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Published: 2023-11-08 16:30:43 ET
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EX-99.1 2 bhr2023q3earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1
braemara59.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
THIRD QUARTER 2023 RESULTS

DALLAS – November 8, 2023 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of September 30, 2023, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2023 with the third quarter ended September 30, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 7.1% over the prior year quarter to $263. Comparable ADR decreased 5.8% over the prior year quarter to $384 and Comparable Occupancy decreased 1.4% over the prior year quarter to 68.4%.
•Net loss attributable to common stockholders for the quarter was $(33.1) million or $(0.50) per diluted share.
•Adjusted funds from operations (AFFO) was $(0.08) per diluted share for the quarter.
•Adjusted EBITDAre was $27.0 million for the quarter.
•Comparable Hotel EBITDA was $34.9 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $149.5 million and restricted cash of $57.3 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $14.2 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net debt to gross assets was 38.6% at the end of the third quarter.
•Capex invested during the quarter was $19.4 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company entered into a new $200 million corporate financing that includes a $150 million term loan and a $50 million credit facility.
•During the quarter, the Company announced the planned conversion of its Mr. C Beverly Hills Hotel to Hilton’s LXR brand under the new name, Cameo Beverly Hills.
•During the quarter, the Company upsized and extended its mortgage loan secured by the Four Seasons Resort Scottsdale at Troon North.


BHR Reports Third Quarter Results
Page 2
November 8, 2023
•Subsequent to quarter end, the Company extended its mortgage loan secured by the Ritz-Carlton Lake Tahoe.
MR. C BRAND CONVERSION
During the quarter, the Company announced the rebranding and planned conversion of its Mr. C Beverly Hills in Los Angeles, California to the Cameo Beverly Hills. Beginning in early August 2023, Cameo Beverly Hills was available for booking on Hilton’s website at hilton.com and joined Hilton Honors, Hilton’s award-winning guest loyalty program.
Looking ahead, following an extensive renovation which is expected to be completed by the end of 2025, the hotel will join LXR Hotels & Resorts (“LXR”). One of Hilton’s iconic luxury brands, LXR is a collection of unique, independent luxury properties around the world that focuses on individualized service and one-of-a-kind stays.
The conversion of the hotel, which was built in 1965, will reflect its unique history and distinctive location in the heart of West Los Angeles near iconic amenities and high-end shopping on Rodeo Drive. The Company is planning an approximately $25 million renovation to further elevate this distinctive hotel that will enable a revitalized luxury guest experience when it is completed. Added amenities and enhanced design elements will include upgrades to the guestrooms, guest bathrooms, restaurant, lobby, pool, fitness area, and meeting spaces. Remington will continue to manage the property after the conversion under a management agreement.
CAPITAL STRUCTURE
As of September 30, 2023, the Company had total assets of $2.3 billion and $1.2 billion of loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of 7.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 69% of the Company’s consolidated debt is currently effectively fixed and approximately 31% is effectively floating.
During the quarter, the Company completed a $200 million corporate financing. The financing includes a $150 million term loan and $50 million credit facility. The corporate financing is secured by The Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel and Spa.
During the quarter, the Company successfully closed on the upsizing and extension of the mortgage loan secured by the 210-room Four Seasons Resort Scottsdale at Troon North in Scottsdale, Arizona. The non-recourse loan now totals $140.0 million and has an initial maturity in December of 2026 with two one-year extension options, subject to the satisfaction of certain conditions. The loan is interest only and continues to have a floating interest rate of SOFR + 3.75%.
Subsequent to quarter end, the Company successfully closed on the extension of the mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe in Truckee, California. The non-recourse loan now totals $53.4 million and has a one-year initial term with one, one-year extension option, subject to the satisfaction of certain conditions. The loan is interest only and has a floating interest rate of SOFR + 3.60%.
DIVIDENDS
On October 10, 2023, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company’s common stock for the fourth quarter ending December 31, 2023. The dividend, which equates to an annual rate of $0.20 per share, will be paid on January 16, 2024, to stockholders of record as of December 29, 2023. The Board of Directors will review


BHR Reports Third Quarter Results
Page 3
November 8, 2023
its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.
“In 2022, our resort hotels delivered record high, but knowingly unsustainable performance. This was primarily due to restrictions on international travel concentrating domestic demand, unprecedented government stimulus programs providing excess liquidity to consumers and flexible work schedules giving them more time to travel. As a result, this year we are seeing some normalization of these trends, resulting in unfavorable year over year comparisons. Nevertheless, our resort hotel performance continues to meaningfully outperform pre-pandemic levels,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Furthermore, our urban hotel portfolio continues on its upward recovery trend as business transient and corporate group demand rises steadily,” he added. He continued, “We’re also very excited about the recent rebranding of the Mr. C Beverly Hills to Cameo Beverly Hills and its upcoming conversion to Hilton’s LXR brand, which fills a desirable niche in the attractive Beverly Hills lodging market.” He concluded, “We continue to make solid progress addressing our near term loan maturities due to the extremely high quality of our portfolio. Looking ahead, we’re very encouraged by the expected ramp-up of group pace in 2024, and we believe our portfolio is well-positioned to outperform in both the near-term and long-term.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, November 9, 2023, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Thursday, November 16, 2023, by dialing (647) 362-9199 and entering the confirmation number, 2925607.
The Company will also provide an online simulcast and rebroadcast of its third quarter 2023 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Thursday, November 9, 2023, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported. Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible


BHR Reports Third Quarter Results
Page 4
November 8, 2023
Preferred Stock and convertible notes on an “as-converted” basis in AFFO. For comparative purposes the change has been applied retrospectively.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.



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

September 30, 2023December 31, 2022
ASSETS
Investments in hotel properties, gross$2,365,256 $2,325,093 
Accumulated depreciation(483,081)(440,492)
Investments in hotel properties, net1,882,175 1,884,601 
Cash and cash equivalents149,496 261,541 
Restricted cash57,333 54,155 
Accounts receivable, net of allowance of $233 and $339, respectively35,939 51,448 
Inventories4,944 5,238 
Prepaid expenses14,006 7,044 
Deferred costs, net75 — 
Investment in OpenKey1,718 1,689 
Derivative assets4,945 6,482 
Other assets18,479 14,621 
Operating lease right-of-use assets78,660 79,449 
Intangible assets, net3,599 3,883 
Due from Ashford Inc.1,538 — 
Due from related parties, net520 938 
Due from third-party hotel managers14,200 26,625 
Total assets$2,267,627 $2,397,714 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,178,720 $1,334,130 
Accounts payable and accrued expenses144,064 133,978 
Dividends and distributions payable8,967 8,184 
Due to Ashford Inc., net— 10,005 
Due to third-party hotel managers1,615 2,096 
Operating lease liabilities60,470 60,692 
Derivative liabilities11 284 
Other liabilities22,579 22,343 
Total liabilities1,416,426 1,571,712 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2023 and December 31, 202265,426 65,426 
Series E Redeemable Preferred Stock, $0.01 par value, 16,409,685 and 12,656,529 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively377,876 291,076 
Series M Redeemable Preferred Stock, $0.01 par value, 1,911,703 and 1,428,332 shares issued and outstanding at September 30,2023 and December 31, 2022, respectively47,460 35,182 
Redeemable noncontrolling interests in operating partnership33,494 40,555 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at September 30, 2023 and December 31, 202216 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 65,993,893 and 69,919,065 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively659 699 
Additional paid-in capital717,564 734,134 
Accumulated deficit(377,658)(324,740)
Total stockholders' equity of the Company340,581 410,109 
Noncontrolling interest in consolidated entities(13,636)(16,346)
Total equity326,945 393,763 
Total liabilities and equity$2,267,627 $2,397,714 

5


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
REVENUE
Rooms$100,738 $104,503 $355,402 $322,222 
Food and beverage38,537 37,624 138,541 116,600 
Other20,526 19,062 67,866 59,141 
Total hotel revenue159,801 161,189 561,809 497,963 
EXPENSES
Hotel operating expenses:
Rooms25,899 25,424 79,962 69,742 
Food and beverage32,750 31,320 108,854 91,242 
Other expenses52,725 50,836 171,317 149,130 
Management fees 5,076 5,116 17,661 14,802 
Total hotel operating expenses116,450 112,696 377,794 324,916 
Property taxes, insurance and other10,471 8,851 27,983 22,731 
Depreciation and amortization22,703 19,604 67,791 57,616 
Advisory services fee:
Base advisory fee3,393 3,269 10,700 9,434 
Reimbursable expenses2,028 1,191 6,092 3,460 
Incentive fee— 1,048 — 1,294 
Stock/unit-based compensation1,599 3,346 6,391 8,293 
(Gain) loss on legal settlements— — — (114)
Corporate, general and administrative:
Stock/unit-based compensation27 39 455 627 
Other general and administrative2,479 8,036 8,767 13,381 
Total operating expenses159,150 158,080 505,973 441,638 
OPERATING INCOME (LOSS)651 3,109 55,836 56,325 
Equity in earnings (loss) of unconsolidated entity(60)(74)(208)(220)
Interest income986 745 5,389 932 
Other income (expense)293 27 293 27 
Interest expense(22,425)(13,869)(67,451)(31,432)
Amortization of loan costs(881)(621)(2,328)(1,861)
Write-off of loan costs and exit fees(2,588)(8)(2,848)(106)
Gain (loss) on extinguishment of debt— — 2,318 — 
Realized and unrealized gain (loss) on derivatives223 2,403 918 4,019 
INCOME (LOSS) BEFORE INCOME TAXES(23,801)(8,288)(8,081)27,684 
Income tax (expense) benefit1,190 (95)(1,064)(3,783)
NET INCOME (LOSS)(22,611)(8,383)(9,145)23,901 
(Income) loss attributable to noncontrolling interest in consolidated entities(1,773)(823)(1,715)(2,265)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership2,354 1,166 3,018 (647)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(22,030)(8,040)(7,842)20,989 
Preferred dividends(10,582)(6,028)(31,809)(13,395)
Deemed dividends on redeemable preferred stock(516)(2,649)(3,271)(4,802)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(33,128)$(16,717)$(42,922)$2,792 
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.50)$(0.24)$(0.63)$0.04 
Weighted average common shares outstanding – basic65,825 70,956 68,010 69,213 
Diluted:
Net income (loss) attributable to common stockholders$(0.50)$(0.24)$(0.63)$0.04 
Weighted average common shares outstanding – diluted65,825 70,956 68,010 69,214 
Dividends declared per common share$0.05 $0.01 $0.15 $0.03 

6


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Net income (loss)$(22,611)$(8,383)$(9,145)$23,901 
Interest expense and amortization of loan costs23,306 14,490 69,779 33,293 
Depreciation and amortization 22,703 19,604 67,791 57,616 
Income tax expense (benefit)(1,190)95 1,064 3,783 
Equity in (earnings) loss of unconsolidated entity60 74 208 220 
Company's portion of EBITDA of OpenKey(63)(74)(220)(220)
EBITDA and EBITDAre22,205 25,806 129,477 118,593 
Amortization of favorable (unfavorable) contract assets (liabilities)119 119 356 345 
Transaction and conversion costs978 5,562 3,229 6,888 
Write-off of loan costs and exit fees2,588 8 2,848 106 
Realized and unrealized (gain) loss on derivatives(223)(2,403)(918)(4,019)
Stock/unit-based compensation1,627 3,391 6,854 8,941 
Legal, advisory and settlement costs— 544 81 1,176 
Advisory services incentive fee— 1,048 — 1,294 
(Gain) loss on extinguishment of debt— — (2,318)— 
Other (income) loss(293)(27)(293)(27)
Company's portion of adjustments to EBITDAre of OpenKey— 1 — 6 
Adjusted EBITDAre$27,001 $34,049 $139,316 $133,303 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Net income (loss)$(22,611)$(8,383)$(9,145)$23,901 
(Income) loss attributable to noncontrolling interest in consolidated entities(1,773)(823)(1,715)(2,265)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership2,354 1,166 3,018 (647)
Preferred dividends(10,582)(6,028)(31,809)(13,395)
Deemed dividends on redeemable preferred stock(516)(2,649)(3,271)(4,802)
Net income (loss) attributable to common stockholders(33,128)(16,717)(42,922)2,792 
Depreciation and amortization on real estate21,886 18,956 65,434 55,678 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(2,354)(1,166)(3,018)647 
Equity in (earnings) loss of unconsolidated entity60 74 208 220 
Company's portion of FFO of OpenKey(71)(74)(234)(220)
FFO available to common stockholders and OP unitholders(13,607)1,073 19,468 59,117 
Deemed dividends on redeemable preferred stock516 2,649 3,271 4,802 
Transaction and conversion costs978 5,562 3,229 6,888 
Write-off of premiums, loan costs and exit fees2,588 8 2,848 106 
Unrealized (gain) loss on derivatives1,790 (2,403)5,244 (4,019)
Stock/unit-based compensation1,627 3,391 6,854 8,941 
Legal, advisory and settlement costs— 544 81 1,176 
Interest expense accretion on refundable membership club deposits165 177 507 545 
Amortization of loan costs858 598 2,258 1,793 
Advisory services incentive fee— 1,048 — 1,294 
(Gain) loss on extinguishment of debt— — (2,318)— 
Other (income) loss(293)— (293)— 
Company's portion of adjustments to FFO of OpenKey— 1 — 6 
Adjusted FFO available to common stockholders and OP unitholders$(5,378)$12,648 $41,149 $80,649 
Adjusted FFO per diluted share available to common stockholders and OP unitholders$(0.08)$0.16 $0.56 $1.07 
Weighted average diluted shares71,482 76,962 73,844 75,140 
7


