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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): February 29, 2024

BRAEMAR HOTELS & RESORTS INC.
(Exact name of registrant as specified in its charter)


Maryland 001-35972 46-2488594
(State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS employer identification number)
14185 Dallas Parkway
Suite 1200
Dallas
Texas 75254
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (972) 490-9600

Not Applicable
(Former name or former address, if changed since last report)
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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock BHR New York Stock Exchange
Preferred Stock, Series B BHR-PB New York Stock Exchange
Preferred Stock, Series D BHR-PD New York Stock Exchange


ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 29, 2024, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

ITEM 8.01     OTHER EVENTS.

The disclosure set forth under Items 2.02 and 9.01, including the press release attached as Exhibit 99.1, is incorporated herein by reference.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS.

(d)    Exhibits
Exhibit Number         Description

99.1    Fourth Quarter 2023 Earnings Press Release of the Company, dated February 29, 2024
104    Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)












SIGNATURES
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.

 
BRAEMAR HOTELS & RESORTS INC.
Dated: February 29, 2024
 By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 bhr2023q4earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1
braemara59.jpg
NEWS RELEASE

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


BRAEMAR HOTELS & RESORTS REPORTS
FOURTH QUARTER AND FULL YEAR 2023 RESULTS
DALLAS – February 29, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2023, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and full year ended December 31, 2023 with the fourth quarter and full year ended December 31, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 4% over the prior year quarter to $288. Comparable ADR decreased 3.6% over the prior year quarter to $452 and Comparable Occupancy decreased 0.9% over the prior year quarter to 63.6%.
•Net loss attributable to common stockholders for the quarter was $(31.1) million or $(0.47) per diluted share.
•Adjusted funds from operations (AFFO) was $0.04 per diluted share for the quarter.
•Adjusted EBITDAre was $37.4 million for the quarter.
•Comparable Hotel EBITDA was $45.1 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $85.6 million and restricted cash of $80.9 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $17.7 million in due from third-party hotel managers, which is primarily the Company’s cash held by one of its property managers and is also available to fund hotel operating costs.
•Net debt to gross assets was 39.7% at the end of the fourth quarter.
•Capex invested during the quarter was $21.5 million.
FULL YEAR 2023 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 1.6% over the prior year to $307. Comparable ADR decreased 4.9% over the prior year to $458 and Comparable Occupancy increased 3.5% over the prior year to 66.9%.
•For the year, net loss attributable to common stockholders was $(74.0) million or $(1.13) per diluted share.


BHR Reports Fourth Quarter Results
Page 2
February 29, 2024
•For the year, AFFO per diluted share was $0.61.
•Adjusted EBITDAre for the year was $176.7 million, which reflected a growth rate of 3% over the prior year.
•Comparable Hotel EBITDA for the year was $206.4 million.
•Capex invested during the year was $77.1 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company extended its mortgage loan secured by the Ritz-Carlton Lake Tahoe.
•During the quarter, the Company refinanced its mortgage loan secured by the Capital Hilton.
•Subsequent to quarter end, the Company extended its mortgage loan secured by the Pier House Resort & Spa.
•Subsequent to quarter end, the Company extended its mortgage loan secured by the Ritz-Carlton St. Thomas.
•Subsequent to quarter end, the Company received a six month forbearance, through August 5, 2024, on its mortgage loan secured by the Hilton La Jolla Torry Pines.
CAPITAL STRUCTURE
As of December 31, 2023, the Company had total assets of $2.2 billion and $1.2 billion of loans of which $44 million related to its joint venture partner’s share of the mortgage loans on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of 7.4%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 74% of the Company’s consolidated debt is effectively fixed and approximately 26% is effectively floating.
During the quarter, the Company successfully closed on the extension of the mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe in Truckee, California. The non-recourse loan now totals $53.4 million and has a one-year initial term with one one-year extension option, subject to the satisfaction of certain conditions. The loan is interest only and has a floating interest rate of SOFR + 3.60%.
During the quarter, the Company refinanced the 550-room Capital Hilton in Washington, D.C. with a new $110.6 million mortgage loan. The new loan has an initial maturity date of December 2026 with two one-year extension options, subject to the satisfaction of certain conditions and bears interest at a floating interest rate of SOFR + 3.75%. The property continues to be owned by a joint venture in which Braemar owns a 75% equity interest (the “Hilton JV”). The Hilton La Jolla Torrey Pines remains encumbered by the original mortgage loan, which now has been partially paid down to a remaining balance of $66.6 million. While the Company considers its alternatives regarding refinancing the loan or potentially selling the asset, the lender has provided a six month forbearance agreement. During this time, the loan bears an annual fixed interest rate of 9.0%. This property also continues to be owned by the Hilton JV.
Subsequent to quarter end, the Company extended the loan secured by the 142-room Pier House Resort & Spa in Key West, Florida. The loan now has an initial maturity date of September 2025 with one one-year extension option, subject to the satisfaction of certain conditions, continues to have a balance of $80.0 million, and bears interest at a floating interest rate of SOFR + 3.60%.
Subsequent to quarter end, the Company also extended the loan secured by the 180-room Ritz-Carlton St. Thomas in St. Thomas, USVI. The loan now has an initial maturity date of August 2025 with one one-year extension option, subject to the satisfaction of certain conditions, continues to have a balance of $42.5 million, and bears interest at a floating interest rate of SOFR + 4.35%.


BHR Reports Fourth Quarter Results
Page 3
February 29, 2024
DIVIDENDS
On January 8, 2024, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per diluted share for the Company’s common stock for the first quarter ending March 31, 2024. The dividend, which equates to an annual rate of $0.20 per share, will be paid on April 15, 2024, to stockholders of record as of March 28, 2024. The Board of Directors will review its dividend policy on a quarter-to-quarter basis, with a view to increasing it as financial performance continues to improve. The adoption of a dividend policy does not commit the Board of Directors to declare future dividends or the amount thereof.
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company’s hotels than sequential quarter-over-quarter comparisons. To help investors better understand the substantial seasonality in the Company’s portfolio, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company’s portfolio as of the end of the current period. As the Company’s portfolio mix changes from time to time, so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin.
“During the fourth quarter, our resort hotel performance continued to meaningfully outperform pre-pandemic levels while our urban hotel portfolio continues on its upward recovery trend as business transient and corporate group demand rises steadily,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “We also remain pleased with the performance of our two most recent acquisitions, the Ritz-Carlton Reserve Dorado Beach and the Four Seasons Resort Scottsdale at Toon North, which reported strong RevPAR growth of 9% and 5%, respectively, during the quarter. We enter 2024 encouraged by the expected ramp-up of group pace and we believe our portfolio is well-positioned to outperform in both the near-term and long-term.” He added, “On the capital markets front, we recently refinanced or extended almost all of our 2024 debt maturities. Looking ahead, we expect a more favorable refinancing environment going forward, which will continue to reduce the Company’s interest expense on these and other future financings.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Friday, March 1, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Friday, March 9, 2024, by dialing (647) 362-9199 and entering the confirmation number, 2925607.
The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2023 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Friday, March 1, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported. Effective beginning with the third quarter of 2022 we will no longer include the effect of the Series B Cumulative Convertible Preferred Stock and convertible notes on an “as-converted” basis in AFFO.


BHR Reports Fourth Quarter Results
Page 4
February 29, 2024
For comparative purposes the change has been applied retrospectively.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.



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

December 31, 2023 December 31, 2022
ASSETS
Investments in hotel properties, gross $ 2,382,716  $ 2,325,093 
Accumulated depreciation (498,508) (440,492)
Investments in hotel properties, net 1,884,208  1,884,601 
Cash and cash equivalents 85,599  261,541 
Restricted cash 80,904  54,155 
Accounts receivable, net of allowance of $237 and $339, respectively 39,199  51,448 
Inventories 5,003  5,238 
Prepaid expenses 9,938  7,044 
Deferred costs, net 75  — 
Investment in OpenKey 1,674  1,689 
Derivative assets 2,847  6,482 
Other assets 17,751  14,621 
Operating lease right-of-use assets 78,383  79,449 
Intangible assets, net 3,504  3,883 
Due from related parties, net —  938 
Due from third-party hotel managers 17,739  26,625 
Total assets $ 2,226,824  $ 2,397,714 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net $ 1,162,444  $ 1,334,130 
Accounts payable and accrued expenses 149,867  133,978 
Dividends and distributions payable 9,158  8,184 
Due to Ashford Inc., net 1,471  10,005 
Due to related parties, net 603  — 
Due to third-party hotel managers 1,608  2,096 
Operating lease liabilities 60,379  60,692 
Derivative liabilities 12  284 
Other liabilities 22,756  22,343 
Total liabilities 1,408,298  1,571,712 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at December 31, 2023 and December 31, 2022 65,426  65,426 
Series E Redeemable Preferred Stock, $0.01 par value, 16,316,315 and 12,656,529 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 377,035  291,076 
Series M Redeemable Preferred Stock, $0.01 par value, 1,832,805 and 1,428,332 shares issued and outstanding at December 31,2023 and December 31, 2022, respectively 45,623  35,182 
Redeemable noncontrolling interests in operating partnership 32,395  40,555 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at December 31, 2023 and December 31, 2022 16  16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,636,353 and 69,919,065 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 666  699 
Additional paid-in capital 718,498  734,134 
Accumulated deficit (412,199) (324,740)
Total stockholders' equity of the Company 306,981  410,109 
Noncontrolling interest in consolidated entities (8,934) (16,346)
Total equity 298,047  393,763 
Total liabilities and equity $ 2,226,824  $ 2,397,714 

5


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2023 2022 2023 2022
REVENUE
Rooms $ 109,497  $ 109,293  $ 464,899  $ 431,515 
Food and beverage 46,790  42,641  185,331  159,241 
Other 21,247  19,688  89,113  78,829 
Total hotel revenue 177,534  171,622  739,343  669,585 
EXPENSES
Hotel operating expenses:
Rooms 25,477  24,668  105,439  94,410 
Food and beverage 35,690  34,313  144,544  125,555 
Other expenses 56,596  56,243  227,913  205,373 
Management fees 5,600  5,347  23,261  20,149 
Total hotel operating expenses 123,363  120,571  501,157  445,487 
Property taxes, insurance and other 10,646  8,035  38,629  30,766 
Depreciation and amortization 25,481  20,506  93,272  78,122 
Advisory services fee:
Base advisory fee 3,282  3,356  13,982  12,790 
Reimbursable expenses 2,261  1,193  8,353  4,653 
Incentive fee —  (491) —  803 
Stock/unit-based compensation 2,363  2,308  8,754  10,601 
(Gain) loss on legal settlements —  —  —  (114)
Corporate, general and administrative:
Stock/unit-based compensation 24  32  479  659 
Other general and administrative 4,277  4,044  13,044  17,425 
Total operating expenses 171,697  159,554  677,670  601,192 
OPERATING INCOME (LOSS) 5,837  12,068  61,673  68,393 
Equity in earnings (loss) of unconsolidated entity (45) (108) (253) (328)
Interest income 1,012  1,745  6,401  2,677 
Other income (expense) —  —  293  — 
Interest expense (23,385) (18,278) (90,836) (49,710)
Amortization of loan costs (1,055) (595) (3,383) (2,456)
Write-off of loan costs and exit fees (641) (40) (3,489) (146)
Gain (loss) on extinguishment of debt —  —  2,318  — 
Realized and unrealized gain (loss) on derivatives (1,581) 915  (663) 4,961 
INCOME (LOSS) BEFORE INCOME TAXES (19,858) (4,293) (27,939) 23,391 
Income tax (expense) benefit (1,625) (260) (2,689) (4,043)
NET INCOME (LOSS) (21,483) (4,553) (30,628) 19,348 
(Income) loss attributable to noncontrolling interest in consolidated entities 96  202  (1,619) (2,063)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 2,212  1,123  5,230  476 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY (19,175) (3,228) (27,017) 17,761 
Preferred dividends (10,495) (8,108) (42,304) (21,503)
Deemed dividends on redeemable preferred stock (1,448) (2,152) (4,719) (6,954)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (31,118) $ (13,488) $ (74,040) $ (10,696)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (0.47) $ (0.19) $ (1.13) $ (0.15)
Weighted average common shares outstanding – basic 65,833  70,839  65,989  69,687 
Diluted:
Net income (loss) attributable to common stockholders $ (0.47) $ (0.19) $ (1.13) $ (0.15)
Weighted average common shares outstanding – diluted 65,833  70,839  65,989  69,687 
Dividends declared per common share $ 0.05  $ 0.05  $ 0.20  $ 0.08 

