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Published: 2024-11-06 16:13:34 ET
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EX-99.1 2 bhr2024q3earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1
braemara59.jpg
NEWS RELEASE

Contact:Deric EubanksLaken Avonne RapierJoseph Calabrese
Chief Financial OfficerMedia ContactFinancial Relations Board
(972) 490-9600LRapier@ashfordinc.com(212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
THIRD QUARTER 2024 RESULTS

DALLAS – November 6, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2024. 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, 2024, 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, 2024 with the third quarter ended September 30, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 1.6% over the prior year quarter to $261. Comparable ADR decreased 3.8% over the prior year quarter to $383 and Comparable Occupancy increased 2.3% over the prior year quarter to 68.2%.
•Net loss attributable to common stockholders for the quarter was $(1.4) million or $(0.02) per diluted share.
•Adjusted funds from operations (AFFO) was $(0.24) per diluted share for the quarter.
•Adjusted EBITDAre was $18.5 million for the quarter.
•Comparable Hotel EBITDA was $24.7 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $168.7 million and restricted cash of $48.5 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 $19.9 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 41.0% at the end of the third quarter.
•Capex invested during the quarter was $15.6 million.

RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company announced it closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). This hotel was owned by a joint venture in which the Company had a 75% ownership interest.
•During the quarter, the Company announced that it closed on a refinancing involving five hotels. The new loan totaled $407 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final


BHR Reports Third Quarter Results
Page 2
November 6, 2024
maturity to 2029. As part of this refinancing, the Company acquired a tranche of CMBS with a par value of $42.2 million and a rate of SOFR + 5.20%.

CAPITAL STRUCTURE

As of September 30, 2024, the Company had total assets of $2.2 billion and $1.2 billion of loans of which $27.7 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton. The Company’s total combined loans had a blended average interest rate of 7.6%, 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 23% of the Company’s consolidated debt is effectively fixed and approximately 77% is effectively floating.

During the quarter, the Company closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). Including anticipated capital expenditures of $40 million, the sale price represented a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024.

During the quarter, the Company closed on a refinancing involving five hotels. The new loan totaled $407 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final maturity to 2029. The loan is interest only and provides for a floating interest rate of SOFR + 3.24%. As part of this financing, the Company acquired a tranche of CMBS with a par value of $42.2 million and a rate of SOFR +5.20%, which lowered its net spread on the $364.8 million remaining loan amount to SOFR + 3.01%. The loan is secured by five hotels: Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, and The Ritz-Carlton St. Thomas. The new loan refinanced the $80.0 million loan secured by the Pier House Resort & Spa which had an interest rate of SOFR + 3.60% and had a final maturity date in September 2026, the $42.5 million loan secured by The Ritz-Carlton St. Thomas which had an interest rate of SOFR + 4.35% and had a final maturity date in August 2026, and the $200.0 million Corporate Term Loan and Credit Facility secured by The Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel & Spa which had an interest rate of SOFR + 3.10% and had a final maturity date in July 2027.

DIVIDENDS
On October 7, 2024, 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, 2024. The dividend, which equates to an annual rate of $0.20 per share, will be paid on January 15, 2025, to stockholders of record as of December 31, 2024. The Board of Directors will review 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.

“We’re very pleased with the strong third quarter performance of our urban hotels, which reported a RevPAR increase of 6% over the prior year period,” noted Richard J. Stockton, Braemar’s President and


BHR Reports Third Quarter Results
Page 3
November 6, 2024
Chief Executive Officer. “Additionally, we continue to make meaningful progress executing against our recently announced shareholder value creation plan. Demonstrating our focus on maximizing value for our investors, this includes our recent sale of the Hilton La Jolla Torrey Pines at a very attractive cap rate, the continued evaluation of additional potential asset sales, and approximately $50 million of redeemed non-traded preferred to date.” Mr. Stockton continued, “Our asset management and risk management teams did a remarkable job protecting our assets during the recent storms, and we’re pleased to report that our uninsured losses from those storms are only expected to be approximately $3 million, and we had minimal operational impact in the third quarter. Looking ahead, 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 7, 2024, 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 14, 2024, by dialing (609) 800-9909 and entering the confirmation number, 2925607.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2024 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 7, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

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

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

* * * * *

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

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

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: 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


BHR Reports Third Quarter Results
Page 4
November 6, 2024
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, 2024December 31, 2023
ASSETS
Investments in hotel properties, gross$2,270,981 $2,382,716 
Accumulated depreciation(480,940)(498,508)
Investments in hotel properties, net1,790,041 1,884,208 
Cash and cash equivalents168,675 85,599 
Restricted cash48,461 80,904 
Investment in securities41,493 — 
Accounts receivable, net of allowance of $443 and $237, respectively32,479 39,199 
Inventories4,575 5,003 
Note receivable5,855 — 
Prepaid expenses5,825 9,938 
Deferred costs, net75 75 
Investment in OpenKey1,539 1,674 
Derivative assets480 2,847 
Other assets20,909 17,751 
Operating lease right-of-use assets34,185 78,383 
Intangible assets, net3,220 3,504 
Due from third-party hotel managers19,855 17,739 
Total assets$2,177,667 $2,226,824 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,208,013 $1,162,444 
Accounts payable and accrued expenses144,868 149,867 
Dividends and distributions payable9,271 9,158 
Due to Ashford Inc., net5,489 1,471 
Due to related parties, net16 603 
Due to third-party hotel managers1,509 1,608 
Operating lease liabilities19,149 60,379 
Derivative liabilities— 12 
Other liabilities23,572 22,756 
Total liabilities1,411,887 1,408,298 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2024 and December 31, 202365,426 65,426 
Series E Redeemable Preferred Stock, $0.01 par value, 15,138,572 and 16,316,315 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively355,178 377,035 
Series M Redeemable Preferred Stock, $0.01 par value, 1,596,286 and 1,832,805 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively39,907 45,623 
Redeemable noncontrolling interests in operating partnership31,336 32,395 
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, 2024 and December 31, 202316 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,522,206 and 66,636,353 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively665 666 
Additional paid-in capital719,110 718,498 
Accumulated other comprehensive income (loss)(723)— 
Accumulated deficit(442,157)(412,199)
Total stockholders' equity of the Company276,911 306,981 
Noncontrolling interest in consolidated entities(2,978)(8,934)
Total equity273,933 298,047 
Total liabilities and equity$2,177,667 $2,226,824 

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,
2024202320242023
REVENUE
Rooms$92,427 $100,738 $347,206 $355,402 
Food and beverage34,781 38,537 135,891 138,541 
Other21,190 20,526 71,967 67,866 
Total hotel revenue148,398 159,801 555,064 561,809 
EXPENSES
Hotel operating expenses:
Rooms25,548 25,899 81,288 79,962 
Food and beverage31,998 32,750 109,379 108,854 
Other expenses51,300 52,725 169,531 171,317 
Management fees 4,869 5,076 17,913 17,661 
Total hotel operating expenses113,715 116,450 378,111 377,794 
Property taxes, insurance and other9,985 10,471 30,740 27,983 
Depreciation and amortization25,078 22,703 75,192 67,791 
Advisory services fee:
Base advisory fee3,505 3,393 10,168 10,700 
Reimbursable expenses3,231 2,028 8,457 6,092 
Incentive fee1,464 — 2,112 — 
Stock/unit-based compensation427 1,599 2,418 6,391 
Corporate, general and administrative:
Stock/unit-based compensation— 27 269 455 
Other general and administrative8,874 2,479 10,836 8,767 
Total operating expenses166,279 159,150 518,303 505,973 
Gain (loss) on disposition of assets and hotel property 88,210 — 88,210 — 
OPERATING INCOME (LOSS)70,329 651 124,971 55,836 
Equity in earnings (loss) of unconsolidated entity(80)(60)(214)(208)
Interest income2,660 986 4,528 5,389 
Other income (expense)— 293 — 293 
Interest expense(26,132)(22,425)(77,146)(67,451)
Amortization of loan costs(1,779)(881)(4,541)(2,328)
Write-off of loan costs and exit fees(5,292)(2,588)(6,095)(2,848)
Gain (loss) on extinguishment of debt— — (22)2,318 
Realized and unrealized gain (loss) on derivatives(735)223 523 918 
INCOME (LOSS) BEFORE INCOME TAXES38,971 (23,801)42,004 (8,081)
Income tax (expense) benefit864 1,190 (474)(1,064)
NET INCOME (LOSS)39,835 (22,611)41,530 (9,145)
(Income) loss attributable to noncontrolling interest in consolidated entities(27,363)(1,773)(26,317)(1,715)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership124 2,354 1,747 3,018 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY12,596 (22,030)16,960 (7,842)
Preferred dividends(9,857)(10,582)(30,593)(31,809)
Deemed dividends on redeemable preferred stock(4,151)(516)(6,175)(3,271)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(1,412)$(33,128)$(19,808)$(42,922)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.02)$(0.50)$(0.30)$(0.63)
Weighted average common shares outstanding – basic66,522 65,825 66,493 68,010 
Diluted:
Net income (loss) attributable to common stockholders$(0.02)$(0.50)$(0.30)$(0.63)
Weighted average common shares outstanding – diluted66,522 65,825 66,493 68,010 
Dividends declared per common share$0.05 $0.05 $0.15 $0.15 

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Net income (loss)$39,835 $(22,611)$41,530 $(9,145)
Interest expense and amortization of loan costs27,911 23,306 81,687 69,779 
Depreciation and amortization 25,078 22,703 75,192 67,791 
Income tax expense (benefit)(864)(1,190)474 1,064 
Equity in (earnings) loss of unconsolidated entity80 60 214 208 
Company's portion of EBITDA of OpenKey(76)(63)(215)(220)
EBITDA91,964 22,205 198,882 129,477 
(Gain) loss on disposition of assets and hotel property(88,210)— (88,210)— 
EBITDAre3,754 22,205 110,672 129,477 
Amortization of favorable (unfavorable) contract assets (liabilities)109 119 346 356 
Transaction and conversion costs50 978 (5,524)3,229 
Write-off of loan costs and exit fees5,292 2,588 6,095 2,848 
Realized and unrealized (gain) loss on derivatives735 (223)(523)(918)
Stock/unit-based compensation427 1,627 2,689 6,854 
Legal, advisory and settlement costs6,539 — 11,356 81 
Advisory services incentive fee1,464 — 2,112 — 
(Gain) loss on extinguishment of debt— — 22 (2,318)
Other (income) loss— (293)— (293)
Severance102 — 102 — 
Company's portion of adjustments to EBITDAre of OpenKey— — 3 — 
Adjusted EBITDAre$18,472 $27,001 $127,350 $139,316 
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,
2024202320242023
Net income (loss)$39,835 $(22,611)$41,530 $(9,145)
(Income) loss attributable to noncontrolling interest in consolidated entities(27,363)(1,773)(26,317)(1,715)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership124 2,354 1,747 3,018 
Preferred dividends(9,857)(10,582)(30,593)(31,809)
Deemed dividends on redeemable preferred stock(4,151)(516)(6,175)(3,271)
Net income (loss) attributable to common stockholders(1,412)(33,128)(19,808)(42,922)
Depreciation and amortization on real estate (1)
24,255 21,886 72,131 65,434 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(124)(2,354)(1,747)(3,018)
Equity in (earnings) loss of unconsolidated entity80 60 214 208 
(Gain) loss on disposition of assets and hotel property (1)
(61,970)— (61,970)— 
Company's portion of FFO of OpenKey(91)(71)(253)(234)
FFO available to common stockholders and OP unitholders(39,262)(13,607)(11,433)19,468 
Deemed dividends on redeemable preferred stock4,151 516 6,175 3,271 
Transaction and conversion costs50 978 (5,524)3,229 
Write-off of premiums, loan costs and exit fees5,292 2,588 6,095 2,848 
Unrealized (gain) loss on derivatives1,746 1,790 3,698 5,244 
Stock/unit-based compensation427 1,627 2,689 6,854 
Legal, advisory and settlement costs6,539 — 11,356 81 
Interest expense accretion on refundable membership club deposits151 165 466 507 
Amortization of loan costs (1)
1,741 858 4,268 2,258 
Advisory services incentive fee1,464 — 2,112 — 
(Gain) loss on extinguishment of debt— — 22 (2,318)
Other (income) loss— (293)— (293)
Severance102 — 102 — 
Company's portion of adjustments to FFO of OpenKey— — 3 — 
Adjusted FFO available to common stockholders and OP unitholders$(17,599)$(5,378)$20,029 $41,149 
Adjusted FFO per diluted share available to common stockholders and OP unitholders$(0.24)$(0.08)$0.28 $0.56 
Weighted average diluted shares73,130 71,482 72,802 73,844 
(1) Net of adjustment for noncontrolling interest in consolidated entities.
7


