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Published: 2021-07-29 00:00:00 ET
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EX-99.1 2 bhr2021q2earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1
braemara59a.jpg
NEWS RELEASE

Contact:Deric EubanksJordan JenningsJoseph Calabrese
Chief Financial OfficerInvestor RelationsFinancial Relations Board
(972) 490-9600(972) 778-9487(212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
SECOND QUARTER 2021 RESULTS
Second Quarter RevPAR Increased 875%
Net Loss Attributable to Common Stockholders for the Second Quarter was $(15.5) Million
Second Quarter Adjusted EBITDAre was $19.6 Million
Second Quarter Comparable Hotel EBITDA was $24.7 Million
Second Quarter Comparable Average Daily Rate Increased 35.1%
Second Quarter AFFO per Share was $0.20
Announced Planned Acquisition of the Mr. C Beverly Hills Hotel
Completed $86.25 Million Convertible Senior Notes Offering
Second Quarter in a Row of Cash Flow Positive at the Corporate Level

DALLAS – July 29, 2021 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 30, 2021. 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 June 30, 2021, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2021, with the second quarter ended June 30, 2020 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS
•Comparable RevPAR for all hotels increased 875% to $187.31 during the quarter on a 35.1% increase in ADR and a 621.6% increase in occupancy. Comparable RevPAR for all hotels decreased 19.6% compared to the comparable period in 2019.
•Net loss attributable to common stockholders for the quarter was $(15.5) million or $(0.32) per diluted share.
•Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter compared to $(0.68) in the prior year quarter.
•Adjusted EBITDAre was $19.6 million for the quarter.
•Comparable Hotel EBITDA was $24.7 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $157.7 million and restricted cash of $57.4 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $21.5 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.


BHR Reports Second Quarter Results
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July 29, 2021
•During the quarter, the Company closed on a private placement of $86.25 million aggregate principal amount of its 4.5% Convertible Senior Notes due 2026.
•During the quarter, the Company announced the planned acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California for total consideration of $77.9 million.
•Net debt to gross assets was 49% at the end of the second quarter.
•Capex invested during the quarter was $4.4 million.

THE MR. C BEVERLY HILLS HOTEL ACQUISITION
During the quarter, the Company announced the planned acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the “Mr. C”). In addition, the Company will acquire five luxury condominium residences adjacent to the hotel.

With its premier location in the heart of West Los Angeles, the Mr. C is in the middle of over 45 million sq. ft. of office space, supporting substantial corporate demand and a wide array of world-renowned leisure demand generators, including unrivaled shopping with high-end retailers, vibrant restaurants and various art and cultural attractions. The Mr. C was built in 1965 and underwent an extensive renovation in 2011. It has 138 luxurious and spacious rooms, including 22 suites. The hotel offers an array of amenities, including a full-service spa, and three food and beverage outlets (in addition to in-room dining). The property also boasts the acclaimed The Restaurant at Mr. C, over 24,000 sq. ft. of flexible indoor/outdoor meeting space, a 4,500 sq. ft. outdoor pool terrace with daybeds and cabanas, a state-of-the-art fitness center with personal fitness training, and a business center. Additionally, the hotel includes five newly-constructed and fully-furnished residences offering the hotel’s personalized services and luxurious, world-class amenities. These residences blend contemporary architecture with elegant, minimalistic design and range in size from 2,000 to 3,400 sq. ft. The residences are currently offered for extended-stay rental.

The total consideration for the acquisition is $77.9 million and will consist of $65.4 million for the hotel ($474,000 per key) and an allocated price of $12.5 million for the five adjacent condominium units. The acquisition is expected to be funded with approximately $30 million of cash, 2.5 million OP units, 500,000 warrants at a strike price of $6.00, and a $30 million mortgage loan. The acquisition is expected to be completed soon.

BRAEMAR JOINS RUSSELL 2000®, RUSSELL 3000® AND RUSSELL MICROCAP® INDEXES
Braemar was added to the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index, as part of the Russell Indexes annual reconstitution. The additions were effective on June 28, 2021. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

CAPITAL STRUCTURE
At June 30, 2021, the Company had total assets of $1.8 billion and $1.2 billion of loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of 2.6%.

During the quarter, the Company closed on a private placement of $86.25 million aggregate principal amount of its 4.5% Convertible Senior Notes due 2026 (the “Notes”). The Notes are senior unsecured obligations of Braemar and will be convertible for cash, shares of the Company’s common stock, or a


BHR Reports Second Quarter Results
Page 3
July 29, 2021
combination of cash and shares of the Company’s common stock, at Braemar’s option. The initial conversion rate for the Notes is 157.7909 shares of the Company’s common stock per $1,000 principal amount of Notes, and the initial conversion price is approximately $6.34 per share of the Company’s common stock. Braemar used a portion of the net proceeds of the offering to repay the amount outstanding under its secured term loan and expects to use the remaining net proceeds of the offering for general corporate purposes, including, but not limited to, capital expenditures or potential acquisitions.

During the quarter, and subsequent to the end of the quarter, the Company issued approximately 8.5 million shares of common stock under its At-The-Market offering, raising approximately $51.6 million in gross proceeds.

As previously announced, during the first quarter 2021, the Company entered into a Standby Equity Distribution Agreement (“SEDA”), pursuant to which the Company will be able to sell up to 7,780,786 shares of its common stock at the Company’s request at any time during a 36-month commitment period. During the second quarter, the Company issued 500,000 shares of common stock under the SEDA, raising $3.0 million of net proceeds. Since entering into the SEDA, the Company has issued 1,700,000 shares of common stock for net proceeds of approximately $10.0 million.

During the second quarter, the Company entered into an equity line pursuant to which the Company will be able to sell up to $35 million of shares of common stock. During the second quarter, the Company issued 765,957 shares of common stock under the equity line, raising $4.2 million of net proceeds.

The Company continues to opportunistically exchange shares of its preferred stock into shares of its common stock. These exchanges have all been completed at a discount to the liquidation value of the preferred stock, and in total, the Company has exchanged approximately 2.0 million shares of its Series B Preferred Stock, equating to 38.8% of the original share count, into approximately 7.3 million shares of common stock.

Subsequent to the end of the quarter, the Company commenced the sale of its Series E and Series M non-traded perpetual preferred. To date, the Company has issued 85,660 shares of its Series E non-traded perpetual preferred raising approximately $2.1 million of gross proceeds.

In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors announced a suspension of its common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock or common units for the second quarter ended June 30, 2021. The Board of Directors also announced that it plans to continue its suspension of the common stock dividend during 2021 to protect liquidity and will evaluate future dividend declarations on a quarterly basis going forward.

PORTFOLIO REVPAR
As of June 30, 2021, the portfolio consisted of thirteen hotels.

•Comparable RevPAR increased 875% to $187.31 for all hotels on a 35.1% increase in ADR and a 621.6% 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


BHR Reports Second Quarter Results
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July 29, 2021
seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.

“We continue to be pleased with the operating performance of our hotels,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Leisure demand was strong during the quarter, our luxury resorts continue to perform very well, and our portfolio was cash flow positive for the second consecutive quarterly period. Our planned acquisition of the Mr. C hotel is a compelling opportunity to further diversify our portfolio by acquiring an irreplaceable luxury property in a premier location in the heart of West Los Angeles that fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts. We are also pleased to be added to the Russell 2000®, Russell 3000®, and the Russell Microcap® indexes which we believe will help increase our visibility within the investment community and reflect our continued positive momentum and efforts to maximize value for our shareholders. Looking ahead, leisure travelers continue to lead the lodging recovery, new bookings at our properties remain strong, and, with the highest quality portfolio in the public markets, we believe Braemar is well-positioned to continue to execute on its disciplined strategy for growth.”

INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Friday, July 30, 2021, 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 Friday, August 6, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13720452.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2021 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com on Friday, July 30, 2021, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

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

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

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,”


BHR Reports Second Quarter Results
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July 29, 2021
“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: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission’s investigation; our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.

