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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): November 6, 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 November 6, 2024, Braemar Hotels & Resorts Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 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    Third Quarter 2024 Earnings Press Release of the Company, dated November 6, 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: November 6, 2024
By: /s/ Deric S. Eubanks
Deric S. Eubanks
Chief Financial Officer


EX-99.1 2 bhr2024q3earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1
braemara59.jpg
NEWS RELEASE

Contact: Deric Eubanks Laken Avonne Rapier Joseph Calabrese
Chief Financial Officer Media Contact Financial Relations Board
(972) 490-9600 LRapier@ashfordinc.com (212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
THIRD QUARTER 2024 RESULTS

DALLAS – November 6, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the third quarter ended September 30, 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 September 30, 2024, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2024 with the third quarter ended September 30, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 1.6% over the prior year quarter to $261. Comparable ADR decreased 3.8% over the prior year quarter to $383 and Comparable Occupancy increased 2.3% over the prior year quarter to 68.2%.
•Net loss attributable to common stockholders for the quarter was $(1.4) million or $(0.02) per diluted share.
•Adjusted funds from operations (AFFO) was $(0.24) per diluted share for the quarter.
•Adjusted EBITDAre was $18.5 million for the quarter.
•Comparable Hotel EBITDA was $24.7 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $168.7 million and restricted cash of $48.5 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 $19.9 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 41.0% at the end of the third quarter.
•Capex invested during the quarter was $15.6 million.

RECENT OPERATING HIGHLIGHTS
•During the quarter, the Company announced it closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). This hotel was owned by a joint venture in which the Company had a 75% ownership interest.
•During the quarter, the Company announced that it closed on a refinancing involving five hotels. The new loan totaled $407 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final



BHR Reports Third Quarter Results
Page 2
November 6, 2024
maturity to 2029. As part of this refinancing, the Company acquired a tranche of CMBS with a par value of $42.2 million and a rate of SOFR + 5.20%.

CAPITAL STRUCTURE

As of September 30, 2024, the Company had total assets of $2.2 billion and $1.2 billion of loans of which $27.7 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton. The Company’s total combined loans had a blended average interest rate of 7.6%, 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 23% of the Company’s consolidated debt is effectively fixed and approximately 77% is effectively floating.

During the quarter, the Company closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key). Including anticipated capital expenditures of $40 million, the sale price represented a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024.

During the quarter, the Company closed on a refinancing involving five hotels. The new loan totaled $407 million and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions, taking the final maturity to 2029. The loan is interest only and provides for a floating interest rate of SOFR + 3.24%. As part of this financing, the Company acquired a tranche of CMBS with a par value of $42.2 million and a rate of SOFR +5.20%, which lowered its net spread on the $364.8 million remaining loan amount to SOFR + 3.01%. The loan is secured by five hotels: Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville, The Ritz-Carlton Sarasota, and The Ritz-Carlton St. Thomas. The new loan refinanced the $80.0 million loan secured by the Pier House Resort & Spa which had an interest rate of SOFR + 3.60% and had a final maturity date in September 2026, the $42.5 million loan secured by The Ritz-Carlton St. Thomas which had an interest rate of SOFR + 4.35% and had a final maturity date in August 2026, and the $200.0 million Corporate Term Loan and Credit Facility secured by The Ritz-Carlton Sarasota, Hotel Yountville, and Bardessono Hotel & Spa which had an interest rate of SOFR + 3.10% and had a final maturity date in July 2027.

DIVIDENDS
On October 7, 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 fourth quarter ending December 31, 2024. The dividend, which equates to an annual rate of $0.20 per share, will be paid on January 15, 2025, to stockholders of record as of December 31, 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.

“We’re very pleased with the strong third quarter performance of our urban hotels, which reported a RevPAR increase of 6% over the prior year period,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer.



BHR Reports Third Quarter Results
Page 3
November 6, 2024
“Additionally, we continue to make meaningful progress executing against our recently announced shareholder value creation plan. Demonstrating our focus on maximizing value for our investors, this includes our recent sale of the Hilton La Jolla Torrey Pines at a very attractive cap rate, the continued evaluation of additional potential asset sales, and approximately $50 million of redeemed non-traded preferred to date.” Mr. Stockton continued, “Our asset management and risk management teams did a remarkable job protecting our assets during the recent storms, and we’re pleased to report that our uninsured losses from those storms are only expected to be approximately $3 million, and we had minimal operational impact in the third quarter. Looking ahead, we believe our portfolio is well-positioned to outperform in both the near-term and long-term.”

INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, November 7, 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, November 14, 2024, by dialing (609) 800-9909 and entering the confirmation number, 2925607.

The Company will also provide an online simulcast and rebroadcast of its third 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, November 7, 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.

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



BHR Reports Third Quarter Results
Page 4
November 6, 2024
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)

September 30, 2024 December 31, 2023
ASSETS
Investments in hotel properties, gross $ 2,270,981  $ 2,382,716 
Accumulated depreciation (480,940) (498,508)
Investments in hotel properties, net 1,790,041  1,884,208 
Cash and cash equivalents 168,675  85,599 
Restricted cash 48,461  80,904 
Investment in securities 41,493  — 
Accounts receivable, net of allowance of $443 and $237, respectively 32,479  39,199 
Inventories 4,575  5,003 
Note receivable 5,855  — 
Prepaid expenses 5,825  9,938 
Deferred costs, net 75  75 
Investment in OpenKey 1,539  1,674 
Derivative assets 480  2,847 
Other assets 20,909  17,751 
Operating lease right-of-use assets 34,185  78,383 
Intangible assets, net 3,220  3,504 
Due from third-party hotel managers 19,855  17,739 
Total assets $ 2,177,667  $ 2,226,824 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net $ 1,208,013  $ 1,162,444 
Accounts payable and accrued expenses 144,868  149,867 
Dividends and distributions payable 9,271  9,158 
Due to Ashford Inc., net 5,489  1,471 
Due to related parties, net 16  603 
Due to third-party hotel managers 1,509  1,608 
Operating lease liabilities 19,149  60,379 
Derivative liabilities —  12 
Other liabilities 23,572  22,756 
Total liabilities 1,411,887  1,408,298 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at September 30, 2024 and December 31, 2023 65,426  65,426 
Series E Redeemable Preferred Stock, $0.01 par value, 15,138,572 and 16,316,315 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 355,178  377,035 
Series M Redeemable Preferred Stock, $0.01 par value, 1,596,286 and 1,832,805 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 39,907  45,623 
Redeemable noncontrolling interests in operating partnership 31,336  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 September 30, 2024 and December 31, 2023 16  16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,522,206 and 66,636,353 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 665  666 
Additional paid-in capital 719,110  718,498 
Accumulated other comprehensive income (loss) (723) — 
Accumulated deficit (442,157) (412,199)
Total stockholders' equity of the Company 276,911  306,981 
Noncontrolling interest in consolidated entities (2,978) (8,934)
Total equity 273,933  298,047 
Total liabilities and equity $ 2,177,667  $ 2,226,824 

5



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
REVENUE
Rooms $ 92,427  $ 100,738  $ 347,206  $ 355,402 
Food and beverage 34,781  38,537  135,891  138,541 
Other 21,190  20,526  71,967  67,866 
Total hotel revenue 148,398  159,801  555,064  561,809 
EXPENSES
Hotel operating expenses:
Rooms 25,548  25,899  81,288  79,962 
Food and beverage 31,998  32,750  109,379  108,854 
Other expenses 51,300  52,725  169,531  171,317 
Management fees 4,869  5,076  17,913  17,661 
Total hotel operating expenses 113,715  116,450  378,111  377,794 
Property taxes, insurance and other 9,985  10,471  30,740  27,983 
Depreciation and amortization 25,078  22,703  75,192  67,791 
Advisory services fee:
Base advisory fee 3,505  3,393  10,168  10,700 
Reimbursable expenses 3,231  2,028  8,457  6,092 
Incentive fee 1,464  —  2,112  — 
Stock/unit-based compensation 427  1,599  2,418  6,391 
Corporate, general and administrative:
Stock/unit-based compensation —  27  269  455 
Other general and administrative 8,874  2,479  10,836  8,767 
Total operating expenses 166,279  159,150  518,303  505,973 
Gain (loss) on disposition of assets and hotel property 88,210  —  88,210  — 
OPERATING INCOME (LOSS) 70,329  651  124,971  55,836 
Equity in earnings (loss) of unconsolidated entity (80) (60) (214) (208)
Interest income 2,660  986  4,528  5,389 
Other income (expense) —  293  —  293 
Interest expense (26,132) (22,425) (77,146) (67,451)
Amortization of loan costs (1,779) (881) (4,541) (2,328)
Write-off of loan costs and exit fees (5,292) (2,588) (6,095) (2,848)
Gain (loss) on extinguishment of debt —  —  (22) 2,318 
Realized and unrealized gain (loss) on derivatives (735) 223  523  918 
INCOME (LOSS) BEFORE INCOME TAXES 38,971  (23,801) 42,004  (8,081)
Income tax (expense) benefit 864  1,190  (474) (1,064)
NET INCOME (LOSS) 39,835  (22,611) 41,530  (9,145)
(Income) loss attributable to noncontrolling interest in consolidated entities (27,363) (1,773) (26,317) (1,715)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 124  2,354  1,747  3,018 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY 12,596  (22,030) 16,960  (7,842)
Preferred dividends (9,857) (10,582) (30,593) (31,809)
Deemed dividends on redeemable preferred stock (4,151) (516) (6,175) (3,271)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (1,412) $ (33,128) $ (19,808) $ (42,922)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders $ (0.02) $ (0.50) $ (0.30) $ (0.63)
Weighted average common shares outstanding – basic 66,522  65,825  66,493  68,010 
Diluted:
Net income (loss) attributable to common stockholders $ (0.02) $ (0.50) $ (0.30) $ (0.63)
Weighted average common shares outstanding – diluted 66,522  65,825  66,493  68,010 
Dividends declared per common share $ 0.05  $ 0.05  $ 0.15  $ 0.15 

