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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): May 8, 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 May 8, 2024, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2024. 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    First Quarter 2024 Earnings Press Release of the Company, dated May 8, 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: May 8, 2024
By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 bhr2024q1earningsrelease.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
FIRST QUARTER 2024 RESULTS
DALLAS – May 8, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the first quarter ended March 31, 2024. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of March 31, 2024, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2024 with the first quarter ended March 31, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 0.2% over the prior year quarter to $368. Comparable ADR decreased 1.0% over the prior year quarter to $563 and Comparable Occupancy increased 0.8% over the prior year quarter to 65.4%.
•Net income attributable to common stockholders for the quarter was $3.5 million or $0.05 per diluted share.
•Adjusted funds from operations (AFFO) was $0.42 per diluted share for the quarter.
•Adjusted EBITDAre was $66.2 million for the quarter.
•Comparable Hotel EBITDA was $71.0 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $137.1 million and restricted cash of $82.4 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 $23.8 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 39.6% at the end of the first quarter.
•Capex invested during the quarter was $23.3 million.
RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company extended its mortgage loan secured by the Pier House Resort & Spa.
•During the quarter, the Company extended its mortgage loan secured by the Ritz-Carlton St. Thomas.
•During the quarter, the Company received a six-month forbearance, through August 5, 2024, on its mortgage loan secured by the Hilton La Jolla Torry Pines.



BHR Reports First Quarter Results
Page 2
May 8, 2024
•During the quarter, the Company completed a financing of the Ritz-Carlton Reserve Dorado Beach.
•Subsequent to quarter end, the Company paid off its $30 million mortgage loan secured by the Cameo Beverly Hills.
•Subsequent to quarter end, the Company announced that it had signed a definitive agreement to sell the 394-room Hilton La Jolla Torrey Pines for $165 million. This hotel is owned by a joint venture in which the Company has a 75% ownership interest.
CAPITAL STRUCTURE
As of March 31, 2024, the Company had total assets of $2.3 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 7.8%, 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 77% of the Company’s consolidated debt is effectively fixed and approximately 23% is effectively floating.
During the quarter, 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%.
During the quarter, 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%.
The Hilton La Jolla Torrey Pines is encumbered by a mortgage loan that has a $66.6 million balance, bears interest at an annual fixed rate of 9.0% and matures in August 2024. Subsequent to quarter end, the Company announced that it had signed a definitive agreement to sell this hotel for $165 million. The Hilton La Jolla Torrey Pines is owned by a joint venture in which the Company has a 75% ownership interest. Inclusive of $40 million of planned capital expenditures, the purchase price equates to a cap rate of 7.2% on net operating income for the trailing twelve months ended March 31, 2024. The transaction is expected to be completed by August 2024, but closing is subject to several customary conditions, including approval from the City of San Diego, the ground lessor. The Company provides no assurances that the sale will be completed on these terms or at all.
During the quarter, the Company closed on a property-level mortgage financing for the 96-room Ritz-Carlton Reserve Dorado Beach in Dorado, Puerto Rico. The $62 million non-recourse loan has a two-year term. The loan is interest only and provides for a floating interest rate of SOFR + 4.75%
Subsequent to quarter end, the Company paid off the $30 million loan secured by the 143-room Cameo Beverly Hills in Beverly Hills, California.
Subsequent to quarter end, the Company announced that it is evaluating the sale of two more hotels, subject to market conditions, to be completed in 2024 and 2025, respectively, a $50 million preferred share redemption program, and a $50 million share buyback authorization.
DIVIDENDS
On April 10, 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 second quarter ending June 30, 2024. The dividend, which equates to an annual rate of $0.20 per share, will be paid on July 15, 2024, to stockholders of record as of June 28, 2024.



BHR Reports First Quarter Results
Page 3
May 8, 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.
“Several of our resort properties delivered strong performance during the first quarter,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Despite a challenging year-over-year comparison from the 2023 Super Bowl, our Four Seasons Resort Scottsdale at Troon North achieved almost 8% growth in Hotel EBITDA. Our Ritz-Carlton Reserve Dorado Beach also had a great quarter with Hotel EBITDA growth of 24% during the quarter. We are also pleased to report that we have repaid the loan on the Cameo Beverly Hills with cash on hand. As we look ahead, we believe our portfolio is well-positioned to outperform in both the near-term and long-term.” Mr. Stockton continued, “We are also pleased to announce the planned sale of the Hilton La Jolla Torrey Pines at an attractive cap rate, the preferred share redemption program, and the share buyback authorization. Our recently announced shareholder value creation plan demonstrates our focus on maximizing value for our investors.”
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, May 9, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Thursday, May 16, 2024, by dialing (647) 362-9199 and entering the confirmation number, 2925607.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2024 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com, on Thursday, May 9, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * * Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.



BHR Reports First Quarter Results
Page 4
May 8, 2024
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)

March 31, 2024 December 31, 2023
ASSETS
Investments in hotel properties, gross $ 2,388,484  $ 2,382,716 
Accumulated depreciation (512,215) (498,508)
Investments in hotel properties, net 1,876,269  1,884,208 
Cash and cash equivalents 137,051  85,599 
Restricted cash 82,372  80,904 
Accounts receivable, net of allowance of $200 and $237, respectively 41,001  39,199 
Inventories 4,681  5,003 
Prepaid expenses 11,267  9,938 
Deferred costs, net 75  75 
Investment in OpenKey 1,625  1,674 
Derivative assets 3,087  2,847 
Other assets 18,701  17,751 
Operating lease right-of-use assets 78,117  78,383 
Intangible assets, net 3,409  3,504 
Due from third-party hotel managers 23,777  17,739 
Total assets $ 2,281,432  $ 2,226,824 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net $ 1,223,277  $ 1,162,444 
Accounts payable and accrued expenses 144,240  149,867 
Dividends and distributions payable 9,253  9,158 
Due to Ashford Inc., net 3,728  1,471 
Due to related parties, net 766  603 
Due to third-party hotel managers 1,993  1,608 
Operating lease liabilities 60,298  60,379 
Derivative liabilities —  12 
Other liabilities 22,895  22,756 
Total liabilities 1,466,450  1,408,298 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at March 31, 2024 and December 31, 2023 65,426  65,426 
Series E Redeemable Preferred Stock, $0.01 par value,16,162,834 and 16,316,315 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 375,261  377,035 
Series M Redeemable Preferred Stock, $0.01 par value, 1,747,771 and 1,832,805 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 43,694  45,623 
Redeemable noncontrolling interests in operating partnership 33,005  32,395 
Equity:
Preferred stock, $0.01 par value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 16  16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,477,431 and 66,636,353 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 664  666 
Additional paid-in capital 718,606  718,498 
Accumulated deficit (412,013) (412,199)
Total stockholders' equity of the Company 307,273  306,981 
Noncontrolling interest in consolidated entities (9,677) (8,934)
Total equity 297,596  298,047 
Total liabilities and equity $ 2,281,432  $ 2,226,824 

5



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2024 2023
REVENUE
Rooms $ 138,552  $ 137,527 
Food and beverage 53,547  52,228 
Other 26,980  25,546 
Total hotel revenue 219,079  215,301 
EXPENSES
Hotel operating expenses:
Rooms 28,264  27,358 
Food and beverage 40,717  39,739 
Other expenses 60,076  62,295 
Management fees 6,976  6,705 
Total hotel operating expenses 136,033  136,097 
Property taxes, insurance and other 10,685  8,116 
Depreciation and amortization 25,420  22,521 
Advisory services fee:
Base advisory fee 3,327  3,640 
Reimbursable expenses 2,265  2,022 
Stock/unit-based compensation 1,108  2,286 
Corporate, general and administrative:
Stock/unit-based compensation 17  37 
Other general and administrative (2,243) 2,783 
Total operating expenses 176,612  177,502 
OPERATING INCOME (LOSS) 42,467  37,799 
Equity in earnings (loss) of unconsolidated entity (49) (73)
Interest income 796  2,108 
Interest expense (25,180) (22,111)
Amortization of loan costs (1,311) (762)
Write-off of loan costs and exit fees (721) (12)
Gain (loss) on extinguishment of debt —  2,318 
Realized and unrealized gain (loss) on derivatives 932  (334)
INCOME (LOSS) BEFORE INCOME TAXES 16,934  18,933 
Income tax (expense) benefit (1,452) (2,329)
NET INCOME (LOSS) 15,482  16,604 
(Income) loss attributable to noncontrolling interest in consolidated entities 743  (309)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (296) (261)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 15,929  16,034 
Preferred dividends (10,407) (10,350)
Deemed dividends on redeemable preferred stock (1,998) (2,454)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 3,524  $ 3,230 
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ 0.05  $ 0.05 
Weighted average common shares outstanding – basic 66,455  66,498 
Diluted:
Net income (loss) attributable to common stockholders $ 0.05  $ 0.05 
Weighted average common shares outstanding – diluted 268,516  72,478 
Dividends declared per common share $ 0.05  $ 0.05 

