EXHIBIT 99.1

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 REPORTS

THIRD QUARTER 2020 RESULTS

DALLAS - October 28, 2020 - Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 2020. 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, 2020 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, 2020 with the third quarter ended September 30, 2019 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS

• Net loss attributable to common stockholders for the quarter was $18.7 million or $0.55 per diluted share.

• Comparable RevPAR for all hotels decreased 65.6% to $80.84 during the quarter.

• Adjusted funds from operations (AFFO) was negative $0.15 per diluted share for the quarter.

• Adjusted EBITDAre was negative $3.1 million for the quarter.

• Comparable Hotel EBITDA was $0.4 million for the quarter.

• All of the Company’s 13 properties are open and operating.

• Subsequent to quarter end, the Company announced the opening of The Clancy, an Autograph Collection Property, located in San Francisco’s South of Market district. The rebranded property is a conversion of the Courtyard San Francisco Downtown.

• The Company ended the quarter with cash and cash equivalents of $88.2 million and restricted cash of $34.7 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. The Company is currently working with its property managers and lenders in order to utilize lender and manager-held reserves to fund operating shortfalls. At the end of the quarter, there was also $14.3 million in due from third-party hotel managers, which is the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.

• During the quarter, the Company 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 open, 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 allowed the Company to defer interest on the loan for a period of six months through the September 2020 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.

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October 28, 2020

• During the quarter, the Company announced that it 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, The Clancy Hotel, the Seattle Marriott Waterfront, and The Notary Hotel.

• As of September 30, 2020, no loans are in default.

• Capex invested during the quarter was $9.2 million.

OPENING OF THE CLANCY

On October 1, 2020, the Company announced the opening of The Clancy, located in San Francisco’s vibrant South of Market (SoMa) district. The former Courtyard San Francisco Downtown underwent a rebranding and renovation in excess of $30 million to create The Clancy. Ideally situated at 299 Second Street, The Clancy features 410 guest rooms and over 11,000 square feet of modern meeting space throughout 16 event rooms. It joins Marriott International’s Autograph Collection® Hotels, a diverse portfolio of more than 180 independent hotels around the world that reflect unique vision, design and environments.

CAPITAL STRUCTURE

At September 30, 2020, the Company had total assets of $1.7 billion and $1.1 billion of mortgage loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined mortgage loans had a blended average interest rate of 2.5%.

In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors announced a suspension of its previously announced 2020 common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock or common units for the third quarter ended September 30, 2020. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations.

PORTFOLIO REVPAR

As of September 30, 2020, the portfolio consisted of thirteen hotels.

• Comparable RevPAR decreased 65.6% to $80.84 for all hotels on a 7.0% increase in ADR and a 67.8% decrease in occupancy.

HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS

The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.

“While the unprecedented COVID-19 pandemic continues to present significant challenges to the hospitality industry, I am proud of our efforts to protect our hotels and ensure the safety of our associates and guests, while maintaining financial flexibility to position ourselves for future success,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Operationally, we have a high-quality, well-positioned portfolio, all of our hotels are now open and we continue to benefit from increased demand for drive-to leisure resorts. We also reached an important milestone by achieving positive Hotel EBITDA across our portfolio for the quarter, driven by the strong occupancy performance of over 50% at our leisure properties.

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October 28, 2020

Additionally, with the signing of several forbearance agreements over the past few months, our balance sheet is well positioned, and we have no defaults. Looking ahead, we will continue to focus on ways to maximize value for our shareholders as we navigate these uncertain times.”

INVESTOR CONFERENCE CALL AND SIMULCAST

Braemar will conduct a conference call on Thursday, October 29, 2020 at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Thursday, November 5, 2020, by dialing (412) 317-6671 and entering the confirmation number, 13709739.

The Company will also provide an online simulcast and rebroadcast of its third quarter 2020 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s web site, www.bhrreit.com on Thursday, October 29, 2020, 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.

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. Forward-looking statements in this press release may include, among others, statements about the implied share price for the Company's common stock. 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; the ability of the Company and the Company’s advisor, Ashford Inc., to continue as a going concern; the timing and outcome of the Securities and Exchange Commission’s investigation; 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

BHR Reports Third Quarter Results

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October 28, 2020

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.

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

	September 30, 2020				December 31, 2019
ASSETS
Investments in hotel properties, gross	$	1,780,556			$	1,791,174
Accumulated depreciation	(343,877		)		(309,752		)
Investments in hotel properties, net	1,436,679				1,481,422
Cash and cash equivalents	88,227				71,995
Restricted cash	34,658				58,388
Accounts receivable, net of allowance of $196 and $153, respectively	17,335				19,053
Inventories	2,396				2,794
Prepaid expenses	4,298				4,992
Investment in OpenKey	1,787				1,899
Derivative assets	777				582
Other assets	14,356				13,018
Operating lease right-of-use assets	81,588				82,596
Intangible assets, net	4,735				5,019
Due from related parties, net	993				551
Due from third-party hotel managers	14,315				16,638
Total assets	$	1,702,144			$	1,758,947
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net	$	1,124,377			$	1,058,486
Accounts payable and accrued expenses	64,931				94,919
Dividends and distributions payable	3,208				9,143
Due to Ashford Inc., net	1,662				4,344
Due to third-party hotel managers	1,439				1,685
Operating lease liabilities	60,956				61,118
Other liabilities	17,314				17,508
Total liabilities	1,273,887				1,247,203
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 5,031,473 and 5,008,421 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	107,352				106,920
Redeemable noncontrolling interests in operating partnership	30,461				41,570
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at September 30, 2020 and December 31, 2019	16				16
Common stock, $0.01 par value, 250,000,000 shares authorized, 36,599,843 and 32,885,217 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	365				329
Additional paid-in capital	533,641				519,551
Accumulated deficit	(231,184		)		(150,629		)
Total stockholders' equity of the Company	302,838				369,267
Noncontrolling interest in consolidated entities	(12,394		)		(6,013		)
Total equity	290,444				363,254
Total liabilities and equity	$	1,702,144			$	1,758,947

5

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2020				2019				2020				2019
REVENUE
Rooms	$	28,118			$	76,808			$	105,119			$	228,660
Food and beverage	8,537				26,422				39,417				84,326
Other	8,099				15,652				30,633				52,920
Total hotel revenue	44,754				118,882				175,169				365,906
Other	—				2				—				7
Total revenue	44,754				118,884				175,169				365,913
EXPENSES
Hotel operating expenses:
Rooms	7,975				18,265				29,300				52,080
Food and beverage	7,994				20,721				35,544				62,325
Other expenses	20,516				36,201				75,585				111,431
Management fees	1,321				3,960				5,664				12,542
Total hotel operating expenses	37,806				79,147				146,093				238,378
Property taxes, insurance and other	6,929				7,690				21,833				20,356
Depreciation and amortization	18,507				16,831				55,398				51,991
Advisory services fee:
Base advisory fee	2,386				2,650				7,579				8,170
Reimbursable expenses	404				645				1,360				1,906
Incentive fee	—				(132		)		—				77
Non-cash stock/unit-based compensation	1,785				1,995				5,606				5,426
Transaction costs	—				—				—				704
Corporate, general and administrative:
Non-cash stock/unit-based compensation	144				328				275				366
Other general and administrative	1,261				1,247				4,575				3,267
Total operating expenses	69,222				110,401				242,719				330,641
Gain (loss) on insurance settlement and disposition of assets	10,149				(1,163		)		10,149				(1,154		)
OPERATING INCOME (LOSS)	(14,319		)		7,320				(57,401		)		34,118
Equity in earnings (loss) of unconsolidated entity	(58		)		(48		)		(138		)		(149		)
Interest income	12				249				165				898
Other income (expense)	(3,604		)		(114		)		(3,806		)		(370		)
Interest expense	(4,174		)		(12,599		)		(26,850		)		(38,646		)
Amortization of loan costs	(689		)		(1,047		)		(2,707		)		(3,248		)
Write-off of loan costs and exit fees	(1,335		)		(335		)		(3,572		)		(647		)
Unrealized gain (loss) on investments	—				(1,471		)		—				(5,390		)
Unrealized gain (loss) on derivatives	3,561				(754		)		3,748				(972		)
INCOME (LOSS) BEFORE INCOME TAXES	(20,606		)		(8,799		)		(90,561		)		(14,406		)
Income tax (expense) benefit	1,545				(155		)		4,622				(1,493		)
NET INCOME (LOSS)	(19,061		)		(8,954		)		(85,939		)		(15,899		)
(Income) loss attributable to noncontrolling interest in consolidated entities	766				(1,899		)		3,742				(1,750		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,102				1,465				9,284				2,770
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	(16,193		)		(9,388		)		(72,913		)		(14,879		)
Preferred dividends	(2,554		)		(2,533		)		(7,664		)		(7,597		)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(18,747	)		$	(11,921	)		$	(80,577	)		$	(22,476	)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders	$	(0.55	)		$	(0.37	)		$	(2.43	)		$	(0.71	)
Weighted average common shares outstanding – basic	33,923				32,347				33,103				32,259
Diluted:
Net income (loss) attributable to common stockholders	$	(0.55	)		$	(0.37	)		$	(2.43	)		$	(0.71	)
Weighted average common shares outstanding – diluted	33,923				32,347				33,103				32,259
Dividends declared per common share:	$	—			$	0.16			$	—			$	0.48

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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 Ended								Nine Months Ended
	September 30,								September 30,
	2020				2019				2020				2019
Net income (loss)	$	(19,061	)		$	(8,954	)		$	(85,939	)		$	(15,899	)
Interest income
Interest expense and amortization of loan costs	4,863				13,646				29,557				41,894
Depreciation and amortization	18,507				16,831				55,398				51,991
Income tax expense (benefit)	(1,545		)		155				(4,622		)		1,493
Equity in (earnings) loss of unconsolidated entity	58				48				138				149
Company's portion of EBITDA of OpenKey	(56		)		(50		)		(135		)		(147		)
EBITDA	2,766				21,676				(5,603		)		79,481
(Gain) loss on insurance settlement and disposition of assets	(10,149		)		1,163				(10,149		)		1,154
EBITDAre	(7,383		)		22,839				(15,752		)		80,635
Amortization of favorable (unfavorable) contract assets (liabilities)	207				129				621				366
Transaction and conversion costs	517				506				1,128				1,183
Other (income) expense	3,604				114				3,806				370
Write-off of loan costs and exit fees	1,335				335				3,572				647
Unrealized (gain) loss on investments	—				1,471				—				5,390
Unrealized (gain) loss on derivatives	(3,561		)		754				(3,748		)		972
Non-cash stock/unit-based compensation	2,006				2,359				6,039				5,908
Legal, advisory and settlement costs	142				203				1,168				349
Advisory services incentive fee	—				(132		)		—				77
Company's portion of adjustments to EBITDAre of OpenKey	1				4				6				22
Adjusted EBITDAre	$	(3,132	)		$	28,582			$	(3,160	)		$	95,919

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO

(in thousands, except per share amounts)

(unaudited)