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




BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)

June 30, 2021December 31, 2020
ASSETS
Investments in hotel properties, gross$1,774,306 $1,784,849 
Accumulated depreciation(384,373)(360,259)
Investments in hotel properties, net1,389,933 1,424,590 
Cash and cash equivalents157,677 78,606 
Restricted cash57,413 34,544 
Accounts receivable, net of allowance of $286 and $227, respectively18,707 13,557 
Inventories2,481 2,551 
Prepaid expenses5,073 4,405 
Investment in OpenKey1,578 1,708 
Derivative assets1 — 
Other assets18,593 14,898 
Operating lease right-of-use assets80,710 81,260 
Intangible assets, net4,451 4,640 
Due from related parties, net1,953 991 
Due from third-party hotel managers21,546 12,271 
Total assets$1,760,116 $1,674,021 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,144,175 $1,130,594 
Accounts payable and accrued expenses84,460 61,758 
Dividends and distributions payable2,075 2,736 
Due to Ashford Inc., net2,516 2,772 
Due to third-party hotel managers1,834 1,393 
Operating lease liabilities60,797 60,917 
Other liabilities18,537 18,077 
Total liabilities1,314,394 1,278,247 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,108,017 and 5,031,473 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively66,064 106,949 
Redeemable noncontrolling interests in operating partnership29,398 27,655 
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at June 30, 2021 and December 31, 202016 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 57,311,232 and 38,274,770 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively573 382 
Additional paid-in capital661,576 541,870 
Accumulated deficit(295,641)(266,010)
Total stockholders' equity of the Company366,524 276,258 
Noncontrolling interest in consolidated entities(16,264)(15,088)
Total equity350,260 261,170 
Total liabilities and equity$1,760,116 $1,674,021 

6


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
REVENUE
Rooms$63,837 $6,533 $118,160 $77,001 
Food and beverage19,853 2,077 36,482 30,880 
Other13,420 4,285 26,316 22,534 
Total hotel revenue97,110 12,895 180,958 130,415 
EXPENSES
Hotel operating expenses:
Rooms13,482 3,445 24,497 21,325 
Food and beverage16,322 3,649 30,274 27,550 
Other expenses33,476 12,979 62,019 55,069 
Management fees 2,952 466 5,484 4,343 
Total hotel operating expenses66,232 20,539 122,274 108,287 
Property taxes, insurance and other7,190 7,244 14,454 14,904 
Depreciation and amortization18,244 18,553 36,597 36,891 
Advisory services fee:
Base advisory fee2,678 2,572 5,223 5,193 
Reimbursable expenses510 412 1,002 956 
Incentive fee1,266 — 1,637 — 
Non-cash stock/unit-based compensation2,285 1,917 3,672 3,821 
(Gain) loss on legal settlements(989)— (989)— 
Corporate, general and administrative:
Non-cash stock/unit-based compensation506 96 516 131 
Other general and administrative1,877 1,417 3,467 3,314 
Total operating expenses100,095 52,750 188,149 173,497 
Gain (loss) on insurance settlement and disposition of assets 197 — 696 — 
OPERATING INCOME (LOSS)(2,788)(39,855)(6,495)(43,082)
Equity in earnings (loss) of unconsolidated entity(66)(40)(130)(80)
Interest income12 24 21 153 
Other income (expense)— (64)— (202)
Interest expense(6,633)(16,464)(12,662)(27,290)
Amortization of loan costs(593)(947)(1,320)(2,018)
Write-off of loan costs and exit fees(1,177)(2,237)(1,528)(2,237)
Unrealized gain (loss) on derivatives(58)(969)(78)187 
INCOME (LOSS) BEFORE INCOME TAXES(11,303)(60,552)(22,192)(74,569)
Income tax (expense) benefit(61)4,447 (206)3,077 
NET INCOME (LOSS)(11,364)(56,105)(22,398)(71,492)
(Income) loss attributable to noncontrolling interest in consolidated entities849 2,404 2,096 2,976 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,282 5,770 2,361 7,655 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(9,233)(47,931)(17,941)(60,861)
Preferred dividends(1,893)(2,555)(4,281)(5,110)
Gain (loss) on extinguishment of preferred stock(4,411)— (4,484)— 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(15,537)$(50,486)$(26,706)$(65,971)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.32)$(1.53)$(0.61)$(2.02)
Weighted average common shares outstanding – basic47,820 32,907 43,737 32,688 
Diluted:
Net income (loss) attributable to common stockholders$(0.32)$(1.53)$(0.61)$(2.02)
Weighted average common shares outstanding – diluted47,820 32,907 43,737 32,688 
Dividends declared per common share:$— $— $— $— 

7


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Net income (loss)$(11,364)$(56,105)$(22,398)$(71,492)
Interest expense and amortization of loan costs7,226 17,411 13,982 29,308 
Depreciation and amortization 18,244 18,553 36,597 36,891 
Income tax expense (benefit)61 (4,447)206 (3,077)
Equity in (earnings) loss of unconsolidated entity66 40 130 80 
Company's portion of EBITDA of OpenKey(65)(40)(128)(79)
EBITDA14,168 (24,588)28,389 (8,369)
(Gain) loss on insurance settlement and disposition of assets (197)— (696)— 
EBITDAre13,971 (24,588)27,693 (8,369)
Amortization of favorable (unfavorable) contract assets (liabilities)138 207 276 414 
Transaction and conversion costs828 120 1,168 611 
Other (income) expense — 64 — 202 
Write-off of loan costs and exit fees1,177 2,237 1,528 2,237 
Unrealized (gain) loss on derivatives58 969 78 (187)
Non-cash stock/unit-based compensation2,805 2,048 4,221 4,033 
Legal, advisory and settlement costs(632)413 (427)1,026 
Advisory services incentive fee1,266 — 1,637 — 
Company's portion of adjustments to EBITDAre of OpenKey1 2 6 5 
Adjusted EBITDAre$19,612 $(18,528)$36,180 $(28)
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2021202020212020
Net income (loss)$(11,364)$(56,105)$(22,398)$(71,492)
(Income) loss attributable to noncontrolling interest in consolidated entities849 2,404 2,096 2,976 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,282 5,770 2,361 7,655 
Preferred dividends(1,893)(2,555)(4,281)(5,110)
Gain (loss) on extinguishment of preferred stock(4,411)— (4,484)— 
Net income (loss) attributable to common stockholders(15,537)(50,486)(26,706)(65,971)
Depreciation and amortization on real estate17,565 17,792 35,224 35,351 
Impairment charges on real estate— — — — 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(1,282)(5,770)(2,361)(7,655)
Equity in (earnings) loss of unconsolidated entity66 40 130 80 
(Gain) loss on insurance settlement and disposition of assets (197)— (696)— 
Company's portion of FFO of OpenKey(65)(40)(129)(80)
FFO available to common stockholders and OP unitholders550 (38,464)5,462 (38,275)
Series B Cumulative Convertible Preferred Stock dividends1,068 1,730 2,631 3,460 
(Gain) loss on extinguishment of preferred stock4,411 — 4,484 — 
Transaction and conversion costs828 120 1,168 611 
Other (income) expense — 64 — 202 
Interest expense on convertible notes649 — 649 — 
Interest expense accretion on refundable membership club deposits190 202 392 415 
Write-off of loan costs and exit fees1,177 2,237 1,528 2,237 
Amortization of loan costs571 928 1,277 1,981 
Unrealized (gain) loss on derivatives58 969 78 (187)
Non-cash stock/unit-based compensation2,805 2,048 4,221 4,033 
Legal, advisory and settlement costs(632)413 (427)1,026 
Advisory services incentive fee1,266 — 1,637 — 
Company's portion of adjustments to FFO of OpenKey1 2 6 5 
Adjusted FFO available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an "as converted" basis$12,942 $(29,751)$23,106 $(24,492)
Adjusted FFO per diluted share available to common stockholders, OP unitholders, Series B Cumulative Convertible preferred stockholders and convertible note holders on an "as converted" basis$0.20 $(0.68)$0.38 $(0.56)
Weighted average diluted shares63,649 43,715 60,297 43,731 

8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
June 30, 2021
(dollars in thousands)
(unaudited)

