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Published: 2021-05-05 00:00:00 ET
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EX-99.1 2 bhr2021q1earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1
braemara591a.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
FIRST QUARTER 2021 RESULTS
Net Loss Attributable to Common Stockholders for the First Quarter was $11.2 Million
First Quarter Adjusted EBITDA was $16.6 Million
First Quarter Comparable Hotel EBITDA was $20.5 Million
First Quarter Comparable Average Daily Rate Increased 25.3%
First Quarter AFFO per Share Increased 67%
Cash Flow Positive at the Corporate Level for the Quarter

DALLAS – May 5, 2021 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 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 March 31, 2021 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2021 with the first quarter ended March 31, 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
•Net loss attributable to common stockholders for the quarter was $11.2 million or $0.28 per diluted share.
•Comparable RevPAR for all hotels decreased 22.7% to $159.97 during the quarter on a 25.3% increase in ADR and a 38.3% decrease in occupancy.
•Adjusted funds from operations (AFFO) was $0.20 per diluted share for the quarter compared to $0.12 in the prior year quarter, reflecting a growth rate of 67%.
•Adjusted EBITDAre was $16.6 million for the quarter.
•Comparable Hotel EBITDA was $20.5 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $85.7 million and restricted cash of $39.3 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $18.6 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Capex invested during the quarter was $4.7 million.


BHR Reports First Quarter Results
Page 2
May 5, 2021
CAPITAL STRUCTURE
At March 31, 2021, the Company had total assets of $1.7 billion and $1.1 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 2.5%.

During the quarter, and subsequent to the end of the quarter, the Company issued 2,711,145 shares of common stock under its At-The-Market offering, raising approximately $16.1 million in gross proceeds.

During the quarter, 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 any time during a 36-month commitment period. Since entering into the SEDA, the Company has issued 1,450,000 shares of common stock under the SEDA for net proceeds of approximately $8.4 million. Subsequent to the end of the 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. Upon the signing of the equity line, the Company issued 265,957 shares of common stock under the equity line, raising $1.5 million of net proceeds.

During the quarter, and subsequent to the end of the quarter, the Company has opportunistically exchanged shares of its preferred stock into shares of its common stock. These exchanges have all been completed at a discount to the par value of the preferred stock, and in total, the Company has exchanged approximately 1.2 million shares of its Series B Preferred Stock, equating to 24.6% of the original share count, into approximately 4.5 million shares of common stock.

During the quarter, the Company announced that it has amended its term loan to extend the previous covenant waiver through the fourth quarter of 2021.

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 first quarter ended March 31, 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 March 31, 2021, the portfolio consisted of thirteen hotels.

•Comparable RevPAR decreased 22.7% to $159.97 for all hotels on a 25.3% increase in ADR and a 38.3% decrease 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.


BHR Reports First Quarter Results
Page 3
May 5, 2021
“We continue to be pleased with the recovery trends we are seeing at our hotels,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Demand was strong in the first quarter and our luxury resorts continue to perform well. The Company reported its highest quarterly ADR in our history, and we reported our first cash-flow positive quarter in a year. We’re encouraged by the roll-out of vaccines, and new bookings have been strong. Looking ahead, we believe Braemar is well-positioned to continue to execute on its disciplined strategy for growth. We have a high-quality portfolio, our balance sheet and liquidity position remain solid, and we remain committed to focusing on ways to maximize value for our shareholders.”

INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, May 6, 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 Thursday, May 13, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13717719.

The Company will also provide an online simulcast and rebroadcast of its first 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 Thursday, May 6, 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,” “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


BHR Reports First Quarter Results
Page 4
May 5, 2021
in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.



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

March 31, 2021December 31, 2020
ASSETS
Investments in hotel properties, gross$1,782,753 $1,784,849 
Accumulated depreciation(376,243)(360,259)
Investments in hotel properties, net1,406,510 1,424,590 
Cash and cash equivalents85,684 78,606 
Restricted cash39,322 34,544 
Accounts receivable, net of allowance of $275 and $227, respectively17,583 13,557 
Inventories2,383 2,551 
Prepaid expenses6,830 4,405 
Investment in OpenKey1,644 1,708 
Other assets15,646 14,898 
Operating lease right-of-use assets80,985 81,260 
Intangible assets, net4,546 4,640 
Due from related parties, net1,052 991 
Due from third-party hotel managers18,565 12,271 
Total assets$1,680,750 $1,674,021 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,118,824 $1,130,594 
Accounts payable and accrued expenses74,098 61,758 
Dividends and distributions payable2,569 2,736 
Due to Ashford Inc., net2,115 2,772 
Due to third-party hotel managers1,725 1,393 
Operating lease liabilities60,857 60,917 
Other liabilities18,833 18,077 
Total liabilities1,279,021 1,278,247 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 4,545,016 and 5,031,473 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively96,609 106,949 
Redeemable noncontrolling interests in operating partnership28,162 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 March 31, 2021 and December 31, 202016 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 43,465,880 and 38,274,770 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively434 382 
Additional paid-in capital571,288 541,870 
Accumulated deficit(278,445)(266,010)
Total stockholders' equity of the Company293,293 276,258 
Noncontrolling interest in consolidated entities(16,335)(15,088)
Total equity276,958 261,170 
Total liabilities and equity$1,680,750 $1,674,021 