6



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
Net income (loss) $ 39,835  $ (22,611) $ 41,530  $ (9,145)
Interest expense and amortization of loan costs 27,911  23,306  81,687  69,779 
Depreciation and amortization 25,078  22,703  75,192  67,791 
Income tax expense (benefit) (864) (1,190) 474  1,064 
Equity in (earnings) loss of unconsolidated entity 80  60  214  208 
Company's portion of EBITDA of OpenKey (76) (63) (215) (220)
EBITDA 91,964  22,205  198,882  129,477 
(Gain) loss on disposition of assets and hotel property (88,210) —  (88,210) — 
EBITDAre 3,754  22,205  110,672  129,477 
Amortization of favorable (unfavorable) contract assets (liabilities) 109  119  346  356 
Transaction and conversion costs 50  978  (5,524) 3,229 
Write-off of loan costs and exit fees 5,292  2,588  6,095  2,848 
Realized and unrealized (gain) loss on derivatives 735  (223) (523) (918)
Stock/unit-based compensation 427  1,627  2,689  6,854 
Legal, advisory and settlement costs 6,539  —  11,356  81 
Advisory services incentive fee 1,464  —  2,112  — 
(Gain) loss on extinguishment of debt —  —  22  (2,318)
Other (income) loss —  (293) —  (293)
Severance 102  —  102  — 
Company's portion of adjustments to EBITDAre of OpenKey —  —  — 
Adjusted EBITDAre $ 18,472  $ 27,001  $ 127,350  $ 139,316 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
Net income (loss) $ 39,835  $ (22,611) $ 41,530  $ (9,145)
(Income) loss attributable to noncontrolling interest in consolidated entities (27,363) (1,773) (26,317) (1,715)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership 124  2,354  1,747  3,018 
Preferred dividends (9,857) (10,582) (30,593) (31,809)
Deemed dividends on redeemable preferred stock (4,151) (516) (6,175) (3,271)
Net income (loss) attributable to common stockholders (1,412) (33,128) (19,808) (42,922)
Depreciation and amortization on real estate (1)
24,255  21,886  72,131  65,434 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership (124) (2,354) (1,747) (3,018)
Equity in (earnings) loss of unconsolidated entity 80  60  214  208 
(Gain) loss on disposition of assets and hotel property (1)
(61,970) —  (61,970) — 
Company's portion of FFO of OpenKey (91) (71) (253) (234)
FFO available to common stockholders and OP unitholders (39,262) (13,607) (11,433) 19,468 
Deemed dividends on redeemable preferred stock 4,151  516  6,175  3,271 
Transaction and conversion costs 50  978  (5,524) 3,229 
Write-off of premiums, loan costs and exit fees 5,292  2,588  6,095  2,848 
Unrealized (gain) loss on derivatives 1,746  1,790  3,698  5,244 
Stock/unit-based compensation 427  1,627  2,689  6,854 
Legal, advisory and settlement costs 6,539  —  11,356  81 
Interest expense accretion on refundable membership club deposits 151  165  466  507 
Amortization of loan costs (1)
1,741  858  4,268  2,258 
Advisory services incentive fee 1,464  —  2,112  — 
(Gain) loss on extinguishment of debt —  —  22  (2,318)
Other (income) loss —  (293) —  (293)
Severance 102  —  102  — 
Company's portion of adjustments to FFO of OpenKey —  —  — 
Adjusted FFO available to common stockholders and OP unitholders $ (17,599) $ (5,378) $ 20,029  $ 41,149 
Adjusted FFO per diluted share available to common stockholders and OP unitholders $ (0.24) $ (0.08) $ 0.28  $ 0.56 
Weighted average diluted shares 73,130  71,482  72,802  73,844 
(1) Net of adjustment for noncontrolling interest in consolidated entities.
7



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
September 30, 2024
(dollars in thousands)
(unaudited)

Lender Hotels Current
Maturity
Final
Maturity (9)
Interest Rate Fixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
TTM Hotel Net Income TTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (10)
Comparable TTM Hotel EBITDA
Debt Yield
BAML The Ritz-Carlton Lake Tahoe January 2025 January 2026 SOFR (1) + 3.60% $ —  $ 53,413  (2) $ 53,413  $ (11,401) (21.3) % $ 2,508  4.7  %
Credit Agricole Park Hyatt Beaver Creek Resort & Spa February 2025 February 2027 SOFR (1) + 2.86% —  70,500  (3) 70,500  1,346  1.9  % 12,361  17.5  %
BAML See footnote June 2025 June 2025 SOFR (1) + 2.66% —  293,180  (4) 293,180  10,200  3.5  % 39,184  13.4  %
Macquarie CAF LLC The Ritz-Carlton Reserve Dorado Beach March 2026 March 2026 SOFR (1) + 4.75% —  62,000  62,000  7,599  12.3  % 18,911  30.5  %
Convertible Senior Notes N/A June 2026 June 2026 4.50% 86,250  —  86,250   N/A N/A  N/A N/A
BAML See footnote August 2026 August 2029 SOFR (1) + 3.24% —  407,000  (5) 407,000  31,692  7.8  % 65,969  16.2  %
Aareal Capital Corporation Four Seasons Resort Scottsdale December 2026 December 2028 SOFR (1) + 3.75% —  140,000  (6) 140,000  (562) (0.4) % 23,196  16.6  %
Aareal Capital Corporation Capital Hilton December 2026 December 2028 SOFR (1) + 3.75% —  110,600  (7) 110,600  4,183  3.8  % 17,921  16.2  %
Unencumbered Hotel Cameo Beverly Hills —  —  —  (5,946) N/A (1,286) N/A
Total $ 86,250  $ 1,136,693  $ 1,222,943  $ 37,111  3.0  % $ 178,764  14.6  %
Percentage 7.1  % 92.9  % 100.0  %
Weighted average interest rate (8)
4.50  % 7.88  % 7.63  %
All indebtedness is non-recourse with the exception of the convertible senior notes.
(1)    SOFR rate was 4.85% at September 30, 2024.
(2)    This mortgage loan has one one-year extension option subject to satisfaction of certain conditions.
(3)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2024.
(4)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fifth was exercised in June 2024. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(5)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota. Braemar holds a tranche of CMBS that has a par value of $42.2 million and a rate of SOFR +5.20%, which results in an effective interest rate on this mortgage loan of SOFR + 3.01%.
(6)    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%.
(7)    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%.
(8)    The weighted average interest rates are adjusted for in-the-money interest rate caps and the CMBS tranche.
(9)    The final maturity date assumes all available extension options will be exercised.
(10)    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
September 30, 2024
(dollars in thousands)
(unaudited)
Lender Hotels 2024 2025 2026 2027 2028 Thereafter Total
BAML See footnote 1 $ —  $ 293,180  $ —  $ —  $ —  $ —  $ 293,180 
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 
Aareal Capital Corporation Four Seasons Resort Scottsdale —  —  —  —  136,000  —  136,000 
Aareal Capital Corporation Capital Hilton —  —  —  —  106,600  —  106,600 
BAML See footnote 2 —  —  —  —  —  407,000  407,000 
Principal due in future periods $ —  $ 293,180  $ 201,663  $ 70,500  $ 242,600  $ 407,000  $ 1,214,943 
Scheduled amortization payments remaining —  —  —  4,000  4,000  —  8,000 
Total indebtedness $ —  $ 293,180  $ 201,663  $ 74,500  $ 246,600  $ 407,000  $ 1,222,943 
(1)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(2)    This mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, 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 September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 93,477  $ (1,374) $ 92,103  $ 101,832  $ (8,448) $ 93,384  (8.20) % (1.37) %
RevPAR $ 260.62  $ (218.00) $ 261.38  $ 262.60  $ (233.05) $ 265.65  (0.75) % (1.61) %
Occupancy 68.50  % (84.31) % 68.22  % 68.37  % (84.34) % 66.72  % 0.19  % 2.25  %
ADR $ 380.47  $ (258.56) $ 383.17  $ 384.10  $ (276.32) $ 398.15  (0.95) % (3.76) %
ALL HOTELS:
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 352,019  $ (15,501) $ 336,518  $ 360,258  $ (22,352) $ 337,906  (2.29) % (0.41) %
RevPAR $ 312.27  $ (198.71) $ 320.71  $ 313.10  $ (207.80) $ 323.96  (0.27) % (1.00) %
Occupancy 68.91  % (79.05) % 68.16  % 68.06  % (80.53) % 66.77  % 1.25  % 2.08  %
ADR $ 453.14  $ (251.37) $ 470.54  $ 460.07  $ (258.05) $ 485.19  (1.51) % (3.02) %
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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 September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 80,539  $ (1,374) $ 79,165  $ 87,996  $ (8,448) $ 79,548  (8.47) % (0.48) %
RevPAR $ 247.61  $ (218.00) $ 248.19  $ 248.31  $ (233.05) $ 250.05  (0.28) % (0.74) %
Occupancy 69.84  % (84.31) % 69.56  % 69.78  % (84.34) % 68.13  % 0.09  % 2.10  %
ADR $ 354.52  $ (258.56) $ 356.82  $ 355.82  $ (276.32) $ 367.03  (0.37) % (2.78) %
ALL HOTELS
     NOT UNDER RENOVATION:
Nine Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
Rooms revenue (in thousands) $ 294,977  $ (15,501) $ 279,476  $ 299,673  $ (22,352) $ 277,321  (1.57) % 0.78  %
RevPAR $ 286.99  $ (198.71) $ 294.24  $ 285.00  $ (207.80) $ 293.79  0.70  % 0.15  %
Occupancy 69.77  % (79.05) % 69.00  % 68.56  % (80.53) % 67.19  % 1.76  % 2.69  %
ADR $ 411.36  $ (251.37) $ 426.41  $ 415.71  $ (258.05) $ 437.24  (1.05) % (2.48) %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2024, and not under renovation during the three months ended September 30, 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:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
10



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS: Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 % Variance 2024 2023 % Variance
Total hotel revenue $ 149,255  $ 160,697  (7.12) % $ 559,000  $ 565,782  (1.20) %
Non-comparable adjustments (2,049) (13,688) (27,901) (37,969)
Comparable total hotel revenue $ 147,206  $ 147,009  0.13  % $ 531,099  $ 527,813  0.62  %
Hotel net income (loss) $ 77,832  $ 788  9,777.16  % $ 128,102  $ 56,684  125.99  %
Non-comparable adjustments (88,360) (3,935) (95,020) (9,922)
Comparable hotel net income (loss) $ (10,528) $ (3,147) (234.54) % $ 33,082  $ 46,762  (29.25) %
Hotel net income (loss) margin 52.15  % 0.49  % 51.66  % 22.92  % 10.02  % 12.90  %
Comparable hotel net income margin (7.15) % (2.14) % (5.01) % 6.23  % 8.86  % (2.63) %
Hotel EBITDA $ 25,050  $ 34,867  (28.16) % $ 147,107  $ 161,323  (8.81) %
Non-comparable adjustments (397) (4,983) (9,155) (12,985)
Comparable hotel EBITDA $ 24,653  $ 29,884  (17.50) % $ 137,952  $ 148,338  (7.00) %
Hotel EBITDA margin 16.78  % 21.70  % (4.92) % 26.32  % 28.51  % (2.19) %
Comparable hotel EBITDA margin 16.75  % 20.33  % (3.58) % 25.97  % 28.10  % (2.13) %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ 22,091  $ 830  2,561.57  % $ 24,828  $ 3,741  563.67  %
Hotel net income (loss) attributable to the Company and OP unitholders $ 55,741  $ (42) 132,816.67  % $ 103,274  $ 52,943  95.07  %
Comparable hotel net income (loss) attributable to the Company and OP unitholders $ (10,529) $ (2,993) (251.76) % $ 32,009  $ 45,502  (29.65) %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 890  $ 1,849  (51.88) % $ 6,076  $ 6,410  (5.21) %
Hotel EBITDA attributable to the Company and OP unitholders $ 24,160  $ 33,018  (26.83) % $ 141,032  $ 154,914  (8.96) %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 23,863  $ 29,281  (18.50) % $ 134,165  $ 145,175  (7.58) %
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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 Nine Months Ended
September 30, September 30,
2024 2023 % Variance 2024 2023 % Variance
Total hotel revenue $ 124,251  $ 134,899  (7.89) % $ 463,125  $ 464,987  (0.40) %
Non-comparable adjustments (2,049) (13,688) (27,901) (37,969)
Comparable total hotel revenue $ 122,202  $ 121,211  0.82  % $ 435,224  $ 427,018  1.92  %
Hotel net income (loss) $ 84,092  $ 2,681  3,036.59  % $ 127,192  $ 48,009  164.93  %
Non-comparable adjustments (88,360) (3,935) (95,020) (9,922)
Comparable hotel net income (loss) $ (4,268) $ (1,254) (240.35) % $ 32,172  $ 38,087  (15.53) %
Hotel net income (loss) margin 67.68  % 1.99  % 65.69  % 27.46  % 10.32  % 17.14  %
Comparable hotel net income margin (3.49) % (1.03) % (2.46) % 7.39  % 8.92  % (1.53) %
Hotel EBITDA $ 23,337  $ 31,015  (24.76) % $ 126,336  $ 135,628  (6.85) %
Non-comparable adjustments (397) (4,983) (9,155) (12,985)
Comparable hotel EBITDA $ 22,940  $ 26,032  (11.88) % $ 117,181  $ 122,643  (4.45) %
Hotel EBITDA margin 18.78  % 22.99  % (4.21) % 27.28  % 29.17  % (1.89) %
Comparable hotel EBITDA margin 18.77  % 21.48  % (2.71) % 26.92  % 28.72  % (1.80) %
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests $ 22,091  $ 830  2,561.57  % $ 24,828  $ 3,741  563.67  %
Hotel net income (loss) attributable to the Company and OP unitholders $ 62,001  $ 1,851  3,249.59  % $ 102,364  $ 44,268  131.24  %
Comparable hotel net income (loss) attributable to the Company and OP unitholders $ (4,269) $ (1,100) (288.02) % $ 31,099  $ 36,827  (15.55) %
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests $ 890  $ 1,849  (51.88) % $ 6,076  $ 6,410  (5.21) %
Hotel EBITDA attributable to the Company and OP unitholders $ 22,447  $ 29,166  (23.04) % $ 120,261  $ 129,219  (6.93) %
Comparable hotel EBITDA attributable to the Company and OP unitholders $ 22,149  $ 25,429  (12.90) % $ 113,394  $ 119,480  (5.09) %
NOTES:
(1)    The above comparable information assumes the 13 hotel properties owned and included in the Company's operations at September 30, 2024, and not under renovation during the three months ended September 30, 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:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
12



