		$	—	$	1,866

	Actual			Non-comparable Adjustments			Comparable
	2019			2019			2019
	TTM			TTM			TTM
Total Hotel Revenue	$	486,228		$	2,671		$	488,899
Hotel EBITDA	$	141,318		$	778		$	142,096
Hotel EBITDA Margin	29.06		%				29.06		%

EBITDA % of Total TTM	100.0		%				100.0		%

JV Interests in EBITDA	$	7,459		$	—		$	7,459

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

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

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

DECEMBER 31, 2019

(in thousands, except share price)

(unaudited)



	December 31, 2019
Common stock shares outstanding	32,885
Partnership units outstanding (common stock equivalents)	4,538
Combined common stock shares and partnership units outstanding	37,423
Common stock price	$	8.93
Market capitalization	$	334,187
Series B cumulative convertible preferred stock	$	125,211
Series D cumulative preferred stock	$	40,000
Indebtedness	$	1,065,000
Joint venture partner's share of consolidated indebtedness	$	(48,750	)
Net working capital (see below)	$	(49,327	)
Total enterprise value (TEV)	$	1,466,321

Cash and cash equivalents	$	65,118
Restricted cash	$	56,442
Accounts receivable, net	$	18,086
Prepaid expenses	$	4,814
Due from third-party hotel managers, net	$	15,138
Total current assets	$	159,598

Accounts payable, net & accrued expenses	$	97,339
Dividends and distributions payable	$	9,143
Due to affiliates, net	$	3,789
Total current liabilities	$	110,271

Net working capital*	$	49,327

* 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)



		2019				2020
		1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
	Rooms	Actual	Actual	Actual	Actual	Estimated	Estimated	Estimated	Estimated
Park Hyatt Beaver Creek	190		x	x
The Notary Hotel	499	x	x	x
Ritz-Carlton Sarasota	266							x	x
San Francisco Courtyard Downtown	410	x	x	x	x	x	x
St. Thomas Ritz-Carlton	180	x	x	x	x
Seattle Marriott Waterfront	358								x
Total		3	4	4	2	1	1	1	2


(a)	Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2019 or 2020 are included in this table.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	2019			2019			2019			2019			December 31, 2019
	4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			TTM
Net income (loss)	$	31,519		$	9,196		$	12,770		$	16,470		$	69,955
Non-property adjustments	(26,320		)	1,441			(9		)	—			(24,888		)
Interest income	(69		)	(79		)	(77		)	(62		)	(287		)
Interest expense	5,210			4,829			4,965			4,856			19,860
Amortization of loan costs	309			229			209			345			1,092
Depreciation and amortization	18,310			16,831			18,474			16,686			70,301
Income tax expense (benefit)	(173		)	(78		)	422			115			286
Non-hotel EBITDA ownership expense	1,277			1,048			1,395			1,279			4,999
Hotel EBITDA including amounts attributable to noncontrolling interest	30,063			33,417			38,149			39,689			141,318
Non-comparable adjustments	(44		)	11			161			650			778
Comparable hotel EBITDA	$	30,019		$	33,428		$	38,310		$	40,339		$	142,096