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2023
(dollars in thousands)
(unaudited)

LenderHotelsCurrent
Maturity
Final
Maturity (10)
Interest RateFixed-Rate
Debt		Floating-Rate
Debt		Total
Debt		Comparable TTM Hotel Net IncomeComparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (11)
Comparable TTM Hotel EBITDA
Debt Yield
BAML The Ritz-Carlton Lake TahoeJanuary 2024January 2024
SOFR (1) + 2.20%
$— $54,000 $54,000 $625 1.2 %$9,892 18.3 %
Prudential Capital Hilton and Hilton
La Jolla Torrey Pines		February 2024February 2024
SOFR (1) + 1.70%
— 195,000 195,000 17,819 9.1 %32,831 16.8 %
Credit AgricolePark Hyatt Beaver Creek Resort & SpaFebruary 2024February 2027
SOFR (1) + 2.86%
— 70,500 (3)70,500 2,523 3.6 %13,176 18.7 %
BAMLSee footnoteJune 2024June 2025
SOFR (1) + 2.66%
— 293,180 (4)293,180 9,418 3.2 %38,948 13.3 %
LoanCoreCameo Beverly HillsAugust 2024August 2024
SOFR (1) + 3.66%
— 30,000 (5)30,000 (3,176)(10.6)%1,717 5.7 %
ApolloThe Ritz-Carlton St. ThomasAugust 2024August 2024
SOFR (1) + 4.04%
— 42,500 (6)42,500 12,483 29.4 %23,338 54.9 %
BAML Pier House Resort & SpaSeptember 2024September 2024
SOFR (1) + 1.95%
— 80,000 80,000 7,206 9.0 %15,151 18.9 %
Convertible Senior NotesN/AJune 2026June 20264.50%86,250 — 86,250  N/A N/A N/A N/A
BAML Credit FacilitySee footnoteJuly 2026July 2027
Base Rate (2) + 1.25% to 2.00% or SOFR (1) + 2.35% to 3.10%
— 196,000 (7)196,000 11,804 6.0 %36,030 18.4 %
Aareal Capital CorporationFour Seasons Resort ScottsdaleDecember 2026December 2028
SOFR (1) + 3.75%
— 140,000 (8)140,000 (114)(0.1)%22,263 15.9 %
Unencumbered HotelThe Ritz-Carlton Reserve Dorado Beach— — — 11,795 N/A20,184 N/A
Total$86,250 $1,101,180 $1,187,430 $70,383 5.9 %$213,530 18.0 %
Percentage7.3 %92.7 %100.0 %
Weighted average interest rate (9)
4.50 %7.30 %7.10 %
All indebtedness is non-recourse with the exception of the convertible senior notes and the credit facility.
(1)    SOFR rate was 5.32% at September 30, 2023.
(2)    Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%.
(3)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.
(4)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(5)    This mortgage loan has a SOFR floor of 1.50%.
(6)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in August 2023. This mortgage loan has a SOFR floor of 1.00%.
(7)    This credit facility has one one-year extension option subject to satisfaction of certain conditions. This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(8)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(9)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(10)    The final maturity date assumes all available extension options will be exercised.
(11)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
September 30, 2023
(dollars in thousands)
(unaudited)
LenderHotels20232024202520262027ThereafterTotal
BAML The Ritz-Carlton Lake Tahoe$— $54,000 $— $— $— $— $54,000 
PrudentialCapital Hilton and Hilton
La Jolla Torrey Pines		— 195,000 — — — — 195,000 
ApolloThe Ritz-Carlton St. Thomas— 42,500 — — — — 42,500 
LoanCoreCameo Beverly Hills— 30,000 — — — — 30,000 
BAML Pier House Resort & Spa— 80,000 — — — — 80,000 
BAMLSee footnote 1— — 293,180 — — — 293,180 
Convertible Senior NotesN/A— — — 86,250 — — 86,250 
BAML Credit FacilitySee footnote 2— — — — 196,000 — 196,000 
Credit AgricolePark Hyatt Beaver Creek Resort & Spa— — — — 70,500 — 70,500 
Aareal Capital CorporationFour Seasons Resort Scottsdale— — — — — 136,000 136,000 
Principal due in future periods$— $401,500 $293,180 $86,250 $266,500 $136,000 $1,183,430 
Scheduled amortization payments remaining— — — — 2,000 2,000 4,000 
Total indebtedness$— $401,500 $293,180 $86,250 $268,500 $138,000 $1,187,430 
(1)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(2)    This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
9


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

ALL HOTELS:
Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
Rooms revenue (in thousands)$101,832 $— $101,832 $105,769 $3,466 $109,235 (3.72)%(6.78)%
RevPAR$262.60 $— $262.60 $288.14 $179.37 $282.70 (8.86)%(7.11)%
Occupancy68.37 %— %68.37 %71.50 %28.23 %69.34 %(4.38)%(1.40)%
ADR$384.10 $— $384.10 $402.98 $635.29 $407.71 (4.69)%(5.79)%
ALL HOTELS:
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
Rooms revenue (in thousands)$360,258 $— $360,258 $326,798 $34,626 $361,424 10.24 %(0.32)%
RevPAR$313.10 $— $313.10 $301.89 $535.64 $315.06 3.71 %(0.62)%
Occupancy68.06 %— %68.06 %66.00 %45.23 %64.83 %3.12 %4.98 %
ADR$460.07 $— $460.07 $457.41 $1,184.28 $485.99 0.58 %(5.33)%
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.

ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
Rooms revenue (in thousands)$82,142 $— $82,142 $83,285 $3,466 $86,751 (1.37)%(5.31)%
RevPAR$278.49 $— $278.49 $303.27 $179.37 $295.13 (8.17)%(5.64)%
Occupancy70.16 %— %70.16 %72.44 %28.23 %69.53 %(3.15)%0.91 %
ADR$396.92 $— $396.92 $418.67 $635.29 $424.45 (5.20)%(6.49)%
ALL HOTELS
     NOT UNDER RENOVATION:
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
Rooms revenue (in thousands)$280,063 $— $280,063 $245,408 $34,626 $280,034 14.12 %0.01 %
RevPAR$320.02 $— $320.02 $303.88 $535.64 $321.06 5.31 %(0.32)%
Occupancy67.87 %— %67.87 %66.22 %45.23 %64.67 %2.49 %4.95 %
ADR$471.53 $— $471.53 $458.88 $1,184.28 $496.49 2.76 %(5.03)%
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2023, and not under renovation during the three months ended September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
10


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedNine Months Ended
September 30,September 30,
20232022% Variance20232022% Variance
Total hotel revenue$160,697 $162,225 (0.94)%$565,782 $501,709 12.77 %
Non-comparable adjustments— 7,072 — 57,298 
Comparable total hotel revenue$160,697 $169,297 (5.08)%$565,782 $559,007 1.21 %
Hotel net income (loss)$788 $13,551 (94.18)%$56,684 $77,014 (26.40)%
Non-comparable adjustments— (4,568)— 3,677 
Comparable hotel net income (loss)$788 $8,983 (91.23)%$56,684 $80,691 (29.75)%
Hotel net income (loss) margin0.49 %8.35 %(7.86)%10.02 %15.35 %(5.33)%
Comparable hotel net income margin— %5.31 %(5.31)%10.02 %14.43 %(4.41)%
Hotel EBITDA$34,867 $40,693 (14.32)%$161,323 $153,440 5.14 %
Non-comparable adjustments— (598)— 16,280 
Comparable hotel EBITDA$34,867 $40,095 (13.04)%$161,323 $169,720 (4.95)%
Hotel EBITDA margin21.70 %25.08 %(3.38)%28.51 %30.58 %(2.07)%
Comparable hotel EBITDA margin21.70 %23.68 %(1.98)%28.51 %30.36 %(1.85)%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$830 $1,168 (28.91)%$3,741 $2,858 30.88 %
Hotel net income (loss) attributable to the Company and OP unitholders$(42)$12,384 (100.34)%$52,943 $74,156 (28.61)%
Comparable hotel net income (loss) attributable to the Company and OP unitholders$(42)$7,816 (100.54)%$52,943 $77,833 (31.98)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$1,849 $1,880 (1.62)%$6,410 $5,077 26.24 %
Hotel EBITDA attributable to the Company and OP unitholders$33,018 $38,814 (14.93)%$154,914 $148,363 4.42 %
Comparable hotel EBITDA attributable to the Company and OP unitholders$33,018 $38,216 (13.60)%$154,914 $164,643 (5.91)%
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

11


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS
     NOT UNDER RENOVATION:		Three Months EndedNine Months Ended
September 30,September 30,
20232022% Variance20232022% Variance
Total hotel revenue$122,155 $120,196 1.63 %$414,214 $353,273 17.25 %
Non-comparable adjustments— 7,072 — 57,298 
Comparable total hotel revenue$122,155 $127,268 (4.02)%$414,214 $410,571 0.89 %
Hotel net income (loss)$3,918 $12,783 (69.35)%$43,631 $55,082 (20.79)%
Non-comparable adjustments— (4,568)— 3,677 
Comparable hotel net income (loss)$3,918 $8,215 (52.31)%$43,631 $58,760 (25.75)%
Hotel net income (loss) margin3.21 %10.64 %(7.43)%10.53 %15.59 %(5.06)%
Comparable hotel net income margin3.21 %6.45 %(3.24)%10.53 %14.31 %(3.78)%
Hotel EBITDA$30,014 $33,399 (10.14)%$124,110 $113,529 9.32 %
Non-comparable adjustments— (598)— 16,280 
Comparable hotel EBITDA$30,014 $32,801 (8.50)%$124,110 $129,809 (4.39)%
Hotel EBITDA margin24.57 %27.79 %(3.22)%29.96 %32.14 %(2.18)%
Comparable hotel EBITDA margin24.57 %25.77 %(1.20)%29.96 %31.62 %(1.66)%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$984 $1,067 (7.76)%$2,481 $2,572 (3.54)%
Hotel net income (loss) attributable to the Company and OP unitholders$2,934 $11,717 (74.96)%$41,151 $52,511 (21.63)%
Comparable hotel net income (loss) attributable to the Company and OP unitholders$2,934 $7,149 (58.95)%$41,151 $56,189 (26.76)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$1,246 $1,323 (5.86)%$3,246 $3,355 (3.23)%
Hotel EBITDA attributable to the Company and OP unitholders$28,768 $32,076 (10.31)%$120,864 $110,174 9.70 %
Comparable hotel EBITDA attributable to the Company and OP unitholders$28,768 $31,478 (8.61)%$120,864 $126,454 (4.42)%
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2023, and not under renovation during the three months ended September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
12