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2024
(dollars in thousands)
(unaudited)

LenderHotelsCurrent
Maturity
Final
Maturity (9)
Interest RateFixed-Rate
Debt		Floating-Rate
Debt		Total
Debt		TTM Hotel Net IncomeTTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (10)
Comparable TTM Hotel EBITDA
Debt Yield
BAMLThe Ritz-Carlton Lake TahoeJanuary 2025January 2026SOFR (1) + 3.60%$— $53,413 (2)$53,413 $(11,401)(21.3)%$2,508 4.7 %
Credit AgricolePark Hyatt Beaver Creek Resort & SpaFebruary 2025February 2027SOFR (1) + 2.86%— 70,500 (3)70,500 1,346 1.9 %12,361 17.5 %
BAMLSee footnoteJune 2025June 2025SOFR (1) + 2.66%— 293,180 (4)293,180 10,200 3.5 %39,184 13.4 %
Macquarie CAF LLCThe Ritz-Carlton Reserve Dorado BeachMarch 2026March 2026SOFR (1) + 4.75%— 62,000 62,000 7,599 12.3 %18,911 30.5 %
Convertible Senior NotesN/AJune 2026June 20264.50%86,250 — 86,250  N/A N/A N/A N/A
BAMLSee footnoteAugust 2026August 2029SOFR (1) + 3.24%— 407,000 (5)407,000 31,692 7.8 %65,969 16.2 %
Aareal Capital CorporationFour Seasons Resort ScottsdaleDecember 2026December 2028SOFR (1) + 3.75%— 140,000 (6)140,000 (562)(0.4)%23,196 16.6 %
Aareal Capital CorporationCapital HiltonDecember 2026December 2028SOFR (1) + 3.75%— 110,600 (7)110,600 4,183 3.8 %17,921 16.2 %
Unencumbered HotelCameo Beverly Hills— — — (5,946)N/A(1,286)N/A
Total$86,250 $1,136,693 $1,222,943 $37,111 3.0 %$178,764 14.6 %
Percentage7.1 %92.9 %100.0 %
Weighted average interest rate (8)
4.50 %7.88 %7.63 %
All indebtedness is non-recourse with the exception of the convertible senior notes.
(1)    SOFR rate was 4.85% at September 30, 2024.
(2)    This mortgage loan has one one-year extension option subject to satisfaction of certain conditions.
(3)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2024.
(4)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fifth was exercised in June 2024. 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 three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. Braemar holds a tranche of CMBS that has a par value of $42.2 million and a rate of SOFR +5.20%, which results in an effective interest rate on this mortgage loan of SOFR + 3.01%.
(6)    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%.
(7)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(8)    The weighted average interest rates are adjusted for in-the-money interest rate caps and the CMBS tranche.
(9)    The final maturity date assumes all available extension options will be exercised.
(10)    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, 2024
(dollars in thousands)
(unaudited)
LenderHotels20242025202620272028ThereafterTotal
BAMLSee footnote 1$— $293,180 $— $— $— $— $293,180 
BAML The Ritz-Carlton Lake Tahoe— — 53,413 — — — 53,413 
Macquarie CAF LLCThe Ritz-Carlton Reserve Dorado Beach— — 62,000 — — — 62,000 
Convertible Senior NotesN/A— — 86,250 — — — 86,250 
Credit AgricolePark Hyatt Beaver Creek Resort & Spa— — — 70,500 — — 70,500 
Aareal Capital CorporationFour Seasons Resort Scottsdale— — — — 136,000 — 136,000 
Aareal Capital CorporationCapital Hilton— — — — 106,600 — 106,600 
BAMLSee footnote 2— — — — — 407,000 407,000 
Principal due in future periods$— $293,180 $201,663 $70,500 $242,600 $407,000 $1,214,943 
Scheduled amortization payments remaining— — — 4,000 4,000 — 8,000 
Total indebtedness$— $293,180 $201,663 $74,500 $246,600 $407,000 $1,222,943 
(1)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(2)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, 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
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$93,477 $(1,374)$92,103 $101,832 $(8,448)$93,384 (8.20)%(1.37)%
RevPAR$260.62 $(218.00)$261.38 $262.60 $(233.05)$265.65 (0.75)%(1.61)%
Occupancy68.50 %(84.31)%68.22 %68.37 %(84.34)%66.72 %0.19 %2.25 %
ADR$380.47 $(258.56)$383.17 $384.10 $(276.32)$398.15 (0.95)%(3.76)%
ALL HOTELS:
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$352,019 $(15,501)$336,518 $360,258 $(22,352)$337,906 (2.29)%(0.41)%
RevPAR$312.27 $(198.71)$320.71 $313.10 $(207.80)$323.96 (0.27)%(1.00)%
Occupancy68.91 %(79.05)%68.16 %68.06 %(80.53)%66.77 %1.25 %2.08 %
ADR$453.14 $(251.37)$470.54 $460.07 $(258.05)$485.19 (1.51)%(3.02)%
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$80,539 $(1,374)$79,165 $87,996 $(8,448)$79,548 (8.47)%(0.48)%
RevPAR$247.61 $(218.00)$248.19 $248.31 $(233.05)$250.05 (0.28)%(0.74)%
Occupancy69.84 %(84.31)%69.56 %69.78 %(84.34)%68.13 %0.09 %2.10 %
ADR$354.52 $(258.56)$356.82 $355.82 $(276.32)$367.03 (0.37)%(2.78)%
ALL HOTELS
     NOT UNDER RENOVATION:
Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$294,977 $(15,501)$279,476 $299,673 $(22,352)$277,321 (1.57)%0.78 %
RevPAR$286.99 $(198.71)$294.24 $285.00 $(207.80)$293.79 0.70 %0.15 %
Occupancy69.77 %(79.05)%69.00 %68.56 %(80.53)%67.19 %1.76 %2.69 %
ADR$411.36 $(251.37)$426.41 $415.71 $(258.05)$437.24 (1.05)%(2.48)%
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2024, and not under renovation during the three months ended September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(3)    Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
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,
20242023% Variance20242023% Variance
Total hotel revenue$149,255 $160,697 (7.12)%$559,000 $565,782 (1.20)%
Non-comparable adjustments(2,049)(13,688)(27,901)(37,969)
Comparable total hotel revenue$147,206 $147,009 0.13 %$531,099 $527,813 0.62 %
Hotel net income (loss)$77,832 $788 9,777.16 %$128,102 $56,684 125.99 %
Non-comparable adjustments(88,360)(3,935)(95,020)(9,922)
Comparable hotel net income (loss)$(10,528)$(3,147)(234.54)%$33,082 $46,762 (29.25)%
Hotel net income (loss) margin52.15 %0.49 %51.66 %22.92 %10.02 %12.90 %
Comparable hotel net income margin(7.15)%(2.14)%(5.01)%6.23 %8.86 %(2.63)%
Hotel EBITDA$25,050 $34,867 (28.16)%$147,107 $161,323 (8.81)%
Non-comparable adjustments(397)(4,983)(9,155)(12,985)
Comparable hotel EBITDA$24,653 $29,884 (17.50)%$137,952 $148,338 (7.00)%
Hotel EBITDA margin16.78 %21.70 %(4.92)%26.32 %28.51 %(2.19)%
Comparable hotel EBITDA margin16.75 %20.33 %(3.58)%25.97 %28.10 %(2.13)%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$22,091 $830 2,561.57 %$24,828 $3,741 563.67 %
Hotel net income (loss) attributable to the Company and OP unitholders$55,741 $(42)132,816.67 %$103,274 $52,943 95.07 %
Comparable hotel net income (loss) attributable to the Company and OP unitholders$(10,529)$(2,993)(251.76)%$32,009 $45,502 (29.65)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$890 $1,849 (51.88)%$6,076 $6,410 (5.21)%
Hotel EBITDA attributable to the Company and OP unitholders$24,160 $33,018 (26.83)%$141,032 $154,914 (8.96)%
Comparable hotel EBITDA attributable to the Company and OP unitholders$23,863 $29,281 (18.50)%$134,165 $145,175 (7.58)%
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(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,
20242023% Variance20242023% Variance
Total hotel revenue$124,251 $134,899 (7.89)%$463,125 $464,987 (0.40)%
Non-comparable adjustments(2,049)(13,688)(27,901)(37,969)
Comparable total hotel revenue$122,202 $121,211 0.82 %$435,224 $427,018 1.92 %
Hotel net income (loss)$84,092 $2,681 3,036.59 %$127,192 $48,009 164.93 %
Non-comparable adjustments(88,360)(3,935)(95,020)(9,922)
Comparable hotel net income (loss)$(4,268)$(1,254)(240.35)%$32,172 $38,087 (15.53)%
Hotel net income (loss) margin67.68 %1.99 %65.69 %27.46 %10.32 %17.14 %
Comparable hotel net income margin(3.49)%(1.03)%(2.46)%7.39 %8.92 %(1.53)%
Hotel EBITDA$23,337 $31,015 (24.76)%$126,336 $135,628 (6.85)%
Non-comparable adjustments(397)(4,983)(9,155)(12,985)
Comparable hotel EBITDA$22,940 $26,032 (11.88)%$117,181 $122,643 (4.45)%
Hotel EBITDA margin18.78 %22.99 %(4.21)%27.28 %29.17 %(1.89)%
Comparable hotel EBITDA margin18.77 %21.48 %(2.71)%26.92 %28.72 %(1.80)%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$22,091 $830 2,561.57 %$24,828 $3,741 563.67 %
Hotel net income (loss) attributable to the Company and OP unitholders$62,001 $1,851 3,249.59 %$102,364 $44,268 131.24 %
Comparable hotel net income (loss) attributable to the Company and OP unitholders$(4,269)$(1,100)(288.02)%$31,099 $36,827 (15.55)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$890 $1,849 (51.88)%$6,076 $6,410 (5.21)%
Hotel EBITDA attributable to the Company and OP unitholders$22,447 $29,166 (23.04)%$120,261 $129,219 (6.93)%
Comparable hotel EBITDA attributable to the Company and OP unitholders$22,149 $25,429 (12.90)%$113,394 $119,480 (5.09)%
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2024, and not under renovation during the three months ended September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(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:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
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
202420242024202320232023% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$9,712 $— $9,712 $8,264 $— $8,264 17.52 %17.52 %
Total hotel revenue $14,256 $— $14,256 $12,535 $— $12,535 13.73 %13.73 %
Hotel net income (loss)$3 $— $3 $(616)$— $(616)100.49 %100.49 %
Hotel net income (loss) margin0.02 %0.02 %(4.91)%(4.91)%4.93 %4.93 %
Hotel EBITDA$3,163 $— $3,163 $2,413 $— $2,413 31.08 %31.08 %
Hotel EBITDA margin22.19 %22.19 %19.25 %19.25 %2.94 %2.94 %
Selected Operating Information:
RevPAR$188.84 $— $188.84 $163.33 $— $163.33 15.62 %15.62 %
Occupancy80.08 %— %80.08 %73.80 %— %73.80 %8.51 %8.51 %
ADR$235.81 $— $235.81 $221.30 $— $221.30 6.56 %6.56 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$1,374 $(1,374)$— $8,448 $(8,448)$— (83.74)%— %
Total hotel revenue $2,049 $(2,049)$— $13,688 $(13,688)$— (85.03)%— %
Hotel net income (loss)$88,360 $(88,360)$— $3,935 $(3,935)$— 2,145.49 %— %
Hotel net income (loss) margin4,312.35 %— %28.75 %— %4,283.60 %— %
Hotel EBITDA$397 $(397)$— $4,983 $(4,983)$— (92.03)%— %
Hotel EBITDA margin19.38 %— %36.40 %— %(17.02)%— %
Selected Operating Information:
RevPAR$218.00 $218.00 $— $233.05 $233.05 $— (6.46)%— %
Occupancy84.31 %84.31 %— %84.34 %84.34 %— %(0.04)%— %
ADR$258.56 $258.56 $— $276.32 $276.32 $— (6.43)%— %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$9,037 $— $9,037 $7,735 $— $7,735 16.83 %16.83 %
Total hotel revenue $11,671 $— $11,671 $10,135 $— $10,135 15.16 %15.16 %
Hotel net income (loss)$2,065 $— $2,065 $2,147 $— $2,147 (3.82)%(3.82)%
Hotel net income (loss) margin17.69 %17.69 %21.18 %21.18 %(3.49)%(3.49)%
Hotel EBITDA$3,201 $— $3,201 $3,244 $— $3,244 (1.33)%(1.33)%
Hotel EBITDA margin27.43 %27.43 %32.01 %32.01 %(4.58)%(4.58)%
Selected Operating Information:
RevPAR$236.70 $— $236.70 $202.60 $— $202.60 16.83 %16.83 %
Occupancy82.23 %— %82.23 %78.28 %— %78.28 %5.05 %5.05 %
ADR$287.84 $— $287.84 $258.83 $— $258.83 11.21 %11.21 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$4,673 $— $4,673 $5,205 $— $5,205 (10.22)%(10.22)%
Total hotel revenue $6,216 $— $6,216 $6,903 $— $6,903 (9.95)%(9.95)%
Hotel net income (loss)$1,022 $— $1,022 $1,463 $— $1,463 (30.14)%(30.14)%
Hotel net income (loss) margin16.44 %16.44 %21.19 %21.19 %(4.75)%(4.75)%
Hotel EBITDA$1,883 $— $1,883 $2,493 $— $2,493 (24.47)%(24.47)%
Hotel EBITDA margin30.29 %30.29 %36.11 %36.11 %(5.82)%(5.82)%
Selected Operating Information:
RevPAR$781.57 $— $781.57 $870.52 $— $870.52 (10.22)%(10.22)%
Occupancy73.81 %— %73.81 %80.32 %— %80.32 %(8.11)%(8.11)%
ADR$1,058.85 $— $1,058.85 $1,083.84 $— $1,083.84 (2.31)%(2.31)%
13