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2020				2019				2020				2019
Net income (loss)	$	(19,061	)		$	(8,954	)		$	(85,939	)		$	(15,899	)
(Income) loss attributable to noncontrolling interest in consolidated entities	766				(1,899		)		3,742				(1,750		)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership	2,102				1,465				9,284				2,770
Preferred dividends	(2,554		)		(2,533		)		(7,664		)		(7,597		)
Net income (loss) attributable to common stockholders	(18,747		)		(11,921		)		(80,577		)		(22,476		)
Depreciation and amortization on real estate	17,791				16,036				53,142				49,609
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership	(2,102		)		(1,465		)		(9,284		)		(2,770		)
Equity in (earnings) loss of unconsolidated entity	58				48				138				149
(Gain) loss on insurance settlement and disposition of assets	(10,149		)		1,163				(10,149		)		1,154
Company's portion of FFO of OpenKey	(57		)		(51		)		(137		)		(151		)
FFO available to common stockholders and OP unitholders	(13,206		)		3,810				(46,867		)		25,515
Series B Cumulative Convertible Preferred Stock dividends	1,729				1,708				5,189				5,122
Transaction and conversion costs	517				506				1,128				1,183
Other (income) expense	3,604				114				3,806				370
Interest expense accretion on refundable membership club deposits	201				213				616				651
Write-off of loan costs and exit fees	1,335				335				3,572				647
Amortization of loan costs	670				1,029				2,651				3,187
Unrealized (gain) loss on investments	—				1,471				—				5,390
Unrealized (gain) loss on derivatives	(3,561		)		754				(3,748		)		972
Non-cash stock/unit-based compensation	2,006				2,359				6,039				5,908
Legal, advisory and settlement costs	142				203				1,168				349
Advisory services incentive fee	—				(132		)		—				77
Company's portion of adjustments to FFO of OpenKey	1				5				6				24
Adjusted FFO available to common stockholders, OP unitholders and Series B Cumulative Convertible preferred stockholders on an "as converted" basis	$	(6,562	)		$	12,375			$	(26,440	)		$	49,395
Adjusted FFO per diluted share available to common stockholders, OP unitholders and Series B Cumulative Convertible preferred stockholders on an "as converted" basis	$	(0.15	)		$	0.29			$	(0.60	)		$	1.14
Weighted average diluted shares	44,793				43,335				44,088				43,388

7

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SUMMARY OF INDEBTEDNESS

SEPTEMBER 30, 2020

(dollars in thousands)

(unaudited)

Lender		Hotels		Maturity		Interest Rate		Fixed-Rate Debt				Floating-Rate Debt				Total Debt				Comparable TTM Hotel EBITDA(7)				Comparable TTM EBITDA Debt Yield
JPMorgan		Park Hyatt Beaver Creek		April 2021		LIBOR + 2.75%		$	—			$	67,500		(1)	$	67,500			$	5,254			7.8	%
BAML		See footnote		June 2021		LIBOR + 2.16%		—				435,000			(2)	435,000				$	1,066			0.2	%
Apollo		Ritz-Carlton, St. Thomas		August 2021		LIBOR + 3.95%		—				42,500			(3)	42,500				3,293				7.7	%
BAML		Hotel Yountville		May 2022		LIBOR + 2.55%		—				51,000			(5)	51,000				1,342				2.6	%
BAML		Bardessono		August 2022		LIBOR + 2.55%		—				40,000			(5)	40,000				1,830				4.6	%
BAML Term Loan		N/A		October 2022		Base Rate(4) + 1.25% to 2.50% or LIBOR + 2.25% to 3.50%		—				63,284			(6)	63,284				N/A				N/A
BAML		Ritz-Carlton, Sarasota		April 2023		LIBOR + 2.65%		—				100,000			(5)	100,000				13,120				13.1	%
BAML		Ritz-Carlton, Lake Tahoe		January 2024		LIBOR + 2.10%		—				54,000			(5)	54,000				4,556				8.4	%
Prudential		Capital Hilton and Hilton Torrey Pines		February 2024		LIBOR + 1.70%		—				197,229				197,229				4,225				2.1	%
BAML		Pier House Resort		September 2024		LIBOR + 1.85%		—				80,000			(5)	80,000				7,484				9.4	%
Total								$	—			$	1,130,513			$	1,130,513			$	42,170			3.7	%
Percentage								—		%		100.0		%		100.0		%
Weighted average interest rate								—		%		2.54		%		2.54		%

All indebtedness is non-recourse with the exception of the term loan.

⁽¹⁾    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in April 2020.

⁽²⁾  This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in June 2020. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

⁽³⁾    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.00%.

⁽⁴⁾    Base Rate, as defined in the term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.

⁽⁵⁾    This mortgage loan has a LIBOR floor of 0.25%.

⁽⁶⁾    This mortgage loan has a LIBOR floor of 0.50%.

⁽⁷⁾    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED

SEPTEMBER 30, 2020

(dollars in thousands)

(unaudited)

Lender		Hotels		2020				2021				2022				2023				2024				Thereafter				Total
JPMorgan		Park Hyatt Beaver Creek		$	—			$	—			$	67,500			$	—			$	—			$	—			$	67,500
BAML		Hotel Yountville		—				—				51,000				—				—				—				51,000
BAML		Bardessono		—				—				40,000				—				—				—				40,000
BAML Term Loan		N/A		—				—				28,284				—				—				—				28,284
BAML		Ritz-Carlton, Sarasota		—				—				—				98,000				—				—				98,000
BAML		Ritz-Carlton, Lake Tahoe		—				—				—				—				54,000				—				54,000
Prudential		Capital Hilton and Hilton Torrey Pines		—				—				—				—				195,000				—				195,000
Apollo		Ritz-Carlton, St. Thomas		—				—				—				—				42,500				—				42,500
BAML		Pier House Resort		—				—				—				—				80,000				—				80,000
BAML		See footnote 1		—				—				—				—				—				435,000				435,000
Principal due in future periods				$	—			$	—			$	186,784			$	98,000			$	371,500			$	435,000			$	1,091,284
Scheduled amortization payments remaining				—				22,729				16,000				500				—				—				39,229
Total indebtedness				$	—			$	22,729			$	202,784			$	98,500			$	371,500			$	435,000			$	1,130,513

⁽¹⁾    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

9

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

KEY PERFORMANCE INDICATORS

(unaudited)

ALL HOTELS:
		Three Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
	Rooms revenue (in thousands)	$	27,681			$	—			$	27,681			$	76,450			$	—			$	76,450			(63.79	)%		(63.79	)%
	RevPAR	$	80.84			$	—			$	80.84			$	234.81			$	—			$	234.81			(65.57	)%		(65.57	)%
	Occupancy	26.80		%		—		%		26.80		%		83.31		%		—		%		83.31		%		(67.83	)%		(67.83	)%
	ADR	$	301.64			$	—			$	301.64			$	281.86			$	—			$	281.86			7.02	%		7.02	%

ALL HOTELS:
		Nine Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
	Rooms revenue (in thousands)	$	104,067			$	—			$	104,067			$	227,716			$	1,719			$	229,435			(54.30	)%		(54.64	)%
	RevPAR	$	102.14			$	—			$	102.14			$	235.62			$	722.13			$	236.82			(56.65	)%		(56.87	)%
	Occupancy	31.10		%		—		%		31.10		%		79.68		%		77.52		%		79.68		%		(60.97	)%		(60.97	)%
	ADR	$	328.42			$	—			$	328.42			$	295.70			$	931.53			$	297.22			11.07	%		10.50	%

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

ALL HOTELS      NOT UNDER RENOVATION:
		Three Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
	Rooms revenue (in thousands)	$	27,680			$	—			$	27,680			$	65,980			$	—			$	65,980			(58.05	)%		(58.05	)%
	RevPAR	$	90.84			$	—			$	90.84			$	229.20			$	—			$	229.20			(60.37	)%		(60.37	)%
	Occupancy	30.12		%		—		%		30.12		%		81.96		%		—		%		81.96		%		(63.25	)%		(63.25	)%
	ADR	$	301.63			$	—			$	301.63			$	279.65			$	—			$	279.65			7.86	%		7.86	%

ALL HOTELS      NOT UNDER RENOVATION:
		Nine Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
	Rooms revenue (in thousands)	$	96,529			$	—			$	96,529			$	196,298			$	1,719			$	198,017			(50.83	)%		(51.25	)%
	RevPAR	$	106.48			$	—			$	106.48			$	229.72			$	722.13			$	231.09			(53.65	)%		(53.92	)%
	Occupancy	32.28		%		—		%		32.28		%		78.14		%		77.52		%		78.13		%		(58.69	)%		(58.68	)%
	ADR	$	329.85			$	—			$	329.85			$	294.00			$	931.53			$	295.75			12.20	%		11.53	%

NOTES:

(1) The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at September 30, 2020, and not under renovation during the three months ended September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4) Excluded Hotel Under Renovation:

The Clancy

10

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL EBITDA

(dollars in thousands)

(unaudited)

ALL HOTELS:		Three Months Ended											Nine Months Ended
		September 30,											September 30,
		2020				2019				% Variance			2020				2019				% Variance
	Total hotel revenue	$	44,754			$	118,882			(62.35	)%		$	175,169			$	365,906			(52.13	)%
	Non-comparable adjustments	—				36							(140		)		2,855
	Comparable total hotel revenue	$	44,754			$	118,918			(62.37	)%		$	175,029			$	368,761			(52.54	)%
	Hotel EBITDA	$	358			$	33,631			(98.94	)%		$	11,864			$	111,857			(89.39	)%
	Non-comparable adjustments	—				10							—				876
	Comparable hotel EBITDA	$	358			$	33,641			(98.94	)%		$	11,864			$	112,733			(89.48	)%
	Hotel EBITDA margin	0.80		%		28.29		%		(27.49	)%		6.77		%		30.57		%		(23.80	)%
	Comparable hotel EBITDA margin	0.80		%		28.29		%		(27.49	)%		6.78		%		30.57		%		(23.79	)%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	(338	)		$	1,545			(121.88	)%		$	(465	)		$	5,938			(107.83	)%
	Hotel EBITDA attributable to the Company and OP unitholders	$	696			$	32,086			(97.83	)%		$	12,329			$	105,919			(88.36	)%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	696			$	32,096			(97.83	)%		$	12,329			$	106,795			(88.46	)%

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

ALL HOTELS NOT UNDER RENOVATION:		Three Months Ended											Nine Months Ended
		September 30,											September 30,
		2020				2019				% Variance			2020				2019				% Variance
	Total hotel revenue	$	44,699			$	107,694			(58.49	)%		$	166,378			$	331,564			(49.82	)%
	Non-comparable adjustments	—				36							(140		)		2,855
	Comparable total hotel revenue	$	44,699			$	107,730			(58.51	)%		$	166,238			$	334,419			(50.29	)%
	Hotel EBITDA	$	2,353			$	29,917			(92.13	)%		$	13,569			$	100,287			(86.47	)%
	Non-comparable adjustments	—				(119		)					—				680
	Comparable hotel EBITDA	$	2,353			$	29,798			(92.10	)%		$	13,569			$	100,967			(86.56	)%
	Hotel EBITDA margin	5.26		%		27.78		%		(22.52	)%		8.16		%		30.25		%		(22.09	)%
	Comparable hotel EBITDA margin	5.26		%		27.66		%		(22.40	)%		8.16		%		30.19		%		(22.03	)%
	Hotel EBITDA adjustments attributable to consolidated noncontrolling interests	$	(338	)		$	1,545			(121.88	)%		$	(465	)		$	5,938			(107.83	)%
	Hotel EBITDA attributable to the Company and OP unitholders	$	2,691			$	28,372			(90.52	)%		$	14,034			$	94,349			(85.13	)%
	Comparable hotel EBITDA attributable to the Company and OP unitholders	$	2,691			$	28,253			(90.48	)%		$	14,034			$	95,029			(85.23	)%

