<SEC-DOCUMENT>0001104659-25-083118.txt : 20250826
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<ACCEPTANCE-DATETIME>20250826163701
ACCESSION NUMBER:		0001104659-25-083118
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20250826
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250826
DATE AS OF CHANGE:		20250826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		251258173

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ashford Hospitality Prime, Inc.
		DATE OF NAME CHANGE:	20130410
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Washington, D.C. 20549</b></p>
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<p style="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 16pt"><b>FORM
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>CURRENT REPORT</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PURSUANT TO SECTION 13
OR 15(D) <br/>
OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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the Exchange Act (17 CFR 240.14d-2(b))</td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: justify">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 26, 2025, Braemar Hotels &amp; Resorts
Inc. (the &#8220;<span style="text-decoration: underline">Company</span>&#8221;) entered into a Letter Agreement (the &#8220;<span style="text-decoration: underline">Letter Agreement</span>&#8221;) with its external
advisor, Ashford Inc. (the &#8220;<span style="text-decoration: underline">Advisor</span>&#8221;), with respect to that certain Fifth Amended and Restated Advisory Agreement,
dated as of April 23, 2018, among the Company, Braemar Hospitality Limited Partnership, Braemar TRS Corporation, Ashford Hospitality Advisors
LLC and the Advisor (as amended, the &#8220;<span style="text-decoration: underline">Advisory Agreement</span>&#8221;). The Letter Agreement was entered into in connection with
the exploration of a potential sale of the Company by the Company&#8217;s Board of Directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Letter Agreement, the Company
and the Advisor have agreed that the fair and reasonable calculation of all amounts due from the Company to the Advisor under the termination
provisions in Section 12.5(b) of the Advisory Agreement with respect to a Company Sale Transaction (as defined in the Letter Agreement)
is $574.83 million (exclusive of accrued fees). However, the Company and the Advisor have agreed to the payment of a discounted aggregate
amount of $480 million plus accrued fees (the &#8220;<span style="text-decoration: underline">Company Sale Fee</span>&#8221;) by the Company to the Advisor upon a Company Sale
Transaction in full and final satisfaction of such termination payment obligations. The Advisor received $17 million of such payment upon
the execution of the Letter Agreement in accordance with its terms, which amount will be credited against amounts due and payable to the
Advisor by the Company under the Advisory Agreement in the event the Company does not undergo a Company Sale Transaction by July 1, 2028
in accordance with the Letter Agreement. In addition, the definitive documentation in any Company Sale Transaction will include an express
condition that the buyer will assume the master project management agreement with Premier Project Management, LLC and the master hotel
management agreement with Remington Lodging &amp; Hospitality, LLC (together, the &#8220;<span style="text-decoration: underline">Master Agreements</span>&#8221;). However, the
special committee of the Board of Directors and the independent members of the Board of Directors have negotiated that the Master Agreements
may be completely canceled by the buyer for an additional payment of $25 million to be paid to the Advisor at the time of closing of any
Company Sale Transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Company Sale Transaction is consummated at
any time prior to July 1, 2028, then the Company Sale Fee shall be due and payable in accordance with the terms of the Letter Agreement.
If a Company Sale Transaction has not been consummated by July 1, 2028, the Letter Agreement shall terminate without further obligation
by the Company to pay the Company Sale Fee or to make any other payment to the Advisor in connection with the Letter Agreement and, for
the avoidance of doubt, the Advisory Agreement shall remain in full force and effect.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the consummation of a Company Sale Transaction,
the Advisory Agreement will be terminated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Letter Agreement contains additional customary
terms, conditions, covenants, representations and warranties from each of the respective parties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 7.01 REGULATION FD DISCLOSURE.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the press release announcing the Company&#8217;s
exploration of a Company Sale Transaction is attached hereto as Exhibit 99.1.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this Item 7.01 of this Form
8-K and Exhibit 99.1 attached hereto shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act
of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly
set forth by specific reference in such filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr>
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    Number</span></td>
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    <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify; width: 91%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</span></td></tr>
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1574085/000110465918025836/a18-12011_1ex10d1.htm#Exhibit10_1_012748" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></a></td>
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    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1574085/000110465918025836/a18-12011_1ex10d1.htm#Exhibit10_1_012748" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifth Amended and Restated
    Advisory Agreement, dated as of April 23, 2018, among Braemar Hotels &amp; Resorts Inc., Braemar Hospitality Limited Partnership,
    Braemar TRS Corporation, Ashford Hospitality Advisors LLC and Ashford Inc. (incorporated by reference to Exhibit 10.1 of the Company&#8217;s
    Form 8-K filed on April 23, 2018) (File No. 001-35972).</span></a></td></tr>
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    <td style="text-align: justify"><a href="tm2524362d1_ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></a></td>
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    <td style="text-align: justify"><a href="tm2524362d1_ex10-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter Agreement, dated
    August 26, 2025, by and among Braemar Hotels &amp; Resorts Inc., Braemar Hospitality Limited Partnership, Ashford Inc. and Ashford
    Hospitality Advisors LLC.</span></a></td></tr>
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    <td style="text-align: justify"><a href="tm2524362d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</span></a></td>
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    <td style="text-align: justify"><a href="tm2524362d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release of the Company,
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive
    Data File (formatted in Inline XBRL and contained in Exhibit 101).</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
    <td colspan="2" style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BRAEMAR HOTELS &amp; RESORTS INC.</span></td></tr>
  <tr>
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    <td style="width: 3%">&#160;</td>