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$3,701 $— $3,701 $4,471 $— $4,471 (17.22)%(17.22)%
Total hotel revenue $5,133 $— $5,133 $5,920 $— $5,920 (13.29)%(13.29)%
Hotel net income (loss)$13 $— $13 $28 $— $28 (53.57)%(53.57)%
Hotel net income (loss) margin0.25 %0.25 %0.47 %0.47 %(0.22)%(0.22)%
Hotel EBITDA$1,311 $— $1,311 $2,115 $— $2,115 (38.01)%(38.01)%
Hotel EBITDA margin25.54 %25.54 %35.73 %35.73 %(10.19)%(10.19)%
Selected Operating Information:
RevPAR$283.27 $— $283.27 $342.24 $— $342.24 (17.23)%(17.23)%
Occupancy64.80 %— %64.80 %69.52 %— %69.52 %(6.79)%(6.79)%
ADR$437.17 $— $437.17 $492.30 $— $492.30 (11.20)%(11.20)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$3,340 $— $3,340 $3,987 $— $3,987 (16.23)%(16.23)%
Total hotel revenue $4,315 $— $4,315 $4,927 $— $4,927 (12.42)%(12.42)%
Hotel net income (loss)$994 $— $994 $1,234 $— $1,234 (19.45)%(19.45)%
Hotel net income (loss) margin23.04 %23.04 %25.05 %25.05 %(2.01)%(2.01)%
Hotel EBITDA$1,433 $— $1,433 $2,106 $— $2,106 (31.96)%(31.96)%
Hotel EBITDA margin33.21 %33.21 %42.74 %42.74 %(9.53)%(9.53)%
Selected Operating Information:
RevPAR$453.83 $— $453.83 $541.67 $— $541.67 (16.22)%(16.22)%
Occupancy70.23 %— %70.23 %77.24 %— %77.24 %(9.08)%(9.08)%
ADR$646.19 $— $646.19 $701.26 $— $701.26 (7.85)%(7.85)%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$3,591 $— $3,591 $3,466 $— $3,466 3.61 %3.61 %
Total hotel revenue $9,614 $— $9,614 $9,555 $— $9,555 0.62 %0.62 %
Hotel net income (loss)$(1,102)$— $(1,102)$(1,255)$— $(1,255)12.19 %12.19 %
Hotel net income (loss) margin(11.46)%(11.46)%(13.13)%(13.13)%1.67 %1.67 %
Hotel EBITDA$1,597 $— $1,597 $1,551 $— $1,551 2.97 %2.97 %
Hotel EBITDA margin16.61 %16.61 %16.23 %16.23 %0.38 %0.38 %
Selected Operating Information:
RevPAR$202.27 $— $202.27 $195.21 $— $195.21 3.62 %3.62 %
Occupancy58.55 %— %58.55 %56.03 %— %56.03 %4.50 %4.50 %
ADR$345.47 $— $345.47 $348.43 $— $348.43 (0.85)%(0.85)%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$7,334 $— $7,334 $6,373 $— $6,373 15.08 %15.08 %
Total hotel revenue $9,251 $— $9,251 $7,936 $— $7,936 16.57 %16.57 %
Hotel net income (loss)$1,851 $— $1,851 $376 $— $376 392.29 %392.29 %
Hotel net income (loss) margin20.01 %20.01 %4.74 %4.74 %15.27 %15.27 %
Hotel EBITDA$3,232 $— $3,232 $2,349 $— $2,349 37.59 %37.59 %
Hotel EBITDA margin34.94 %34.94 %29.60 %29.60 %5.34 %5.34 %
Selected Operating Information:
RevPAR$159.76 $— $159.76 $138.82 $— $138.82 15.08 %15.08 %
Occupancy70.21 %— %70.21 %62.23 %— %62.23 %12.82 %12.82 %
ADR$227.55 $— $227.55 $223.07 $— $223.07 2.01 %2.01 %
14


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$7,285 $— $7,285 $8,656 $— $8,656 (15.84)%(15.84)%
Total hotel revenue $8,944 $— $8,944 $10,274 $— $10,274 (12.95)%(12.95)%
Hotel net income (loss)$(650)$— $(650)$356 $— $356 (282.58)%(282.58)%
Hotel net income (loss) margin(7.27)%(7.27)%3.47 %3.47 %(10.74)%(10.74)%
Hotel EBITDA$1,273 $— $1,273 $2,734 $— $2,734 (53.44)%(53.44)%
Hotel EBITDA margin14.23 %14.23 %26.61 %26.61 %(12.38)%(12.38)%
Selected Operating Information:
RevPAR$193.12 $— $193.12 $229.48 $— $229.48 (15.84)%(15.84)%
Occupancy68.59 %— %68.59 %78.08 %— %78.08 %(12.15)%(12.15)%
ADR$281.56 $— $281.56 $293.92 $— $293.92 (4.21)%(4.21)%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$6,143 $— $6,143 $5,877 $— $5,877 4.53 %4.53 %
Total hotel revenue $15,119 $— $15,119 $14,095 $— $14,095 7.26 %7.26 %
Hotel net income (loss)$(26)$— $(26)$(1,281)$— $(1,281)97.97 %97.97 %
Hotel net income (loss) margin(0.17)%(0.17)%(9.09)%(9.09)%8.92 %8.92 %
Hotel EBITDA$1,350 $— $1,350 $1,123 $— $1,123 20.21 %20.21 %
Hotel EBITDA margin8.93 %8.93 %7.97 %7.97 %0.96 %0.96 %
Selected Operating Information:
RevPAR$241.92 $— $241.92 $231.45 $— $231.45 4.52 %4.52 %
Occupancy51.65 %— %51.65 %51.44 %— %51.44 %0.41 %0.41 %
ADR$468.42 $— $468.42 $449.93 $— $449.93 4.11 %4.11 %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$6,229 $— $6,229 $5,549 $— $5,549 12.25 %12.25 %
Total hotel revenue $12,268 $— $12,268 $11,912 $— $11,912 2.99 %2.99 %
Hotel net income (loss)$(2,638)$— $(2,638)$(1,234)$— $(1,234)(113.78)%(113.78)%
Hotel net income (loss) margin(21.50)%(21.50)%(10.36)%(10.36)%(11.14)%(11.14)%
Hotel EBITDA$757 $— $757 $1,317 $— $1,317 (42.52)%(42.52)%
Hotel EBITDA margin6.17 %6.17 %11.06 %11.06 %(4.89)%(4.89)%
Selected Operating Information:
RevPAR$369.97 $— $369.97 $329.61 $— $329.61 12.24 %12.24 %
Occupancy55.39 %— %55.39 %46.12 %— %46.12 %20.10 %20.10 %
ADR$667.96 $— $667.96 $714.75 $— $714.75 (6.55)%(6.55)%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$11,224 $— $11,224 $10,454 $— $10,454 7.37 %7.37 %
Total hotel revenue $13,883 $— $13,883 $12,263 $— $12,263 13.21 %13.21 %
Hotel net income (loss)$3,430 $— $3,430 $4,044 $— $4,044 (15.18)%(15.18)%
Hotel net income (loss) margin24.71 %24.71 %32.98 %32.98 %(8.27)%(8.27)%
Hotel EBITDA$6,043 $— $6,043 $5,592 $— $5,592 8.07 %8.07 %
Hotel EBITDA margin43.53 %43.53 %45.60 %45.60 %(2.07)%(2.07)%
Selected Operating Information:
RevPAR$330.61 $— $330.61 $307.94 $— $307.94 7.36 %7.36 %
Occupancy85.80 %— %85.80 %82.05 %— %82.05 %4.57 %4.57 %
ADR$385.31 $— $385.31 $375.29 $— $375.29 2.67 %2.67 %
15