6



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended
March 31,
2024 2023
Net income (loss) $ 15,482  $ 16,604 
Interest expense and amortization of loan costs 26,491  22,873 
Depreciation and amortization 25,420  22,521 
Income tax expense (benefit) 1,452  2,329 
Equity in (earnings) loss of unconsolidated entity 49  73 
Company's portion of EBITDA of OpenKey (57) (77)
EBITDA and EBITDAre 68,837  64,323 
Amortization of favorable (unfavorable) contract assets (liabilities) 119  119 
Transaction and conversion costs (5,627) 1,195 
Write-off of loan costs and exit fees 721  12 
Realized and unrealized (gain) loss on derivatives (932) 334 
Stock/unit-based compensation 1,127  2,328 
Legal, advisory and settlement costs 1,947  69 
(Gain) loss on extinguishment of debt —  (2,318)
Adjusted EBITDAre $ 66,192  $ 66,062 
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
March 31,
2024 2023
Net income (loss) $ 15,482  $ 16,604 
(Income) loss attributable to noncontrolling interest in consolidated entities 743  (309)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership (296) (261)
Preferred dividends (10,407) (10,350)
Deemed dividends on redeemable preferred stock (1,998) (2,454)
Net income (loss) attributable to common stockholders 3,524  3,230 
Depreciation and amortization on real estate 24,180  21,785 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership 296  261 
Equity in (earnings) loss of unconsolidated entity 49  73 
Company's portion of FFO of OpenKey (67) (78)
FFO available to common stockholders and OP unitholders 27,982  25,271 
Deemed dividends on redeemable preferred stock 1,998  2,454 
Transaction and conversion costs (5,627) 1,195 
Write-off of premiums, loan costs and exit fees 721  12 
Unrealized (gain) loss on derivatives 739  2,201 
Stock/unit-based compensation 1,127  2,328 
Legal, advisory and settlement costs 1,947  69 
Interest expense accretion on refundable membership club deposits 165  178 
Amortization of loan costs 1,208  739 
(Gain) loss on extinguishment of debt —  (2,318)
Adjusted FFO available to common stockholders and OP unitholders $ 30,260  $ 32,129 
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ 0.42  $ 0.44 
Weighted average diluted shares 72,370  72,831 
7



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
March 31, 2024
(dollars in thousands)
(unaudited)

Lender Hotels Current
Maturity
Final
Maturity (12)
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 (13)
Comparable TTM Hotel EBITDA
Debt Yield
BAML See footnote June 2024 June 2025 SOFR (1) + 2.66% $ —  $ 293,180  (3) $ 293,180  $ 9,070  3.1  % $ 38,452  13.1  %
Prudential Hilton La Jolla Torrey Pines August 2024 August 2024 9.00% 66,600  —  66,600  12,657  19.0  % 17,188  25.8  %
LoanCore Cameo Beverly Hills August 2024 August 2024 SOFR (1) + 3.66% —  30,000  (4) 30,000  (5,535) (18.5) % (190) (0.6) %
BAML The Ritz-Carlton Lake Tahoe January 2025 January 2026 SOFR (1) + 3.60% —  53,413  (5) 53,413  (7,785) (14.6) % 4,003  7.5  %
Credit Agricole Park Hyatt Beaver Creek Resort & Spa February 2025 February 2027 SOFR (1) + 2.86% —  70,500  (6) 70,500  774  1.1  % 12,067  17.1  %
Apollo The Ritz-Carlton St. Thomas August 2025 August 2026 SOFR (1) + 4.35% —  42,500  (7) 42,500  11,251  26.5  % 23,738  55.9  %
BAML Pier House Resort & Spa September 2025 September 2026 SOFR (1) + 3.60% —  80,000  (5) 80,000  6,022  7.5  % 14,710  18.4  %
Macquarie CAF LLC The Ritz-Carlton Reserve Dorado Beach March 2026 March 2026 SOFR (1) + 4.75% —  62,000  62,000  15,126  24.4  % 22,925  37.0  %
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  (8) 200,000  16,577  8.3  % 33,420  16.7  %
Aareal Capital Corporation Four Seasons Resort Scottsdale December 2026 December 2028 SOFR (1) + 3.75% —  140,000  (9) 140,000  774  0.6  % 22,652  16.2  %
Aareal Capital Corporation Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% —  110,600  (10) 110,600  3,181  2.9  % 15,657  14.2  %
Total $ 152,850  $ 1,082,193  $ 1,235,043  $ 62,112  5.0  % $ 204,622  16.6  %
Percentage 12.4  % 87.6  % 100.0  %
Weighted average interest rate (11)
6.46  % 8.04  % 7.84  %
All indebtedness is non-recourse with the exception of the convertible senior notes and the credit facility.
(1)    SOFR rate was 5.33% at March 31, 2024.
(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)    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.
(4)    This mortgage loan has a SOFR floor of 1.50%. On April 9, 2024, we repaid the Cameo Beverly Hills mortgage loan.
(5)    This mortgage loan has one one-year extension option subject to satisfaction of certain conditions.
(6)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2024.
(7)    This 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)    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.
(9)    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%.
(10)    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%.
(11)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(12)    The final maturity date assumes all available extension options will be exercised.
(13)    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
March 31, 2024
(dollars in thousands)
(unaudited)
Lender Hotels 2024 2025 2026 2027 2028 Thereafter Total
Prudential Hilton La Jolla Torrey Pines $ 66,600  $ —  $ —  $ —  $ —  $ —  $ 66,600 
LoanCore Cameo Beverly Hills Hotel (1) 30,000  —  —  —  —  —  30,000 
BAML See footnote 2 —  293,180  —  —  —  —  293,180 
Apollo The Ritz-Carlton St. Thomas —  —  42,500  —  —  —  42,500 
BAML Pier House Resort & Spa —  —  80,000  —  —  —  80,000 
BAML The Ritz-Carlton Lake Tahoe —  —  53,413  —  —  —  53,413 
Macquarie CAF LLC The Ritz-Carlton Reserve Dorado Beach —  —  62,000  —  —  —  62,000 
Convertible Senior Notes N/A —  —  86,250  —  —  —  86,250 
Credit Agricole Park Hyatt Beaver Creek Resort & Spa —  —  —  70,500  —  —  70,500 
BAML Credit Facility See footnote 3 —  —  —  200,000  —  —  200,000 
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 $ 96,600  $ 293,180  $ 324,163  $ 270,500  $ 242,600  $ —  $ 1,227,043 
Scheduled amortization payments remaining —  —  —  4,000  4,000  —  8,000 
Total indebtedness $ 96,600  $ 293,180  $ 324,163  $ 274,500  $ 246,600  $ —  $ 1,235,043 
(1)    On April 9, 2024, we repaid the Cameo Beverly Hills mortgage loan.
(2)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(3)    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 March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 141,435  $ —  $ 141,435  $ 139,823  $ —  $ 139,823  1.15  % 1.15  %
RevPAR $ 368.09  $ —  $ 368.09  $ 368.68  $ —  $ 368.68  (0.16) % (0.16) %
Occupancy 65.39  % —  % 65.39  % 64.85  % —  % 64.85  % 0.83  % 0.83  %
ADR $ 562.93  $ —  $ 562.93  $ 568.50  $ —  $ 568.50  (0.98) % (0.98) %
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 116,084  $ —  $ 116,084  $ 114,737  $ —  $ 114,737  1.17  % 1.17  %
RevPAR $ 383.77  $ —  $ 383.77  $ 383.65  $ —  $ 383.65  0.03  % 0.03  %
Occupancy 63.57  % —  % 63.57  % 63.20  % —  % 63.20  % 0.59  % 0.59  %
ADR $ 603.67  $ —  $ 603.67  $ 607.06  $ —  $ 607.06  (0.56) % (0.56) %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2024, and not under renovation during the three months ended March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Excluded hotels under renovation:
Bardessono Hotel, Capital Hilton Washington D.C., Ritz-Carlton Sarasota
10