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended September 30,
Actual Non-comparable Adjustments Comparable Actual Non-comparable Adjustments Comparable Actual Comparable
2024 2024 2024 2023 2023 2023 % Variance % Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 9,712  $ —  $ 9,712  $ 8,264  $ —  $ 8,264  17.52  % 17.52  %
Total hotel revenue $ 14,256  $ —  $ 14,256  $ 12,535  $ —  $ 12,535  13.73  % 13.73  %
Hotel net income (loss) $ $ —  $ $ (616) $ —  $ (616) 100.49  % 100.49  %
Hotel net income (loss) margin 0.02  % 0.02  % (4.91) % (4.91) % 4.93  % 4.93  %
Hotel EBITDA $ 3,163  $ —  $ 3,163  $ 2,413  $ —  $ 2,413  31.08  % 31.08  %
Hotel EBITDA margin 22.19  % 22.19  % 19.25  % 19.25  % 2.94  % 2.94  %
Selected Operating Information:
RevPAR $ 188.84  $ —  $ 188.84  $ 163.33  $ —  $ 163.33  15.62  % 15.62  %
Occupancy 80.08  % —  % 80.08  % 73.80  % —  % 73.80  % 8.51  % 8.51  %
ADR $ 235.81  $ —  $ 235.81  $ 221.30  $ —  $ 221.30  6.56  % 6.56  %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 1,374  $ (1,374) $ —  $ 8,448  $ (8,448) $ —  (83.74) % —  %
Total hotel revenue $ 2,049  $ (2,049) $ —  $ 13,688  $ (13,688) $ —  (85.03) % —  %
Hotel net income (loss) $ 88,360  $ (88,360) $ —  $ 3,935  $ (3,935) $ —  2,145.49  % —  %
Hotel net income (loss) margin 4,312.35  % —  % 28.75  % —  % 4,283.60  % —  %
Hotel EBITDA $ 397  $ (397) $ —  $ 4,983  $ (4,983) $ —  (92.03) % —  %
Hotel EBITDA margin 19.38  % —  % 36.40  % —  % (17.02) % —  %
Selected Operating Information:
RevPAR $ 218.00  $ 218.00  $ —  $ 233.05  $ 233.05  $ —  (6.46) % —  %
Occupancy 84.31  % 84.31  % —  % 84.34  % 84.34  % —  % (0.04) % —  %
ADR $ 258.56  $ 258.56  $ —  $ 276.32  $ 276.32  $ —  (6.43) % —  %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 9,037  $ —  $ 9,037  $ 7,735  $ —  $ 7,735  16.83  % 16.83  %
Total hotel revenue $ 11,671  $ —  $ 11,671  $ 10,135  $ —  $ 10,135  15.16  % 15.16  %
Hotel net income (loss) $ 2,065  $ —  $ 2,065  $ 2,147  $ —  $ 2,147  (3.82) % (3.82) %
Hotel net income (loss) margin 17.69  % 17.69  % 21.18  % 21.18  % (3.49) % (3.49) %
Hotel EBITDA $ 3,201  $ —  $ 3,201  $ 3,244  $ —  $ 3,244  (1.33) % (1.33) %
Hotel EBITDA margin 27.43  % 27.43  % 32.01  % 32.01  % (4.58) % (4.58) %
Selected Operating Information:
RevPAR $ 236.70  $ —  $ 236.70  $ 202.60  $ —  $ 202.60  16.83  % 16.83  %
Occupancy 82.23  % —  % 82.23  % 78.28  % —  % 78.28  % 5.05  % 5.05  %
ADR $ 287.84  $ —  $ 287.84  $ 258.83  $ —  $ 258.83  11.21  % 11.21  %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 4,673  $ —  $ 4,673  $ 5,205  $ —  $ 5,205  (10.22) % (10.22) %
Total hotel revenue $ 6,216  $ —  $ 6,216  $ 6,903  $ —  $ 6,903  (9.95) % (9.95) %
Hotel net income (loss) $ 1,022  $ —  $ 1,022  $ 1,463  $ —  $ 1,463  (30.14) % (30.14) %
Hotel net income (loss) margin 16.44  % 16.44  % 21.19  % 21.19  % (4.75) % (4.75) %
Hotel EBITDA $ 1,883  $ —  $ 1,883  $ 2,493  $ —  $ 2,493  (24.47) % (24.47) %
Hotel EBITDA margin 30.29  % 30.29  % 36.11  % 36.11  % (5.82) % (5.82) %
Selected Operating Information:
RevPAR $ 781.57  $ —  $ 781.57  $ 870.52  $ —  $ 870.52  (10.22) % (10.22) %
Occupancy 73.81  % —  % 73.81  % 80.32  % —  % 80.32  % (8.11) % (8.11) %
ADR $ 1,058.85  $ —  $ 1,058.85  $ 1,083.84  $ —  $ 1,083.84  (2.31) % (2.31) %
13



Three Months Ended September 30,
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 $ 3,701  $ —  $ 3,701  $ 4,471  $ —  $ 4,471  (17.22) % (17.22) %
Total hotel revenue $ 5,133  $ —  $ 5,133  $ 5,920  $ —  $ 5,920  (13.29) % (13.29) %
Hotel net income (loss) $ 13  $ —  $ 13  $ 28  $ —  $ 28  (53.57) % (53.57) %
Hotel net income (loss) margin 0.25  % 0.25  % 0.47  % 0.47  % (0.22) % (0.22) %
Hotel EBITDA $ 1,311  $ —  $ 1,311  $ 2,115  $ —  $ 2,115  (38.01) % (38.01) %
Hotel EBITDA margin 25.54  % 25.54  % 35.73  % 35.73  % (10.19) % (10.19) %
Selected Operating Information:
RevPAR $ 283.27  $ —  $ 283.27  $ 342.24  $ —  $ 342.24  (17.23) % (17.23) %
Occupancy 64.80  % —  % 64.80  % 69.52  % —  % 69.52  % (6.79) % (6.79) %
ADR $ 437.17  $ —  $ 437.17  $ 492.30  $ —  $ 492.30  (11.20) % (11.20) %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 3,340  $ —  $ 3,340  $ 3,987  $ —  $ 3,987  (16.23) % (16.23) %
Total hotel revenue $ 4,315  $ —  $ 4,315  $ 4,927  $ —  $ 4,927  (12.42) % (12.42) %
Hotel net income (loss) $ 994  $ —  $ 994  $ 1,234  $ —  $ 1,234  (19.45) % (19.45) %
Hotel net income (loss) margin 23.04  % 23.04  % 25.05  % 25.05  % (2.01) % (2.01) %
Hotel EBITDA $ 1,433  $ —  $ 1,433  $ 2,106  $ —  $ 2,106  (31.96) % (31.96) %
Hotel EBITDA margin 33.21  % 33.21  % 42.74  % 42.74  % (9.53) % (9.53) %
Selected Operating Information:
RevPAR $ 453.83  $ —  $ 453.83  $ 541.67  $ —  $ 541.67  (16.22) % (16.22) %
Occupancy 70.23  % —  % 70.23  % 77.24  % —  % 77.24  % (9.08) % (9.08) %
ADR $ 646.19  $ —  $ 646.19  $ 701.26  $ —  $ 701.26  (7.85) % (7.85) %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 3,591  $ —  $ 3,591  $ 3,466  $ —  $ 3,466  3.61  % 3.61  %
Total hotel revenue $ 9,614  $ —  $ 9,614  $ 9,555  $ —  $ 9,555  0.62  % 0.62  %
Hotel net income (loss) $ (1,102) $ —  $ (1,102) $ (1,255) $ —  $ (1,255) 12.19  % 12.19  %
Hotel net income (loss) margin (11.46) % (11.46) % (13.13) % (13.13) % 1.67  % 1.67  %
Hotel EBITDA $ 1,597  $ —  $ 1,597  $ 1,551  $ —  $ 1,551  2.97  % 2.97  %
Hotel EBITDA margin 16.61  % 16.61  % 16.23  % 16.23  % 0.38  % 0.38  %
Selected Operating Information:
RevPAR $ 202.27  $ —  $ 202.27  $ 195.21  $ —  $ 195.21  3.62  % 3.62  %
Occupancy 58.55  % —  % 58.55  % 56.03  % —  % 56.03  % 4.50  % 4.50  %
ADR $ 345.47  $ —  $ 345.47  $ 348.43  $ —  $ 348.43  (0.85) % (0.85) %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 7,334  $ —  $ 7,334  $ 6,373  $ —  $ 6,373  15.08  % 15.08  %
Total hotel revenue $ 9,251  $ —  $ 9,251  $ 7,936  $ —  $ 7,936  16.57  % 16.57  %
Hotel net income (loss) $ 1,851  $ —  $ 1,851  $ 376  $ —  $ 376  392.29  % 392.29  %
Hotel net income (loss) margin 20.01  % 20.01  % 4.74  % 4.74  % 15.27  % 15.27  %
Hotel EBITDA $ 3,232  $ —  $ 3,232  $ 2,349  $ —  $ 2,349  37.59  % 37.59  %
Hotel EBITDA margin 34.94  % 34.94  % 29.60  % 29.60  % 5.34  % 5.34  %
Selected Operating Information:
RevPAR $ 159.76  $ —  $ 159.76  $ 138.82  $ —  $ 138.82  15.08  % 15.08  %
Occupancy 70.21  % —  % 70.21  % 62.23  % —  % 62.23  % 12.82  % 12.82  %
ADR $ 227.55  $ —  $ 227.55  $ 223.07  $ —  $ 223.07  2.01  % 2.01  %
14