    <td style="width: 47%">&#160;</td></tr>
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    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: August 26, 2025</span></td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alex Rose</span></td></tr>
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    <td>&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alex Rose</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President, General Counsel &amp; Secretary</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p>

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<DESCRIPTION>EXHIBIT 10.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>EXECUTION VERSION</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LETTER AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter agreement (&ldquo;<U>Letter
Agreement</U>&rdquo;) is dated as of August&#8239;26, 2025, by and among (i)&#8239;Braemar Hotels&#8239;&amp; Resorts Inc., a Maryland corporation,
and Braemar Hospitality Limited Partnership, a Delaware limited partnership (collectively, the &ldquo;<U>Company</U>&rdquo;), and (ii)&#8239;Ashford
Inc., a Nevada corporation, and Ashford Hospitality Advisors LLC, a Delaware limited liability company (collectively, &ldquo;<U>Advisor</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company and Advisor
are parties to that certain Fifth Amended and Restated Advisory Agreement, dated as of April&#8239;13, 2018 (as amended, the &ldquo;<U>Advisory
Agreement</U>&rdquo;) pursuant to which certain payments are required to be paid to Advisor upon a change of control of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the special committee
of the board of directors of the Company (the &ldquo;<U>Special Committee</U>&rdquo;), which is comprised of independent directors, has
determined, after evaluating strategic alternatives, that it is in the best interests of the Company to pursue a Company Sale Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Special Committee
has determined that agreeing upon the amount of the termination payments owing to Advisor upon a change of control of the Company pursuant
to the Advisory Agreement will provide clarity to potential buyers as to the amount of such payments, thereby facilitating a competitive
bidding process and a Company Sale Transaction that is in the best interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, capitalized terms
used but not defined in this Letter Agreement shall have the meaning given to them in the Advisory Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the mutual covenants set forth in this Letter Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, and intending to be legally bound hereby, the parties to this Letter Agreement acknowledge and agree
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Company
Sale Transaction</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Commencing
immediately upon the date of this Letter Agreement, the Company will, and will cause its subsidiaries to, use best efforts to pursue,
facilitate and cause a Company Sale Transaction, including by (i)&#8239;immediately retaining one or more investment banking firms and
other professional advisors (the &ldquo;<U>Professional Advisors</U>&rdquo;) as needed to market, advise and facilitate a Company Sale
Transaction, (ii)&#8239;subject to any limitations under applicable law, preparing and delivering to the Professional Advisors all financial,
due diligence, legal and other relevant information regarding the Company requested by the Professional Advisors in order to successfully
market the Company for a Company Sale Transaction, (iii)&#8239;preparing or assisting in the preparation of marketing materials by the
Professional Advisors, (iv)&#8239;identifying and soliciting potential buyers in a Company Sale Transaction (&ldquo;<U>Potential Counterparties</U>&rdquo;),
(v)&#8239;making available to Potential Counterparties the officers and directors of the Company for presentations and due diligence interviews,
(vi)&#8239;attending and participating in marketing meetings and presentations to Potential Counterparties as reasonably requested by the
Professional Advisors, (vii)&#8239;attending and participating as reasonably requested by the Professional Advisors in negotiations of
proposals and/or definitive documentation with Potential Counterparties, (viii)&#8239;providing access, to the extent necessary, to the
Company's books, records, properties and other proprietary materials (subject, in each case, to the execution of customary confidentiality
and non-disclosure agreements) to Potential Counterparties, (ix)&#8239;using best efforts to take all steps reasonably necessary, and proceed
diligently and in good faith, and obtain as promptly as reasonably practicable any necessary consents, approvals, waivers, licenses, permits,
franchises, certificates, registrations, variances, exemptions and authorizations of, and actions or nonactions by, and make as promptly
as practicable all necessary filings, submissions and declarations with, any governmental entity or other third party necessary in connection
with the closing of a Company Sale Transaction, (x)&#8239;using best efforts to cause the conditions to a Company Sale Transaction to be
satisfied as promptly as reasonably practicable, and (xii)&#8239;using best efforts to take, or cause to be taken, all other actions and
do, or cause to be done, and cooperate with each other in order to do, all other things necessary or appropriate to consummate a Company
Sale Transaction as soon as practicable. Advisor will cooperate, as necessary, to assist in pursuing and facilitating a Company Sale Transaction
by making available to Potential Counterparties the officers and directors of Advisor for presentations and due diligence interviews,
and attending and participating in marketing meetings and presentations to Potential Counterparties, in each case, as reasonably requested
by the Professional Advisors. Notwithstanding anything to the contrary herein, Advisor shall not be deemed in default of the obligations
set forth above unless Advisor fails to perform such obligations in any material respect within thirty (30) days following the Company&rsquo;s
delivery of prior written notice specifying such failure. In the event of such a material failure, the Company&rsquo;s sole remedies shall
be those expressly provided in <U>Section&#8239;3</U> of this Letter Agreement. For the avoidance of doubt, the Company shall not have
the right to terminate this Letter Agreement as a result of any such material breach by Advisor, and this Letter Agreement shall otherwise
remain in full force and effect. Furthermore, any such material breach by Advisor shall not impair, diminish, or otherwise affect (i)&#8239;the
agreement between Advisor and the Company regarding the calculation of the Full Termination Payment or the Company Sale Fee, or (ii)&#8239;the
Company&rsquo;s obligation to pay the Company Sale Fee and Accrued Fees upon the consummation of a Company Sale Transaction, in each case,
in accordance with the terms and conditions of this Letter Agreement, all of which shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>For
purposes of this Letter Agreement, &ldquo;best efforts&rdquo; shall include (i)&#8239;vigorously defending, contesting and objecting to
any claims, suits, petitions to deny, objections, proceedings, investigations or other actions, whether judicial or administrative and
whether brought by a governmental entity or any third party challenging a Company Sale Transaction or that would otherwise prevent or
materially impede, interfere with, hinder or delay the consummation of a Company Sale Transaction, (ii)&#8239;executing settlements, undertakings,