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended
March 31,
2024 2023 % Variance
Total hotel revenue $ 221,438  $ 217,180  1.96  %
Non-comparable adjustments —  — 
Comparable total hotel revenue $ 221,438  $ 217,180  1.96  %
Hotel net income (loss) $ 36,238  $ 37,753  (4.01) %
Non-comparable adjustments —  — 
Comparable hotel net income (loss) $ 36,238  $ 37,753  (4.01) %
Hotel net income (loss) margin 16.36  % 17.38  % (1.02) %
Comparable hotel net income margin 16.36  % 17.38  % (1.02) %
Hotel EBITDA $ 70,979  $ 72,796  (2.50) %
Non-comparable adjustments —  — 
Comparable hotel EBITDA $ 70,979  $ 72,796  (2.50) %
Hotel EBITDA margin 32.05  % 33.52  % (1.47) %
Comparable hotel EBITDA margin 32.05  % 33.52  % (1.47) %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ 671  $ 1,154  (41.84) %
Hotel net income (loss) attributable to the Company and OP unitholders $ 35,567  $ 36,599  (2.82) %
Comparable hotel net income (loss) attributable to the Company and OP unitholders $ 35,567  $ 36,599  (2.82) %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 1,975  $ 1,943  1.66  %
Hotel EBITDA attributable to the Company and OP unitholders $ 69,004  $ 70,854  (2.61) %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 69,004  $ 70,854  (2.61) %
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

11



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS
     NOT UNDER RENOVATION:
Three Months Ended
March 31,
2024 2023 % Variance
Total hotel revenue $ 173,037  $ 169,743  1.94  %
Non-comparable adjustments —  — 
Comparable total hotel revenue $ 173,037  $ 169,743  1.94  %
Hotel net income (loss) $ 28,234  $ 30,571  (7.64) %
Non-comparable adjustments —  — 
Comparable hotel net income (loss) $ 28,234  $ 30,571  (7.64) %
Hotel net income (loss) margin 16.32  % 18.01  % (1.69) %
Comparable hotel net income margin 16.32  % 18.01  % (1.69) %
Hotel EBITDA $ 56,327  $ 58,772  (4.16) %
Non-comparable adjustments —  — 
Comparable hotel EBITDA $ 56,327  $ 58,772  (4.16) %
Hotel EBITDA margin 32.55  % 34.62  % (2.07) %
Comparable hotel EBITDA margin 32.55  % 34.62  % (2.07) %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ 676  $ 721  (6.21) %
Hotel net income (loss) attributable to the Company and OP unitholders $ 27,558  $ 29,851  (7.68) %
Comparable hotel net income (loss) attributable to the Company and OP unitholders $ 27,558  $ 29,851  (7.68) %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 943  $ 968  (2.61) %
Hotel EBITDA attributable to the Company and OP unitholders $ 55,384  $ 57,804  (4.19) %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 55,384  $ 57,804  (4.19) %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at March 31, 2024, and not under renovation during the three months ended March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
(5)    Excluded hotels under renovation:
Bardessono Hotel, Capital Hilton Washington D.C., Ritz-Carlton Sarasota
12



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 9,132  $ —  $ 9,132  $ 8,777  $ —  $ 8,777  4.04  % 4.04  %
Total hotel revenue $ 15,457  $ —  $ 15,457  $ 14,698  $ —  $ 14,698  5.16  % 5.16  %
Hotel net income (loss) $ (19) $ —  $ (19) $ 1,734  $ —  $ 1,734  (101.10) % (101.10) %
Hotel net income (loss) margin (0.12) % (0.12) % 11.80  % 11.80  % (11.92) % (11.92) %
Hotel EBITDA $ 4,128  $ —  $ 4,128  $ 3,898  $ —  $ 3,898  5.90  % 5.90  %
Hotel EBITDA margin 26.71  % 26.71  % 26.52  % 26.52  % 0.19  % 0.19  %
Selected Operating Information:
RevPAR $ 180.03  $ —  $ 180.03  $ 177.32  $ —  $ 177.32  1.53  % 1.53  %
Occupancy 72.01  % —  % 72.01  % 71.34  % —  % 71.34  % 0.94  % 0.94  %
ADR $ 250.00  $ —  $ 250.00  $ 248.57  $ —  $ 248.57  0.58  % 0.58  %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 6,295  $ —  $ 6,295  $ 6,662  $ —  $ 6,662  (5.51) % (5.51) %
Total hotel revenue $ 11,740  $ —  $ 11,740  $ 11,870  $ —  $ 11,870  (1.10) % (1.10) %
Hotel net income (loss) $ 2,703  $ —  $ 2,703  $ 2,882  $ —  $ 2,882  (6.21) % (6.21) %
Hotel net income (loss) margin 23.02  % 23.02  % 24.28  % 24.28  % (1.26) % (1.26) %
Hotel EBITDA $ 3,771  $ —  $ 3,771  $ 3,872  $ —  $ 3,872  (2.61) % (2.61) %
Hotel EBITDA margin 32.12  % 32.12  % 32.62  % 32.62  % (0.50) % (0.50) %
Selected Operating Information:
RevPAR $ 175.58  $ —  $ 175.58  $ 187.87  $ —  $ 187.87  (6.54) % (6.54) %
Occupancy 71.09  % —  % 71.09  % 74.91  % —  % 74.91  % (5.10) % (5.10) %
ADR $ 246.97  $ —  $ 246.97  $ 250.80  $ —  $ 250.80  (1.53) % (1.53) %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 3,374  $ —  $ 3,374  $ 3,566  $ —  $ 3,566  (5.38) % (5.38) %
Total hotel revenue $ 4,730  $ —  $ 4,730  $ 4,904  $ —  $ 4,904  (3.55) % (3.55) %
Hotel net income (loss) $ (2,745) $ —  $ (2,745) $ (923) $ —  $ (923) (197.40) % (197.40) %
Hotel net income (loss) margin (58.03) % (58.03) % (18.82) % (18.82) % (39.21) % (39.21) %
Hotel EBITDA $ (1,616) $ —  $ (1,616) $ 385  $ —  $ 385  (519.74) % (519.74) %
Hotel EBITDA margin (34.16) % (34.16) % 7.85  % 7.85  % (42.01) % (42.01) %
Selected Operating Information:
RevPAR $ 89.35  $ —  $ 89.35  $ 95.48  $ —  $ 95.48  (6.42) % (6.42) %
Occupancy 52.68  % —  % 52.68  % 54.78  % —  % 54.78  % (3.83) % (3.83) %
ADR $ 169.60  $ —  $ 169.60  $ 174.28  $ —  $ 174.28  (2.69) % (2.69) %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 2,051  $ —  $ 2,051  $ 2,674  $ —  $ 2,674  (23.30) % (23.30) %
Total hotel revenue $ 3,020  $ —  $ 3,020  $ 3,778  $ —  $ 3,778  (20.06) % (20.06) %
Hotel net income (loss) $ (1,220) $ —  $ (1,220) $ (1,304) $ —  $ (1,304) 6.44  % 6.44  %
Hotel net income (loss) margin (40.40) % (40.40) % (34.52) % (34.52) % (5.88) % (5.88) %
Hotel EBITDA $ (439) $ —  $ (439) $ 120  $ —  $ 120  (465.83) % (465.83) %
Hotel EBITDA margin (14.54) % (14.54) % 3.18  % 3.18  % (17.72) % (17.72) %
Selected Operating Information:
RevPAR $ 346.78  $ —  $ 346.78  $ 457.07  $ —  $ 457.07  (24.13) % (24.13) %
Occupancy 41.84  % —  % 41.84  % 49.08  % —  % 49.08  % (14.75) % (14.75) %
ADR $ 828.78  $ —  $ 828.78  $ 931.34  $ —  $ 931.34  (11.01) % (11.01) %
13



Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 7,880  $ —  $ 7,880  $ 8,014  $ —  $ 8,014  (1.67) % (1.67) %
Total hotel revenue $ 9,775  $ —  $ 9,775  $ 9,859  $ —  $ 9,859  (0.85) % (0.85) %
Hotel net income (loss) $ 3,037  $ —  $ 3,037  $ 3,814  $ —  $ 3,814  (20.37) % (20.37) %
Hotel net income (loss) margin 31.07  % 31.07  % 38.69  % 38.69  % (7.62) % (7.62) %
Hotel EBITDA $ 5,457  $ —  $ 5,457  $ 5,758  $ —  $ 5,758  (5.23) % (5.23) %
Hotel EBITDA margin 55.83  % 55.83  % 58.40  % 58.40  % (2.57) % (2.57) %
Selected Operating Information:
RevPAR $ 609.80  $ —  $ 609.80  $ 627.00  $ —  $ 627.00  (2.74) % (2.74) %
Occupancy 79.83  % —  % 79.83  % 81.83  % —  % 81.83  % (2.44) % (2.44) %
ADR $ 763.92  $ —  $ 763.92  $ 766.21  $ —  $ 766.21  (0.30) % (0.30) %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 1,862  $ —  $ 1,862  $ 2,052  $ —  $ 2,052  (9.26) % (9.26) %
Total hotel revenue $ 2,464  $ —  $ 2,464  $ 2,613  $ —  $ 2,613  (5.70) % (5.70) %
Hotel net income (loss) $ (466) $ —  $ (466) $ (997) $ —  $ (997) 53.26  % 53.26  %
Hotel net income (loss) margin (18.91) % (18.91) % (38.16) % (38.16) % 19.25  % 19.25  %
Hotel EBITDA $ (23) $ —  $ (23) $ 318  $ —  $ 318  (107.23) % (107.23) %
Hotel EBITDA margin (0.93) % (0.93) % 12.17  % 12.17  % (13.10) % (13.10) %
Selected Operating Information:
RevPAR $ 255.77  $ —  $ 255.77  $ 284.99  $ —  $ 284.99  (10.25) % (10.25) %
Occupancy 49.26  % —  % 49.26  % 48.68  % —  % 48.68  % 1.19  % 1.19  %
ADR $ 519.25  $ —  $ 519.25  $ 585.42  $ —  $ 585.42  (11.30) % (11.30) %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 13,181  $ —  $ 13,181  $ 14,341  $ —  $ 14,341  (8.09) % (8.09) %
Total hotel revenue $ 22,582  $ —  $ 22,582  $ 23,685  $ —  $ 23,685  (4.66) % (4.66) %
Hotel net income (loss) $ 7,144  $ —  $ 7,144  $ 7,458  $ —  $ 7,458  (4.21) % (4.21) %
Hotel net income (loss) margin 31.64  % 31.64  % 31.49  % 31.49  % 0.15  % 0.15  %
Hotel EBITDA $ 9,875  $ —  $ 9,875  $ 10,081  $ —  $ 10,081  (2.04) % (2.04) %
Hotel EBITDA margin 43.73  % 43.73  % 42.56  % 42.56  % 1.17  % 1.17  %
Selected Operating Information:
RevPAR $ 750.53  $ —  $ 750.53  $ 830.12  $ —  $ 830.12  (9.59) % (9.59) %
Occupancy 78.51  % —  % 78.51  % 81.25  % —  % 81.25  % (3.37) % (3.37) %
ADR $ 955.94  $ —  $ 955.94  $ 1,021.65  $ —  $ 1,021.65  (6.43) % (6.43) %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 4,496  $ —  $ 4,496  $ 4,520  $ —  $ 4,520  (0.53) % (0.53) %
Total hotel revenue $ 5,909  $ —  $ 5,909  $ 5,798  $ —  $ 5,798  1.91  % 1.91  %
Hotel net income (loss) $ (1,325) $ —  $ (1,325) $ (1,358) $ —  $ (1,358) 2.43  % 2.43  %
Hotel net income (loss) margin (22.42) % (22.42) % (23.42) % (23.42) % 1.00  % 1.00  %
Hotel EBITDA $ 406  $ —  $ 406  $ 694  $ —  $ 694  (41.50) % (41.50) %
Hotel EBITDA margin 6.87  % 6.87  % 11.97  % 11.97  % (5.10) % (5.10) %
Selected Operating Information:
RevPAR $ 99.01  $ —  $ 99.01  $ 100.63  $ —  $ 100.63  (1.61) % (1.61) %
Occupancy 52.13  % —  % 52.13  % 50.44  % —  % 50.44  % 3.35  % 3.35  %
ADR $ 189.92  $ —  $ 189.92  $ 199.51  $ —  $ 199.51  (4.81) % (4.81) %
14



Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
THE CLANCY
Selected Financial Information:
Rooms revenue $ 8,863  $ —  $ 8,863  $ 8,250  $ —  $ 8,250  7.43  % 7.43  %
Total hotel revenue $ 10,707  $ —  $ 10,707  $ 9,761  $ —  $ 9,761  9.69  % 9.69  %
Hotel net income (loss) $ 443  $ —  $ 443  $ (151) $ —  $ (151) 393.38  % 393.38  %
Hotel net income (loss) margin 4.14  % 4.14  % (1.55) % (1.55) % 5.69  % 5.69  %
Hotel EBITDA $ 2,661  $ —  $ 2,661  $ 2,395  $ —  $ 2,395  11.11  % 11.11  %
Hotel EBITDA margin 24.85  % 24.85  % 24.54  % 24.54  % 0.31  % 0.31  %
Selected Operating Information:
RevPAR $ 237.54  $ —  $ 237.54  $ 223.59  $ —  $ 223.59  6.24  % 6.24  %
Occupancy 68.85  % —  % 68.85  % 63.47  % —  % 63.47  % 8.48  % 8.48  %
ADR $ 345.01  $ —  $ 345.01  $ 352.26  $ —  $ 352.26  (2.06) % (2.06) %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 14,168  $ —  $ 14,168  $ 13,635  $ —  $ 13,635  3.91  % 3.91  %
Total hotel revenue $ 29,924  $ —  $ 29,924  $ 28,960  $ —  $ 28,960  3.33  % 3.33  %
Hotel net income (loss) $ 9,243  $ —  $ 9,243  $ 6,751  $ —  $ 6,751  36.91  % 36.91  %
Hotel net income (loss) margin 30.89  % 30.89  % 23.31  % 23.31  % 7.58  % 7.58  %
Hotel EBITDA $ 10,963  $ —  $ 10,963  $ 10,006  $ —  $ 10,006  9.56  % 9.56  %
Hotel EBITDA margin 36.64  % 36.64  % 34.55  % 34.55  % 2.09  % 2.09  %
Selected Operating Information:
RevPAR $ 564.12  $ —  $ 564.12  $ 548.90  $ —  $ 548.90  2.77  % 2.77  %
Occupancy 79.43  % —  % 79.43  % 75.54  % —  % 75.54  % 5.15  % 5.15  %
ADR $ 710.20  $ —  $ 710.20  $ 726.64  $ —  $ 726.64  (2.26) % (2.26) %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 11,604  $ —  $ 11,604  $ 12,740  $ —  $ 12,740  (8.92) % (8.92) %
Total hotel revenue $ 17,906  $ —  $ 17,906  $ 19,825  $ —  $ 19,825  (9.68) % (9.68) %
Hotel net income (loss) $ 533  $ —  $ 533  $ 3,628  $ —  $ 3,628  (85.31) % (85.31) %
Hotel net income (loss) margin 2.98  % 2.98  % 18.30  % 18.30  % (15.32) % (15.32) %
Hotel EBITDA $ 4,030  $ —  $ 4,030  $ 6,109  $ —  $ 6,109  (34.03) % (34.03) %
Hotel EBITDA margin 22.51  % 22.51  % 30.81  % 30.81  % (8.30) % (8.30) %
Selected Operating Information:
RevPAR $ 696.76  $ —  $ 696.76  $ 773.53  $ —  $ 773.53  (9.92) % (9.92) %
Occupancy 59.73  % —  % 59.73  % 67.03  % —  % 67.03  % (10.89) % (10.89) %
ADR $ 1,166.50  $ —  $ 1,166.50  $ 1,153.99  $ —  $ 1,153.99  1.08  % 1.08  %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 4,459  $ —  $ 4,459  $ 4,221  $ —  $ 4,221  5.64  % 5.64  %
Total hotel revenue $ 5,703  $ —  $ 5,703  $ 5,333  $ —  $ 5,333  6.94  % 6.94  %
Hotel net income (loss) $ (838) $ —  $ (838) $ (631) $ —  $ (631) (32.81) % (32.81) %
Hotel net income (loss) margin (14.69) % (14.69) % (11.83) % (11.83) % (2.86) % (2.86) %
Hotel EBITDA $ 895  $ —  $ 895  $ 1,012  $ —  $ 1,012  (11.56) % (11.56) %
Hotel EBITDA margin 15.69  % 15.69  % 18.98  % 18.98  % (3.29) % (3.29) %
Selected Operating Information:
RevPAR $ 132.80  $ —  $ 132.80  $ 127.10  $ —  $ 127.10  4.48  % 4.48  %
Occupancy 59.41  % —  % 59.41  % 58.94  % —  % 58.94  % 0.80  % 0.80  %
ADR $ 223.52  $ —  $ 223.52  $ 215.63  $ —  $ 215.63  3.66  % 3.66  %
15



Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 16,813  $ —  $ 16,813  $ 16,300  $ —  $ 16,300  3.15  % 3.15  %
Total hotel revenue $ 24,995  $ —  $ 24,995  $ 23,765  $ —  $ 23,765  5.18  % 5.18  %
Hotel net income (loss) $ 8,733  $ —  $ 8,733  $ 5,804  $ —  $ 5,804  50.47  % 50.47  %
Hotel net income (loss) margin 34.94  % 34.94  % 24.42  % 24.42  % 10.52  % 10.52  %
Hotel EBITDA $ 10,111  $ —  $ 10,111  $ 9,001  $ —  $ 9,001  12.33  % 12.33  %
Hotel EBITDA margin 40.45  % 40.45  % 37.88  % 37.88  % 2.57  % 2.57  %
Selected Operating Information:
RevPAR $ 1,026.42  $ —  $ 1,026.42  $ 1,006.13  $ —  $ 1,006.13  2.02  % 2.02  %
Occupancy 76.61  % —  % 76.61  % 74.79  % —  % 74.79  % 2.43  % 2.43  %
ADR $ 1,339.87  $ —  $ 1,339.87  $ 1,345.27  $ —  $ 1,345.27  (0.40) % (0.40) %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 2,289  $ —  $ 2,289  $ 3,195  $ —  $ 3,195  (28.36) % (28.36) %
Total hotel revenue $ 3,101  $ —  $ 3,101  $ 4,544  $ —  $ 4,544  (31.76) % (31.76) %
Hotel net income (loss) $ (1,806) $ —  $ (1,806) $ (493) $ —  $ (493) (266.33) % (266.33) %
Hotel net income (loss) margin (58.24) % (58.24) % (10.85) % (10.85) % (47.39) % (47.39) %
Hotel EBITDA $ (423) $ —  $ (423) $ 754  $ —  $ 754  (156.10) % (156.10) %
Hotel EBITDA margin (13.64) % (13.64) % 16.59  % 16.59  % (30.23) % (30.23) %
Selected Operating Information:
RevPAR $ 175.89  $ —  $ 175.89  $ 248.30  $ —  $ 248.30  (29.16) % (29.16) %
Occupancy 67.22  % —  % 67.22  % 75.50  % —  % 75.50  % (10.97) % (10.97) %
ADR $ 261.68  $ —  $ 261.68  $ 328.88  $ —  $ 328.88  (20.43) % (20.43) %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 20,853  $ —  $ 20,853  $ 16,719  $ —  $ 16,719  24.73  % 24.73  %
Total hotel revenue $ 28,730  $ —  $ 28,730  $ 24,496  $ —  $ 24,496  17.28  % 17.28  %
Hotel net income (loss) $ 7,816  $ —  $ 7,816  $ 6,170  $ —  $ 6,170  26.68  % 26.68  %
Hotel net income (loss) margin 27.21  % 27.21  % 25.19  % 25.19  % 2.02  % 2.02  %
Hotel EBITDA $ 10,274  $ —  $ 10,274  $ 8,273  $ —  $ 8,273  24.19  % 24.19  %
Hotel EBITDA margin 35.76  % 35.76  % 33.77  % 33.77  % 1.99  % 1.99  %
Selected Operating Information:
RevPAR $ 2,161.79  $ —  $ 2,161.79  $ 1,752.55  $ —  $ 1,752.55  23.35  % 23.35  %
Occupancy 65.48  % —  % 65.48  % 56.27  % —  % 56.27  % 16.37  % 16.37  %
ADR $ 3,301.56  $ —  $ 3,301.56  $ 3,114.63  $ —  $ 3,114.63  6.00  % 6.00  %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 14,115  $ —  $ 14,115  $ 14,157  $ —  $ 14,157  (0.30) % (0.30) %
Total hotel revenue $ 24,695  $ —  $ 24,695  $ 23,291  $ —  $ 23,291  6.03  % 6.03  %
Hotel net income (loss) $ 5,005  $ —  $ 5,005  $ 5,369  $ —  $ 5,369  (6.78) % (6.78) %
Hotel net income (loss) margin 20.27  % 20.27  % 23.05  % 23.05  % (2.78) % (2.78) %
Hotel EBITDA $ 10,909  $ —  $ 10,909  $ 10,120  $ —  $ 10,120  7.80  % 7.80  %
Hotel EBITDA margin 44.17  % 44.17  % 43.45  % 43.45  % 0.72  % 0.72  %
Selected Operating Information:
RevPAR $ 738.60  $ —  $ 738.60  $ 749.04  $ —  $ 749.04  (1.39) % (1.39) %
Occupancy 64.62  % —  % 64.62  % 53.40  % —  % 53.40  % 21.01  % 21.01  %
ADR $ 1,142.98  $ —  $ 1,142.98  $ 1,402.78  $ —  $ 1,402.78  (18.52) % (18.52) %
16



Three Months Ended March 31,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 108,822  $ —  $ 108,822  $ 107,294  $ —  $ 107,294  1.42  % 1.42  %
Total hotel revenue $ 175,831  $ —  $ 175,831  $ 172,142  $ —  $ 172,142  2.14  % 2.14  %
Hotel net income (loss) $ 42,528  $ —  $ 42,528  $ 39,575  $ —  $ 39,575  7.46  % 7.46  %
Hotel net income (loss) margin 24.19  % 24.19  % 22.99  % 22.99  % 1.20  % 1.20  %
Hotel EBITDA $ 64,928  $ —  $ 64,928  $ 63,658  $ —  $ 63,658  2.00  % 2.00  %
Hotel EBITDA margin 36.93  % 36.93  % 36.98  % 36.98  % (0.05) % (0.05) %
Selected Operating Information:
RevPAR $ 653.82  $ —  $ 653.82  $ 652.17  $ —  $ 652.17  0.25  % 0.25  %
Occupancy 70.15  % —  % 70.15  % 69.79  % —  % 69.79  % 0.52  % 0.52  %
ADR $ 931.97  $ —  $ 931.97  $ 934.49  $ —  $ 934.49  (0.27) % (0.27) %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 32,613  $ —  $ 32,613  $ 32,529  $ —  $ 32,529  0.26  % 0.26  %
Total hotel revenue $ 45,607  $ —  $ 45,607  $ 45,038  $ —  $ 45,038  1.26  % 1.26  %
Hotel net income (loss) $ (6,290) $ —  $ (6,290) $ (1,822) $ —  $ (1,822) (245.23) % (245.23) %
Hotel net income (loss) margin (13.79) % (13.79) % (4.05) % (4.05) % (9.74) % (9.74) %
Hotel EBITDA $ 6,051  $ —  $ 6,051  $ 9,138  $ —  $ 9,138  (33.78) % (33.78) %
Hotel EBITDA margin 13.27  % 13.27  % 20.29  % 20.29  % (7.02) % (7.02) %
Selected Operating Information:
RevPAR $ 149.74  $ —  $ 149.74  $ 151.48  $ —  $ 151.48  (1.15) % (1.15) %
Occupancy 61.75  % —  % 61.75  % 61.07  % —  % 61.07  % 1.11  % 1.11  %
ADR $ 242.51  $ —  $ 242.51  $ 248.06  $ —  $ 248.06  (2.24) % (2.24) %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 141,435  $ —  $ 141,435  $ 139,823  $ —  $ 139,823  1.15  % 1.15  %
Total hotel revenue $ 221,438  $ —  $ 221,438  $ 217,180  $ —  $ 217,180  1.96  % 1.96  %
Hotel net income (loss) $ 36,238  $ —  $ 36,238  $ 37,753  $ —  $ 37,753  (4.01) % (4.01) %
Hotel net income (loss) margin 16.36  % 16.36  % 17.38  % 17.38  % (1.02) % (1.02) %
Hotel EBITDA $ 70,979  $ —  $ 70,979  $ 72,796  $ —  $ 72,796  (2.50) % (2.50) %
Hotel EBITDA margin 32.05  % 32.05  % 33.52  % 33.52  % (1.47) % (1.47) %
Selected Operating Information:
RevPAR $ 368.09  $ —  $ 368.09  $ 368.68  $ —  $ 368.68  (0.16) % (0.16) %
Occupancy 65.39  % —  % 65.39  % 64.85  % —  % 64.85  % 0.83  % 0.83  %
ADR $ 562.93  $ —  $ 562.93  $ 568.50  $ —  $ 568.50  (0.98) % (0.98) %
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
17