5


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
20212020
REVENUE
Rooms$54,323 $70,468 
Food and beverage16,629 28,803 
Other12,896 18,249 
Total hotel revenue83,848 117,520 
EXPENSES
Hotel operating expenses:
Rooms11,015 17,880 
Food and beverage13,952 23,901 
Other expenses28,543 42,090 
Management fees 2,532 3,877 
Total hotel operating expenses56,042 87,748 
Property taxes, insurance and other7,264 7,660 
Depreciation and amortization18,353 18,338 
Advisory services fee:
Base advisory fee2,545 2,621 
Reimbursable expenses492 544 
Incentive fee371 — 
Non-cash stock/unit-based compensation1,387 1,904 
Corporate, general and administrative:
Non-cash stock/unit-based compensation10 35 
Other general and administrative1,590 1,897 
Total operating expenses88,054 120,747 
Gain (loss) on insurance settlement and disposition of assets 499 — 
OPERATING INCOME (LOSS)(3,707)(3,227)
Equity in earnings (loss) of unconsolidated entity(64)(40)
Interest income9 129 
Other income (expense)— (138)
Interest expense(6,029)(10,826)
Amortization of loan costs(727)(1,071)
Write-off of loan costs and exit fees(351)— 
Unrealized gain (loss) on derivatives(20)1,156 
INCOME (LOSS) BEFORE INCOME TAXES(10,889)(14,017)
Income tax (expense) benefit(145)(1,370)
NET INCOME (LOSS)(11,034)(15,387)
(Income) loss attributable to noncontrolling interest in consolidated entities1,247 572 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,079 1,885 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(8,708)(12,930)
Preferred dividends(2,388)(2,555)
Gain (loss) on extinguishment of preferred stock(73)— 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(11,169)$(15,485)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.28)$(0.48)
Weighted average common shares outstanding – basic39,605 32,474 
Diluted:
Net income (loss) attributable to common stockholders$(0.28)$(0.48)
Weighted average common shares outstanding – diluted39,605 32,474 
Dividends declared per common share:$— $— 

6


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
March 31,
20212020
Net income (loss)$(11,034)$(15,387)
Interest expense and amortization of loan costs6,756 11,897 
Depreciation and amortization 18,353 18,338 
Income tax expense (benefit)145 1,370 
Equity in (earnings) loss of unconsolidated entity64 40 
Company's portion of EBITDA of OpenKey(63)(39)
EBITDA14,221 16,219 
(Gain) loss on insurance settlement and disposition of assets (499)— 
EBITDAre13,722 16,219 
Amortization of favorable (unfavorable) contract assets (liabilities)138 207 
Transaction and conversion costs340 491 
Other (income) expense — 138 
Write-off of loan costs and exit fees351 — 
Unrealized (gain) loss on derivatives20 (1,156)
Non-cash stock/unit-based compensation1,416 1,985 
Legal, advisory and settlement costs205 613 
Advisory services incentive fee371 — 
Company's portion of adjustments to EBITDAre of OpenKey5 3 
Adjusted EBITDAre$16,568 $18,500 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
20212020
Net income (loss)$(11,034)$(15,387)
(Income) loss attributable to noncontrolling interest in consolidated entities1,247 572 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,079 1,885 
Preferred dividends(2,388)(2,555)
Gain (loss) on extinguishment of preferred stock(73)— 
Net income (loss) attributable to common stockholders(11,169)(15,485)
Depreciation and amortization on real estate17,659 17,559 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(1,079)(1,885)
Equity in (earnings) loss of unconsolidated entity64 40 
(Gain) loss on insurance settlement and disposition of assets (499)— 
Company's portion of FFO of OpenKey(64)(40)
FFO available to common stockholders and OP unitholders4,912 189 
Series B Cumulative Convertible Preferred Stock dividends1,563 1,730 
(Gain) loss on extinguishment of preferred stock73 — 
Transaction and conversion costs340 491 
Other (income) expense — 138 
Interest expense accretion on refundable membership club deposits202 213 
Write-off of loan costs and exit fees351 — 
Amortization of loan costs706 1,053 
Unrealized (gain) loss on derivatives20 (1,156)
Non-cash stock/unit-based compensation1,416 1,985 
Legal, advisory and settlement costs205 613 
Advisory services incentive fee371 — 
Company's portion of adjustments to FFO of OpenKey5 3 
Adjusted FFO available to common stockholders, OP unitholders and Series B Cumulative Convertible preferred stockholders on an "as converted" basis$10,164 $5,259 
Adjusted FFO per diluted share available to common stockholders, OP unitholders and Series B Cumulative Convertibile preferred stockholders on an "as converted" basis$0.20 $0.12 
Weighted average diluted shares50,315 43,751 