NOTES:

(1) The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at September 30, 2020, and not under renovation during the three months ended September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

(4) Excluded Hotel Under Renovation:

The Clancy

11

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

		Three Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	331			$	—			$	331			$	8,889			$	—			$	8,889			(96.28	)%		(96.28	)%
	Total hotel revenue	$	627			$	—			$	627			$	12,955			$	—			$	12,955			(95.16	)%		(95.16	)%
	Hotel EBITDA	$	(1,640	)		$	—			$	(1,640	)		$	2,288			$	—			$	2,288			(171.68	)%		(171.68	)%
	Hotel EBITDA margin	(261.56		)%						(261.56		)%		17.66		%						17.66		%		(279.22	)%		(279.22	)%
	Selected Operating Information:
	RevPAR	$	6.53			$	—			$	6.53			$	175.66			$	—			$	175.66			(96.28	)%		(96.28	)%
	Occupancy	5.23		%		—		%		5.23		%		85.25		%		—		%		85.25		%		(93.87	)%		(93.87	)%
	ADR	$	124.81			$	—			$	124.81			$	206.07			$	—			$	206.07			(39.43	)%		(39.43	)%
LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	2,513			$	—			$	2,513			$	7,224			$	—			$	7,224			(65.21	)%		(65.21	)%
	Total hotel revenue	$	3,410			$	—			$	3,410			$	11,587			$	—			$	11,587			(70.57	)%		(70.57	)%
	Hotel EBITDA	$	288			$	—			$	288			$	3,894			$	—			$	3,894			(92.60	)%		(92.60	)%
	Hotel EBITDA margin	8.45		%						8.45		%		33.61		%						33.61		%		(25.16	)%		(25.16	)%
	Selected Operating Information:
	RevPAR	$	69.32			$	—			$	69.32			$	199.28			$	—			$	199.28			(65.21	)%		(65.21	)%
	Occupancy	48.47		%		—		%		48.47		%		89.09		%		—		%		89.09		%		(45.59	)%		(45.59	)%
	ADR	$	143.02			$	—			$	143.02			$	223.69			$	—			$	223.69			(36.06	)%		(36.06	)%
CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	1,706			$	—			$	1,706			$	7,501			$	—			$	7,501			(77.26	)%		(77.26	)%
	Total hotel revenue	$	2,073			$	—			$	2,073			$	10,217			$	—			$	10,217			(79.71	)%		(79.71	)%
	Hotel EBITDA	$	(1,152	)		$	—			$	(1,152	)		$	2,990			$	—			$	2,990			(138.53	)%		(138.53	)%
	Hotel EBITDA margin	(55.57		)%						(55.57		)%		29.26		%						29.26		%		(84.83	)%		(84.83	)%
	Selected Operating Information:
	RevPAR	$	44.69			$	—			$	44.69			$	196.48			$	—			$	196.48			(77.25	)%		(77.25	)%
	Occupancy	29.44		%		—		%		29.44		%		90.65		%		—		%		90.65		%		(67.52	)%		(67.52	)%
	ADR	$	151.79			$	—			$	151.79			$	216.74			$	—			$	216.74			(29.97	)%		(29.97	)%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	2,706			$	—			$	2,706			$	4,358			$	—			$	4,358			(37.91	)%		(37.91	)%
	Total hotel revenue	$	3,408			$	—			$	3,408			$	5,775			$	—			$	5,775			(40.99	)%		(40.99	)%
	Hotel EBITDA	$	1,156			$	—			$	1,156			$	2,111			$	—			$	2,111			(45.24	)%		(45.24	)%
	Hotel EBITDA margin	33.92		%						33.92		%		36.55		%						36.55		%		(2.63	)%		(2.63	)%
	Selected Operating Information:
	RevPAR	$	452.50			$	—			$	452.50			$	764.05			$	—			$	764.05			(40.78	)%		(40.78	)%
	Occupancy	51.47		%		—		%		51.47		%		83.17		%		—		%		83.17		%		(38.11	)%		(38.11	)%
	ADR	$	879.12			$	—			$	879.12			$	918.66			$	—			$	918.66			(4.30	)%		(4.30	)%
KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	2,389			$	—			$	2,389			$	3,338			$	—			$	3,338			(28.43	)%		(28.43	)%
	Total hotel revenue	$	3,168			$	—			$	3,168			$	4,519			$	—			$	4,519			(29.90	)%		(29.90	)%
	Hotel EBITDA	$	1,155			$	—			$	1,155			$	1,542			$	—			$	1,542			(25.10	)%		(25.10	)%
	Hotel EBITDA margin	36.46		%						36.46		%		34.12		%						34.12		%		2.34	%		2.34	%
	Selected Operating Information:
	RevPAR	$	182.88			$	—			$	182.88			$	255.55			$	—			$	255.55			(28.44	)%		(28.44	)%
	Occupancy	56.95		%		—		%		56.95		%		72.19		%		—		%		72.19		%		(21.11	)%		(21.11	)%
	ADR	$	321.12			$	—			$	321.12			$	353.99			$	—			$	353.99			(9.29	)%		(9.29	)%

12

		Three Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	1,641			$	—			$	1,641			$	3,956			$	—			$	3,956			(58.52	)%		(58.52	)%
	Total hotel revenue	$	1,983			$	—			$	1,983			$	4,945			$	—			$	4,945			(59.90	)%		(59.90	)%
	Hotel EBITDA	$	400			$	—			$	400			$	2,495			$	—			$	2,495			(83.97	)%		(83.97	)%
	Hotel EBITDA margin	20.17		%						20.17		%		50.46		%						50.46		%		(30.29	)%		(30.29	)%
	Selected Operating Information:
	RevPAR	$	222.99			$	—			$	222.99			$	537.45			$	—			$	537.45			(58.51	)%		(58.51	)%
	Occupancy	35.72		%		—		%		35.72		%		85.18		%		—		%		85.18		%		(58.07	)%		(58.07	)%
	ADR	$	624.27			$	—			$	624.27			$	630.98			$	—			$	630.98			(1.06	)%		(1.06	)%
PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	1,688			$	—			$	1,688			$	3,086			$	—			$	3,086			(45.30	)%		(45.30	)%
	Total hotel revenue	$	4,039			$	—			$	4,039			$	9,069			$	—			$	9,069			(55.46	)%		(55.46	)%
	Hotel EBITDA	$	283			$	—			$	283			$	1,887			$	—			$	1,887			(85.00	)%		(85.00	)%
	Hotel EBITDA margin	7.01		%						7.01		%		20.81		%						20.81		%		(13.80	)%		(13.80	)%
	Selected Operating Information:
	RevPAR	$	96.54			$	—			$	96.54			$	176.53			$	—			$	176.53			(45.31	)%		(45.31	)%
	Occupancy	34.74		%		—		%		34.74		%		66.68		%		—		%		66.68		%		(47.90	)%		(47.90	)%
	ADR	$	277.89			$	—			$	277.89			$	264.75			$	—			$	264.75			4.96	%		4.96	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	1,088			$	—			$	1,088			$	6,675			$	—			$	6,675			(83.70	)%		(83.70	)%
	Total hotel revenue	$	1,155			$	—			$	1,155			$	8,459			$	—			$	8,459			(86.35	)%		(86.35	)%
	Hotel EBITDA	$	(646	)		$	—			$	(646	)		$	2,737			$	(118	)		$	2,619			(123.60	)%		(124.67	)%
	Hotel EBITDA margin	(55.93		)%						(55.93		)%		32.36		%						30.96		%		(88.29	)%		(86.89	)%
	Selected Operating Information:
	RevPAR	$	23.69			$	—			$	23.69			$	145.39			$	—			$	145.39			(83.71	)%		(83.71	)%
	Occupancy	14.13		%		—		%		14.13		%		78.03		%		—		%		78.03		%		(81.89	)%		(81.89	)%
	ADR	$	167.61			$	—			$	167.61			$	186.33			$	—			$	186.33			(10.05	)%		(10.05	)%
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	1			$	—			$	1			$	10,470			$	—			$	10,470			(99.99	)%		(99.99	)%
	Total hotel revenue	$	55			$	—			$	55			$	11,188			$	—			$	11,188			(99.51	)%		(99.51	)%
	Hotel EBITDA	$	(1,995	)		$	—			$	(1,995	)		$	3,714			$	129			$	3,843			(153.72	)%		(151.91	)%
	Hotel EBITDA margin	(3,627.27		)%						(3,627.27		)%		33.20		%						34.35		%		(3,660.47	)%		(3,661.62	)%
	Selected Operating Information:
	RevPAR	$	0.02			$	—			$	0.02			$	277.57			$	—			$	277.57			(99.99	)%		(99.99	)%
	Occupancy	—		%		—		%		—		%		93.58		%		—		%		93.58		%		(100.00	)%		(100.00	)%
	ADR	$	—			$	—			$	—			$	296.62			$	—			$	296.62			(100.00	)%		(100.00	)%
SARASOTA RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	4,714			$	—			$	4,714			$	4,896			$	—			$	4,896			(3.72	)%		(3.72	)%
	Total hotel revenue	$	10,372			$	—			$	10,372			$	11,147			$	—			$	11,147			(6.95	)%		(6.95	)%
	Hotel EBITDA	$	1,794			$	—			$	1,794			$	279			$	—			$	279			543.01	%		543.01	%
	Hotel EBITDA margin	17.30		%						17.30		%		2.50		%						2.50		%		14.80	%		14.80	%
	Selected Operating Information:
	RevPAR	$	192.64			$	—			$	192.64			$	200.08			$	—			$	200.08			(3.72	)%		(3.72	)%
	Occupancy	54.97		%		—		%		54.97		%		59.26		%		—		%		59.26		%		(7.24	)%		(7.24	)%
	ADR	$	350.45			$	—			$	350.45			$	337.61			$	—			$	337.61			3.80	%		3.80	%