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended December 31, 2019
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile			Bardessono Hotel & Spa			Key West Pier House Resort			Hotel Yountville		Park Hyatt Beaver Creek			The Notary Hotel			Plano Marriott Legacy Town Center		San Francisco Courtyard Downtown			Sarasota Ritz-Carlton			Lake Tahoe Ritz-Carlton			Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance		Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	827		$	1,921		$	(92	)	$	(99	)	$	1,413		$	176	$	(862	)	$	891		$	—	$	(313	)	$	1,316		$	(150	)	$	1,301		$	25,190		$	—	$	31,519		$	(14,424	)	$	17,095
Non-property adjustments	—			—			—			—			(89		)	—		—			—			—		—			—			—			—			(26,231		)	—		(26,320		)	26,320			—
Interest income	(13		)	(17		)	—			—			—			—		—			(9		)	—		(4		)	(16		)	—			(9		)	(1		)	—		(69		)	69			—
Interest expense	—			—			—			448			755			572		794			—			—		—			1,359			544			—			738			—		5,210			6,308			11,518
Amortization of loan cost	—			—			—			35			69			37		—			—			—		—			81			33			—			54			—		309			786			1,095
Depreciation and amortization	1,987			1,406			1,659			858			730			604		1,223			2,245			—		2,859			1,496			1,243			988			1,012			—		18,310			(189		)	18,121
Income tax expense (benefit)	—			(87		)	—			—			—			—		—			(52		)	—		—			—			—			—			(34		)	—		(173		)	444			271
Non-hotel EBITDA ownership expense	35			25			43			111			5			33		(50		)	258			—		136			226			183			80			192			—		1,277			(1,277		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,836			3,248			1,610			1,353			2,883			1,422		1,105			3,333			—		2,678			4,462			1,853			2,360			920			—		30,063			18,037			48,100
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(709		)	(811		)	—			—			—			—		—			—			—		—			—			—			—			—			—		(1,520		)	1,520			—
Equity in earnings (loss) of unconsolidated entities	—			—			—			—			—			—		—			—			—		—			—			—			—			—			—		—			50			50
Company's portion of EBITDA of OpenKey	—			—			—			—			—			—		—			—			—		—			—			—			—			—			—		—			(48		)	(48		)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,127		$	2,437		$	1,610		$	1,353		$	2,883		$	1,422	$	1,105		$	3,333		$	—	$	2,678		$	4,462		$	1,853		$	2,360		$	920		$	—	$	28,543		$	19,559		$	48,102
Non-comparable adjustments	—			—			—			—			—			—		—			118			—		(196		)	—			34			—			—			—		(44		)
Comparable hotel EBITDA	$	2,836		$	3,248		$	1,610		$	1,353		$	2,883		$	1,422	$	1,105		$	3,451		$	—	$	2,482		$	4,462		$	1,887		$	2,360		$	920		$	—	$	30,019
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,836		$	3,248		$	1,610		$	1,353		$	2,883		$	1,422	$	1,105		$	3,333		$	—	$	—		$	4,462		$	1,853		$	2,360		$	—		$	—	$	26,465
Non-comparable adjustments	—			—			—			—			—			—		—			118			—		—			—			34			—			—			—		152
Comparable hotel EBITDA	$	2,836		$	3,248		$	1,610		$	1,353		$	2,883		$	1,422	$	1,105		$	3,451		$	—	$	—		$	4,462		$	1,887		$	2,360		$	—		$	—	$	26,617

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)



BAML (Pier House)	$	—	$	—	$	—	$	—	$	2,883	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	2,883
BAML (Bardessono)	—		—		—		1,353		—		—		—		—		—		—		—		—		—		—		—		1,353
BAML (Hotel Yountville)	—		—		—		—		—		1,422		—		—		—		—		—		—		—		—		—		1,422
Apollo (Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		—		920		—		920
Prudential (Capital Hilton and Hilton Torrey Pines)	2,836		3,248		—		—		—		—		—		—		—		—		—		—		—		—		—		6,084
BAML Pool (see footnote 5)	—		—		1,610		—		—		—		—		3,451		—		2,482		—		—		2,360		—		—		9,903
JP Morgan (Park Hyatt Beaver Creek)	—		—		—		—		—		—		1,105		—		—		—		—		—		—		—		—		1,105
BAML (Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		—		4,462		—		—		—		—		4,462
BAML (Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		—		1,887		—		—		—		1,887
Total	$	2,836	$	3,248	$	1,610	$	1,353	$	2,883	$	1,422	$	1,105	$	3,451	$	—	$	2,482	$	4,462	$	1,887	$	2,360	$	920	$	—	$	30,019

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	Excluded Hotels Under Renovation:

San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton


(5)	This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott 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, 2019
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville		Park Hyatt Beaver Creek			The Notary Hotel			Plano Marriott Legacy Town Center		San Francisco Courtyard Downtown			Sarasota Ritz-Carlton			Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance		Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	328		$	2,574		$	1,232	$	803	$	824	$	1,168	$	(187	)	$	(981	)	$	—	$	985		$	(2,710	)	$	430	$	4,667		$	63		$	—	$	9,196		$	(18,150	)	$	(8,954	)
Non-property adjustments	—			—			—		—		—		—		—			1,186			—		—			(23		)	—		—			278			—		1,441			(1,441		)	—
Interest income	(17		)	(18		)	—		—		—		—		—			(6		)	—		(5		)	(18		)	—		(14		)	(1		)	—		(79		)	79			—
Interest expense	—			—			—		491		9		625		861			—			—		—			1,465			600		—			778			—		4,829			7,770			12,599
Amortization of loan cost	—			—			—		35		—		37		—			—			—		—			80			32		—			45			—		229			818			1,047
Depreciation and amortization	1,974			1,406			1,654		659		698		592		1,187			2,226			—		2,724			1,448			1,115		985			163			—		16,831			—			16,831
Income tax expense (benefit)	—			(87		)	—		—		—		—		—			6			—		—			—			—		—			3			—		(78		)	233			155
Non-hotel EBITDA ownership expense	3			19			104		123		11		73		26			306			—		10			37			161		(37		)	212			—		1,048			(1,048		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,288			3,894			2,990		2,111		1,542		2,495		1,887			2,737			—		3,714			279			2,338		5,601			1,541			—		33,417			(11,739		)	21,678
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(572		)	(973		)	—		—		—		—		—			—			—		—			—			—		—			—			—		(1,545		)	1,545			—
Equity in earnings (loss) of unconsolidated entities	—			—			—		—		—		—		—			—			—		—			—			—		—			—			—		—			48			48
Company's portion of EBITDA of OpenKey	—			—			—		—		—		—		—			—			—		—			—			—		—			—			—		—			(50		)	(50		)
Hotel EBITDA attributable to the Company and OP unitholders	$	1,716		$	2,921		$	2,990	$	2,111	$	1,542	$	2,495	$	1,887		$	2,737		$	—	$	3,714		$	279		$	2,338	$	5,601		$	1,541		$	—	$	31,872		$	(10,196	)	$	21,676
Non-comparable adjustments	—			—			—		—		—		—		—			(118		)	—		129			—			—		—			—			—		11
Comparable hotel EBITDA	$	2,288		$	3,894		$	2,990	$	2,111	$	1,542	$	2,495	$	1,887		$	2,619		$	—	$	3,843		$	279		$	2,338	$	5,601		$	1,541		$	—	$	33,428

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)



BAML (Pier House)	$	—	$	—	$	—	$	—	$	1,542	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,542
BAML (Bardessono)	—		—		—		2,111		—		—		—		—		—		—		—		—		—		—		—		2,111
BAML (Hotel Yountville)	—		—		—		—		—		2,495		—		—		—		—		—		—		—		—		—		2,495
Apollo (Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—		—		1,541		—		1,541
Prudential (Capital Hilton and Hilton Torrey Pines)	2,288		3,894		—		—		—		—		—		—		—		—		—		—		—		—		—		6,182
BAML Pool (see footnote 4)	—		—		2,990		—		—		—		—		2,619		—		3,843		—		—		5,601		—		—		15,053
JP Morgan (Park Hyatt Beaver Creek)	—		—		—		—		—		—		1,887		—		—		—		—		—		—		—		—		1,887
BAML (Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		—		279		—		—		—		—		279
BAML (Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		—		2,338		—		—		—		2,338
Total	$	2,288	$	3,894	$	2,990	$	2,111	$	1,542	$	2,495	$	1,887	$	2,619	$	—	$	3,843	$	279	$	2,338	$	5,601	$	1,541	$	—	$	33,428