6


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2023 2022 2023 2022
Net income (loss) $ (21,483) $ (4,553) $ (30,628) $ 19,348 
Interest expense and amortization of loan costs 24,440  18,873  94,219  52,166 
Depreciation and amortization 25,481  20,506  93,272  78,122 
Income tax expense (benefit) 1,625  260  2,689  4,043 
Equity in (earnings) loss of unconsolidated entity 45  108  253  328 
Company's portion of EBITDA of OpenKey (54) (114) (274) (334)
EBITDA and EBITDAre 30,054  35,080  159,531  153,673 
Amortization of favorable (unfavorable) contract assets (liabilities) 118  118  474  463 
Transaction and conversion costs 1,332  2,791  4,561  9,679 
Write-off of loan costs and exit fees 641  40  3,489  146 
Realized and unrealized (gain) loss on derivatives 1,581  (915) 663  (4,961)
Stock/unit-based compensation 2,390  2,344  9,244  11,285 
Legal, advisory and settlement costs 1,316  1,069  1,397  2,170 
Advisory services incentive fee —  (1,294) —  — 
(Gain) loss on extinguishment of debt —  —  (2,318) — 
Other (income) loss —  —  (293) — 
(Gain) loss on insurance settlement —  (55) —  (55)
Company's portion of adjustments to EBITDAre of OpenKey —  2  —  8 
Adjusted EBITDAre $ 37,432  $ 39,180  $ 176,748  $ 172,408 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Year Ended
December 31, December 31,
2023 2022 2023 2022
Net income (loss) $ (21,483) $ (4,553) $ (30,628) $ 19,348 
(Income) loss attributable to noncontrolling interest in consolidated entities 96  202  (1,619) (2,063)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 2,212  1,123  5,230  476 
Preferred dividends (10,495) (8,108) (42,304) (21,503)
Deemed dividends on redeemable preferred stock (1,448) (2,152) (4,719) (6,954)
Net income (loss) attributable to common stockholders (31,118) (13,488) (74,040) (10,696)
Depreciation and amortization on real estate 24,597  19,830  90,031  75,508 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (2,212) (1,123) (5,230) (476)
Equity in (earnings) loss of unconsolidated entity 45  108  253  328 
Company's portion of FFO of OpenKey (62) (113) (296) (333)
FFO available to common stockholders and OP unitholders (8,750) 5,214  10,718  64,331 
Deemed dividends on redeemable preferred stock 1,448  2,152  4,719  6,954 
Transaction and conversion costs 1,332  2,791  4,561  9,679 
Write-off of premiums, loan costs and exit fees 641  40  3,489  146 
Unrealized (gain) loss on derivatives 3,169  (445) 8,413  (4,464)
Stock/unit-based compensation 2,390  2,344  9,244  11,285 
Legal, advisory and settlement costs 1,316  1,069  1,397  2,170 
Interest expense accretion on refundable membership club deposits 164  178  671  723 
Amortization of loan costs 1,031  572  3,289  2,365 
Advisory services incentive fee —  (1,294) —  — 
(Gain) loss on extinguishment of debt —  —  (2,318) — 
Other (income) loss —  —  (293) — 
(Gain) loss on insurance settlement —  (55) —  (55)
Company's portion of adjustments to FFO of OpenKey —  2  —  8 
Adjusted FFO available to common stockholders and OP unitholders $ 2,741  $ 12,568  $ 43,890  $ 93,142 
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.04  $ 0.16  $ 0.61  $ 1.23 
Weighted average diluted shares 71,386  76,848  71,753  75,635 
7


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2023
(dollars in thousands)
(unaudited)

Lender Hotels Current
Maturity
Final
Maturity (14)
 Interest Rate Fixed-Rate
Debt		 Floating-Rate
Debt		 Total
Debt		 Comparable TTM Hotel Net Income Comparable TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (15)
 Comparable TTM Hotel EBITDA
Debt Yield
Prudential Hilton La Jolla Torrey Pines February 2024 February 2024
SOFR (1) + 1.70%
 $ —  $ 66,600  (3) $ 66,600  $ 12,836  19.3  % $ 17,289  26.0  %
Credit Agricole Park Hyatt Beaver Creek Resort & Spa February 2024 February 2027
SOFR (1) + 2.86%
 —  70,500  (4) 70,500  1,088  1.5  % 12,273  17.4  %
BAML See footnote June 2024 June 2025
SOFR (1) + 2.66%
 —  293,180  (5) 293,180  10,472  3.6  % 40,592  13.8  %
LoanCore Cameo Beverly Hills August 2024 August 2024
SOFR (1) + 3.66%
 —  30,000  (6) 30,000  (4,222) (14.1) % 987  3.3  %
Apollo The Ritz-Carlton St. Thomas August 2024 August 2024
SOFR (1) + 4.04%
 —  42,500  (7) 42,500  8,322  19.6  % 22,628  53.2  %
BAML Pier House Resort & Spa September 2024 September 2024
SOFR (1) + 1.95%
 —  80,000  (8) 80,000  6,799  8.5  % 15,011  18.8  %
BAML The Ritz-Carlton Lake Tahoe January 2025 January 2026
SOFR (1) + 3.60%
 —  53,413  (9) 53,413  (4,690) (8.8) % 6,082  11.4  %
Convertible Senior Notes N/A June 2026 June 2026 4.50% 86,250  —  86,250   N/A N/A  N/A N/A
BAML Credit Facility See footnote July 2026 July 2027
Base Rate (2) + 1.25% to 2.00% or SOFR (1) + 2.35% to 3.10%
—  200,000  (10) 200,000  13,470  6.7  % 33,363  16.7  %
Aareal Capital Corporation Four Seasons Resort Scottsdale December 2026 December 2028
SOFR (1) + 3.75%
 —  140,000  (11) 140,000  1,138  0.8  % 21,863  15.6  %
Aareal Capital Corporation Capital Hilton December 2026 December 2028
SOFR (1) + 3.75%
 —  110,600  (12) 110,600  4,934  4.5  % 15,427  13.9  %
Unencumbered Hotel The Ritz-Carlton Reserve Dorado Beach —  —  —  13,480  N/A 20,924  N/A
Total $ 86,250  $ 1,086,793  $ 1,173,043  $ 63,627  5.4  % $ 206,439  17.6  %
Percentage 7.4  % 92.6  % 100.0  %
Weighted average interest rate (13)
 4.50  % 7.66  % 7.42  %
All indebtedness is non-recourse with the exception of the convertible senior notes and the credit facility.
(1)    SOFR rate was 5.35% at December 31, 2023.
(2)    Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%.
(3)    On February 5, 2024, we amended this mortgage loan. Terms of the amendment included extending the maturity date six months from February 2024 to August 2024, and converting the interest rate from a variable rate of SOFR + 1.70% to a fixed rate of 9.00%..
(4)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2024.
(5)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(6)    This mortgage loan has a SOFR floor of 1.50%.
(7)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in August 2023. This mortgage loan has a SOFR floor of 1.00%. On January 29, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to August 2025, and the variable rate increased from SOFR + 4.04% to SOFR 4.35%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This amended mortgage loan has a SOFR floor of 4.00%.
(8)    On January 3, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to September 2025, and the variable rate increased from SOFR + 1.95% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(9)    This mortgage loan has one one-year extension option subject to satisfaction of certain conditions.
(10)    This credit facility has one one-year extension option subject to satisfaction of certain conditions. This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(11)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(12)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(13)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(14)    The final maturity date assumes all available extension options will be exercised.
(15)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
December 31, 2023
(dollars in thousands)
(unaudited)
Lender Hotels 2024 2025 2026 2027 2028 Thereafter Total
Prudential
Hilton La Jolla Torrey Pines (1)
 $ 66,600  $ —  $ —  $ —  $ —  $ —  $ 66,600 
Apollo
The Ritz-Carlton St. Thomas (2)
 42,500  —  —  —  —  —  42,500 
LoanCore Cameo Beverly Hills Hotel 30,000  —  —  —  —  —  30,000 
BAML
Pier House Resort & Spa (3)
 80,000  —  —  —  —  —  80,000 
BAML See footnote 4 —  293,180  —  —  —  —  293,180 
BAML The Ritz-Carlton Lake Tahoe —  —  53,413  —  —  —  53,413 
Convertible Senior Notes N/A —  —  86,250  —  —  —  86,250 
BAML Credit Facility See footnote 5 —  —  —  200,000  —  —  200,000 
Credit Agricole Park Hyatt Beaver Creek Resort & Spa —  —  —  70,500  —  —  70,500 
Aareal Capital Corporation Four Seasons Resort Scottsdale —  —  —  —  136,000  —  136,000 
Aareal Capital Corporation Capital Hilton —  —  —  —  106,600  —  106,600 
Principal due in future periods $ 219,100  $ 293,180  $ 139,663  $ 270,500  $ 242,600  $ —  $ 1,165,043 
Scheduled amortization payments remaining —  —  —  4,000  4,000  —  8,000 
Total indebtedness $ 219,100  $ 293,180  $ 139,663  $ 274,500  $ 246,600  $ —  $ 1,173,043 
(1)    On February 5, 2024, we amended this mortgage loan. Terms of the amendment included extending the maturity date six months from February 2024 to August 2024, and converting the interest rate from a variable rate of SOFR + 1.70% to a fixed rate of 9.00%..
(2)    On January 29, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to August 2025, and the variable rate increased from SOFR + 4.04% to SOFR 4.35%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This amended mortgage loan has a SOFR floor of 4.00%.
(3)    On January 3, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to September 2025, and the variable rate increased from SOFR + 1.95% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(4)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(5)    This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
9


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

ALL HOTELS:
Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Rooms revenue (in thousands) $ 111,550  $ —  $ 111,550  $ 111,422  $ 4,960  $ 116,382  0.11  % (4.15) %
RevPAR $ 287.67  $ —  $ 287.67  $ 298.03  $ 387.17  $ 300.98  (3.48) % (4.42) %
Occupancy 63.61  % —  % 63.61  % 64.50  % 54.47  % 64.17  % (1.38) % (0.87) %
ADR $ 452.21  $ —  $ 452.21  $ 462.04  $ 710.76  $ 469.03  (2.13) % (3.59) %
ALL HOTELS:
Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Rooms revenue (in thousands) $ 471,808  $ —  $ 471,808  $ 438,220  $ 39,586  $ 477,806  7.66  % (1.26) %
RevPAR $ 306.69  $ —  $ 306.69  $ 300.90  $ 511.09  $ 311.51  1.92  % (1.55) %
Occupancy 66.94  % —  % 66.94  % 65.62  % 46.76  % 64.66  % 2.01  % 3.53  %
ADR $ 458.19  $ —  $ 458.19  $ 458.58  $ 1,093.04  $ 481.75  (0.09) % (4.89) %
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.

ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Rooms revenue (in thousands) $ 90,055  $ —  $ 90,055  $ 85,463  $ 4,960  $ 90,423  5.37  % (0.41) %
RevPAR $ 305.32  $ —  $ 305.32  $ 304.00  $ 387.17  $ 307.62  0.43  % (0.75) %
Occupancy 65.28  % —  % 65.28  % 63.25  % 54.47  % 62.87  % 3.21  % 3.83  %
ADR $ 467.71  $ —  $ 467.71  $ 480.61  $ 710.76  $ 489.30  (2.68) % (4.41) %
ALL HOTELS
     NOT UNDER RENOVATION:
Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
Rooms revenue (in thousands) $ 370,120  $ —  $ 370,120  $ 330,871  $ 39,586  $ 370,457  11.86  % (0.09) %
RevPAR $ 316.32  $ —  $ 316.32  $ 303.91  $ 511.09  $ 317.67  4.08  % (0.42) %
Occupancy 67.22  % —  % 67.22  % 65.45  % 46.76  % 64.21  % 2.70  % 4.69  %
ADR $ 470.59  $ —  $ 470.59  $ 464.30  $ 1,093.04  $ 494.71  1.35  % (4.88) %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2023, and not under renovation during the three months ended December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
10


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended Year Ended
December 31, December 31,
2023 2022 % Variance 2023 2022 % Variance
Total hotel revenue $ 179,216  $ 173,363  3.38  % $ 744,998  $ 675,072  10.36  %
Non-comparable adjustments —  12,554  —  69,853 
Comparable total hotel revenue $ 179,216  $ 185,917  (3.60) % $ 744,998  $ 744,925  0.01  %
Hotel net income (loss) $ 6,943  $ 13,699  (49.32) % $ 63,627  $ 90,713  (29.86) %
Non-comparable adjustments —  1,573  —  5,251 
Comparable hotel net income (loss) $ 6,943  $ 15,272  (54.54) % $ 63,627  $ 95,964  (33.70) %
Hotel net income (loss) margin 3.87  % 7.90  % (4.03) % 8.54  % 13.44  % (4.90) %
Comparable hotel net income margin 3.87  % 8.21  % (4.34) % 8.54  % 12.88  % (4.34) %
Hotel EBITDA $ 45,116  $ 47,065  (4.14) % $ 206,439  $ 200,505  2.96  %
Non-comparable adjustments —  3,767  —  20,046 
Comparable hotel EBITDA $ 45,116  $ 50,832  (11.24) % $ 206,439  $ 220,551  (6.40) %
Hotel EBITDA margin 25.17  % 27.15  % (1.98) % 27.71  % 29.70  % (1.99) %
Comparable hotel EBITDA margin 25.17  % 27.34  % (2.17) % 27.71  % 29.61  % (1.90) %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ 702  $ 714  (1.72) % $ 4,443  $ 3,572  24.37  %
Hotel net income (loss) attributable to the Company and OP unitholders $ 6,242  $ 12,985  (51.93) % $ 59,185  $ 87,141  (32.08) %
Comparable hotel net income (loss) attributable to the Company and OP unitholders $ 6,242  $ 14,558  (57.13) % $ 59,185  $ 92,392  (35.94) %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 1,769  $ 1,798  (1.61) % $ 8,179  $ 6,876  18.95  %
Hotel EBITDA attributable to the Company and OP unitholders $ 43,347  $ 45,267  (4.24) % $ 198,260  $ 193,629  2.39  %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 43,347  $ 49,034  (11.60) % $ 198,260  $ 213,675  (7.21) %
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