Three Months Ended September 30,
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 $ 7,285  $ —  $ 7,285  $ 8,656  $ —  $ 8,656  (15.84) % (15.84) %
Total hotel revenue $ 8,944  $ —  $ 8,944  $ 10,274  $ —  $ 10,274  (12.95) % (12.95) %
Hotel net income (loss) $ (650) $ —  $ (650) $ 356  $ —  $ 356  (282.58) % (282.58) %
Hotel net income (loss) margin (7.27) % (7.27) % 3.47  % 3.47  % (10.74) % (10.74) %
Hotel EBITDA $ 1,273  $ —  $ 1,273  $ 2,734  $ —  $ 2,734  (53.44) % (53.44) %
Hotel EBITDA margin 14.23  % 14.23  % 26.61  % 26.61  % (12.38) % (12.38) %
Selected Operating Information:
RevPAR $ 193.12  $ —  $ 193.12  $ 229.48  $ —  $ 229.48  (15.84) % (15.84) %
Occupancy 68.59  % —  % 68.59  % 78.08  % —  % 78.08  % (12.15) % (12.15) %
ADR $ 281.56  $ —  $ 281.56  $ 293.92  $ —  $ 293.92  (4.21) % (4.21) %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 6,143  $ —  $ 6,143  $ 5,877  $ —  $ 5,877  4.53  % 4.53  %
Total hotel revenue $ 15,119  $ —  $ 15,119  $ 14,095  $ —  $ 14,095  7.26  % 7.26  %
Hotel net income (loss) $ (26) $ —  $ (26) $ (1,281) $ —  $ (1,281) 97.97  % 97.97  %
Hotel net income (loss) margin (0.17) % (0.17) % (9.09) % (9.09) % 8.92  % 8.92  %
Hotel EBITDA $ 1,350  $ —  $ 1,350  $ 1,123  $ —  $ 1,123  20.21  % 20.21  %
Hotel EBITDA margin 8.93  % 8.93  % 7.97  % 7.97  % 0.96  % 0.96  %
Selected Operating Information:
RevPAR $ 241.92  $ —  $ 241.92  $ 231.45  $ —  $ 231.45  4.52  % 4.52  %
Occupancy 51.65  % —  % 51.65  % 51.44  % —  % 51.44  % 0.41  % 0.41  %
ADR $ 468.42  $ —  $ 468.42  $ 449.93  $ —  $ 449.93  4.11  % 4.11  %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 6,229  $ —  $ 6,229  $ 5,549  $ —  $ 5,549  12.25  % 12.25  %
Total hotel revenue $ 12,268  $ —  $ 12,268  $ 11,912  $ —  $ 11,912  2.99  % 2.99  %
Hotel net income (loss) $ (2,638) $ —  $ (2,638) $ (1,234) $ —  $ (1,234) (113.78) % (113.78) %
Hotel net income (loss) margin (21.50) % (21.50) % (10.36) % (10.36) % (11.14) % (11.14) %
Hotel EBITDA $ 757  $ —  $ 757  $ 1,317  $ —  $ 1,317  (42.52) % (42.52) %
Hotel EBITDA margin 6.17  % 6.17  % 11.06  % 11.06  % (4.89) % (4.89) %
Selected Operating Information:
RevPAR $ 369.97  $ —  $ 369.97  $ 329.61  $ —  $ 329.61  12.24  % 12.24  %
Occupancy 55.39  % —  % 55.39  % 46.12  % —  % 46.12  % 20.10  % 20.10  %
ADR $ 667.96  $ —  $ 667.96  $ 714.75  $ —  $ 714.75  (6.55) % (6.55) %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 11,224  $ —  $ 11,224  $ 10,454  $ —  $ 10,454  7.37  % 7.37  %
Total hotel revenue $ 13,883  $ —  $ 13,883  $ 12,263  $ —  $ 12,263  13.21  % 13.21  %
Hotel net income (loss) $ 3,430  $ —  $ 3,430  $ 4,044  $ —  $ 4,044  (15.18) % (15.18) %
Hotel net income (loss) margin 24.71  % 24.71  % 32.98  % 32.98  % (8.27) % (8.27) %
Hotel EBITDA $ 6,043  $ —  $ 6,043  $ 5,592  $ —  $ 5,592  8.07  % 8.07  %
Hotel EBITDA margin 43.53  % 43.53  % 45.60  % 45.60  % (2.07) % (2.07) %
Selected Operating Information:
RevPAR $ 330.61  $ —  $ 330.61  $ 307.94  $ —  $ 307.94  7.36  % 7.36  %
Occupancy 85.80  % —  % 85.80  % 82.05  % —  % 82.05  % 4.57  % 4.57  %
ADR $ 385.31  $ —  $ 385.31  $ 375.29  $ —  $ 375.29  2.67  % 2.67  %
15



Three Months Ended September 30,
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 $ 6,709  $ —  $ 6,709  $ 8,287  $ —  $ 8,287  (19.04) % (19.04) %
Total hotel revenue $ 12,736  $ —  $ 12,736  $ 13,886  $ —  $ 13,886  (8.28) % (8.28) %
Hotel net income (loss) $ (3,620) $ —  $ (3,620) $ (659) $ —  $ (659) (449.32) % (449.32) %
Hotel net income (loss) margin (28.42) % (28.42) % (4.75) % (4.75) % (23.67) % (23.67) %
Hotel EBITDA $ 956  $ —  $ 956  $ 2,535  $ —  $ 2,535  (62.29) % (62.29) %
Hotel EBITDA margin 7.51  % 7.51  % 18.26  % 18.26  % (10.75) % (10.75) %
Selected Operating Information:
RevPAR $ 405.12  $ —  $ 405.12  $ 500.41  $ —  $ 500.41  (19.04) % (19.04) %
Occupancy 55.45  % —  % 55.45  % 60.69  % —  % 60.69  % (8.63) % (8.63) %
ADR $ 730.57  $ —  $ 730.57  $ 824.48  $ —  $ 824.48  (11.39) % (11.39) %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 2,395  $ —  $ 2,395  $ 2,679  $ —  $ 2,679  (10.60) % (10.60) %
Total hotel revenue $ 3,255  $ —  $ 3,255  $ 3,613  $ —  $ 3,613  (9.91) % (9.91) %
Hotel net income (loss) $ (1,342) $ —  $ (1,342) $ (1,272) $ —  $ (1,272) (5.50) % (5.50) %
Hotel net income (loss) margin (41.23) % (41.23) % (35.21) % (35.21) % (6.02) % (6.02) %
Hotel EBITDA $ (538) $ —  $ (538) $ (141) $ —  $ (141) (281.56) % (281.56) %
Hotel EBITDA margin (16.53) % (16.53) % (3.90) % (3.90) % (12.63) % (12.63) %
Selected Operating Information:
RevPAR $ 182.03  $ —  $ 182.03  $ 203.60  $ —  $ 203.60  (10.59) % (10.59) %
Occupancy 67.95  % —  % 67.95  % 65.56  % —  % 65.56  % 3.65  % 3.65  %
ADR $ 267.90  $ —  $ 267.90  $ 310.55  $ —  $ 310.55  (13.73) % (13.73) %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 7,258  $ —  $ 7,258  $ 8,840  $ —  $ 8,840  (17.90) % (17.90) %
Total hotel revenue $ 12,628  $ —  $ 12,628  $ 14,832  $ —  $ 14,832  (14.86) % (14.86) %
Hotel net income (loss) $ (3,554) $ —  $ (3,554) $ (570) $ —  $ (570) (523.51) % (523.51) %
Hotel net income (loss) margin (28.14) % (28.14) % (3.84) % (3.84) % (24.30) % (24.30) %
Hotel EBITDA $ (50) $ —  $ (50) $ 1,043  $ —  $ 1,043  (104.79) % (104.79) %
Hotel EBITDA margin (0.40) % (0.40) % 7.03  % 7.03  % (7.43) % (7.43) %
Selected Operating Information:
RevPAR $ 744.23  $ —  $ 744.23  $ 906.44  $ —  $ 906.44  (17.90) % (17.90) %
Occupancy 49.60  % —  % 49.60  % 57.75  % —  % 57.75  % (14.11) % (14.11) %
ADR $ 1,500.45  $ —  $ 1,500.45  $ 1,569.53  $ —  $ 1,569.53  (4.40) % (4.40) %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 3,472  $ —  $ 3,472  $ 3,541  $ —  $ 3,541  (1.95) % (1.95) %
Total hotel revenue $ 7,917  $ —  $ 7,917  $ 8,223  $ —  $ 8,223  (3.72) % (3.72) %
Hotel net income (loss) $ (6,974) $ —  $ (6,974) $ (5,908) $ —  $ (5,908) (18.04) % (18.04) %
Hotel net income (loss) margin (88.09) % (88.09) % (71.85) % (71.85) % (16.24) % (16.24) %
Hotel EBITDA $ (958) $ —  $ (958) $ (590) $ —  $ (590) (62.37) % (62.37) %
Hotel EBITDA margin (12.10) % (12.10) % (7.17) % (7.17) % (4.93) % (4.93) %
Selected Operating Information:
RevPAR $ 179.67  $ —  $ 179.67  $ 183.29  $ —  $ 183.29  (1.98) % (1.98) %
Occupancy 34.75  % —  % 34.75  % 35.14  % —  % 35.14  % (1.11) % (1.11) %
ADR $ 517.08  $ —  $ 517.08  $ 521.52  $ —  $ 521.52  (0.85) % (0.85) %
16