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$6,709 $— $6,709 $8,287 $— $8,287 (19.04)%(19.04)%
Total hotel revenue $12,736 $— $12,736 $13,886 $— $13,886 (8.28)%(8.28)%
Hotel net income (loss)$(3,620)$— $(3,620)$(659)$— $(659)(449.32)%(449.32)%
Hotel net income (loss) margin(28.42)%(28.42)%(4.75)%(4.75)%(23.67)%(23.67)%
Hotel EBITDA$956 $— $956 $2,535 $— $2,535 (62.29)%(62.29)%
Hotel EBITDA margin7.51 %7.51 %18.26 %18.26 %(10.75)%(10.75)%
Selected Operating Information:
RevPAR$405.12 $— $405.12 $500.41 $— $500.41 (19.04)%(19.04)%
Occupancy55.45 %— %55.45 %60.69 %— %60.69 %(8.63)%(8.63)%
ADR$730.57 $— $730.57 $824.48 $— $824.48 (11.39)%(11.39)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$2,395 $— $2,395 $2,679 $— $2,679 (10.60)%(10.60)%
Total hotel revenue $3,255 $— $3,255 $3,613 $— $3,613 (9.91)%(9.91)%
Hotel net income (loss)$(1,342)$— $(1,342)$(1,272)$— $(1,272)(5.50)%(5.50)%
Hotel net income (loss) margin(41.23)%(41.23)%(35.21)%(35.21)%(6.02)%(6.02)%
Hotel EBITDA$(538)$— $(538)$(141)$— $(141)(281.56)%(281.56)%
Hotel EBITDA margin(16.53)%(16.53)%(3.90)%(3.90)%(12.63)%(12.63)%
Selected Operating Information:
RevPAR$182.03 $— $182.03 $203.60 $— $203.60 (10.59)%(10.59)%
Occupancy67.95 %— %67.95 %65.56 %— %65.56 %3.65 %3.65 %
ADR$267.90 $— $267.90 $310.55 $— $310.55 (13.73)%(13.73)%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$7,258 $— $7,258 $8,840 $— $8,840 (17.90)%(17.90)%
Total hotel revenue $12,628 $— $12,628 $14,832 $— $14,832 (14.86)%(14.86)%
Hotel net income (loss)$(3,554)$— $(3,554)$(570)$— $(570)(523.51)%(523.51)%
Hotel net income (loss) margin(28.14)%(28.14)%(3.84)%(3.84)%(24.30)%(24.30)%
Hotel EBITDA$(50)$— $(50)$1,043 $— $1,043 (104.79)%(104.79)%
Hotel EBITDA margin(0.40)%(0.40)%7.03 %7.03 %(7.43)%(7.43)%
Selected Operating Information:
RevPAR$744.23 $— $744.23 $906.44 $— $906.44 (17.90)%(17.90)%
Occupancy49.60 %— %49.60 %57.75 %— %57.75 %(14.11)%(14.11)%
ADR$1,500.45 $— $1,500.45 $1,569.53 $— $1,569.53 (4.40)%(4.40)%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$3,472 $— $3,472 $3,541 $— $3,541 (1.95)%(1.95)%
Total hotel revenue$7,917 $— $7,917 $8,223 $— $8,223 (3.72)%(3.72)%
Hotel net income (loss)$(6,974)$— $(6,974)$(5,908)$— $(5,908)(18.04)%(18.04)%
Hotel net income (loss) margin(88.09)%(88.09)%(71.85)%(71.85)%(16.24)%(16.24)%
Hotel EBITDA$(958)$— $(958)$(590)$— $(590)(62.37)%(62.37)%
Hotel EBITDA margin(12.10)%(12.10)%(7.17)%(7.17)%(4.93)%(4.93)%
Selected Operating Information:
RevPAR$179.67 $— $179.67 $183.29 $— $183.29 (1.98)%(1.98)%
Occupancy34.75 %— %34.75 %35.14 %— %35.14 %(1.11)%(1.11)%
ADR$517.08 $— $517.08 $521.52 $— $521.52 (0.85)%(0.85)%
16


Three Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$46,490 $(1,374)$45,116 $57,671 $(8,448)$49,223 (19.39)%(8.34)%
Total hotel revenue$87,995 $(2,049)$85,946 $103,941 $(13,688)$90,253 (15.34)%(4.77)%
Hotel net income (loss)$72,475 $(88,360)$(15,885)$(4,247)$(3,935)$(8,182)1,806.50 %(94.15)%
Hotel net income (loss) margin82.36 %(18.48)%(4.09)%(9.07)%86.45 %(9.41)%
Hotel EBITDA$8,676 $(397)$8,279 $18,676 $(4,983)$13,693 (53.54)%(39.54)%
Hotel EBITDA margin9.86 %9.63 %17.97 %15.17 %(8.11)%(5.54)%
Selected Operating Information:
RevPAR$336.09 $218.00 $341.73 $342.73 $233.05 $372.85 (1.94)%(8.35)%
Occupancy55.62 %84.31 %54.25 %61.44 %84.34 %55.16 %(9.47)%(1.65)%
ADR$604.30 $258.56 $629.96 $557.81 $276.32 $675.99 8.33 %(6.81)%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$46,987 $— $46,987 $44,161 $— $44,161 6.40 %6.40 %
Total hotel revenue$61,260 $— $61,260 $56,756 $— $56,756 7.94 %7.94 %
Hotel net income (loss)$5,357 $— $5,357 $5,035 $— $5,035 6.40 %6.40 %
Hotel net income (loss) margin8.74 %8.74 %8.87 %8.87 %(0.13)%(0.13)%
Hotel EBITDA$16,374 $— $16,374 $16,191 $— $16,191 1.13 %1.13 %
Hotel EBITDA margin26.73 %26.73 %28.53 %28.53 %(1.80)%(1.80)%
Selected Operating Information:
RevPAR$213.24 $— $213.24 $201.18 $— $201.18 5.99 %5.99 %
Occupancy76.59 %— %76.59 %73.68 %— %73.68 %3.95 %3.95 %
ADR$278.43 $— $278.43 $273.05 $— $273.05 1.97 %1.97 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$93,477 $(1,374)$92,103 $101,832 $(8,448)$93,384 (8.20)%(1.37)%
Total hotel revenue $149,255 $(2,049)$147,206 $160,697 $(13,688)$147,009 (7.12)%0.13 %
Hotel net income (loss)$77,832 $(88,360)$(10,528)$788 $(3,935)$(3,147)9,777.16 %(234.54)%
Hotel net income (loss) margin52.15 %(7.15)%0.49 %(2.14)%51.66 %(5.01)%
Hotel EBITDA$25,050 $(397)$24,653 $34,867 $(4,983)$29,884 (28.16)%(17.50)%
Hotel EBITDA margin16.78 %16.75 %21.70 %20.33 %(4.92)%(3.58)%
Selected Operating Information:
RevPAR$260.62 $(218.00)$261.38 $262.60 $(233.05)$265.65 (0.75)%(1.61)%
Occupancy68.50 %(84.31)%68.22 %68.37 %(84.34)%66.72 %0.19 %2.25 %
ADR$380.47 $(258.56)$383.17 $384.10 $(276.32)$398.15 (0.95)%(3.76)%
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(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
202420242024202320232023% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$32,355 $— $32,355 $28,474 $— $28,474 13.63 %13.63 %
Total hotel revenue$49,679 $— $49,679 $44,813 $— $44,813 10.86 %10.86 %
Hotel net income (loss)$4,291 $— $4,291 $5,042 $— $5,042 (14.89)%(14.89)%
Hotel net income (loss) margin8.64 %8.64 %11.25 %11.25 %(2.61)%(2.61)%
Hotel EBITDA$15,147 $— $15,147 $12,653 $— $12,653 19.71 %19.71 %
Hotel EBITDA margin30.49 %30.49 %28.24 %28.24 %2.25 %2.25 %
Selected Operating Information:
RevPAR$211.44 $— $211.44 $189.64 $— $189.64 11.50 %11.50 %
Occupancy80.45 %— %80.45 %75.74 %— %75.74 %6.22 %6.22 %
ADR$262.81 $— $262.81 $250.37 $— $250.37 4.97 %4.97 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$15,501 $(15,501)$— $22,352 $(22,352)$— (30.65)%— %
Total hotel revenue$27,901 $(27,901)$— $37,969 $(37,969)$— (26.52)%— %
Hotel net income (loss)$95,020 $(95,020)$— $9,922 $(9,922)$— 857.67 %— %
Hotel net income (loss) margin340.56 %— %26.13 %— %314.43 %— %
Hotel EBITDA$9,155 $(9,155)$— $12,985 $(12,985)$— (29.50)%— %
Hotel EBITDA margin32.81 %— %34.20 %— %(1.39)%— %
Selected Operating Information:
RevPAR$198.71 $198.71 $— $207.80 $207.80 $— (4.37)%— %
Occupancy79.05 %79.05 %— %80.53 %80.53 %— %(1.84)%— %
ADR$251.37 $251.37 $— $258.05 $258.05 $— (2.59)%— %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$20,758 $— $20,758 $19,039 $— $19,039 9.03 %9.03 %
Total hotel revenue$27,746 $— $27,746 $25,136 $— $25,136 10.38 %10.38 %
Hotel net income (loss)$1,965 $— $1,965 $3,114 $— $3,114 (36.90)%(36.90)%
Hotel net income (loss) margin7.08 %7.08 %12.39 %12.39 %(5.31)%(5.31)%
Hotel EBITDA$5,386 $— $5,386 $6,662 $— $6,662 (19.15)%(19.15)%
Hotel EBITDA margin19.41 %19.41 %26.50 %26.50 %(7.09)%(7.09)%
Selected Operating Information:
RevPAR$182.55 $— $182.55 $168.05 $— $168.05 8.63 %8.63 %
Occupancy71.69 %— %71.69 %69.31 %— %69.31 %3.43 %3.43 %
ADR$254.65 $— $254.65 $242.48 $— $242.48 5.02 %5.02 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$11,201 $— $11,201 $12,640 $— $12,640 (11.38)%(11.38)%
Total hotel revenue$15,148 $— $15,148 $16,964 $— $16,964 (10.71)%(10.71)%
Hotel net income (loss)$832 $— $832 $923 $— $923 (9.86)%(9.86)%
Hotel net income (loss) margin5.49 %5.49 %5.44 %5.44 %0.05 %0.05 %
Hotel EBITDA$3,254 $— $3,254 $4,857 $— $4,857 (33.00)%(33.00)%
Hotel EBITDA margin21.48 %21.48 %28.63 %28.63 %(7.15)%(7.15)%
Selected Operating Information:
RevPAR$628.94 $— $628.94 $712.34 $— $712.34 (11.71)%(11.71)%
Occupancy62.71 %— %62.71 %67.53 %— %67.53 %(7.14)%(7.14)%
ADR$1,002.90 $— $1,002.90 $1,054.77 $— $1,054.77 (4.92)%(4.92)%
18