11


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS
     NOT UNDER RENOVATION:		 Three Months Ended Year Ended
December 31, December 31,
2023 2022 % Variance 2023 2022 % Variance
Total hotel revenue $ 137,265  $ 123,544  11.11  % $ 551,479  $ 476,816  15.66  %
Non-comparable adjustments —  12,555  —  69,853 
Comparable total hotel revenue $ 137,265  $ 136,099  0.86  % $ 551,479  $ 546,669  0.88  %
Hotel net income (loss) $ 8,579  $ 11,844  (27.57) % $ 52,210  $ 66,927  (21.99) %
Non-comparable adjustments —  1,573  —  5,251 
Comparable hotel net income (loss) $ 8,579  $ 13,417  (36.06) % $ 52,210  $ 72,178  (27.66) %
Hotel net income (loss) margin 6.25  % 9.59  % (3.34) % 9.47  % 14.04  % (4.57) %
Comparable hotel net income margin 6.25  % 9.86  % (3.61) % 9.47  % 13.20  % (3.73) %
Hotel EBITDA $ 38,437  $ 35,042  9.69  % $ 162,549  $ 148,571  9.41  %
Non-comparable adjustments —  3,767  —  20,046 
Comparable hotel EBITDA $ 38,437  $ 38,809  (0.96) % $ 162,549  $ 168,617  (3.60) %
Hotel EBITDA margin 28.00  % 28.36  % (0.36) % 29.48  % 31.16  % (1.68) %
Comparable hotel EBITDA margin 28.00  % 28.52  % (0.52) % 29.48  % 30.84  % (1.36) %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ 728  $ 719  1.29  % $ 3,209  $ 3,291  (2.48) %
Hotel net income (loss) attributable to the Company and OP unitholders $ 7,851  $ 11,125  (29.43) % $ 49,001  $ 63,637  (23.00) %
Comparable hotel net income (loss) attributable to the Company and OP unitholders $ 7,851  $ 12,698  (38.17) % $ 49,001  $ 68,888  (28.87) %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 1,076  $ 977  10.08  % $ 4,322  $ 4,332  (0.22) %
Hotel EBITDA attributable to the Company and OP unitholders $ 37,361  $ 34,065  9.68  % $ 158,227  $ 144,239  9.70  %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 37,361  $ 37,832  (1.24) % $ 158,227  $ 164,285  (3.69) %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at December 31, 2023, and not under renovation during the three months ended December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
12


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 8,141  $ —  $ 8,141  $ 8,532  $ —  $ 8,532  (4.58) % (4.58) %
Total hotel revenue $ 12,903  $ —  $ 12,903  $ 13,183  $ —  $ 13,183  (2.12) % (2.12) %
Hotel net income (loss) $ (108) $ —  $ (108) $ (21) $ —  $ (21) (414.29) % (414.29) %
Hotel net income (loss) margin (0.84) % (0.84) % (0.16) % (0.16) % (0.68) % (0.68) %
Hotel EBITDA $ 2,774  $ —  $ 2,774  $ 3,284  $ —  $ 3,284  (15.53) % (15.53) %
Hotel EBITDA margin 21.50  % 21.50  % 24.91  % 24.91  % (3.41) % (3.41) %
Selected Operating Information:
RevPAR $ 160.88  $ —  $ 160.88  $ 168.61  $ —  $ 168.61  (4.58) % (4.58) %
Occupancy 64.56  % —  % 64.56  % 72.96  % —  % 72.96  % (11.51) % (11.51) %
ADR $ 249.20  $ —  $ 249.20  $ 231.08  $ —  $ 231.08  7.84  % 7.84  %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 6,383  $ —  $ 6,383  $ 6,067  $ —  $ 6,067  5.21  % 5.21  %
Total hotel revenue $ 12,746  $ —  $ 12,746  $ 11,535  $ —  $ 11,535  10.50  % 10.50  %
Hotel net income (loss) $ 2,914  $ —  $ 2,914  $ 2,876  $ —  $ 2,876  1.32  % 1.32  %
Hotel net income (loss) margin 22.86  % 22.86  % 24.93  % 24.93  % (2.07) % (2.07) %
Hotel EBITDA $ 4,304  $ —  $ 4,304  $ 3,909  $ —  $ 3,909  10.10  % 10.10  %
Hotel EBITDA margin 33.77  % 33.77  % 33.89  % 33.89  % (0.12) % (0.12) %
Selected Operating Information:
RevPAR $ 176.12  $ —  $ 176.12  $ 167.37  $ —  $ 167.37  5.23  % 5.23  %
Occupancy 73.50  % —  % 73.50  % 70.27  % —  % 70.27  % 4.60  % 4.60  %
ADR $ 239.61  $ —  $ 239.61  $ 238.16  $ —  $ 238.16  0.61  % 0.61  %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 6,473  $ —  $ 6,473  $ 6,363  $ —  $ 6,363  1.73  % 1.73  %
Total hotel revenue $ 8,781  $ —  $ 8,781  $ 8,559  $ —  $ 8,559  2.59  % 2.59  %
Hotel net income (loss) $ 278  $ —  $ 278  $ (91) $ —  $ (91) 405.49  % 405.49  %
Hotel net income (loss) margin 3.17  % 3.17  % (1.06) % (1.06) % 4.23  % 4.23  %
Hotel EBITDA $ 1,521  $ —  $ 1,521  $ 1,320  $ —  $ 1,320  15.23  % 15.23  %
Hotel EBITDA margin 17.32  % 17.32  % 15.42  % 15.42  % 1.90  % 1.90  %
Selected Operating Information:
RevPAR $ 169.52  $ —  $ 169.52  $ 166.66  $ —  $ 166.66  1.72  % 1.72  %
Occupancy 73.26  % —  % 73.26  % 66.17  % —  % 66.17  % 10.71  % 10.71  %
ADR $ 231.40  $ —  $ 231.40  $ 251.85  $ —  $ 251.85  (8.12) % (8.12) %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 3,789  $ —  $ 3,789  $ 4,460  $ —  $ 4,460  (15.04) % (15.04) %
Total hotel revenue $ 5,195  $ —  $ 5,195  $ 6,083  $ —  $ 6,083  (14.60) % (14.60) %
Hotel net income (loss) $ 505  $ —  $ 505  $ 702  $ —  $ 702  (28.06) % (28.06) %
Hotel net income (loss) margin 9.72  % 9.72  % 11.54  % 11.54  % (1.82) % (1.82) %
Hotel EBITDA $ 1,210  $ —  $ 1,210  $ 2,038  $ —  $ 2,038  (40.63) % (40.63) %
Hotel EBITDA margin 23.29  % 23.29  % 33.50  % 33.50  % (10.21) % (10.21) %
Selected Operating Information:
RevPAR $ 633.55  $ —  $ 633.55  $ 745.87  $ —  $ 745.87  (15.06) % (15.06) %
Occupancy 62.32  % —  % 62.32  % 60.75  % —  % 60.75  % 2.58  % 2.58  %
ADR $ 1,016.54  $ —  $ 1,016.54  $ 1,227.73  $ —  $ 1,227.73  (17.20) % (17.20) %
13


Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 5,780  $ —  $ 5,780  $ 5,758  $ —  $ 5,758  0.38  % 0.38  %
Total hotel revenue $ 7,378  $ —  $ 7,378  $ 7,316  $ —  $ 7,316  0.85  % 0.85  %
Hotel net income (loss) $ 1,248  $ —  $ 1,248  $ 1,655  $ —  $ 1,655  (24.59) % (24.59) %
Hotel net income (loss) margin 16.92  % 16.92  % 22.62  % 22.62  % (5.70) % (5.70) %
Hotel EBITDA $ 3,363  $ —  $ 3,363  $ 3,503  $ —  $ 3,503  (4.00) % (4.00) %
Hotel EBITDA margin 45.58  % 45.58  % 47.88  % 47.88  % (2.30) % (2.30) %
Selected Operating Information:
RevPAR $ 442.42  $ —  $ 442.42  $ 440.75  $ —  $ 440.75  0.38  % 0.38  %
Occupancy 68.31  % —  % 68.31  % 63.70  % —  % 63.70  % 7.24  % 7.24  %
ADR $ 647.66  $ —  $ 647.66  $ 691.90  $ —  $ 691.90  (6.39) % (6.39) %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 3,032  $ —  $ 3,032  $ 3,486  $ —  $ 3,486  (13.02) % (13.02) %
Total hotel revenue $ 3,774  $ —  $ 3,774  $ 4,269  $ —  $ 4,269  (11.60) % (11.60) %
Hotel net income (loss) $ 621  $ —  $ 621  $ 672  $ —  $ 672  (7.59) % (7.59) %
Hotel net income (loss) margin 16.45  % 16.45  % 15.74  % 15.74  % 0.71  % 0.71  %
Hotel EBITDA $ 1,071  $ —  $ 1,071  $ 1,884  $ —  $ 1,884  (43.15) % (43.15) %
Hotel EBITDA margin 28.38  % 28.38  % 44.13  % 44.13  % (15.75) % (15.75) %
Selected Operating Information:
RevPAR $ 412.00  $ —  $ 412.00  $ 473.63  $ —  $ 473.63  (13.01) % (13.01) %
Occupancy 58.36  % —  % 58.36  % 54.47  % —  % 54.47  % 7.14  % 7.14  %
ADR $ 706.01  $ —  $ 706.01  $ 869.53  $ —  $ 869.53  (18.81) % (18.81) %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 5,678  $ —  $ 5,678  $ 6,556  $ —  $ 6,556  (13.39) % (13.39) %
Total hotel revenue $ 10,729  $ —  $ 10,729  $ 11,602  $ —  $ 11,602  (7.52) % (7.52) %
Hotel net income (loss) $ (1,113) $ —  $ (1,113) $ 322  $ —  $ 322  (445.65) % (445.65) %
Hotel net income (loss) margin (10.37) % (10.37) % 2.78  % 2.78  % (13.15) % (13.15) %
Hotel EBITDA $ 1,831  $ —  $ 1,831  $ 2,734  $ —  $ 2,734  (33.03) % (33.03) %
Hotel EBITDA margin 17.07  % 17.07  % 23.56  % 23.56  % (6.49) % (6.49) %
Selected Operating Information:
RevPAR $ 319.82  $ —  $ 319.82  $ 375.04  $ —  $ 375.04  (14.72) % (14.72) %
Occupancy 52.46  % —  % 52.46  % 52.04  % —  % 52.04  % 0.81  % 0.81  %
ADR $ 609.69  $ —  $ 609.69  $ 720.64  $ —  $ 720.64  (15.40) % (15.40) %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 7,686  $ —  $ 7,686  $ 6,981  $ —  $ 6,981  10.10  % 10.10  %
Total hotel revenue $ 9,741  $ —  $ 9,741  $ 8,735  $ —  $ 8,735  11.52  % 11.52  %
Hotel net income (loss) $ 1,665  $ —  $ 1,665  $ 799  $ —  $ 799  108.39  % 108.39  %
Hotel net income (loss) margin 17.09  % 17.09  % 9.15  % 9.15  % 7.94  % 7.94  %
Hotel EBITDA $ 3,688  $ —  $ 3,688  $ 2,865  $ —  $ 2,865  28.73  % 28.73  %
Hotel EBITDA margin 37.86  % 37.86  % 32.80  % 32.80  % 5.06  % 5.06  %
Selected Operating Information:
RevPAR $ 167.44  $ —  $ 167.44  $ 152.07  $ —  $ 152.07  10.11  % 10.11  %
Occupancy 66.25  % —  % 66.25  % 63.14  % —  % 63.14  % 4.93  % 4.93  %
ADR $ 252.72  $ —  $ 252.72  $ 240.84  $ —  $ 240.84  4.93  % 4.93  %
14


Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
THE CLANCY
Selected Financial Information:
Rooms revenue $ 7,644  $ —  $ 7,644  $ 7,183  $ —  $ 7,183  6.42  % 6.42  %
Total hotel revenue $ 8,940  $ —  $ 8,940  $ 8,373  $ —  $ 8,373  6.77  % 6.77  %
Hotel net income (loss) $ (704) $ —  $ (704) $ (1,477) $ —  $ (1,477) 52.34  % 52.34  %
Hotel net income (loss) margin (7.87) % (7.87) % (17.64) % (17.64) % 9.77  % 9.77  %
Hotel EBITDA $ 1,697  $ —  $ 1,697  $ 1,190  $ —  $ 1,190  42.61  % 42.61  %
Hotel EBITDA margin 18.98  % 18.98  % 14.21  % 14.21  % 4.77  % 4.77  %
Selected Operating Information:
RevPAR $ 202.64  $ —  $ 202.64  $ 190.44  $ —  $ 190.44  6.41  % 6.41  %
Occupancy 66.25  % —  % 66.25  % 65.61  % —  % 65.61  % 0.98  % 0.98  %
ADR $ 305.86  $ —  $ 305.86  $ 290.25  $ —  $ 290.25  5.38  % 5.38  %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 8,379  $ —  $ 8,379  $ 9,677  $ —  $ 9,677  (13.41) % (13.41) %
Total hotel revenue $ 20,364  $ —  $ 20,364  $ 22,971  $ —  $ 22,971  (11.35) % (11.35) %
Hotel net income (loss) $ 3,108  $ —  $ 3,108  $ 1,194  $ —  $ 1,194  160.30  % 160.30  %
Hotel net income (loss) margin 15.26  % 15.26  % 5.20  % 5.20  % 10.06  % 10.06  %
Hotel EBITDA $ 5,132  $ —  $ 5,132  $ 6,158  $ —  $ 6,158  (16.66) % (16.66) %
Hotel EBITDA margin 25.20  % 25.20  % 26.81  % 26.81  % (1.61) % (1.61) %
Selected Operating Information:
RevPAR $ 329.99  $ —  $ 329.99  $ 381.12  $ —  $ 381.12  (13.42) % (13.42) %
Occupancy 61.87  % —  % 61.87  % 66.71  % —  % 66.71  % (7.26) % (7.26) %
ADR $ 533.33  $ —  $ 533.33  $ 571.31  $ —  $ 571.31  (6.65) % (6.65) %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 4,975  $ —  $ 4,975  $ 7,751  $ —  $ 7,751  (35.81) % (35.81) %
Total hotel revenue $ 8,682  $ —  $ 8,682  $ 13,666  $ —  $ 13,666  (36.47) % (36.47) %
Hotel net income (loss) $ (4,634) $ —  $ (4,634) $ 681  $ —  $ 681  (780.47) % (780.47) %
Hotel net income (loss) margin (53.37) % (53.37) % 4.98  % 4.98  % (58.35) % (58.35) %
Hotel EBITDA $ (1,229) $ —  $ (1,229) $ 2,581  $ —  $ 2,581  (147.62) % (147.62) %
Hotel EBITDA margin (14.16) % (14.16) % 18.89  % 18.89  % (33.05) % (33.05) %
Selected Operating Information:
RevPAR $ 295.51  $ —  $ 295.51  $ 462.91  $ —  $ 462.91  (36.16) % (36.16) %
Occupancy 34.16  % —  % 34.16  % 56.59  % —  % 56.59  % (39.64) % (39.64) %
ADR $ 865.09  $ —  $ 865.09  $ 818.04  $ —  $ 818.04  5.75  % 5.75  %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 5,542  $ —  $ 5,542  $ 5,031  $ —  $ 5,031  10.16  % 10.16  %
Total hotel revenue $ 7,092  $ —  $ 7,092  $ 6,440  $ —  $ 6,440  10.12  % 10.12  %
Hotel net income (loss) $ (671) $ —  $ (671) $ 283  $ —  $ 283  (337.10) % (337.10) %
Hotel net income (loss) margin (9.46) % (9.46) % 4.39  % 4.39  % (13.85) % (13.85) %
Hotel EBITDA $ 1,899  $ —  $ 1,899  $ 1,785  $ —  $ 1,785  6.39  % 6.39  %
Hotel EBITDA margin 26.78  % 26.78  % 27.72  % 27.72  % (0.94) % (0.94) %
Selected Operating Information:
RevPAR $ 163.26  $ —  $ 163.26  $ 151.49  $ —  $ 151.49  7.77  % 7.77  %
Occupancy 63.02  % —  % 63.02  % 60.21  % —  % 60.21  % 4.67  % 4.67  %
ADR $ 259.05  $ —  $ 259.05  $ 251.61  $ —  $ 251.61  2.96  % 2.96  %
15


Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 10,208  $ —  $ 10,208  $ 13,280  $ (1,652) $ 11,628  (23.13) % (12.21) %
Total hotel revenue $ 16,199  $ —  $ 16,199  $ 19,725  $ (1,652) $ 18,073  (17.88) % (10.37) %
Hotel net income (loss) $ (409) $ —  $ (409) $ 3,752  $ (1,653) $ 2,099  (110.90) % (119.49) %
Hotel net income (loss) margin (2.52) % (2.52) % 19.02  % 11.61  % (21.54) % (14.13) %
Hotel EBITDA $ 4,244  $ —  $ 4,244  $ 6,606  $ (1,652) $ 4,954  (35.76) % (14.33) %
Hotel EBITDA margin —  % —  % 33.49  % 27.41  % (33.49) % (27.41) %
Selected Operating Information:
RevPAR $ 616.40  $ —  $ 616.40  $ 801.98  $ —  $ 702.18  (23.14) % (12.22) %
Occupancy 54.98  % —  % 54.98  % 59.30  % —  % 59.30  % (7.28) % (7.28) %
ADR $ 1,121.10  $ —  $ 1,121.10  $ 1,352.42  $ —  $ 1,184.13  (17.10) % (5.32) %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 2,547  $ —  $ 2,547  $ 3,298  $ —  $ 3,298  (22.77) % (22.77) %
Total hotel revenue $ 3,324  $ —  $ 3,324  $ 4,656  $ —  $ 4,656  (28.61) % (28.61) %
Hotel net income (loss) $ (1,862) $ —  $ (1,862) $ (816) $ —  $ (816) (128.19) % (128.19) %
Hotel net income (loss) margin (56.02) % (56.02) % (17.53) % (17.53) % (38.49) % (38.49) %
Hotel EBITDA $ (274) $ —  $ (274) $ 456  $ —  $ 456  (160.09) % (160.09) %
Hotel EBITDA margin (8.24) % (8.24) % 9.79  % 9.79  % (18.03) % (18.03) %
Selected Operating Information:
RevPAR $ 193.66  $ —  $ 193.66  $ 250.68  $ —  $ 250.68  (22.75) % (22.75) %
Occupancy 70.68  % —  % 70.68  % 76.14  % —  % 76.14  % (7.17) % (7.17) %
ADR $ 273.98  $ —  $ 273.98  $ 329.23  $ —  $ 329.23  (16.78) % (16.78) %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 15,126  $ —  $ 15,126  $ 13,892  $ —  $ 13,892  8.88  % 8.88  %
Total hotel revenue $ 22,451  $ —  $ 22,451  $ 21,056  $ —  $ 21,056  6.63  % 6.63  %
Hotel net income (loss) $ 3,920  $ —  $ 3,920  $ 2,235  $ —  $ 2,235  75.39  % 75.39  %
Hotel net income (loss) margin 17.46  % 17.46  % 10.61  % 10.61  % 6.85  % 6.85  %
Hotel EBITDA $ 5,782  $ —  $ 5,782  $ 5,042  $ —  $ 5,042  14.68  % 14.68  %
Hotel EBITDA margin 25.75  % 25.75  % 23.95  % 23.95  % 1.80  % 1.80  %
Selected Operating Information:
RevPAR $ 1,551.02  $ —  $ 1,551.02  $ 1,424.51  $ —  $ 1,424.51  8.88  % 8.88  %
Occupancy 57.91  % —  % 57.91  % 56.54  % —  % 56.54  % 2.42  % 2.42  %
ADR $ 2,678.52  $ —  $ 2,678.52  $ 2,519.37  $ —  $ 2,519.37  6.32  % 6.32  %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 10,167  $ —  $ 10,167  $ 3,107  $ 6,612  $ 9,719  227.23  % 4.61  %
Total hotel revenue $ 20,917  $ —  $ 20,917  $ 5,194  $ 14,206  $ 19,400  302.71  % 7.82  %
Hotel net income (loss) $ 2,185  $ —  $ 2,185  $ 933  $ 3,226  $ 4,159  134.19  % (47.46) %
Hotel net income (loss) margin 10.45  % 10.45  % 17.96  % 21.44  % (7.51) % (10.99) %
Hotel EBITDA $ 8,103  $ —  $ 8,103  $ 1,710  $ 5,419  $ 7,129  373.86  % 13.66  %
Hotel EBITDA margin 38.74  % 38.74  % 32.92  % 36.75  % 5.82  % 1.99  %
Selected Operating Information:
RevPAR $ 526.22  $ —  $ 526.22  $ 477.19  $ 516.18  $ 503.04  10.27  % 4.61  %
Occupancy 56.01  % —  % 56.01  % 45.15  % 54.47  % 51.33  % 24.05  % 9.12  %
ADR $ 939.53  $ —  $ 939.53  $ 1,056.99  $ 947.59  $ 980.01  (11.11) % (4.13) %
16


Three Months Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 73,517  $ —  $ 73,517  $ 74,034  $ 4,960  $ 78,994  (0.70) % (6.93) %
Total hotel revenue $ 128,435  $ —  $ 128,435  $ 123,417  $ 12,554  $ 135,971  4.07  % (5.54) %
Hotel net income (loss) $ 8,345  $ —  $ 8,345  $ 15,024  $ 1,573  $ 16,597  (44.46) % (49.72) %
Hotel net income (loss) margin 6.50  % 6.50  % 12.17  % 12.21  % (5.67) % (5.71) %
Hotel EBITDA $ 33,811  $ —  $ 33,811  $ 36,165  $ 3,767  $ 39,932  (6.51) % (15.33) %
Hotel EBITDA margin 26.33  % 26.33  % 29.30  % 29.37  % (2.97) % (3.04) %
Selected Operating Information:
RevPAR $ 436.91  $ —  $ 436.91  $ 477.36  $ 387.17  $ 470.48  (8.47) % (7.14) %
Occupancy 59.39  % —  % 59.39  % 61.40  % 54.47  % 60.87  % (3.27) % (2.43) %
ADR $ 735.63  $ —  $ 735.63  $ 777.50  $ 710.76  $ 772.94  (5.39) % (4.83) %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 38,033  $ —  $ 38,033  $ 37,388  $ —  $ 37,388  1.73  % 1.73  %
Total hotel revenue $ 50,781  $ —  $ 50,781  $ 49,946  $ —  $ 49,946  1.67  % 1.67  %
Hotel net income (loss) $ (1,402) $ —  $ (1,402) $ (1,325) $ —  $ (1,325) (5.81) % (5.81) %
Hotel net income (loss) margin (2.76) % (2.76) % (2.65) % (2.65) % (0.11) % (0.11) %
Hotel EBITDA $ 11,305  $ —  $ 11,305  $ 10,900  $ —  $ 10,900  3.72  % 3.72  %
Hotel EBITDA margin 22.26  % 22.26  % 21.82  % 21.82  % 0.44  % 0.44  %
Selected Operating Information:
RevPAR $ 173.26  $ —  $ 173.26  $ 170.90  $ —  $ 170.90  1.38  % 1.38  %
Occupancy 66.85  % —  % 66.85  % 66.71  % —  % 66.71  % 0.21  % 0.21  %
ADR $ 259.19  $ —  $ 259.19  $ 256.20  $ —  $ 256.20  1.17  % 1.17  %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 111,550  $ —  $ 111,550  $ 111,422  $ 4,960  $ 116,382  0.11  % (4.15) %
Total hotel revenue $ 179,216  $ —  $ 179,216  $ 173,363  $ 12,554  $ 185,917  3.38  % (3.60) %
Hotel net income (loss) $ 6,943  $ —  $ 6,943  $ 13,699  $ 1,573  $ 15,272  (49.32) % (54.54) %
Hotel net income (loss) margin 3.87  % 3.87  % 7.90  % 8.21  % (4.03) % (4.34) %
Hotel EBITDA $ 45,116  $ —  $ 45,116  $ 47,065  $ 3,767  $ 50,832  (4.14) % (11.24) %
Hotel EBITDA margin 25.17  % 25.17  % 27.15  % 27.34  % (1.98) % (2.17) %
Selected Operating Information:
RevPAR $ 287.67  $ —  $ 287.67  $ 298.03  $ 387.17  $ 300.98  (3.48) % (4.42) %
Occupancy 63.61  % —  % 63.61  % 64.50  % 54.47  % 64.17  % (1.38) % (0.87) %
ADR $ 452.21  $ —  $ 452.21  $ 462.04  $ 710.76  $ 469.03  (2.13) % (3.59) %
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
17