consent decrees, stipulations or other agreements to undertake any remedies, including making divestitures, and (iii)&#8239;taking any
other action as may be required by a governmental entity or as otherwise necessary to (A)&#8239;obtain all necessary consents, approvals,
waivers, licenses, permits, franchises, certificates, registrations, variances, exemptions and authorizations of, and actions and non-actions
by, any governmental entity or other third party as promptly as reasonably possible, but in any event before the closing of a Company
Sale Transaction, or (B)&#8239;effect the expiration or termination of any waiting period, which would otherwise have the effect of preventing
or delaying the closing of a Company Sale Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
at any time before, at or after the consummation of the Company Sale Transaction, the Company or Advisor reasonably believes or is advised
that any further instruments, deeds, documents, conveyances, assignments or assurances are reasonably necessary or desirable to consummate
the Company Sale Transaction or to carry out the purposes and intent of this Letter Agreement, then the Company, Advisor and their respective
officers and directors shall execute and deliver all such proper instruments, deeds, assignments or assurances and do all other things
reasonably necessary or desirable to consummate the Company Sale Transaction and to carry out the intent and purposes of this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>A
Company Sale Transaction shall be subject to all of the terms of the Advisory Agreement, except as otherwise expressly modified herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Company
Sale Fee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and Advisor acknowledge and agree that the Full Termination Payment is a fair and reasonable calculation of all amounts due to
Advisor pursuant to Section&#8239;12.5(b)&#8239;of the Advisory Agreement (excluding the Accrued Fees) for a Company Sale Transaction. Notwithstanding
the foregoing, and subject to the other subsections of this <U>Section&#8239;2</U>, Advisor agrees to accept the Company Sale Fee in lieu
of (and as payment in full of) the Full Termination Payment, which the parties hereto acknowledge and agree represents a material discount
to the Full Termination Payment, but is in the best interest of both parties as such agreement, among other things, (i)&#8239;provides
clarity to Potential Counterparties as to the termination payments required to be paid to Advisor and the treatment of the Master Agreements
upon a Company Sale Transaction, (ii)&#8239;better facilitates the likelihood of consummating a Company Sale Transaction that is in the
best interests of the Company, and (iii)&#8239;avoids potential costs, uncertainty and delays caused by any disputes regarding the determination
of amounts payable under the Advisory Agreement or the treatment of the Master Agreements with respect to a Company Sale Transaction.
Accordingly, and subject to <U>Section&#8239;2(c)</U>&#8239;of this Letter Agreement, the Company and Advisor agree that payment of the
Company Sale Fee and Accrued Fees shall constitute full and complete satisfaction of all amounts payable by the Company pursuant to Section&#8239;12.5(b)&#8239;of
the Advisory Agreement, including, without limitation, the Termination Fee, in connection with a Company Sale Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company Sale Fee and Accrued Fees shall be due and payable in cash upon the closing of a Company Sale Transaction. It shall be a condition
to closing the Company Sale Transaction that the Buyer shall have paid, on behalf of the Company, the full amount of the Company Sale
Fee and Accrued Fees directly to Advisor. Such payment shall be made out of the cash proceeds from the Company Sale Transaction prior
to any other payments, dividends or distributions made in connection with the Company Sale Transaction. Immediately upon the closing of
a Company Sale Transaction and payment of the Company Sale Fee and Accrued Fees to Advisor, the Advisory Agreement will terminate. For
the avoidance of doubt, the Company and Advisor acknowledge and agree that a Company Sale Transaction will not constitute, and will not
be subject to the provisions applicable to, a Liquidated Damages Event under the Advisory Agreement. No Liquidated Damages Amount will
be due and payable in connection with a Company Sale Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
a Company Sale Transaction is consummated at any time prior to July&#8239;1, 2028, then the Company Sale Fee and Accrued Fees shall be
due and payable in accordance with this Letter Agreement. If a Company Sale Transaction has not been consummated by July&#8239;1, 2028,
this Letter Agreement shall terminate without further obligation by the Company to pay the Company Sale Fee or to make any other payment
to Advisor in connection with this Letter Agreement and, for the avoidance of doubt, the Advisory Agreement shall remain in full force
and effect. The Company and Advisor hereby acknowledge and agree that any Company Sale Transaction consummated following the termination
of this Letter Agreement shall remain subject to all applicable terms and conditions of the Advisory Agreement, including, without limitation,
the Company&rsquo;s obligation to pay the Termination Fee and any other amounts payable to Advisor pursuant to Section&#8239;12.5(b)&#8239;of
the Advisory Agreement, as determined in accordance with the express provisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Specific
Performance</U>. The Company and Advisor agree that irreparable damage for which monetary relief, even if available, would not be an adequate
remedy, would occur in the event that any provision of this Letter Agreement is not performed in accordance with its specific terms or
is otherwise breached, including if the Company or Advisor fail to take any action required of the Company or Advisor herein to consummate
this Letter Agreement or a Company Sale Transaction, subject to the terms and conditions of this Letter Agreement. The Company and Advisor
acknowledge and agree that (a)&#8239;the Company and Advisor shall be entitled to an injunction or injunctions or specific performance
to prevent breaches of this Letter Agreement and to enforce specifically the terms and provisions hereof in any court of competent jurisdiction
without proof of damages, this being in addition to any other remedy to which Advisor is entitled under this Letter Agreement and (b)&#8239;the
right of specific enforcement is an integral part hereof and without that right, the Company and Advisor would not have entered into this
Letter Agreement. The parties hereto acknowledge and agree that the Company and Advisor, in seeking an injunction or injunctions to prevent
breaches of this Letter Agreement and/or to enforce specifically the terms and provisions of this Letter Agreement, shall not be required
to provide any bond or other security in connection with any such order or injunction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Fiduciary
Duties.</U> For the avoidance of doubt, nothing in this Letter Agreement shall require the Company&rsquo;s directors or officers to take
or refrain from taking any action in connection with a Company Sale Transaction that would, in the reasonable good faith judgment of the
Company&rsquo;s directors and officers, violate the Maryland Corporations and Associations Code Section&#8239;2-405.1 duties to act (a)&#8239;in
good faith, (b)&#8239;in a manner the director or officer reasonably believes to be in the best interests of the Company, and (c)&#8239;with