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$17,148 $— $17,148 $18,388 $— $18,388 (6.74)%(6.74)%
Total hotel revenue$22,159 $— $22,159 $23,263 $— $23,263 (4.75)%(4.75)%
Hotel net income (loss)$3,882 $— $3,882 $5,551 $— $5,551 (30.07)%(30.07)%
Hotel net income (loss) margin17.52 %17.52 %23.86 %23.86 %(6.34)%(6.34)%
Hotel EBITDA$10,025 $— $10,025 $11,648 $— $11,648 (13.93)%(13.93)%
Hotel EBITDA margin45.24 %45.24 %50.07 %50.07 %(4.83)%(4.83)%
Selected Operating Information:
RevPAR$440.72 $— $440.72 $474.34 $— $474.34 (7.09)%(7.09)%
Occupancy71.05 %— %71.05 %74.13 %— %74.13 %(4.15)%(4.15)%
ADR$620.30 $— $620.30 $639.85 $— $639.85 (3.06)%(3.06)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$8,484 $— $8,484 $9,293 $— $9,293 (8.71)%(8.71)%
Total hotel revenue$11,039 $— $11,039 $11,522 $— $11,522 (4.19)%(4.19)%
Hotel net income (loss)$1,533 $— $1,533 $250 $— $250 513.20 %513.20 %
Hotel net income (loss) margin13.89 %13.89 %2.17 %2.17 %11.72 %11.72 %
Hotel EBITDA$2,851 $— $2,851 $3,844 $— $3,844 (25.83)%(25.83)%
Hotel EBITDA margin25.83 %25.83 %33.36 %33.36 %(7.53)%(7.53)%
Selected Operating Information:
RevPAR$387.07 $— $387.07 $425.51 $— $425.51 (9.03)%(9.03)%
Occupancy61.62 %— %61.62 %61.59 %— %61.59 %0.05 %0.05 %
ADR$628.15 $— $628.15 $690.83 $— $690.83 (9.07)%(9.07)%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$18,684 $— $18,684 $19,673 $— $19,673 (5.03)%(5.03)%
Total hotel revenue$37,591 $— $37,591 $38,606 $— $38,606 (2.63)%(2.63)%
Hotel net income (loss)$2,459 $— $2,459 $2,201 $— $2,201 11.72 %11.72 %
Hotel net income (loss) margin6.54 %6.54 %5.70 %5.70 %0.84 %0.84 %
Hotel EBITDA$10,530 $— $10,530 $10,442 $— $10,442 0.84 %0.84 %
Hotel EBITDA margin28.01 %28.01 %27.05 %27.05 %0.96 %0.96 %
Selected Operating Information:
RevPAR$353.32 $— $353.32 $374.04 $— $374.04 (5.54)%(5.54)%
Occupancy58.38 %— %58.38 %56.94 %— %56.94 %2.53 %2.53 %
ADR$605.25 $— $605.25 $656.94 $— $656.94 (7.87)%(7.87)%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$20,472 $— $20,472 $18,536 $— $18,536 10.44 %10.44 %
Total hotel revenue$25,913 $— $25,913 $23,376 $— $23,376 10.85 %10.85 %
Hotel net income (loss)$3,270 $— $3,270 $406 $— $406 705.42 %705.42 %
Hotel net income (loss) margin12.62 %12.62 %1.74 %1.74 %10.88 %10.88 %
Hotel EBITDA$7,924 $— $7,924 $6,629 $— $6,629 19.54 %19.54 %
Hotel EBITDA margin30.58 %30.58 %28.36 %28.36 %2.22 %2.22 %
Selected Operating Information:
RevPAR$149.73 $— $149.73 $136.06 $— $136.06 10.05 %10.05 %
Occupancy66.16 %— %66.16 %61.15 %— %61.15 %8.19 %8.19 %
ADR$226.31 $— $226.31 $222.51 $— $222.51 1.71 %1.71 %
19


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$23,816 $— $23,816 $25,123 $— $25,123 (5.20)%(5.20)%
Total hotel revenue$29,030 $— $29,030 $29,814 $— $29,814 (2.63)%(2.63)%
Hotel net income (loss)$(1,190)$— $(1,190)$242 $— $242 (591.74)%(591.74)%
Hotel net income (loss) margin(4.10)%(4.10)%0.81 %0.81 %(4.91)%(4.91)%
Hotel EBITDA$5,394 $— $5,394 $7,579 $— $7,579 (28.83)%(28.83)%
Hotel EBITDA margin18.58 %18.58 %25.42 %25.42 %(6.84)%(6.84)%
Selected Operating Information:
RevPAR$212.00 $— $212.00 $224.45 $— $224.45 (5.55)%(5.55)%
Occupancy69.36 %— %69.36 %72.35 %— %72.35 %(4.13)%(4.13)%
ADR$305.64 $— $305.64 $310.22 $— $310.22 (1.48)%(1.48)%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$29,668 $— $29,668 $28,899 $— $28,899 2.66 %2.66 %
Total hotel revenue$67,867 $— $67,867 $65,156 $— $65,156 4.16 %4.16 %
Hotel net income (loss)$12,695 $— $12,695 $8,063 $— $8,063 57.45 %57.45 %
Hotel net income (loss) margin18.71 %18.71 %12.37 %12.37 %6.34 %6.34 %
Hotel EBITDA$17,785 $— $17,785 $17,249 $— $17,249 3.11 %3.11 %
Hotel EBITDA margin26.21 %26.21 %26.47 %26.47 %(0.26)%(0.26)%
Selected Operating Information:
RevPAR$392.30 $— $392.30 $383.54 $— $383.54 2.28 %2.28 %
Occupancy66.20 %— %66.20 %63.35 %— %63.35 %4.50 %4.50 %
ADR$592.61 $— $592.61 $605.38 $— $605.38 (2.11)%(2.11)%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$21,657 $— $21,657 $22,822 $— $22,822 (5.10)%(5.10)%
Total hotel revenue$37,837 $— $37,837 $41,600 $— $41,600 (9.05)%(9.05)%
Hotel net income (loss)$(6,767)$— $(6,767)$(56)$— $(56)(11,983.93)%(11,983.93)%
Hotel net income (loss) margin(17.88)%(17.88)%(0.13)%(0.13)%(17.75)%(17.75)%
Hotel EBITDA$3,737 $— $3,737 $7,311 $— $7,311 (48.89)%(48.89)%
Hotel EBITDA margin9.88 %9.88 %17.57 %17.57 %(7.69)%(7.69)%
Selected Operating Information:
RevPAR$431.91 $— $431.91 $456.81 $— $456.81 (5.45)%(5.45)%
Occupancy52.62 %— %52.62 %55.32 %— %55.32 %(4.88)%(4.88)%
ADR$820.74 $— $820.74 $825.75 $— $825.75 (0.61)%(0.61)%
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$24,469 $— $24,469 $22,868 $— $22,868 7.00 %7.00 %
Total hotel revenue$30,553 $— $30,553 $27,537 $— $27,537 10.95 %10.95 %
Hotel net income (loss)$5,587 $— $5,587 $6,142 $— $6,142 (9.04)%(9.04)%
Hotel net income (loss) margin18.29 %18.29 %22.30 %22.30 %(4.01)%(4.01)%
Hotel EBITDA$11,675 $— $11,675 $10,917 $— $10,917 6.94 %6.94 %
Hotel EBITDA margin38.21 %38.21 %39.64 %39.64 %(1.43)%(1.43)%
Selected Operating Information:
RevPAR$242.01 $— $242.01 $227.01 $— $227.01 6.61 %6.61 %
Occupancy75.21 %— %75.21 %73.28 %— %73.28 %2.63 %2.63 %
ADR$321.80 $— $321.80 $309.79 $— $309.79 3.88 %3.88 %
20


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$35,385 $— $35,385 $37,763 $— $37,763 (6.30)%(6.30)%
Total hotel revenue$58,038 $— $58,038 $59,195 $— $59,195 (1.95)%(1.95)%
Hotel net income (loss)$7,677 $— $7,677 $8,731 $— $8,731 (12.07)%(12.07)%
Hotel net income (loss) margin13.23 %13.23 %14.75 %14.75 %(1.52)%(1.52)%
Hotel EBITDA$17,034 $— $17,034 $18,384 $— $18,384 (7.34)%(7.34)%
Hotel EBITDA margin29.35 %29.35 %31.06 %31.06 %(1.71)%(1.71)%
Selected Operating Information:
RevPAR$717.46 $— $717.46 $768.48 $— $768.48 (6.64)%(6.64)%
Occupancy67.66 %— %67.66 %70.29 %— %70.29 %(3.74)%(3.74)%
ADR$1,060.35 $— $1,060.35 $1,093.34 $— $1,093.34 (3.02)%(3.02)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$7,396 $— $7,396 $9,180 $— $9,180 (19.43)%(19.43)%
Total hotel revenue$10,011 $— $10,011 $12,789 $— $12,789 (21.72)%(21.72)%
Hotel net income (loss)$(4,084)$— $(4,084)$(2,360)$— $(2,360)(73.05)%(73.05)%
Hotel net income (loss) margin(40.80)%(40.80)%(18.45)%(18.45)%(22.35)%(22.35)%
Hotel EBITDA$(1,012)$— $(1,012)$1,261 $— $1,261 (180.25)%(180.25)%
Hotel EBITDA margin(10.11)%(10.11)%9.86 %9.86 %(19.97)%(19.97)%
Selected Operating Information:
RevPAR$188.76 $— $188.76 $235.14 $— $235.14 (19.72)%(19.72)%
Occupancy68.51 %— %68.51 %73.49 %— %73.49 %(6.78)%(6.78)%
ADR$275.50 $— $275.50 $319.96 $— $319.96 (13.90)%(13.90)%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$38,705 $— $38,705 $39,586 $— $39,586 (2.23)%(2.23)%
Total hotel revenue $58,645 $— $58,645 $61,293 $— $61,293 (4.32)%(4.32)%
Hotel net income (loss)$3,679 $— $3,679 $9,560 $— $9,560 (61.52)%(61.52)%
Hotel net income (loss) margin6.27 %6.27 %15.60 %15.60 %(9.33)%(9.33)%
Hotel EBITDA$13,129 $— $13,129 $15,142 $— $15,142 (13.29)%(13.29)%
Hotel EBITDA margin22.39 %22.39 %24.70 24.70 %(2.31)%(2.31)%
Selected Operating Information:
RevPAR$1,332.62 $— $1,332.62 $1,367.97 $— $1,367.97 (2.58)%(2.58)%
Occupancy56.26 %— %56.26 %59.37 %— %59.37 %(5.24)%(5.24)%
ADR$2,368.56 $— $2,368.56 $2,304.20 $— $2,304.20 2.79 %2.79 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$26,320 $— $26,320 $25,622 $— $25,622 2.72 %2.72 %
Total hotel revenue$49,843 $— $49,843 $46,749 $— $46,749 6.62 %6.62 %
Hotel net income (loss)$(2,747)$— $(2,747)$(1,047)$— $(1,047)(162.37)%(162.37)%
Hotel net income (loss) margin(5.51)%(5.51)%(2.24)%(2.24)%(3.27)%(3.27)%
Hotel EBITDA$15,093 $— $15,093 $13,760 $— $13,760 9.69 %9.69 %
Hotel EBITDA margin30.28 %30.28 %29.43 29.43 %0.85 %0.85 %
Selected Operating Information:
RevPAR$457.41 $— $457.41 $446.93 $— $446.93 2.34 %2.34 %
Occupancy52.01 %— %52.01 %45.67 %— %45.67 %13.88 %13.88 %
ADR$879.49 $— $879.49 $978.66 $— $978.66 (10.13)%(10.13)%
21