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 36,615  $ —  $ 36,615  $ 29,877  $ —  $ 29,877  22.55  % 22.55  %
Total hotel revenue $ 57,716  $ —  $ 57,716  $ 45,113  $ —  $ 45,113  27.94  % 27.94  %
Hotel net income (loss) $ 4,934  $ —  $ 4,934  $ 1,125  $ —  $ 1,125  338.58  % 338.58  %
Hotel net income (loss) margin 8.55  % 8.55  % 2.49  % 2.49  % 6.06  % 6.06  %
Hotel EBITDA $ 15,427  $ —  $ 15,427  $ 10,174  $ —  $ 10,174  51.63  % 51.63  %
Hotel EBITDA margin 26.73  % 26.73  % 22.55  % 22.55  % 4.18  % 4.18  %
Selected Operating Information:
RevPAR $ 182.39  $ —  $ 182.39  $ 148.82  $ —  $ 148.82  22.56  % 22.56  %
Occupancy 72.92  % —  % 72.92  % 65.17  % —  % 65.17  % 11.89  % 11.89  %
ADR $ 250.11  $ —  $ 250.11  $ 228.36  $ —  $ 228.36  9.52  % 9.52  %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 28,735  $ —  $ 28,735  $ 27,880  $ —  $ 27,880  3.07  % 3.07  %
Total hotel revenue $ 50,715  $ —  $ 50,715  $ 49,076  $ —  $ 49,076  3.34  % 3.34  %
Hotel net income (loss) $ 12,836  $ —  $ 12,836  $ 13,162  $ —  $ 13,162  (2.48) % (2.48) %
Hotel net income (loss) margin 25.31  % 25.31  % 26.82  % 26.82  % (1.51) % (1.51) %
Hotel EBITDA $ 17,289  $ —  $ 17,289  $ 17,328  $ —  $ 17,328  (0.23) % (0.23) %
Hotel EBITDA margin 34.09  % 34.09  % 35.31  % 35.31  % (1.22) % (1.22) %
Selected Operating Information:
RevPAR $ 199.82  $ —  $ 199.82  $ 193.87  $ —  $ 193.87  3.07  % 3.07  %
Occupancy 78.76  % —  % 78.76  % 77.25  % —  % 77.25  % 1.95  % 1.95  %
ADR $ 253.71  $ —  $ 253.71  $ 250.95  $ —  $ 250.95  1.10  % 1.10  %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 25,512  $ —  $ 25,512  $ 24,829  $ —  $ 24,829  2.75  % 2.75  %
Total hotel revenue $ 33,917  $ —  $ 33,917  $ 33,635  $ —  $ 33,635  0.84  % 0.84  %
Hotel net income (loss) $ 3,392  $ —  $ 3,392  $ 2,226  $ —  $ 2,226  52.38  % 52.38  %
Hotel net income (loss) margin 10.00  % 10.00  % 6.62  % 6.62  % 3.38  % 3.38  %
Hotel EBITDA $ 8,183  $ —  $ 8,183  $ 8,288  $ —  $ 8,288  (1.27) % (1.27) %
Hotel EBITDA margin 24.13  % 24.13  % 24.64  % 24.64  % (0.51) % (0.51) %
Selected Operating Information:
RevPAR $ 168.42  $ —  $ 168.42  $ 163.92  $ —  $ 163.92  2.75  % 2.75  %
Occupancy 70.30  % —  % 70.30  % 65.36  % —  % 65.36  % 7.56  % 7.56  %
ADR $ 239.57  $ —  $ 239.57  $ 250.78  $ —  $ 250.78  (4.47) % (4.47) %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 16,429  $ —  $ 16,429  $ 19,082  $ —  $ 19,082  (13.90) % (13.90) %
Total hotel revenue $ 22,159  $ —  $ 22,159  $ 25,259  $ —  $ 25,259  (12.27) % (12.27) %
Hotel net income (loss) $ 1,428  $ —  $ 1,428  $ 4,488  $ —  $ 4,488  (68.18) % (68.18) %
Hotel net income (loss) margin 6.44  % 6.44  % 17.77  % 17.77  % (11.33) % (11.33) %
Hotel EBITDA $ 6,067  $ —  $ 6,067  $ 9,127  $ —  $ 9,127  (33.53) % (33.53) %
Hotel EBITDA margin 27.38  % 27.38  % 36.13  % 36.13  % (8.75) % (8.75) %
Selected Operating Information:
RevPAR $ 692.48  $ —  $ 692.48  $ 804.31  $ —  $ 804.31  (13.90) % (13.90) %
Occupancy 66.22  % —  % 66.22  % 63.96  % —  % 63.96  % 3.53  % 3.53  %
ADR $ 1,045.70  $ —  $ 1,045.70  $ 1,257.56  $ —  $ 1,257.56  (16.85) % (16.85) %
18


Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 24,168  $ —  $ 24,168  $ 27,419  $ —  $ 27,419  (11.86) % (11.86) %
Total hotel revenue $ 30,641  $ —  $ 30,641  $ 34,104  $ —  $ 34,104  (10.15) % (10.15) %
Hotel net income (loss) $ 6,799  $ —  $ 6,799  $ 12,377  $ —  $ 12,377  (45.07) % (45.07) %
Hotel net income (loss) margin 22.19  % 22.19  % 36.29  % 36.29  % (14.10) % (14.10) %
Hotel EBITDA $ 15,011  $ —  $ 15,011  $ 18,115  $ —  $ 18,115  (17.13) % (17.13) %
Hotel EBITDA margin 48.99  % 48.99  % 53.12  % 53.12  % (4.13) % (4.13) %
Selected Operating Information:
RevPAR $ 466.29  $ —  $ 466.29  $ 529.03  $ —  $ 529.03  (11.86) % (11.86) %
Occupancy 72.66  % —  % 72.66  % 74.81  % —  % 74.81  % (2.87) % (2.87) %
ADR $ 641.70  $ —  $ 641.70  $ 707.12  $ —  $ 707.12  (9.25) % (9.25) %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 12,325  $ —  $ 12,325  $ 14,314  $ —  $ 14,314  (13.90) % (13.90) %
Total hotel revenue $ 15,296  $ —  $ 15,296  $ 17,194  $ —  $ 17,194  (11.04) % (11.04) %
Hotel net income (loss) $ 871  $ —  $ 871  $ 2,547  $ —  $ 2,547  (65.80) % (65.80) %
Hotel net income (loss) margin 5.69  % 5.69  % 14.81  % 14.81  % (9.12) % (9.12) %
Hotel EBITDA $ 4,915  $ —  $ 4,915  $ 6,958  $ —  $ 6,958  (29.36) % (29.36) %
Hotel EBITDA margin 32.13  % 32.13  % 40.47  % 40.47  % (8.34) % (8.34) %
Selected Operating Information:
RevPAR $ 422.10  $ —  $ 422.10  $ 490.21  $ —  $ 490.21  (13.89) % (13.89) %
Occupancy 60.78  % —  % 60.78  % 54.06  % —  % 54.06  % 12.43  % 12.43  %
ADR $ 694.51  $ —  $ 694.51  $ 906.82  $ —  $ 906.82  (23.41) % (23.41) %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 25,351  $ —  $ 25,351  $ 25,253  $ —  $ 25,253  0.39  % 0.39  %
Total hotel revenue $ 49,335  $ —  $ 49,335  $ 50,615  $ —  $ 50,615  (2.53) % (2.53) %
Hotel net income (loss) $ 1,088  $ —  $ 1,088  $ 5,668  $ —  $ 5,668  (80.80) % (80.80) %
Hotel net income (loss) margin 2.21  % 2.21  % 11.20  % 11.20  % (8.99) % (8.99) %
Hotel EBITDA $ 12,273  $ —  $ 12,273  $ 13,620  $ —  $ 13,620  (9.89) % (9.89) %
Hotel EBITDA margin 24.88  % 24.88  % 26.91  % 26.91  % (2.03) % (2.03) %
Selected Operating Information:
RevPAR $ 360.35  $ —  $ 360.35  $ 364.13  $ —  $ 364.13  (1.04) % (1.04) %
Occupancy 55.81  % —  % 55.81  % 60.58  % —  % 60.58  % (7.87) % (7.87) %
ADR $ 645.73  $ —  $ 645.73  $ 601.05  $ —  $ 601.05  7.43  % 7.43  %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 26,222  $ —  $ 26,222  $ 22,237  $ —  $ 22,237  17.92  % 17.92  %
Total hotel revenue $ 33,117  $ —  $ 33,117  $ 27,536  $ —  $ 27,536  20.27  % 20.27  %
Hotel net income (loss) $ 2,071  $ —  $ 2,071  $ (505) $ —  $ (505) 510.10  % 510.10  %
Hotel net income (loss) margin 6.25  % 6.25  % (1.83) % (1.83) % 8.08  % 8.08  %
Hotel EBITDA $ 10,317  $ —  $ 10,317  $ 7,673  $ —  $ 7,673  34.46  % 34.46  %
Hotel EBITDA margin 31.15  % 31.15  % 27.87  % 27.87  % 3.28  % 3.28  %
Selected Operating Information:
RevPAR $ 143.97  $ —  $ 143.97  $ 122.10  $ —  $ 122.10  17.91  % 17.91  %
Occupancy 62.44  % —  % 62.44  % 55.92  % —  % 55.92  % 11.66  % 11.66  %
ADR $ 230.59  $ —  $ 230.59  $ 218.34  $ —  $ 218.34  5.61  % 5.61  %
19


Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
THE CLANCY
Selected Financial Information:
Rooms revenue $ 32,767  $ —  $ 32,767  $ 31,334  $ —  $ 31,334  4.57  % 4.57  %
Total hotel revenue $ 38,754  $ —  $ 38,754  $ 36,163  $ —  $ 36,163  7.16  % 7.16  %
Hotel net income (loss) $ (462) $ —  $ (462) $ (2,872) $ —  $ (2,872) 83.91  % 83.91  %
Hotel net income (loss) margin (1.19) % (1.19) % (7.94) % (7.94) % 6.75  % 6.75  %
Hotel EBITDA $ 9,276  $ —  $ 9,276  $ 8,354  $ —  $ 8,354  11.04  % 11.04  %
Hotel EBITDA margin 23.94  % 23.94  % 23.10  % 23.10  % 0.84  % 0.84  %
Selected Operating Information:
RevPAR $ 218.95  $ —  $ 218.95  $ 209.38  $ —  $ 209.38  4.57  % 4.57  %
Occupancy 70.81  % —  % 70.81  % 70.05  % —  % 70.05  % 1.08  % 1.08  %
ADR $ 309.19  $ —  $ 309.19  $ 298.91  $ —  $ 298.91  3.44  % 3.44  %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 37,278  $ —  $ 37,278  $ 46,210  $ —  $ 46,210  (19.33) % (19.33) %
Total hotel revenue $ 85,520  $ —  $ 85,520  $ 98,364  $ —  $ 98,364  (13.06) % (13.06) %
Hotel net income (loss) $ 11,171  $ —  $ 11,171  $ 17,641  $ —  $ 17,641  (36.68) % (36.68) %
Hotel net income (loss) margin 13.06  % 13.06  % 17.93  % 17.93  % (4.87) % (4.87) %
Hotel EBITDA $ 22,381  $ —  $ 22,381  $ 30,377  $ —  $ 30,377  (26.32) % (26.32) %
Hotel EBITDA margin 26.17  % 26.17  % 30.88  % 30.88  % (4.71) % (4.71) %
Selected Operating Information:
RevPAR $ 370.04  $ —  $ 370.04  $ 459.97  $ —  $ 459.97  (19.55) % (19.55) %
Occupancy 62.98  % —  % 62.98  % 74.47  % —  % 74.47  % (15.43) % (15.43) %
ADR $ 587.54  $ —  $ 587.54  $ 617.66  $ —  $ 617.66  (4.88) % (4.88) %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 27,797  $ —  $ 27,797  $ 31,263  $ —  $ 31,263  (11.09) % (11.09) %
Total hotel revenue $ 50,282  $ —  $ 50,282  $ 54,779  $ —  $ 54,779  (8.21) % (8.21) %
Hotel net income (loss) $ (4,690) $ —  $ (4,690) $ 5,020  $ —  $ 5,020  (193.43) % (193.43) %
Hotel net income (loss) margin (9.33) % (9.33) % 9.16  % 9.16  % (18.49) % (18.49) %
Hotel EBITDA $ 6,082  $ —  $ 6,082  $ 11,383  $ —  $ 11,383  (46.57) % (46.57) %
Hotel EBITDA margin 12.10  % 12.10  % 20.78  % 20.78  % (8.68) % (8.68) %
Selected Operating Information:
RevPAR $ 416.16  $ —  $ 416.16  $ 470.61  $ —  $ 470.61  (11.57) % (11.57) %
Occupancy 49.99  % —  % 49.99  % 56.22  % —  % 56.22  % (11.08) % (11.08) %
ADR $ 832.52  $ —  $ 832.52  $ 837.16  $ —  $ 837.16  (0.55) % (0.55) %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 28,410  $ —  $ 28,410  $ 21,445  $ —  $ 21,445  32.48  % 32.48  %
Total hotel revenue $ 34,629  $ —  $ 34,629  $ 26,385  $ —  $ 26,385  31.25  % 31.25  %
Hotel net income (loss) $ 5,471  $ —  $ 5,471  $ 3,790  $ —  $ 3,790  44.35  % 44.35  %
Hotel net income (loss) margin 15.80  % 15.80  % 14.36  % 14.36  % 1.44  % 1.44  %
Hotel EBITDA $ 12,816  $ —  $ 12,816  $ 9,217  $ —  $ 9,217  39.05  % 39.05  %
Hotel EBITDA margin 37.01  % 37.01  % 34.93  % 34.93  % 2.08  % 2.08  %
Selected Operating Information:
RevPAR $ 210.94  $ —  $ 210.94  $ 162.75  $ —  $ 162.75  29.61  % 29.61  %
Occupancy 70.69  % —  % 70.69  % 56.88  % —  % 56.88  % 24.28  % 24.28  %
ADR $ 298.39  $ —  $ 298.39  $ 286.14  $ —  $ 286.14  4.28  % 4.28  %
20


Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 47,971  $ —  $ 47,971  $ 58,426  $ —  $ 58,426  (17.89) % (17.89) %
Total hotel revenue $ 75,394  $ —  $ 75,394  $ 87,654  $ —  $ 87,654  (13.99) % (13.99) %
Hotel net income (loss) $ 8,322  $ —  $ 8,322  $ 18,920  $ —  $ 18,920  (56.01) % (56.01) %
Hotel net income (loss) margin 11.04  % 11.04  % 21.58  % 21.58  % (10.54) % (10.54) %
Hotel EBITDA $ 22,628  $ —  $ 22,628  $ 30,137  $ —  $ 30,137  (24.92) % (24.92) %
Hotel EBITDA margin 30.01  % 30.01  % 34.38  % 34.38  % (4.37) % (4.37) %
Selected Operating Information:
RevPAR $ 730.15  $ —  $ 730.15  $ 889.30  $ —  $ 889.30  (17.90) % (17.90) %
Occupancy 66.43  % —  % 66.43  % 73.81  % —  % 73.81  % (10.00) % (10.00) %
ADR $ 1,099.14  $ —  $ 1,099.14  $ 1,204.88  $ —  $ 1,204.88  (8.78) % (8.78) %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 11,727  $ —  $ 11,727  $ 13,472  $ —  $ 13,472  (12.95) % (12.95) %
Total hotel revenue $ 16,113  $ —  $ 16,113  $ 19,484  $ —  $ 19,484  (17.30) % (17.30) %
Hotel net income (loss) $ (4,222) $ —  $ (4,222) $ (1,390) $ —  $ (1,390) (203.74) % (203.74) %
Hotel net income (loss) margin (26.20) % (26.20) % (7.13) % (7.13) % (19.07) % (19.07) %
Hotel EBITDA $ 987  $ —  $ 987  $ 3,157  $ —  $ 3,157  (68.74) % (68.74) %
Hotel EBITDA margin 6.13  % 6.13  % 16.20  % 16.20  % (10.07) % (10.07) %
Selected Operating Information:
RevPAR $ 224.69  $ —  $ 224.69  $ 258.10  $ —  $ 258.10  (12.94) % (12.94) %
Occupancy 72.78  % —  % 72.78  % 74.26  % —  % 74.26  % (1.99) % (1.99) %
ADR $ 308.71  $ —  $ 308.71  $ 347.57  $ —  $ 347.57  (11.18) % (11.18) %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 54,712  $ —  $ 54,712  $ 42,072  $ 10,256  $ 52,328  30.04  % 4.56  %
Total hotel revenue $ 83,744  $ —  $ 83,744  $ 64,517  $ 15,169  $ 79,686  29.80  % 5.09  %
Hotel net income (loss) $ 13,480  $ —  $ 13,480  $ 7,583  $ 2,089  $ 9,672  77.77  % 39.37  %
Hotel net income (loss) margin 16.10  % 16.10  % 11.75  % 12.14  % 4.35  % 3.96  %
Hotel EBITDA $ 20,924  $ —  $ 20,924  $ 14,887  $ 3,634  $ 18,521  40.55  % 12.97  %
Hotel EBITDA margin 24.99  % 24.99  % 23.07  23.24  % 1.92  % 1.75  %
Selected Operating Information:
RevPAR $ 1,414.11  $ —  $ 1,414.11  $ 1,340.90  $ 1,402.17  $ 1,352.48  5.46  % 4.56  %
Occupancy 59.00  % —  % 59.00  % 60.40  % 50.36  % 58.50  % (2.32) % 0.85  %
ADR $ 2,396.80  $ —  $ 2,396.80  $ 2,220.05  $ 2,784.54  $ 2,311.90  7.96  % 3.67  %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 35,789  $ —  $ 35,789  $ 3,107  $ 29,330  $ 32,437  1,051.88  % 10.33  %
Total hotel revenue $ 67,666  $ —  $ 67,666  $ 5,194  $ 54,684  $ 59,878  1,202.77  % 13.01  %
Hotel net income (loss) $ 1,138  $ —  $ 1,138  $ 933  $ 3,162  $ 4,095  21.97  % (72.21) %
Hotel net income (loss) margin 1.68  % 1.68  % 17.96  % 6.84  % (16.28) % (5.16) %
Hotel EBITDA $ 21,863  $ —  $ 21,863  $ 1,710  $ 16,412  $ 18,122  1,178.54  % 20.64  %
Hotel EBITDA margin 32.31  % 32.31  % 32.92  30.26  % (0.61) % 2.05  %
Selected Operating Information:
RevPAR $ 466.92  $ —  $ 466.92  $ 477.19  $ 418.17  $ 423.18  (2.15) % 10.34  %
Occupancy 48.27  % —  % 48.27  % 45.15  % 46.38  % 46.28  % 6.91  % 4.30  %
ADR $ 967.22  $ —  $ 967.22  $ 1,056.99  $ 901.55  $ 914.43  (8.49) % 5.77  %
21


Year Ended December 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2023 2023 2023 2022 2022 2022 % Variance % Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 310,555  $ —  $ 310,555  $ 295,026  $ 39,586  $ 334,612  5.26  % (7.19) %
Total hotel revenue $ 530,752  $ —  $ 530,752  $ 486,756  $ 69,853  $ 556,609  9.04  % (4.65) %
Hotel net income (loss) $ 52,442  $ —  $ 52,442  $ 88,339  $ 5,251  $ 93,590  (40.64) % (43.97) %
Hotel net income (loss) margin 9.88  % 9.88  % 18.15  % 16.81  % (8.27) % (6.93) %
Hotel EBITDA $ 149,433  $ —  $ 149,433  $ 153,642  $ 20,046  $ 173,688  (2.74) % (13.96) %
Hotel EBITDA margin 28.15  % 28.15  % 31.56  % 31.20  % (3.41) % (3.05) %
Selected Operating Information:
RevPAR $ 465.26  $ —  $ 465.26  $ 501.41  $ 511.09  $ 502.54  (7.21) % (7.42) %
Occupancy 63.51  % —  % 63.51  % 68.90  % 46.76  % 66.32  % (7.82) % (4.24) %
ADR $ 732.53  $ —  $ 732.53  $ 727.76  $ 1,093.04  $ 757.72  0.66  % (3.32) %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 161,253  $ —  $ 161,253  $ 143,194  $ —  $ 143,194  12.61  % 12.61  %
Total hotel revenue $ 214,246  $ —  $ 214,246  $ 188,316  $ —  $ 188,316  13.77  % 13.77  %
Hotel net income (loss) $ 11,183  $ —  $ 11,183  $ 2,374  $ —  $ 2,374  371.06  % 371.06  %
Hotel net income (loss) margin 5.22  % 5.22  % 1.26  % 1.26  % 3.96  % 3.96  %
Hotel EBITDA $ 57,006  $ —  $ 57,006  $ 46,863  $ —  $ 46,863  21.64  % 21.64  %
Hotel EBITDA margin 26.61  % 26.61  % 24.89  % 24.89  % 1.72  % 1.72  %
Selected Operating Information:
RevPAR $ 185.16  $ —  $ 185.16  $ 164.98  $ —  $ 164.98  12.23  % 12.23  %
Occupancy 69.56  % —  % 69.56  % 63.39  % —  % 63.39  % 9.73  % 9.73  %
ADR $ 266.19  $ —  $ 266.19  $ 260.25  $ —  $ 260.25  2.28  % 2.28  %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 471,808  $ —  $ 471,808  $ 438,220  $ 39,586  $ 477,806  7.66  % (1.26) %
Total hotel revenue $ 744,998  $ —  $ 744,998  $ 675,072  $ 69,853  $ 744,925  10.36  % 0.01  %
Hotel net income (loss) $ 63,627  $ —  $ 63,627  $ 90,713  $ 5,251  $ 95,964  (29.86) % (33.70) %
Hotel net income (loss) margin 8.54  % 8.54  % 13.44  % 12.88  % (4.90) % (4.34) %
Hotel EBITDA $ 206,439  $ —  $ 206,439  $ 200,505  $ 20,046  $ 220,551  2.96  % (6.40) %
Hotel EBITDA margin 27.71  % 27.71  % 29.70  % 29.61  % (1.99) % (1.90) %
Selected Operating Information:
RevPAR $ 306.69  $ —  $ 306.69  $ 300.90  $ 511.09  $ 311.51  1.92  % (1.55) %
Occupancy 66.94  % —  % 66.94  % 65.62  % 46.76  % 64.66  % 2.01  % 3.53  %
ADR $ 458.19  $ —  $ 458.19  $ 458.58  $ 1,093.04  $ 481.75  (0.09) % (4.89) %
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
22


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

Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable
2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023 2023
4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter
Total hotel revenue $ 179,216  $ —  $ 179,216  $ 160,697  $ —  $ 160,697  $ 187,905  $ —  $ 187,905  $ 217,180  $ —  $ 217,180 
Hotel net income (loss) $ 6,943  $ —  $ 6,943  $ 788  $ —  $ 788  $ 18,143  $ —  $ 18,143  $ 37,753  $ —  $ 37,753 
Hotel net income (loss) margin 3.87  % 3.87  % 0.49  % 0.49  % 9.66  % 9.66  % 17.38  % 17.38  %
Hotel EBITDA $ 45,116  $ —  $ 45,116  $ 34,867  $ —  $ 34,867  $ 53,660  $ —  $ 53,660  $ 72,796  $ —  $ 72,796 
Hotel EBITDA margin 25.17  % 25.17  % 21.70  % 21.70  % 28.56  % 28.56  % 33.52  % 33.52  %
Hotel net income (loss) % of total TTM 10.9  % 10.9  % 1.2  % 1.2  % 28.5  % 28.5  % 59.4  % 59.4  %
EBITDA % of total TTM 21.9  % 22.0  % 16.9  % 16.9  % 26.0  % 26.0  % 35.2  % 35.1  %
JV interests in Hotel net income (loss) $ 702  $ —  $ 702  $ 830  $ —  $ 830  $ 1,757  $ —  $ 1,757  $ 1,154  $ —  $ 1,154 
JV interests in EBITDA $ 1,769  $ —  $ 1,769  $ 1,849  $ —  $ 1,849  $ 2,618  $ —  $ 2,618  $ 1,943  $ —  $ 1,943 
Actual Non-comparable Adjustments Comparable
2023 2023 2023
TTM TTM TTM
Total hotel revenue $ 744,998  $ —  $ 744,998 
Hotel net income (loss) $ 63,627  $ —  $ 63,627 
Hotel net income (loss) margin 8.54  % 8.54  %
Hotel EBITDA $ 206,439  $ —  $ 206,439 
Hotel EBITDA margin 27.71  % 27.71  %
Hotel net income (loss) % of total TTM 100.0  % 100.0  %
EBITDA % of total TTM 100.0  % 100.0  %
JV interests in Hotel net income (loss) $ 4,443  $ —  $ 4,443 
JV interests in EBITDA $ 8,179  $ —  $ 8,179 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
23


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2023
(in thousands, except share price)
(unaudited)

December 31, 2023
Common stock shares outstanding 66,636 
Partnership units outstanding (common stock equivalents) 7,224 
Combined common stock shares and partnership units outstanding 73,860 
Common stock price $ 2.50 
Market capitalization $ 184,650 
Series B cumulative convertible preferred stock $ 76,950 
Series D cumulative preferred stock $ 40,000 
Series E redeemable preferred stock $ 407,908 
Series M redeemable preferred stock $ 45,820 
Indebtedness $ 1,173,043 
Joint venture partner's share of consolidated indebtedness $ (44,300)
Net working capital (see below) $ (69,610)
Total enterprise value (TEV) $ 1,814,461 
Cash and cash equivalents $ 83,252 
Restricted cash $ 78,395 
Accounts receivable, net $ 37,929 
Prepaid expenses $ 9,675 
Due from third-party hotel managers, net $ 16,375 
Total current assets $ 225,626 
Accounts payable, net & accrued expenses $ 145,013 
Dividends and distributions payable $ 9,158 
Due to affiliates, net $ 1,845 
Total current liabilities $ 156,016 
Net working capital* $ 69,610 
* Includes the Company's pro rata share of net working capital in joint ventures.
24


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

2023 2024
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Actual Actual Actual Estimated Estimated Estimated Estimated
Bardessono Hotel and Spa 65  x x
Capital Hilton Washington D.C. 550  x x x x x
The Ritz-Carlton Lake Tahoe 170  x x x x
Cameo Beverly Hills 143  x
The Ritz-Carlton St. Thomas 180  x x
The Ritz-Carlton Sarasota 276  x x x x
Total 1 2 3 3 3 2 2 2
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2023 and 2024 are included in this table.
25


Exhibit 1

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

2023 2023 2023 2023 December 31, 2023
4th Quarter 3rd Quarter 2nd Quarter 1st Quarter TTM
Net income (loss) $ 6,943  $ 788  $ 18,143  $ 37,753  $ 63,627 
Non-property adjustments 249  203  (12) 12  452 
Interest income (315) (316) (259) (235) (1,125)
Interest expense 9,250  9,557  11,425  11,066  41,298 
Amortization of loan costs 622  556  562  642  2,382 
Depreciation and amortization 25,478  22,703  22,567  22,521  93,269 
Income tax expense (benefit) 1,587  13  507  340  2,447 
Non-hotel EBITDA ownership expense 1,302  1,363  727  697  4,089 
Hotel EBITDA including amounts attributable to noncontrolling interest 45,116  34,867  53,660  72,796  206,439 
Non-comparable adjustments —  —  —  —  — 
Comparable hotel EBITDA $ 45,116  $ 34,867  $ 53,660  $ 72,796  $ 206,439 