LenderHotelsCurrent
Maturity
Final
Maturity (5)
Interest RateFixed-Rate
Debt		Floating-Rate
Debt		Total
Debt
Comparable TTM
Hotel EBITDA(6)
Comparable TTM EBITDA
Debt Yield
ApolloRitz-Carlton, St. ThomasAugust 2021August 2024LIBOR + 3.95%$— $42,500 (1)$42,500 $17,994 42.3 %
JPMorganPark Hyatt Beaver Creek April 2022April 2022LIBOR + 3.00%— 67,500 (2)67,500 5,168 7.7 %
BAML Hotel Yountville May 2022May 2022LIBOR + 2.55%— 51,000 (3)51,000 2,052 4.0 %
BAMLSee footnoteJune 2022June 2025LIBOR + 2.16%— 435,000 (4)435,000 (12,181)(2.8)%
BAML BardessonoAugust 2022August 2022LIBOR + 2.55%— 40,000 (3)40,000 4,561 11.4 %
BAML Ritz-Carlton, SarasotaApril 2023April 2023LIBOR + 2.65%— 100,000 (3)100,000 19,723 19.7 
BAML Ritz-Carlton, Lake TahoeJanuary 2024January 2024LIBOR + 2.10%— 54,000 (3)54,000 3,148 5.8 %
Prudential Capital Hilton and Hilton Torrey PinesFebruary 2024February 2024LIBOR + 1.70%— 195,929 195,929 (5,727)(2.9)%
BAML Pier House ResortSeptember 2024September 2024LIBOR + 1.85%— 80,000 (3)80,000 12,420 15.5 %
Convertible Senior NotesN/AJune 2026June 20264.50%86,250 — 86,250  N/A N/A
Total$86,250 $1,065,929 $1,152,179 $47,158 4.1 %
Percentage7.5 %92.5 %100.0 %
Weighted average interest rate4.50 %2.44 %2.59 %
All indebtedness is non-recourse.
(1)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.00%.
(2)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in April 2021.
(3)    This mortgage loan has a LIBOR floor of 0.25%.
(4)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in June 2020. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
(5)    The final maturity date assumes all available extension options will be exercised.
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
9


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
June 30, 2021
(dollars in thousands)
(unaudited)
LenderHotels20212022202320242025ThereafterTotal
JPMorgan Park Hyatt Beaver Creek$— $67,500 $— $— $— $— $67,500 
BAML Hotel Yountville— 51,000 — — — — 51,000 
BAMLBardessono— 40,000 — — — — 40,000 
BAML Ritz-Carlton, Sarasota— — 98,000 — — — 98,000 
BAML Ritz-Carlton, Lake Tahoe— — — 54,000 — — 54,000 
PrudentialCapital Hilton and Hilton Torrey Pines— — — 195,000 — — 195,000 
ApolloRitz-Carlton, St. Thomas— — — 42,500 — — 42,500 
BAML Pier House Resort— — — 80,000 — — 80,000 
BAMLSee footnote 1— — — — 435,000 — 435,000 
Convertible Senior NotesN/A— — — — — 86,250 86,250 
Principal due in future periods$— $158,500 $98,000 $371,500 $435,000 $86,250 $1,149,250 
Scheduled amortization payments remaining1,429 1,000 500 — — — 2,929 
Total indebtedness$1,429 $159,500 $98,500 $371,500 $435,000 $86,250 $1,152,179 
(1)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

10


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(unaudited)

ALL HOTELS:
Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
Rooms revenue (in thousands)$63,443 $— $63,443 $6,510 $— $6,510 874.55 %874.55 %
RevPAR$187.31 $— $187.31 $19.22 $— $19.22 874.55 %874.55 %
Occupancy49.17 %— %49.17 %6.81 %— %6.81 %621.64 %621.64 %
ADR$380.98 $— $380.98 $282.11 $— $282.11 35.05 %35.05 %
ALL HOTELS:
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
Rooms revenue (in thousands)$117,029 $— $117,029 $76,386 $— $76,386 53.21 %53.21 %
RevPAR$173.72 $— $173.72 $112.93 $— $112.93 53.83 %53.83 %
Occupancy43.07 %— %43.07 %33.28 %— %33.28 %29.42 %29.42 %
ADR$403.33 $— $403.33 $339.34 $— $339.34 18.86 %18.86 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


11


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedSix Months Ended
June 30,June 30,
20212020% Variance20212020% Variance
Total hotel revenue$97,110 $12,895 653.08 %$180,958 $130,415 38.76 %
Non-comparable adjustments— — — (138)
Comparable total hotel revenue$97,110 $12,895 653.08 %$180,958 $130,277 38.90 %
Hotel EBITDA$24,728 $(15,804)256.47 %$45,227 $11,506 293.07 %
Non-comparable adjustments— — — — 
Comparable hotel EBITDA$24,728 $(15,804)256.47 %$45,227 $11,506 293.07 %
Hotel EBITDA margin25.46 %(122.56)%148.02 %24.99 %8.82 %16.17 %
Comparable hotel EBITDA margin25.46 %(122.56)%148.02 %24.99 %8.83 %16.16 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$27 $(1,084)102.49 %$(378)$(127)(197.64)%
Hotel EBITDA attributable to the Company and OP unitholders$24,701 $(14,720)267.81 %$45,605 $11,633 292.03 %
Comparable hotel EBITDA attributable to the Company and OP unitholders$24,701 $(14,720)267.81 %$45,605 $11,633 292.03 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.



12


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$1,204 $— $1,204 $(9)$— $(9)13,477.78 %13,477.78 %
Total hotel revenue $1,576 $— $1,576 $354 $— $354 345.20 %345.20 %
Hotel EBITDA$(1,706)$— $(1,706)$(2,642)$— $(2,642)35.43 %35.43 %
Hotel EBITDA margin(108.25)%(108.25)%(746.33)%(746.33)%638.08 %638.08 %
Selected Operating Information:
RevPAR$24.06 $— $24.06 $(0.17)$— $(0.17)14,245.02 %14,245.02 %
Occupancy17.97 %— %17.97 %— %— %— %100.00 %100.00 %
ADR$133.88 $— $133.88 $— $— $— 100.00 %100.00 %
LA JOLLA HILTON TORREY PINES
Selected Financial Information:
Rooms revenue$4,298 $— $4,298 $509 $— $509 744.40 %744.40 %
Total hotel revenue $6,587 $— $6,587 $665 $— $665 890.53 %890.53 %
Hotel EBITDA$1,815 $— $1,815 $(1,695)$— $(1,695)207.08 %207.08 %
Hotel EBITDA margin27.55 %27.55 %(254.89)%(254.89)%282.44 %282.44 %
Selected Operating Information:
RevPAR$119.88 $— $119.88 $14.22 $— $14.22 743.30 %743.30 %
Occupancy61.72 %— %61.72 %10.90 %— %10.90 %466.39 %466.39 %
ADR$194.23 $— $194.23 $130.45 $— $130.45 48.89 %48.89 %
CHICAGO SOFITEL MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$2,953 $— $2,953 $311 $— $311 849.52 %849.52 %
Total hotel revenue $3,813 $— $3,813 $416 $— $416 816.59 %816.59 %
Hotel EBITDA$(156)$— $(156)$(1,761)$— $(1,761)91.14 %91.14 %
Hotel EBITDA margin(4.09)%(4.09)%(423.32)%(423.32)%419.23 %419.23 %
Selected Operating Information:
RevPAR$78.24 $— $78.24 $8.23 $— $8.23 851.03 %851.03 %
Occupancy40.34 %— %40.34 %6.21 %— %6.21 %549.32 %549.32 %
ADR$193.96 $— $193.96 $132.43 $— $132.43 46.47 %46.47 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$4,804 $— $4,804 $617 $— $617 678.61 %678.61 %
Total hotel revenue $6,132 $— $6,132 $801 $— $801 665.54 %665.54 %
Hotel EBITDA$2,658 $— $2,658 $(786)$— $(786)438.17 %438.17 %
Hotel EBITDA margin43.35 %43.35 %(98.13)%(98.13)%141.48 %141.48 %
Selected Operating Information:
RevPAR$812.30 $— $812.30 $104.21 $— $104.21 679.50 %679.50 %
Occupancy77.38 %— %77.38 %12.73 %— %12.73 %507.84 %507.84 %
ADR$1,049.76 $— $1,049.76 $818.57 $— $818.57 28.24 %28.24 %
KEY WEST PIER HOUSE RESORT
Selected Financial Information:
Rooms revenue$6,697 $— $6,697 $805 $— $805 731.93 %731.93 %
Total hotel revenue $8,419 $— $8,419 $1,026 $— $1,026 720.57 %720.57 %
Hotel EBITDA$4,913 $— $4,913 $(332)$— $(332)1,579.82 %1,579.82 %
Hotel EBITDA margin58.36 %58.36 %(32.36)%(32.36)%90.72 %90.72 %
Selected Operating Information:
RevPAR$518.26 $— $518.26 $62.29 $— $62.29 732.01 %732.01 %
Occupancy91.29 %— %91.29 %17.97 %— %17.97 %408.01 %408.01 %
ADR$567.74 $— $567.74 $346.65 $— $346.65 63.78 %63.78 %
13