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott 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, 2019
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa		Key West Pier House Resort		Hotel Yountville			Park Hyatt Beaver Creek			The Notary Hotel			Plano Marriott Legacy Town Center		San Francisco Courtyard Downtown			Sarasota Ritz-Carlton			Lake Tahoe Ritz-Carlton			Seattle Marriott Waterfront			St. Thomas Ritz-Carlton		Tampa Renaissance		Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	4,005		$	2,301		$	2,258	$	191	$	2,510	$	404		$	(1,875	)	$	829		$	—	$	1,419		$	(1,058	)	$	(3,260	)	$	2,903		$	2,143	$	—	$	12,770		$	(18,393	)	$	(5,623	)
Non-property adjustments	—			—			—		—		—		(9		)	—			—			—		—			—			—			—			—		—		(9		)	9			—
Interest income	(17		)	(21		)	—		—		—		—			—			(3		)	—		(4		)	(19		)	—			(13		)	—		—		(77		)	77			—
Interest expense	—			—			—		508		—		648			887			—			—		—			1,509			625			—			788		—		4,965			8,069			13,034
Amortization of loan cost	—			—			—		34		—		36			—			—			—		—			79			32			—			28		—		209			812			1,021
Depreciation and amortization	2,015			1,408			1,652		795		631		697			1,076			2,031			—		2,459			2,417			1,126			1,002			1,165		—		18,474			—			18,474
Income tax expense (benefit)	—			380			—		—		—		—			—			2			—		—			—			—			—			40		—		422			(11		)	411
Non-hotel EBITDA ownership expense	17			19			37		111		7		13			444			280			—		16			27			30			132			262		—		1,395			(1,395		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	6,020			4,087			3,947		1,639		3,148		1,789			532			3,139			—		3,890			2,955			(1,447		)	4,024			4,426		—		38,149			(10,832		)	27,317
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(1,505		)	(1,022		)	—		—		—		—			—			—			—		—			—			—			—			—		—		(2,527		)	2,527			—
Equity in earnings (loss) of unconsolidated entities	—			—			—		—		—		—			—			—			—		—			—			—			—			—		—		—			51			51
Company's portion of EBITDA of OpenKey	—			—			—		—		—		—			—			—			—		—			—			—			—			—		—		—			(48		)	(48		)
Hotel EBITDA attributable to the Company and OP unitholders	$	4,515		$	3,065		$	3,947	$	1,639	$	3,148	$	1,789		$	532		$	3,139		$	—	$	3,890		$	2,955		$	(1,447	)	$	4,024		$	4,426	$	—	$	35,622		$	(8,302	)	$	27,320
Non-comparable adjustments	—			—			—		—		—		—			—			—			—		23			—			138			—			—		—		161
Comparable hotel EBITDA	$	6,020		$	4,087		$	3,947	$	1,639	$	3,148	$	1,789		$	532		$	3,139		$	—	$	3,913		$	2,955		$	(1,309	)	$	4,024		$	4,426	$	—	$	38,310

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)



BAML (Pier House)	$	—	$	—	$	—	$	—	$	3,148	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—	$	—	$	3,148
BAML (Bardessono)	—		—		—		1,639		—		—		—		—		—		—		—		—			—		—		—		1,639
BAML (Hotel Yountville)	—		—		—		—		—		1,789		—		—		—		—		—		—			—		—		—		1,789
Apollo (Ritz-Carlton St. Thomas)	—		—		—		—		—		—		—		—		—		—		—		—			—		4,426		—		4,426
Prudential (Capital Hilton and Hilton Torrey Pines)	6,020		4,087		—		—		—		—		—		—		—		—		—		—			—		—		—		10,107
BAML Pool (see footnote 4)	—		—		3,947		—		—		—		—		3,139		—		3,913		—		—			4,024		—		—		15,023
JP Morgan (Park Hyatt Beaver Creek)	—		—		—		—		—		—		532		—		—		—		—		—			—		—		—		532
BAML (Ritz-Carlton Sarasota)	—		—		—		—		—		—		—		—		—		—		2,955		—			—		—		—		2,955
BAML (Ritz-Carlton Lake Tahoe)	—		—		—		—		—		—		—		—		—		—		—		(1,309		)	—		—		—		(1,309		)
Total	$	6,020	$	4,087	$	3,947	$	1,639	$	3,148	$	1,789	$	532	$	3,139	$	—	$	3,913	$	2,955	$	(1,309	)	$	4,024	$	4,426	$	—	$	38,310