13

		Three Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
LAKE TAHOE RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	4,206			$	—			$	4,206			$	5,704			$	—			$	5,704			(26.26	)%		(26.26	)%
	Total hotel revenue	$	7,079			$	—			$	7,079			$	12,206			$	36			$	12,242			(42.00	)%		(42.17	)%
	Hotel EBITDA	$	1,132			$	—			$	1,132			$	2,552			$	(1	)		$	2,551			(55.64	)%		(55.63	)%
	Hotel EBITDA margin	15.99		%						15.99		%		20.91		%						20.84		%		(4.92	)%		(4.85	)%
	Selected Operating Information:
	RevPAR	$	268.91			$	—			$	268.91			$	364.70			$	—			$	364.70			(26.27	)%		(26.27	)%
	Occupancy	58.77		%		—		%		58.77		%		78.57		%		—		%		78.57		%		(25.20	)%		(25.20	)%
	ADR	$	457.60			$	—			$	457.60			$	464.15			$	—			$	464.15			(1.41	)%		(1.41	)%
SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	1,056			$	—			$	1,056			$	10,361			$	—			$	10,361			(89.81	)%		(89.81	)%
	Total hotel revenue	$	1,177			$	—			$	1,177			$	12,392			$	—			$	12,392			(90.50	)%		(90.50	)%
	Hotel EBITDA	$	(519	)		$	—			$	(519	)		$	5,601			$	—			$	5,601			(109.27	)%		(109.27	)%
	Hotel EBITDA margin	(44.10		)%						(44.10		)%		45.20		%						45.20		%		(89.30	)%		(89.30	)%
	Selected Operating Information:
	RevPAR	$	31.81			$	—			$	31.81			$	311.95			$	—			$	311.95			(89.80	)%		(89.80	)%
	Occupancy	16.28		%		—		%		16.28		%		93.91		%		—		%		93.91		%		(82.66	)%		(82.66	)%
	ADR	$	195.33			$	—			$	195.33			$	332.18			$	—			$	332.18			(41.20	)%		(41.20	)%
ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	3,642			$	—			$	3,642			$	(8	)		$	—			$	(8	)		45,625.00	%		45,625.00	%
	Total hotel revenue	$	6,208			$	—			$	6,208			$	4,423			$	—			$	4,423			40.36	%		40.36	%
	Hotel EBITDA	$	102			$	—			$	102			$	1,541			$	—			$	1,541			(93.38	)%		(93.38	)%
	Hotel EBITDA margin	1.64		%						1.64		%		34.84		%						34.84		%		(33.20	)%		(33.20	)%
	Selected Operating Information:
	RevPAR	$	219.95			$	—			$	219.95			$	—			$	—			$	—			100.00	%		100.00	%
	Occupancy	39.55		%		—		%		39.55		%		—		%		—		%		—		%		100.00	%		100.00	%
	ADR	$	556.10			$	—			$	556.10			$	—			$	—			$	—			100.00	%		100.00	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	27,681			$	—			$	27,681			$	76,450			$	—			$	76,450			(63.79	)%		(63.79	)%
	Total hotel revenue	$	44,754			$	—			$	44,754			$	118,882			$	36			$	118,918			(62.35	)%		(62.37	)%
	Hotel EBITDA	$	358			$	—			$	358			$	33,631			$	10			$	33,641			(98.94	)%		(98.94	)%
	Hotel EBITDA margin	0.80		%						0.80		%		28.29		%						28.29		%		(27.49	)%		(27.49	)%
	Selected Operating Information:
	RevPAR	$	80.84			$	—			$	80.84			$	234.81			$	—			$	234.81			(65.57	)%		(65.57	)%
	Occupancy	26.80		%		—		%		26.80		%		83.31		%		—		%		83.31		%		(67.83	)%		(67.83	)%
	ADR	$	301.64			$	—			$	301.64			$	281.86			$	—			$	281.86			7.02	%		7.02	%

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

14

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY

(in thousands, except operating information)

(unaudited)

		Nine Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	6,857			$	—			$	6,857			$	29,960			$	—			$	29,960			(77.11	)%		(77.11	)%
	Total hotel revenue	$	11,513			$	—			$	11,513			$	43,835			$	—			$	43,835			(73.74	)%		(73.74	)%
	Hotel EBITDA	$	(3,202	)		$	—			$	(3,202	)		$	11,305			$	—			$	11,305			(128.32	)%		(128.32	)%
	Hotel EBITDA margin	(27.81		)%						(27.81		)%		25.79		%						25.79		%		(53.60	)%		(53.60	)%
	Selected Operating Information:
	RevPAR	$	45.50			$	—			$	45.50			$	199.53			$	—			$	199.53			(77.20	)%		(77.20	)%
	Occupancy	21.52		%		—		%		21.52		%		84.57		%		—		%		84.57		%		(74.55	)%		(74.55	)%
	ADR	$	211.48			$	—			$	211.48			$	235.92			$	—			$	235.92			(10.36	)%		(10.36	)%
LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	8,136			$	—			$	8,136			$	20,467			$	—			$	20,467			(60.25	)%		(60.25	)%
	Total hotel revenue	$	13,471			$	—			$	13,471			$	35,943			$	—			$	35,943			(62.52	)%		(62.52	)%
	Hotel EBITDA	$	1,343			$	—			$	1,343			$	12,447			$	—			$	12,447			(89.21	)%		(89.21	)%
	Hotel EBITDA margin	9.97		%						9.97		%		34.63		%						34.63		%		(24.66	)%		(24.66	)%
	Selected Operating Information:
	RevPAR	$	75.37			$	—			$	75.37			$	190.28			$	—			$	190.28			(60.39	)%		(60.39	)%
	Occupancy	40.82		%		—		%		40.82		%		85.23		%		—		%		85.23		%		(52.11	)%		(52.11	)%
	ADR	$	184.62			$	—			$	184.62			$	223.26			$	—			$	223.26			(17.31	)%		(17.31	)%
CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	4,638			$	—			$	4,638			$	19,053			$	—			$	19,053			(75.66	)%		(75.66	)%
	Total hotel revenue	$	6,257			$	—			$	6,257			$	26,017			$	—			$	26,017			(75.95	)%		(75.95	)%
	Hotel EBITDA	$	(4,783	)		$	—			$	(4,783	)		$	5,559			$	—			$	5,559			(186.04	)%		(186.04	)%
	Hotel EBITDA margin	(76.44		)%						(76.44		)%		21.37		%						21.37		%		(97.81	)%		(97.81	)%
	Selected Operating Information:
	RevPAR	$	40.79			$	—			$	40.79			$	168.17			$	—			$	168.17			(75.74	)%		(75.74	)%
	Occupancy	29.02		%		—		%		29.02		%		83.21		%		—		%		83.21		%		(65.12	)%		(65.12	)%
	ADR	$	140.54			$	—			$	140.54			$	202.11			$	—			$	202.11			(30.46	)%		(30.46	)%
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	5,299			$	—			$	5,299			$	10,157			$	—			$	10,157			(47.83	)%		(47.83	)%
	Total hotel revenue	$	7,114			$	—			$	7,114			$	14,270			$	—			$	14,270			(50.15	)%		(50.15	)%
	Hotel EBITDA	$	477			$	—			$	477			$	4,257			$	—			$	4,257			(88.79	)%		(88.79	)%
	Hotel EBITDA margin	6.71		%						6.71		%		29.83		%						29.83		%		(23.12	)%		(23.12	)%
	Selected Operating Information:
	RevPAR	$	297.57			$	—			$	297.57			$	600.09			$	—			$	600.09			(50.41	)%		(50.41	)%
	Occupancy	39.48		%		—		%		39.48		%		75.32		%		—		%		75.32		%		(47.58	)%		(47.58	)%
	ADR	$	753.66			$	—			$	753.66			$	796.76			$	—			$	796.76			(5.41	)%		(5.41	)%
KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	8,743			$	—			$	8,743			$	14,173			$	—			$	14,173			(38.31	)%		(38.31	)%
	Total hotel revenue	$	11,193			$	—			$	11,193			$	18,469			$	—			$	18,469			(39.40	)%		(39.40	)%
	Hotel EBITDA	$	4,601			$	—			$	4,601			$	8,817			$	—			$	8,817			(47.82	)%		(47.82	)%
	Hotel EBITDA margin	41.11		%						41.11		%		47.74		%						47.74		%		(6.63	)%		(6.63	)%
	Selected Operating Information:
	RevPAR	$	224.70			$	—			$	224.70			$	365.62			$	—			$	365.62			(38.54	)%		(38.54	)%
	Occupancy	50.78		%		—		%		50.78		%		80.70		%		—		%		80.70		%		(37.08	)%		(37.08	)%
	ADR	$	442.48			$	—			$	442.48			$	453.07			$	—			$	453.07			(2.34	)%		(2.34	)%

15

		Nine Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	3,424			$	—			$	3,424			$	9,047			$	—			$	9,047			(62.15	)%		(62.15	)%
	Total hotel revenue	$	4,397			$	—			$	4,397			$	11,558			$	—			$	11,558			(61.96	)%		(61.96	)%
	Hotel EBITDA	$	(80	)		$	—			$	(80	)		$	4,780			$	—			$	4,780			(101.67	)%		(101.67	)%
	Hotel EBITDA margin	(1.82		)%						(1.82		)%		41.36		%						41.36		%		(43.18	)%		(43.18	)%
	Selected Operating Information:
	RevPAR	$	156.20			$	—			$	156.20			$	414.22			$	—			$	414.22			(62.29	)%		(62.29	)%
	Occupancy	30.57		%		—		%		30.57		%		75.41		%		—		%		75.41		%		(59.46	)%		(59.46	)%
	ADR	$	511.03			$	—			$	511.03			$	549.28			$	—			$	549.28			(6.96	)%		(6.96	)%
PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	9,955			$	—			$	9,955			$	14,059			$	—			$	14,059			(29.19	)%		(29.19	)%
	Total hotel revenue	$	19,827			$	—			$	19,827			$	31,688			$	—			$	31,688			(37.43	)%		(37.43	)%
	Hotel EBITDA	$	4,149			$	—			$	4,149			$	9,037			$	—			$	9,037			(54.09	)%		(54.09	)%
	Hotel EBITDA margin	20.93		%						20.93		%		28.52		%						28.52		%		(7.59	)%		(7.59	)%
	Selected Operating Information:
	RevPAR	$	191.22			$	—			$	191.22			$	271.04			$	—			$	271.04			(29.45	)%		(29.45	)%
	Occupancy	33.35		%		—		%		33.35		%		61.15		%		—		%		61.15		%		(45.46	)%		(45.46	)%
	ADR	$	573.41			$	—			$	573.41			$	443.23			$	—			$	443.23			29.37	%		29.37	%
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	6,088			$	—			$	6,088			$	18,169			$	—			$	18,169			(66.49	)%		(66.49	)%
	Total hotel revenue	$	7,680			$	—			$	7,680			$	22,149			$	—			$	22,149			(65.33	)%		(65.33	)%
	Hotel EBITDA	$	(1,128	)		$	—			$	(1,128	)		$	6,517			$	(118	)		$	6,399			(117.31	)%		(117.63	)%
	Hotel EBITDA margin	(14.69		)%						(14.69		)%		29.42		%						28.89		%		(44.11	)%		(43.58	)%
	Selected Operating Information:
	RevPAR	$	44.53			$	—			$	44.53			$	133.37			$	—			$	133.37			(66.61	)%		(66.61	)%
	Occupancy	26.17		%		—		%		26.17		%		69.17		%		—		%		69.17		%		(62.17	)%		(62.17	)%
	ADR	$	170.12			$	—			$	170.12			$	192.83			$	—			$	192.83			(11.78	)%		(11.78	)%
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	7,538			$	—			$	7,538			$	31,418			$	—			$	31,418			(76.01	)%		(76.01	)%
	Total hotel revenue	$	8,791			$	—			$	8,791			$	34,342			$	—			$	34,342			(74.40	)%		(74.40	)%
	Hotel EBITDA	$	(1,705	)		$	—			$	(1,705	)		$	11,570			$	196			$	11,766			(114.74	)%		(114.49	)%
	Hotel EBITDA margin	(19.39		)%						(19.39		)%		33.69		%						34.26		%		(53.08	)%		(53.65	)%
	Selected Operating Information:
	RevPAR	$	67.10			$	—			$	67.10			$	280.69			$	—			$	280.69			(76.09	)%		(76.09	)%
	Occupancy	21.57		%		—		%		21.57		%		91.48		%		—		%		91.48		%		(76.42	)%		(76.42	)%
	ADR	$	311.13			$	—			$	311.13			$	306.83			$	—			$	306.83			1.40	%		1.40	%
SARASOTA RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	15,658			$	—			$	15,658			$	20,501			$	—			$	20,501			(23.62	)%		(23.62	)%
	Total hotel revenue	$	36,035			$	—			$	36,035			$	47,327			$	—			$	47,327			(23.86	)%		(23.86	)%
	Hotel EBITDA	$	8,658			$	—			$	8,658			$	9,164			$	—			$	9,164			(5.52	)%		(5.52	)%
	Hotel EBITDA margin	24.03		%						24.03		%		19.36		%						19.36		%		4.67	%		4.67	%
	Selected Operating Information:
	RevPAR	$	214.83			$	—			$	214.83			$	282.32			$	—			$	282.32			(23.91	)%		(23.91	)%
	Occupancy	51.81		%		—		%		51.81		%		70.70		%		—		%		70.70		%		(26.72	)%		(26.72	)%
	ADR	$	414.62			$	—			$	414.62			$	399.31			$	—			$	399.31			3.83	%		3.83	%