7


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2021
(dollars in thousands)
(unaudited)

LenderHotelsMaturityInterest RateFixed-Rate
Debt		Floating-Rate
Debt		Total
Debt
Comparable TTM
Hotel EBITDA(7)
Comparable TTM EBITDA
Debt Yield
BAMLSee footnoteJune 2021LIBOR + 2.16%$— $435,000 (1)$435,000 $(18,297)(4.2)%
ApolloRitz-Carlton, St. ThomasAugust 2021LIBOR + 3.95%— 42,500 (2)42,500 8,100 19.1 %
JPMorganPark Hyatt Beaver Creek April 2022LIBOR + 2.75%— 67,500 (3)67,500 3,882 5.8 %
BAML Hotel Yountville May 2022LIBOR + 2.55%— 51,000 (5)51,000 (204)(0.4)%
BAML BardessonoAugust 2022LIBOR + 2.55%— 40,000 (5)40,000 1,117 2.8 %
BAML Term LoanN/AOctober 2022Base Rate(4) + 1.25% to 2.65% or LIBOR + 2.25% to 3.65%— 51,221 (6)51,221  N/A N/A
BAML Ritz-Carlton, SarasotaApril 2023LIBOR + 2.65%— 100,000 (5)100,000 13,210 13.2 %
BAML Ritz-Carlton, Lake TahoeJanuary 2024LIBOR + 2.10%— 54,000 (5)54,000 1,816 3.4 %
Prudential Capital Hilton and Hilton Torrey PinesFebruary 2024LIBOR + 1.70%— 196,671 196,671 (10,173)(5.2)%
BAML Pier House ResortSeptember 2024LIBOR + 1.85%— 80,000 (5)80,000 7,175 9.0 %
Total$— $1,117,892 $1,117,892 $6,626 0.6 %
Percentage— %100.0 %100.0 %
Weighted average interest rate— %2.51 %2.51 %
All indebtedness is non-recourse with the exception of the term loan.
(1)    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.
(2)    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%.
(3)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in April 2021.
(4)    Base Rate, as defined in the term loan 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%.
(5)    This mortgage loan has a LIBOR floor of 0.25%.
(6)    This mortgage loan has a LIBOR floor of 0.50%.
(7)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
March 31, 2021
(dollars in thousands)
(unaudited)
LenderHotels20212022202320242025ThereafterTotal
JPMorgan Park Hyatt Beaver Creek$— $67,500 $— $— $— $— $67,500 
BAML Hotel Yountville— 51,000 — — — — 51,000 
BAMLBardessono— 40,000 — — — — 40,000 
BAML Term LoanN/A— 21,221 — — — — 21,221 
BAML Ritz-Carlton, Sarasota— — 98,000 — — — 98,000 
BAML Ritz-Carlton, Lake Tahoe— — — 54,000 — — 54,000 
PrudentialCapital Hilton and Hilton Torrey Pines— — — 195,000 — — 195,000 
ApolloRitz-Carlton, St. Thomas— — — 42,500 — — 42,500 
BAML Pier House Resort— — — 80,000 — — 80,000 
BAMLSee footnote 1— — — — 435,000 — 435,000 
Principal due in future periods$— $179,721 $98,000 $371,500 $435,000 $— $1,084,221 
Scheduled amortization payments remaining17,171 16,000 500 — — — 33,671 
Total indebtedness$17,171 $195,721 $98,500 $371,500 $435,000 $— $1,117,892 
(1)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

9


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

ALL HOTELS:
Three Months Ended March 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
Rooms revenue (in thousands)$53,585 $— $53,585 $69,876 $— $69,876 (23.31)%(23.31)%
RevPAR$159.97 $— $159.97 $206.90 $— $206.90 (22.69)%(22.69)%
Occupancy36.91 %— %36.91 %59.82 %— %59.82 %(38.30)%(38.30)%
ADR$433.43 $— $433.43 $345.88 $— $345.88 25.31 %25.31 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 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.


