EXHIBIT 99.1

braemara52.jpg
NEWS RELEASE

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

BRAEMAR HOTELS & RESORTS PROVIDES BUSINESS UPDATE

Completes Forbearance Agreement on Hilton Hotel Joint Venture Loan
DALLAS, September 24, 2020 - Braemar Hotels & Resorts Inc. (NYSE: BHR) (the “Company” or “Braemar”) today provided an update on its hotel operations. The table provided in this release includes monthly operating information for the Company’s portfolio since April. These results include days the hotels and resorts were open and operating during the months presented.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
MONTHLY OPERATING INFORMATION
(unaudited)
All hotels operating in the month
 
April
 
May
 
June
 
July
 
August
Resort
 
 
 
 
 
 
 
 
 
 
Number of hotels
 
1

 
2

 
8

 
8

 
8

Number of rooms
 
266

 
660

 
1,487

 
1,487

 
1,487

Room nights available
 
7,980

 
9,428

 
35,745

 
46,097

 
46,097

Occupancy
 
6.3
%
 
13.0
%
 
30.1
%
 
51.7
%
 
50.4
%
Average daily rate
 
$
314.49

 
$
338.68

 
$
334.23

 
$
384.44

 
$
350.52

RevPAR
 
$
19.90

 
$
43.90

 
$
100.73

 
$
198.65

 
$
176.64

Hotel EBITDA (in thousands)
 
$
(397
)
 
$
202

 
$
(1,218
)
 
$
3,589

 
$
1,507

 
 
 
 
 
 
 
 
 
 
 
Urban
 
 
 
 
 
 
 
 
 
 
Number of hotels
 
1

 
1

 
3

 
3

 
4

Number of rooms
 
499

 
499

 
1,275

 
1,275

 
1,825

Room nights available
 
14,970

 
15,469

 
25,436

 
39,525

 
46,125

Occupancy
 
7.7
%
 
6.9
%
 
10.1
%
 
19.9
%
 
14.0
%
Average daily rate
 
$
145.68

 
$
147.73

 
$
147.18

 
$
164.58

 
$
166.26

RevPAR
 
$
11.17

 
$
10.23

 
$
14.89

 
$
32.74

 
$
23.23

Hotel EBITDA (in thousands)
 
$
(370
)
 
$
(290
)
 
$
(1,545
)
 
$
(937
)
 
$
(1,017
)
 
 
 
 
 
 
 
 
 
 
 
All
 
 
 
 
 
 
 
 
 
 
Number of hotels in operation
 
2

 
3

 
11

 
11

 
12

Number of rooms in operation
 
765

 
1,159

 
2,762

 
2,762

 
3,312

Room nights available
 
22,950

 
24,897

 
61,181

 
85,622

 
92,222

Occupancy
 
7.2
%
 
10.4
%
 
20.9
%
 
37.0
%
 
30.3
%
Average daily rate
 
$
197.25

 
$
283.75

 
$
292.43

 
$
329.88

 
$
303.75

RevPAR
 
$
14.21

 
$
29.40

 
$
61.10

 
$
122.06

 
$
92.10

Hotel EBITDA - operating hotels (in thousands)
 
$
(767
)
 
$
(88
)
 
$
(2,763
)
 
$
2,652

 
$
490

Hotel EBITDA - suspended hotel operations (in thousands)
 
$
(5,326
)
 
$
(4,976
)
 
$
(1,883
)
 
$
(1,283
)
 
$
(660
)
Hotel EBITDA - all hotels (in thousands)
 
$
(6,093
)
 
$
(5,064
)
 
$
(4,646
)
 
$
1,369

 
$
(170
)
(1)
The above information, excluding Hotel EBITDA, does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(2)
See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA




The Company also announced that it has signed a forbearance agreement on its mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. Both properties are currently operational, with the Capital Hilton reopening to guests on August 20th after a temporary suspension of operations due to lack of demand as a result of governmental closure orders. The forbearance agreement allows the Company to defer interest on the loan for a period of six months through the September payment date. The forbearance agreement also allows the Company to utilize lender and manager-held reserve accounts, which are included in restricted cash on the Company’s balance sheet, in order to fund operating shortfalls at the hotels.
Additionally, the Company has signed an agreement allowing it to utilize lender and manager-held reserve accounts to fund operating shortfalls for its mortgage loan on the Chicago Sofitel Magnificent Mile, Courtyard San Francisco Downtown, Seattle Marriott Waterfront and The Notary Hotel.
“We are happy to announce our recent property performance and the signing of these agreements,” commented Richard J. Stockton, Braemar’s President and Chief Executive Officer. “With these agreements in place, we are now out of default on all of our loans, and our present intention is to remain current on these obligations going forward. The cooperation we achieved with our lenders has given us the necessary time needed for our portfolio’s recovery to commence. We reached an important milestone in July, achieving positive Hotel EBITDA across our portfolio, driven by the strong occupancy performance of over 50% at our leisure properties for the month. As our portfolio continues to benefit from its focus on leisure demand, and with the flexibility we have agreed with our lenders, we have in place the appropriate runway to get back to positive cash flow.”
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19 on our business and investment strategy; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our ability to obtain future financing arrangements or restructure existing property level indebtedness; our understanding of our competition; market trends; projected capital expenditures; and the impact of technology on our operations and business. 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. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.


2

Exhibit 1


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Month Ended April 30, 2020
 
Capital Hilton Washington D.C.
 
La Jolla Hilton Torrey Pines
 
Chicago Sofitel Magnificent Mile
 
Bardessono Hotel & Spa
 
Key West Pier House Resort
 
Hotel Yountville
 
Park Hyatt Beaver Creek
 
The Notary Hotel
 
San Francisco Courtyard Downtown
 
Sarasota Ritz-Carlton
 
Lake Tahoe Ritz-Carlton
 
Seattle Marriott Waterfront
 
St. Thomas Ritz-Carlton
 
Hotel Total
Net income (loss)
$
(1,415
)
 
$
(1,036
)
 
$
(1,098
)
 
$
(926
)
 
$
(799
)
 
$
(624
)
 
$
(977
)
 
$
(1,092
)
 
$
(1,788
)
 
$
(1,245
)
 
$
(902
)
 
$
(614
)
 
$
(1,140
)
 
$
(13,656
)
Interest income
—

 
(2
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
(2
)
 
—

 
(2
)
 
—

 
(7
)
Interest expense
—

 
—

 
—

 
119

 
189

 
150

 
198

 
—

 
—

 
306

 
139

 
—

 
175

 
1,276

Amortization of loan cost
—

 
—

 
—

 
12

 
23

 
13

 
—

 
—

 
—

 
28

 
11

 
—

 
9

 
96

Depreciation and amortization
636

 
447

 
552

 
286

 
233

 
203

 
406

 
722

 
985

 
491

 
225

 
324

 
543

 
6,053

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
22

 
3

 
3

 
37

 
1

 
4

 
(1
)
 
—

 
2

 
25

 
47

 
2

 
—

 
145

Hotel EBITDA
$
(757
)
 
$
(588
)
 
$
(543
)
 
$
(472
)
 
$
(353
)
 
$
(254
)
 
$
(374
)
 
$
(370
)
 
$
(802
)
 
$
(397
)
 
$
(480
)
 
$
(290
)
 
$
(413
)
 
$
(6,093
)
Hotel EBITDA - operating hotels
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(370
)
 
$
—

 
$
(397
)
 
$
—

 
$
—

 
$
—

 
$
(767
)
Hotel EBITDA - suspended hotel operations
(757
)
 
(588
)
 
(543
)
 
(472
)
 
(353
)
 
(254
)
 
(374
)
 
—

 
(802
)
 
—

 
(480
)
 
(290
)
 
(413
)
 
(5,326
)
Hotel EBITDA - all hotels
$
(757
)
 
$
(588
)
 
$
(543
)
 
$
(472
)
 
$
(353
)
 
$
(254
)
 
$
(374
)
 
$
(370
)
 
$
(802
)
 
$
(397
)
 
$
(480
)
 
$
(290
)
 
$
(413
)
 
$
(6,093
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



3

Exhibit 1


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Month Ended May 31, 2020
 
Capital Hilton Washington D.C.
 