16

		Nine Months Ended September 30,
		Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual			Comparable
		2020				2020				2020				2019				2019				2019				% Variance			% Variance
LAKE TAHOE RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	11,952			$	—			$	11,952			$	16,500			$	1,719			$	18,219			—	%		(34.40	)%
	Total hotel revenue	$	21,038			$	(140	)		$	20,898			$	31,624			$	2,855			$	34,479			—	%		(39.39	)%
	Hotel EBITDA	$	2,382			$	—			$	2,382			$	6,035			$	798			$	6,833			—	%		(65.14	)%
	Hotel EBITDA margin	11.32		%						11.40		%		19.08		%						19.82		%		(7.76	)%		(8.42	)%
	Selected Operating Information:
	RevPAR	$	256.59			$	—			$	256.59			$	374.75			$	722.13			$	392.56			—	%		(34.64	)%
	Occupancy	42.66		%		—		%		42.66		%		68.50		%		77.52		%		68.97		%		—	%		(38.15	)%
	ADR	$	601.48			$	—			$	601.48			$	547.05			$	931.53			$	569.22			—	%		5.67	%
SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	4,821			$	—			$	4,821			$	23,378			$	—			$	23,378			(79.38	)%		(79.38	)%
	Total hotel revenue	$	6,155			$	—			$	6,155			$	29,637			$	—			$	29,637			(79.23	)%		(79.23	)%
	Hotel EBITDA	$	(1,221	)		$	—			$	(1,221	)		$	11,890			$	—			$	11,890			(110.27	)%		(110.27	)%
	Hotel EBITDA margin	(19.84		)%						(19.84		)%		40.12		%						40.12		%		(59.96	)%		(59.96	)%
	Selected Operating Information:
	RevPAR	$	48.74			$	—			$	48.74			$	237.21			$	—			$	237.21			(79.45	)%		(79.45	)%
	Occupancy	23.00		%		—		%		23.00		%		85.88		%		—		%		85.88		%		(73.22	)%		(73.22	)%
	ADR	$	211.90			$	—			$	211.90			$	276.20			$	—			$	276.20			(23.28	)%		(23.28	)%
ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	10,958			$	—			$	10,958			$	834			$	—			$	834			1,213.91	%		1,213.91	%
	Total hotel revenue	$	21,698			$	—			$	21,698			$	19,047			$	—			$	19,047			13.92	%		13.92	%
	Hotel EBITDA	$	2,373			$	—			$	2,373			$	10,479			$	—			$	10,479			(77.35	)%		(77.35	)%
	Hotel EBITDA margin	10.94		%						10.94		%		55.02		%						55.02		%		(44.08	)%		(44.08	)%
	Selected Operating Information:
	RevPAR	$	226.68			$	—			$	226.68			$	311.24			$	—			$	311.24			(27.17	)%		(27.17	)%
	Occupancy	33.36		%		—		%		33.36		%		81.06		%		—		%		81.06		%		(58.85	)%		(58.85	)%
	ADR	$	679.57			$	—			$	679.57			$	383.97			$	—			$	383.97			76.99	%		76.99	%
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	104,067			$	—			$	104,067			$	227,716			$	1,719			$	229,435			(54.30	)%		(54.64	)%
	Total hotel revenue	$	175,169			$	(140	)		$	175,029			$	365,906			$	2,855			$	368,761			(52.13	)%		(52.54	)%
	Hotel EBITDA	$	11,864			$	—			$	11,864			$	111,857			$	876			$	112,733			(89.39	)%		(89.48	)%
	Hotel EBITDA margin	6.77		%						6.78		%		30.57		%						30.57		%		(23.80	)%		(23.79	)%
	Selected Operating Information:
	RevPAR	$	102.14			$	—			$	102.14			$	235.62			$	722.13			$	236.82			(56.65	)%		(56.87	)%
	Occupancy	31.10		%		—		%		31.10		%		79.68		%		77.52		%		79.68		%		(60.97	)%		(60.97	)%
	ADR	$	328.42			$	—			$	328.42			$	295.70			$	931.53			$	297.22			11.07	%		10.50	%

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4) 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)

		TTM Ended September 30,
		Actual				Non-comparable Adjustments				Comparable
		2020				2020				2020
CAPITAL HILTON WASHINGTON D.C.
	Selected Financial Information:
	Rooms revenue	$	15,632			$	—			$	15,632
	Total hotel revenue	$	24,963			$	—			$	24,963
	Hotel EBITDA	$	(366	)		$	—			$	(366	)
	Hotel EBITDA margin	(1.47		)%						(1.47		)%
	Selected Operating Information:
	RevPAR	$	77.66			$	—			$	77.66
	Occupancy	35.74		%		—		%		35.74		%
	ADR	$	217.26			$	—			$	217.26
LA JOLLA HILTON TORREY PINES
	Selected Financial Information:
	Rooms revenue	$	13,491			$	—			$	13,491
	Total hotel revenue	$	24,501			$	—			$	24,501
	Hotel EBITDA	$	4,591			$	—			$	4,591
	Hotel EBITDA margin	18.74		%						18.74		%
	Selected Operating Information:
	RevPAR	$	93.56			$	—			$	93.56
	Occupancy	49.82		%		—		%		49.82		%
	ADR	$	187.78			$	—			$	187.78
CHICAGO SOFITEL MAGNIFICENT MILE
	Selected Financial Information:
	Rooms revenue	$	10,951			$	—			$	10,951
	Total hotel revenue	$	15,010			$	—			$	15,010
	Hotel EBITDA	$	(3,173	)		$	—			$	(3,173	)
	Hotel EBITDA margin	(21.14		)%						(21.14		)%
	Selected Operating Information:
	RevPAR	$	72.09			$	—			$	72.09
	Occupancy	41.79		%		—		%		41.79		%
	ADR	$	172.51			$	—			$	172.51
BARDESSONO HOTEL AND SPA
	Selected Financial Information:
	Rooms revenue	$	8,775			$	—			$	8,775
	Total hotel revenue	$	11,904			$	—			$	11,904
	Hotel EBITDA	$	1,830			$	—			$	1,830
	Hotel EBITDA margin	15.37		%						15.37		%
	Selected Operating Information:
	RevPAR	$	368.90			$	—			$	368.90
	Occupancy	48.29		%		—		%		48.29		%
	ADR	$	763.87			$	—			$	763.87
KEY WEST PIER HOUSE RESORT
	Selected Financial Information:
	Rooms revenue	$	13,805			$	—			$	13,805
	Total hotel revenue	$	17,780			$	—			$	17,780
	Hotel EBITDA	$	7,484			$				$	7,484
	Hotel EBITDA margin	42.09		%						42.09		%
	Selected Operating Information:
	RevPAR	$	265.61			$	—			$	265.61
	Occupancy	59.74		%		—		%		59.74		%
	ADR	$	444.64			$	—			$	444.64

18

		TTM Ended September 30,
		Actual				Non-comparable Adjustments				Comparable
		2020				2020				2020
HOTEL YOUNTVILLE
	Selected Financial Information:
	Rooms revenue	$	6,431			$	—			$	6,431
	Total hotel revenue	$	8,144			$	—			$	8,144
	Hotel EBITDA	$	1,342			$	—			$	1,342
	Hotel EBITDA margin	16.48		%						16.48		%
	Selected Operating Information:
	RevPAR	$	219.66			$	—			$	219.66
	Occupancy	40.34		%		—		%		40.34		%
	ADR	$	544.47			$	—			$	544.47
PARK HYATT BEAVER CREEK
	Selected Financial Information:
	Rooms revenue	$	14,105			$	—			$	14,105
	Total hotel revenue	$	28,827			$	—			$	28,827
	Hotel EBITDA	$	5,254			$	—			$	5,254
	Hotel EBITDA margin	18.23		%						18.23		%
	Selected Operating Information:
	RevPAR	$	202.84			$	—			$	202.84
	Occupancy	38.26		%		—		%		38.26		%
	ADR	$	530.21			$	—			$	530.21
THE NOTARY HOTEL
	Selected Financial Information:
	Rooms revenue	$	13,935			$	—			$	13,935
	Total hotel revenue	$	17,418			$	—			$	17,418
	Hotel EBITDA	$	2,205			$	118			$	2,323
	Hotel EBITDA margin	12.66		%						13.34		%
	Selected Operating Information:
	RevPAR	$	76.30			$	—			$	76.30
	Occupancy	39.96		%		—		%		39.96		%
	ADR	$	190.96			$	—			$	190.96
THE CLANCY
	Selected Financial Information:
	Rooms revenue	$	16,696			$	—			$	16,696
	Total hotel revenue	$	18,616			$	—			$	18,616
	Hotel EBITDA	$	973			$	(196	)		$	777
	Hotel EBITDA margin	5.23		%						4.17		%
	Selected Operating Information:
	RevPAR	$	111.26			$	—			$	111.26
	Occupancy	37.65		%		—		%		37.65		%
	ADR	$	295.49			$	—			$	295.49
SARASOTA RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	23,088			$	—			$	23,088
	Total hotel revenue	$	54,232			$	—			$	54,232
	Hotel EBITDA	$	13,120			$	—			$	13,120
	Hotel EBITDA margin	24.19		%						24.19		%
	Selected Operating Information:
	RevPAR	$	237.15			$	—			$	237.15
	Occupancy	59.26		%		—		%		59.26		%
	ADR	$	400.20			$	—			$	400.20