the care that an ordinarily prudent person in a like position would use under similar circumstances. Failure or refusal to approve or
consummate a Company Sale Transaction, or to pursue &ldquo;best efforts&rdquo; to do so, in each case, as a result of the Company&rsquo;s
directors or officers acting in accordance with such duties, shall not in and of itself constitute a breach of this Letter Agreement or
give rise to any right of Advisor to seek any remedy against the Company, its directors, or its officers. The Company acknowledges and
agrees that the duties set forth in Section&#8239;2-405.1 of the Maryland Corporations and Associations Code to act (i)&#8239;in good faith,
(ii)&#8239;in a manner the director or officer reasonably believes to be in the best interests of the Company, and (iii)&#8239;with the
care that an ordinarily prudent person in a like position would use under similar circumstances, are restated herein solely to permit
the Company&rsquo;s officers and directors to act in accordance with Maryland law. Nothing in this Letter Agreement shall be construed
to confer upon the Company or its officers or directors any rights or remedies beyond those under Maryland law as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Independent
Review and Reliance</U>. The Company and Advisor represent, warrant, and acknowledge that each of them has been given a reasonable time
to consider this Letter Agreement, has had the opportunity to have this Letter Agreement reviewed by independent legal counsel, and has
thoroughly reviewed and fully understands the terms and conditions of this Letter Agreement. With respect to the Full Termination Payment,
the Company and Advisor specifically acknowledge and agree as follows: (a)&#8239;Advisor has provided or made available to the Company&rsquo;s
advisors and independent directors all information and supporting documentation reasonably necessary to substantiate the calculation of
the Full Termination Payment; (b)&#8239;the Company&rsquo;s advisors and independent directors have had an adequate opportunity to review,
validate, and confirm the accuracy and completeness of such information and documentation; (c)&#8239;the Company&rsquo;s agreement to the
calculation of the Full Termination Payment is made in reliance on such advisors&rsquo; independent review and validation; (d)&#8239;neither
the Company nor Advisor shall challenge or dispute the calculation of the Full Termination Payment as determined in accordance with this
process; and (e)&#8239;the Company and Advisor waive, release and agree not to pursue any claim against the other related to the calculation
or payment of the Company Sale Fee or Full Termination Payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Certain
Definitions</U>. The following terms as used in this Letter Agreement shall have the respective meanings ascribed thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I>Accrued
Fees</I>&rdquo; shall mean any accrued and unpaid Base Fees and Incentive Fees through the Termination Payment Time or accrued interest
pursuant to Section&#8239;19(b)&#8239;of the Advisory Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I>Buyer</I>&rdquo;
shall mean the buyer in a Company Sale Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I>Company
Sale Fee</I>&rdquo; shall mean an aggregate amount equal to Four Hundred Eighty Million and No/100 Dollars ($480,000,000) payable by the
Company to Advisor in cash upon the consummation of a Company Sale Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I>Company
Sale Transaction</I>&rdquo; shall mean a Company Change of Control constituting a merger, reorganization, business combination or consolidation
of the Company or a sale of all or substantially all of the assets of the Company, in a publicly or privately marketed transaction (a)&#8239;for
cash, or (b)&#8239;a combination of cash and securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I>Full
Termination Payment</I>&rdquo; shall mean an aggregate amount equal to Five Hundred Seventy Four Million Eight Hundred Twenty Nine Thousand
Six Hundred and No/100 Dollars ($574,829,600), constituting all amounts that would be payable by the Company to Advisor pursuant to Section&#8239;12.5(b)&#8239;of
the Advisory Agreement in the absence of this Letter Agreement, including, without limitation, the Termination Fee, in connection with
a Company Sale Transaction, but excluding Accrued Fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&ldquo;<I>Master
Agreements</I>&rdquo; shall mean (i)&#8239;that certain Braemar Master Project Management Agreement dated as of August&#8239;8, 2018, by
and among Braemar TRS Corporation, CHH III Tenant Parent Corp., RC Hotels (Virgin Islands),&#8239;Inc. and Premier Project Management,
LLC, as amended, and (ii)&#8239;that certain Amended&#8239;&amp; Restated Braemar Hotel Master Management Agreement dated as of August&#8239;8,
2018, by and among Braemar TRS Corporation, CHH III Tenant Parent Corp., RC Hotels (Virgin Islands),&#8239;Inc. and Remington Lodging&#8239;&amp;
Hospitality, LLC, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Master
Agreements</U>. The Company agrees that the definitive documentation for a Company Sale Transaction shall include an express condition
to closing that the Buyer shall have assumed in writing (or caused the Company and its applicable subsidiaries to have assumed in writing)
the Master Agreements for the Company&rsquo;s applicable hotel assets for the then full remaining term applicable thereto, including all
extension options. Notwithstanding the foregoing, the definitive documentation for a Company Sale Transaction may alternatively provide
that the Buyer shall terminate the Master Agreements for such hotel assets effective upon the closing of a Company Sale Transaction, subject
to an aggregate termination payment equal to Twenty Five Million and No/100 Dollars ($25,000,000), which shall be paid to Advisor concurrently
with the Company Sale Fee and Accrued Fees in the manner provided in <U>Section&#8239;2(b)</U>&#8239;of this Letter Agreement. The Company
will require each Potential Counterparty to include in any bid for a Company Sale Transaction whether such Potential Counterparty will
assume or terminate the Master Agreements in accordance with this <U>Section&#8239;7</U>. All other property-level contracts, agreements,
and obligations (collectively, &ldquo;<U>Property Agreements</U>&rdquo;) shall remain in full force and effect in accordance with their
respective terms, &#8239;subject to the receipt of any consents or approvals required thereunder. For the avoidance of doubt, unless expressly
terminable upon a Company Sale Transaction pursuant to the terms of the applicable Property Agreement, such Property Agreements shall
continue unaffected by the Company Sale Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Deposit</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Effective
as of the date hereof, the Company shall deposit with Advisor an amount equal to&#8239;Seventeen Million and No/100 Dollars ($17,000,000)&#8239;(the
 &ldquo;<U>Deposit</U>&rdquo;), which represents the approximate amount of the Uninvested Amount due and payable to Advisor pursuant to
the terms of the Advisory Agreement in connection with a Company Sale Transaction. Advisor shall be entitled to utilize the Deposit for
general corporate purposes or any other lawful purpose, in its sole discretion. Upon the consummation of a Company Sale Transaction, the
Deposit, to the extent not previously applied towards amounts due and payable under the Advisory Agreement, shall be applied toward the
Company Sale Fee payable to Advisor. In the event that a Company Sale Transaction has not been consummated on or prior to&#8239;July&#8239;1,