Nine Months Ended September 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$222,753 $(15,501)$207,252 $237,038 $(22,352)$214,686 (6.03)%(3.46)%
Total hotel revenue$386,068 $(27,901)$358,167 $402,317 $(37,969)$364,348 (4.04)%(1.70)%
Hotel net income (loss)$118,262 $(95,020)$23,242 $44,098 $(9,922)$34,176 168.18 %(31.99)%
Hotel net income (loss) margin30.63 %6.49 %10.96 %9.38 %19.67 %(2.89)%
Hotel EBITDA$102,593 $(9,155)$93,438 $115,622 $(12,985)$102,637 (11.27)%(8.96)%
Hotel EBITDA margin26.57 %26.09 %28.74 %28.17 %(2.17)%(2.08)%
Selected Operating Information:
RevPAR$472.73 $198.71 $527.10 $474.81 $207.80 $548.14 (0.44)%(3.84)%
Occupancy63.87 %79.05 %60.86 %64.90 %80.53 %60.61 %(1.59)%0.41 %
ADR$740.18 $251.37 $866.15 $731.58 $258.05 $904.35 1.18 %(4.22)%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$129,266 $— $129,266 $123,220 $— $123,220 4.91 %4.91 %
Total hotel revenue$172,932 $— $172,932 $163,465 $— $163,465 5.79 %5.79 %
Hotel net income (loss)$9,840 $— $9,840 $12,586 $— $12,586 (21.82)%(21.82)%
Hotel net income (loss) margin5.69 %5.69 %7.70 %7.70 %(2.01)%(2.01)%
Hotel EBITDA$44,514 $— $44,514 $45,701 $— $45,701 (2.60)%(2.60)%
Hotel EBITDA margin25.74 %25.74 %27.96 %27.96 %(2.22)%(2.22)%
Selected Operating Information:
RevPAR$197.02 $— $197.02 $189.17 $— $189.17 4.15 %4.15 %
Occupancy72.54 %— %72.54 %70.47 %— %70.47 %2.94 %2.94 %
ADR$271.63 $— $271.63 $268.43 $— $268.43 1.19 %1.19 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$352,019 $(15,501)$336,518 $360,258 $(22,352)$337,906 (2.29)%(0.41)%
Total hotel revenue $559,000 $(27,901)$531,099 $565,782 $(37,969)$527,813 (1.20)%0.62 %
Hotel net income (loss)$128,102 $(95,020)$33,082 $56,684 $(9,922)$46,762 125.99 %(29.25)%
Hotel net income (loss) margin22.92 %6.23 %10.02 %8.86 %12.90 %(2.63)%
Hotel EBITDA$147,107 $(9,155)$137,952 $161,323 $(12,985)$148,338 (8.81)%(7.00)%
Hotel EBITDA margin26.32 %25.97 %28.51 %28.10 %(2.19)%(2.13)%
Selected Operating Information:
RevPAR$312.27 $(198.71)$320.71 $313.10 $(207.80)$323.96 (0.27)%(1.00)%
Occupancy68.91 %(79.05)%68.16 %68.06 %(80.53)%66.77 %1.25 %2.08 %
ADR$453.14 $(251.37)$470.54 $460.07 $(258.05)$485.19 (1.51)%(3.02)%
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(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
202420242024
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$40,496 $— $40,496 
Total hotel revenue$62,582 $— $62,582 
Hotel net income$4,183 $— $4,183 
Hotel net income margin10.33 %10.33 %
Hotel EBITDA$17,921 $— $17,921 
Hotel EBITDA margin28.64 %28.64 %
Selected Operating Information:
RevPAR$198.88 $— $198.88 
Occupancy76.50 %— %76.50 %
ADR$259.95 $— $259.95 
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$21,884 $(21,884)$— 
Total hotel revenue$40,647 $(40,647)$— 
Hotel net income$97,934 $(97,934)$— 
Hotel net income margin447.51 %— %
Hotel EBITDA$13,459 $(13,459)$— 
Hotel EBITDA margin33.11 %— %
Selected Operating Information:
RevPAR$191.54 $(191.54)$— 
Occupancy77.29 %(77.29)%— %
ADR$247.82 $(247.82)$— 
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$27,231 $— $27,231 
Total hotel revenue$36,527 $— $36,527 
Hotel net income$2,243 $— $2,243 
Hotel net income margin8.24 %8.24 %
Hotel EBITDA$6,907 $— $6,907 
Hotel EBITDA margin18.91 %18.91 %
Selected Operating Information:
RevPAR$179.28 $— $179.28 
Occupancy72.08 %— %72.08 %
ADR$248.71 $— $248.71 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$14,990 $— $14,990 
Total hotel revenue$20,343 $— $20,343 
Hotel net income$1,337 $— $1,337 
Hotel net income margin8.92 %8.92 %
Hotel EBITDA$4,464 $— $4,464 
Hotel EBITDA margin21.94 %21.94 %
Selected Operating Information:
RevPAR$630.10 $— $630.10 
Occupancy62.61 %— %62.61 %
ADR$1,006.32 $— $1,006.32 
23


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202420242024
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$22,928 $— $22,928 
Total hotel revenue$29,537 $— $29,537 
Hotel net income$5,130 $— $5,130 
Hotel net income margin22.37 %22.37 %
Hotel EBITDA$13,388 $— $13,388 
Hotel EBITDA margin45.33 %45.33 %
Selected Operating Information:
RevPAR$441.15 $— $441.15 
Occupancy70.36 %— %70.36 %
ADR$626.98 $— $626.98 
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$11,516 $— $11,516 
Total hotel revenue$14,813 $— $14,813 
Hotel net income$2,154 $— $2,154 
Hotel net income margin18.70 %18.70 %
Hotel EBITDA$3,922 $— $3,922 
Hotel EBITDA margin26.48 %26.48 %
Selected Operating Information:
RevPAR$393.33 $— $393.33 
Occupancy60.80 %— %60.80 %
ADR$646.94 $— $646.94 
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$24,362 $— $24,362 
Total hotel revenue$48,320 $— $48,320 
Hotel net income$1,346 $— $1,346 
Hotel net income margin5.52 %5.52 %
Hotel EBITDA$12,361 $— $12,361 
Hotel EBITDA margin25.58 %25.58 %
Selected Operating Information:
RevPAR$344.90 $— $344.90 
Occupancy56.89 %— %56.89 %
ADR$606.28 $— $606.28 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$28,158 $— $28,158 
Total hotel revenue$35,654 $— $35,654 
Hotel net income$4,935 $— $4,935 
Hotel net income margin17.53 %17.53 %
Hotel EBITDA$11,612 $— $11,612 
Hotel EBITDA margin32.57 %32.57 %
Selected Operating Information:
RevPAR$154.18 $— $154.18 
Occupancy66.18 %— %66.18 %
ADR$232.96 $— $232.96 
24


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202420242024
THE CLANCY
Selected Financial Information:
Rooms revenue$31,460 $— $31,460 
Total hotel revenue$37,970 $— $37,970 
Hotel net income$(1,894)$— $(1,894)
Hotel net income margin(6.02)%(6.02)%
Hotel EBITDA$7,091 $— $7,091 
Hotel EBITDA margin18.68 %18.68 %
Selected Operating Information:
RevPAR$209.64 $— $209.64 
Occupancy68.58 %— %68.58 %
ADR$305.69 $— $305.69 
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$38,047 $— $38,047 
Total hotel revenue$88,231 $— $88,231 
Hotel net income$15,803 $— $15,803 
Hotel net income margin41.54 %41.54 %
Hotel EBITDA$22,917 $— $22,917 
Hotel EBITDA margin25.97 %25.97 %
Selected Operating Information:
RevPAR$376.64 $— $376.64 
Occupancy65.11 %— %65.11 %
ADR$578.45 $— $578.45 
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$26,632 $— $26,632 
Total hotel revenue$46,519 $— $46,519 
Hotel net income$(11,401)$— $(11,401)
Hotel net income margin(42.81)%(42.81)%
Hotel EBITDA$2,508 $— $2,508 
Hotel EBITDA margin5.39 %5.39 %
Selected Operating Information:
RevPAR$397.62 $— $397.62 
Occupancy47.98 %— %47.98 %
ADR$828.68 $— $828.68 
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$30,011 $— $30,011 
Total hotel revenue$37,645 $— $37,645 
Hotel net income$4,916 $— $4,916 
Hotel net income margin16.38 %16.38 %
Hotel EBITDA$13,574 $— $13,574 
Hotel EBITDA margin36.06 %36.06 %
Selected Operating Information:
RevPAR$222.22 $— $222.22 
Occupancy72.14 %— %72.14 %
ADR$308.02 $— $308.02 
25


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202420242024
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$45,593 $— $45,593 
Total hotel revenue$74,237 $— $74,237 
Hotel net income$7,268 $— $7,268 
Hotel net income margin15.94 %15.94 %
Hotel EBITDA$21,278 $— $21,278 
Hotel EBITDA margin28.66 %28.66 %
Selected Operating Information:
RevPAR$692.06 $— $692.06 
Occupancy64.47 %— %64.47 %
ADR$1,073.38 $— $1,073.38 
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$9,943 $— $9,943 
Total hotel revenue$13,335 $— $13,335 
Hotel net income$(5,946)$— $(5,946)
Hotel net income margin(59.80)%(59.80)%
Hotel EBITDA$(1,286)$— $(1,286)
Hotel EBITDA margin(9.64)%(9.64)%
Selected Operating Information:
RevPAR$189.99 $— $189.99 
Occupancy69.06 %— %69.06 %
ADR$275.11 $— $275.11 
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$53,831 $— $53,831 
Total hotel revenue $81,096 $— $81,096 
Hotel net income$7,599 $— $7,599 
Hotel net income margin14.12 %14.12 %
Hotel EBITDA$18,911 $— $18,911 
Hotel EBITDA margin23.32 %23.32 %
Selected Operating Information:
RevPAR$1,387.52 $— $1,387.52 
Occupancy56.68 %— %56.68 %
ADR$2,448.16 $— $2,448.16 
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$36,487 $— $36,487 
Total hotel revenue$70,760 $— $70,760 
Hotel net income (loss)$(562)$— $(562)
Hotel net income (loss) margin(1.54)%(1.54)%
Hotel EBITDA$23,196 $— $23,196 
Hotel EBITDA margin32.78 %32.78 %
Selected Operating Information:
RevPAR$474.71 $— $474.71 
Occupancy53.01 %— %53.01 %
ADR$895.43 $— $895.43 
26


TTM Ended September 30,
ActualNon-comparable AdjustmentsComparable
202420242024
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$296,270 $(21,884)$274,386 
Total hotel revenue$514,503 $(40,647)$473,856 
Hotel net income$126,608 $(97,934)$28,674 
Hotel net income margin42.73 %10.45 %
Hotel EBITDA$136,404 $(13,459)$122,945 
Hotel EBITDA margin26.51 %25.95 %
Selected Operating Information:
RevPAR$463.31 $— $522.43 
Occupancy62.69 %— %59.51 %
ADR$739.04 $— $877.83 
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$167,299 $— $167,299 
Total hotel revenue$223,713 $— $223,713 
Hotel net income$8,437 $— $8,437 
Hotel net income margin5.04 %5.04 %
Hotel EBITDA$55,819 $— $55,819 
Hotel EBITDA margin24.95 %24.95 %
Selected Operating Information:
RevPAR$191.07 $— $191.07 
Occupancy71.11 %— %71.11 %
ADR$268.70 $— $268.70 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$463,569 $(21,884)$441,685 
Total hotel revenue $738,216 $(40,647)$697,569 
Hotel net income$135,045 $(97,934)$37,111 
Hotel net income margin18.29 %5.32 %
Hotel EBITDA$192,223 $(13,459)$178,764 
Hotel EBITDA margin26.04 %25.63 %
Selected Operating Information:
RevPAR$305.97 $(191.54)$315.31 
Occupancy67.56 %(77.29)%66.76 %
ADR$452.92 $(247.82)$472.29 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(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
202420242024202420242024202420242024202320232023
3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter
Total hotel revenue$149,255 $(2,049)$147,206 $188,307 $(14,112)$174,195 $221,438 $(11,740)$209,698 $179,216 $(12,746)$166,470 
Hotel net income (loss)$77,832 $(88,360)$(10,528)$14,032 $(3,957)$10,075 $36,238 $(2,703)$33,535 $6,943 $(2,914)$4,029 
Hotel net income (loss) margin52.15 %(7.15)%7.45 %5.78 %16.36 %15.99 %3.87 %2.42 %
Hotel EBITDA$25,050 $(397)$24,653 $51,078 $(4,987)$46,091 $70,979 $(3,771)$67,208 $45,116 $(4,304)$40,812 
Hotel EBITDA margin16.78 %16.75 %27.12 %26.46 %32.05 %32.05 %25.17 %24.52 %
Hotel net income (loss) % of total TTM57.6 %(28.4)%10.4 %27.1 %26.8 %90.4 %5.2 %10.9 %
EBITDA % of total TTM13.0 %13.8 %26.6 %25.8 %36.9 %37.6 %23.5 %22.8 %
JV interests in Hotel net income (loss)$22,091 $(22,090)$1 $2,066 $(989)$1,077 $671 $(676)$(5)$702 $(728)$(26)
JV interests in EBITDA$890 $(100)$790 $3,211 $(1,246)$1,965 $1,975 $(943)$1,032 $1,769 $(1,076)$693 
ActualNon-comparable AdjustmentsComparable
202420242024
TTMTTMTTM
Total hotel revenue$738,216 $(40,647)$697,569 
Hotel net income (loss)$135,045 $(97,934)$37,111 
Hotel net income (loss) margin18.29 %5.32 %
Hotel EBITDA$192,223 $(13,459)$178,764 
Hotel EBITDA margin26.04 %25.63 %
Hotel net income (loss) % of total TTM100.0 %100.0 %
EBITDA % of total TTM100.0 %100.0 %
JV interests in Hotel net income (loss)$25,530 $(24,483)$1,047 
JV interests in EBITDA$7,845 $(3,365)$4,480 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(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, 2024
(in thousands, except share price)
(unaudited)