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott 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, 2019
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile			Bardessono Hotel & Spa			Key West Pier House Resort		Hotel Yountville			Park Hyatt Beaver Creek		The Notary Hotel			Plano Marriott Legacy Town Center		San Francisco Courtyard Downtown			Sarasota Ritz-Carlton			Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront			St. Thomas Ritz-Carlton		Tampa Renaissance		Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	1,060		$	3,021		$	(3,422	)	$	(931	)	$	3,556	$	(880	)	$	4,533	$	(1,232	)	$	—	$	1,648		$	1,968		$	2,697	$	1,253		$	3,199	$	—	$	16,470		$	(17,792	)	$	(1,322	)
Non-property adjustments	—			—			—			—			—		—			—		—			—		—			—			—		—			—		—		—			—			—
Interest income	(10		)	(19		)	—			—			—		—			—		(2		)	—		(3		)	(16		)	—		(12		)	—		—		(62		)	62			—
Interest expense	—			—			—			505			—		644			885		—			—		—			1,514			525		—			783		—		4,856			8,157			13,013
Amortization of loan cost	—			—			—			34			—		36			138		—			—		—			78			32		—			27		—		345			835			1,180
Depreciation and amortization	1,939			1,396			1,694			796			556		683			1,009		1,867			—		2,313			2,354			942		1,001			136		—		16,686			—			16,686
Income tax expense (benefit)	—			45			—			—			—		—			—		2			—		—			—			—		—			68		—		115			812			927
Non-hotel EBITDA ownership expense	8			23			350			103			15		13			53		6			—		8			32			346		23			299		—		1,279			(1,279		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,997			4,466			(1,378		)	507			4,127		496			6,618		641			—		3,966			5,930			4,542		2,265			4,512		—		39,689			(9,205		)	30,484
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(749		)	(1,117		)	—			—			—		—			—		—			—		—			—			—		—			—		—		(1,866		)	1,866			—
Equity in earnings (loss) of unconsolidated entities	—			—			—			—			—		—			—		—			—		—			—			—		—			—		—		—			50			50
Company's portion of EBITDA of OpenKey	—			—			—			—			—		—			—		—			—		—			—			—		—			—		—		—			(49		)	(49		)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,248		$	3,349		$	(1,378	)	$	507		$	4,127	$	496		$	6,618	$	641		$	—	$	3,966		$	5,930		$	4,542	$	2,265		$	4,512	$	—	$	37,823		$	(7,338	)	$	30,485
Non-comparable adjustments	—			—			—			—			—		—			—		—			—		44			—			606		—			—		—		650
Comparable hotel EBITDA	$	2,997		$	4,466		$	(1,378	)	$	507		$	4,127	$	496		$	6,618	$	641		$	—	$	4,010		$	5,930		$	5,148	$	2,265		$	4,512	$	—	$	40,339

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)



BAML (Pier House)	$	—	$	—	$	—		$	—	$	4,127	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	4,127
BAML (Bardessono)	—		—		—			507		—		—		—		—		—		—		—		—		—		—		—		507
BAML (Hotel Yountville)	—		—		—			—		—		496		—		—		—		—		—		—		—		—		—		496
Apollo (Ritz-Carlton St. Thomas)	—		—		—			—		—		—		—		—		—		—		—		—		—		4,512		—		4,512
Prudential (Capital Hilton and Hilton Torrey Pines)	2,997		4,466		—			—		—		—		—		—		—		—		—		—		—		—		—		7,463
BAML Pool (see footnote 4)	—		—		(1,378		)	—		—		—		—		641		—		4,010		—		—		2,265		—		—		5,538
JP Morgan (Park Hyatt Beaver Creek)	—		—		—			—		—		—		6,618		—		—		—		—		—		—		—		—		6,618
BAML (Ritz-Carlton Sarasota)	—		—		—			—		—		—		—		—		—		—		5,930		—		—		—		—		5,930
BAML (Ritz-Carlton Lake Tahoe)	—		—		—			—		—		—		—		—		—		—		—		5,148		—		—		—		5,148
Total	$	2,997	$	4,466	$	(1,378	)	$	507	$	4,127	$	496	$	6,618	$	641	$	—	$	4,010	$	5,930	$	5,148	$	2,265	$	4,512	$	—	$	40,339

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, Seattle Marriott Waterfront and The Notary Hotel.