2028, then commencing on&#8239;July&#8239;1, 2028, and continuing on&#8239;the first day of each month thereafter, Advisor shall apply the
Deposit towards amounts becoming due and payable under the Advisory Agreement. Each monthly application shall be in an amount determined
by Advisor in its sole discretion, but shall not be less than Two Hundred Thirty-Six Thousand One Hundred Eleven and 08/100 Dollars ($236,111.08)
per month until fully applied. Advisor may apply amounts in excess of $236,111.08 per month, in its sole discretion, without penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Commencing
on the first day of each calendar month following July&#8239;1, 2028, if the Deposit has not then been fully applied as provided in <U>Section&#8239;8(a)</U>&#8239;above,
Advisor shall apply, in addition to the monthly installment then being applied, monthly interest in an amount equal to (but not less than
zero) the Monthly Interest Rate multiplied by the difference between (i)&#8239;the Monthly Factor multiplied by the Monthly Interest Threshold
(such product not to exceed $17,000,000), less (ii)&#8239;the aggregate amount of all monthly installments (excluding any interest paid
pursuant hereto) applied towards amounts becoming due and payable under the Advisory Agreement on or prior to such month pursuant to <U>Section&#8239;8(a)</U>&#8239;above.
For the avoidance of doubt, any interest paid pursuant to this <U>Section&#8239;8(b)</U>&#8239;shall not operate to reduce the balance of
the unapplied Deposit. The following terms as used in this <U>Section&#8239;8(b)</U>&#8239;shall have the respective meanings ascribed thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&ldquo;<I>Monthly
Factor</I>&rdquo; means, as of the first day of any month occurring after July&#8239;1, 2028, the number of full months elapsed since July&#8239;1,
2028.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&ldquo;<I>Monthly
Interest Rate</I>&rdquo; means an interest rate determined on the first day of each applicable month equal to 30-day SOFR (Secured Overnight
Financing Rate) plus 3.0%, multiplied by the number of days in the prior month divided by 365.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&ldquo;<I>Monthly
Interest Threshold</I>&rdquo; means an amount equal to Four Hundred Seventy-Two Thousand Two Hundred Twenty Two and 16/100 Dollars ($472,222.16).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Letter Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without regard to the conflict
of laws principles thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and Advisor have participated jointly in the negotiation and drafting of this Letter Agreement. Consequently, in the event an
ambiguity or question of intent or interpretation arises, this Letter Agreement shall be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision
of this Letter Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Letter Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event of any conflict between the terms and conditions of the Advisory Agreement and the terms and conditions of this Letter Agreement
as relating to a Company Sale Transaction, this Letter Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Letter Agreement shall not be altered or otherwise amended or assigned in any respect, except pursuant to an instrument in writing signed
by the parties hereto. The waiver by a party of a breach of any provisions of this Letter Agreement shall not operate or be construed
as a waiver of any subsequent breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Letter Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which shall
constitute one and the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signatures Appear on Following Page]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned
have executed this Letter Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>COMPANY</U>:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Braemar
    Hotels &amp; Resorts Inc., a Maryland corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Richard Stockton</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Stockton</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Exeuctive Officer &amp; President</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Braemar
    Hospitality Limited Partnership, a Delaware limited partnership</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
    Braemar OP General Partner LLC, its general partner</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Richard Stockton</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Stockton</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Exeuctive Officer &amp; President</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ADVISOR</U>:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashford
    Hospitality Advisors LLC, a Delaware limited liability company</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Deric Eubanks</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deric Eubanks</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashford
    Inc., a Nevada corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Deric Eubanks</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deric Eubanks</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2524362d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">&nbsp;<IMG SRC="tm2524362d1_ex99-1img001.jpg" ALT=""></TD><TD STYLE="vertical-align: bottom; text-align: right; width: 50%">NEWS
                                            RELEASE</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%">Contact:</TD>
    <TD STYLE="width: 28%">Deric Eubanks</TD>
    <TD STYLE="width: 28%">Allison Beach</TD>
    <TD STYLE="width: 29%">Joe Calabrese</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Media Contact</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Relations Board</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(972) 490-9600</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(972) 490-9600</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212) 827-3772</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>BRAEMAR HOTELS&nbsp;&amp;
RESORTS ANNOUNCES</B></FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>INITIATION OF
SALE PROCESS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DALLAS, August&nbsp;26, 2025 &ndash; The Board
of Directors of Braemar Hotels&nbsp;&amp; Resorts Inc. (&ldquo;Braemar&rdquo; or the &ldquo;Company&rdquo;) (NYSE: BHR) today announced
that it is initiating a process for the sale of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors of the Company formed a
Special Committee comprised solely of independent and disinterested directors to explore a range of strategic alternatives, aimed at maximizing
both near- and long-term shareholder value. After reviewing various strategic options to maximize value for shareholders, the Board has
determined that it is in the best interests of the Company and its shareholders to pursue a sale of the Company. Accordingly, the Company,
together with its financial advisor, Robert W. Baird&nbsp;&amp; Co. Inc. (&ldquo;Baird&rdquo;), is initiating the sale process immediately,
including soliciting interest from potential buyers and coordinating customary information sharing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Braemar&rsquo;s predominantly luxury hotel portfolio
has consistently achieved the highest RevPAR among publicly traded lodging REITs, reflecting its strong market positioning. Luxury properties,
like those in Braemar&rsquo;s portfolio, have historically led RevPAR growth due to their prime locations and limited competitive supply.