19

		TTM Ended September 30,
		Actual				Non-comparable Adjustments				Comparable
		2020				2020				2020
LAKE TAHOE RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	17,814			$	—			$	17,814
	Total hotel revenue	$	32,688			$	(95	)		$	32,593
	Hotel EBITDA	$	4,522			$	34			$	4,556
	Hotel EBITDA margin	13.83		%						13.98		%
	Selected Operating Information:
	RevPAR	$	286.31			$	—			$	286.31
	Occupancy	48.09		%		—		%		48.09		%
	ADR	$	595.37			$	—			$	595.37
SEATTLE MARRIOTT WATERFRONT
	Selected Financial Information:
	Rooms revenue	$	10,678			$	—			$	10,678
	Total hotel revenue	$	14,015			$	—			$	14,015
	Hotel EBITDA	$	1,139			$	—			$	1,139
	Hotel EBITDA margin	8.13		%						8.13		%
	Selected Operating Information:
	RevPAR	$	80.82			$	—			$	80.82
	Occupancy	36.15		%		—		%		36.15		%
	ADR	$	223.58			$	—			$	223.58
ST. THOMAS RITZ-CARLTON
	Selected Financial Information:
	Rooms revenue	$	13,419			$	—			$	13,419
	Total hotel revenue	$	28,773			$	—			$	28,773
	Hotel EBITDA	$	3,293			$	—			$	3,293
	Hotel EBITDA margin	11.44		%						11.44		%
	Selected Operating Information:
	RevPAR	$	236.88			$	—			$	236.88
	Occupancy	34.06		%		—		%		34.06		%
	ADR	$	695.53			$	—			$	695.53
BRAEMAR PROPERTIES TOTAL
	Selected Financial Information:
	Rooms revenue	$	178,820			$				$	178,820
	Total hotel revenue	$	296,871			$	(95	)		$	296,776
	Hotel EBITDA	$	42,214			$	(44	)		$	42,170
	Hotel EBITDA margin	14.22		%						14.21		%
	Selected Operating Information:
	RevPAR	$	132.16			$	—			$	132.16
	Occupancy	42.30		%		—		%		42.30		%
	ADR	$	312.42			$	—			$	312.42

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2) All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.

(4) See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA

20

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS

(dollars in thousands)

(unaudited)

	Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable				Actual				Non-comparable Adjustments				Comparable
	2020				2020				2020				2020				2020				2020				2020				2020				2020				2019				2019				2019
	3rd Quarter				3rd Quarter				3rd Quarter				2nd Quarter				2nd Quarter				2nd Quarter				1st Quarter				1st Quarter				1st Quarter				4th Quarter				4th Quarter				4th Quarter
Total Hotel Revenue	$	44,754			$	—			$	44,754			$	12,895			$	—			$	12,895			$	117,520			$	(138	)		$	117,382			$	121,702			$	43			$	121,745
Hotel EBITDA	$	358			$	—			$	358			$	(15,804	)		$	—			$	(15,804	)		$	27,310			$	—			$	27,310			$	30,350			$	(44	)		$	30,306
Hotel EBITDA Margin	0.80		%						0.80		%		(122.56		)%						(122.56		)%		23.24		%						23.27		%		24.94		%						24.89		%
EBITDA % of Total TTM	0.8		%						0.8		%		(37.4		)%						(37.5		)%		64.7		%						64.8		%		71.9		%						71.9		%
JV Interests in EBITDA	$	(338	)		$	—			$	(338	)		$	(1,084	)		$	—			$	(1,084	)		$	957			$	—			$	957			$	1,521			$	—			$	1,521
	Actual				Non-comparable Adjustments				Comparable
	2020				2020				2020
	TTM				TTM				TTM
Total Hotel Revenue	$	296,871			$	(95	)		$	296,776
Hotel EBITDA	$	42,214			$	(44	)		$	42,170
Hotel EBITDA Margin	14.22		%						14.21		%
EBITDA % of Total TTM	100.0		%						100.0		%
JV Interests in EBITDA	$	1,056			$	—			$	1,056

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

21

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

TOTAL ENTERPRISE VALUE

SEPTEMBER 30, 2020

(in thousands, except share price)

(unaudited)

	September 30, 2020
Common stock shares outstanding	36,600
Partnership units outstanding (common stock equivalents)	4,483
Combined common stock shares and partnership units outstanding	41,083
Common stock price	$	2.50
Market capitalization	$	102,708
Series B cumulative convertible preferred stock	$	125,787
Series D cumulative preferred stock	$	40,000
Indebtedness	$	1,130,513
Joint venture partner's share of consolidated indebtedness	$	(49,307	)
Net working capital (see below)	$	(86,190	)
Total enterprise value (TEV)	$	1,263,511
Cash and cash equivalents	$	87,257
Restricted cash	$	32,980
Accounts receivable, net	$	17,099
Prepaid expenses	$	4,063
Due from third-party hotel managers, net	$	12,929
Total current assets	$	154,328
Accounts payable, net & accrued expenses	$	64,267
Dividends and distributions payable	$	3,208
Due to affiliates, net	$	663
Total current liabilities	$	68,138
Net working capital*	$	86,190

* Includes the Company's pro rata share of net working capital in joint ventures.

22

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	2020				2020				2020				2019				September 30, 2020
	3rd Quarter				2nd Quarter				1st Quarter				4th Quarter				TTM
Net income (loss)	$	(10,815	)		$	(38,076	)		$	(1,459	)		$	31,806			$	(18,544	)
Non-property adjustments	(10,149		)		813				—				(26,320		)		(35,656		)
Interest income	(10		)		(18		)		(62		)		(69		)		(159		)
Interest expense	2,463				4,570				4,906				5,210				17,149
Amortization of loan costs	297				287				282				309				1,175
Depreciation and amortization	18,507				18,553				18,338				18,310				73,708
Income tax expense (benefit)	8				(804		)		335				(173		)		(634		)
Non-hotel EBITDA ownership expense	57				(1,129		)		4,970				1,277				5,175
Hotel EBITDA including amounts attributable to noncontrolling interest	358				(15,804		)		27,310				30,350				42,214
Non-comparable adjustments	—				—				—				(44		)		(44		)
Comparable hotel EBITDA	$	358			$	(15,804	)		$	27,310			$	30,306			$	42,170

23

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2020
	Capital Hilton Washington D.C.				La Jolla Hilton Torrey Pines				Chicago Sofitel Magnificent Mile				Bardessono Hotel & Spa				Key West Pier House Resort				Hotel Yountville				Park Hyatt Beaver Creek				The Notary Hotel				The Clancy				Sarasota Ritz-Carlton				Lake Tahoe Ritz-Carlton				Seattle Marriott Waterfront				St. Thomas Ritz-Carlton				Hotel Total				Corporate / Allocated				Braemar Hotels & Resorts Inc.
Net income (loss)	$	(3,500	)		$	(833	)		$	(2,832	)		$	(49	)		$	(127	)		$	(666	)		$	(788	)		$	(2,852	)		$	(5,002	)		$	(845	)		$	169			$	(1,480	)		$	7,990			$	(10,815	)		$	(8,246	)		$	(19,061	)
Non-property adjustments	—				—				—				—				—				—				—				—				—				—				—				—				(10,149		)		(10,149		)		10,149				—
Interest income	—				—				—				—				—				—				—				—				(1		)		(5		)		—				(4		)		—				(10		)		10				—
Interest expense	—				—				—				286				429				365				(422		)		—				—				943				324				—				538				2,463				1,711				4,174
Amortization of loan cost	—				—				—				37				71				39				6				—				—				84				34				—				26				297				392				689
Depreciation and amortization	1,904				1,192				1,671				697				786				613				1,240				2,180				3,045				1,516				700				997				1,966				18,507				—				18,507
Income tax expense (benefit)	—				(1		)		—				—				—				—				—				2				—				—				—				—				7				8				(1,553		)		(1,545		)
Non-hotel EBITDA ownership expense	(44		)		(70		)		9				185				(4		)		49				247				24				(37		)		101				(95		)		(32		)		(276		)		57				(57		)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(1,640		)		288				(1,152		)		1,156				1,155				400				283				(646		)		(1,995		)		1,794				1,132				(519		)		102				358				2,406				2,764
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	410				(72		)		—				—				—				—				—				—				—				—				—				—				—				338				(338		)		—
Equity in earnings (loss) of unconsolidated entities	—				—				—				—				—				—				—				—				—				—				—				—				—				—				58				58
Company's portion of EBITDA of OpenKey	—				—				—				—				—				—				—				—				—				—				—				—				—				—				(56		)		(56		)
Hotel EBITDA attributable to the Company and OP unitholders	$	(1,230	)		$	216			$	(1,152	)		$	1,156			$	1,155			$	400			$	283			$	(646	)		$	(1,995	)		$	1,794			$	1,132			$	(519	)		$	102			$	696			$	2,070			$	2,766
Non-comparable adjustments	—				—				—				—				—				—				—				—				—				—				—				—				—				—
Comparable hotel EBITDA	$	(1,640	)		$	288			$	(1,152	)		$	1,156			$	1,155			$	400			$	283			$	(646	)		$	(1,995	)		$	1,794			$	1,132			$	(519	)		$	102			$	358
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(1,640	)		$	288			$	(1,152	)		$	1,156			$	1,155			$	400			$	283			$	(646	)		$	—			$	1,794			$	1,132			$	(519	)		$	102			$	2,353
Non-comparable adjustments	—				—				—				—				—				—				—				—				—				—				—				—				—				—
Comparable hotel EBITDA	$	(1,640	)		$	288			$	(1,152	)		$	1,156			$	1,155			$	400			$	283			$	(646	)		$	—			$	1,794			$	1,132			$	(519	)		$	102			$	2,353

BAML (Pier House)	$	—			$	—			$	—			$	—			$	1,155			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	1,155
BAML (Bardessono)	—				—				—				1,156				—				—				—				—				—				—				—				—				—				1,156
BAML (Hotel Yountville)	—				—				—				—				—				400				—				—				—				—				—				—				—				400
Apollo (Ritz-Carlton St. Thomas)	—				—				—				—				—				—				—				—				—				—				—				—				—				102
Prudential (Capital Hilton and Hilton Torrey Pines)	(1,640		)		288				—				—				—				—				—				—				—				—				—				—				—				(1,352		)
BAML Pool (see footnote 4)	—				—				(1,152		)		—				—				—				—				(646		)		(1,995		)		—				—				(519		)		—				(4,312		)
JP Morgan (Park Hyatt Beaver Creek)	—				—				—				—				—				—				283				—				—				—				—				—				—				283
BAML (Ritz-Carlton Sarasota)	—				—				—				—				—				—				—				—				—				1,794				—				—				—				1,794
BAML (Ritz-Carlton Lake Tahoe)	—				—				—				—				—				—				—				—				—				—				1,132				—				—				1,132
Total	$	(1,640	)		$	288			$	(1,152	)		$	1,156			$	1,155			$	400			$	283			$	(646	)		$	(1,995	)		$	1,794			$	1,132			$	(519	)		$	—			$	358

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    Excluded Hotel Under Renovation:

The Clancy

(4)     This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

24

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended 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				The Clancy				Sarasota Ritz-Carlton				Lake Tahoe Ritz-Carlton				Seattle Marriott Waterfront				St. Thomas Ritz-Carlton				Hotel Total				Corporate / Allocated				Braemar Hotels & Resorts Inc.
Net income (loss)	$	(3,909	)		$	(2,246	)		$	(3,417	)		$	(2,194	)		$	(1,810	)		$	(1,669	)		$	(4,251	)		$	(3,330	)		$	(4,918	)		$	(1,673	)		$	(2,955	)		$	(2,120	)		$	(3,584	)		$	(38,076	)		$	(13,415	)		$	(51,491	)
Non-property adjustments	—				—				—				100				200				128				—				—				—				250				135				—				—				813				(813		)		—
Interest income	(2		)		(3		)		—				—				—				—				—				(1		)		(2		)		(5		)		—				(5		)		—				(18		)		18				—
Interest expense	—				—				—				313				482				397				1,478				—				—				1,009				359				—				532				4,570				7,280				11,850
Amortization of loan cost	—				—				—				36				70				38				—				—				—				83				34				—				26				287				660				947
Depreciation and amortization	1,910				1,352				1,667				877				743				609				1,225				2,170				2,966				1,482				695				976				1,881				18,553				—				18,553
Income tax expense (benefit)	—				(806		)		—				—				—				—				—				2				—				—				—				—				—				(804		)		(3,643		)		(4,447		)
Non-hotel EBITDA ownership expense	(641		)		8				(11		)		82				(17		)		—				(139		)		55				74				64				94				(85		)		(613		)		(1,129		)		1,129				—
Hotel EBITDA including amounts attributable to noncontrolling interest	(2,642		)		(1,695		)		(1,761		)		(786		)		(332		)		(497		)		(1,687		)		(1,104		)		(1,880		)		1,210				(1,638		)		(1,234		)		(1,758		)		(15,804		)		(8,784		)		(24,588		)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	660				424				—				—				—				—				—				—				—				—				—				—				—				1,084				(1,084		)		—
Equity in earnings (loss) of unconsolidated entities	—				—				—				—				—				—				—				—				—				—				—				—				—				—				40				40
Company's portion of EBITDA of OpenKey	—				—				—				—				—				—				—				—				—				—				—				—				—				—				(40		)		(40		)
Hotel EBITDA attributable to the Company and OP unitholders	$	(1,982	)		$	(1,271	)		$	(1,761	)		$	(786	)		$	(332	)		$	(497	)		$	(1,687	)		$	(1,104	)		$	(1,880	)		$	1,210			$	(1,638	)		$	(1,234	)		$	(1,758	)		$	(14,720	)		$	(9,868	)		$	(24,588	)
Non-comparable adjustments	—				—				—				—				—				—				—				—				—				—				—				—				—				—
Comparable hotel EBITDA	$	(2,642	)		$	(1,695	)		$	(1,761	)		$	(786	)		$	(332	)		$	(497	)		$	(1,687	)		$	(1,104	)		$	(1,880	)		$	1,210			$	(1,638	)		$	(1,234	)		$	(1,758	)		$	(15,804	)

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House)	$	—			$	—			$	—			$	—			$	(332	)		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	(332	)
BAML (Bardessono)	—				—				—				(786		)		—				—				—				—				—				—				—				—				—				(786		)
BAML (Hotel Yountville)	—				—				—				—				—				(497		)		—				—				—				—				—				—				—				(497		)
Apollo (Ritz-Carlton St. Thomas)	—				—				—				—				—				—				—				—				—				—				—				—				(1,758		)		(1,758		)
Prudential (Capital Hilton and Hilton Torrey Pines)	(2,642		)		(1,695		)		—				—				—				—				—				—				—				—				—				—				—				(4,337		)
BAML Pool (see footnote 3)	—				—				(1,761		)		—				—				—				—				(1,104		)		(1,880		)		—				—				(1,234		)		—				(5,979		)
JP Morgan (Park Hyatt Beaver Creek)	—				—				—				—				—				—				(1,687		)		—				—				—				—				—				—				(1,687		)
BAML (Ritz-Carlton Sarasota)	—				—				—				—				—				—				—				—				—				1,210				—				—				—				1,210
BAML (Ritz-Carlton Lake Tahoe)	—				—				—				—				—				—				—				—				—				—				(1,638		)		—				—				(1,638		)
Total	$	(2,642	)		$	(1,695	)		$	(1,761	)		$	(786	)		$	(332	)		$	(497	)		$	(1,687	)		$	(1,104	)		$	(1,880	)		$	1,210			$	(1,638	)		$	(1,234	)		$	(1,758	)		$	(15,804	)

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

25

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended March 31, 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				The Clancy				Sarasota Ritz-Carlton				Lake Tahoe Ritz-Carlton				Seattle Marriott Waterfront				St. Thomas Ritz-Carlton				Hotel Total				Corporate / Allocated				Braemar Hotels & Resorts Inc.
Net income (loss)	$	(1,652	)		$	844			$	(3,734	)		$	(1,366	)		$	2,241			$	(1,217	)		$	3,368			$	(1,889	)		$	(1,101	)		$	2,331			$	1,009			$	(909	)		$	616			$	(1,459	)		$	(13,928	)		$	(15,387	)
Non-property adjustments	—				—				—				—				—				—				—				—				—				—				—				—				—				—				—				—
Interest income	(8		)		(13		)		—				—				—				—				—				(5		)		(6		)		(14		)		—				(15		)		(1		)		(62		)		62				—
Interest expense	—				—				—				427				713				545				725				—				—				1,306				515				—				675				4,906				5,920				10,826
Amortization of loan cost	—				—				—				35				69				37				—				—				—				82				33				—				26				282				789				1,071
Depreciation and amortization	1,938				1,391				1,661				858				714				607				1,224				2,250				2,963				1,471				680				979				1,602				18,338				—				18,338
Income tax expense (benefit)	—				333				—				—				—				—				—				2				—				—				—				—				—				335				1,035				1,370
Non-hotel EBITDA ownership expense	802				195				203				153				41				45				236				264				314				478				651				477				1,111				4,970				(4,970		)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	1,080				2,750				(1,870		)		107				3,778				17				5,553				622				2,170				5,654				2,888				532				4,029				27,310				(11,092		)		16,218
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(270		)		(687		)		—				—				—				—				—				—				—				—				—				—				—				(957		)		957				—
Equity in earnings (loss) of unconsolidated entities	—				—				—				—				—				—				—				—				—				—				—				—				—				—				40				40
Company's portion of EBITDA of OpenKey	—				—				—				—				—				—				—				—				—				—				—				—				—				—				(39		)		(39		)
Hotel EBITDA attributable to the Company and OP unitholders	$	810			$	2,063			$	(1,870	)		$	107			$	3,778			$	17			$	5,553			$	622			$	2,170			$	5,654			$	2,888			$	532			$	4,029			$	26,353			$	(10,134	)		$	16,219
Non-comparable adjustments	—				—				—				—				—				—				—				—				—				—				—				—				—				—
Comparable hotel EBITDA	$	1,080			$	2,750			$	(1,870	)		$	107			$	3,778			$	17			$	5,553			$	622			$	2,170			$	5,654			$	2,888			$	532			$	4,029			$	27,310

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House)	$	—			$	—			$	—			$	—			$	3,778			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	3,778
BAML (Bardessono)	—				—				—				107				—				—				—				—				—				—				—				—				—				107
BAML (Hotel Yountville)	—				—				—				—				—				17				—				—				—				—				—				—				—				17
Apollo (Ritz-Carlton St. Thomas)	—				—				—				—				—				—				—				—				—				—				—				—				4,029				4,029
Prudential (Capital Hilton and Hilton Torrey Pines)	1,080				2,750				—				—				—				—				—				—				—				—				—				—				—				3,830
BAML Pool (see footnote 3)	—				—				(1,870		)		—				—				—				—				622				2,170				—				—				532				—				1,454
JP Morgan (Park Hyatt Beaver Creek)	—				—				—				—				—				—				5,553				—				—				—				—				—				—				5,553
BAML (Ritz-Carlton Sarasota)	—				—				—				—				—				—				—				—				—				5,654				—				—				—				5,654
BAML (Ritz-Carlton Lake Tahoe)	—				—				—				—				—				—				—				—				—				—				2,888				—				—				2,888
Total	$	1,080			$	2,750			$	(1,870	)		$	107			$	3,778			$	17			$	5,553			$	622			$	2,170			$	5,654			$	2,888			$	532			$	4,029			$	27,310

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

26

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended December 31, 2019
	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				The Clancy				Sarasota Ritz-Carlton				Lake Tahoe Ritz-Carlton				Seattle Marriott Waterfront				St. Thomas Ritz-Carlton				Hotel Total				Corporate / Allocated				Braemar Hotels & Resorts Inc.
Net income (loss)	$	827			$	1,921			$	(92	)		$	(99	)		$	1,413			$	176			$	(862	)		$	891			$	(313	)		$	1,316			$	137			$	1,301			$	25,190			$	31,806			$	(14,711	)		$	17,095
Non-property adjustments	—				—				—				—				(89		)		—				—				—				—				—				—				—				(26,231		)		(26,320		)		26,320				—
Interest income	(13		)		(17		)		—				—				—				—				—				(9		)		(4		)		(16		)		—				(9		)		(1		)		(69		)		69				—
Interest expense	—				—				—				448				755				572				794				—				—				1,359				544				—				738				5,210				6,308				11,518
Amortization of loan cost	—				—				—				35				69				37				—				—				—				81				33				—				54				309				786				1,095
Depreciation and amortization	1,987				1,406				1,659				858				730				604				1,223				2,245				2,859				1,496				1,243				988				1,012				18,310				(189		)		18,121
Income tax expense (benefit)	—				(87		)		—				—				—				—				—				(52		)		—				—				—				—				(34		)		(173		)		444				271
Non-hotel EBITDA ownership expense	35				25				43				111				5				33				(50		)		258				136				226				183				80				192				1,277				(1,277		)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,836				3,248				1,610				1,353				2,883				1,422				1,105				3,333				2,678				4,462				2,140				2,360				920				30,350				17,750				48,100
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(709		)		(811		)		—				—				—				—				—				—				—				—				—				—				—				(1,520		)		1,520				—
Equity in earnings (loss) of unconsolidated entities	—				—				—				—				—				—				—				—				—				—				—				—				—				—				50				50
Company's portion of EBITDA of OpenKey	—				—				—				—				—				—				—				—				—				—				—				—				—				—				(48		)		(48		)
Hotel EBITDA attributable to the Company and OP unitholders	$	2,127			$	2,437			$	1,610			$	1,353			$	2,883			$	1,422			$	1,105			$	3,333			$	2,678			$	4,462			$	2,140			$	2,360			$	920			$	28,830			$	19,272			$	48,102
Non-comparable adjustments	—				—				—				—				—				—				—				118				(196		)		—				34				—				—				(44		)
Comparable hotel EBITDA	$	2,836			$	3,248			$	1,610			$	1,353			$	2,883			$	1,422			$	1,105			$	3,451			$	2,482			$	4,462			$	2,174			$	2,360			$	920			$	30,306

COMPARABLE HOTEL EBITDA BY LOAN POOL

(in thousands)

(unaudited)