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$8,264 $— $8,264 $7,745 $— $7,745 6.70 %6.70 %
Total hotel revenue $12,535 $— $12,535 $11,605 $— $11,605 8.01 %8.01 %
Hotel net income (loss)$(616)$— $(616)$404 $— $404 (252.48)%(252.48)%
Hotel net income (loss) margin(4.91)%(4.91)%3.48 %3.48 %(8.39)%(8.39)%
Hotel EBITDA$2,413 $— $2,413 $2,226 $— $2,226 8.40 %8.40 %
Hotel EBITDA margin19.25 %19.25 %19.18 %19.18 %0.07 %0.07 %
Selected Operating Information:
RevPAR$163.33 $— $163.33 $153.06 $— $153.06 6.71 %6.71 %
Occupancy73.80 %— %73.80 %73.01 %— %73.01 %1.08 %1.08 %
ADR$221.30 $— $221.30 $209.63 $— $209.63 5.57 %5.57 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$8,448 $— $8,448 $8,917 $— $8,917 (5.26)%(5.26)%
Total hotel revenue $13,688 $— $13,688 $14,526 $— $14,526 (5.77)%(5.77)%
Hotel net income (loss)$3,935 $— $3,935 $4,270 $— $4,270 (7.85)%(7.85)%
Hotel net income (loss) margin28.75 %28.75 %29.40 %29.40 %(0.65)%(0.65)%
Hotel EBITDA$4,983 $— $4,983 $5,293 $— $5,293 (5.86)%(5.86)%
Hotel EBITDA margin36.40 %36.40 %36.44 %36.44 %(0.04)%(0.04)%
Selected Operating Information:
RevPAR$233.05 $— $233.05 $246.01 $— $246.01 (5.27)%(5.27)%
Occupancy84.34 %— %84.34 %86.96 %— %86.96 %(3.01)%(3.01)%
ADR$276.32 $— $276.32 $282.92 $— $282.92 (2.33)%(2.33)%
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$7,735 $— $7,735 $8,165 $— $8,165 (5.27)%(5.27)%
Total hotel revenue $10,135 $— $10,135 $11,029 $— $11,029 (8.11)%(8.11)%
Hotel net income (loss)$2,147 $— $2,147 $1,129 $— $1,129 90.17 %90.17 %
Hotel net income (loss) margin21.18 %21.18 %10.24 %10.24 %10.94 %10.94 %
Hotel EBITDA$3,244 $— $3,244 $2,609 $— $2,609 24.34 %24.34 %
Hotel EBITDA margin32.01 %32.01 %23.66 %23.66 %8.35 %8.35 %
Selected Operating Information:
RevPAR$202.60 $— $202.60 $213.86 $— $213.86 (5.27)%(5.27)%
Occupancy78.28 %— %78.28 %76.58 %— %76.58 %2.22 %2.22 %
ADR$258.83 $— $258.83 $279.27 $— $279.27 (7.32)%(7.32)%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$5,205 $— $5,205 $5,416 $— $5,416 (3.90)%(3.90)%
Total hotel revenue $6,903 $— $6,903 $6,968 $— $6,968 (0.93)%(0.93)%
Hotel net income (loss)$1,463 $— $1,463 $1,581 $— $1,581 (7.46)%(7.46)%
Hotel net income (loss) margin21.19 %21.19 %22.69 %22.69 %(1.50)%(1.50)%
Hotel EBITDA$2,493 $— $2,493 $2,777 $— $2,777 (10.23)%(10.23)%
Hotel EBITDA margin36.11 %36.11 %39.85 %39.85 %(3.74)%(3.74)%
Selected Operating Information:
RevPAR$870.52 $— $870.52 $905.63 $— $905.63 (3.88)%(3.88)%
Occupancy80.32 %— %80.32 %65.95 %— %65.95 %21.79 %21.79 %
ADR$1,083.84 $— $1,083.84 $1,373.14 $— $1,373.14 (21.07)%(21.07)%
13


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$4,471 $— $4,471 $5,280 $— $5,280 (15.32)%(15.32)%
Total hotel revenue $5,920 $— $5,920 $6,853 $— $6,853 (13.61)%(13.61)%
Hotel net income (loss)$28 $— $28 $1,366 $— $1,366 (97.95)%(97.95)%
Hotel net income (loss) margin0.47 %0.47 %19.93 %19.93 %(19.46)%(19.46)%
Hotel EBITDA$2,115 $— $2,115 $2,889 $— $2,889 (26.79)%(26.79)%
Hotel EBITDA margin35.73 %35.73 %42.16 %42.16 %(6.43)%(6.43)%
Selected Operating Information:
RevPAR$342.24 $— $342.24 $404.22 $— $404.22 (15.33)%(15.33)%
Occupancy69.52 %— %69.52 %74.36 %— %74.36 %(6.51)%(6.51)%
ADR$492.30 $— $492.30 $543.62 $— $543.62 (9.44)%(9.44)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$3,987 $— $3,987 $4,388 $— $4,388 (9.14)%(9.14)%
Total hotel revenue $4,927 $— $4,927 $5,116 $— $5,116 (3.69)%(3.69)%
Hotel net income (loss)$1,234 $— $1,234 $1,257 $— $1,257 (1.83)%(1.83)%
Hotel net income (loss) margin25.05 %25.05 %24.57 %24.57 %0.48 %0.48 %
Hotel EBITDA$2,106 $— $2,106 $2,392 $— $2,392 (11.96)%(11.96)%
Hotel EBITDA margin42.74 %42.74 %46.76 %46.76 %(4.02)%(4.02)%
Selected Operating Information:
RevPAR$541.67 $— $541.67 $596.15 $— $596.15 (9.14)%(9.14)%
Occupancy77.24 %— %77.24 %61.22 %— %61.22 %26.17 %26.17 %
ADR$701.26 $— $701.26 $973.74 $— $973.74 (27.98)%(27.98)%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$3,466 $— $3,466 $4,214 $— $4,214 (17.75)%(17.75)%
Total hotel revenue $9,555 $— $9,555 $10,920 $— $10,920 (12.50)%(12.50)%
Hotel net income (loss)$(1,255)$— $(1,255)$(72)$— $(72)(1,643.06)%(1,643.06)%
Hotel net income (loss) margin(13.13)%(13.13)%(0.66)%(0.66)%(12.47)%(12.47)%
Hotel EBITDA$1,551 $— $1,551 $2,041 $— $2,041 (24.01)%(24.01)%
Hotel EBITDA margin16.23 %16.23 %18.69 %18.69 %(2.46)%(2.46)%
Selected Operating Information:
RevPAR$195.21 $— $195.21 $241.07 $— $241.07 (19.02)%(19.02)%
Occupancy56.03 %— %56.03 %68.20 %— %68.20 %(17.84)%(17.84)%
ADR$348.43 $— $348.43 $353.46 $— $353.46 (1.42)%(1.42)%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$6,373 $— $6,373 $6,023 $— $6,023 5.81 %5.81 %
Total hotel revenue $7,936 $— $7,936 $7,422 $— $7,422 6.93 %6.93 %
Hotel net income (loss)$376 $— $376 $294 $— $294 27.89 %27.89 %
Hotel net income (loss) margin4.74 %4.74 %3.96 %3.96 %0.78 %0.78 %
Hotel EBITDA$2,349 $— $2,349 $2,327 $— $2,327 0.95 %0.95 %
Hotel EBITDA margin29.60 %29.60 %31.35 %31.35 %(1.75)%(1.75)%
Selected Operating Information:
RevPAR$138.82 $— $138.82 $131.20 $— $131.20 5.81 %5.81 %
Occupancy62.23 %— %62.23 %59.44 %— %59.44 %4.69 %4.69 %
ADR$223.07 $— $223.07 $220.73 $— $220.73 1.06 %1.06 %
14


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$8,656 $— $8,656 $9,662 $— $9,662 (10.41)%(10.41)%
Total hotel revenue $10,274 $— $10,274 $11,096 $— $11,096 (7.41)%(7.41)%
Hotel net income (loss)$356 $— $356 $541 $— $541 (34.20)%(34.20)%
Hotel net income (loss) margin3.47 %3.47 %4.88 %4.88 %(1.41)%(1.41)%
Hotel EBITDA$2,734 $— $2,734 $3,313 $— $3,313 (17.48)%(17.48)%
Hotel EBITDA margin26.61 %26.61 %29.86 %29.86 %(3.25)%(3.25)%
Selected Operating Information:
RevPAR$229.48 $— $229.48 $256.15 $— $256.15 (10.41)%(10.41)%
Occupancy78.08 %— %78.08 %82.20 %— %82.20 %(5.01)%(5.01)%
ADR$293.92 $— $293.92 $311.62 $— $311.62 (5.68)%(5.68)%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$5,877 $— $5,877 $8,200 $— $8,200 (28.33)%(28.33)%
Total hotel revenue $14,095 $— $14,095 $17,718 $— $17,718 (20.45)%(20.45)%
Hotel net income (loss)$(1,281)$— $(1,281)$(391)$— $(391)(227.62)%(227.62)%
Hotel net income (loss) margin(9.09)%(9.09)%(2.21)%(2.21)%(6.88)%(6.88)%
Hotel EBITDA$1,123 $— $1,123 $2,739 $— $2,739 (59.00)%(59.00)%
Hotel EBITDA margin7.97 %7.97 %15.46 %15.46 %(7.49)%(7.49)%
Selected Operating Information:
RevPAR$231.45 $— $231.45 $326.49 $— $326.49 (29.11)%(29.11)%
Occupancy51.44 %— %51.44 %67.18 %— %67.18 %(23.43)%(23.43)%
ADR$449.93 $— $449.93 $485.96 $— $485.96 (7.41)%(7.41)%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$5,549 $— $5,549 $6,539 $— $6,539 (15.14)%(15.14)%
Total hotel revenue $11,912 $— $11,912 $12,707 $— $12,707 (6.26)%(6.26)%
Hotel net income (loss)$(1,234)$— $(1,234)$755 $— $755 (263.44)%(263.44)%
Hotel net income (loss) margin(10.36)%(10.36)%5.94 %5.94 %(16.30)%(16.30)%
Hotel EBITDA$1,317 $— $1,317 $2,329 $— $2,329 (43.45)%(43.45)%
Hotel EBITDA margin11.06 %11.06 %18.33 %18.33 %(7.27)%(7.27)%
Selected Operating Information:
RevPAR$329.61 $— $329.61 $390.55 $— $390.55 (15.60)%(15.60)%
Occupancy46.12 %— %46.12 %58.06 %— %58.06 %(20.56)%(20.56)%
ADR$714.75 $— $714.75 $672.70 $— $672.70 6.25 %6.25 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$10,454 $— $10,454 $8,239 $— $8,239 26.88 %26.88 %
Total hotel revenue $12,263 $— $12,263 $9,847 $— $9,847 24.54 %24.54 %
Hotel net income (loss)$4,044 $— $4,044 $3,103 $— $3,103 30.33 %30.33 %
Hotel net income (loss) margin32.98 %32.98 %31.51 %31.51 %1.47 %1.47 %
Hotel EBITDA$5,592 $— $5,592 $4,472 $— $4,472 25.04 %25.04 %
Hotel EBITDA margin45.60 %45.60 %45.41 %45.41 %0.19 %0.19 %
Selected Operating Information:
RevPAR$307.94 $— $307.94 $248.08 $— $248.08 24.13 %24.13 %
Occupancy82.05 %— %82.05 %68.04 %— %68.04 %20.59 %20.59 %
ADR$375.29 $— $375.29 $364.63 $— $364.63 2.92 %2.92 %
15