10


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months Ended
March 31,
20212020% Variance
Total hotel revenue$83,848 $117,520 (28.65)%
Non-comparable adjustments— (138)
Comparable total hotel revenue$83,848 $117,382 (28.57)%
Hotel EBITDA$20,499 $27,310 (24.94)%
Non-comparable adjustments— — 
Comparable hotel EBITDA$20,499 $27,310 (24.94)%
Hotel EBITDA margin24.45 %23.24 %1.21 %
Comparable hotel EBITDA margin24.45 %23.27 %1.18 %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$(405)$957 (142.32)%
Hotel EBITDA attributable to the Company and OP unitholders$20,904 $26,353 (20.68)%
Comparable hotel EBITDA attributable to the Company and OP unitholders$20,904 $26,353 (20.68)%
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 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.



11


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended March 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$2,031 $— $2,031 $6,535 $— $6,535 (68.92)%(68.92)%
Total hotel revenue $2,409 $— $2,409 $10,532 $— $10,532 (77.13)%(77.13)%
Hotel EBITDA$(848)$— $(848)$1,080 $— $1,080 (178.52)%(178.52)%
Hotel EBITDA margin(35.20)%(35.20)%10.25 %10.25 %(45.45)%(45.45)%
Selected Operating Information:
RevPAR$41.04 $— $41.04 $130.57 $— $130.57 (68.57)%(68.57)%
Occupancy27.77 %— %27.77 %59.49 %— %59.49 %(53.32)%(53.32)%
ADR$147.77 $— $147.77 $219.47 $— $219.47 (32.67)%(32.67)%
LA JOLLA HILTON TORREY PINES
Selected Financial Information:
Rooms revenue$1,610 $— $1,610 $5,114 $— $5,114 (68.52)%(68.52)%
Total hotel revenue $2,279 $— $2,279 $9,396 $— $9,396 (75.74)%(75.74)%
Hotel EBITDA$(772)$— $(772)$2,750 $— $2,750 (128.07)%(128.07)%
Hotel EBITDA margin(33.87)%(33.87)%29.27 %29.27 %(63.14)%(63.14)%
Selected Operating Information:
RevPAR$45.39 $— $45.39 $142.62 $— $142.62 (68.17)%(68.17)%
Occupancy32.31 %— %32.31 %63.01 %— %63.01 %(48.72)%(48.72)%
ADR$140.49 $— $140.49 $226.35 $— $226.35 (37.93)%(37.93)%
CHICAGO SOFITEL MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$1,420 $— $1,420 $2,621 $— $2,621 (45.82)%(45.82)%
Total hotel revenue $1,788 $— $1,788 $3,768 $— $3,768 (52.55)%(52.55)%
Hotel EBITDA$(1,192)$— $(1,192)$(1,870)$— $(1,870)36.26 %36.26 %
Hotel EBITDA margin(66.67)%(66.67)%(49.63)%(49.63)%(17.04)%(17.04)%
Selected Operating Information:
RevPAR$38.01 $— $38.01 $69.40 $— $69.40 (45.23)%(45.23)%
Occupancy23.60 %— %23.60 %51.41 %— %51.41 %(54.09)%(54.09)%
ADR$161.05 $— $161.05 $135.00 $— $135.00 19.30 %19.30 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$1,760 $— $1,760 $1,976 $— $1,976 (10.93)%(10.93)%
Total hotel revenue $2,372 $— $2,372 $2,905 $— $2,905 (18.35)%(18.35)%
Hotel EBITDA$206 $— $206 $107 $— $107 92.52 %92.52 %
Hotel EBITDA margin8.68 %8.68 %3.68 %3.68 %5.00 %5.00 %
Selected Operating Information:
RevPAR$300.95 $— $300.95 $334.31 $— $334.31 (9.98)%(9.98)%
Occupancy43.08 %— %43.08 %54.12 %— %54.12 %(20.40)%(20.40)%
ADR$698.63 $— $698.63 $617.76 $— $617.76 13.09 %13.09 %
KEY WEST PIER HOUSE RESORT
Selected Financial Information:
Rooms revenue$5,583 $— $5,583 $5,549 $— $5,549 0.61 %0.61 %
Total hotel revenue $7,058 $— $7,058 $6,999 $— $6,999 0.84 %0.84 %
Hotel EBITDA$4,246 $— $4,246 $3,778 $— $3,778 12.39 %12.39 %
Hotel EBITDA margin60.16 %60.16 %53.98 %53.98 %6.18 %6.18 %
Selected Operating Information:
RevPAR$436.84 $— $436.84 $429.38 $— $429.38 1.74 %1.74 %
Occupancy84.02 %— %84.02 %77.36 %— %77.36 %8.62 %8.62 %
ADR$519.91 $— $519.91 $555.07 $— $555.07 (6.33)%(6.33)%
12