Three Months Ended September 30,
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 $ 46,490  $ (1,374) $ 45,116  $ 57,671  $ (8,448) $ 49,223  (19.39) % (8.34) %
Total hotel revenue $ 87,995  $ (2,049) $ 85,946  $ 103,941  $ (13,688) $ 90,253  (15.34) % (4.77) %
Hotel net income (loss) $ 72,475  $ (88,360) $ (15,885) $ (4,247) $ (3,935) $ (8,182) 1,806.50  % (94.15) %
Hotel net income (loss) margin 82.36  % (18.48) % (4.09) % (9.07) % 86.45  % (9.41) %
Hotel EBITDA $ 8,676  $ (397) $ 8,279  $ 18,676  $ (4,983) $ 13,693  (53.54) % (39.54) %
Hotel EBITDA margin 9.86  % 9.63  % 17.97  % 15.17  % (8.11) % (5.54) %
Selected Operating Information:
RevPAR $ 336.09  $ 218.00  $ 341.73  $ 342.73  $ 233.05  $ 372.85  (1.94) % (8.35) %
Occupancy 55.62  % 84.31  % 54.25  % 61.44  % 84.34  % 55.16  % (9.47) % (1.65) %
ADR $ 604.30  $ 258.56  $ 629.96  $ 557.81  $ 276.32  $ 675.99  8.33  % (6.81) %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 46,987  $ —  $ 46,987  $ 44,161  $ —  $ 44,161  6.40  % 6.40  %
Total hotel revenue $ 61,260  $ —  $ 61,260  $ 56,756  $ —  $ 56,756  7.94  % 7.94  %
Hotel net income (loss) $ 5,357  $ —  $ 5,357  $ 5,035  $ —  $ 5,035  6.40  % 6.40  %
Hotel net income (loss) margin 8.74  % 8.74  % 8.87  % 8.87  % (0.13) % (0.13) %
Hotel EBITDA $ 16,374  $ —  $ 16,374  $ 16,191  $ —  $ 16,191  1.13  % 1.13  %
Hotel EBITDA margin 26.73  % 26.73  % 28.53  % 28.53  % (1.80) % (1.80) %
Selected Operating Information:
RevPAR $ 213.24  $ —  $ 213.24  $ 201.18  $ —  $ 201.18  5.99  % 5.99  %
Occupancy 76.59  % —  % 76.59  % 73.68  % —  % 73.68  % 3.95  % 3.95  %
ADR $ 278.43  $ —  $ 278.43  $ 273.05  $ —  $ 273.05  1.97  % 1.97  %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 93,477  $ (1,374) $ 92,103  $ 101,832  $ (8,448) $ 93,384  (8.20) % (1.37) %
Total hotel revenue $ 149,255  $ (2,049) $ 147,206  $ 160,697  $ (13,688) $ 147,009  (7.12) % 0.13  %
Hotel net income (loss) $ 77,832  $ (88,360) $ (10,528) $ 788  $ (3,935) $ (3,147) 9,777.16  % (234.54) %
Hotel net income (loss) margin 52.15  % (7.15) % 0.49  % (2.14) % 51.66  % (5.01) %
Hotel EBITDA $ 25,050  $ (397) $ 24,653  $ 34,867  $ (4,983) $ 29,884  (28.16) % (17.50) %
Hotel EBITDA margin 16.78  % 16.75  % 21.70  % 20.33  % (4.92) % (3.58) %
Selected Operating Information:
RevPAR $ 260.62  $ (218.00) $ 261.38  $ 262.60  $ (233.05) $ 265.65  (0.75) % (1.61) %
Occupancy 68.50  % (84.31) % 68.22  % 68.37  % (84.34) % 66.72  % 0.19  % 2.25  %
ADR $ 380.47  $ (258.56) $ 383.17  $ 384.10  $ (276.32) $ 398.15  (0.95) % (3.76) %
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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)
Nine Months Ended September 30,
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 $ 32,355  $ —  $ 32,355  $ 28,474  $ —  $ 28,474  13.63  % 13.63  %
Total hotel revenue $ 49,679  $ —  $ 49,679  $ 44,813  $ —  $ 44,813  10.86  % 10.86  %
Hotel net income (loss) $ 4,291  $ —  $ 4,291  $ 5,042  $ —  $ 5,042  (14.89) % (14.89) %
Hotel net income (loss) margin 8.64  % 8.64  % 11.25  % 11.25  % (2.61) % (2.61) %
Hotel EBITDA $ 15,147  $ —  $ 15,147  $ 12,653  $ —  $ 12,653  19.71  % 19.71  %
Hotel EBITDA margin 30.49  % 30.49  % 28.24  % 28.24  % 2.25  % 2.25  %
Selected Operating Information:
RevPAR $ 211.44  $ —  $ 211.44  $ 189.64  $ —  $ 189.64  11.50  % 11.50  %
Occupancy 80.45  % —  % 80.45  % 75.74  % —  % 75.74  % 6.22  % 6.22  %
ADR $ 262.81  $ —  $ 262.81  $ 250.37  $ —  $ 250.37  4.97  % 4.97  %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 15,501  $ (15,501) $ —  $ 22,352  $ (22,352) $ —  (30.65) % —  %
Total hotel revenue $ 27,901  $ (27,901) $ —  $ 37,969  $ (37,969) $ —  (26.52) % —  %
Hotel net income (loss) $ 95,020  $ (95,020) $ —  $ 9,922  $ (9,922) $ —  857.67  % —  %
Hotel net income (loss) margin 340.56  % —  % 26.13  % —  % 314.43  % —  %
Hotel EBITDA $ 9,155  $ (9,155) $ —  $ 12,985  $ (12,985) $ —  (29.50) % —  %
Hotel EBITDA margin 32.81  % —  % 34.20  % —  % (1.39) % —  %
Selected Operating Information:
RevPAR $ 198.71  $ 198.71  $ —  $ 207.80  $ 207.80  $ —  (4.37) % —  %
Occupancy 79.05  % 79.05  % —  % 80.53  % 80.53  % —  % (1.84) % —  %
ADR $ 251.37  $ 251.37  $ —  $ 258.05  $ 258.05  $ —  (2.59) % —  %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 20,758  $ —  $ 20,758  $ 19,039  $ —  $ 19,039  9.03  % 9.03  %
Total hotel revenue $ 27,746  $ —  $ 27,746  $ 25,136  $ —  $ 25,136  10.38  % 10.38  %
Hotel net income (loss) $ 1,965  $ —  $ 1,965  $ 3,114  $ —  $ 3,114  (36.90) % (36.90) %
Hotel net income (loss) margin 7.08  % 7.08  % 12.39  % 12.39  % (5.31) % (5.31) %
Hotel EBITDA $ 5,386  $ —  $ 5,386  $ 6,662  $ —  $ 6,662  (19.15) % (19.15) %
Hotel EBITDA margin 19.41  % 19.41  % 26.50  % 26.50  % (7.09) % (7.09) %
Selected Operating Information:
RevPAR $ 182.55  $ —  $ 182.55  $ 168.05  $ —  $ 168.05  8.63  % 8.63  %
Occupancy 71.69  % —  % 71.69  % 69.31  % —  % 69.31  % 3.43  % 3.43  %
ADR $ 254.65  $ —  $ 254.65  $ 242.48  $ —  $ 242.48  5.02  % 5.02  %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 11,201  $ —  $ 11,201  $ 12,640  $ —  $ 12,640  (11.38) % (11.38) %
Total hotel revenue $ 15,148  $ —  $ 15,148  $ 16,964  $ —  $ 16,964  (10.71) % (10.71) %
Hotel net income (loss) $ 832  $ —  $ 832  $ 923  $ —  $ 923  (9.86) % (9.86) %
Hotel net income (loss) margin 5.49  % 5.49  % 5.44  % 5.44  % 0.05  % 0.05  %
Hotel EBITDA $ 3,254  $ —  $ 3,254  $ 4,857  $ —  $ 4,857  (33.00) % (33.00) %
Hotel EBITDA margin 21.48  % 21.48  % 28.63  % 28.63  % (7.15) % (7.15) %
Selected Operating Information:
RevPAR $ 628.94  $ —  $ 628.94  $ 712.34  $ —  $ 712.34  (11.71) % (11.71) %
Occupancy 62.71  % —  % 62.71  % 67.53  % —  % 67.53  % (7.14) % (7.14) %
ADR $ 1,002.90  $ —  $ 1,002.90  $ 1,054.77  $ —  $ 1,054.77  (4.92) % (4.92) %
18



Nine Months Ended September 30,
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 $ 17,148  $ —  $ 17,148  $ 18,388  $ —  $ 18,388  (6.74) % (6.74) %
Total hotel revenue $ 22,159  $ —  $ 22,159  $ 23,263  $ —  $ 23,263  (4.75) % (4.75) %
Hotel net income (loss) $ 3,882  $ —  $ 3,882  $ 5,551  $ —  $ 5,551  (30.07) % (30.07) %
Hotel net income (loss) margin 17.52  % 17.52  % 23.86  % 23.86  % (6.34) % (6.34) %
Hotel EBITDA $ 10,025  $ —  $ 10,025  $ 11,648  $ —  $ 11,648  (13.93) % (13.93) %
Hotel EBITDA margin 45.24  % 45.24  % 50.07  % 50.07  % (4.83) % (4.83) %
Selected Operating Information:
RevPAR $ 440.72  $ —  $ 440.72  $ 474.34  $ —  $ 474.34  (7.09) % (7.09) %
Occupancy 71.05  % —  % 71.05  % 74.13  % —  % 74.13  % (4.15) % (4.15) %
ADR $ 620.30  $ —  $ 620.30  $ 639.85  $ —  $ 639.85  (3.06) % (3.06) %
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 8,484  $ —  $ 8,484  $ 9,293  $ —  $ 9,293  (8.71) % (8.71) %
Total hotel revenue $ 11,039  $ —  $ 11,039  $ 11,522  $ —  $ 11,522  (4.19) % (4.19) %
Hotel net income (loss) $ 1,533  $ —  $ 1,533  $ 250  $ —  $ 250  513.20  % 513.20  %
Hotel net income (loss) margin 13.89  % 13.89  % 2.17  % 2.17  % 11.72  % 11.72  %
Hotel EBITDA $ 2,851  $ —  $ 2,851  $ 3,844  $ —  $ 3,844  (25.83) % (25.83) %
Hotel EBITDA margin 25.83  % 25.83  % 33.36  % 33.36  % (7.53) % (7.53) %
Selected Operating Information:
RevPAR $ 387.07  $ —  $ 387.07  $ 425.51  $ —  $ 425.51  (9.03) % (9.03) %
Occupancy 61.62  % —  % 61.62  % 61.59  % —  % 61.59  % 0.05  % 0.05  %
ADR $ 628.15  $ —  $ 628.15  $ 690.83  $ —  $ 690.83  (9.07) % (9.07) %
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 18,684  $ —  $ 18,684  $ 19,673  $ —  $ 19,673  (5.03) % (5.03) %
Total hotel revenue $ 37,591  $ —  $ 37,591  $ 38,606  $ —  $ 38,606  (2.63) % (2.63) %
Hotel net income (loss) $ 2,459  $ —  $ 2,459  $ 2,201  $ —  $ 2,201  11.72  % 11.72  %
Hotel net income (loss) margin 6.54  % 6.54  % 5.70  % 5.70  % 0.84  % 0.84  %
Hotel EBITDA $ 10,530  $ —  $ 10,530  $ 10,442  $ —  $ 10,442  0.84  % 0.84  %
Hotel EBITDA margin 28.01  % 28.01  % 27.05  % 27.05  % 0.96  % 0.96  %
Selected Operating Information:
RevPAR $ 353.32  $ —  $ 353.32  $ 374.04  $ —  $ 374.04  (5.54) % (5.54) %
Occupancy 58.38  % —  % 58.38  % 56.94  % —  % 56.94  % 2.53  % 2.53  %
ADR $ 605.25  $ —  $ 605.25  $ 656.94  $ —  $ 656.94  (7.87) % (7.87) %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 20,472  $ —  $ 20,472  $ 18,536  $ —  $ 18,536  10.44  % 10.44  %
Total hotel revenue $ 25,913  $ —  $ 25,913  $ 23,376  $ —  $ 23,376  10.85  % 10.85  %
Hotel net income (loss) $ 3,270  $ —  $ 3,270  $ 406  $ —  $ 406  705.42  % 705.42  %
Hotel net income (loss) margin 12.62  % 12.62  % 1.74  % 1.74  % 10.88  % 10.88  %
Hotel EBITDA $ 7,924  $ —  $ 7,924  $ 6,629  $ —  $ 6,629  19.54  % 19.54  %
Hotel EBITDA margin 30.58  % 30.58  % 28.36  % 28.36  % 2.22  % 2.22  %
Selected Operating Information:
RevPAR $ 149.73  $ —  $ 149.73  $ 136.06  $ —  $ 136.06  10.05  % 10.05  %
Occupancy 66.16  % —  % 66.16  % 61.15  % —  % 61.15  % 8.19  % 8.19  %
ADR $ 226.31  $ —  $ 226.31  $ 222.51  $ —  $ 222.51  1.71  % 1.71  %
19