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$8,287 $— $8,287 $10,620 $563 $11,183 (21.97)%(25.90)%
Total hotel revenue $13,886 $— $13,886 $16,620 $563 $17,183 (16.45)%(19.19)%
Hotel net income (loss)$(659)$— $(659)$846 $564 $1,410 (177.90)%(146.74)%
Hotel net income (loss) margin(4.75)%(4.75)%5.09 %8.21 %(9.84)%(12.96)%
Hotel EBITDA$2,535 $— $2,535 $3,604 $563 $4,167 (29.66)%(39.16)%
Hotel EBITDA margin18.26 %18.26 %21.68 %24.25 %(3.42)%(5.99)%
Selected Operating Information:
RevPAR$500.41 $— $500.41 $641.31 $— $675.33 (21.97)%(25.90)%
Occupancy60.69 %— %60.69 %71.24 %— %71.24 %(14.81)%(14.81)%
ADR$824.48 $— $824.48 $900.24 $— $947.99 (8.42)%(13.03)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$2,679 $— $2,679 $3,471 $— $3,471 (22.82)%(22.82)%
Total hotel revenue $3,613 $— $3,613 $4,911 $— $4,911 (26.43)%(26.43)%
Hotel net income (loss)$(1,272)$— $(1,272)$(370)$— $(370)(243.78)%(243.78)%
Hotel net income (loss) margin(35.21)%(35.21)%(7.53)%(7.53)%(27.68)%(27.68)%
Hotel EBITDA$(141)$— $(141)$783 $— $783 (118.01)%(118.01)%
Hotel EBITDA margin(3.90)%(3.90)%15.94 %15.94 %(19.84)%(19.84)%
Selected Operating Information:
RevPAR$203.60 $— $203.60 $263.80 $— $263.80 (22.82)%(22.82)%
Occupancy65.56 %— %65.56 %75.70 %— %75.70 %(13.39)%(13.39)%
ADR$310.55 $— $310.55 $348.49 $— $348.49 (10.89)%(10.89)%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$8,840 $— $8,840 $8,890 $— $8,890 (0.56)%(0.56)%
Total hotel revenue $14,832 $— $14,832 $14,887 $— $14,887 (0.37)%(0.37)%
Hotel net income (loss)$(570)$— $(570)$(1,162)$— $(1,162)50.95 %50.95 %
Hotel net income (loss) margin(3.84)%(3.84)%(7.81)%(7.81)%3.97 %3.97 %
Hotel EBITDA$1,043 $— $1,043 $899 $— $899 16.02 %16.02 %
Hotel EBITDA margin7.03 %7.03 %6.04 %6.04 %0.99 %0.99 %
Selected Operating Information:
RevPAR$906.44 $— $906.44 $911.44 $— $911.44 (0.55)%(0.55)%
Occupancy57.75 %— %57.75 %55.76 %— %55.76 %3.57 %3.57 %
ADR$1,569.53 $— $1,569.53 $1,634.48 $— $1,634.48 (3.97)%(3.97)%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$3,541 $— $3,541 $— $2,903 $2,903 — %21.98 %
Total hotel revenue$8,223 $— $8,223 $— $6,509 $6,509 — %26.33 %
Hotel net income (loss)$(5,908)$— $(5,908)$— $(5,132)$(5,132)— %(15.12)%
Hotel net income (loss) margin(71.85)%(71.85)%— %(78.84)%(71.85)%6.99 %
Hotel EBITDA$(590)$— $(590)$— $(1,161)$(1,161)— %49.18 %
Hotel EBITDA margin(7.17)%(7.17)%— %(17.84)%(7.17)%10.67 %
Selected Operating Information:
RevPAR$183.29 $— $183.29 $— $150.22 $150.22 — %22.01 %
Occupancy35.14 %— %35.14 %— %28.23 %28.23 %— %24.48 %
ADR$521.52 $— $521.52 $— $532.03 $532.03 — %(1.98)%
16


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$57,671 $— $57,671 $62,464 $3,466 $65,930 (7.67)%(12.53)%
Total hotel revenue$103,941 $— $103,941 $106,315 $7,072 $113,387 (2.23)%(8.33)%
Hotel net income (loss)$(4,247)$— $(4,247)$8,450 $(4,568)$3,882 (150.26)%(209.40)%
Hotel net income (loss) margin(4.09)%(4.09)%7.95 %3.42 %(12.04)%(7.51)%
Hotel EBITDA$18,676 $— $18,676 $24,963 $(598)$24,365 (25.19)%(23.35)%
Hotel EBITDA margin17.97 %17.97 %23.48 %21.49 %(5.51)%(3.52)%
Selected Operating Information:
RevPAR$342.73 $— $342.73 $421.19 $179.37 $393.31 (18.63)%(12.86)%
Occupancy61.44 %— %61.44 %71.09 %28.23 %66.15 %(13.57)%(7.12)%
ADR$557.81 $— $557.81 $592.43 $635.29 $594.54 (5.84)%(6.18)%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$44,161 $— $44,161 $43,305 $— $43,305 1.98 %1.98 %
Total hotel revenue$56,756 $— $56,756 $55,910 $— $55,910 1.51 %1.51 %
Hotel net income (loss)$5,035 $— $5,035 $5,101 $— $5,101 (1.29)%(1.29)%
Hotel net income (loss) margin8.87 %8.87 %9.12 %9.12 %(0.25)%(0.25)%
Hotel EBITDA$16,191 $— $16,191 $15,730 $— $15,730 2.93 %2.93 %
Hotel EBITDA margin28.53 %28.53 %28.13 %28.13 %0.40 %0.40 %
Selected Operating Information:
RevPAR$201.18 $— $201.18 $197.94 $— $197.94 1.64 %1.64 %
Occupancy73.68 %— %73.68 %71.78 %— %71.78 %2.65 %2.65 %
ADR$273.05 $— $273.05 $275.78 $— $275.78 (0.99)%(0.99)%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$101,832 $— $101,832 $105,769 $3,466 $109,235 (3.72)%(6.78)%
Total hotel revenue $160,697 $— $160,697 $162,225 $7,072 $169,297 (0.94)%(5.08)%
Hotel net income (loss)$788 $— $788 $13,551 $(4,568)$8,983 (94.18)%(91.23)%
Hotel net income (loss) margin0.49 %0.49 %8.35 %5.31 %(7.86)%(4.82)%
Hotel EBITDA$34,867 $— $34,867 $40,693 $(598)$40,095 (14.32)%(13.04)%
Hotel EBITDA margin21.70 %21.70 %25.08 %23.68 %(3.38)%(1.98)%
Selected Operating Information:
RevPAR$262.60 $— $262.60 $288.14 $179.37 $282.70 (8.86)%(7.11)%
Occupancy68.37 %— %68.37 %71.50 %28.23 %69.34 %(4.38)%(1.40)%
ADR$384.10 $— $384.10 $402.98 $635.29 $407.71 (4.69)%(5.79)%
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
17


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$28,474 $— $28,474 $21,345 $— $21,345 33.40 %33.40 %
Total hotel revenue$44,813 $— $44,813 $31,930 $— $31,930 40.35 %40.35 %
Hotel net income (loss)$5,042 $— $5,042 $1,146 $— $1,146 339.97 %339.97 %
Hotel net income (loss) margin11.25 %11.25 %3.59 %3.59 %7.66 %7.66 %
Hotel EBITDA$12,653 $— $12,653 $6,890 $— $6,890 83.64 %83.64 %
Hotel EBITDA margin28.24 %28.24 %21.58 %21.58 %6.66 %6.66 %
Selected Operating Information:
RevPAR$189.64 $— $189.64 $142.15 $— $142.15 33.41 %33.41 %
Occupancy75.74 %— %75.74 %62.54 %— %62.54 %21.11 %21.11 %
ADR$250.37 $— $250.37 $227.29 $— $227.29 10.15 %10.15 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$22,352 $— $22,352 $21,813 $— $21,813 2.47 %2.47 %
Total hotel revenue$37,969 $— $37,969 $37,541 $— $37,541 1.14 %1.14 %
Hotel net income (loss)$9,922 $— $9,922 $10,286 $— $10,286 (3.54)%(3.54)%
Hotel net income (loss) margin26.13 %26.13 %27.40 %27.40 %(1.27)%(1.27)%
Hotel EBITDA$12,985 $— $12,985 $13,419 $— $13,419 (3.23)%(3.23)%
Hotel EBITDA margin34.20 %34.20 %35.74 %35.74 %(1.54)%(1.54)%
Selected Operating Information:
RevPAR$207.80 $— $207.80 $202.80 $— $202.80 2.47 %2.47 %
Occupancy80.53 %— %80.53 %79.61 %— %79.61 %1.16 %1.16 %
ADR$258.05 $— $258.05 $254.75 $— $254.75 1.30 %1.30 %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$19,039 $— $19,039 $18,466 $— $18,466 3.10 %3.10 %
Total hotel revenue$25,136 $— $25,136 $25,076 $— $25,076 0.24 %0.24 %
Hotel net income (loss)$3,114 $— $3,114 $2,317 $— $2,317 34.40 %34.40 %
Hotel net income (loss) margin12.39 %12.39 %9.24 %9.24 %3.15 %3.15 %
Hotel EBITDA$6,662 $— $6,662 $6,968 $— $6,968 (4.39)%(4.39)%
Hotel EBITDA margin26.50 %26.50 %27.79 %27.79 %(1.29)%(1.29)%
Selected Operating Information:
RevPAR$168.05 $— $168.05 $162.99 $— $162.99 3.10 %3.10 %
Occupancy69.31 %— %69.31 %65.09 %— %65.09 %6.48 %6.48 %
ADR$242.48 $— $242.48 $250.41 $— $250.41 (3.17)%(3.17)%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$12,640 $— $12,640 $14,622 $— $14,622 (13.55)%(13.55)%
Total hotel revenue$16,964 $— $16,964 $19,176 $— $19,176 (11.54)%(11.54)%
Hotel net income (loss)$923 $— $923 $3,786 $— $3,786 (75.62)%(75.62)%
Hotel net income (loss) margin5.44 %5.44 %19.74 %19.74 %(14.30)%(14.30)%
Hotel EBITDA$4,857 $— $4,857 $7,089 $— $7,089 (31.49)%(31.49)%
Hotel EBITDA margin28.63 %28.63 %36.97 %36.97 %(8.34)%(8.34)%
Selected Operating Information:
RevPAR$712.34 $— $712.34 $824.00 $— $824.00 (13.55)%(13.55)%
Occupancy67.53 %— %67.53 %65.04 %— %65.04 %3.83 %3.83 %
ADR$1,054.77 $— $1,054.77 $1,266.95 $— $1,266.95 (16.75)%(16.75)%
18


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$18,388 $— $18,388 $21,661 $— $21,661 (15.11)%(15.11)%
Total hotel revenue$23,263 $— $23,263 $26,788 $— $26,788 (13.16)%(13.16)%
Hotel net income (loss)$5,551 $— $5,551 $10,722 $— $10,722 (48.23)%(48.23)%
Hotel net income (loss) margin23.86 %23.86 %40.03 %40.03 %(16.17)%(16.17)%
Hotel EBITDA$11,648 $— $11,648 $14,612 $— $14,612 (20.28)%(20.28)%
Hotel EBITDA margin50.07 %50.07 %54.55 %54.55 %(4.48)%(4.48)%
Selected Operating Information:
RevPAR$474.34 $— $474.34 $558.77 $— $558.77 (15.11)%(15.11)%
Occupancy74.13 %— %74.13 %78.56 %— %78.56 %(5.64)%(5.64)%
ADR$639.85 $— $639.85 $711.28 $— $711.28 (10.04)%(10.04)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$9,293 $— $9,293 $10,828 $— $10,828 (14.18)%(14.18)%
Total hotel revenue$11,522 $— $11,522 $12,925 $— $12,925 (10.85)%(10.85)%
Hotel net income (loss)$250 $— $250 $1,875 $— $1,875 (86.67)%(86.67)%
Hotel net income (loss) margin2.17 %2.17 %14.51 %14.51 %(12.34)%(12.34)%
Hotel EBITDA$3,844 $— $3,844 $5,074 $— $5,074 (24.24)%(24.24)%
Hotel EBITDA margin33.36 %33.36 %39.26 %39.26 %(5.90)%(5.90)%
Selected Operating Information:
RevPAR$425.51 $— $425.51 $495.80 $— $495.80 (14.18)%(14.18)%
Occupancy61.59 %— %61.59 %53.92 %— %53.92 %14.22 %14.22 %
ADR$690.83 $— $690.83 $919.51 $— $919.51 (24.87)%(24.87)%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$19,673 $— $19,673 $18,697 $— $18,697 5.22 %5.22 %
Total hotel revenue$38,606 $— $38,606 $39,013 $— $39,013 (1.04)%(1.04)%
Hotel net income (loss)$2,201 $— $2,201 $5,346 $— $5,346 (58.83)%(58.83)%
Hotel net income (loss) margin5.70 %5.70 %13.70 %13.70 %(8.00)%(8.00)%
Hotel EBITDA$10,442 $— $10,442 $10,886 $— $10,886 (4.08)%(4.08)%
Hotel EBITDA margin27.05 %27.05 %27.90 %27.90 %(0.85)%(0.85)%
Selected Operating Information:
RevPAR$374.04 $— $374.04 $360.46 $— $360.46 3.77 %3.77 %
Occupancy56.94 %— %56.94 %63.46 %— %63.46 %(10.27)%(10.27)%
ADR$656.94 $— $656.94 $568.00 $— $568.00 15.66 %15.66 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$18,536 $— $18,536 $15,256 $— $15,256 21.50 %21.50 %
Total hotel revenue$23,376 $— $23,376 $18,801 $— $18,801 24.33 %24.33 %
Hotel net income (loss)$406 $— $406 $(1,304)$— $(1,304)131.13 %131.13 %
Hotel net income (loss) margin1.74 %1.74 %(6.94)%(6.94)%8.68 %8.68 %
Hotel EBITDA$6,629 $— $6,629 $4,808 $— $4,808 37.87 %37.87 %
Hotel EBITDA margin28.36 %28.36 %25.57 %25.57 %2.79 %2.79 %
Selected Operating Information:
RevPAR$136.06 $— $136.06 $111.99 $— $111.99 21.49 %21.49 %
Occupancy61.15 %— %61.15 %53.48 %— %53.48 %14.34 %14.34 %
ADR$222.51 $— $222.51 $209.39 $— $209.39 6.27 %6.27 %
19