The portfolio includes nine resort and five urban properties, operated under respected brands such as Ritz-Carlton Reserve, Four Seasons,
Ritz Carlton, Park Hyatt, Autograph Collection by Marriott, Hilton, and Sofitel. The Braemar portfolio is performing extremely well with
year-to-date RevPAR growth of 2.9% through June&nbsp;30, 2025 while the overall U.S. Hotel Industry achieved RevPAR growth of 0.8% through
June&nbsp;30, 2025, according to STR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The high-quality nature of the Company&rsquo;s
portfolio has attracted multiple activist investors over the years. It is not believed that a luxury RevPAR lodging REIT like Braemar
can flourish in today&rsquo;s market environment due to the historically low EBITDA multiple lodging REITs are achieving as well as the
ongoing activism the Company has received. This same dynamic occurred with Strategic Hotel&nbsp;&amp; Resorts, another luxury lodging
REIT that after several years of undervaluation and activism, explored strategic alternatives and ultimately was sold in an all-cash
transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Richard Stockton, CEO of Braemar Hotels&nbsp;&amp;
Resorts, said, &ldquo;We&rsquo;ve built a high-quality portfolio that is well-positioned to attract significant interest from private
market buyers. With improving economic conditions, continued strength in industry performance, limited new room supply, and healthy consumer
spending,&nbsp;I believe we are entering a favorable environment for a potential sale.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conjunction with this process, Braemar and
its external advisor, Ashford Inc. (&ldquo;Ashford&rdquo;), have executed a letter agreement (&ldquo;Letter Agreement&rdquo;) with respect
to the Fifth Amended and Restated Advisory Agreement, dated as of April&nbsp;13, 2018 (as amended, the &ldquo;Advisory Agreement&rdquo;)
pursuant to which the parties agree that, while a fair and reasonable calculation of all amounts due from the Company to Ashford would
be significantly higher, Ashford has agreed to accept $480 million (the &ldquo;Company Sale Fee&rdquo;) in the context of a transaction
that results in a change of control of the Company that terminates the Advisory Agreement. This amount is a material discount from what
would otherwise be due and payable according to the calculation within the Advisory Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The most significant portion of the Company Sale
Fee is calculated as a multiple of the net earnings of Ashford derived from the Advisory Agreement (the &ldquo;Net Earnings&rdquo;). In
the Company&rsquo;s 2021 first quarter Form&nbsp;10-Q, the Company reported Net Earnings of $13.4 million. Based on that amount, and the
other computational inputs relevant at that time, the termination fee payable to Ashford would have been approximately $224 million at
that time. Due to the significant growth of the Company&rsquo;s portfolio, among other factors, the Net Earnings as of March&nbsp;31,
2025 was $38.7 million. However, as a result of the negotiations between the parties, the agreed upon Company Sale Fee of $480 million
implies lower net earnings of $32.1 million. The calculated amounts are shown in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Braemar Company Sale Fee Calculation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">($
in millions)</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">TTM as of</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">TTM as of</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Q1 2021 (1)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Q1 2025</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Advisory Revenues*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">19.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">30.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Advisory Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Advisory EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Premier EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">INSPIRE EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">RED EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Lismore EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other EBITDA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Earnings</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">13.4</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">38.7</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Implied Adjustments to Advisory Expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(6.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Implied Net Earnings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">32.1</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Agreed <BR>
Upon<BR>
 Company<BR>
 Sale Fee</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12x Multiple <SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">161.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">385.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20% Premium Owed at Termination <SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">193.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">462.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uninvested Amount <SUP>(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">31.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">TOTAL</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">224.3</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">480.0</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">* Advisory
    Revenues for TTM Q1 2025 can be found in Braemar's Form&nbsp;10-K filed on March&nbsp;12, 2025 and Form &nbsp;&nbsp;10-Q filed on
    May&nbsp;8, 2025 on the line item Advisory Services Fee on the Consolidated Statement of Operations.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)&nbsp;</SUP>As reported in Braemar's first
    quarter 2021 Form&nbsp;10-Q filed on May&nbsp;7, 2021 for Net Earnings.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP>&nbsp;Per the definition of Termination
    Fee in the Fifth Amended and Restated Advisory Agreement.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP>&nbsp;Per the definition of Adjusted
    Termination Fee and section 12.5.b in the Fifth Amended and Restated Advisory Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP>&nbsp;Per section 12.5(b)&nbsp;of the
    Fifth Amended and Restated Advisory Agreement.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ashford received $17 million (the &ldquo;Advance
Payment&rdquo;) of the agreed Company Sale Fee upon the execution of the Letter Agreement, which amount will be credited against the Company
Sale Fee in the event the Company is sold prior to July&nbsp;1, 2028. If the Company does not complete a change of control transaction
by that time, the Advance Payment will be credited by Ashford against any amounts becoming due and payable by the Company to Ashford under
the Advisory Agreement. In addition, any buyer of the Company will be required to assume the master project management agreement between
the Company and Premier Project Management, LLC and the master hotel management agreement between the Company and Remington Lodging&nbsp;&amp;
Hospitality, LLC (together, the &ldquo;Master Agreements&rdquo;). However, the Special Committee of the Board and the Independent Directors
have negotiated that such documents may be completely canceled by the buyer for an additional payment of $25 million to be paid to Ashford
at the time of closing of any sale of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rebeca &ldquo;Becky&rdquo; Odino-Johnson, Chairperson
of the Special Committee, said, &ldquo;We explored multiple alternatives for Braemar including a potential internalization of management.