Three Months Ended March 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$1,019 $— $1,019 $1,393 $— $1,393 (26.85)%(26.85)%
Total hotel revenue $1,294 $— $1,294 $1,885 $— $1,885 (31.35)%(31.35)%
Hotel EBITDA$(101)$— $(101)$17 $— $17 (694.12)%(694.12)%
Hotel EBITDA margin(7.81)%(7.81)%0.90 %0.90 %(8.71)%(8.71)%
Selected Operating Information:
RevPAR$141.49 $— $141.49 $191.30 $— $191.30 (26.04)%(26.04)%
Occupancy32.64 %— %32.64 %46.32 %— %46.32 %(29.53)%(29.53)%
ADR$433.50 $— $433.50 $413.00 $— $413.00 4.96 %4.96 %
PARK HYATT BEAVER CREEK
Selected Financial Information:
Rooms revenue$6,380 $— $6,380 $8,151 $— $8,151 (21.73)%(21.73)%
Total hotel revenue $11,751 $— $11,751 $15,312 $— $15,312 (23.26)%(23.26)%
Hotel EBITDA$4,458 $— $4,458 $5,553 $— $5,553 (19.72)%(19.72)%
Hotel EBITDA margin37.94 %37.94 %36.27 %36.27 %1.67 %1.67 %
Selected Operating Information:
RevPAR$373.13 $— $373.13 $471.45 $— $471.45 (20.85)%(20.85)%
Occupancy64.33 %— %64.33 %62.49 %— %62.49 %2.95 %2.95 %
ADR$580.05 $— $580.05 $754.47 $— $754.47 (23.12)%(23.12)%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$1,241 $— $1,241 $4,466 $— $4,466 (72.21)%(72.21)%
Total hotel revenue $1,365 $— $1,365 $5,907 $— $5,907 (76.89)%(76.89)%
Hotel EBITDA$(778)$— $(778)$622 $— $622 (225.08)%(225.08)%
Hotel EBITDA margin(57.00)%(57.00)%10.53 %10.53 %(67.53)%(67.53)%
Selected Operating Information:
RevPAR$27.64 $— $27.64 $98.36 $— $98.36 (71.90)%(71.90)%
Occupancy19.67 %— %19.67 %56.67 %— %56.67 %(65.30)%(65.30)%
ADR$140.55 $— $140.55 $173.56 $— $173.56 (19.02)%(19.02)%
THE CLANCY
Selected Financial Information:
Rooms revenue$1,144 $— $1,144 $7,512 $— $7,512 (84.77)%(84.77)%
Total hotel revenue $1,357 $— $1,357 $8,582 $— $8,582 (84.19)%(84.19)%
Hotel EBITDA$(1,787)$— $(1,787)$2,170 $— $2,170 (182.35)%(182.35)%
Hotel EBITDA margin(131.69)%(131.69)%25.29 %25.29 %(156.98)%(156.98)%
Selected Operating Information:
RevPAR$31.02 $— $31.02 $201.34 $— $201.34 (84.60)%(84.60)%
Occupancy22.81 %— %22.81 %64.75 %— %64.75 %(64.77)%(64.77)%
ADR$135.96 $— $135.96 $310.95 $— $310.95 (56.28)%(56.28)%
SARASOTA RITZ-CARLTON
Selected Financial Information:
Rooms revenue$10,768 $— $10,768 $8,441 $— $8,441 27.57 %27.57 %
Total hotel revenue $20,110 $— $20,110 $19,428 $— $19,428 3.51 %3.51 %
Hotel EBITDA$7,362 $— $7,362 $5,654 $— $5,654 30.21 %30.21 %
Hotel EBITDA margin36.61 %36.61 %29.10 %29.10 %7.51 %7.51 %
Selected Operating Information:
RevPAR$449.78 $— $449.78 $348.71 $— $348.71 28.99 %28.99 %
Occupancy75.51 %— %75.51 %71.24 %— %71.24 %5.99 %5.99 %
ADR$595.66 $— $595.66 $489.46 $— $489.46 21.70 %21.70 %
13