26

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines  Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (108) $ 2,914  $ 278  $ 505  $ 1,248  $ 621  $ (1,113) $ 1,665  $ (704) $ 3,108  $ (4,634) $ (671) $ (409) $ (1,862) $ 3,920  $ 2,185  $ 6,943  $ (28,426) $ (21,483)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  249  —  —  —  —  —  249  (249) — 
Interest income (40) (95) 9  —  —  —  —  (16) (48) (83) 57  (27) (13) —  —  (59) (315) 315  — 
Interest expense —  —  —  —  1,462  —  1,476  —  —  165  1,139  20  1,018  703  —  3,267  9,250  14,135  23,385 
Amortization of loan cost —  —  —  —  81  4  206  —  —  —  65  —  —  45  —  221  622  433  1,055 
Depreciation and amortization 2,751  1,053  1,195  580  561  423  1,258  2,034  2,392  1,924  1,660  2,555  2,274  659  1,679  2,483  25,481  —  25,481 
Income tax expense (benefit) 10  45  —  —  —  —  —  (4) —  —  —  —  1,365  —  171  —  1,587  38  1,625 
Non-hotel EBITDA ownership expense 161  387  39  125  11  23  4  9  57  18  235  22  9  181  12  6  1,299  (1,299) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,774  4,304  1,521  1,210  3,363  1,071  1,831  3,688  1,697  5,132  (1,229) 1,899  4,244  (274) 5,782  8,103  45,116  (15,053) 30,063 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (693) (1,076) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (1,769) 1,769  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  45  45 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (54) (54)
Hotel EBITDA attributable to the Company and OP unitholders $ 2,081  $ 3,228  $ 1,521  $ 1,210  $ 3,363  $ 1,071  $ 1,831  $ 3,688  $ 1,697  $ 5,132  $ (1,229) $ 1,899  $ 4,244  $ (274) $ 5,782  $ 8,103  $ 43,347  $ (13,293) $ 30,054 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,774  $ 4,304  $ 1,521  $ 1,210  $ 3,363  $ 1,071  $ 1,831  $ 3,688  $ 1,697  $ 5,132  $ (1,229) $ 1,899  $ 4,244  $ (274) $ 5,782  $ 8,103  $ 45,116 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 4,304  $ 1,521  $ 1,210  $ 3,363  $ 1,071  $ 1,831  $ 3,688  $ 1,697  $ —  $ —  $ 1,899  $ 4,244  $ (274) $ 5,782  $ 8,103  $ 38,439 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 4,304  $ 1,521  $ 1,210  $ 3,363  $ 1,071  $ 1,831  $ 3,688  $ 1,697  $ —  $ —  $ 1,899  $ 4,244  $ (274) $ 5,782  $ 8,103  $ 38,439 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 4,304  $ —  $ 1,210  $ 3,363  $ 1,071  $ 1,831  $ —  $ —  $ 5,132  $ (1,229) $ —  $ 4,244  $ —  $ 5,782  $ 8,103  $ 33,811 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 4,304  $ —  $ 1,210  $ 3,363  $ 1,071  $ 1,831  $ —  $ —  $ 5,132  $ (1,229) $ —  $ 4,244  $ —  $ 5,782  $ 8,103  $ 33,811 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 2,774  $ —  $ 1,521  $ —  $ —  $ —  $ —  $ 3,688  $ 1,697  $ —  $ —  $ 1,899  $ —  $ (274) $ —  $ —  $ 11,305 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,774  $ —  $ 1,521  $ —  $ —  $ —  $ —  $ 3,688  $ 1,697  $ —  $ —  $ 1,899  $ —  $ (274) $ —  $ —  $ 11,305 

27

Exhibit 1

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

Three Months Ended December 31, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines  Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total
Aareal (Capital Hilton) $ 2,774  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 2,774 
BAML Pool (see footnote 3) —  —  1,521  —  —  —  —  3,688  1,697  —  —  1,899  —  —  —  —  8,805 
BAML Credit Facility (see foonote 4) —  —  —  1,210  —  1,071  —  —  —  5,132  —  —  —  —  —  —  7,413 
BAML (Pier House Resort & Spa) —  —  —  —  3,363  —  —  —  —  —  —  —  —  —  —  —  3,363 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  1,831  —  —  —  —  —  —  —  —  —  1,831 
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  (1,229) —  —  —  —  —  (1,229)
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  4,244  —  —  —  4,244 
LoanCore (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  (274) —  —  (274)
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  8,103  8,103 
Prudential (Hilton La Jolla Torrey Pines) —  4,304  —  —  —  —  —  —  —  —  —  —  —  —  —  —  4,304 
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  5,782  —  5,782 
Total $ 2,774  $ 4,304  $ 1,521  $ 1,210  $ 3,363  $ 1,071  $ 1,831  $ 3,688  $ 1,697  $ 5,132  $ (1,229) $ 1,899  $ 4,244  $ (274) $ 5,782  $ 8,103  $ 45,116 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
(5)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
28

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (616) $ 3,935  $ 2,147  $ 1,463  $ 28  $ 1,234  $ (1,255) $ 376  $ 356  $ (1,281) $ (1,234) $ 4,044  $ (659) $ (1,272) $ (570) $ (5,908) $ 788  $ (23,399) $ (22,611)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  (292) —  495  203  (203) — 
Interest income (68) (94) (3) —  —  —  —  (12) (42) (56) 44  (22) (12) —  —  (51) (316) 316  — 
Interest expense —  —  —  267  1,447  380  1,463  —  —  965  1,008  20  1,010  696  —  2,301  9,557  12,868  22,425 
Amortization of loan cost —  —  —  —  81  12  203  —  —  —  40  —  9  44  —  167  556  325  881 
Depreciation and amortization 2,484  1,052  1,121  566  549  421  1,140  1,962  2,403  1,482  1,236  1,536  2,139  528  1,656  2,428  22,703  —  22,703 
Income tax expense (benefit) (35) 67  —  —  —  —  —  5  —  —  —  —  28  —  (52) —  13  (1,203) (1,190)
Non-hotel EBITDA ownership expense 648  23  (21) 197  10  59  —  18  17  13  223  14  20  155  9  (22) 1,363  (1,363) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 2,413  4,983  3,244  2,493  2,115  2,106  1,551  2,349  2,734  1,123  1,317  5,592  2,535  (141) 1,043  (590) 34,867  (12,659) 22,208 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (603) (1,246) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (1,849) 1,849  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  60  60 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (63) (63)
Hotel EBITDA attributable to the Company and OP unitholders $ 1,810  $ 3,737  $ 3,244  $ 2,493  $ 2,115  $ 2,106  $ 1,551  $ 2,349  $ 2,734  $ 1,123  $ 1,317  $ 5,592  $ 2,535  $ (141) $ 1,043  $ (590) $ 33,018  $ (10,813) $ 22,205 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,413  $ 4,983  $ 3,244  $ 2,493  $ 2,115  $ 2,106  $ 1,551  $ 2,349  $ 2,734  $ 1,123  $ 1,317  $ 5,592  $ 2,535  $ (141) $ 1,043  $ (590) $ 34,867 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 4,983  $ —  $ 2,493  $ 2,115  $ 2,106  $ 1,551  $ —  $ —  $ 1,123  $ 1,317  $ —  $ 2,535  $ —  $ 1,043  $ (590) $ 18,676 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 4,983  $ —  $ 2,493  $ 2,115  $ 2,106  $ 1,551  $ —  $ —  $ 1,123  $ 1,317  $ —  $ 2,535  $ —  $ 1,043  $ (590) $ 18,676 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 2,413  $ —  $ 3,244  $ —  $ —  $ —  $ —  $ 2,349  $ 2,734  $ —  $ —  $ 5,592  $ —  $ (141) $ —  $ —  $ 16,191 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 2,413  $ —  $ 3,244  $ —  $ —  $ —  $ —  $ 2,349  $ 2,734  $ —  $ —  $ 5,592  $ —  $ (141) $ —  $ —  $ 16,191 


29

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total
Aareal (Capital Hilton) $ 2,413  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 2,413 
BAML Pool (see footnote 3) —  —  3,244  —  —  —  —  2,349  2,734  —  —  5,592  —  —  —  —  13,919 
BAML Credit Facility (see foonote 4) —  —  —  2,493  —  2,106  —  —  —  1,123  —  —  —  —  —  —  5,722 
BAML (Pier House Resort & Spa) —  —  —  —  2,115  —  —  —  —  —  —  —  —  —  —  —  2,115 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  1,551  —  —  —  —  —  —  —  —  —  1,551 
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  1,317  —  —  —  —  —  1,317 
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  2,535  —  —  —  2,535 
LoanCore (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  (141) —  —  (141)
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (590) (590)
Prudential (Hilton La Jolla Torrey Pines) —  4,983  —  —  —  —  —  —  —  —  —  —  —  —  —  —  4,983 
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  1,043  —  1,043 
Total $ 2,413  $ 4,983  $ 3,244  $ 2,493  $ 2,115  $ 2,106  $ 1,551  $ 2,349  $ 2,734  $ 1,123  $ 1,317  $ 5,592  $ 2,535  $ (141) $ 1,043  $ (590) $ 34,867 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
30

Exhibit 1

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

31

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total
Aareal (Capital Hilton) $ 6,342  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 6,342 
BAML Pool (see footnote 3) —  —  3,033  —  —  —  —  3,586  2,450  —  —  4,313  —  —  —  —  13,382 
BAML Credit Facility (see foonote 4) —  —  —  2,244  —  1,420  —  —  —  6,120  —  —  —  —  —  —  9,784 
BAML (Pier House Resort & Spa) —  —  —  —  3,775  —  —  —  —  —  —  —  —  —  —  —  3,775 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  (1,190) —  —  —  —  —  —  —  —  —  (1,190)
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  (115) —  —  —  —  —  (115)
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  6,848  —  —  —  6,848 
LoanCore (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  648  —  —  648 
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  4,230  4,230 
Prudential (Hilton La Jolla Torrey Pines) —  4,130  —  —  —  —  —  —  —  —  —  —  —  —  —  —  4,130 
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  5,826  —  5,826 
Total $ 6,342  $ 4,130  $ 3,033  $ 2,244  $ 3,775  $ 1,420  $ (1,190) $ 3,586  $ 2,450  $ 6,120  $ (115) $ 4,313  $ 6,848  $ 648  $ 5,826  $ 4,230  $ 53,660 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
32

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 1,734  $ 2,882  $ (923) $ (1,304) $ 3,814  $ (997) $ 7,458  $ (1,358) $ (151) $ 6,751  $ 3,628  $ (631) $ 5,804  $ (493) $ 6,170  $ 5,369  $ 37,753  $ (21,149) $ 16,604 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  12  —  —  —  —  —  12  (12) — 
Interest income (65) (73) —  —  —  —  —  (5) (19) (42) —  (9) (9) —  —  (13) (235) 235  — 
Interest expense —  —  —  717  1,268  902  1,301  —  —  1,891  894  20  901  622  281  2,269  11,066  11,045  22,111 
Amortization of loan cost —  —  —  —  79  —  199  —  —  95  39  —  27  43  —  160  642  120  762 
Depreciation and amortization 2,186  1,027  1,235  594  593  393  1,108  2,031  2,545  1,305  1,230  1,625  2,136  549  1,637  2,327  22,521  —  22,521 
Income tax expense (benefit) 26  12  —  —  —  —  —  5  —  —  —  —  136  —  161  —  340  1,989  2,329 
Non-hotel EBITDA ownership expense 17  24  73  113  4  20  15  21  20  6  306  7  6  33  24  8  697  (697) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 3,898  3,872  385  120  5,758  318  10,081  694  2,395  10,006  6,109  1,012  9,001  754  8,273  10,120  72,796  (8,469) 64,327 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (975) (968) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (1,943) 1,943  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  73  73 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (77) (77)
Hotel EBITDA attributable to the Company and OP unitholders $ 2,923  $ 2,904  $ 385  $ 120  $ 5,758  $ 318  $ 10,081  $ 694  $ 2,395  $ 10,006  $ 6,109  $ 1,012  $ 9,001  $ 754  $ 8,273  $ 10,120  $ 70,853  $ (6,530) $ 64,323 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 3,898  $ 3,872  $ 385  $ 120  $ 5,758  $ 318  $ 10,081  $ 694  $ 2,395  $ 10,006  $ 6,109  $ 1,012  $ 9,001  $ 754  $ 8,273  $ 10,120  $ 72,796 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 3,872  $ —  $ 120  $ 5,758  $ 318  $ 10,081  $ —  $ —  $ 10,006  $ 6,109  $ —  $ 9,001  $ —  $ 8,273  $ 10,120  $ 63,658 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 3,872  $ —  $ 120  $ 5,758  $ 318  $ 10,081  $ —  $ —  $ 10,006  $ 6,109  $ —  $ 9,001  $ —  $ 8,273  $ 10,120  $ 63,658 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,898  $ —  $ 385  $ —  $ —  $ —  $ —  $ 694  $ 2,395  $ —  $ —  $ 1,012  $ —  $ 754  $ —  $ —  $ 9,138 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 3,898  $ —  $ 385  $ —  $ —  $ —  $ —  $ 694  $ 2,395  $ —  $ —  $ 1,012  $ —  $ 754  $ —  $ —  $ 9,138 