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$3,429 $— $3,429 $390 $— $390 779.23 %779.23 %
Total hotel revenue $3,992 $— $3,992 $529 $— $529 654.63 %654.63 %
Hotel EBITDA$1,759 $— $1,759 $(497)$— $(497)453.92 %453.92 %
Hotel EBITDA margin44.06 %44.06 %(93.95)%(93.95)%138.01 %138.01 %
Selected Operating Information:
RevPAR$470.87 $— $470.87 $53.58 $— $53.58 778.80 %778.80 %
Occupancy70.03 %— %70.03 %9.60 %— %9.60 %629.33 %629.33 %
ADR$672.41 $— $672.41 $558.04 $— $558.04 20.49 %20.49 %
PARK HYATT BEAVER CREEK
Selected Financial Information:
Rooms revenue$1,555 $— $1,555 $116 $— $116 1,240.52 %1,240.52 %
Total hotel revenue $4,266 $— $4,266 $476 $— $476 796.22 %796.22 %
Hotel EBITDA$(401)$— $(401)$(1,687)$— $(1,687)76.23 %76.23 %
Hotel EBITDA margin(9.40)%(9.40)%(354.41)%(354.41)%345.01 %345.01 %
Selected Operating Information:
RevPAR$89.88 $— $89.88 $6.72 $— $6.72 1,238.47 %1,238.47 %
Occupancy31.71 %— %31.71 %2.80 %— %2.80 %1,032.85 %1,032.85 %
ADR$283.43 $— $283.43 $239.89 $— $239.89 18.15 %18.15 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$2,416 $— $2,416 $534 $— $534 352.43 %352.43 %
Total hotel revenue $2,665 $— $2,665 $618 $— $618 331.23 %331.23 %
Hotel EBITDA$154 $— $154 $(1,104)$— $(1,104)113.95 %113.95 %
Hotel EBITDA margin5.78 %5.78 %(178.64)%(178.64)%184.42 %184.42 %
Selected Operating Information:
RevPAR$53.20 $— $53.20 $11.76 $— $11.76 352.36 %352.36 %
Occupancy32.71 %— %32.71 %7.85 %— %7.85 %316.87 %316.87 %
ADR$162.63 $— $162.63 $149.87 $— $149.87 8.51 %8.51 %
THE CLANCY
Selected Financial Information:
Rooms revenue$2,823 $— $2,823 $25 $— $25 11,192.00 %11,192.00 %
Total hotel revenue $3,331 $— $3,331 $154 $— $154 2,062.99 %2,062.99 %
Hotel EBITDA$(1,024)$— $(1,024)$(1,880)$— $(1,880)45.53 %45.53 %
Hotel EBITDA margin(30.74)%(30.74)%(1,220.78)%(1,220.78)%1,190.04 %1,190.04 %
Selected Operating Information:
RevPAR$75.65 $— $75.65 $0.67 $— $0.67 11,151.84 %11,151.84 %
Occupancy51.57 %— %51.57 %0.18 %— %0.18 %27,785.51 %27,785.51 %
ADR$146.70 $— $146.70 $363.57 $— $363.57 (59.65)%(59.65)%
SARASOTA RITZ-CARLTON
Selected Financial Information:
Rooms revenue$11,178 $— $11,178 $2,503 $— $2,503 346.58 %346.58 %
Total hotel revenue $22,717 $— $22,717 $6,235 $— $6,235 264.35 %264.35 %
Hotel EBITDA$7,723 $— $7,723 $1,210 $— $1,210 538.26 %538.26 %
Hotel EBITDA margin34.00 %34.00 %19.41 %19.41 %14.59 %14.59 %
Selected Operating Information:
RevPAR$461.80 $— $461.80 $103.39 $— $103.39 346.64 %346.64 %
Occupancy87.14 %— %87.14 %29.20 %— %29.20 %198.46 %198.46 %
ADR$529.98 $— $529.98 $354.15 $— $354.15 49.65 %49.65 %
14


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
LAKE TAHOE RITZ-CARLTON
Selected Financial Information:
Rooms revenue$3,605 $— $3,605 $347 $— $347 938.90 %938.90 %
Total hotel revenue $7,716 $— $7,716 $552 $— $552 1,297.83 %1,297.83 %
Hotel EBITDA$(306)$— $(306)$(1,638)$— $(1,638)81.32 %81.32 %
Hotel EBITDA margin(3.97)%(3.97)%(296.74)%(296.74)%292.77 %292.77 %
Selected Operating Information:
RevPAR$233.04 $— $233.04 $22.42 $— $22.42 939.27 %939.27 %
Occupancy51.92 %— %51.92 %5.66 %— %5.66 %817.94 %817.94 %
ADR$448.85 $— $448.85 $396.45 $— $396.45 13.22 %13.22 %
SEATTLE MARRIOTT WATERFRONT
Selected Financial Information:
Rooms revenue$3,176 $— $3,176 $67 $— $67 4,640.30 %4,640.30 %
Total hotel revenue $3,794 $— $3,794 $131 $— $131 2,796.18 %2,796.18 %
Hotel EBITDA$1,163 $— $1,163 $(1,234)$— $(1,234)194.25 %194.25 %
Hotel EBITDA margin30.65 %30.65 %(941.98)%(941.98)%972.63 %972.63 %
Selected Operating Information:
RevPAR$96.68 $— $96.68 $2.05 $— $2.05 4,626.75 %4,626.75 %
Occupancy47.50 %— %47.50 %0.93 %— %0.93 %5,016.07 %5,016.07 %
ADR$203.55 $— $203.55 $220.31 $— $220.31 (7.61)%(7.61)%
ST. THOMAS RITZ-CARLTON
Selected Financial Information:
Rooms revenue$15,305 $— $15,305 $295 $— $295 5,088.14 %5,088.14 %
Total hotel revenue $22,102 $— $22,102 $938 $— $938 2,256.29 %2,256.29 %
Hotel EBITDA$8,136 $— $8,136 $(1,758)$— $(1,758)562.80 %562.80 %
Hotel EBITDA margin36.81 %36.81 %(187.42)%(187.42)%224.23 %224.23 %
Selected Operating Information:
RevPAR$934.37 $— $934.37 $18.00 $— $18.00 5,091.61 %5,091.61 %
Occupancy87.88 %— %87.88 %4.19 %— %4.19 %1,998.25 %1,998.25 %
ADR$1,063.29 $— $1,063.29 $429.74 $— $429.74 147.43 %147.43 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$63,443 $— $63,443 $6,510 $— $6,510 874.55 %874.55 %
Total hotel revenue $97,110 $— $97,110 $12,895 $— $12,895 653.08 %653.08 %
Hotel EBITDA$24,728 $— $24,728 $(15,804)$— $(15,804)256.47 %256.47 %
Hotel EBITDA margin25.46 %25.46 %(122.56)%(122.56)%148.02 %148.02 %
Selected Operating Information:
RevPAR$187.31 $— $187.31 $19.22 $— $19.22 874.55 %874.55 %
Occupancy49.17 %— %49.17 %6.81 %— %6.81 %621.64 %621.64 %
ADR$380.98 $— $380.98 $282.11 $— $282.11 35.05 %35.05 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