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$25,123 $— $25,123 $24,151 $— $24,151 4.02 %4.02 %
Total hotel revenue$29,814 $— $29,814 $27,790 $— $27,790 7.28 %7.28 %
Hotel net income (loss)$242 $— $242 $(1,395)$— $(1,395)117.35 %117.35 %
Hotel net income (loss) margin0.81 %0.81 %(5.02)%(5.02)%5.83 %5.83 %
Hotel EBITDA$7,579 $— $7,579 $7,164 $— $7,164 5.79 %5.79 %
Hotel EBITDA margin25.42 %25.42 %25.78 %25.78 %(0.36)%(0.36)%
Selected Operating Information:
RevPAR$224.45 $— $224.45 $215.77 $— $215.77 4.02 %4.02 %
Occupancy72.35 %— %72.35 %71.54 %— %71.54 %1.13 %1.13 %
ADR$310.22 $— $310.22 $301.59 $— $301.59 2.86 %2.86 %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$28,899 $— $28,899 $36,533 $— $36,533 (20.90)%(20.90)%
Total hotel revenue$65,156 $— $65,156 $75,393 $— $75,393 (13.58)%(13.58)%
Hotel net income (loss)$8,063 $— $8,063 $16,447 $— $16,447 (50.98)%(50.98)%
Hotel net income (loss) margin12.37 %12.37 %21.82 %21.82 %(9.45)%(9.45)%
Hotel EBITDA$17,249 $— $17,249 $24,219 $— $24,219 (28.78)%(28.78)%
Hotel EBITDA margin26.47 %26.47 %32.12 %32.12 %(5.65)%(5.65)%
Selected Operating Information:
RevPAR$383.54 $— $383.54 $486.64 $— $486.64 (21.19)%(21.19)%
Occupancy63.35 %— %63.35 %77.09 %— %77.09 %(17.82)%(17.82)%
ADR$605.38 $— $605.38 $631.22 $— $631.22 (4.09)%(4.09)%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$22,822 $— $22,822 $23,512 $— $23,512 (2.93)%(2.93)%
Total hotel revenue$41,600 $— $41,600 $41,113 $— $41,113 1.18 %1.18 %
Hotel net income (loss)$(56)$— $(56)$4,339 $— $4,339 (101.29)%(101.29)%
Hotel net income (loss) margin(0.13)%(0.13)%10.55 %10.55 %(10.68)%(10.68)%
Hotel EBITDA$7,311 $— $7,311 $8,802 $— $8,802 (16.94)%(16.94)%
Hotel EBITDA margin17.57 %17.57 %21.41 %21.41 %(3.84)%(3.84)%
Selected Operating Information:
RevPAR$456.81 $— $456.81 $473.21 $— $473.21 (3.47)%(3.47)%
Occupancy55.32 %— %55.32 %56.09 %— %56.09 %(1.37)%(1.37)%
ADR$825.75 $— $825.75 $843.66 $— $843.66 (2.12)%(2.12)%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$22,868 $— $22,868 $16,414 $— $16,414 39.32 %39.32 %
Total hotel revenue$27,537 $— $27,537 $19,945 $— $19,945 38.06 %38.06 %
Hotel net income (loss)$6,142 $— $6,142 $3,507 $— $3,507 75.14 %75.14 %
Hotel net income (loss) margin22.30 %22.30 %17.58 %17.58 %4.72 %4.72 %
Hotel EBITDA$10,917 $— $10,917 $7,432 $— $7,432 46.89 %46.89 %
Hotel EBITDA margin39.64 %39.64 %37.26 %37.26 %2.38 %2.38 %
Selected Operating Information:
RevPAR$227.01 $— $227.01 $166.55 $— $166.55 36.30 %36.30 %
Occupancy73.28 %— %73.28 %55.76 %— %55.76 %31.42 %31.42 %
ADR$309.79 $— $309.79 $298.71 $— $298.71 3.71 %3.71 %
20


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$37,763 $— $37,763 $45,146 $1,653 $46,799 (16.35)%(19.31)%
Total hotel revenue$59,195 $— $59,195 $67,929 $1,653 $69,582 (12.86)%(14.93)%
Hotel net income (loss)$8,731 $— $8,731 $15,168 $1,653 $16,821 (42.44)%(48.09)%
Hotel net income (loss) margin14.75 %14.75 %22.33 %24.17 %(7.58)%(9.42)%
Hotel EBITDA$18,384 $— $18,384 $23,531 $1,653 $25,184 (21.87)%(27.00)%
Hotel EBITDA margin31.06 %31.06 %34.64 %36.19 %(3.58)%(5.13)%
Selected Operating Information:
RevPAR$768.48 $— $768.48 $918.73 $— $952.36 (16.35)%(19.31)%
Occupancy70.29 %— %70.29 %78.70 %— %78.70 %(10.69)%(10.69)%
ADR$1,093.34 $— $1,093.34 $1,167.42 $— $1,210.15 (6.35)%(9.65)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$9,180 $— $9,180 $10,174 $— $10,174 (9.77)%(9.77)%
Total hotel revenue$12,789 $— $12,789 $14,828 $— $14,828 (13.75)%(13.75)%
Hotel net income (loss)$(2,360)$— $(2,360)$(574)$— $(574)(311.15)%(311.15)%
Hotel net income (loss) margin(18.45)%(18.45)%(3.87)%(3.87)%(14.58)%(14.58)%
Hotel EBITDA$1,261 $— $1,261 $2,701 $— $2,701 (53.31)%(53.31)%
Hotel EBITDA margin9.86 %9.86 %18.22 %18.22 %(8.36)%(8.36)%
Selected Operating Information:
RevPAR$235.14 $— $235.14 $260.60 $— $260.60 (9.77)%(9.77)%
Occupancy73.49 %— %73.49 %73.62 %— %73.62 %(0.18)%(0.18)%
ADR$319.96 $— $319.96 $353.97 $— $353.97 (9.61)%(9.61)%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$39,586 $— $39,586 $28,180 $10,256 $38,436 40.48 %2.99 %
Total hotel revenue $61,293 $— $61,293 $43,461 $15,169 $58,630 41.03 %4.54 %
Hotel net income (loss)$9,560 $— $9,560 $5,348 $2,089 $7,437 78.76 %28.55 %
Hotel net income (loss) margin15.60 %15.60 %12.31 %12.68 %3.29 %2.92 %
Hotel EBITDA$15,142 $— $15,142 $9,845 $3,634 $13,479 53.80 %12.34 %
Hotel EBITDA margin24.70 %24.70 %22.65 22.99 %2.05 %1.71 %
Selected Operating Information:
RevPAR$1,367.97 $— $1,367.97 $1,303.20 $1,402.17 $1,328.21 4.97 %2.99 %
Occupancy59.37 %— %59.37 %62.14 %50.36 %59.16 %(4.46)%0.35 %
ADR$2,304.20 $— $2,304.20 $2,097.22 $2,784.54 $2,245.08 9.87 %2.63 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$25,622 $— $25,622 $— $22,717 $22,717 — %12.79 %
Total hotel revenue$46,749 $— $46,749 $— $40,476 $40,476 — %15.50 %
Hotel net income (loss)$(1,047)$— $(1,047)$— $(65)$(65)— %(1,510.77)%
Hotel net income (loss) margin(2.24)%(2.24)%— %(0.16)%(2.24)%(2.08)%
Hotel EBITDA$13,760 $— $13,760 $— $10,993 $10,993 — %25.17 %
Hotel EBITDA margin29.43 %29.43 %— 27.16 %29.43 %2.27 %
Selected Operating Information:
RevPAR$446.93 $— $446.93 $— $396.27 $396.27 — %12.78 %
Occupancy45.67 %— %45.67 %— %44.58 %44.58 %— %2.45 %
ADR$978.66 $— $978.66 $— $888.98 $888.98 — %10.09 %
21


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202320232023202220222022% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$237,038 $— $237,038 $220,992 $34,626 $255,618 7.26 %(7.27)%
Total hotel revenue$402,317 $— $402,317 $363,339 $57,298 $420,637 10.73 %(4.36)%
Hotel net income (loss)$44,098 $— $44,098 $73,316 $3,677 $76,993 (39.85)%(42.72)%
Hotel net income (loss) margin10.96 %10.96 %20.18 %18.30 %(9.22)%(7.34)%
Hotel EBITDA$115,622 $— $115,622 $117,477 $16,280 $133,757 (1.58)%(13.56)%
Hotel EBITDA margin28.74 %28.74 %32.33 %31.80 %(3.59)%(3.06)%
Selected Operating Information:
RevPAR$474.81 $— $474.81 $510.02 $535.64 $513.34 (6.90)%(7.51)%
Occupancy64.90 %— %64.90 %71.58 %45.23 %68.16 %(9.33)%(4.78)%
ADR$731.58 $— $731.58 $712.49 $1,184.28 $753.14 2.68 %(2.86)%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$123,220 $— $123,220 $105,806 $— $105,806 16.46 %16.46 %
Total hotel revenue$163,465 $— $163,465 $138,370 $— $138,370 18.14 %18.14 %
Hotel net income (loss)$12,586 $— $12,586 $3,698 $— $3,698 240.35 %240.35 %
Hotel net income (loss) margin7.70 %7.70 %2.67 %2.67 %5.03 %5.03 %
Hotel EBITDA$45,701 $— $45,701 $35,963 $— $35,963 27.08 %27.08 %
Hotel EBITDA margin27.96 %27.96 %25.99 %25.99 %1.97 %1.97 %
Selected Operating Information:
RevPAR$189.17 $— $189.17 $162.98 $— $162.98 16.07 %16.07 %
Occupancy70.47 %— %70.47 %62.27 %— %62.27 %13.17 %13.17 %
ADR$268.43 $— $268.43 $261.71 $— $261.71 2.57 %2.57 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$360,258 $— $360,258 $326,798 $34,626 $361,424 10.24 %(0.32)%
Total hotel revenue $565,782 $— $565,782 $501,709 $57,298 $559,007 12.77 %1.21 %
Hotel net income (loss)$56,684 $— $56,684 $77,014 $3,677 $80,691 (26.40)%(29.75)%
Hotel net income (loss) margin10.02 %10.02 %15.35 %14.43 %(5.33)%(4.41)%
Hotel EBITDA$161,323 $— $161,323 $153,440 $16,280 $169,720 5.14 %(4.95)%
Hotel EBITDA margin28.51 %28.51 %30.58 %30.36 %(2.07)%(1.85)%
Selected Operating Information:
RevPAR$313.10 $— $313.10 $301.89 $535.64 $315.06 3.71 %(0.62)%
Occupancy68.06 %— %68.06 %66.00 %45.23 %64.83 %3.12 %4.98 %
ADR$460.07 $— $460.07 $457.41 $1,184.28 $485.99 0.58 %(5.33)%
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
22