BAML (Pier House)	$	—			$	—			$	—			$	—			$	2,883			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	2,883
BAML (Bardessono)	—				—				—				1,353				—				—				—				—				—				—				—				—				—				1,353
BAML (Hotel Yountville)	—				—				—				—				—				1,422				—				—				—				—				—				—				—				1,422
Apollo (Ritz-Carlton St. Thomas)	—				—				—				—				—				—				—				—				—				—				—				—				920				920
Prudential (Capital Hilton and Hilton Torrey Pines)	2,836				3,248				—				—				—				—				—				—				—				—				—				—				—				6,084
BAML Pool (see footnote 3)	—				—				1,610				—				—				—				—				3,451				2,482				—				—				2,360				—				9,903
JP Morgan (Park Hyatt Beaver Creek)	—				—				—				—				—				—				1,105				—				—				—				—				—				—				1,105
BAML (Ritz-Carlton Sarasota)	—				—				—				—				—				—				—				—				—				4,462				—				—				—				4,462
BAML (Ritz-Carlton Lake Tahoe)	—				—				—				—				—				—				—				—				—				—				2,174				—				—				2,174
Total	$	2,836			$	3,248			$	1,610			$	1,353			$	2,883			$	1,422			$	1,105			$	3,451			$	2,482			$	4,462			$	2,174			$	2,360			$	920			$	30,306

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3) This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

27

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Three Months Ended September 30, 2019
	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				The Clancy				Sarasota Ritz-Carlton				Lake Tahoe Ritz-Carlton				Seattle Marriott Waterfront				St. Thomas Ritz-Carlton				Hotel Total				Corporate / Allocated				Braemar Hotels & Resorts Inc.
Net income (loss)	$	328			$	2,574			$	1,232			$	803			$	824			$	1,168			$	(187	)		$	(981	)		$	985			$	(2,710	)		$	644			$	4,667			$	63			$	9,410			$	(18,364	)		$	(8,954	)
Non-property adjustments	—				—				—				—				—				—				—				1,186				—				(23		)		—				—				278				1,441				(1,441		)		—
Interest income	(17		)		(18		)		—				—				—				—				—				(6		)		(5		)		(18		)		—				(14		)		(1		)		(79		)		79				—
Interest expense	—				—				—				491				9				625				861				—				—				1,465				600				—				778				4,829				7,770				12,599
Amortization of loan cost	—				—				—				35				—				37				—				—				—				80				32				—				45				229				818				1,047
Depreciation and amortization	1,974				1,406				1,654				659				698				592				1,187				2,226				2,724				1,448				1,115				985				163				16,831				—				16,831
Income tax expense (benefit)	—				(87		)		—				—				—				—				—				6				—				—				—				—				3				(78		)		233				155
Non-hotel EBITDA ownership expense	3				19				104				123				11				73				26				306				10				37				161				(37		)		212				1,048				(1,048		)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	2,288				3,894				2,990				2,111				1,542				2,495				1,887				2,737				3,714				279				2,552				5,601				1,541				33,631				(11,953		)		21,678
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(572		)		(973		)		—				—				—				—				—				—				—				—				—				—				—				(1,545		)		1,545				—
Equity in earnings (loss) of unconsolidated entities	—				—				—				—				—				—				—				—				—				—				—				—				—				—				48				48
Company's portion of EBITDA of OpenKey	—				—				—				—				—				—				—				—				—				—				—				—				—				—				(50		)		(50		)
Hotel EBITDA attributable to the Company and OP unitholders	$	1,716			$	2,921			$	2,990			$	2,111			$	1,542			$	2,495			$	1,887			$	2,737			$	3,714			$	279			$	2,552			$	5,601			$	1,541			$	32,086			$	(10,410	)		$	21,676
Non-comparable adjustments	—				—				—				—				—				—				—				(118		)		129				—				(1		)		—				—				10
Comparable hotel EBITDA	$	2,288			$	3,894			$	2,990			$	2,111			$	1,542			$	2,495			$	1,887			$	2,619			$	3,843			$	279			$	2,551			$	5,601			$	1,541			$	33,641
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	2,288			$	3,894			$	2,990			$	2,111			$	1,542			$	2,495			$	1,887			$	2,737			$	—			$	279			$	2,552			$	5,601			$	1,541			$	29,917
Non-comparable adjustments	—				—				—				—				—				—				—				(118		)		—				—				(1		)		—				—				(119		)
Comparable hotel EBITDA	$	2,288			$	3,894			$	2,990			$	2,111			$	1,542			$	2,495			$	1,887			$	2,619			$	—			$	279			$	2,551			$	5,601			$	1,541			$	29,798

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    Excluded Hotel Under Renovation:

The Clancy

28

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 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				The Clancy				Sarasota Ritz-Carlton				Lake Tahoe Ritz-Carlton				Seattle Marriott Waterfront				St. Thomas Ritz-Carlton				Hotel Total				Corporate / Allocated				Braemar Hotels & Resorts Inc.
Net income (loss)	$	(9,061	)		$	(2,235	)		$	(9,983	)		$	(3,609	)		$	304			$	(3,552	)		$	(1,671	)		$	(8,071	)		$	(11,021	)		$	(187	)		$	(1,777	)		$	(4,509	)		$	5,022			$	(50,350	)		$	(35,589	)		$	(85,939	)
Non-property adjustments	—				—				—				100				200				128				—				—				—				250				135				—				(10,149		)		(9,336		)		9,336				—
Interest income	(10		)		(16		)		—				—				—				—				—				(6		)		(9		)		(24		)		—				(24		)		(1		)		(90		)		90				—
Interest expense	—				—				—				1,026				1,624				1,307				1,781				—				—				3,258				1,198				—				1,745				11,939				14,911				26,850
Amortization of loan cost	—				—				—				108				210				114				6				—				—				249				101				—				78				866				1,841				2,707
Depreciation and amortization	5,752				3,935				4,999				2,432				2,243				1,829				3,689				6,600				8,974				4,469				2,075				2,952				5,449				55,398				—				55,398
Income tax expense (benefit)	—				(474		)		—				—				—				—				—				6				—				—				—				—				7				(461		)		(4,161		)		(4,622		)
Non-hotel EBITDA ownership expense	117				133				201				420				20				94				344				343				351				643				650				360				222				3,898				(3,898		)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	(3,202		)		1,343				(4,783		)		477				4,601				(80		)		4,149				(1,128		)		(1,705		)		8,658				2,382				(1,221		)		2,373				11,864				(17,470		)		(5,606		)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	800				(335		)		—				—				—				—				—				—				—				—				—				—				—				465				(465		)		—
Equity in earnings (loss) of unconsolidated entities	—				—				—				—				—				—				—				—				—				—				—				—				—				—				138				138
Company's portion of EBITDA of OpenKey	—				—				—				—				—				—				—				—				—				—				—				—				—				—				(135		)		(135		)
Hotel EBITDA attributable to the Company and OP unitholders	$	(2,402	)		$	1,008			$	(4,783	)		$	477			$	4,601			$	(80	)		$	4,149			$	(1,128	)		$	(1,705	)		$	8,658			$	2,382			$	(1,221	)		$	2,373			$	12,329			$	(17,932	)		$	(5,603	)
Non-comparable adjustments	—				—				—				—				—				—				—				—				—				—				—				—				—				—
Comparable hotel EBITDA	$	(3,202	)		$	1,343			$	(4,783	)		$	477			$	4,601			$	(80	)		$	4,149			$	(1,128	)		$	(1,705	)		$	8,658			$	2,382			$	(1,221	)		$	2,373			$	11,864
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	(3,202	)		$	1,343			$	(4,783	)		$	477			$	4,601			$	(80	)		$	4,149			$	(1,128	)		$	—			$	8,658			$	2,382			$	(1,221	)		$	2,373			$	13,569
Non-comparable adjustments	—				—				—				—				—				—				—				—				—				—				—				—				—				—
Comparable hotel EBITDA	$	(3,202	)		$	1,343			$	(4,783	)		$	477			$	4,601			$	(80	)		$	4,149			$	(1,128	)		$	—			$	8,658			$	2,382			$	(1,221	)		$	2,373			$	13,569

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    Excluded Hotel Under Renovation:

The Clancy

29

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA

(in thousands)

(unaudited)

	Nine Months Ended September 30, 2019
	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				The Clancy				Sarasota Ritz-Carlton				Lake Tahoe Ritz-Carlton				Seattle Marriott Waterfront				St. Thomas Ritz-Carlton				Hotel Total				Corporate / Allocated				Braemar Hotels & Resorts Inc.
Net income (loss)	$	5,393			$	7,896			$	68			$	63			$	6,890			$	692			$	2,471			$	(1,384	)		$	4,052			$	(1,800	)		$	469			$	8,823			$	5,405			$	39,038			$	(54,937	)		$	(15,899	)
Non-property adjustments	—				—				—				—				—				(9		)		—				1,186				—				(23		)		—				—				278				1,432				(1,432		)		—
Interest income	(44		)		(58		)		—				—				—				—				—				(11		)		(12		)		(53		)		—				(39		)		(1		)		(218		)		218				—
Interest expense	—				—				—				1,504				9				1,917				2,633				—				—				4,488				1,750				—				2,349				14,650				23,996				38,646
Amortization of loan cost	—				—				—				103				—				109				138				—				—				237				96				—				100				783				2,465				3,248
Depreciation and amortization	5,928				4,210				5,000				2,250				1,885				1,972				3,272				6,124				7,496				6,219				3,183				2,988				1,464				51,991				—				51,991
Income tax expense (benefit)	—				338				—				—				—				—				—				10				—				—				—				—				111				459				1,034				1,493
Non-hotel EBITDA ownership expense	28				61				491				337				33				99				523				592				34				96				537				118				773				3,722				(3,722		)		—
Hotel EBITDA including amounts attributable to noncontrolling interest	11,305				12,447				5,559				4,257				8,817				4,780				9,037				6,517				11,570				9,164				6,035				11,890				10,479				111,857				(32,378		)		79,479
Less: EBITDA adjustments attributable to consolidated noncontrolling interest	(2,826		)		(3,112		)		—				—				—				—				—				—				—				—				—				—				—				(5,938		)		5,938				—
Equity in earnings (loss) of unconsolidated entities	—				—				—				—				—				—				—				—				—				—				—				—				—				—				149				149
Company's portion of EBITDA of OpenKey	—				—				—				—				—				—				—				—				—				—				—				—				—				—				(147		)		(147		)
Hotel EBITDA attributable to the Company and OP unitholders	$	8,479			$	9,335			$	5,559			$	4,257			$	8,817			$	4,780			$	9,037			$	6,517			$	11,570			$	9,164			$	6,035			$	11,890			$	10,479			$	105,919			$	(26,438	)		$	79,481
Non-comparable adjustments	—				—				—				—				—				—				—				(118		)		196				—				798				—				—				876
Comparable hotel EBITDA	$	11,305			$	12,447			$	5,559			$	4,257			$	8,817			$	4,780			$	9,037			$	6,399			$	11,766			$	9,164			$	6,833			$	11,890			$	10,479			$	112,733
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest	$	11,305			$	12,447			$	5,559			$	4,257			$	8,817			$	4,780			$	9,037			$	6,517			$	—			$	9,164			$	6,035			$	11,890			$	10,479			$	100,287
Non-comparable adjustments	—				—				—				—				—				—				—				(118		)		—				—				798				—				—				680
Comparable hotel EBITDA	$	11,305			$	12,447			$	5,559			$	4,257			$	8,817			$	4,780			$	9,037			$	6,399			$	—			$	9,164			$	6,833			$	11,890			$	10,479			$	100,967

NOTES:

(1) The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at September 30, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.

(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.

(3)    Excluded Hotel Under Renovation:

The Clancy

30