Three Months Ended March 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202120212021202020202020% Variance% Variance
LAKE TAHOE RITZ-CARLTON
Selected Financial Information:
Rooms revenue$6,474 $— $6,474 $7,399 $— $7,399 (12.50)%(12.50)%
Total hotel revenue $11,936 $— $11,936 $13,407 $(138)$13,269 (10.97)%(10.05)%
Hotel EBITDA$2,837 $— $2,837 $2,888 $— $2,888 (1.77)%(1.77)%
Hotel EBITDA margin23.77 %23.77 %21.54 %21.77 %2.23 %2.00 %
Selected Operating Information:
RevPAR$423.10 $— $423.10 $478.30 $— $478.30 (11.54)%(11.54)%
Occupancy61.78 %— %61.78 %63.38 %— %63.38 %(2.52)%(2.52)%
ADR$684.81 $— $684.81 $754.65 $— $754.65 (9.25)%(9.25)%
SEATTLE MARRIOTT WATERFRONT
Selected Financial Information:
Rooms revenue$898 $— $898 $3,698 $— $3,698 (75.72)%(75.72)%
Total hotel revenue $1,025 $— $1,025 $4,847 $— $4,847 (78.85)%(78.85)%
Hotel EBITDA$(637)$— $(637)$532 $— $532 (219.74)%(219.74)%
Hotel EBITDA margin(62.15)%(62.15)%10.98 %10.98 %(73.13)%(73.13)%
Selected Operating Information:
RevPAR$27.65 $— $27.65 $112.57 $— $112.57 (75.44)%(75.44)%
Occupancy16.90 %— %16.90 %51.87 %— %51.87 %(67.42)%(67.42)%
ADR$163.59 $— $163.59 $217.01 $— $217.01 (24.61)%(24.61)%
ST. THOMAS RITZ-CARLTON
Selected Financial Information:
Rooms revenue$13,257 $— $13,257 $7,021 $— $7,021 88.82 %88.82 %
Total hotel revenue $19,104 $— $19,104 $14,552 $— $14,552 31.28 %31.28 %
Hotel EBITDA$7,505 $— $7,505 $4,029 $— $4,029 86.27 %86.27 %
Hotel EBITDA margin39.28 %39.28 %27.69 %27.69 %11.59 %11.59 %
Selected Operating Information:
RevPAR$818.31 $— $818.31 $455.87 $— $455.87 79.51 %79.51 %
Occupancy78.61 %— %78.61 %57.72 %— %57.72 %36.20 %36.20 %
ADR$1,040.97 $— $1,040.97 $789.84 $— $789.84 31.80 %31.80 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$53,585 $— $53,585 $69,876 $— $69,876 (23.31)%(23.31)%
Total hotel revenue $83,848 $— $83,848 $117,520 $(138)$117,382 (28.65)%(28.57)%
Hotel EBITDA$20,499 $— $20,499 $27,310 $— $27,310 (24.94)%(24.94)%
Hotel EBITDA margin24.45 %24.45 %23.24 %23.27 %1.21 %1.18 %
Selected Operating Information:
RevPAR$159.97 $— $159.97 $206.90 $— $206.90 (22.69)%(22.69)%
Occupancy36.91 %— %36.91 %59.82 %— %59.82 %(38.30)%(38.30)%
ADR$433.43 $— $433.43 $345.88 $— $345.88 25.31 %25.31 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 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.

14


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended March 31,
ActualNon-comparable AdjustmentsComparable
202120212021
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$3,091 $— $3,091 
Total hotel revenue $4,594 $— $4,594 
Hotel EBITDA$(7,004)$— $(7,004)
Hotel EBITDA margin(152.46)%(152.46)%
Selected Operating Information:
RevPAR$15.40 $— $15.40 
Occupancy11.22 %— %11.22 %
ADR$137.25 $— $137.25 
LA JOLLA HILTON TORREY PINES
Selected Financial Information:
Rooms revenue$6,055 $— $6,055 
Total hotel revenue $8,272 $— $8,272 
Hotel EBITDA$(3,169)$— $(3,169)
Hotel EBITDA margin(38.31)%(38.31)%
Selected Operating Information:
RevPAR$42.10 $— $42.10 
Occupancy30.20 %— %30.20 %
ADR$139.40 $— $139.40 
CHICAGO SOFITEL MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$4,778 $— $4,778 
Total hotel revenue $5,903 $— $5,903 
Hotel EBITDA$(4,710)$— $(4,710)
Hotel EBITDA margin(79.79)%(79.79)%
Selected Operating Information:
RevPAR$31.54 $— $31.54 
Occupancy20.95 %— %20.95 %
ADR$150.58 $— $150.58 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$7,251 $— $7,251 
Total hotel revenue $9,387 $— $9,387 
Hotel EBITDA$1,117 $— $1,117 
Hotel EBITDA margin11.90 %11.90 %
Selected Operating Information:
RevPAR$305.61 $— $305.61 
Occupancy37.56 %— %37.56 %
ADR$813.58 $— $813.58 
KEY WEST PIER HOUSE RESORT
Selected Financial Information:
Rooms revenue$12,299 $— $12,299 
Total hotel revenue $15,812 $— $15,812 
Hotel EBITDA$7,175 $— $7,175 
Hotel EBITDA margin45.38 %45.38 %
Selected Operating Information:
RevPAR$237.30 $— $237.30 
Occupancy56.99 %— %56.99 %
ADR$416.36 $— $416.36 
15