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Three Months Ended December 31, 2018
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile		Bardessono Hotel & Spa			Key West Pier House Resort			Hotel Yountville			Park Hyatt Beaver Creek			The Notary Hotel			Plano Marriott Legacy Town Center			San Francisco Courtyard Downtown			Sarasota Ritz-Carlton			Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	712		$	2,419		$	827	$	45		$	2,493		$	5		$	(943	)	$	1,821		$	9		$	(200	)	$	(394	)	$	—	$	1,807		$	(2,120	)	$	44		$	6,525		$	(20,438	)	$	(13,913	)
Non-property adjustments	—			—			—		—			—			—			—			—			(9		)	—			—			—		—			—			(17		)	(26		)	26			—
Interest income	(10		)	(16		)	—		—			—			—			—			(5		)	—			(4		)	(15		)	—		(11		)	—			—			(61		)	61			—
Interest expense	—			—			—		496			—			632			871			—			—			—			1,565			—		—			778			—			4,342			8,267			12,609
Amortization of loan cost	—			—			—		34			—			36			137			—			—			—			77			—		—			—			—			284			819			1,103
Depreciation and amortization	1,883			1,423			1,724		751			536			686			933			1,505			—			2,238			2,253			—		1,024			136			—			15,092			—			15,092
Income tax expense (benefit)	—			(382		)	—		—			—			—			—			84			—			—			—			—		—			(55		)	—			(353		)	271			(82		)
Non-hotel EBITDA ownership expense	57			(9		)	28		219			(344		)	13			17			(187		)	—			453			151			—		(5		)	754			—			1,147			(1,147		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,642			3,435			2,579		1,545			2,685			1,372			1,015			3,218			—			2,487			3,637			—		2,815			(507		)	27			26,950			(12,141		)	14,809
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(660		)	(859		)	—		—			—			—			—			—			—			—			—			—		—			—			—			(1,519		)	1,519			—
Equity in earnings (loss) of unconsolidated entities	—			—			—		—			—			—			—			—			—			—			—			—		—			—			—			—			88			88
Company's portion of EBITDA of OpenKey	—			—			—		—			—			—			—			—			—			—			—			—		—			—			—			—			(77		)	(77		)
Hotel EBITDA attributable to the Company and OP unitholders	$	1,982		$	2,576		$	2,579	$	1,545		$	2,685		$	1,372		$	1,015		$	3,218		$	—		$	2,487		$	3,637		$	—	$	2,815		$	(507	)	$	27		$	25,431		$	(10,611	)	$	14,820
Non-comparable adjustments	—			—			—		(2		)	4			(1		)	—			—			—			—			—			2,327		—			—			(27		)	2,301
Comparable hotel EBITDA	$	2,642		$	3,435		$	2,579	$	1,543		$	2,689		$	1,371		$	1,015		$	3,218		$	—		$	2,487		$	3,637		$	2,327	$	2,815		$	(507	)	$	—		$	29,251
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,642		$	3,435		$	2,579	$	1,545		$	2,685		$	1,372		$	1,015		$	3,218		$	—		$	—		$	3,637		$	—	$	2,815		$	—		$	27		$	24,970
Non-comparable adjustments	—			—			—		(2		)	4			(1		)	—			—			—			—			—			2,327		—			—			(27		)	2,301
Comparable hotel EBITDA	$	2,642		$	3,435		$	2,579	$	1,543		$	2,689		$	1,371		$	1,015		$	3,218		$	—		$	—		$	3,637		$	2,327	$	2,815		$	—		$	—		$	27,271

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	Excluded Hotels Under Renovation:

San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Year Ended December 31, 2019
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile			Bardessono Hotel & Spa			Key West Pier House Resort			Hotel Yountville			Park Hyatt Beaver Creek		The Notary Hotel			Plano Marriott Legacy Town Center		San Francisco Courtyard Downtown			Sarasota Ritz-Carlton			Lake Tahoe Ritz-Carlton			Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance		Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	6,220		$	9,817		$	(24	)	$	(36	)	$	8,303		$	868		$	1,609	$	(493	)	$	—	$	3,739		$	(484	)	$	(283	)	$	10,124		$	30,595		$	—	$	69,955		$	(68,759	)	$	1,196
Non-property adjustments	—			—			—			—			(89		)	(9		)	—		1,186			—		—			(23		)	—			—			(25,953		)	—		(24,888		)	24,888			—
Interest income	(57		)	(75		)	—			—			—			—			—		(20		)	—		(16		)	(69		)	—			(48		)	(2		)	—		(287		)	287			—
Interest expense	—			—			—			1,952			764			2,489			3,427		—			—		—			5,847			2,294			—			3,087			—		19,860			30,304			50,164
Amortization of loan cost	—			—			—			138			69			146			138		—			—		—			318			129			—			154			—		1,092			3,251			4,343
Depreciation and amortization	7,915			5,616			6,659			3,108			2,615			2,576			4,495		8,369			—		10,355			7,715			4,426			3,976			2,476			—		70,301			(189		)	70,112
Income tax expense (benefit)	—			251			—			—			—			—			—		(42		)	—		—			—			—			—			77			—		286			1,478			1,764
Non-hotel EBITDA ownership expense	63			86			534			448			38			132			473		850			—		170			322			720			198			965			—		4,999			(4,999		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	14,141			15,695			7,169			5,610			11,700			6,202			10,142		9,850			—		14,248			13,626			7,286			14,250			11,399			—		141,318			(13,739		)	127,579
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(3,535		)	(3,924		)	—			—			—			—			—		—			—		—			—			—			—			—			—		(7,459		)	7,459			—
Equity in earnings (loss) of unconsolidated entities	—			—			—			—			—			—			—		—			—		—			—			—			—			—			—		—			199			199
Company's portion of EBITDA of OpenKey	—			—			—			—			—			—			—		—			—		—			—			—			—			—			—		—			(195		)	(195		)
Hotel EBITDA attributable to the Company and OP unitholders	$	10,606		$	11,771		$	7,169		$	5,610		$	11,700		$	6,202		$	10,142	$	9,850		$	—	$	14,248		$	13,626		$	7,286		$	14,250		$	11,399		$	—	$	133,859		$	(6,276	)	$	127,583
Non-comparable adjustments	—			—			—			—			—			—			—		—			—		—			—			778			—			—			—		778
Comparable hotel EBITDA	$	14,141		$	15,695		$	7,169		$	5,610		$	11,700		$	6,202		$	10,142	$	9,850		$	—	$	14,248		$	13,626		$	8,064		$	14,250		$	11,399		$	—	$	142,096
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	14,141		$	15,695		$	7,169		$	5,610		$	11,700		$	6,202		$	10,142	$	9,850		$	—	$	—		$	13,626		$	7,286		$	14,250		$	—		$	—	$	115,671
Non-comparable adjustments	—			—			—			—			—			—			—		—			—		—			—			778			—			—			—		778
Comparable hotel EBITDA	$	14,141		$	15,695		$	7,169		$	5,610		$	11,700		$	6,202		$	10,142	$	9,850		$	—	$	—		$	13,626		$	8,064		$	14,250		$	—		$	—	$	116,449

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	Excluded Hotels Under Renovation:

San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)