15


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$3,235 $— $3,235 $6,526 $— $6,526 (50.43)%(50.43)%
Total hotel revenue $3,985 $— $3,985 $10,886 $— $10,886 (63.39)%(63.39)%
Hotel EBITDA$(2,554)$— $(2,554)$(1,562)$— $(1,562)(63.51)%(63.51)%
Hotel EBITDA margin(64.09)%(64.09)%(14.35)%(14.35)%(49.74)%(49.74)%
Selected Operating Information:
RevPAR$32.50 $— $32.50 $65.20 $— $65.20 (50.15)%(50.15)%
Occupancy22.84 %— %22.84 %29.75 %— %29.75 %(23.21)%(23.21)%
ADR$142.28 $— $142.28 $219.18 $— $219.18 (35.09)%(35.09)%
LA JOLLA HILTON TORREY PINES
Selected Financial Information:
Rooms revenue$5,908 $— $5,908 $5,623 $— $5,623 5.07 %5.07 %
Total hotel revenue $8,866 $— $8,866 $10,061 $— $10,061 (11.88)%(11.88)%
Hotel EBITDA$1,043 $— $1,043 $1,055 $— $1,055 (1.14)%(1.14)%
Hotel EBITDA margin11.76 %11.76 %10.49 %10.49 %1.27 %1.27 %
Selected Operating Information:
RevPAR$82.84 $— $82.84 $78.42 $— $78.42 5.64 %5.64 %
Occupancy47.10 %— %47.10 %36.95 %— %36.95 %27.44 %27.44 %
ADR$175.90 $— $175.90 $212.21 $— $212.21 (17.11)%(17.11)%
CHICAGO SOFITEL MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$4,374 $— $4,374 $2,932 $— $2,932 49.18 %49.18 %
Total hotel revenue $5,601 $— $5,601 $4,184 $— $4,184 33.87 %33.87 %
Hotel EBITDA$(1,348)$— $(1,348)$(3,631)$— $(3,631)62.88 %62.88 %
Hotel EBITDA margin(24.07)%(24.07)%(86.78)%(86.78)%62.71 %62.71 %
Selected Operating Information:
RevPAR$58.23 $— $58.23 $38.81 $— $38.81 50.03 %50.03 %
Occupancy32.01 %— %32.01 %28.81 %— %28.81 %11.12 %11.12 %
ADR$181.90 $— $181.90 $134.72 $— $134.72 35.02 %35.02 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$6,565 $— $6,565 $2,593 $— $2,593 153.18 %153.18 %
Total hotel revenue $8,504 $— $8,504 $3,706 $— $3,706 129.47 %129.47 %
Hotel EBITDA$2,864 $— $2,864 $(679)$— $(679)521.80 %521.80 %
Hotel EBITDA margin33.68 %33.68 %(18.32)%(18.32)%52.00 %52.00 %
Selected Operating Information:
RevPAR$558.04 $— $558.04 $219.26 $— $219.26 154.51 %154.51 %
Occupancy60.32 %— %60.32 %33.42 %— %33.42 %80.48 %80.48 %
ADR$925.08 $— $925.08 $656.00 $— $656.00 41.02 %41.02 %
KEY WEST PIER HOUSE RESORT
Selected Financial Information:
Rooms revenue$12,280 $— $12,280 $6,354 $— $6,354 93.26 %93.26 %
Total hotel revenue $15,477 $— $15,477 $8,025 $— $8,025 92.86 %92.86 %
Hotel EBITDA$9,159 $— $9,159 $3,446 $— $3,446 165.79 %165.79 %
Hotel EBITDA margin59.18 %59.18 %42.94 %42.94 %16.24 %16.24 %
Selected Operating Information:
RevPAR$477.78 $— $477.78 $245.84 $— $245.84 94.35 %94.35 %
Occupancy87.67 %— %87.67 %47.66 %— %47.66 %83.95 %83.95 %
ADR$544.95 $— $544.95 $515.78 $— $515.78 5.65 %5.65 %
16


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$4,447 $— $4,447 $1,783 $— $1,783 149.41 %149.41 %
Total hotel revenue $5,286 $— $5,286 $2,414 $— $2,414 118.97 %118.97 %
Hotel EBITDA$1,658 $— $1,658 $(480)$— $(480)445.42 %445.42 %
Hotel EBITDA margin31.37 %31.37 %(19.88)%(19.88)%51.25 %51.25 %
Selected Operating Information:
RevPAR$307.09 $— $307.09 $122.44 $— $122.44 150.81 %150.81 %
Occupancy51.44 %— %51.44 %27.96 %— %27.96 %83.96 %83.96 %
ADR$597.02 $— $597.02 $437.90 $— $437.90 36.34 %36.34 %
PARK HYATT BEAVER CREEK
Selected Financial Information:
Rooms revenue$7,935 $— $7,935 $8,267 $— $8,267 (4.02)%(4.02)%
Total hotel revenue $16,017 $— $16,017 $15,788 $— $15,788 1.45 %1.45 %
Hotel EBITDA$4,057 $— $4,057 $3,866 $— $3,866 4.94 %4.94 %
Hotel EBITDA margin25.33 %25.33 %24.49 %24.49 %0.84 %0.84 %
Selected Operating Information:
RevPAR$230.72 $— $230.72 $239.08 $— $239.08 (3.50)%(3.50)%
Occupancy47.93 %— %47.93 %32.64 %— %32.64 %46.83 %46.83 %
ADR$481.38 $— $481.38 $732.41 $— $732.41 (34.27)%(34.27)%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$3,657 $— $3,657 $5,000 $— $5,000 (26.86)%(26.86)%
Total hotel revenue $4,030 $— $4,030 $6,525 $— $6,525 (38.24)%(38.24)%
Hotel EBITDA$(624)$— $(624)$(482)$— $(482)(29.46)%(29.46)%
Hotel EBITDA margin(15.48)%(15.48)%(7.39)%(7.39)%(8.09)%(8.09)%
Selected Operating Information:
RevPAR$40.49 $— $40.49 $55.06 $— $55.06 (26.46)%(26.46)%
Occupancy26.22 %— %26.22 %32.26 %— %32.26 %(18.71)%(18.71)%
ADR$154.40 $— $154.40 $170.68 $— $170.68 (9.54)%(9.54)%
THE CLANCY
Selected Financial Information:
Rooms revenue$3,967 $— $3,967 $7,537 $— $7,537 (47.37)%(47.37)%
Total hotel revenue $4,688 $— $4,688 $8,736 $— $8,736 (46.34)%(46.34)%
Hotel EBITDA$(2,811)$— $(2,811)$290 $— $290 (1,069.31)%(1,069.31)%
Hotel EBITDA margin(59.96)%(59.96)%3.32 %3.32 %(63.28)%(63.28)%
Selected Operating Information:
RevPAR$53.46 $— $53.46 $101.00 $— $101.00 (47.07)%(47.07)%
Occupancy37.27 %— %37.27 %32.47 %— %32.47 %14.80 %14.80 %
ADR$143.43 $— $143.43 $311.10 $— $311.10 (53.90)%(53.90)%
SARASOTA RITZ-CARLTON
Selected Financial Information:
Rooms revenue$21,946 $— $21,946 $10,944 $— $10,944 100.53 %100.53 %
Total hotel revenue $42,827 $— $42,827 $25,663 $— $25,663 66.88 %66.88 %
Hotel EBITDA$15,085 $— $15,085 $6,864 $— $6,864 119.77 %119.77 %
Hotel EBITDA margin35.22 %35.22 %26.75 %26.75 %8.47 %8.47 %
Selected Operating Information:
RevPAR$455.83 $— $455.83 $226.05 $— $226.05 101.65 %101.65 %
Occupancy81.35 %— %81.35 %50.22 %— %50.22 %62.00 %62.00 %
ADR$560.30 $— $560.30 $450.13 $— $450.13 24.47 %24.47 %
17


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
LAKE TAHOE RITZ-CARLTON
Selected Financial Information:
Rooms revenue$10,079 $— $10,079 $7,746 $— $7,746 30.12 %30.12 %
Total hotel revenue $19,652 $— $19,652 $13,959 $(138)$13,821 40.78 %42.19 %
Hotel EBITDA$2,531 $— $2,531 $1,250 $— $1,250 102.48 %102.48 %
Hotel EBITDA margin12.88 %12.88 %8.95 %9.04 %3.93 %3.84 %
Selected Operating Information:
RevPAR$327.55 $— $327.55 $250.36 $— $250.36 30.83 %30.83 %
Occupancy56.82 %— %56.82 %34.52 %— %34.52 %64.62 %64.62 %
ADR$576.42 $— $576.42 $725.30 $— $725.30 (20.53)%(20.53)%
SEATTLE MARRIOTT WATERFRONT
Selected Financial Information:
Rooms revenue$4,074 $— $4,074 $3,765 $— $3,765 8.21 %8.21 %
Total hotel revenue $4,819 $— $4,819 $4,978 $— $4,978 (3.19)%(3.19)%
Hotel EBITDA$526 $— $526 $(702)$— $(702)174.93 %174.93 %
Hotel EBITDA margin10.92 %10.92 %(14.10)%(14.10)%25.02 %25.02 %
Selected Operating Information:
RevPAR$62.36 $— $62.36 $57.31 $— $57.31 8.81 %8.81 %
Occupancy32.28 %— %32.28 %26.40 %— %26.40 %22.29 %22.29 %
ADR$193.15 $— $193.15 $217.07 $— $217.07 (11.02)%(11.02)%
ST. THOMAS RITZ-CARLTON
Selected Financial Information:
Rooms revenue$28,562 $— $28,562 $7,316 $— $7,316 290.40 %290.40 %
Total hotel revenue $41,206 $— $41,206 $15,490 $— $15,490 166.02 %166.02 %
Hotel EBITDA$15,641 $— $15,641 $2,271 $— $2,271 588.73 %588.73 %
Hotel EBITDA margin37.96 %37.96 %14.66 %14.66 %23.30 %23.30 %
Selected Operating Information:
RevPAR$876.66 $— $876.66 $230.19 $— $230.19 280.84 %280.84 %
Occupancy83.27 %— %83.27 %30.13 %— %30.13 %176.38 %176.38 %
ADR$1,052.81 $— $1,052.81 $764.04 $— $764.04 37.80 %37.80 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$117,029 $— $117,029 $76,386 $— $76,386 53.21 %53.21 %
Total hotel revenue $180,958 $— $180,958 $130,415 $(138)$130,277 38.76 %38.90 %
Hotel EBITDA$45,227 $— $45,227 $11,506 $— $11,506 293.07 %293.07 %
Hotel EBITDA margin24.99 %24.99 %8.82 %8.83 %16.17 %16.16 %
Selected Operating Information:
RevPAR$173.72 $— $173.72 $112.93 $— $112.93 53.83 %53.83 %
Occupancy43.07 %— %43.07 %33.28 %— %33.28 %29.42 %29.42 %
ADR$403.33 $— $403.33 $339.34 $— $339.34 18.86 %18.86 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
18