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202320232023
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$37,006 $— $37,006 
Total hotel revenue$57,996 $— $57,996 
Hotel net income$5,021 $— $5,021 
Hotel net income margin13.57 %13.57 %
Hotel EBITDA$15,937 $— $15,937 
Hotel EBITDA margin27.48 %27.48 %
Selected Operating Information:
RevPAR$184.34 $— $184.34 
Occupancy75.04 %— %75.04 %
ADR$245.64 $— $245.64 
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$28,419 $— $28,419 
Total hotel revenue$49,504 $— $49,504 
Hotel net income$12,798 $— $12,798 
Hotel net income margin45.03 %45.03 %
Hotel EBITDA$16,894 $— $16,894 
Hotel EBITDA margin34.13 %34.13 %
Selected Operating Information:
RevPAR$197.61 $— $197.61 
Occupancy77.94 %— %77.94 %
ADR$253.53 $— $253.53 
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$25,402 $— $25,402 
Total hotel revenue$33,695 $— $33,695 
Hotel net income$3,023 $— $3,023 
Hotel net income margin11.90 %11.90 %
Hotel EBITDA$7,982 $— $7,982 
Hotel EBITDA margin23.69 %23.69 %
Selected Operating Information:
RevPAR$167.70 $— $167.70 
Occupancy68.52 %— %68.52 %
ADR$244.76 $— $244.76 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$17,100 $— $17,100 
Total hotel revenue$23,047 $— $23,047 
Hotel net income$1,625 $— $1,625 
Hotel net income margin9.50 %9.50 %
Hotel EBITDA$6,895 $— $6,895 
Hotel EBITDA margin29.92 %29.92 %
Selected Operating Information:
RevPAR$720.79 $— $720.79 
Occupancy65.83 %— %65.83 %
ADR$1,095.01 $— $1,095.01 
23


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202320232023
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$24,146 $— $24,146 
Total hotel revenue$30,579 $— $30,579 
Hotel net income$7,206 $— $7,206 
Hotel net income margin29.84 %29.84 %
Hotel EBITDA$15,151 $— $15,151 
Hotel EBITDA margin49.55 %49.55 %
Selected Operating Information:
RevPAR$465.87 $— $465.87 
Occupancy71.50 %— %71.50 %
ADR$651.54 $— $651.54 
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$12,779 $— $12,779 
Total hotel revenue$15,791 $— $15,791 
Hotel net income$922 $— $922 
Hotel net income margin7.21 %7.21 %
Hotel EBITDA$5,728 $— $5,728 
Hotel EBITDA margin36.27 %36.27 %
Selected Operating Information:
RevPAR$437.64 $— $437.64 
Occupancy59.80 %— %59.80 %
ADR$731.86 $— $731.86 
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$26,229 $— $26,229 
Total hotel revenue$50,208 $— $50,208 
Hotel net income$2,523 $— $2,523 
Hotel net income margin9.62 %9.62 %
Hotel EBITDA$13,176 $— $13,176 
Hotel EBITDA margin26.24 %26.24 %
Selected Operating Information:
RevPAR$374.28 $— $374.28 
Occupancy55.72 %— %55.72 %
ADR$671.78 $— $671.78 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$25,517 $— $25,517 
Total hotel revenue$32,111 $— $32,111 
Hotel net income$1,205 $— $1,205 
Hotel net income margin4.72 %4.72 %
Hotel EBITDA$9,494 $— $9,494 
Hotel EBITDA margin29.57 %29.57 %
Selected Operating Information:
RevPAR$140.10 $— $140.10 
Occupancy61.65 %— %61.65 %
ADR$227.24 $— $227.24 
24


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202320232023
THE CLANCY
Selected Financial Information:
Rooms revenue$32,306 $— $32,306 
Total hotel revenue$38,187 $— $38,187 
Hotel net income$(1,235)$— $(1,235)
Hotel net income margin(3.82)%(3.82)%
Hotel EBITDA$8,769 $— $8,769 
Hotel EBITDA margin22.96 %22.96 %
Selected Operating Information:
RevPAR$215.88 $— $215.88 
Occupancy70.65 %— %70.65 %
ADR$305.55 $— $305.55 
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$38,576 $— $38,576 
Total hotel revenue$88,127 $— $88,127 
Hotel net income$9,257 $— $9,257 
Hotel net income margin24.00 %24.00 %
Hotel EBITDA$23,407 $— $23,407 
Hotel EBITDA margin26.56 %26.56 %
Selected Operating Information:
RevPAR$382.93 $— $382.93 
Occupancy64.20 %— %64.20 %
ADR$596.46 $— $596.46 
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$30,573 $— $30,573 
Total hotel revenue$55,266 $— $55,266 
Hotel net income$625 $— $625 
Hotel net income margin2.04 %2.04 %
Hotel EBITDA$9,892 $— $9,892 
Hotel EBITDA margin17.90 %17.90 %
Selected Operating Information:
RevPAR$458.34 $— $458.34 
Occupancy55.64 %— %55.64 %
ADR$823.78 $— $823.78 
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$27,899 $— $27,899 
Total hotel revenue$33,977 $— $33,977 
Hotel net income$6,425 $— $6,425 
Hotel net income margin23.03 %23.03 %
Hotel EBITDA$12,702 $— $12,702 
Hotel EBITDA margin37.38 %37.38 %
Selected Operating Information:
RevPAR$208.28 $— $208.28 
Occupancy70.04 %— %70.04 %
ADR$297.39 $— $297.39 
25


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202320232023
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$51,043 $(1,652)$49,391 
Total hotel revenue$78,920 $(1,652)$77,268 
Hotel net income$12,483 $(1,653)$10,830 
Hotel net income margin24.46 %21.93 %
Hotel EBITDA$24,990 $(1,652)$23,338 
Hotel EBITDA margin31.66 %30.20 %
Selected Operating Information:
RevPAR$776.92 $— $751.77 
Occupancy67.52 %— %67.52 %
ADR$1,150.70 $— $1,113.44 
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$12,478 $— $12,478 
Total hotel revenue$17,445 $— $17,445 
Hotel net income$(3,176)$— $(3,176)
Hotel net income margin(25.45)%(25.45)%
Hotel EBITDA$1,717 $— $1,717 
Hotel EBITDA margin9.84 %9.84 %
Selected Operating Information:
RevPAR$239.06 $— $239.06 
Occupancy74.16 %— %74.16 %
ADR$322.36 $— $322.36 
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$53,478 $— $53,478 
Total hotel revenue $82,349 $— $82,349 
Hotel net income$11,795 $— $11,795 
Hotel net income margin22.06 %22.06 %
Hotel EBITDA$20,184 $— $20,184 
Hotel EBITDA margin24.51 %24.51 %
Selected Operating Information:
RevPAR$1,382.22 $— $1,382.22 
Occupancy58.66 %— %58.66 %
ADR$2,356.48 $— $2,356.48 
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$28,729 $6,612 $35,341 
Total hotel revenue$51,943 $15,582 $67,525 
Hotel net income (loss)$(114)$3,227 $3,113 
Hotel net income (loss) margin(0.40)%8.81 %
Hotel EBITDA$15,470 $6,793 $22,263 
Hotel EBITDA margin29.78 %32.97 %
Selected Operating Information:
RevPAR$450.01 $516.18 $461.07 
Occupancy45.61 %54.47 %47.09 %
ADR$986.57 $947.59 $979.04 
26


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202320232023
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$311,072 $4,960 $316,032 
Total hotel revenue$525,734 $13,930 $539,664 
Hotel net income$59,120 $1,574 $60,694 
Hotel net income margin19.01 %19.21 %
Hotel EBITDA$151,787 $5,141 $156,928 
Hotel EBITDA margin28.87 %29.08 %
Selected Operating Information:
RevPAR$475.42 $387.17 $473.72 
Occupancy64.07 %54.47 %63.89 %
ADR$742.01 $710.76 $741.50 
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$160,608 $— $160,608 
Total hotel revenue$213,411 $— $213,411 
Hotel net income$11,263 $— $11,263 
Hotel net income margin7.01 %7.01 %
Hotel EBITDA$56,601 $— $56,601 
Hotel EBITDA margin26.52 %26.52 %
Selected Operating Information:
RevPAR$184.57 $— $184.57 
Occupancy69.53 %— %69.53 %
ADR$265.48 $— $265.48 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$471,680 $4,960 $476,640 
Total hotel revenue $739,145 $13,930 $753,075 
Hotel net income$70,383 $1,574 $71,957 
Hotel net income margin14.92 %15.10 %
Hotel EBITDA$208,388 $5,141 $213,529 
Hotel EBITDA margin28.19 %28.35 %
Selected Operating Information:
RevPAR$309.41 $387.17 $310.05 
Occupancy67.18 %54.47 %67.08 %
ADR$460.53 $710.76 $462.22 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
27


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

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202320232023202320232023202320232023202220222022
3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter
Total hotel revenue$160,697 $— $160,697 $187,905 $— $187,905 $217,180 $— $217,180 $173,363 $13,930 $187,293 
Hotel net income (loss)$788 $— $788 $18,143 $— $18,143 $37,753 $— $37,753 $13,699 $1,574 $15,273 
Hotel net income (loss) margin0.49 %0.49 %9.66 %9.66 %17.38 %17.38 %7.90 %8.15 %
Hotel EBITDA$34,867 $— $34,867 $53,660 $— $53,660 $72,796 $— $72,796 $47,065 $5,141 $52,206 
Hotel EBITDA margin21.70 %21.70 %28.56 %28.56 %33.52 %33.52 %27.15 %27.87 %
Hotel net income (loss) % of total TTM1.1 %1.1 %25.8 %25.2 %53.6 %52.5 %19.5 %21.2 %
EBITDA % of total TTM16.7 %16.3 %25.8 %25.1 %34.9 %34.1 %22.6 %24.5 %
JV interests in Hotel net income (loss)$830 $— $830 $1,757 $— $1,757 $1,154 $— $1,154 $714 $— $714 
JV interests in EBITDA$1,849 $— $1,849 $2,618 $— $2,618 $1,943 $— $1,943 $1,798 $— $1,798 
ActualNon-comparable AdjustmentsComparable
202320232023
TTMTTMTTM
Total hotel revenue$739,145 $13,930 $753,075 
Hotel net income (loss)$70,383 $1,574 $71,957 
Hotel net income (loss) margin9.52 %9.56 %
Hotel EBITDA$208,388 $5,141 $213,529 
Hotel EBITDA margin28.19 %28.35 %
Hotel net income (loss) % of total TTM100.0 %100.0 %
EBITDA % of total TTM100.0 %100.0 %
JV interests in Hotel net income (loss)$4,455 $— $4,455 
JV interests in EBITDA$8,208 $— $8,208 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
28


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2023
(in thousands, except share price)
(unaudited)

September 30, 2023
Common stock shares outstanding65,994 
Partnership units outstanding (common stock equivalents)7,224 
Combined common stock shares and partnership units outstanding73,218 
Common stock price $2.77 
Market capitalization $202,814 
Series B cumulative convertible preferred stock$76,950 
Series D cumulative preferred stock$40,000 
Series E redeemable preferred stock$410,242 
Series M redeemable preferred stock$47,793 
Indebtedness$1,187,430 
Joint venture partner's share of consolidated indebtedness$(48,750)
Net working capital (see below)$(122,897)
Total enterprise value (TEV)$1,793,582 
Cash and cash equivalents$146,752 
Restricted cash$55,239 
Accounts receivable, net$34,830 
Prepaid expenses$13,575 
Due from affiliates, net$2,386 
Due from third-party hotel managers, net$12,817 
Total current assets$265,599 
Accounts payable, net & accrued expenses$133,735 
Dividends and distributions payable$8,967 
Total current liabilities$142,702 
Net working capital*$122,897 
* Includes the Company's pro rata share of net working capital in joint ventures.
29


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a)

2023
1st Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualActualActualEstimated
Bardessono Hotel and Spa65 x
Capital Hilton Washington D.C.550 xxxx
The Ritz-Carlton Lake Tahoe170 xx
The Ritz-Carlton Sarasota276 xxx
Total1234
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 are included in this table.
30