September 30, 2024
Common stock shares outstanding66,522 
Partnership units outstanding (common stock equivalents)7,366 
Combined common stock shares and partnership units outstanding73,888 
Common stock price $3.09 
Market capitalization $228,314 
Series B cumulative convertible preferred stock$76,950 
Series D cumulative preferred stock$40,000 
Series E redeemable preferred stock$378,464 
Series M redeemable preferred stock$39,907 
Indebtedness$1,222,943 
Joint venture partner's share of consolidated indebtedness$(27,650)
Net working capital (see below)$(154,996)
Total enterprise value (TEV)$1,803,932 
Cash and cash equivalents$165,268 
Restricted cash$48,062 
Accounts receivable, net$31,413 
Investment in securities$41,493 
Prepaid expenses$5,438 
Due from third-party hotel managers, net$18,549 
Total current assets$310,223 
Accounts payable, net & accrued expenses$141,180 
Dividends and distributions payable$9,271 
Due to affiliates, net$4,776 
Total current liabilities$155,227 
Net working capital*$154,996 
* 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)

2024
1st Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualActualActualEstimated
Bardessono Hotel and Spa65 x
Capital Hilton Washington D.C.559 x
The Ritz-Carlton Lake Tahoe170 xxx
The Ritz-Carlton St. Thomas180 xx
The Ritz-Carlton Sarasota276 x
Total3122
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024 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)

2024202420242023September 30, 2024
3rd Quarter2nd Quarter1st Quarter4th QuarterTTM
Net income (loss)$77,832 $14,032 $36,238 $6,943 $135,045 
Non-property adjustments(86,124)5 — 249 (85,870)
Interest income(749)(359)(333)(315)(1,756)
Interest expense9,106 10,510 10,001 9,250 38,867 
Amortization of loan costs584 571 552 622 2,329 
Depreciation and amortization25,077 24,694 25,420 25,481 100,672 
Income tax expense (benefit)(582)322 666 1,587 1,993 
Non-hotel EBITDA ownership expense(94)1,303 (1,565)1,299 943 
Hotel EBITDA including amounts attributable to noncontrolling interest25,050 51,078 70,979 45,116 192,223 
Non-comparable adjustments(397)(4,987)(3,771)(4,304)(13,459)
Comparable hotel EBITDA$24,653 $46,091 $67,208 $40,812 $178,764 

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, 2024
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)$3 $88,360 $2,065 $1,022 $13 $994 $(1,102)$1,851 $(650)$(26)$(2,638)$3,430 $(3,620)$(1,342)$(3,554)$(6,974)$77,832 $(37,997)$39,835 
Non-property adjustments— (88,160)— — — — (50)— — — — — 2,086 — — — (86,124)86,124 — 
Interest income(66)(55)1 — — — — (27)(70)(25)(386)(34)(18)— (4)(65)(749)749 — 
Interest expense— — — — 709 — 1,471 — — 151 1,215 20 710 — 1,592 3,238 9,106 17,026 26,132 
Amortization of loan cost— — — — 116 — — — — — 39 — — — 192 237 584 1,195 1,779 
Depreciation and amortization3,287 179 1,130 745 467 444 1,310 1,386 1,991 1,871 2,246 2,612 2,292 671 1,843 2,604 25,078 — 25,078 
Income tax expense (benefit)2 27 — — — — — 6 — — — — (494)— (123)— (582)(282)(864)
Non-hotel EBITDA ownership expense(63)46 5 116 6 (5)(32)16 2 (621)281 15 — 133 4 2 (95)95 — 
Hotel EBITDA including amounts attributable to noncontrolling interest3,163 397 3,201 1,883 1,311 1,433 1,597 3,232 1,273 1,350 757 6,043 956 (538)(50)(958)25,050 66,910 91,960 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(790)(100)— — — — — — — — — — — — — — (890)890 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 80 80 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (76)(76)
Hotel EBITDA attributable to the Company and OP unitholders$2,373 $297 $3,201 $1,883 $1,311 $1,433 $1,597 $3,232 $1,273 $1,350 $757 $6,043 $956 $(538)$(50)$(958)$24,160 $67,804 $91,964 
Non-comparable adjustments— (397)— — — — — — — — — — — — — — (397)
Comparable hotel EBITDA$3,163 $— $3,201 $1,883 $1,311 $1,433 $1,597 $3,232 $1,273 $1,350 $757 $6,043 $956 $(538)$(50)$(958)$24,653 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,163 $397 $3,201 $1,883 $1,311 $1,433 $1,597 $3,232 $1,273 $1,350 $— $6,043 $— $(538)$(50)$(958)$23,337 
Non-comparable adjustments— (397)— — — — — — — — — — — — — — (397)
Comparable hotel EBITDA$3,163 $— $3,201 $1,883 $1,311 $1,433 $1,597 $3,232 $1,273 $1,350 $— $6,043 $— $(538)$(50)$(958)$22,940 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $397 $— $1,883 $1,311 $1,433 $1,597 $— $— $1,350 $757 $— $956 $— $(50)$(958)$8,676 
Non-comparable adjustments— (397)— — — — — — — — — — — — — — (397)
Comparable hotel EBITDA$— $— $— $1,883 $1,311 $1,433 $1,597 $— $— $1,350 $757 $— $956 $— $(50)$(958)$8,279 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$3,163 $— $3,201 $— $— $— $— $3,232 $1,273 $— $— $6,043 $— $(538)$— $— $16,374 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$3,163 $— $3,201 $— $— $— $— $3,232 $1,273 $— $— $6,043 $— $(538)$— $— $16,374 

32

Exhibit 1

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

Three Months Ended September 30, 2024
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
Aareal (Capital Hilton)$3,163 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $3,163 
BAML Pool (see footnote 3)— — 3,201 — — — — 3,232 1,273 — — 6,043 — — — — 13,749 
BAML (see foonote 4)— — — 1,883 1,311 1,433 — — — 1,350 — — 956 — — — 6,933 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 1,597 — — — — — — — — — 1,597 
BAML— — — — — — — — — — 757 — — — — — 757 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — (50)— (50)
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — (958)(958)
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (538)— — (538)
Total$3,163 $— $3,201 $1,883 $1,311 $1,433 $1,597 $3,232 $1,273 $1,350 $757 $6,043 $956 $(538)$(50)$(958)$24,653 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(5)    Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
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, 2024
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)$4,307 $3,957 $2,645 $1,030 $832 $1,005 $(3,583)$2,744 $(983)$3,478 $(4,662)$2,995 $2,564 $(936)$(583)$(778)$14,032 $(27,819)$(13,787)
Non-property adjustments— — — — — — — — — — 5 — — — — — 5 (5)— 
Interest income(48)(110)— — — — — (19)(55)(93)76 (34)(9)— — (67)(359)359 — 
Interest expense— — — — 1,779 — 1,459 — — 151 1,204 20 1,039 68 1,579 3,211 10,510 15,324 25,834 
Amortization of loan cost— — — — 115 — — — — — 38 — — — 186 232 571 880 1,451 
Depreciation and amortization3,200 1,059 1,141 665 521 428 1,170 1,555 2,104 1,872 2,045 1,740 2,247 654 1,749 2,544 24,694 — 24,694 
Income tax expense (benefit)159 66 — — — — — 5 — — — — 121 — (29)— 322 (436)(114)
Non-hotel EBITDA ownership expense238 15 15 115 10 8 12 1 394 64 244 16 5 163 3 — 1,303 (1,303)— 
Hotel EBITDA including amounts attributable to noncontrolling interest7,856 4,987 3,801 1,810 3,257 1,441 (942)4,286 1,460 5,472 (1,050)4,737 5,967 (51)2,905 5,142 51,078 (13,000)38,078 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(1,965)(1,246)— — — — — — — — — — — — — — (3,211)3,211 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 85 85 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (82)(82)
Hotel EBITDA attributable to the Company and OP unitholders$5,891 $3,741 $3,801 $1,810 $3,257 $1,441 $(942)$4,286 $1,460 $5,472 $(1,050)$4,737 $5,967 $(51)$2,905 $5,142 $47,867 $(9,786)$38,081 
Non-comparable adjustments— (4,987)— — — — — — — — — — — — — — (4,987)
Comparable hotel EBITDA$7,856 $— $3,801 $1,810 $3,257 $1,441 $(942)$4,286 $1,460 $5,472 $(1,050)$4,737 $5,967 $(51)$2,905 $5,142 $46,091 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,987 $— $1,810 $3,257 $1,441 $(942)$— $— $5,472 $(1,050)$— $5,967 $— $2,905 $5,142 $28,989 
Non-comparable adjustments— (4,987)— — — — — — — — — — — — — — (4,987)
Comparable hotel EBITDA$— $— $— $1,810 $3,257 $1,441 $(942)$— $— $5,472 $(1,050)$— $5,967 $— $2,905 $5,142 $24,002 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$7,856 $— $3,801 $— $— $— $— $4,286 $1,460 $— $— $4,737 $— $(51)$— $— $22,089 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$7,856 $— $3,801 $— $— $— $— $4,286 $1,460 $— $— $4,737 $— $(51)$— $— $22,089 


34

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 2024
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
Aareal (Capital Hilton)$7,856 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $7,856 
BAML Pool (see footnote 3)— — 3,801 — — — — 4,286 1,460 — — 4,737 — — — — 14,284 
BAML (see foonote 4)— — — 1,810 3,257 1,441 — — — 5,472 — — 5,967 — — — 17,947 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — (942)— — — — — — — — — (942)
BAML— — — — — — — — — — (1,050)— — — — — (1,050)
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 2,905 — 2,905 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 5,142 5,142 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (51)— — (51)
Total$7,856 $— $3,801 $1,810 $3,257 $1,441 $(942)$4,286 $1,460 $5,472 $(1,050)$4,737 $5,967 $(51)$2,905 $5,142 $46,091 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, 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, 2024
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)$(19)$2,703 $(2,745)$(1,220)$3,037 $(466)$7,144 $(1,325)$443 $9,243 $533 $(838)$8,733 $(1,806)$7,816 $5,005 $36,238 $(20,756)$15,482 
Non-property adjustments— — — — — — — — — — — — — — — — — — — 
Interest income(38)(100)— — — — — (17)(50)(94)71 (29)(13)— — (63)(333)333 — 
Interest expense— — — — 1,774 — 1,461 — — 165 1,207 20 1,030 695 434 3,215 10,001 15,179 25,180 
Amortization of loan cost— — — — 113 — 69 — — — 37 — — 46 61 226 552 759 1,311 
Depreciation and amortization4,137 1,090 1,123 607 517 418 1,199 1,696 2,212 1,696 1,923 1,750 2,227 594 1,710 2,521 25,420 — 25,420 
Income tax expense (benefit)46 64 — — — — — 5 — — — — 302 — 249 — 666 786 1,452 
Non-hotel EBITDA ownership expense2 14 6 174 16 25 2 47 56 (47)259 (8)(2,168)48 4 5 (1,565)1,565 — 
Hotel EBITDA including amounts attributable to noncontrolling interest4,128 3,771 (1,616)(439)5,457 (23)9,875 406 2,661 10,963 4,030 895 10,111 (423)10,274 10,909 70,979 (2,134)68,845 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(1,032)(943)— — — — — — — — — — — — — — (1,975)1,975 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 49 49 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (57)(57)
Hotel EBITDA attributable to the Company and OP unitholders$3,096 $2,828 $(1,616)$(439)$5,457 $(23)$9,875 $406 $2,661 $10,963 $4,030 $895 $10,111 $(423)$10,274 $10,909 $69,004 $(167)$68,837 
Non-comparable adjustments— (3,771)— — — — — — — — — — — — — — (3,771)
Comparable hotel EBITDA$4,128 $— $(1,616)$(439)$5,457 $(23)$9,875 $406 $2,661 $10,963 $4,030 $895 $10,111 $(423)$10,274 $10,909 $67,208 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $3,771 $— $(439)$5,457 $(23)$9,875 $— $— $10,963 $4,030 $— $10,111 $— $10,274 $10,909 $64,928 
Non-comparable adjustments— (3,771)— — — — — — — — — — — — — — (3,771)
Comparable hotel EBITDA$— $— $— $(439)$5,457 $(23)$9,875 $— $— $10,963 $4,030 $— $10,111 $— $10,274 $10,909 $61,157 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$4,128 $— $(1,616)$— $— $— $— $406 $2,661 $— $— $895 $— $(423)$— $— $6,051 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$4,128 $— $(1,616)$— $— $— $— $406 $2,661 $— $— $895 $— $(423)$— $— $6,051 