TTM Ended March 31,
ActualNon-comparable AdjustmentsComparable
202120212021
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$4,165 $— $4,165 
Total hotel revenue $5,160 $— $5,160 
Hotel EBITDA$(204)$— $(204)
Hotel EBITDA margin(3.95)%(3.95)%
Selected Operating Information:
RevPAR$142.63 $— $142.63 
Occupancy26.04 %— %26.04 %
ADR$547.71 $— $547.71 
PARK HYATT BEAVER CREEK
Selected Financial Information:
Rooms revenue$11,076 $— $11,076 
Total hotel revenue $21,994 $— $21,994 
Hotel EBITDA$3,882 $— $3,882 
Hotel EBITDA margin17.65 %17.65 %
Selected Operating Information:
RevPAR$159.72 $— $159.72 
Occupancy34.29 %— %34.29 %
ADR$465.73 $— $465.73 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$4,124 $— $4,124 
Total hotel revenue $4,458 $— $4,458 
Hotel EBITDA$(3,033)$— $(3,033)
Hotel EBITDA margin(68.03)%(68.03)%
Selected Operating Information:
RevPAR$22.64 $— $22.64 
Occupancy14.99 %— %14.99 %
ADR$151.04 $— $151.04 
THE CLANCY
Selected Financial Information:
Rooms revenue$1,881 $— $1,881 
Total hotel revenue $2,398 $— $2,398 
Hotel EBITDA$(7,652)$— $(7,652)
Hotel EBITDA margin(319.10)%(319.10)%
Selected Operating Information:
RevPAR$12.57 $— $12.57 
Occupancy9.05 %— %9.05 %
ADR$138.89 $— $138.89 
SARASOTA RITZ-CARLTON
Selected Financial Information:
Rooms revenue$23,891 $— $23,891 
Total hotel revenue $50,213 $— $50,213 
Hotel EBITDA$13,210 $— $13,210 
Hotel EBITDA margin26.31 %26.31 %
Selected Operating Information:
RevPAR$246.07 $— $246.07 
Occupancy54.96 %— %54.96 %
ADR$447.74 $— $447.74 
16


TTM Ended March 31,
ActualNon-comparable AdjustmentsComparable
202120212021
LAKE TAHOE RITZ-CARLTON
Selected Financial Information:
Rooms revenue$14,115 $— $14,115 
Total hotel revenue $25,766 $— $25,766 
Hotel EBITDA$1,816 $— $1,816 
Hotel EBITDA margin7.05 %7.05 %
Selected Operating Information:
RevPAR$227.46 $— $227.46 
Occupancy43.23 %— %43.23 %
ADR$526.19 $— $526.19 
SEATTLE MARRIOTT WATERFRONT
Selected Financial Information:
Rooms revenue$2,804 $— $2,804 
Total hotel revenue $3,199 $— $3,199 
Hotel EBITDA$(2,902)$— $(2,902)
Hotel EBITDA margin(90.72)%(90.72)%
Selected Operating Information:
RevPAR$21.28 $— $21.28 
Occupancy11.97 %— %11.97 %
ADR$177.81 $— $177.81 
ST. THOMAS RITZ-CARLTON
Selected Financial Information:
Rooms revenue$23,007 $— $23,007 
Total hotel revenue $36,146 $— $36,146 
Hotel EBITDA$8,100 $— $8,100 
Hotel EBITDA margin22.41 %22.41 %
Selected Operating Information:
RevPAR$350.20 $— $350.20 
Occupancy44.23 %— %44.23 %
ADR$791.75 $— $791.75 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$118,537 $— $118,537 
Total hotel revenue $193,302 $— $193,302 
Hotel EBITDA$6,626 $— $6,626 
Hotel EBITDA margin3.43 %3.43 %
Selected Operating Information:
RevPAR$87.25 $— $87.25 
Occupancy24.54 %— %24.54 %
ADR$355.56 $— $355.56 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 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
17


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
202120212021202020202020202020202020202020202020
1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter
Total Hotel Revenue$83,848 $— $83,848 $51,805 $— $51,805 $44,754 $— $44,754 $12,895 $— $12,895 
Hotel EBITDA$20,499 $— $20,499 $1,573 $— $1,573 $358 $— $358 $(15,804)$— $(15,804)
Hotel EBITDA Margin24.45 %24.45 %3.04 %3.04 %0.80 %0.80 %(122.56)%(122.56)%
EBITDA % of Total TTM309.4 %309.4 %23.7 %23.7 %5.4 %5.4 %(238.5)%(238.5)%
JV Interests in EBITDA$(405)$— $(405)$(716)$— $(716)$(338)$— $(338)$(1,084)$— $(1,084)
ActualNon-comparable AdjustmentsComparable
202120212021
TTMTTMTTM
Total Hotel Revenue$193,302 $— $193,302 
Hotel EBITDA$6,626 $— $6,626 
Hotel EBITDA Margin3.43 %3.43 %
EBITDA % of Total TTM100.0 %100.0 %
JV Interests in EBITDA$(2,543)$— $(2,543)
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 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.