Nine Months Ended September 30,
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 $ 23,816  $ —  $ 23,816  $ 25,123  $ —  $ 25,123  (5.20) % (5.20) %
Total hotel revenue $ 29,030  $ —  $ 29,030  $ 29,814  $ —  $ 29,814  (2.63) % (2.63) %
Hotel net income (loss) $ (1,190) $ —  $ (1,190) $ 242  $ —  $ 242  (591.74) % (591.74) %
Hotel net income (loss) margin (4.10) % (4.10) % 0.81  % 0.81  % (4.91) % (4.91) %
Hotel EBITDA $ 5,394  $ —  $ 5,394  $ 7,579  $ —  $ 7,579  (28.83) % (28.83) %
Hotel EBITDA margin 18.58  % 18.58  % 25.42  % 25.42  % (6.84) % (6.84) %
Selected Operating Information:
RevPAR $ 212.00  $ —  $ 212.00  $ 224.45  $ —  $ 224.45  (5.55) % (5.55) %
Occupancy 69.36  % —  % 69.36  % 72.35  % —  % 72.35  % (4.13) % (4.13) %
ADR $ 305.64  $ —  $ 305.64  $ 310.22  $ —  $ 310.22  (1.48) % (1.48) %
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 29,668  $ —  $ 29,668  $ 28,899  $ —  $ 28,899  2.66  % 2.66  %
Total hotel revenue $ 67,867  $ —  $ 67,867  $ 65,156  $ —  $ 65,156  4.16  % 4.16  %
Hotel net income (loss) $ 12,695  $ —  $ 12,695  $ 8,063  $ —  $ 8,063  57.45  % 57.45  %
Hotel net income (loss) margin 18.71  % 18.71  % 12.37  % 12.37  % 6.34  % 6.34  %
Hotel EBITDA $ 17,785  $ —  $ 17,785  $ 17,249  $ —  $ 17,249  3.11  % 3.11  %
Hotel EBITDA margin 26.21  % 26.21  % 26.47  % 26.47  % (0.26) % (0.26) %
Selected Operating Information:
RevPAR $ 392.30  $ —  $ 392.30  $ 383.54  $ —  $ 383.54  2.28  % 2.28  %
Occupancy 66.20  % —  % 66.20  % 63.35  % —  % 63.35  % 4.50  % 4.50  %
ADR $ 592.61  $ —  $ 592.61  $ 605.38  $ —  $ 605.38  (2.11) % (2.11) %
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 21,657  $ —  $ 21,657  $ 22,822  $ —  $ 22,822  (5.10) % (5.10) %
Total hotel revenue $ 37,837  $ —  $ 37,837  $ 41,600  $ —  $ 41,600  (9.05) % (9.05) %
Hotel net income (loss) $ (6,767) $ —  $ (6,767) $ (56) $ —  $ (56) (11,983.93) % (11,983.93) %
Hotel net income (loss) margin (17.88) % (17.88) % (0.13) % (0.13) % (17.75) % (17.75) %
Hotel EBITDA $ 3,737  $ —  $ 3,737  $ 7,311  $ —  $ 7,311  (48.89) % (48.89) %
Hotel EBITDA margin 9.88  % 9.88  % 17.57  % 17.57  % (7.69) % (7.69) %
Selected Operating Information:
RevPAR $ 431.91  $ —  $ 431.91  $ 456.81  $ —  $ 456.81  (5.45) % (5.45) %
Occupancy 52.62  % —  % 52.62  % 55.32  % —  % 55.32  % (4.88) % (4.88) %
ADR $ 820.74  $ —  $ 820.74  $ 825.75  $ —  $ 825.75  (0.61) % (0.61) %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 24,469  $ —  $ 24,469  $ 22,868  $ —  $ 22,868  7.00  % 7.00  %
Total hotel revenue $ 30,553  $ —  $ 30,553  $ 27,537  $ —  $ 27,537  10.95  % 10.95  %
Hotel net income (loss) $ 5,587  $ —  $ 5,587  $ 6,142  $ —  $ 6,142  (9.04) % (9.04) %
Hotel net income (loss) margin 18.29  % 18.29  % 22.30  % 22.30  % (4.01) % (4.01) %
Hotel EBITDA $ 11,675  $ —  $ 11,675  $ 10,917  $ —  $ 10,917  6.94  % 6.94  %
Hotel EBITDA margin 38.21  % 38.21  % 39.64  % 39.64  % (1.43) % (1.43) %
Selected Operating Information:
RevPAR $ 242.01  $ —  $ 242.01  $ 227.01  $ —  $ 227.01  6.61  % 6.61  %
Occupancy 75.21  % —  % 75.21  % 73.28  % —  % 73.28  % 2.63  % 2.63  %
ADR $ 321.80  $ —  $ 321.80  $ 309.79  $ —  $ 309.79  3.88  % 3.88  %
20



Nine Months Ended September 30,
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 $ 35,385  $ —  $ 35,385  $ 37,763  $ —  $ 37,763  (6.30) % (6.30) %
Total hotel revenue $ 58,038  $ —  $ 58,038  $ 59,195  $ —  $ 59,195  (1.95) % (1.95) %
Hotel net income (loss) $ 7,677  $ —  $ 7,677  $ 8,731  $ —  $ 8,731  (12.07) % (12.07) %
Hotel net income (loss) margin 13.23  % 13.23  % 14.75  % 14.75  % (1.52) % (1.52) %
Hotel EBITDA $ 17,034  $ —  $ 17,034  $ 18,384  $ —  $ 18,384  (7.34) % (7.34) %
Hotel EBITDA margin 29.35  % 29.35  % 31.06  % 31.06  % (1.71) % (1.71) %
Selected Operating Information:
RevPAR $ 717.46  $ —  $ 717.46  $ 768.48  $ —  $ 768.48  (6.64) % (6.64) %
Occupancy 67.66  % —  % 67.66  % 70.29  % —  % 70.29  % (3.74) % (3.74) %
ADR $ 1,060.35  $ —  $ 1,060.35  $ 1,093.34  $ —  $ 1,093.34  (3.02) % (3.02) %
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 7,396  $ —  $ 7,396  $ 9,180  $ —  $ 9,180  (19.43) % (19.43) %
Total hotel revenue $ 10,011  $ —  $ 10,011  $ 12,789  $ —  $ 12,789  (21.72) % (21.72) %
Hotel net income (loss) $ (4,084) $ —  $ (4,084) $ (2,360) $ —  $ (2,360) (73.05) % (73.05) %
Hotel net income (loss) margin (40.80) % (40.80) % (18.45) % (18.45) % (22.35) % (22.35) %
Hotel EBITDA $ (1,012) $ —  $ (1,012) $ 1,261  $ —  $ 1,261  (180.25) % (180.25) %
Hotel EBITDA margin (10.11) % (10.11) % 9.86  % 9.86  % (19.97) % (19.97) %
Selected Operating Information:
RevPAR $ 188.76  $ —  $ 188.76  $ 235.14  $ —  $ 235.14  (19.72) % (19.72) %
Occupancy 68.51  % —  % 68.51  % 73.49  % —  % 73.49  % (6.78) % (6.78) %
ADR $ 275.50  $ —  $ 275.50  $ 319.96  $ —  $ 319.96  (13.90) % (13.90) %
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 38,705  $ —  $ 38,705  $ 39,586  $ —  $ 39,586  (2.23) % (2.23) %
Total hotel revenue $ 58,645  $ —  $ 58,645  $ 61,293  $ —  $ 61,293  (4.32) % (4.32) %
Hotel net income (loss) $ 3,679  $ —  $ 3,679  $ 9,560  $ —  $ 9,560  (61.52) % (61.52) %
Hotel net income (loss) margin 6.27  % 6.27  % 15.60  % 15.60  % (9.33) % (9.33) %
Hotel EBITDA $ 13,129  $ —  $ 13,129  $ 15,142  $ —  $ 15,142  (13.29) % (13.29) %
Hotel EBITDA margin 22.39  % 22.39  % 24.70  24.70  % (2.31) % (2.31) %
Selected Operating Information:
RevPAR $ 1,332.62  $ —  $ 1,332.62  $ 1,367.97  $ —  $ 1,367.97  (2.58) % (2.58) %
Occupancy 56.26  % —  % 56.26  % 59.37  % —  % 59.37  % (5.24) % (5.24) %
ADR $ 2,368.56  $ —  $ 2,368.56  $ 2,304.20  $ —  $ 2,304.20  2.79  % 2.79  %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 26,320  $ —  $ 26,320  $ 25,622  $ —  $ 25,622  2.72  % 2.72  %
Total hotel revenue $ 49,843  $ —  $ 49,843  $ 46,749  $ —  $ 46,749  6.62  % 6.62  %
Hotel net income (loss) $ (2,747) $ —  $ (2,747) $ (1,047) $ —  $ (1,047) (162.37) % (162.37) %
Hotel net income (loss) margin (5.51) % (5.51) % (2.24) % (2.24) % (3.27) % (3.27) %
Hotel EBITDA $ 15,093  $ —  $ 15,093  $ 13,760  $ —  $ 13,760  9.69  % 9.69  %
Hotel EBITDA margin 30.28  % 30.28  % 29.43  29.43  % 0.85  % 0.85  %
Selected Operating Information:
RevPAR $ 457.41  $ —  $ 457.41  $ 446.93  $ —  $ 446.93  2.34  % 2.34  %
Occupancy 52.01  % —  % 52.01  % 45.67  % —  % 45.67  % 13.88  % 13.88  %
ADR $ 879.49  $ —  $ 879.49  $ 978.66  $ —  $ 978.66  (10.13) % (10.13) %
21



Nine Months Ended September 30,
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 $ 222,753  $ (15,501) $ 207,252  $ 237,038  $ (22,352) $ 214,686  (6.03) % (3.46) %
Total hotel revenue $ 386,068  $ (27,901) $ 358,167  $ 402,317  $ (37,969) $ 364,348  (4.04) % (1.70) %
Hotel net income (loss) $ 118,262  $ (95,020) $ 23,242  $ 44,098  $ (9,922) $ 34,176  168.18  % (31.99) %
Hotel net income (loss) margin 30.63  % 6.49  % 10.96  % 9.38  % 19.67  % (2.89) %
Hotel EBITDA $ 102,593  $ (9,155) $ 93,438  $ 115,622  $ (12,985) $ 102,637  (11.27) % (8.96) %
Hotel EBITDA margin 26.57  % 26.09  % 28.74  % 28.17  % (2.17) % (2.08) %
Selected Operating Information:
RevPAR $ 472.73  $ 198.71  $ 527.10  $ 474.81  $ 207.80  $ 548.14  (0.44) % (3.84) %
Occupancy 63.87  % 79.05  % 60.86  % 64.90  % 80.53  % 60.61  % (1.59) % 0.41  %
ADR $ 740.18  $ 251.37  $ 866.15  $ 731.58  $ 258.05  $ 904.35  1.18  % (4.22) %
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 129,266  $ —  $ 129,266  $ 123,220  $ —  $ 123,220  4.91  % 4.91  %
Total hotel revenue $ 172,932  $ —  $ 172,932  $ 163,465  $ —  $ 163,465  5.79  % 5.79  %
Hotel net income (loss) $ 9,840  $ —  $ 9,840  $ 12,586  $ —  $ 12,586  (21.82) % (21.82) %
Hotel net income (loss) margin 5.69  % 5.69  % 7.70  % 7.70  % (2.01) % (2.01) %
Hotel EBITDA $ 44,514  $ —  $ 44,514  $ 45,701  $ —  $ 45,701  (2.60) % (2.60) %
Hotel EBITDA margin 25.74  % 25.74  % 27.96  % 27.96  % (2.22) % (2.22) %
Selected Operating Information:
RevPAR $ 197.02  $ —  $ 197.02  $ 189.17  $ —  $ 189.17  4.15  % 4.15  %
Occupancy 72.54  % —  % 72.54  % 70.47  % —  % 70.47  % 2.94  % 2.94  %
ADR $ 271.63  $ —  $ 271.63  $ 268.43  $ —  $ 268.43  1.19  % 1.19  %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 352,019  $ (15,501) $ 336,518  $ 360,258  $ (22,352) $ 337,906  (2.29) % (0.41) %
Total hotel revenue $ 559,000  $ (27,901) $ 531,099  $ 565,782  $ (37,969) $ 527,813  (1.20) % 0.62  %
Hotel net income (loss) $ 128,102  $ (95,020) $ 33,082  $ 56,684  $ (9,922) $ 46,762  125.99  % (29.25) %
Hotel net income (loss) margin 22.92  % 6.23  % 10.02  % 8.86  % 12.90  % (2.63) %
Hotel EBITDA $ 147,107  $ (9,155) $ 137,952  $ 161,323  $ (12,985) $ 148,338  (8.81) % (7.00) %
Hotel EBITDA margin 26.32  % 25.97  % 28.51  % 28.10  % (2.19) % (2.13) %
Selected Operating Information:
RevPAR $ 312.27  $ (198.71) $ 320.71  $ 313.10  $ (207.80) $ 323.96  (0.27) % (1.00) %
Occupancy 68.91  % (79.05) % 68.16  % 68.06  % (80.53) % 66.77  % 1.25  % 2.08  %
ADR $ 453.14  $ (251.37) $ 470.54  $ 460.07  $ (258.05) $ 485.19  (1.51) % (3.02) %
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue $ 40,496  $ —  $ 40,496 
Total hotel revenue $ 62,582  $ —  $ 62,582 
Hotel net income $ 4,183  $ —  $ 4,183 
Hotel net income margin 10.33  % 10.33  %
Hotel EBITDA $ 17,921  $ —  $ 17,921 
Hotel EBITDA margin 28.64  % 28.64  %
Selected Operating Information:
RevPAR $ 198.88  $ —  $ 198.88 
Occupancy 76.50  % —  % 76.50  %
ADR $ 259.95  $ —  $ 259.95 
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue $ 21,884  $ (21,884) $ — 
Total hotel revenue $ 40,647  $ (40,647) $ — 
Hotel net income $ 97,934  $ (97,934) $ — 
Hotel net income margin 447.51  % —  %
Hotel EBITDA $ 13,459  $ (13,459) $ — 
Hotel EBITDA margin 33.11  % —  %
Selected Operating Information:
RevPAR $ 191.54  $ (191.54) $ — 
Occupancy 77.29  % (77.29) % —  %
ADR $ 247.82  $ (247.82) $ — 
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue $ 27,231  $ —  $ 27,231 
Total hotel revenue $ 36,527  $ —  $ 36,527 
Hotel net income $ 2,243  $ —  $ 2,243 
Hotel net income margin 8.24  % 8.24  %
Hotel EBITDA $ 6,907  $ —  $ 6,907 
Hotel EBITDA margin 18.91  % 18.91  %
Selected Operating Information:
RevPAR $ 179.28  $ —  $ 179.28 
Occupancy 72.08  % —  % 72.08  %
ADR $ 248.71  $ —  $ 248.71 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue $ 14,990  $ —  $ 14,990 
Total hotel revenue $ 20,343  $ —  $ 20,343 
Hotel net income $ 1,337  $ —  $ 1,337 
Hotel net income margin 8.92  % 8.92  %
Hotel EBITDA $ 4,464  $ —  $ 4,464 
Hotel EBITDA margin 21.94  % 21.94  %
Selected Operating Information:
RevPAR $ 630.10  $ —  $ 630.10 
Occupancy 62.61  % —  % 62.61  %
ADR $ 1,006.32  $ —  $ 1,006.32 
23



TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue $ 22,928  $ —  $ 22,928 
Total hotel revenue $ 29,537  $ —  $ 29,537 
Hotel net income $ 5,130  $ —  $ 5,130 
Hotel net income margin 22.37  % 22.37  %
Hotel EBITDA $ 13,388  $ —  $ 13,388 
Hotel EBITDA margin 45.33  % 45.33  %
Selected Operating Information:
RevPAR $ 441.15  $ —  $ 441.15 
Occupancy 70.36  % —  % 70.36  %
ADR $ 626.98  $ —  $ 626.98 
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue $ 11,516  $ —  $ 11,516 
Total hotel revenue $ 14,813  $ —  $ 14,813 
Hotel net income $ 2,154  $ —  $ 2,154 
Hotel net income margin 18.70  % 18.70  %
Hotel EBITDA $ 3,922  $ —  $ 3,922 
Hotel EBITDA margin 26.48  % 26.48  %
Selected Operating Information:
RevPAR $ 393.33  $ —  $ 393.33 
Occupancy 60.80  % —  % 60.80  %
ADR $ 646.94  $ —  $ 646.94 
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue $ 24,362  $ —  $ 24,362 
Total hotel revenue $ 48,320  $ —  $ 48,320 
Hotel net income $ 1,346  $ —  $ 1,346 
Hotel net income margin 5.52  % 5.52  %
Hotel EBITDA $ 12,361  $ —  $ 12,361 
Hotel EBITDA margin 25.58  % 25.58  %
Selected Operating Information:
RevPAR $ 344.90  $ —  $ 344.90 
Occupancy 56.89  % —  % 56.89  %
ADR $ 606.28  $ —  $ 606.28 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue $ 28,158  $ —  $ 28,158 
Total hotel revenue $ 35,654  $ —  $ 35,654 
Hotel net income $ 4,935  $ —  $ 4,935 
Hotel net income margin 17.53  % 17.53  %
Hotel EBITDA $ 11,612  $ —  $ 11,612 
Hotel EBITDA margin 32.57  % 32.57  %
Selected Operating Information:
RevPAR $ 154.18  $ —  $ 154.18 
Occupancy 66.18  % —  % 66.18  %
ADR $ 232.96  $ —  $ 232.96 
24



TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
THE CLANCY
Selected Financial Information:
Rooms revenue $ 31,460  $ —  $ 31,460 
Total hotel revenue $ 37,970  $ —  $ 37,970 
Hotel net income $ (1,894) $ —  $ (1,894)
Hotel net income margin (6.02) % (6.02) %
Hotel EBITDA $ 7,091  $ —  $ 7,091 
Hotel EBITDA margin 18.68  % 18.68  %
Selected Operating Information:
RevPAR $ 209.64  $ —  $ 209.64 
Occupancy 68.58  % —  % 68.58  %
ADR $ 305.69  $ —  $ 305.69 
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue $ 38,047  $ —  $ 38,047 
Total hotel revenue $ 88,231  $ —  $ 88,231 
Hotel net income $ 15,803  $ —  $ 15,803 
Hotel net income margin 41.54  % 41.54  %
Hotel EBITDA $ 22,917  $ —  $ 22,917 
Hotel EBITDA margin 25.97  % 25.97  %
Selected Operating Information:
RevPAR $ 376.64  $ —  $ 376.64 
Occupancy 65.11  % —  % 65.11  %
ADR $ 578.45  $ —  $ 578.45 
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue $ 26,632  $ —  $ 26,632 
Total hotel revenue $ 46,519  $ —  $ 46,519 
Hotel net income $ (11,401) $ —  $ (11,401)
Hotel net income margin (42.81) % (42.81) %
Hotel EBITDA $ 2,508  $ —  $ 2,508 
Hotel EBITDA margin 5.39  % 5.39  %
Selected Operating Information:
RevPAR $ 397.62  $ —  $ 397.62 
Occupancy 47.98  % —  % 47.98  %
ADR $ 828.68  $ —  $ 828.68 
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue $ 30,011  $ —  $ 30,011 
Total hotel revenue $ 37,645  $ —  $ 37,645 
Hotel net income $ 4,916  $ —  $ 4,916 
Hotel net income margin 16.38  % 16.38  %
Hotel EBITDA $ 13,574  $ —  $ 13,574 
Hotel EBITDA margin 36.06  % 36.06  %
Selected Operating Information:
RevPAR $ 222.22  $ —  $ 222.22 
Occupancy 72.14  % —  % 72.14  %
ADR $ 308.02  $ —  $ 308.02 
25



TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue $ 45,593  $ —  $ 45,593 
Total hotel revenue $ 74,237  $ —  $ 74,237 
Hotel net income $ 7,268  $ —  $ 7,268 
Hotel net income margin 15.94  % 15.94  %
Hotel EBITDA $ 21,278  $ —  $ 21,278 
Hotel EBITDA margin 28.66  % 28.66  %
Selected Operating Information:
RevPAR $ 692.06  $ —  $ 692.06 
Occupancy 64.47  % —  % 64.47  %
ADR $ 1,073.38  $ —  $ 1,073.38 
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue $ 9,943  $ —  $ 9,943 
Total hotel revenue $ 13,335  $ —  $ 13,335 
Hotel net income $ (5,946) $ —  $ (5,946)
Hotel net income margin (59.80) % (59.80) %
Hotel EBITDA $ (1,286) $ —  $ (1,286)
Hotel EBITDA margin (9.64) % (9.64) %
Selected Operating Information:
RevPAR $ 189.99  $ —  $ 189.99 
Occupancy 69.06  % —  % 69.06  %
ADR $ 275.11  $ —  $ 275.11 
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue $ 53,831  $ —  $ 53,831 
Total hotel revenue $ 81,096  $ —  $ 81,096 
Hotel net income $ 7,599  $ —  $ 7,599 
Hotel net income margin 14.12  % 14.12  %
Hotel EBITDA $ 18,911  $ —  $ 18,911 
Hotel EBITDA margin 23.32  % 23.32  %
Selected Operating Information:
RevPAR $ 1,387.52  $ —  $ 1,387.52 
Occupancy 56.68  % —  % 56.68  %
ADR $ 2,448.16  $ —  $ 2,448.16 
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue $ 36,487  $ —  $ 36,487 
Total hotel revenue $ 70,760  $ —  $ 70,760 
Hotel net income (loss) $ (562) $ —  $ (562)
Hotel net income (loss) margin (1.54) % (1.54) %
Hotel EBITDA $ 23,196  $ —  $ 23,196 
Hotel EBITDA margin 32.78  % 32.78  %
Selected Operating Information:
RevPAR $ 474.71  $ —  $ 474.71 
Occupancy 53.01  % —  % 53.01  %
ADR $ 895.43  $ —  $ 895.43 
26



TTM Ended September 30,
Actual Non-comparable Adjustments Comparable
2024 2024 2024
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 296,270  $ (21,884) $ 274,386 
Total hotel revenue $ 514,503  $ (40,647) $ 473,856 
Hotel net income $ 126,608  $ (97,934) $ 28,674 
Hotel net income margin 42.73  % 10.45  %
Hotel EBITDA $ 136,404  $ (13,459) $ 122,945 
Hotel EBITDA margin 26.51  % 25.95  %
Selected Operating Information:
RevPAR $ 463.31  $ —  $ 522.43 
Occupancy 62.69  % —  % 59.51  %
ADR $ 739.04  $ —  $ 877.83 
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 167,299  $ —  $ 167,299 
Total hotel revenue $ 223,713  $ —  $ 223,713 
Hotel net income $ 8,437  $ —  $ 8,437 
Hotel net income margin 5.04  % 5.04  %
Hotel EBITDA $ 55,819  $ —  $ 55,819 
Hotel EBITDA margin 24.95  % 24.95  %
Selected Operating Information:
RevPAR $ 191.07  $ —  $ 191.07 
Occupancy 71.11  % —  % 71.11  %
ADR $ 268.70  $ —  $ 268.70 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue $ 463,569  $ (21,884) $ 441,685 
Total hotel revenue $ 738,216  $ (40,647) $ 697,569 
Hotel net income $ 135,045  $ (97,934) $ 37,111 
Hotel net income margin 18.29  % 5.32  %
Hotel EBITDA $ 192,223  $ (13,459) $ 178,764 
Hotel EBITDA margin 26.04  % 25.63  %
Selected Operating Information:
RevPAR $ 305.97  $ (191.54) $ 315.31 
Occupancy 67.56  % (77.29) % 66.76  %
ADR $ 452.92  $ (247.82) $ 472.29 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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
27