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended March 31,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 36,970  $ —  $ 36,970 
Total hotel revenue $ 58,475  $ —  $ 58,475 
Hotel net income $ 3,181  $ —  $ 3,181 
Hotel net income margin 8.60  % 8.60  %
Hotel EBITDA $ 15,657  $ —  $ 15,657 
Hotel EBITDA margin 26.78  % 26.78  %
Selected Operating Information:
RevPAR $ 183.04  $ —  $ 183.04 
Occupancy 73.08  % —  % 73.08  %
ADR $ 250.45  $ —  $ 250.45 
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 28,368  $ —  $ 28,368 
Total hotel revenue $ 50,585  $ —  $ 50,585 
Hotel net income $ 12,657  $ —  $ 12,657 
Hotel net income margin 44.62  % 44.62  %
Hotel EBITDA $ 17,188  $ —  $ 17,188 
Hotel EBITDA margin 33.98  % 33.98  %
Selected Operating Information:
RevPAR $ 196.73  $ —  $ 196.73 
Occupancy 77.80  % —  % 77.80  %
ADR $ 252.87  $ —  $ 252.87 
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 25,320  $ —  $ 25,320 
Total hotel revenue $ 33,743  $ —  $ 33,743 
Hotel net income $ 1,570  $ —  $ 1,570 
Hotel net income margin 6.20  % 6.20  %
Hotel EBITDA $ 6,182  $ —  $ 6,182 
Hotel EBITDA margin 18.32  % 18.32  %
Selected Operating Information:
RevPAR $ 166.70  $ —  $ 166.70 
Occupancy 69.74  % —  % 69.74  %
ADR $ 239.04  $ —  $ 239.04 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 15,806  $ —  $ 15,806 
Total hotel revenue $ 21,401  $ —  $ 21,401 
Hotel net income $ 1,512  $ —  $ 1,512 
Hotel net income margin 9.57  % 9.57  %
Hotel EBITDA $ 5,508  $ —  $ 5,508 
Hotel EBITDA margin 25.74  % 25.74  %
Selected Operating Information:
RevPAR $ 664.41  $ —  $ 664.41 
Occupancy 64.38  % —  % 64.38  %
ADR $ 1,032.09  $ —  $ 1,032.09 
18



TTM Ended March 31,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 24,034  $ —  $ 24,034 
Total hotel revenue $ 30,557  $ —  $ 30,557 
Hotel net income $ 6,022  $ —  $ 6,022 
Hotel net income margin 25.06  % 25.06  %
Hotel EBITDA $ 14,710  $ —  $ 14,710 
Hotel EBITDA margin 48.14  % 48.14  %
Selected Operating Information:
RevPAR $ 462.45  $ —  $ 462.45 
Occupancy 72.19  % —  % 72.19  %
ADR $ 640.60  $ —  $ 640.60 
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 12,135  $ —  $ 12,135 
Total hotel revenue $ 15,147  $ —  $ 15,147 
Hotel net income $ 1,402  $ —  $ 1,402 
Hotel net income margin 11.55  % 11.55  %
Hotel EBITDA $ 4,574  $ —  $ 4,574 
Hotel EBITDA margin 30.20  % 30.20  %
Selected Operating Information:
RevPAR $ 414.46  $ —  $ 414.46 
Occupancy 60.89  % —  % 60.89  %
ADR $ 680.70  $ —  $ 680.70 
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 24,191  $ —  $ 24,191 
Total hotel revenue $ 48,232  $ —  $ 48,232 
Hotel net income $ 774  $ —  $ 774 
Hotel net income margin 3.20  % 3.20  %
Hotel EBITDA $ 12,067  $ —  $ 12,067 
Hotel EBITDA margin 25.02  % 25.02  %
Selected Operating Information:
RevPAR $ 342.46  $ —  $ 342.46 
Occupancy 55.23  % —  % 55.23  %
ADR $ 620.11  $ —  $ 620.11 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 26,198  $ —  $ 26,198 
Total hotel revenue $ 33,228  $ —  $ 33,228 
Hotel net income $ 2,104  $ —  $ 2,104 
Hotel net income margin 8.03  % 8.03  %
Hotel EBITDA $ 10,029  $ —  $ 10,029 
Hotel EBITDA margin 30.18  % 30.18  %
Selected Operating Information:
RevPAR $ 143.45  $ —  $ 143.45 
Occupancy 62.83  % —  % 62.83  %
ADR $ 228.33  $ —  $ 228.33 
19



TTM Ended March 31,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
THE CLANCY
Selected Financial Information:
Rooms revenue $ 33,380  $ —  $ 33,380 
Total hotel revenue $ 39,700  $ —  $ 39,700 
Hotel net income $ 132  $ —  $ 132 
Hotel net income margin 0.40  % 0.40  %
Hotel EBITDA $ 9,542  $ —  $ 9,542 
Hotel EBITDA margin 24.04  % 24.04  %
Selected Operating Information:
RevPAR $ 222.44  $ —  $ 222.44 
Occupancy 72.13  % —  % 72.13  %
ADR $ 308.38  $ —  $ 308.38 
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 37,811  $ —  $ 37,811 
Total hotel revenue $ 86,484  $ —  $ 86,484 
Hotel net income $ 13,663  $ —  $ 13,663 
Hotel net income margin 36.13  % 36.13  %
Hotel EBITDA $ 23,338  $ —  $ 23,338 
Hotel EBITDA margin 26.99  % 26.99  %
Selected Operating Information:
RevPAR $ 374.31  $ —  $ 374.31 
Occupancy 63.98  % —  % 63.98  %
ADR $ 585.02  $ —  $ 585.02 
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 26,661  $ —  $ 26,661 
Total hotel revenue $ 48,363  $ —  $ 48,363 
Hotel net income $ (7,785) $ —  $ (7,785)
Hotel net income margin (29.20) % (29.20) %
Hotel EBITDA $ 4,003  $ —  $ 4,003 
Hotel EBITDA margin 8.28  % 8.28  %
Selected Operating Information:
RevPAR $ 398.04  $ —  $ 398.04 
Occupancy 48.22  % —  % 48.22  %
ADR $ 825.49  $ —  $ 825.49 
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 28,648  $ —  $ 28,648 
Total hotel revenue $ 34,999  $ —  $ 34,999 
Hotel net income $ 5,264  $ —  $ 5,264 
Hotel net income margin 18.37  % 18.37  %
Hotel EBITDA $ 12,699  $ —  $ 12,699 
Hotel EBITDA margin 36.28  % 36.28  %
Selected Operating Information:
RevPAR $ 212.13  $ —  $ 212.13 
Occupancy 70.78  % —  % 70.78  %
ADR $ 299.71  $ —  $ 299.71 
20