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202120212021
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$4,304 $— $4,304 
Total hotel revenue $5,816 $— $5,816 
Hotel EBITDA$(6,068)$— $(6,068)
Hotel EBITDA margin(104.33)%(104.33)%
Selected Operating Information:
RevPAR$21.44 $— $21.44 
Occupancy15.70 %— %15.70 %
ADR$136.56 $— $136.56 
LA JOLLA HILTON TORREY PINES
Selected Financial Information:
Rooms revenue$9,844 $— $9,844 
Total hotel revenue $14,194 $— $14,194 
Hotel EBITDA$341 $— $341 
Hotel EBITDA margin2.40 %2.40 %
Selected Operating Information:
RevPAR$68.45 $— $68.45 
Occupancy42.87 %— %42.87 %
ADR$159.65 $— $159.65 
CHICAGO SOFITEL MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$7,420 $— $7,420 
Total hotel revenue $9,300 $— $9,300 
Hotel EBITDA$(3,105)$— $(3,105)
Hotel EBITDA margin(33.39)%(33.39)%
Selected Operating Information:
RevPAR$49.00 $— $49.00 
Occupancy29.45 %— %29.45 %
ADR$166.35 $— $166.35 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$11,439 $— $11,439 
Total hotel revenue $14,718 $— $14,718 
Hotel EBITDA$4,561 $— $4,561 
Hotel EBITDA margin30.99 %30.99 %
Selected Operating Information:
RevPAR$482.15 $— $482.15 
Occupancy53.68 %— %53.68 %
ADR$898.16 $— $898.16 
KEY WEST PIER HOUSE RESORT
Selected Financial Information:
Rooms revenue$18,191 $— $18,191 
Total hotel revenue $23,205 $— $23,205 
Hotel EBITDA$12,420 $— $12,420 
Hotel EBITDA margin53.52 %53.52 %
Selected Operating Information:
RevPAR$350.98 $— $350.98 
Occupancy75.27 %— %75.27 %
ADR$466.28 $— $466.28 
19


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202120212021
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$7,204 $— $7,204 
Total hotel revenue $8,623 $— $8,623 
Hotel EBITDA$2,052 $— $2,052 
Hotel EBITDA margin23.80 %23.80 %
Selected Operating Information:
RevPAR$246.67 $— $246.67 
Occupancy41.11 %— %41.11 %
ADR$600.07 $— $600.07 
PARK HYATT BEAVER CREEK
Selected Financial Information:
Rooms revenue$12,515 $— $12,515 
Total hotel revenue $25,784 $— $25,784 
Hotel EBITDA$5,168 $— $5,168 
Hotel EBITDA margin20.04 %20.04 %
Selected Operating Information:
RevPAR$180.45 $— $180.45 
Occupancy41.50 %— %41.50 %
ADR$434.80 $— $434.80 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$6,006 $— $6,006 
Total hotel revenue $6,505 $— $6,505 
Hotel EBITDA$(1,775)$— $(1,775)
Hotel EBITDA margin(27.29)%(27.29)%
Selected Operating Information:
RevPAR$22.64 $— $22.64 
Occupancy21.19 %— %21.19 %
ADR$106.85 $— $106.85 
THE CLANCY
Selected Financial Information:
Rooms revenue$4,679 $— $4,679 
Total hotel revenue $5,575 $— $5,575 
Hotel EBITDA$(6,796)$— $(6,796)
Hotel EBITDA margin(121.90)%(121.90)%
Selected Operating Information:
RevPAR$12.57 $— $12.57 
Occupancy21.86 %— %21.86 %
ADR$57.51 $— $57.51 
SARASOTA RITZ-CARLTON
Selected Financial Information:
Rooms revenue$32,566 $— $32,566 
Total hotel revenue $66,695 $— $66,695 
Hotel EBITDA$19,723 $— $19,723 
Hotel EBITDA margin29.57 %29.57 %
Selected Operating Information:
RevPAR$246.07 $— $246.07 
Occupancy69.40 %— %69.40 %
ADR$354.55 $— $354.55 
20


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202120212021
LAKE TAHOE RITZ-CARLTON
Selected Financial Information:
Rooms revenue$17,373 $— $17,373 
Total hotel revenue $32,930 $— $32,930 
Hotel EBITDA$3,148 $— $3,148 
Hotel EBITDA margin9.56 %9.56 %
Selected Operating Information:
RevPAR$279.97 $— $279.97 
Occupancy54.76 %— %54.76 %
ADR$511.25 $— $511.25 
SEATTLE MARRIOTT WATERFRONT
Selected Financial Information:
Rooms revenue$5,913 $— $5,913 
Total hotel revenue $6,862 $— $6,862 
Hotel EBITDA$(505)$— $(505)
Hotel EBITDA margin(7.36)%(7.36)%
Selected Operating Information:
RevPAR$21.28 $— $21.28 
Occupancy23.58 %— %23.58 %
ADR$90.26 $— $90.26 
ST. THOMAS RITZ-CARLTON
Selected Financial Information:
Rooms revenue$38,017 $— $38,017 
Total hotel revenue $57,310 $— $57,310 
Hotel EBITDA$17,994 $— $17,994 
Hotel EBITDA margin31.40 %31.40 %
Selected Operating Information:
RevPAR$350.20 $— $350.20 
Occupancy65.10 %— %65.10 %
ADR$537.98 $— $537.98 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$175,471 $— $175,471 
Total hotel revenue $277,517 $— $277,517 
Hotel EBITDA$47,158 $— $47,158 
Hotel EBITDA margin16.99 %16.99 %
Selected Operating Information:
RevPAR$129.16 $— $129.16 
Occupancy35.10 %— %35.10 %
ADR$367.99 $— $367.99 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
21


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS
(dollars in thousands)
(unaudited)

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202120212021202120212021202020202020202020202020
2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter
Total Hotel Revenue$97,110 $— $97,110 $83,848 $— $83,848 $51,805 $— $51,805 $44,754 $— $44,754 
Hotel EBITDA$24,728 $— $24,728 $20,499 $— $20,499 $1,573 $— $1,573 $358 $— $358 
Hotel EBITDA Margin25.46 %25.46 %24.45 %24.45 %3.04 %3.04 %0.80 %0.80 %
EBITDA % of Total TTM52.4 %52.4 %43.5 %43.5 %3.3 %3.3 %0.8 %0.8 %
JV Interests in EBITDA$27 $— $27 $(405)$— $(405)$(716)$— $(716)$(338)$— $(338)
ActualNon-comparable AdjustmentsComparable
202120212021
TTMTTMTTM
Total Hotel Revenue$277,517 $— $277,517 
Hotel EBITDA$47,158 $— $47,158 
Hotel EBITDA Margin16.99 %16.99 %
EBITDA % of Total TTM100.0 %100.0 %
JV Interests in EBITDA$(1,432)$— $(1,432)
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

22


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
June 30, 2021
(in thousands, except share price)
(unaudited)