18


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2021
(in thousands, except share price)
(unaudited)

March 31, 2021
Common stock shares outstanding43,466 
Partnership units outstanding (common stock equivalents)4,521 
Combined common stock shares and partnership units outstanding47,987 
Common stock price $6.07 
Market capitalization $291,281 
Series B cumulative convertible preferred stock$113,625 
Series D cumulative preferred stock$40,000 
Indebtedness$1,117,892 
Joint venture partner's share of consolidated indebtedness$(49,168)
Net working capital (see below)$(87,125)
Total enterprise value (TEV)$1,426,505 
Cash and cash equivalents$85,133 
Restricted cash$38,878 
Accounts receivable, net$17,156 
Prepaid expenses$6,561 
Due from third-party hotel managers, net$16,859 
Total current assets$164,587 
Accounts payable, net & accrued expenses$73,946 
Dividends and distributions payable$2,569 
Due to affiliates, net$947 
Total current liabilities$77,462 
Net working capital*$87,125 
* Includes the Company's pro rata share of net working capital in joint ventures.
19


Exhibit 1

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

2021202020202020March 31, 2021
1st Quarter4th Quarter3rd Quarter2nd QuarterTTM
Net income (loss)$(698)$(19,811)$(10,667)$(39,781)$(70,957)
Non-property adjustments(496)— (10,149)813 (9,832)
Interest income(8)(10)(10)(18)(46)
Interest expense3,160 3,236 2,315 6,275 14,986 
Amortization of loan costs303 301 297 287 1,188 
Depreciation and amortization18,352 17,973 18,507 18,553 73,385 
Income tax expense (benefit)1 (336)8 (804)(1,131)
Non-hotel EBITDA ownership expense(115)220 57 (1,129)(967)
Hotel EBITDA including amounts attributable to noncontrolling interest20,499 1,573 358 (15,804)6,626 
Non-comparable adjustments— — — — — 
Comparable hotel EBITDA$20,499 $1,573 $358 $(15,804)$6,626 

20

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 March 31, 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.
21

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 March 31, 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.
22

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 March 31, 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.
23

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)

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House)$— $— $— $— $(332)$— $— $— $— $— $— $— $— $(332)
BAML (Bardessono)— — — (786)— — — — — — — — — (786)
BAML (Hotel Yountville)— — — — — (497)— — — — — — — (497)
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — (1,758)(1,758)
Prudential (Capital Hilton and Hilton Torrey Pines)(2,642)(1,695)— — — — — — — — — — — (4,337)
BAML Pool (see footnote 2)— — (1,761)— — — — (1,104)(1,880)— — (1,234)— (5,979)
JP Morgan (Park Hyatt Beaver Creek)— — — — — — (1,687)— — — — — — (1,687)
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 1,210 — — — 1,210 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — (1,638)— — (1,638)
Total$(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 March 31, 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.
24

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 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)$(1,652)$844 $(3,734)$(1,366)$2,241 $(1,217)$3,368 $(1,889)$(1,101)$2,331 $1,009 $(909)$616 $(1,459)$(13,928)$(15,387)
Non-property adjustments— — — — — — — — — — — — — — — — 
Interest income(8)(13)— — — — — (5)(6)(14)— (15)(1)(62)62 — 
Interest expense— — — 427 713 545 725 — — 1,306 515 — 675 4,906 5,920 10,826 
Amortization of loan cost— — — 35 69 37 — — — 82 33 — 26 282 789 1,071 
Depreciation and amortization1,938 1,391 1,661 858 714 607 1,224 2,250 2,963 1,471 680 979 1,602 18,338 — 18,338 
Income tax expense (benefit)— 333 — — — — — 2 — — — — — 335 1,035 1,370 
Non-hotel EBITDA ownership expense802 195 203 153 41 45 236 264 314 478 651 477 1,111 4,970 (4,970)— 
Hotel EBITDA including amounts attributable to noncontrolling interest1,080 2,750 (1,870)107 3,778 17 5,553 622 2,170 5,654 2,888 532 4,029 27,310 (11,092)16,218 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(270)(687)— — — — — — — — — — — (957)957 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 40 40 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (39)(39)
Hotel EBITDA attributable to the Company and OP unitholders$810 $2,063 $(1,870)$107 $3,778 $17 $5,553 $622 $2,170 $5,654 $2,888 $532 $4,029 $26,353 $(10,134)$16,219 
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$1,080 $2,750 $(1,870)$107 $3,778 $17 $5,553 $622 $2,170 $5,654 $2,888 $532 $4,029 $27,310 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at March 31, 2021, were owned as of the beginning of each of the periods presented.



25