However, given the sustained disconnect between our share price and our iconic portfolio&rsquo;s intrinsic real estate value, the Board
believes pursuing a sale process is the right step at this time. The Board also believes that this is the best opportunity for shareholders
to realize a premium to the existing share price.&rdquo; She continued, &ldquo;The termination fee payable to Ashford upon a sale of the
Company has increased considerably over the last few years as a result of the growth of the portfolio and the additional services Ashford
provides to the Company and its hotels. She concluded, &ldquo;As this process moves forward, we will remain focused on executing our business
plan and generating optimal returns from our assets to deliver maximum value to shareholders in the context of the anticipated transaction.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Monty J. Bennett, Chairman of the Board of Braemar
Hotels&nbsp;&amp; Resorts said, &ldquo;When we created Braemar back in 2013, our hope was that Braemar&rsquo;s high-quality portfolio
and strong property performance would result in an attractive valuation giving the Company an attractive cost of capital for growth. While
Braemar has traded at a similar multiple to its publicly-traded lodging REIT peers, the reality is that the public markets have not been
friendly to lodging REITs, including Braemar. This fact, along with the constant shareholder activism that Braemar has experienced, has
led us to conclude that a sale of the Company is the best way to maximize value for shareholders. Hotel portfolios like the Braemar portfolio
do not come to the market very often, and we believe the opportunity to acquire this iconic portfolio will attract significant buyer interest
from around the world and result in an attractive valuation for shareholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beyond the value of its hotels, Braemar also owns
excess land at its Ritz-Carlton Sarasota, Four Seasons Resort Scottsdale, and Ritz-Carlton Lake Tahoe properties. At the time of acquisition,
this excess land was attributed a value of $9.7 million at The Ritz-Carlton Sarasota, which was acquired in 2018, $8.4 million at The
Ritz-Carlton Lake Tahoe, which was acquired in 2019, and $17.8 million at the Four Seasons Resort Scottsdale, which was acquired in 2022.
The Company also had $68 million of positive net working capital at June&nbsp;30, 2025. In early August, the Company announced the closing
of the sale of the Marriott Seattle Waterfront resulting in $50.8 million of net proceeds. The total indebtedness of the Company is currently
approximately $1.172 billion, and the current liquidation value of its outstanding preferred stock is approximately $473 million. The
Company&rsquo;s share count currently stands at 73.6 million fully diluted shares outstanding, which is comprised of 68.2 million shares
of common stock and 5.4 million OP units. The Braemar portfolio currently consists of the following hotels:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Braemar Hotels&nbsp;&amp; Resorts Portfolio:</B></FONT> </P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Hotel</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Location</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"># of Rooms</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">TTM NOI**</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left">Capital Hilton*</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: left">Washington, D.C.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">559</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">15.0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The Ritz-Carlton Lake Tahoe</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Truckee, CA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">170</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The Ritz-Carlton St. Thomas</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">St. Thomas, USVI</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The Ritz-Carlton Sarasota</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sarasota, FL</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The Ritz-Carlton Reserve Dorado Beach</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Dorado, PR</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Four Seasons Resort Scottsdale at Troon North</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Scottsdale, AZ</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The Notary Hotel</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Philadelphia, PA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">499</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Pier House Resort&nbsp;&amp; Spa</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Key West, FL</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">142</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Park Hyatt Beaver Creek Resort&nbsp;&amp; Spa</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Beaver Creek, CO</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">193</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Bardessono Hotel&nbsp;&amp; Spa</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Yountville, CA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">65</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Hotel Yountville</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Yountville, CA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Sofitel Chicago Magnificent Mile</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Chicago,&nbsp;IL</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">415</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4.6</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">TOTAL</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">2,885</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">135.8</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The Clancy</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">San Francisco, CA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">410</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cameo Beverly Hills <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Beverly Hills, CA</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">143</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">* Braemar has 75% ownership in this hotel.</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">** As of June&nbsp;30, 2025; $ in millions</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)&nbsp;</SUP>The Gross Asset Value of the Cameo Beverly Hills is currently $86.2 million.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recently entered into a non-binding
Letter of Intent with a potential buyer for the sale of the 410-room Clancy hotel in San Francisco, California for a purchase price of
$115 million. The sale price represents a 4.5% capitalization rate on net operating income for the trailing 12 months ended June&nbsp;30,
2025. The transaction is expected to close in the fourth quarter, subject to customary conditions. The Company provides no assurances
that the sale will be completed on these terms or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no deadline or definitive timetable set
for completion of the sale process and there can be no assurance that this process will result in a sale of the Company. Braemar does
not expect to disclose or provide an update concerning developments related to this process unless and until the Board of Directors has
approved a specific transaction or other course of action requiring disclosure, or the Company determines that a disclosure is required
by law or otherwise deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Braemar has engaged Baird as its financial advisor
and White&nbsp;&amp; Case LLP as its legal advisor in conjunction with Braemar&rsquo;s review of its strategic alternatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Braemar Hotels&nbsp;&amp; Resorts is a real estate
investment trust (REIT) focused on investing in luxury hotels and resorts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BRAEMAR HOTELS&nbsp;&amp; RESORTS INC. AND
SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECONCILIATION OF NET INCOME (LOSS) TO HOTEL
EBITDA AND NET OPERATING INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="54" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">TTM Ended June&nbsp;30, 2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Capital<BR>
 Hilton<BR>
 Washington<BR>
 D.C.</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Sofitel<BR>
 Chicago<BR>
 Magnificent<BR>
 Mile</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Bardessono<BR>
 Hotel<BR>
 and Spa</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Pier House<BR>
 Resort&nbsp;&amp;<BR>
 Spa</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Hotel<BR>
 Yountville</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Park <BR>
Hyatt<BR>
 Beaver<BR>
 Creek<BR>
 Resort&nbsp;&amp;<BR>
 Spa</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">The<BR>
 Notary<BR>
 Hotel</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">The<BR>
 Clancy</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">The<BR>
 Ritz-Carlton<BR>
 Sarasota</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">The<BR>
 Ritz-Carlton<BR>
 Lake Tahoe</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">The<BR>
 Ritz-Carlton<BR>
 St. Thomas</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Cameo<BR>
 Beverly<BR>
 Hills</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">The<BR>
 Ritz-Carlton<BR>
 Reserve<BR>
 Dorado<BR>
 Beach</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Four<BR>
 Seasons<BR>
 Scottsdale<BR>