June 30, 2021
Common stock shares outstanding57,311 
Partnership units outstanding (common stock equivalents)5,584 
Combined common stock shares and partnership units outstanding62,895 
Common stock price $6.21 
Market capitalization $390,579 
Series B cumulative convertible preferred stock$77,700 
Series D cumulative preferred stock$40,000 
Indebtedness$1,152,179 
Joint venture partner's share of consolidated indebtedness$(48,982)
Net working capital (see below)$(169,884)
Total enterprise value (TEV)$1,441,592 
Cash and cash equivalents$156,899 
Restricted cash$56,671 
Accounts receivable, net$18,233 
Prepaid expenses$4,934 
Due from third-party hotel managers, net$19,775 
Total current assets$256,512 
Accounts payable, net & accrued expenses$83,995 
Dividends and distributions payable$2,075 
Due to affiliates, net$558 
Total current liabilities$86,628 
Net working capital*$169,884 
* Includes the Company's pro rata share of net working capital in joint ventures.
23


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)

2021202120202020June 30, 2021
2nd Quarter1st Quarter4th Quarter3rd QuarterTTM
Net income (loss)$2,585 $(698)$(19,811)$(10,667)$(28,591)
Non-property adjustments(386)(496)— (10,149)(11,031)
Interest income(10)(8)(10)(10)(38)
Interest expense3,216 3,160 3,236 2,315 11,927 
Amortization of loan costs307 303 301 297 1,208 
Depreciation and amortization18,244 18,353 17,973 18,507 73,077 
Income tax expense (benefit)17 1 (336)8 (310)
Non-hotel EBITDA ownership expense755 (116)220 57 916 
Hotel EBITDA including amounts attributable to noncontrolling interest24,728 20,499 1,573 358 47,158 
Non-comparable adjustments— — — — — 
Comparable hotel EBITDA$24,728 $20,499 $1,573 $358 $47,158 

24

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2021
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(3,754)$717 $(1,804)$1,703 $3,834 $743 $(1,811)$(2,019)$(4,161)$4,906 $(1,527)$187 $5,571 $2,585 $(13,949)$(11,364)
Non-property adjustments— — — (100)(97)— — — — — — — (189)(386)386 — 
Interest income— — — — — — — — (1)(6)— (3)— (10)10 — 
Interest expense— — — 259 400 325 523 — — 876 301 — 532 3,216 3,417 6,633 
Amortization of loan cost— — — 38 73 40 7 — — 88 36 — 25 307 286 593 
Depreciation and amortization1,875 1,086 1,654 674 759 630 880 2,168 3,127 1,736 742 971 1,942 18,244 — 18,244 
Income tax expense (benefit)— — — — — — — 1 — — — — 16 17 44 61 
Non-hotel EBITDA ownership expense173 12 (6)84 (56)21 — 4 11 123 142 8 239 755 (755)— 
Hotel EBITDA including amounts attributable to noncontrolling interest(1,706)1,815 (156)2,658 4,913 1,759 (401)154 (1,024)7,723 (306)1,163 8,136 24,728 (10,561)14,167 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest428 (455)— — — — — — — — — — — (27)27 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 66 66 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (65)(65)
Hotel EBITDA attributable to the Company and OP unitholders$(1,278)$1,360 $(156)$2,658 $4,913 $1,759 $(401)$154 $(1,024)$7,723 $(306)$1,163 $8,136 $24,701 $(10,533)$14,168 
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(1,706)$1,815 $(156)$2,658 $4,913 $1,759 $(401)$154 $(1,024)$7,723 $(306)$1,163 $8,136 $24,728 
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)

BAML (Pier House)$— $— $— $— $4,913 $— $— $— $— $— $— $— $— $4,913 
BAML (Bardessono)— — — 2,658 — — — — — — — — — 2,658 
BAML (Hotel Yountville)— — — — — 1,759 — — — — — — — 1,759 
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — 8,136 8,136 
Prudential (Capital Hilton and Hilton Torrey Pines)(1,706)1,815 — — — — — — — — — — — 109 
BAML Pool (see footnote 2)— — (156)— — — — 154 (1,024)— — 1,163 — 137 
JP Morgan (Park Hyatt Beaver Creek)— — — — — — (401)— — — — — — (401)
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 7,723 — — — 7,723 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — (306)— — (306)
Total$(1,706)$1,815 $(156)$2,658 $4,913 $1,759 $(401)$154 $(1,024)$7,723 $(306)$1,163 $8,136 $24,728 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)     This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
25

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2021
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(2,791)$(1,832)$(2,866)$(901)$3,050 $(1,096)$3,140 $(2,684)$(5,258)$4,924 $1,580 $(1,416)$5,452 $(698)$(10,336)$(11,034)
Non-property adjustments— — — (17)1 — — — — 1 1 — (482)(496)496 — 
Interest income— — — — — — — — — (5)— (3)— (8)8 — 
Interest expense— — — 256 396 321 485 — — 880 296 — 526 3,160 2,869 6,029 
Amortization of loan cost— — — 37 72 40 7 — — 86 35 — 26 303 424 727 
Depreciation and amortization1,925 1,091 1,655 691 743 616 879 2,154 3,504 1,514 708 988 1,885 18,353 — 18,353 
Income tax expense (benefit)— (43)— — — — — 1 — — — — 43 1 144 145 
Non-hotel EBITDA ownership expense18 12 19 140 (16)18 (53)(249)(33)(38)217 (206)55 (116)116 — 
Hotel EBITDA including amounts attributable to noncontrolling interest(848)(772)(1,192)206 4,246 (101)4,458 (778)(1,787)7,362 2,837 (637)7,505 20,499 (6,279)14,220 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest213 192 — — — — — — — — — — — 405 (405)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 64 64 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (63)(63)
Hotel EBITDA attributable to the Company and OP unitholders$(635)$(580)$(1,192)$206 $4,246 $(101)$4,458 $(778)$(1,787)$7,362 $2,837 $(637)$7,505 $20,904 $(6,683)$14,221 
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(848)$(772)$(1,192)$206 $4,246 $(101)$4,458 $(778)$(1,787)$7,362 $2,837 $(637)$7,505 $20,499 

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House)$— $— $— $— $4,246 $— $— $— $— $— $— $— $— $4,246 
BAML (Bardessono)— — — 206 — — — — — — — — — 206 
BAML (Hotel Yountville)— — — — — (101)— — — — — — — (101)
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — 7,505 7,505 
Prudential (Capital Hilton and Hilton Torrey Pines)(848)(772)— — — — — — — — — — — (1,620)
BAML Pool (see footnote 2)— — (1,192)— — — — (778)(1,787)— — (637)— (4,394)
JP Morgan (Park Hyatt Beaver Creek)— — — — — — 4,458 — — — — — — 4,458 
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 7,362 — — — 7,362 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — 2,837 — — 2,837 
Total$(848)$(772)$(1,192)$206 $4,246 $(101)$4,458 $(778)$(1,787)$7,362 $2,837 $(637)$7,505 $20,499 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
26

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(3,661)$(1,778)$(2,247)$(565)$861 $(991)$(533)$(2,571)$(5,156)$372 $(1,872)$(1,492)$(178)$(19,811)$(10,317)$(30,128)
Non-property adjustments— — — — — — — — — — — — — — — — 
Interest income(2)— — — — — — — — (5)— (3)— (10)10 — 
Interest expense— — — 263 404 329 500 — — 896 306 — 538 3,236 2,999 6,235 
Amortization of loan cost— — — 37 72 39 7 — — 85 35 — 26 301 401 702 
Depreciation and amortization1,896 1,097 1,668 694 763 612 873 2,168 3,054 1,523 697 997 1,931 17,973 — 17,973 
Income tax expense (benefit)— (229)— — — — — (17)— — — — (90)(336)552 216 
Non-hotel EBITDA ownership expense(107)(80)(26)112 6 5 (19)(85)112 (27)319 (14)24 220 (220)— 
Hotel EBITDA including amounts attributable to noncontrolling interest(1,874)(990)(605)541 2,106 (6)828 (505)(1,990)2,844 (515)(512)2,251 1,573 (6,575)(5,002)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest469 247 — — — — — — — — — — — 716 (716)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 79 79 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (79)(79)
Hotel EBITDA attributable to the Company and OP unitholders$(1,405)$(743)$(605)$541 $2,106 $(6)$828 $(505)$(1,990)$2,844 $(515)$(512)$2,251 $2,289 $(7,291)$(5,002)
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(1,874)$(990)$(605)$541 $2,106 $(6)$828 $(505)$(1,990)$2,844 $(515)$(512)$2,251 $1,573 