Exhibit 1

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

2023202320232022September 30, 2023
3rd Quarter2nd Quarter1st Quarter4th QuarterTTM
Net income (loss)$788 $18,143 $37,753 $13,699 $70,383 
Non-property adjustments203 (12)12 (55)148 
Interest income(316)(259)(235)(145)(955)
Interest expense9,557 11,425 11,066 8,416 40,464 
Amortization of loan costs556 562 642 476 2,236 
Depreciation and amortization22,702 22,567 22,521 20,506 88,296 
Income tax expense (benefit)13 507 340 219 1,079 
Non-hotel EBITDA ownership expense1,364 727 697 3,949 6,737 
Hotel EBITDA including amounts attributable to noncontrolling interest34,867 53,660 72,796 47,065 208,388 
Non-comparable adjustments— — — 5,141 5,141 
Comparable hotel EBITDA$34,867 $53,660 $72,796 $52,206 $213,529 

31

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(616)$3,935 $2,147 $1,463 $28 $1,234 $(1,255)$376 $356 $(1,281)$(1,234)$4,044 $(659)$(1,272)$(570)$(5,908)$788 $(23,399)$(22,611)
Non-property adjustments— — — — — — — — — — — — — (292)— 495 203 (203)— 
Interest income(68)(94)(3)— — — — (12)(42)(56)44 (22)(12)— — (51)(316)316 — 
Interest expense— — — 267 1,447 380 1,463 — — 965 1,008 20 1,010 696 — 2,301 9,557 12,868 22,425 
Amortization of loan cost— — — — 81 12 203 — — — 40 — 9 44 — 167 556 325 881 
Depreciation and amortization2,484 1,052 1,121 566 549 421 1,140 1,962 2,403 1,482 1,236 1,536 2,139 528 1,656 2,428 22,703 — 22,703 
Income tax expense (benefit)(35)67 — — — — — 5 — — — — 28 — (52)— 13 (1,203)(1,190)
Non-hotel EBITDA ownership expense648 23 (21)197 10 59 — 18 17 13 223 14 20 155 9 (22)1,363 (1,363)— 
Hotel EBITDA including amounts attributable to noncontrolling interest2,413 4,983 3,244 2,493 2,115 2,106 1,551 2,349 2,734 1,123 1,317 5,592 2,535 (141)1,043 (590)34,867 (12,659)22,208 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(603)(1,246)— — — — — — — — — — — — — — (1,849)1,849 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 60 60 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (63)(63)
Hotel EBITDA attributable to the Company and OP unitholders$1,810 $3,737 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $1,123 $1,317 $5,592 $2,535 $(141)$1,043 $(590)$33,018 $(10,813)$22,205 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$2,413 $4,983 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $1,123 $1,317 $5,592 $2,535 $(141)$1,043 $(590)$34,867 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,983 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $— $— $5,592 $2,535 $(141)$1,043 $(590)$30,014 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $4,983 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $— $— $5,592 $2,535 $(141)$1,043 $(590)$30,014 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,983 $— $2,493 $2,115 $2,106 $1,551 $— $— $1,123 $1,317 $— $2,535 $— $1,043 $(590)$18,676 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $4,983 $— $2,493 $2,115 $2,106 $1,551 $— $— $1,123 $1,317 $— $2,535 $— $1,043 $(590)$18,676 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$2,413 $— $3,244 $— $— $— $— $2,349 $2,734 $— $— $5,592 $— $(141)$— $— $16,191 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$2,413 $— $3,244 $— $— $— $— $2,349 $2,734 $— $— $5,592 $— $(141)$— $— $16,191 

32

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)

Three Months Ended September 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel Total
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)$2,413 $4,983 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $7,396 
BAML Pool (see footnote 3)— — 3,244 — — — — 2,349 2,734 — — 5,592 — — — — 13,919 
BAML Credit Facility (see foonote 4)— — — 2,493 — 2,106 — — — 1,123 — — — — — — 5,722 
BAML (Pier House Resort & Spa)— — — — 2,115 — — — — — — — — — — — 2,115 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 1,551 — — — — — — — — — 1,551 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — 1,317 — — — — — 1,317 
Apollo (The Ritz-Carlton St. Thomas)— — — — — — — — — — — — 2,535 — — — 2,535 
LoanCore (Cameo Beverly Hills)— — — — — — — — — — — — — (141)— — (141)
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — (590)(590)
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 1,043 — 1,043 
Total$2,413 $4,983 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $1,123 $1,317 $5,592 $2,535 $(141)$1,043 $(590)$34,867 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
(5)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
33

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$3,924 $3,105 $1,890 $764 $1,709 $13 $(4,002)$1,388 $37 $2,593 $(2,450)$2,729 $3,586 $(595)$3,960 $(508)$18,143 $(21,281)$(3,138)
Non-property adjustments— — — — — — — — — — (12)— — — — — (12)12 — 
Interest income(64)(84)(6)— — — — (8)(28)(54)27 (15)(10)— — (17)(259)259 — 
Interest expense— — — 772 1,378 981 1,399 — — 2,075 961 20 963 667 — 2,209 11,425 11,490 22,915 
Amortization of loan cost— — — — 80 8 201 — — — 39 — 27 44 — 163 562 123 685 
Depreciation and amortization2,438 1,044 1,146 588 587 406 1,118 2,035 2,445 1,444 1,117 1,536 2,123 515 1,637 2,388 22,567 — 22,567 
Income tax expense (benefit)125 49 — — — — — 4 — — — — 133 — 196 — 507 (582)(75)
Non-hotel EBITDA ownership expense(81)16 3 120 21 12 94 167 (4)62 203 43 26 17 33 (5)727 (727)— 
Hotel EBITDA including amounts attributable to noncontrolling interest6,342 4,130 3,033 2,244 3,775 1,420 (1,190)3,586 2,450 6,120 (115)4,313 6,848 648 5,826 4,230 53,660 (10,706)42,954 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(1,586)(1,032)— — — — — — — — — — — — — — (2,618)2,618 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 75 75 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (80)(80)
Hotel EBITDA attributable to the Company and OP unitholders$4,756 $3,098 $3,033 $2,244 $3,775 $1,420 $(1,190)$3,586 $2,450 $6,120 $(115)$4,313 $6,848 $648 $5,826 $4,230 $51,042 $(8,093)$42,949 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$6,342 $4,130 $3,033 $2,244 $3,775 $1,420 $(1,190)$3,586 $2,450 $6,120 $(115)$4,313 $6,848 $648 $5,826 $4,230 $53,660 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,130 $— $2,244 $3,775 $1,420 $(1,190)$— $— $6,120 $(115)$— $6,848 $— $5,826 $4,230 $33,288 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $4,130 $— $2,244 $3,775 $1,420 $(1,190)$— $— $6,120 $(115)$— $6,848 $— $5,826 $4,230 $33,288 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$6,342 $— $3,033 $— $— $— $— $3,586 $2,450 $— $— $4,313 $— $648 $— $— $20,372 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$6,342 $— $3,033 $— $— $— $— $3,586 $2,450 $— $— $4,313 $— $648 $— $— $20,372 


34

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel Total
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)$6,342 $4,130 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $10,472 
BAML Pool (see footnote 3)— — 3,033 — — — — 3,586 2,450 — — 4,313 — — — — 13,382 
BAML Senior Facility (see foonote 4)— — — 2,244 — 1,420 — — — 6,120 — — — — — — 9,784 
BAML (Pier House Resort & Spa)— — — — 3,775 — — — — — — — — — — — 3,775 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — (1,190)— — — — — — — — — (1,190)
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — (115)— — — — — (115)
Apollo (The Ritz-Carlton St. Thomas)— — — — — — — — — — — — 6,848 — — — 6,848 
LoanCore (Cameo Beverly Hills)— — — — — — — — — — — — — 648 — — 648 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 4,230 4,230 
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 5,826 — 5,826 
Total$6,342 $4,130 $3,033 $2,244 $3,775 $1,420 $(1,190)$3,586 $2,450 $6,120 $(115)$4,313 $6,848 $648 $5,826 $4,230 $53,660 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
35

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$1,734 $2,882 $(923)$(1,304)$3,814 $(997)$7,458 $(1,358)$(151)$6,751 $3,628 $(631)$5,804 $(493)$6,170 $5,369 $37,753 $(21,149)$16,604 
Non-property adjustments— — — — — — — — — — 12 — — — — — 12 (12)— 
Interest income(65)(73)— — — — — (5)(19)(42)— (9)(9)— — (13)(235)235 — 
Interest expense— — — 717 1,268 902 1,301 — — 1,891 894 20 901 622 281 2,269 11,066 11,045 22,111 
Amortization of loan cost— — — — 79 — 199 — — 95 39 — 27 43 — 160 642 120 762 
Depreciation and amortization2,186 1,027 1,235 594 593 393 1,108 2,031 2,545 1,305 1,230 1,625 2,136 549 1,637 2,327 22,521 — 22,521 
Income tax expense (benefit)26 12 — — — — — 5 — — — — 136 — 161 — 340 1,989 2,329 
Non-hotel EBITDA ownership expense17 24 73 113 4 20 15 21 20 6 306 7 6 33 24 8 697 (697)— 
Hotel EBITDA including amounts attributable to noncontrolling interest3,898 3,872 385 120 5,758 318 10,081 694 2,395 10,006 6,109 1,012 9,001 754 8,273 10,120 72,796 (8,469)64,327 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(975)(968)— — — — — — — — — — — — — — (1,943)1,943 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 73 73 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (77)(77)
Hotel EBITDA attributable to the Company and OP unitholders$2,923 $2,904 $385 $120 $5,758 $318 $10,081 $694 $2,395 $10,006 $6,109 $1,012 $9,001 $754 $8,273 $10,120 $70,853 $(6,530)$64,323 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$3,898 $3,872 $385 $120 $5,758 $318 $10,081 $694 $2,395 $10,006 $6,109 $1,012 $9,001 $754 $8,273 $10,120 $72,796 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $3,872 $— $120 $5,758 $318 $10,081 $— $— $10,006 $6,109 $— $9,001 $— $8,273 $10,120 $63,658 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $3,872 $— $120 $5,758 $318 $10,081 $— $— $10,006 $6,109 $— $9,001 $— $8,273 $10,120 $63,658 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,898 $— $385 $— $— $— $— $694 $2,395 $— $— $1,012 $— $754 $— $— $9,138 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$3,898 $— $385 $— $— $— $— $694 $2,395 $— $— $1,012 $— $754 $— $— $9,138 

36

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel Total
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)$3,898 $3,872 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $7,770 
BAML Pool (see footnote 3)— — 385 — — — — 694 2,395 — — 1,012 — — — — 4,486 
BAML Senior Facility (see foonote 4)— — — 120 — 318 — — — 10,006 — — — — — — 10,444 
BAML (Pier House Resort & Spa)— — — — 5,758 — — — — — — — — — — — 5,758 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 10,081 — — — — — — — — — 10,081 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — 6,109 — — — — — 6,109 
Apollo (The Ritz-Carlton St. Thomas)— — — — — — — — — — — — 9,001 — — — 9,001 
LoanCore (Cameo Beverly Hills)— — — — — — — — — — — — — 754 — — 754 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 10,120 10,120 
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 8,273 — 8,273 
Total$3,898 $3,872 $385 $120 $5,758 $318 $10,081 $694 $2,395 $10,006 $6,109 $1,012 $9,001 $754 $8,273 $10,120 $72,796 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
37