TTM Ended March 31,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 48,484  $ —  $ 48,484 
Total hotel revenue $ 76,624  $ —  $ 76,624 
Hotel net income $ 11,251  $ —  $ 11,251 
Hotel net income margin 23.21  % 23.21  %
Hotel EBITDA $ 23,738  $ —  $ 23,738 
Hotel EBITDA margin 30.98  % 30.98  %
Selected Operating Information:
RevPAR $ 735.94  $ —  $ 735.94 
Occupancy 66.90  % —  % 66.90  %
ADR $ 1,100.01  $ —  $ 1,100.01 
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 10,821  $ —  $ 10,821 
Total hotel revenue $ 14,670  $ —  $ 14,670 
Hotel net income $ (5,535) $ —  $ (5,535)
Hotel net income margin (51.15) % (51.15) %
Hotel EBITDA $ (190) $ —  $ (190)
Hotel EBITDA margin (1.30) % (1.30) %
Selected Operating Information:
RevPAR $ 206.75  $ —  $ 206.75 
Occupancy 70.73  % —  % 70.73  %
ADR $ 292.30  $ —  $ 292.30 
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 58,846  $ —  $ 58,846 
Total hotel revenue $ 87,978  $ —  $ 87,978 
Hotel net income $ 15,126  $ —  $ 15,126 
Hotel net income margin 25.70  % 25.70  %
Hotel EBITDA $ 22,925  $ —  $ 22,925 
Hotel EBITDA margin 26.06  % 26.06  %
Selected Operating Information:
RevPAR $ 1,516.78  $ —  $ 1,516.78 
Occupancy 61.28  % —  % 61.28  %
ADR $ 2,475.08  $ —  $ 2,475.08 
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 35,747  $ —  $ 35,747 
Total hotel revenue $ 69,070  $ —  $ 69,070 
Hotel net income (loss) $ 774  $ —  $ 774 
Hotel net income (loss) margin 2.17  % 2.17  %
Hotel EBITDA $ 22,652  $ —  $ 22,652 
Hotel EBITDA margin 32.80  % 32.80  %
Selected Operating Information:
RevPAR $ 465.09  $ —  $ 465.09 
Occupancy 51.08  % —  % 51.08  %
ADR $ 910.54  $ —  $ 910.54 
21



TTM Ended March 31,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 312,083  $ —  $ 312,083 
Total hotel revenue $ 534,441  $ —  $ 534,441 
Hotel net income $ 55,396  $ —  $ 55,396 
Hotel net income margin 17.75  % 17.75  %
Hotel EBITDA $ 150,703  $ —  $ 150,703 
Hotel EBITDA margin 28.20  % 28.20  %
Selected Operating Information:
RevPAR $ 466.21  $ —  $ 466.21 
Occupancy 63.62  % —  % 63.62  %
ADR $ 732.77  $ —  $ 732.77 
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 161,337  $ —  $ 161,337 
Total hotel revenue $ 214,815  $ —  $ 214,815 
Hotel net income $ 6,716  $ —  $ 6,716 
Hotel net income margin 4.16  % 4.16  %
Hotel EBITDA $ 53,919  $ —  $ 53,919 
Hotel EBITDA margin 25.10  % 25.10  %
Selected Operating Information:
RevPAR $ 184.61  $ —  $ 184.61 
Occupancy 69.70  % —  % 69.70  %
ADR $ 264.87  $ —  $ 264.87 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 473,420  $ —  $ 473,420 
Total hotel revenue $ 749,256  $ —  $ 749,256 
Hotel net income $ 62,112  $ —  $ 62,112 
Hotel net income margin 13.12  % 13.12  %
Hotel EBITDA $ 204,622  $ —  $ 204,622 
Hotel EBITDA margin 27.31  % 27.31  %
Selected Operating Information:
RevPAR $ 306.75  $ —  $ 306.75 
Occupancy 67.06  % —  % 67.06  %
ADR $ 457.40  $ —  $ 457.40 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, total hotel revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(3)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(4)    Resort properties include: Hilton La Jolla Torrey Pines, Bardessono Hotel and Spa, Pier House Resort & Spa, Hotel Yountville, Park Hyatt Beaver Creek Resort & Spa, The Ritz-Carlton Sarasota, The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas, The Ritz-Carlton Reserve Dorado Beach, Four Seasons Resort Scottsdale
(5)    Urban properties include: Capital Hilton Washington D.C., Sofitel Chicago Magnificent Mile, The Notary Hotel, The Clancy, Marriott Seattle Waterfront, Cameo Beverly Hills
(6)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
22



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
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
2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023 2023
1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter 3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter
Total hotel revenue $ 221,438  $ —  $ 221,438  $ 179,216  $ —  $ 179,216  $ 160,697  $ —  $ 160,697  $ 187,905  $ —  $ 187,905 
Hotel net income (loss) $ 36,238  $ —  $ 36,238  $ 6,943  $ —  $ 6,943  $ 788  $ —  $ 788  $ 18,143  $ —  $ 18,143 
Hotel net income (loss) margin 16.36  % 16.36  % 3.87  % 3.87  % 0.49  % 0.49  % 9.66  % 9.66  %
Hotel EBITDA $ 70,979  $ —  $ 70,979  $ 45,116  $ —  $ 45,116  $ 34,867  $ —  $ 34,867  $ 53,660  $ —  $ 53,660 
Hotel EBITDA margin 32.05  % 32.05  % 25.17  % 25.17  % 21.70  % 21.70  % 28.56  % 28.56  %
Hotel net income (loss) % of total TTM 58.3  % 58.3  % 11.2  % 11.2  % 1.3  % 1.3  % 29.2  % 29.2  %
EBITDA % of total TTM 34.7  % 34.7  % 22.0  % 22.0  % 17.0  % 17.0  % 26.3  % 26.3  %
JV interests in Hotel net income (loss) $ 671  $ —  $ 671  $ 702  $ —  $ 702  $ 830  $ —  $ 830  $ 1,757  $ —  $ 1,757 
JV interests in EBITDA $ 1,975  $ —  $ 1,975  $ 1,769  $ —  $ 1,769  $ 1,849  $ —  $ 1,849  $ 2,618  $ —  $ 2,618 
Actual Non-comparable Adjustments Comparable
2024 2024 2024
TTM TTM TTM
Total hotel revenue $ 749,256  $ —  $ 749,256 
Hotel net income (loss) $ 62,112  $ —  $ 62,112 
Hotel net income (loss) margin 8.29  % 8.29  %
Hotel EBITDA $ 204,622  $ —  $ 204,622 
Hotel EBITDA margin 27.31  % 27.31  %
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) $ 3,960  $ —  $ 3,960 
JV interests in EBITDA $ 8,211  $ —  $ 8,211 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Total hotel revenue includes the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with the Ritz-Carlton Lake Tahoe and the Ritz-Carlton Reserve Dorado Beach hotels.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
23



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
March 31, 2024
(in thousands, except share price)
(unaudited)

March 31, 2024
Common stock shares outstanding 66,477 
Partnership units outstanding (common stock equivalents) 7,322 
Combined common stock shares and partnership units outstanding 73,799 
Common stock price $ 2.00 
Market capitalization $ 147,598 
Series B cumulative convertible preferred stock $ 76,950 
Series D cumulative preferred stock $ 40,000 
Series E redeemable preferred stock $ 404,071 
Series M redeemable preferred stock $ 43,694 
Indebtedness $ 1,235,043 
Joint venture partner's share of consolidated indebtedness $ (44,300)
Net working capital (see below) $ (135,085)
Total enterprise value (TEV) $ 1,767,971 
Cash and cash equivalents $ 135,096 
Restricted cash $ 80,006 
Accounts receivable, net $ 39,569 
Prepaid expenses $ 10,757 
Due from third-party hotel managers, net $ 22,056 
Total current assets $ 287,484 
Accounts payable, net & accrued expenses $ 138,867 
Dividends and distributions payable $ 9,253 
Due to affiliates, net $ 4,279 
Total current liabilities $ 152,399 
Net working capital* $ 135,085 
* 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)