33

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended March 31, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total
Aareal (Capital Hilton) $ 3,898  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 3,898 
BAML Pool (see footnote 3) —  —  385  —  —  —  —  694  2,395  —  —  1,012  —  —  —  —  4,486 
BAML Credit Facility (see foonote 4) —  —  —  120  —  318  —  —  —  10,006  —  —  —  —  —  —  10,444 
BAML (Pier House Resort & Spa) —  —  —  —  5,758  —  —  —  —  —  —  —  —  —  —  —  5,758 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  10,081  —  —  —  —  —  —  —  —  —  10,081 
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  6,109  —  —  —  —  —  6,109 
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  9,001  —  —  —  9,001 
LoanCore (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  754  —  —  754 
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  10,120  10,120 
Prudential (Hilton La Jolla Torrey Pines) —  3,872  —  —  —  —  —  —  —  —  —  —  —  —  —  —  3,872 
Unencumbered hotel (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  8,273  —  8,273 
Total $ 3,898  $ 3,872  $ 385  $ 120  $ 5,758  $ 318  $ 10,081  $ 694  $ 2,395  $ 10,006  $ 6,109  $ 1,012  $ 9,001  $ 754  $ 8,273  $ 10,120  $ 72,796 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
34

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottsdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ (21) $ 2,876  $ (91) $ 702  $ 1,655  $ 672  $ 322  $ 799  $ (1,477) $ 1,194  $ 681  $ 283  $ 3,752  $ (816) $ 2,235  $ 933  $ 13,699  $ (18,252) $ (4,553)
Non-property adjustments —  —  —  —  —  —  —  (16) —  —  —  —  (39) —  —  —  (55) 55  — 
Interest income (38) (50) —  —  —  —  —  (4) (15) (25) —  (7) (2) —  —  (4) (145) 145  — 
Interest expense —  —  —  638  1,117  809  1,168  —  —  1,717  774  20  828  574  771  —  8,416  9,862  18,278 
Amortization of loan cost —  —  —  —  78  —  197  —  —  94  38  —  26  43  —  —  476  119  595 
Depreciation and amortization 1,901  1,070  1,382  584  648  395  1,051  2,029  2,683  1,419  852  1,488  2,002  619  1,602  781  20,506  —  20,506 
Income tax expense (benefit) —  —  —  —  —  —  —  6  —  —  —  —  (124) —  337  —  219  41  260 
Non-hotel EBITDA ownership expense 1,442  13  29  114  5  8  (4) 51  (1) 1,759  236  1  163  36  97  —  3,949  (3,949) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 3,284  3,909  1,320  2,038  3,503  1,884  2,734  2,865  1,190  6,158  2,581  1,785  6,606  456  5,042  1,710  47,065  (11,979) 35,086 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (821) (977) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (1,798) 1,798  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  108  108 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (114) (114)
Hotel EBITDA attributable to the Company and OP unitholders $ 2,463  $ 2,932  $ 1,320  $ 2,038  $ 3,503  $ 1,884  $ 2,734  $ 2,865  $ 1,190  $ 6,158  $ 2,581  $ 1,785  $ 6,606  $ 456  $ 5,042  $ 1,710  $ 45,267  $ (10,187) $ 35,080 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  (1,652) —  —  5,419  3,767 
Comparable hotel EBITDA $ 3,284  $ 3,909  $ 1,320  $ 2,038  $ 3,503  $ 1,884  $ 2,734  $ 2,865  $ 1,190  $ 6,158  $ 2,581  $ 1,785  $ 4,954  $ 456  $ 5,042  $ 7,129  $ 50,832 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 3,909  $ 1,320  $ 2,038  $ 3,503  $ 1,884  $ 2,734  $ 2,865  $ 1,190  $ —  $ —  $ 1,785  $ 6,606  $ 456  $ 5,042  $ 1,710  $ 35,042 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  (1,652) —  —  5,419  3,767 
Comparable hotel EBITDA $ —  $ 3,909  $ 1,320  $ 2,038  $ 3,503  $ 1,884  $ 2,734  $ 2,865  $ 1,190  $ —  $ —  $ 1,785  $ 4,954  $ 456  $ 5,042  $ 7,129  $ 38,809 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 3,909  $ —  $ 2,038  $ 3,503  $ 1,884  $ 2,734  $ —  $ —  $ 6,158  $ 2,581  $ —  $ 6,606  $ —  $ 5,042  $ 1,710  $ 36,165 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  (1,652) —  —  5,419  3,767 
Comparable hotel EBITDA $ —  $ 3,909  $ —  $ 2,038  $ 3,503  $ 1,884  $ 2,734  $ —  $ —  $ 6,158  $ 2,581  $ —  $ 4,954  $ —  $ 5,042  $ 7,129  $ 39,932 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,284  $ —  $ 1,320  $ —  $ —  $ —  $ —  $ 2,865  $ 1,190  $ —  $ —  $ 1,785  $ —  $ 456  $ —  $ —  $ 10,900 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 3,284  $ —  $ 1,320  $ —  $ —  $ —  $ —  $ 2,865  $ 1,190  $ —  $ —  $ 1,785  $ —  $ 456  $ —  $ —  $ 10,900 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
35

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 4,934  $ 12,836  $ 3,392  $ 1,428  $ 6,799  $ 871  $ 1,088  $ 2,071  $ (462) $ 11,171  $ (4,690) $ 5,471  $ 8,322  $ (4,222) $ 13,480  $ 1,138  $ 63,627  $ (94,255) $ (30,628)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  249  —  —  (292) —  495  452  (452) — 
Interest income (237) (346) —  —  —  —  —  (41) (137) (235) 128  (73) (44) —  —  (140) (1,125) 1,125  — 
Interest expense —  —  —  1,756  5,555  2,263  5,639  —  —  5,096  4,002  80  3,892  2,688  281  10,046  41,298  49,538  90,836 
Amortization of loan cost —  —  —  —  321  24  809  —  —  95  183  —  63  176  —  711  2,382  1,001  3,383 
Depreciation and amortization 9,859  4,176  4,697  2,328  2,290  1,643  4,624  8,062  9,785  6,155  5,243  7,252  8,672  2,251  6,609  9,626  93,272  —  93,272 
Income tax expense (benefit) 126  173  —  —  —  —  —  10  —  —  —  —  1,662  —  476  —  2,447  242  2,689 
Non-hotel EBITDA ownership expense 745  450  94  555  46  114  113  215  90  99  967  86  61  386  78  (13) 4,086  (4,086) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 15,427  17,289  8,183  6,067  15,011  4,915  12,273  10,317  9,276  22,381  6,082  12,816  22,628  987  20,924  21,863  206,439  (46,887) 159,552 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (3,857) (4,322) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (8,179) 8,179  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  253  253 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (274) (274)
Hotel EBITDA attributable to the Company and OP unitholders $ 11,570  $ 12,967  $ 8,183  $ 6,067  $ 15,011  $ 4,915  $ 12,273  $ 10,317  $ 9,276  $ 22,381  $ 6,082  $ 12,816  $ 22,628  $ 987  $ 20,924  $ 21,863  $ 198,260  $ (38,729) $ 159,531 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 15,427  $ 17,289  $ 8,183  $ 6,067  $ 15,011  $ 4,915  $ 12,273  $ 10,317  $ 9,276  $ 22,381  $ 6,082  $ 12,816  $ 22,628  $ 987  $ 20,924  $ 21,863  $ 206,439 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 17,289  $ 8,183  $ 6,067  $ 15,011  $ 4,915  $ 12,273  $ 10,317  $ 9,276  $ —  $ —  $ 12,816  $ 22,628  $ 987  $ 20,924  $ 21,863  $ 162,549 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 17,289  $ 8,183  $ 6,067  $ 15,011  $ 4,915  $ 12,273  $ 10,317  $ 9,276  $ —  $ —  $ 12,816  $ 22,628  $ 987  $ 20,924  $ 21,863  $ 162,549 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 17,289  $ —  $ 6,067  $ 15,011  $ 4,915  $ 12,273  $ —  $ —  $ 22,381  $ 6,082  $ —  $ 22,628  $ —  $ 20,924  $ 21,863  $ 149,433 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 17,289  $ —  $ 6,067  $ 15,011  $ 4,915  $ 12,273  $ —  $ —  $ 22,381  $ 6,082  $ —  $ 22,628  $ —  $ 20,924  $ 21,863  $ 149,433 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 15,427  $ —  $ 8,183  $ —  $ —  $ —  $ —  $ 10,317  $ 9,276  $ —  $ —  $ 12,816  $ —  $ 987  $ —  $ —  $ 57,006 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 15,427  $ —  $ 8,183  $ —  $ —  $ —  $ —  $ 10,317  $ 9,276  $ —  $ —  $ 12,816  $ —  $ 987  $ —  $ —  $ 57,006 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
36

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2022
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 1,125  $ 13,162  $ 2,226  $ 4,488  $ 12,377  $ 2,547  $ 5,668  $ (505) $ (2,872) $ 17,641  $ 5,020  $ 3,790  $ 18,920  $ (1,390) $ 7,583  $ 933  $ 90,713  $ (71,365) $ 19,348 
Non-property adjustments —  —  —  —  —  —  76  (16) —  —  —  —  (40) —  —  —  20  (20) — 
Interest income (55) (73) —  —  —  —  —  (5) (24) (52) —  (12) (8) —  —  (4) (233) 233  — 
Interest expense —  —  —  1,674  2,802  2,165  3,228  —  —  4,919  2,017  26  2,557  1,822  1,747  —  22,957  26,753  49,710 
Amortization of loan cost —  —  —  135  307  102  713  —  —  370  150  —  43  167  —  —  1,987  469  2,456 
Depreciation and amortization 7,420  4,118  5,975  2,371  2,611  2,046  3,932  8,028  11,226  5,326  3,234  5,406  8,072  2,452  5,124  781  78,122  —  78,122 
Income tax expense (benefit) —  —  —  —  —  —  —  19  —  —  —  —  415  —  333  —  767  3,276  4,043 
Non-hotel EBITDA ownership expense 1,684  121  87  459  18  98  3  152  24  2,173  962  7  178  106  100  —  6,172  (6,172) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 10,174  17,328  8,288  9,127  18,115  6,958  13,620  7,673  8,354  30,377  11,383  9,217  30,137  3,157  14,887  1,710  200,505  (46,826) 153,679 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (2,543) (4,333) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (6,876) 6,876  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  328  328 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (334) (334)
Hotel EBITDA attributable to the Company and OP unitholders $ 7,631  $ 12,995  $ 8,288  $ 9,127  $ 18,115  $ 6,958  $ 13,620  $ 7,673  $ 8,354  $ 30,377  $ 11,383  $ 9,217  $ 30,137  $ 3,157  $ 14,887  $ 1,710  $ 193,629  $ (39,956) $ 153,673 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  1  —  3,634  16,412  20,047 
Comparable hotel EBITDA $ 10,174  $ 17,328  $ 8,288  $ 9,127  $ 18,115  $ 6,958  $ 13,620  $ 7,673  $ 8,354  $ 30,377  $ 11,383  $ 9,217  $ 30,138  $ 3,157  $ 18,521  $ 18,122  $ 220,552 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 17,328  $ 8,288  $ 9,127  $ 18,115  $ 6,958  $ 13,620  $ 7,673  $ 8,354  $ —  $ —  $ 9,217  $ 30,137  $ 3,157  $ 14,887  $ 1,710  $ 148,571 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  1  —  3,634  16,412  20,047 
Comparable hotel EBITDA $ —  $ 17,328  $ 8,288  $ 9,127  $ 18,115  $ 6,958  $ 13,620  $ 7,673  $ 8,354  $ —  $ —  $ 9,217  $ 30,138  $ 3,157  $ 18,521  $ 18,122  $ 168,618 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 17,328  $ —  $ 9,127  $ 18,115  $ 6,958  $ 13,620  $ —  $ —  $ 30,377  $ 11,383  $ —  $ 30,137  $ —  $ 14,887  $ 1,710  $ 153,642 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  1  —  3,634  16,412  20,047 
Comparable hotel EBITDA $ —  $ 17,328  $ —  $ 9,127  $ 18,115  $ 6,958  $ 13,620  $ —  $ —  $ 30,377  $ 11,383  $ —  $ 30,138  $ —  $ 18,521  $ 18,122  $ 173,689 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 10,174  $ —  $ 8,288  $ —  $ —  $ —  $ —  $ 7,673  $ 8,354  $ —  $ —  $ 9,217  $ —  $ 3,157  $ —  $ —  $ 46,863 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 10,174  $ —  $ 8,288  $ —  $ —  $ —  $ —  $ 7,673  $ 8,354  $ —  $ —  $ 9,217  $ —  $ 3,157  $ —  $ —  $ 46,863 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at December 31, 2023, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Excluded hotels under renovation:
Capital Hilton Washington D.C., Ritz-Carlton Sarasota, Ritz-Carlton Lake Tahoe.
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