La Jolla Hilton Torrey Pines
 
Chicago Sofitel Magnificent Mile
 
Bardessono Hotel & Spa
 
Key West Pier House Resort
 
Hotel Yountville
 
Park Hyatt Beaver Creek
 
The Notary Hotel
 
San Francisco Courtyard Downtown
 
Sarasota Ritz-Carlton
 
Lake Tahoe Ritz-Carlton
 
Seattle Marriott Waterfront
 
St. Thomas Ritz-Carlton
 
Hotel Total
Net income (loss)
$
(1,206
)
 
$
(1,162
)
 
$
(1,309
)
 
$
(814
)
 
$
(737
)
 
$
(562
)
 
$
(1,481
)
 
$
(1,029
)
 
$
(1,513
)
 
$
(42
)
 
$
(978
)
 
$
(638
)
 
$
(1,175
)
 
$
(12,646
)
Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest income
(1
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
(2
)
 
—

 
(1
)
 
—

 
(5
)
Interest expense
—

 
—

 
—

 
101

 
153

 
128

 
187

 
—

 
—

 
260

 
115

 
—

 
181

 
1,125

Amortization of loan cost
—

 
—

 
—

 
12

 
23

 
13

 
—

 
—

 
—

 
28

 
11

 
—

 
9

 
96

Depreciation and amortization
636

 
446

 
552

 
285

 
233

 
203

 
406

 
722

 
985

 
491

 
225

 
324

 
543

 
6,051

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
18

 
5

 
9

 
38

 
3

 
5

 
—

 
17

 
1

 
178

 
39

 
2

 
—

 
315

Hotel EBITDA
$
(553
)
 
$
(711
)
 
$
(748
)
 
$
(378
)
 
$
(325
)
 
$
(213
)
 
$
(888
)
 
$
(290
)
 
$
(528
)
 
$
913

 
$
(588
)
 
$
(313
)
 
$
(442
)
 
$
(5,064
)
Hotel EBITDA - operating hotels
$
—

 
$
(711
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(290
)
 
$
—

 
$
913

 
$
—

 
$
—

 
$
—

 
$
(88
)
Hotel EBITDA - suspended hotel operations
(553
)
 
—

 
(748
)
 
(378
)
 
(325
)
 
(213
)
 
(888
)
 
—

 
(528
)
 
—

 
(588
)
 
(313
)
 
(442
)
 
(4,976
)
Hotel EBITDA - all hotels
$
(553
)
 
$
(711
)
 
$
(748
)
 
$
(378
)
 
$
(325
)
 
$
(213
)
 
$
(888
)
 
$
(290
)
 
$
(528
)
 
$
913

 
$
(588
)
 
$
(313
)
 
$
(442
)
 
$
(5,064
)



4

Exhibit 1


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Month Ended June 30, 2020
 
Capital Hilton Washington D.C.
 
La Jolla Hilton Torrey Pines
 
Chicago Sofitel Magnificent Mile
 
Bardessono Hotel & Spa
 
Key West Pier House Resort
 
Hotel Yountville
 
Park Hyatt Beaver Creek
 
The Notary Hotel
 
San Francisco Courtyard Downtown
 
Sarasota Ritz-Carlton
 
Lake Tahoe Ritz-Carlton
 
Seattle Marriott Waterfront
 
St. Thomas Ritz-Carlton
 
Hotel Total
Net income (loss)
$
(1,288
)
 
$
(47
)
 
$
(1,009
)
 
$
(454
)
 
$
(274
)
 
$
(482
)
 
$
(1,793
)
 
$
(1,209
)
 
$
(1,616
)
 