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(21)$2,876 $(91)$702 $1,655 $672 $322 $799 $(1,477)$1,194 $681 $283 $3,752 $(816)$2,235 $933 $13,699 $(18,252)$(4,553)
Non-property adjustments— — — — — — — (16)— — — — (39)— — — (55)55 — 
Interest income(38)(50)— — — — — (4)(15)(25)— (7)(2)— — (4)(145)145 — 
Interest expense— — — 638 1,117 809 1,168 — — 1,717 774 20 828 574 771 — 8,416 9,862 18,278 
Amortization of loan cost— — — — 78 — 197 — — 94 38 — 26 43 — — 476 119 595 
Depreciation and amortization1,901 1,070 1,382 584 648 395 1,051 2,029 2,683 1,419 852 1,488 2,002 619 1,602 781 20,506 — 20,506 
Income tax expense (benefit)— — — — — — — 6 — — — — (124)— 337 — 219 41 260 
Non-hotel EBITDA ownership expense1,442 13 29 114 5 8 (4)51 (1)1,759 236 1 163 36 97 — 3,949 (3,949)— 
Hotel EBITDA including amounts attributable to noncontrolling interest3,284 3,909 1,320 2,038 3,503 1,884 2,734 2,865 1,190 6,158 2,581 1,785 6,606 456 5,042 1,710 47,065 (11,979)35,086 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(821)(977)— — — — — — — — — — — — — — (1,798)1,798 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 108 108 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (114)(114)
Hotel EBITDA attributable to the Company and OP unitholders$2,463 $2,932 $1,320 $2,038 $3,503 $1,884 $2,734 $2,865 $1,190 $6,158 $2,581 $1,785 $6,606 $456 $5,042 $1,710 $45,267 $(10,187)$35,080 
Non-comparable adjustments— — — — — — — — — — — — (1,652)— — 6,793 5,141 
Comparable hotel EBITDA$3,284 $3,909 $1,320 $2,038 $3,503 $1,884 $2,734 $2,865 $1,190 $6,158 $2,581 $1,785 $4,954 $456 $5,042 $8,503 $52,206 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $3,909 $— $2,038 $3,503 $1,884 $2,734 $— $— $6,158 $2,581 $— $6,606 $— $5,042 $1,710 $36,165 
Non-comparable adjustments— — — — — — — — — — — — (1,652)— — 6,793 5,141 
Comparable hotel EBITDA$— $3,909 $— $2,038 $3,503 $1,884 $2,734 $— $— $6,158 $2,581 $— $4,954 $— $5,042 $8,503 $41,306 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,284 $— $1,320 $— $— $— $— $2,865 $1,190 $— $— $1,785 $— $456 $— $— $10,900 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$3,284 $— $1,320 $— $— $— $— $2,865 $1,190 $— $— $1,785 $— $456 $— $— $10,900 

38

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel Total
Prudential (Capital Hilton and Hilton La Jolla Torrey Pines)$3,284 $3,909 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $7,193 
BAML Pool (see footnote 3)— — 1,320 — — — — 2,865 1,190 — — 1,785 — — — — 7,160 
BAML Senior Facility (see foonote 4)— — — 2,038 — 1,884 — — — 6,158 — — — — — — 10,080 
BAML (Pier House Resort & Spa)— — — — 3,503 — — — — — — — — — — — 3,503 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 2,734 — — — — — — — — — 2,734 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — 2,581 — — — — — 2,581 
Apollo (The Ritz-Carlton St. Thomas)— — — — — — — — — — — — 4,954 — — — 4,954 
LoanCore (Cameo Beverly Hills)— — — — — — — — — — — — — 456 — — 456 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 8,503 8,503 
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 5,042 — 5,042 
Total$3,284 $3,909 $1,320 $2,038 $3,503 $1,884 $2,734 $2,865 $1,190 $6,158 $2,581 $1,785 $4,954 $456 $5,042 $8,503 $52,206 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
39

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2022
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$404 $4,270 $1,129 $1,581 $1,366 $1,257 $(72)$294 $541 $(391)$755 $3,103 $846 $(370)$(1,162)$— $13,551 $(21,934)$(8,383)
Non-property adjustments— — — — — — — — — — — — (1)— — — (1)1 — 
Interest income(15)(22)— — — — — (1)(5)(16)— (2)(2)— — — (63)63 — 
Interest expense— — — 470 808 621 901 — — 1,356 575 (62)669 461 574 — 6,373 7,496 13,869 
Amortization of loan cost— — — 34 77 — 195 — — 93 38 — 17 42 — — 496 125 621 
Depreciation and amortization1,840 1,020 1,476 590 633 435 1,011 2,005 2,760 1,329 802 1,432 2,059 613 1,599 — 19,604 — 19,604 
Income tax expense (benefit)— — — — — — — 4 — — — — 13 — (116)— (99)194 95 
Non-hotel EBITDA ownership expense(3)25 4 102 5 79 6 25 17 368 159 1 3 37 4 — 832 (832)— 
Hotel EBITDA including amounts attributable to noncontrolling interest2,226 5,293 2,609 2,777 2,889 2,392 2,041 2,327 3,313 2,739 2,329 4,472 3,604 783 899 — 40,693 (14,887)25,806 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(556)(1,324)— — — — — — — — — — — — — — (1,880)1,880 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 74 74 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (74)(74)
Hotel EBITDA attributable to the Company and OP unitholders$1,670 $3,969 $2,609 $2,777 $2,889 $2,392 $2,041 $2,327 $3,313 $2,739 $2,329 $4,472 $3,604 $783 $899 $— $38,813 $(13,007)$25,806 
Non-comparable adjustments— — — — — — — — — — — — 563 — — (1,161)(598)
Comparable hotel EBITDA$2,226 $5,293 $2,609 $2,777 $2,889 $2,392 $2,041 $2,327 $3,313 $2,739 $2,329 $4,472 $4,167 $783 $899 $(1,161)$40,095 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $5,293 $2,609 $2,777 $2,889 $2,392 $2,041 $2,327 $3,313 $— $— $4,472 $3,604 $783 $899 $— $33,399 
Non-comparable adjustments— — — — — — — — — — — — 563 — — (1,161)(598)
Comparable hotel EBITDA$— $5,293 $2,609 $2,777 $2,889 $2,392 $2,041 $2,327 $3,313 $— $— $4,472 $4,167 $783 $899 $(1,161)$32,801 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $5,293 $— $2,777 $2,889 $2,392 $2,041 $— $— $2,739 $2,329 $— $3,604 $— $899 $— $24,963 
Non-comparable adjustments— — — — — — — — — — — — 563 — — (1,161)(598)
Comparable hotel EBITDA$— $5,293 $— $2,777 $2,889 $2,392 $2,041 $— $— $2,739 $2,329 $— $4,167 $— $899 $(1,161)$24,365 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$2,226 $— $2,609 $— $— $— $— $2,327 $3,313 $— $— $4,472 $— $783 $— $— $15,730 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$2,226 $— $2,609 $— $— $— $— $2,327 $3,313 $— $— $4,472 $— $783 $— $— $15,730 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
40

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$5,042 $9,922 $3,114 $923 $5,551 $250 $2,201 $406 $242 $8,063 $(56)$6,142 $8,731 $(2,360)$9,560 $(1,047)$56,684 $(65,829)$(9,145)
Non-property adjustments— — — — — — — — — — — — — (292)— 495 203 (203)— 
Interest income(197)(251)(9)— — — — (25)(89)(152)71 (46)(31)— — (81)(810)810 — 
Interest expense— — — 1,756 4,093 2,263 4,163 — — 4,931 2,863 60 2,874 1,985 281 6,779 32,048 35,403 67,451 
Amortization of loan cost— — — — 240 20 603 — — 95 118 — 63 131 — 490 1,760 568 2,328 
Depreciation and amortization7,108 3,123 3,502 1,748 1,729 1,220 3,366 6,028 7,393 4,231 3,583 4,697 6,398 1,592 4,930 7,143 67,791 — 67,791 
Income tax expense (benefit)116 128 — — — — — 14 — — — — 297 — 305 — 860 204 1,064 
Non-hotel EBITDA ownership expense584 63 55 430 35 91 109 206 33 81 732 64 52 205 66 (19)2,787 (2,787)— 
Hotel EBITDA including amounts attributable to noncontrolling interest12,653 12,985 6,662 4,857 11,648 3,844 10,442 6,629 7,579 17,249 7,311 10,917 18,384 1,261 15,142 13,760 161,323 (31,834)129,489 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(3,164)(3,246)— — — — — — — — — — — — — — (6,410)6,410 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 208 208 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (220)(220)
Hotel EBITDA attributable to the Company and OP unitholders$9,489 $9,739 $6,662 $4,857 $11,648 $3,844 $10,442 $6,629 $7,579 $17,249 $7,311 $10,917 $18,384 $1,261 $15,142 $13,760 $154,913 $(25,436)$129,477 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$12,653 $12,985 $6,662 $4,857 $11,648 $3,844 $10,442 $6,629 $7,579 $17,249 $7,311 $10,917 $18,384 $1,261 $15,142 $13,760 $161,323 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $12,985 $6,662 $4,857 $11,648 $3,844 $10,442 $6,629 $7,579 $— $— $10,917 $18,384 $1,261 $15,142 $13,760 $124,110 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $12,985 $6,662 $4,857 $11,648 $3,844 $10,442 $6,629 $7,579 $— $— $10,917 $18,384 $1,261 $15,142 $13,760 $124,110 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $12,985 $— $4,857 $11,648 $3,844 $10,442 $— $— $17,249 $7,311 $— $18,384 $— $15,142 $13,760 $115,622 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $12,985 $— $4,857 $11,648 $3,844 $10,442 $— $— $17,249 $7,311 $— $18,384 $— $15,142 $13,760 $115,622 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$12,653 $— $6,662 $— $— $— $— $6,629 $7,579 $— $— $10,917 $— $1,261 $— $— $45,701 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$12,653 $— $6,662 $— $— $— $— $6,629 $7,579 $— $— $10,917 $— $1,261 $— $— $45,701 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
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Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2022
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$1,146 $10,286 $2,317 $3,786 $10,722 $1,875 $5,346 $(1,304)$(1,395)$16,447 $4,339 $3,507 $15,168 $(574)$5,348 $— $77,014 $(53,113)$23,901 
Non-property adjustments— — — — — — 76 — — — — — (1)— — — 75 (75)— 
Interest income(17)(23)— — — — — (1)(9)(27)— (5)(6)— — — (88)88 — 
Interest expense— — — 1,036 1,685 1,356 2,060 — — 3,202 1,243 6 1,729 1,248 976 — 14,541 16,891 31,432 
Amortization of loan cost— — — 135 229 102 516 — — 276 112 — 17 124 — — 1,511 350 1,861 
Depreciation and amortization5,519 3,048 4,593 1,787 1,963 1,651 2,881 5,999 8,543 3,907 2,382 3,918 6,070 1,833 3,522 — 57,616 — 57,616 
Income tax expense (benefit)— — — — — — — 13 — — — — 539 — (4)— 548 3,235 3,783 
Non-hotel EBITDA ownership expense242 108 58 345 13 90 7 101 25 414 726 6 15 70 3 — 2,223 (2,223)— 
Hotel EBITDA including amounts attributable to noncontrolling interest6,890 13,419 6,968 7,089 14,612 5,074 10,886 4,808 7,164 24,219 8,802 7,432 23,531 2,701 9,845 — 153,440 (34,847)118,593 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(1,722)(3,356)— — — — — — — — — — — — — — (5,078)5,078 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 220 220 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (220)(220)
Hotel EBITDA attributable to the Company and OP unitholders$5,168 $10,063 $6,968 $7,089 $14,612 $5,074 $10,886 $4,808 $7,164 $24,219 $8,802 $7,432 $23,531 $2,701 $9,845 $— $148,362 $(29,769)$118,593 
Non-comparable adjustments— — — — — — — — — — — — 1,653 — 3,634 10,993 16,280 
Comparable hotel EBITDA$6,890 $13,419 $6,968 $7,089 $14,612 $5,074 $10,886 $4,808 $7,164 $24,219 $8,802 $7,432 $25,184 $2,701 $13,479 $10,993 $169,720 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $13,419 $6,968 $7,089 $14,612 $5,074 $10,886 $4,808 $7,164 $— $— $7,432 $23,531 $2,701 $9,845 $— $113,529 
Non-comparable adjustments— — — — — — — — — — — — 1,653 — 3,634 10,993 16,280 
Comparable hotel EBITDA$— $13,419 $6,968 $7,089 $14,612 $5,074 $10,886 $4,808 $7,164 $— $— $7,432 $25,184 $2,701 $13,479 $10,993 $129,809 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $13,419 $— $7,089 $14,612 $5,074 $10,886 $— $— $24,219 $8,802 $— $23,531 $— $9,845 $— $117,477 
Non-comparable adjustments— — — — — — — — — — — — 1,653 — 3,634 10,993 16,280 
Comparable hotel EBITDA$— $13,419 $— $7,089 $14,612 $5,074 $10,886 $— $— $24,219 $8,802 $— $25,184 $— $13,479 $10,993 $133,757 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$6,890 $— $6,968 $— $— $— $— $4,808 $7,164 $— $— $7,432 $— $2,701 $— $— $35,963 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$6,890 $— $6,968 $— $— $— $— $4,808 $7,164 $— $— $7,432 $— $2,701 $— $— $35,963 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at September 30, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
42