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House)$— $— $— $— $2,106 $— $— $— $— $— $— $— $— $2,106 
BAML (Bardessono)— — — 541 — — — — — — — — — 541 
BAML (Hotel Yountville)— — — — — (6)— — — — — — — (6)
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — 2,251 2,251 
Prudential (Capital Hilton and Hilton Torrey Pines)(1,874)(990)— — — — — — — — — — — (2,864)
BAML Pool (see footnote 2)— — (605)— — — — (505)(1,990)— — (512)— (3,612)
JP Morgan (Park Hyatt Beaver Creek)— — — — — — 828 — — — — — — 828 
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 2,844 — — — 2,844 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — (515)— — (515)
Total$(1,874)$(990)$(605)$541 $2,106 $(6)$828 $(505)$(1,990)$2,844 $(515)$(512)$2,251 $1,573 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
27

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(3,500)$(833)$(2,832)$(26)$(103)$(631)$(788)$(2,852)$(5,002)$(799)$189 $(1,480)$7,990 $(10,667)$(12,390)$(23,057)
Non-property adjustments— — — — — — — — — — — — (10,149)(10,149)10,149 — 
Interest income— — — — — — — — (1)(5)— (4)— (10)10 — 
Interest expense— — — 263 405 330 (422)— — 897 304 — 538 2,315 5,855 8,170 
Amortization of loan cost— — — 37 71 39 6 — — 84 34 — 26 297 392 689 
Depreciation and amortization1,904 1,192 1,671 697 786 613 1,240 2,180 3,045 1,516 700 997 1,966 18,507 — 18,507 
Income tax expense (benefit)— (1)— — — — — 2 — — — — 7 8 (1,553)(1,545)
Non-hotel EBITDA ownership expense(44)(70)9 185 (4)49 247 24 (37)101 (95)(32)(276)57 (57)— 
Hotel EBITDA including amounts attributable to noncontrolling interest(1,640)288 (1,152)1,156 1,155 400 283 (646)(1,995)1,794 1,132 (519)102 358 2,406 2,764 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest410 (72)— — — — — — — — — — — 338 (338)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 58 58 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (56)(56)
Hotel EBITDA attributable to the Company and OP unitholders$(1,230)$216 $(1,152)$1,156 $1,155 $400 $283 $(646)$(1,995)$1,794 $1,132 $(519)$102 $696 $2,070 $2,766 
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(1,640)$288 $(1,152)$1,156 $1,155 $400 $283 $(646)$(1,995)$1,794 $1,132 $(519)$102 $358 

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House)$— $— $— $— $1,155 $— $— $— $— $— $— $— $— $1,155 
BAML (Bardessono)— — — 1,156 — — — — — — — — — 1,156 
BAML (Hotel Yountville)— — — — — 400 — — — — — — — 400 
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — 102 102 
Prudential (Capital Hilton and Hilton Torrey Pines)(1,640)288 — — — — — — — — — — — (1,352)
BAML Pool (see footnote 2)— — (1,152)— — — — (646)(1,995)— — (519)— (4,312)
JP Morgan (Park Hyatt Beaver Creek)— — — — — — 283 — — — — — — 283 
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 1,794 — — — 1,794 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — 1,132 — — 1,132 
Total$(1,640)$288 $(1,152)$1,156 $1,155 $400 $283 $(646)$(1,995)$1,794 $1,132 $(519)$102 $358 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.
(2)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
28

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(3,909)$(2,246)$(3,417)$(2,403)$(2,233)$(1,933)$(4,251)$(3,330)$(4,918)$(2,198)$(3,239)$(2,120)$(3,584)$(39,781)$(16,324)$(56,105)
Non-property adjustments— — — 100 200 128 — — — 250 135 — — 813 (813)— 
Interest income(2)(3)— — — — — (1)(2)(5)— (5)— (18)18 — 
Interest expense— — — 521 904 661 1,478 — — 1,535 644 — 532 6,275 10,189 16,464 
Amortization of loan cost— — — 36 70 38 — — — 83 34 — 26 287 660 947 
Depreciation and amortization1,910 1,352 1,667 877 743 609 1,225 2,170 2,966 1,482 695 976 1,881 18,553 — 18,553 
Income tax expense (benefit)— (806)— — — — — 2 — — — — — (804)(3,643)(4,447)
Non-hotel EBITDA ownership expense(641)8 (11)83 (16)— (139)55 74 63 93 (85)(613)(1,129)1,129 — 
Hotel EBITDA including amounts attributable to noncontrolling interest(2,642)(1,695)(1,761)(786)(332)(497)(1,687)(1,104)(1,880)1,210 (1,638)(1,234)(1,758)(15,804)(8,784)(24,588)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest660 424 — — — — — — — — — — — 1,084 (1,084)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 40 40 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (40)(40)
Hotel EBITDA attributable to the Company and OP unitholders$(1,982)$(1,271)$(1,761)$(786)$(332)$(497)$(1,687)$(1,104)$(1,880)$1,210 $(1,638)$(1,234)$(1,758)$(14,720)$(9,868)$(24,588)
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(2,642)$(1,695)$(1,761)$(786)$(332)$(497)$(1,687)$(1,104)$(1,880)$1,210 $(1,638)$(1,234)$(1,758)$(15,804)
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.



29

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2021
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(6,545)$(1,115)$(4,670)$802 $6,884 $(353)$1,329 $(4,703)$(9,419)$9,830 $53 $(1,229)$11,023 $1,887 $(24,285)$(22,398)
Non-property adjustments— — — (117)(96)— — — — 1 1 — (671)(882)882 — 
Interest income— — — — — — — — (1)(11)— (6)— (18)18 — 
Interest expense— — — 515 796 646 1,008 — — 1,756 597 — 1,058 6,376 6,286 12,662 
Amortization of loan cost— — — 75 145 80 14 — — 174 71 — 51 610 710 1,320 
Depreciation and amortization3,800 2,177 3,309 1,365 1,502 1,246 1,759 4,322 6,631 3,250 1,450 1,959 3,827 36,597 — 36,597 
Income tax expense (benefit)— (43)— — — — — 2 — — — — 59 18 188 206 
Non-hotel EBITDA ownership expense191 24 13 224 (72)39 (53)(245)(22)85 359 (198)294 639 (639)— 
Hotel EBITDA including amounts attributable to noncontrolling interest(2,554)1,043 (1,348)2,864 9,159 1,658 4,057 (624)(2,811)15,085 2,531 526 15,641 45,227 (16,840)28,387 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest641 (263)— — — — — — — — — — — 378 (378)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 130 130 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (128)(128)
Hotel EBITDA attributable to the Company and OP unitholders$(1,913)$780 $(1,348)$2,864 $9,159 $1,658 $4,057 $(624)$(2,811)$15,085 $2,531 $526 $15,641 $45,605 $(17,216)$28,389 
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(2,554)$1,043 $(1,348)$2,864 $9,159 $1,658 $4,057 $(624)$(2,811)$15,085 $2,531 $526 $15,641 $45,227 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.



30

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(5,561)$(1,402)$(7,151)$(3,769)$8 $(3,150)$(883)$(5,219)$(6,019)$133 $(2,230)$(3,029)$(2,968)$(41,240)$(30,252)$(71,492)
Non-property adjustments— — — 100 200 128 — — — 250 135 — — 813 (813)— 
Interest income(10)(16)— — — — — (6)(8)(19)— (20)(1)(80)80 — 
Interest expense— — — 948 1,617 1,206 2,203 — — 2,841 1,159 — 1,207 11,181 16,109 27,290 
Amortization of loan cost— — — 71 139 75 — — — 165 67 — 52 569 1,449 2,018 
Depreciation and amortization3,848 2,743 3,328 1,735 1,457 1,216 2,449 4,420 5,929 2,953 1,375 1,955 3,483 36,891 — 36,891 
Income tax expense (benefit)— (473)— — — — — 4 — — — — — (469)(2,608)(3,077)
Non-hotel EBITDA ownership expense161 203 192 236 25 45 97 319 388 541 744 392 498 3,841 (3,841)— 
Hotel EBITDA including amounts attributable to noncontrolling interest(1,562)1,055 (3,631)(679)3,446 (480)3,866 (482)290 6,864 1,250 (702)2,271 11,506 (19,876)(8,370)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest390 (263)— — — — — — — — — — — 127 (127)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 80 80 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (79)(79)
Hotel EBITDA attributable to the Company and OP unitholders$(1,172)$792 $(3,631)$(679)$3,446 $(480)$3,866 $(482)$290 $6,864 $1,250 $(702)$2,271 $11,633 $(20,002)$(8,369)
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(1,562)$1,055 $(3,631)$(679)$3,446 $(480)$3,866 $(482)$290 $6,864 $1,250 $(702)$2,271 $11,506 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at June 30, 2021, were owned as of the beginning of each of the periods presented.



31