2024
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Estimated Estimated Estimated
Bardessono Hotel and Spa 65  x
Capital Hilton Washington D.C. 559  x
The Ritz-Carlton Lake Tahoe 170  x x
Cameo Beverly Hills 143  x
The Ritz-Carlton St. Thomas 180  x x
The Ritz-Carlton Sarasota 276  x
Total 3 1 2 2
(a)    Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2024 are included in this table.
25



Exhibit 1

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

2024 2023 2023 2023 March 31, 2024
1st Quarter 4th Quarter 3rd Quarter 2nd Quarter TTM
Net income (loss) $ 36,238  $ 6,943  $ 788  $ 18,143  $ 62,112 
Non-property adjustments —  249  203  (12) 440 
Interest income (333) (315) (316) (259) (1,223)
Interest expense 10,001  9,250  9,557  11,425  40,233 
Amortization of loan costs 552  622  556  562  2,292 
Depreciation and amortization 25,420  25,481  22,703  22,567  96,171 
Income tax expense (benefit) 666  1,587  13  507  2,773 
Non-hotel EBITDA ownership expense (1,565) 1,299  1,363  727  1,824 
Hotel EBITDA including amounts attributable to noncontrolling interest 70,979  45,116  34,867  53,660  204,622 
Non-comparable adjustments —  —  —  —  — 
Comparable hotel EBITDA $ 70,979  $ 45,116  $ 34,867  $ 53,660  $ 204,622 

26


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2024
Capital Hilton Washington D.C. Hilton La Jolla Torrey 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) $ (19) $ 2,703  $ (2,745) $ (1,220) $ 3,037  $ (466) $ 7,144  $ (1,325) $ 443  $ 9,243  $ 533  $ (838) $ 8,733  $ (1,806) $ 7,816  $ 5,005  $ 36,238  $ (20,756) $ 15,482 
Non-property adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Interest income (38) (100) —  —  —  —  —  (17) (50) (94) 71  (29) (13) —  —  (63) (333) 333  — 
Interest expense —  —  —  —  1,774  —  1,461  —  —  165  1,207  20  1,030  695  434  3,215  10,001  15,179  25,180 
Amortization of loan cost —  —  —  —  113  —  69  —  —  —  37  —  —  46  61  226  552  759  1,311 
Depreciation and amortization 4,137  1,090  1,123  607  517  418  1,199  1,696  2,212  1,696  1,923  1,750  2,227  594  1,710  2,521  25,420  —  25,420 
Income tax expense (benefit) 46  64  —  —  —  —  —  —  —  —  —  302  —  249  —  666  786  1,452 
Non-hotel EBITDA ownership expense 14  174  16  25  47  56  (47) 259  (8) (2,168) 48  (1,565) 1,565  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 4,128  3,771  (1,616) (439) 5,457  (23) 9,875  406  2,661  10,963  4,030  895  10,111  (423) 10,274  10,909  70,979  (2,134) 68,845 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,032) (943) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (1,975) 1,975  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  49  49 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (57) (57)
Hotel EBITDA attributable to the Company and OP unitholders $ 3,096  $ 2,828  $ (1,616) $ (439) $ 5,457  $ (23) $ 9,875  $ 406  $ 2,661  $ 10,963  $ 4,030  $ 895  $ 10,111  $ (423) $ 10,274  $ 10,909  $ 69,004  $ (167) $ 68,837 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 4,128  $ 3,771  $ (1,616) $ (439) $ 5,457  $ (23) $ 9,875  $ 406  $ 2,661  $ 10,963  $ 4,030  $ 895  $ 10,111  $ (423) $ 10,274  $ 10,909  $ 70,979 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 3,771  $ (1,616) $ —  $ 5,457  $ (23) $ 9,875  $ 406  $ 2,661  $ —  $ 4,030  $ 895  $ 10,111  $ (423) $ 10,274  $ 10,909  $ 56,327 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 3,771  $ (1,616) $ —  $ 5,457  $ (23) $ 9,875  $ 406  $ 2,661  $ —  $ 4,030  $ 895  $ 10,111  $ (423) $ 10,274  $ 10,909  $ 56,327 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 3,771  $ —  $ (439) $ 5,457  $ (23) $ 9,875  $ —  $ —  $ 10,963  $ 4,030  $ —  $ 10,111  $ —  $ 10,274  $ 10,909  $ 64,928 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 3,771  $ —  $ (439) $ 5,457  $ (23) $ 9,875  $ —  $ —  $ 10,963  $ 4,030  $ —  $ 10,111  $ —  $ 10,274  $ 10,909  $ 64,928 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 4,128  $ —  $ (1,616) $ —  $ —  $ —  $ —  $ 406  $ 2,661  $ —  $ —  $ 895  $ —  $ (423) $ —  $ —  $ 6,051 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 4,128  $ —  $ (1,616) $ —  $ —  $ —  $ —  $ 406  $ 2,661  $ —  $ —  $ 895  $ —  $ (423) $ —  $ —  $ 6,051 

27


Exhibit 1

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

Three Months Ended March 31, 2024
Capital Hilton Washington D.C. Hilton La Jolla Torrey 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) $ 4,128  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 4,128 
BAML Pool (see footnote 3) —  —  (1,616) —  —  —  —  406  2,661  —  —  895  —  —  —  —  2,346 
BAML Credit Facility (see foonote 4) —  —  —  (439) —  (23) —  —  —  10,963  —  —  —  —  —  —  10,501 
BAML (Pier House Resort & Spa) —  —  —  —  5,457  —  —  —  —  —  —  —  —  —  —  —  5,457 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  9,875  —  —  —  —  —  —  —  —  —  9,875 
BAML (The Ritz-Carlton Lake Tahoe) —  —  —  —  —  —  —  —  —  —  4,030  —  —  —  —  —  4,030 
Apollo (The Ritz-Carlton St. Thomas) —  —  —  —  —  —  —  —  —  —  —  —  10,111  —  —  —  10,111 
LoanCore (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  (423) —  —  (423)
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  10,909  10,909 
Prudential (Hilton La Jolla Torrey Pines) —  3,771  —  —  —  —  —  —  —  —  —  —  —  —  —  —  3,771 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  10,274  —  10,274 
Total $ 4,128  $ 3,771  $ (1,616) $ (439) $ 5,457  $ (23) $ 9,875  $ 406  $ 2,661  $ 10,963  $ 4,030  $ 895  $ 10,111  $ (423) $ 10,274  $ 10,909  $ 70,979 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
(5)    Excluded hotels under renovation:
Bardessono Hotel, Capital Hilton Washington D.C., Ritz-Carlton Sarasota
28


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) —  —  —  —  (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  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  57  18  235  22  181  12  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 
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 


29


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 
Macquarie CAF LLC (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 March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This 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 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  —  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  —  —  —  —  —  —  —  —  —  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  (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 

31


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 Scottsdale 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 
Macquarie CAF LLC (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 March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This 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 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  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  —  —  —  —  —  —  —  —  —  133  —  196  —  507  (582) (75)
Non-hotel EBITDA ownership expense (81) 16  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 

33


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 
Macquarie CAF LLC (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 March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(4)    This 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 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  —  —  —  —  —  —  —  —  —  136  —  161  —  340  1,989  2,329 
Non-hotel EBITDA ownership expense 17  24  73  113  20  15  21  20  306  33  24  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 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 3,872  $ 385  $ —  $ 5,758  $ 318  $ 10,081  $ 694  $ 2,395  $ —  $ 6,109  $ 1,012  $ 9,001  $ 754  $ 8,273  $ 10,120  $ 58,772 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ —  $ 3,872  $ 385  $ —  $ 5,758  $ 318  $ 10,081  $ 694  $ 2,395  $ —  $ 6,109  $ 1,012  $ 9,001  $ 754  $ 8,273  $ 10,120  $ 58,772 
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 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at March 31, 2024, were owned as of the beginning of each of the periods presented.
(2)    Rooms revenue, RevPAR, occupancy and ADR include the full results reported to us by our hotel managers for residences that we do not own but that are managed in connection with The Ritz-Carlton Lake Tahoe and The Ritz-Carlton Reserve Dorado Beach hotels.
(3)    Excluded hotels under renovation:
Bardessono Hotel, Capital Hilton Washington D.C., Ritz-Carlton Sarasota
35