$
(386
)
 
$
(1,075
)
 
$
(868
)
 
$
(1,269
)
 
$
(11,770
)
Non-property adjustments
—

 
—

 
—

 
100

 
200

 
128

 
—

 
—

 
—

 
250

 
135

 
—

 
—

 
813

Interest income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
(2
)
 
—

 
(1
)
 
—

 
(4
)
Interest expense
—

 
—

 
—

 
93

 
140

 
119

 
1,093

 
—

 
—

 
443

 
106

 
—

 
175

 
2,169

Amortization of loan cost
—

 
—

 
—

 
12

 
23

 
13

 
—

 
—

 
—

 
28

 
11

 
—

 
9

 
96

Depreciation and amortization
638

 
459

 
563

 
305

 
277

 
204

 
414

 
725

 
995

 
501

 
245

 
327

 
795

 
6,448

Income tax expense (benefit)
—

 
(806
)
 
—

 
—

 
—

 
—

 
—

 
2

 
—

 
—

 
—

 
—

 
—

 
(804
)
Non-hotel EBITDA ownership expense
(683
)
 
(2
)
 
(24
)
 
9

 
(19
)
 
(12
)
 
(138
)
 
38

 
72

 
(140
)
 
8

 
(89
)
 
(614
)
 
(1,594
)
Hotel EBITDA
$
(1,333
)
 
$
(396
)
 
$
(470
)
 
$
65

 
$
347

 
$
(30
)
 
$
(424
)
 
$
(444
)
 
$
(550
)
 
$
694

 
$
(570
)
 
$
(631
)
 
$
(904
)
 
$
(4,646
)
Hotel EBITDA - operating hotels
$
—

 
$
(396
)
 
$
(470
)
 
$
65

 
$
347

 
$
(30
)
 
$
(424
)
 
$
(444
)
 
$
—

 
$
694

 
$
(570
)
 
$
(631
)
 
$
(904
)
 
$
(2,763
)
Hotel EBITDA - suspended hotel operations
(1,333
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(550
)
 
—

 
—

 
—

 
—

 
(1,883
)
Hotel EBITDA - all hotels
$
(1,333
)
 
$
(396
)
 
$
(470
)
 
$
65

 
$
347

 
$
(30
)
 
$
(424
)
 
$
(444
)
 
$
(550
)
 
$
694

 
$
(570
)
 
$
(631
)
 
$
(904
)
 
$
(4,646
)


5

Exhibit 1


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Month Ended July 31, 2020
 
Capital Hilton Washington D.C.
 
La Jolla Hilton Torrey Pines
 
Chicago Sofitel Magnificent Mile
 
Bardessono Hotel & Spa
 
Key West Pier House Resort
 
Hotel Yountville
 
Park Hyatt Beaver Creek
 
The Notary Hotel
 
San Francisco Courtyard Downtown
 
Sarasota Ritz-Carlton
 
Lake Tahoe Ritz-Carlton
 
Seattle Marriott Waterfront
 
St. Thomas Ritz-Carlton
 
Hotel Total
Net income (loss)
$
(1,265
)
 
$
161

 
$
(949
)
 
$
106

 
$
121

 
$
(196
)
 
$
(572
)
 
$
(862
)
 
$
(1,537
)
 
$
(142
)
 
$
201

 
$
(514
)
 
$
226

 
$
(5,222
)
Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1
)
 
(2
)
 
—

 
(1
)
 
—

 
(4
)
Interest expense
—

 
—

 
—

 
96

 
145

 
123

 
173

 
—

 
—

 
250

 
109

 
—

 
181

 
1,077

Amortization of loan cost
—

 
—

 
—

 
12

 
24

 
13

 
2

 
—

 
—

 
28

 
11

 
—

 
9

 
99

Depreciation and amortization
629

 
394

 
553

 
228

 
243

 
203

 
408

 
723

 
987

 
500

 
229

 
325

 
574

 
5,996

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
7

 
7

Non-hotel EBITDA ownership expense
(68
)
 