	Year Ended December 31, 2018
	Capital Hilton Washington D.C.			La Jolla Hilton Torrey Pines			Chicago Sofitel Magnificent Mile			Bardessono Hotel & Spa			Key West Pier House Resort			Hotel Yountville			Park Hyatt Beaver Creek		The Notary Hotel			Plano Marriott Legacy Town Center			San Francisco Courtyard Downtown			Sarasota Ritz-Carlton			Lake Tahoe Ritz-Carlton		Seattle Marriott Waterfront			St. Thomas Ritz-Carlton			Tampa Renaissance			Hotel Total			Corporate / Allocated			Braemar Hotels & Resorts Inc.
Net income (loss)	$	6,345		$	9,886		$	(322	)	$	1,059		$	8,972		$	1,137		$	1,852	$	8,174		$	83		$	5,523		$	(4,619	)	$	—	$	11,762		$	5,623		$	21,001		$	76,476		$	(73,891	)	$	2,585
Non-property adjustments	—			—			229			—			60			—			—		—			(9		)	—			—			—		—			—			(15,717		)	(15,437		)	15,437			—
Interest income	(30		)	(48		)	—			—			—			—			—		(14		)	—			(7		)	(42		)	—		(32		)	(1		)	(1		)	(175		)	175			—
Interest expense	—			—			1,299			1,822			—			2,320			3,235		—			—			—			4,272			—		—			2,952			—			15,900			29,493			45,393
Amortization of loan cost	—			—			—			132			—			141			538		—			—			—			228			—		—			—			—			1,039			3,221			4,260
Depreciation and amortization	7,312			5,683			6,368			2,754			2,244			2,688			3,537		5,951			—			7,803			6,891			—		4,150			708			1,294			57,383			—			57,383
Income tax expense (benefit)	99			(81		)	—			—			—			—			—		96			—			—			—			—		—			25			—			139			2,293			2,432
Non-hotel EBITDA ownership expense	22			28			89			697			(369		)	132			76		(169		)	(74		)	515			412			—		5			984			(52		)	2,296			(2,296		)	—
Hotel EBITDA including amounts attributable to noncontrolling interest	13,748			15,468			7,663			6,464			10,907			6,418			9,238		14,038			—			13,834			7,142			—		15,885			10,291			6,525			137,621			(25,568		)	112,053
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(3,437		)	(3,867		)	—			—			—			—			—		—			—			—			—			—		—			—			—			(7,304		)	7,304			—
Equity in earnings (loss) of unconsolidated entities	—			—			—			—			—			—			—		—			—			—			—			—		—			—			—			—			234			234
Company's portion of EBITDA of OpenKey	—			—			—			—			—			—			—		—			—			—			—			—		—			—			—			—			(220		)	(220		)
Hotel EBITDA attributable to the Company and OP unitholders	$	10,311		$	11,601		$	7,663		$	6,464		$	10,907		$	6,418		$	9,238	$	14,038		$	—		$	13,834		$	7,142		$	—	$	15,885		$	10,291		$	6,525		$	130,317		$	(18,250	)	$	112,067
Non-comparable adjustments	—			—			—			(8		)	16			(4		)	—		—			—			—			5,566			8,022		—			—			(6,525		)	7,067
Comparable hotel EBITDA	$	13,748		$	15,468		$	7,663		$	6,456		$	10,923		$	6,414		$	9,238	$	14,038		$	—		$	13,834		$	12,708		$	8,022	$	15,885		$	10,291		$	—		$	144,688
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	13,748		$	15,468		$	7,663		$	6,464		$	10,907		$	6,418		$	9,238	$	14,038		$	—		$	—		$	7,142		$	—	$	15,885		$	—		$	6,525		$	113,496
Non-comparable adjustments	—			—			—			(8		)	16			(4		)	—		—			—			—			5,566			8,022		—			—			(6,525		)	7,067
Comparable hotel EBITDA	$	13,748		$	15,468		$	7,663		$	6,456		$	10,923		$	6,414		$	9,238	$	14,038		$	—		$	—		$	12,708		$	8,022	$	15,885		$	—		$	—		$	120,563

NOTES:


(1)	The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2019, 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 offset by results from hotel properties sold 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) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


(4)	Excluded Hotels Under Renovation:

San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton




MARYLAND	001-35972	46-2488594
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)




14185 Dallas Parkway, Suite 1100
Dallas, Texas		75254
(Address of principal executive offices)		(Zip code)



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BHR	New York Stock Exchange
Preferred Stock, Series B	BHR-PB	New York Stock Exchange
Preferred Stock, Series D	BHR-PD	New York Stock Exchange



	BRAEMAR HOTELS & RESORTS INC.

	By:	/s/ Deric S. Eubanks
		Deric S. Eubanks
		Chief Financial Officer


99.1	Fourth Quarter 2019 Earnings Press Release of the Company, dated February 26, 2020