36

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
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
Aareal (Capital Hilton)$4,128 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $4,128 
BAML Pool (see footnote 3)— — (1,616)— — — — 406 2,661 — — 895 — — — — 2,346 
BAML (see foonote 4)— — — (439)5,457 (23)— — — 10,963 — — 10,111 — — — 26,069 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 9,875 — — — — — — — — — 9,875 
BAML— — — — — — — — — — 4,030 — — — — — 4,030 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 10,274 — 10,274 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 10,909 10,909 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (423)— — (423)
Total$4,128 $— $(1,616)$(439)$5,457 $(23)$9,875 $406 $2,661 $10,963 $4,030 $895 $10,111 $(423)$10,274 $10,909 $67,208 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, 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, 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)$(108)$2,914 $278 $505 $1,248 $621 $(1,113)$1,665 $(704)$3,108 $(4,634)$(671)$(409)$(1,862)$3,920 $2,185 $6,943 $(28,426)$(21,483)
Non-property adjustments— — — — — — — — — — 249 — — — — — 249 (249)— 
Interest income(40)(95)9 — — — — (16)(48)(83)57 (27)(13)— — (59)(315)315 — 
Interest expense— — — — 1,462 — 1,476 — — 165 1,139 20 1,018 703 — 3,267 9,250 14,135 23,385 
Amortization of loan cost— — — — 81 4 206 — — — 65 — — 45 — 221 622 433 1,055 
Depreciation and amortization2,751 1,053 1,195 580 561 423 1,258 2,034 2,392 1,924 1,660 2,555 2,274 659 1,679 2,483 25,481 — 25,481 
Income tax expense (benefit)10 45 — — — — — (4)— — — — 1,365 — 171 — 1,587 38 1,625 
Non-hotel EBITDA ownership expense161 387 39 125 11 23 4 9 57 18 235 22 9 181 12 6 1,299 (1,299)— 
Hotel EBITDA including amounts attributable to noncontrolling interest2,774 4,304 1,521 1,210 3,363 1,071 1,831 3,688 1,697 5,132 (1,229)1,899 4,244 (274)5,782 8,103 45,116 (15,053)30,063 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(693)(1,076)— — — — — — — — — — — — — — (1,769)1,769 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 45 45 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (54)(54)
Hotel EBITDA attributable to the Company and OP unitholders$2,081 $3,228 $1,521 $1,210 $3,363 $1,071 $1,831 $3,688 $1,697 $5,132 $(1,229)$1,899 $4,244 $(274)$5,782 $8,103 $43,347 $(13,293)$30,054 
Non-comparable adjustments— (4,304)— — — — — — — — — — — — — — (4,304)
Comparable hotel EBITDA$2,774 $— $1,521 $1,210 $3,363 $1,071 $1,831 $3,688 $1,697 $5,132 $(1,229)$1,899 $4,244 $(274)$5,782 $8,103 $40,812 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,304 $— $1,210 $3,363 $1,071 $1,831 $— $— $5,132 $(1,229)$— $4,244 $— $5,782 $8,103 $33,811 
Non-comparable adjustments— (4,304)— — — — — — — — — — — — — — (4,304)
Comparable hotel EBITDA$— $— $— $1,210 $3,363 $1,071 $1,831 $— $— $5,132 $(1,229)$— $4,244 $— $5,782 $8,103 $29,507 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$2,774 $— $1,521 $— $— $— $— $3,688 $1,697 $— $— $1,899 $— $(274)$— $— $11,305 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$2,774 $— $1,521 $— $— $— $— $3,688 $1,697 $— $— $1,899 $— $(274)$— $— $11,305 

38

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended December 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
Aareal (Capital Hilton)$2,774 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $2,774 
BAML Pool (see footnote 3)— — 1,521 — — — — 3,688 1,697 — — 1,899 — — — — 8,805 
BAML (see foonote 4)— — — 1,210 3,363 1,071 — — — 5,132 — — 4,244 — — — 15,020 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 1,831 — — — — — — — — — 1,831 
BAML— — — — — — — — — — (1,229)— — — — — (1,229)
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 5,782 — 5,782 
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 8,103 8,103 
Unencumbered (Cameo Beverly Hills)— — — — — — — — — — — — — (274)— — (274)
Total$2,774 $— $1,521 $1,210 $3,363 $1,071 $1,831 $3,688 $1,697 $5,132 $(1,229)$1,899 $4,244 $(274)$5,782 $8,103 $40,812 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, 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, 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)$(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— (4,983)— — — — — — — — — — — — — — (4,983)
Comparable hotel EBITDA$2,413 $— $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)$29,884 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$2,413 $4,983 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $1,123 $— $5,592 $— $(141)$1,043 $(590)$31,015 
Non-comparable adjustments— (4,983)— — — — — — — — — — — — — — (4,983)
Comparable hotel EBITDA$2,413 $— $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $1,123 $— $5,592 $— $(141)$1,043 $(590)$26,032 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,983 $— $2,493 $2,115 $2,106 $1,551 $— $— $1,123 $1,317 $— $2,535 $— $1,043 $(590)$18,676 
Non-comparable adjustments— (4,983)— — — — — — — — — — — — — — (4,983)
Comparable hotel EBITDA$— $— $— $2,493 $2,115 $2,106 $1,551 $— $— $1,123 $1,317 $— $2,535 $— $1,043 $(590)$13,693 
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 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(3)    Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
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, 2024
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)$4,291 $95,020 $1,965 $832 $3,882 $1,533 $2,459 $3,270 $(1,190)$12,695 $(6,767)$5,587 $7,677 $(4,084)$3,679 $(2,747)$128,102 $(86,572)$41,530 
Non-property adjustments— (88,160)— — — — (50)— — — 5 — 2,086 — — — (86,119)86,119 — 
Interest income(152)(265)1 — — — — (63)(175)(212)(239)(97)(40)— (4)(195)(1,441)1,441 — 
Interest expense— — — — 4,262 — 4,391 — — 467 3,626 60 2,779 763 3,605 9,664 29,617 47,529 77,146 
Amortization of loan cost— — — — 344 — 69 — — — 114 — — 46 439 695 1,707 2,834 4,541 
Depreciation and amortization10,624 2,328 3,394 2,017 1,505 1,290 3,679 4,637 6,307 5,439 6,214 6,102 6,766 1,919 5,302 7,669 75,192 — 75,192 
Income tax expense (benefit)207 157 — — — — — 16 — — — — (71)— 97 — 406 68 474 
Non-hotel EBITDA ownership expense177 75 26 405 32 28 (18)64 452 (604)784 23 (2,163)344 11 7 (357)357 — 
Hotel EBITDA including amounts attributable to noncontrolling interest15,147 9,155 5,386 3,254 10,025 2,851 10,530 7,924 5,394 17,785 3,737 11,675 17,034 (1,012)13,129 15,093 147,107 51,776 198,883 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(3,787)(2,289)— — — — — — — — — — — — — — (6,076)6,076 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 214 214 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (215)(215)
Hotel EBITDA attributable to the Company and OP unitholders$11,360 $6,866 $5,386 $3,254 $10,025 $2,851 $10,530 $7,924 $5,394 $17,785 $3,737 $11,675 $17,034 $(1,012)$13,129 $15,093 $141,031 $57,851 $198,882 
Non-comparable adjustments— (9,155)— — — — — — — — — — — — — — (9,155)
Comparable hotel EBITDA$15,147 $— $5,386 $3,254 $10,025 $2,851 $10,530 $7,924 $5,394 $17,785 $3,737 $11,675 $17,034 $(1,012)$13,129 $15,093 $137,952 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$15,147 $9,155 $5,386 $3,254 $10,025 $2,851 $10,530 $7,924 $5,394 $17,785 $— $11,675 $— $(1,012)$13,129 $15,093 $126,336 
Non-comparable adjustments— (9,155)— — — — — — — — — — — — — — (9,155)
Comparable hotel EBITDA$15,147 $— $5,386 $3,254 $10,025 $2,851 $10,530 $7,924 $5,394 $17,785 $— $11,675 $— $(1,012)$13,129 $15,093 $117,181 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $9,155 $— $3,254 $10,025 $2,851 $10,530 $— $— $17,785 $3,737 $— $17,034 $— $13,129 $15,093 $102,593 
Non-comparable adjustments— (9,155)— — — — — — — — — — — — — — (9,155)
Comparable hotel EBITDA$— $— $— $3,254 $10,025 $2,851 $10,530 $— $— $17,785 $3,737 $— $17,034 $— $13,129 $15,093 $93,438 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$15,147 $— $5,386 $— $— $— $— $7,924 $5,394 $— $— $11,675 $— $(1,012)$— $— $44,514 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$15,147 $— $5,386 $— $— $— $— $7,924 $5,394 $— $— $11,675 $— $(1,012)$— $— $44,514 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(3)    Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
41

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— (12,985)— — — — — — — — — — — — — — (12,985)
Comparable hotel EBITDA$12,653 $— $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 $148,338 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$12,653 $12,985 $6,662 $4,857 $11,648 $3,844 $10,442 $6,629 $7,579 $17,249 $— $10,917 $— $1,261 $15,142 $13,760 $135,628 
Non-comparable adjustments— (12,985)— — — — — — — — — — — — — — (12,985)
Comparable hotel EBITDA$12,653 $— $6,662 $4,857 $11,648 $3,844 $10,442 $6,629 $7,579 $17,249 $— $10,917 $— $1,261 $15,142 $13,760 $122,643 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $12,985 $— $4,857 $11,648 $3,844 $10,442 $— $— $17,249 $7,311 $— $18,384 $— $15,142 $13,760 $115,622 
Non-comparable adjustments— (12,985)— — — — — — — — — — — — — — (12,985)
Comparable hotel EBITDA$— $— $— $4,857 $11,648 $3,844 $10,442 $— $— $17,249 $7,311 $— $18,384 $— $15,142 $13,760 $102,637 
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 15 hotel properties owned and included in the Company's operations at September 30, 2024, were owned as of the beginning of each of the periods presented.
(2)    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.
(3)    Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
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