(38
)
 
(14
)
 
53

 
—

 
5

 
1

 
(84
)
 
(28
)
 
(55
)
 
(141
)
 
(114
)
 
(101
)
 
(584
)
Hotel EBITDA
$
(704
)
 
$
517

 
$
(410
)
 
$
495

 
$
533

 
$
148

 
$
12

 
$
(223
)
 
$
(579
)
 
$
579

 
$
409

 
$
(304
)
 
$
896

 
$
1,369

Hotel EBITDA - operating hotels
$
—

 
$
517

 
$
(410
)
 
$
495

 
$
533

 
$
148

 
$
12

 
$
(223
)
 
$
—

 
$
579

 
$
409

 
$
(304
)
 
$
896

 
$
2,652

Hotel EBITDA - suspended hotel operations
(704
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(579
)
 
—

 
—

 
—

 
—

 
(1,283
)
Hotel EBITDA - all hotels
$
(704
)
 
$
517

 
$
(410
)
 
$
495

 
$
533

 
$
148

 
$
12

 
$
(223
)
 
$
(579
)
 
$
579

 
$
409

 
$
(304
)
 
$
896

 
$
1,369




6

Exhibit 1


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
 
Month Ended August 31, 2020
 
Capital Hilton Washington D.C.
 
La Jolla Hilton Torrey Pines
 
Chicago Sofitel Magnificent Mile
 
Bardessono Hotel & Spa
 
Key West Pier House Resort
 
Hotel Yountville
 
Park Hyatt Beaver Creek
 
The Notary Hotel
 
San Francisco Courtyard Downtown
 
Sarasota Ritz-Carlton
 
Lake Tahoe Ritz-Carlton
 
Seattle Marriott Waterfront
 
St. Thomas Ritz-Carlton
 
Hotel Total
Net income (loss)
$
(943
)
 
$
(560
)
 
$
(954
)
 
$
(66
)
 
$
(81
)
 
$
(218
)
 
$
(890
)
 
$
(1,210
)
 
$
(1,630
)
 
$
(248
)
 
$
263

 
$
(521
)
 
$
(819
)
 
$
(7,877
)
Non-property adjustments
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Interest income
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

 
(1
)
 
—

 
(3
)
Interest expense
—

 
—

 
—

 
96

 
145

 
123

 
170

 
—

 
—

 
250

 
109

 
—

 
181

 
1,074

Amortization of loan cost
—

 
—

 
—

 
12

 
24

 
13

 
2

 
—

 
—

 
28

 
11

 
—

 
9

 
99

Depreciation and amortization
629

 
393

 
553

 
229

 
245

 
203

 
408

 
723

 
987

 
502

 
229

 
325

 
574

 
6,000

Income tax expense (benefit)
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Non-hotel EBITDA ownership expense
11

 
(44
)
 
(2
)
 
35

 
(14
)
 
(1
)
 
(2
)
 
230

 
(17
)
 
106

 
6

 
143

 
86

 
537

Comparable hotel EBITDA
$
(303
)
 
$
(211
)
 
$
(403
)
 
$
306

 
$
319

 
$
120

 
$
(312
)
 
$
(257
)
 
$
(660
)
 
$
636

 
$
618

 
$
(54
)
 
$
31

 
$
(170
)
Hotel EBITDA - operating hotels
$
(303
)
 
$
(211
)
 
$
(403
)
 
$
306

 
$
319

 
$
120

 
$
(312
)
 
$
(257
)
 
$
—

 
$
636

 
$
618

 
$
(54
)
 
$
31

 
$
490

Hotel EBITDA - suspended hotel operations
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(660
)
 
—

 
—

 
—

 
—

 
(660
)
Total
$
(303
)
 
$
(211
)
 
$
(403
)
 
$
306

 
$
319

 
$
120

 
$
(312
)
 
$
(257
)
 
$
(660
)
 
$
636

 
$
618

 
$
(54
)
 
$
31

 
$
(170
)




7