 Resort</TD><TD STYLE="padding-bottom: 1pt; font: bold 7pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; width: 5%">Net income (loss)</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 3%; font: 7pt Times New Roman, Times, Serif; text-align: right">(9,147</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 3%; font: 7pt Times New Roman, Times, Serif; text-align: right">1,493</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 3%; font: 7pt Times New Roman, Times, Serif; text-align: right">797</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">11,077</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">1,057</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">24</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">7,803</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">395</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">14,330</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">(6,719</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">9,029</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">(5,574</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">7,207</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 4%; font: 7pt Times New Roman, Times, Serif; text-align: right">924</TD><TD STYLE="width: 1%; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Non-property adjustments</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">131</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(50</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">2,086</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">866</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Interest income</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(183</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(2</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(109</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(270</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(107</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(403</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(315</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(29</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(224</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Interest expense</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">14,539</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">709</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">5,380</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">588</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">4,034</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">710</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">4,119</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">11,942</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Amortization of loan cost</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">329</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">217</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">141</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">525</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">980</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Depreciation and amortization</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">12,216</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">4,474</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">2,892</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">1,720</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">2,126</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">5,834</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">5,361</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">6,999</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">7,836</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">9,629</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">6,928</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">2,940</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">7,737</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">10,705</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Income tax expense (benefit)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">37</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(25</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(444</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">581</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Non-hotel EBITDA ownership expense</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">318</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">885</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">123</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">240</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">46</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">72</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">156</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">1,081</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">918</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">43</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">9</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Hotel EBITDA including amounts attributable to noncontrolling interest</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">18,240</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">6,065</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">4,574</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">13,846</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">3,423</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">11,234</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">13,102</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">7,137</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">22,803</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">7,763</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">18,004</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(1,716</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">21,049</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">24,336</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Less: EBITDA adjustments attributable to consolidated noncontrolling interest</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">(4,561</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">Equity in earnings (loss) of unconsolidated entities</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Company's portion of EBITDA of OpenKey</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Hotel EBITDA attributable to the Company and OP unitholders</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">13,679</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">6,065</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">4,574</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">13,846</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">3,423</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">11,234</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">13,102</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">7,137</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">22,803</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">7,763</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">18,004</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,716</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">21,049</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">24,336</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Comparable hotel EBITDA</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">18,240</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">6,065</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">4,574</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">13,846</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">3,423</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">11,234</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">13,102</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">7,137</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">22,803</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">7,763</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">18,004</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,716</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">21,049</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">24,336</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 7pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">FFE Reserves</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(3,273</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,497</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(816</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,211</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(562</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,846</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,922</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,916</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(4,390</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(2,673</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(3,523</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(512</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(3,864</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(3,013</TD><TD STYLE="padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 7pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net operating income</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">14,967</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">4,568</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">3,758</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">12,635</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">2,861</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">9,388</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">11,180</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">5,221</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">18,413</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">5,090</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">14,481</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">(2,228</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">17,185</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 7pt Times New Roman, Times, Serif; text-align: right">21,323</TD><TD STYLE="padding-bottom: 2.5pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>bhr-20250826_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>bhr-20250826_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<TYPE>XML
<SEQUENCE>10
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Aug. 26, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug. 26,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-35972<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">BRAEMAR
HOTELS & RESORTS INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001574085<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">46-2488594<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">14185
    Dallas Parkway<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 1200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Dallas<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">75254<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">972<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">490-9600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
                                            Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BHR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred
    Stock, Series B<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BHR-PB<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesDPreferredStockMember', window );">Series D Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred
    Stock, Series D<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">BHR-PD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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