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 2024 2024 2024 2024 2024 2024 2023 2023 2023
3rd Quarter 3rd Quarter 3rd Quarter 2nd Quarter 2nd Quarter 2nd Quarter 1st Quarter 1st Quarter 1st Quarter 4th Quarter 4th Quarter 4th Quarter
Total hotel revenue $ 149,255  $ (2,049) $ 147,206  $ 188,307  $ (14,112) $ 174,195  $ 221,438  $ (11,740) $ 209,698  $ 179,216  $ (12,746) $ 166,470 
Hotel net income (loss) $ 77,832  $ (88,360) $ (10,528) $ 14,032  $ (3,957) $ 10,075  $ 36,238  $ (2,703) $ 33,535  $ 6,943  $ (2,914) $ 4,029 
Hotel net income (loss) margin 52.15  % (7.15) % 7.45  % 5.78  % 16.36  % 15.99  % 3.87  % 2.42  %
Hotel EBITDA $ 25,050  $ (397) $ 24,653  $ 51,078  $ (4,987) $ 46,091  $ 70,979  $ (3,771) $ 67,208  $ 45,116  $ (4,304) $ 40,812 
Hotel EBITDA margin 16.78  % 16.75  % 27.12  % 26.46  % 32.05  % 32.05  % 25.17  % 24.52  %
Hotel net income (loss) % of total TTM 57.6  % (28.4) % 10.4  % 27.1  % 26.8  % 90.4  % 5.2  % 10.9  %
EBITDA % of total TTM 13.0  % 13.8  % 26.6  % 25.8  % 36.9  % 37.6  % 23.5  % 22.8  %
JV interests in Hotel net income (loss) $ 22,091  $ (22,090) $ $ 2,066  $ (989) $ 1,077  $ 671  $ (676) $ (5) $ 702  $ (728) $ (26)
JV interests in EBITDA $ 890  $ (100) $ 790  $ 3,211  $ (1,246) $ 1,965  $ 1,975  $ (943) $ 1,032  $ 1,769  $ (1,076) $ 693 
Actual Non-comparable Adjustments Comparable
2024 2024 2024
TTM TTM TTM
Total hotel revenue $ 738,216  $ (40,647) $ 697,569 
Hotel net income (loss) $ 135,045  $ (97,934) $ 37,111 
Hotel net income (loss) margin 18.29  % 5.32  %
Hotel EBITDA $ 192,223  $ (13,459) $ 178,764 
Hotel EBITDA margin 26.04  % 25.63  %
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) $ 25,530  $ (24,483) $ 1,047 
JV interests in EBITDA $ 7,845  $ (3,365) $ 4,480 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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.
28



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
September 30, 2024
(in thousands, except share price)
(unaudited)

September 30, 2024
Common stock shares outstanding 66,522 
Partnership units outstanding (common stock equivalents) 7,366 
Combined common stock shares and partnership units outstanding 73,888 
Common stock price $ 3.09 
Market capitalization $ 228,314 
Series B cumulative convertible preferred stock $ 76,950 
Series D cumulative preferred stock $ 40,000 
Series E redeemable preferred stock $ 378,464 
Series M redeemable preferred stock $ 39,907 
Indebtedness $ 1,222,943 
Joint venture partner's share of consolidated indebtedness $ (27,650)
Net working capital (see below) $ (154,996)
Total enterprise value (TEV) $ 1,803,932 
Cash and cash equivalents $ 165,268 
Restricted cash $ 48,062 
Accounts receivable, net $ 31,413 
Investment in securities $ 41,493 
Prepaid expenses $ 5,438 
Due from third-party hotel managers, net $ 18,549 
Total current assets $ 310,223 
Accounts payable, net & accrued expenses $ 141,180 
Dividends and distributions payable $ 9,271 
Due to affiliates, net $ 4,776 
Total current liabilities $ 155,227 
Net working capital* $ 154,996 
* Includes the Company's pro rata share of net working capital in joint ventures.
29



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

2024
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Rooms Actual Actual Actual Estimated
Bardessono Hotel and Spa 65  x
Capital Hilton Washington D.C. 559  x
The Ritz-Carlton Lake Tahoe 170  x x 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.
30



Exhibit 1

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

2024 2024 2024 2023 September 30, 2024
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter TTM
Net income (loss) $ 77,832  $ 14,032  $ 36,238  $ 6,943  $ 135,045 
Non-property adjustments (86,124) —  249  (85,870)
Interest income (749) (359) (333) (315) (1,756)
Interest expense 9,106  10,510  10,001  9,250  38,867 
Amortization of loan costs 584  571  552  622  2,329 
Depreciation and amortization 25,077  24,694  25,420  25,481  100,672 
Income tax expense (benefit) (582) 322  666  1,587  1,993 
Non-hotel EBITDA ownership expense (94) 1,303  (1,565) 1,299  943 
Hotel EBITDA including amounts attributable to noncontrolling interest 25,050  51,078  70,979  45,116  192,223 
Non-comparable adjustments (397) (4,987) (3,771) (4,304) (13,459)
Comparable hotel EBITDA $ 24,653  $ 46,091  $ 67,208  $ 40,812  $ 178,764 

31


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 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) $ $ 88,360  $ 2,065  $ 1,022  $ 13  $ 994  $ (1,102) $ 1,851  $ (650) $ (26) $ (2,638) $ 3,430  $ (3,620) $ (1,342) $ (3,554) $ (6,974) $ 77,832  $ (37,997) $ 39,835 
Non-property adjustments —  (88,160) —  —  —  —  (50) —  —  —  —  —  2,086  —  —  —  (86,124) 86,124  — 
Interest income (66) (55) —  —  —  —  (27) (70) (25) (386) (34) (18) —  (4) (65) (749) 749  — 
Interest expense —  —  —  —  709  —  1,471  —  —  151  1,215  20  710  —  1,592  3,238  9,106  17,026  26,132 
Amortization of loan cost —  —  —  —  116  —  —  —  —  —  39  —  —  —  192  237  584  1,195  1,779 
Depreciation and amortization 3,287  179  1,130  745  467  444  1,310  1,386  1,991  1,871  2,246  2,612  2,292  671  1,843  2,604  25,078  —  25,078 
Income tax expense (benefit) 27  —  —  —  —  —  —  —  —  —  (494) —  (123) —  (582) (282) (864)
Non-hotel EBITDA ownership expense (63) 46  116  (5) (32) 16  (621) 281  15  —  133  (95) 95  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 3,163  397  3,201  1,883  1,311  1,433  1,597  3,232  1,273  1,350  757  6,043  956  (538) (50) (958) 25,050  66,910  91,960 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (790) (100) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (890) 890  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  80  80 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (76) (76)
Hotel EBITDA attributable to the Company and OP unitholders $ 2,373  $ 297  $ 3,201  $ 1,883  $ 1,311  $ 1,433  $ 1,597  $ 3,232  $ 1,273  $ 1,350  $ 757  $ 6,043  $ 956  $ (538) $ (50) $ (958) $ 24,160  $ 67,804  $ 91,964 
Non-comparable adjustments —  (397) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (397)
Comparable hotel EBITDA $ 3,163  $ —  $ 3,201  $ 1,883  $ 1,311  $ 1,433  $ 1,597  $ 3,232  $ 1,273  $ 1,350  $ 757  $ 6,043  $ 956  $ (538) $ (50) $ (958) $ 24,653 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,163  $ 397  $ 3,201  $ 1,883  $ 1,311  $ 1,433  $ 1,597  $ 3,232  $ 1,273  $ 1,350  $ —  $ 6,043  $ —  $ (538) $ (50) $ (958) $ 23,337 
Non-comparable adjustments —  (397) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (397)
Comparable hotel EBITDA $ 3,163  $ —  $ 3,201  $ 1,883  $ 1,311  $ 1,433  $ 1,597  $ 3,232  $ 1,273  $ 1,350  $ —  $ 6,043  $ —  $ (538) $ (50) $ (958) $ 22,940 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 397  $ —  $ 1,883  $ 1,311  $ 1,433  $ 1,597  $ —  $ —  $ 1,350  $ 757  $ —  $ 956  $ —  $ (50) $ (958) $ 8,676 
Non-comparable adjustments —  (397) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (397)
Comparable hotel EBITDA $ —  $ —  $ —  $ 1,883  $ 1,311  $ 1,433  $ 1,597  $ —  $ —  $ 1,350  $ 757  $ —  $ 956  $ —  $ (50) $ (958) $ 8,279 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 3,163  $ —  $ 3,201  $ —  $ —  $ —  $ —  $ 3,232  $ 1,273  $ —  $ —  $ 6,043  $ —  $ (538) $ —  $ —  $ 16,374 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 3,163  $ —  $ 3,201  $ —  $ —  $ —  $ —  $ 3,232  $ 1,273  $ —  $ —  $ 6,043  $ —  $ (538) $ —  $ —  $ 16,374 

32


Exhibit 1

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

Three Months Ended September 30, 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) $ 3,163  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 3,163 
BAML Pool (see footnote 3) —  —  3,201  —  —  —  —  3,232  1,273  —  —  6,043  —  —  —  —  13,749 
BAML (see foonote 4) —  —  —  1,883  1,311  1,433  —  —  —  1,350  —  —  956  —  —  —  6,933 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  1,597  —  —  —  —  —  —  —  —  —  1,597 
BAML —  —  —  —  —  —  —  —  —  —  757  —  —  —  —  —  757 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (50) —  (50)
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (958) (958)
Unencumbered (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  (538) —  —  (538)
Total $ 3,163  $ —  $ 3,201  $ 1,883  $ 1,311  $ 1,433  $ 1,597  $ 3,232  $ 1,273  $ 1,350  $ 757  $ 6,043  $ 956  $ (538) $ (50) $ (958) $ 24,653 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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 mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(5)    Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
33


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 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) $ 4,307  $ 3,957  $ 2,645  $ 1,030  $ 832  $ 1,005  $ (3,583) $ 2,744  $ (983) $ 3,478  $ (4,662) $ 2,995  $ 2,564  $ (936) $ (583) $ (778) $ 14,032  $ (27,819) $ (13,787)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (5) — 
Interest income (48) (110) —  —  —  —  —  (19) (55) (93) 76  (34) (9) —  —  (67) (359) 359  — 
Interest expense —  —  —  —  1,779  —  1,459  —  —  151  1,204  20  1,039  68  1,579  3,211  10,510  15,324  25,834 
Amortization of loan cost —  —  —  —  115  —  —  —  —  —  38  —  —  —  186  232  571  880  1,451 
Depreciation and amortization 3,200  1,059  1,141  665  521  428  1,170  1,555  2,104  1,872  2,045  1,740  2,247  654  1,749  2,544  24,694  —  24,694 
Income tax expense (benefit) 159  66  —  —  —  —  —  —  —  —  —  121  —  (29) —  322  (436) (114)
Non-hotel EBITDA ownership expense 238  15  15  115  10  12  394  64  244  16  163  —  1,303  (1,303) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 7,856  4,987  3,801  1,810  3,257  1,441  (942) 4,286  1,460  5,472  (1,050) 4,737  5,967  (51) 2,905  5,142  51,078  (13,000) 38,078 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (1,965) (1,246) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (3,211) 3,211  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  85  85 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (82) (82)
Hotel EBITDA attributable to the Company and OP unitholders $ 5,891  $ 3,741  $ 3,801  $ 1,810  $ 3,257  $ 1,441  $ (942) $ 4,286  $ 1,460  $ 5,472  $ (1,050) $ 4,737  $ 5,967  $ (51) $ 2,905  $ 5,142  $ 47,867  $ (9,786) $ 38,081 
Non-comparable adjustments —  (4,987) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (4,987)
Comparable hotel EBITDA $ 7,856  $ —  $ 3,801  $ 1,810  $ 3,257  $ 1,441  $ (942) $ 4,286  $ 1,460  $ 5,472  $ (1,050) $ 4,737  $ 5,967  $ (51) $ 2,905  $ 5,142  $ 46,091 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 4,987  $ —  $ 1,810  $ 3,257  $ 1,441  $ (942) $ —  $ —  $ 5,472  $ (1,050) $ —  $ 5,967  $ —  $ 2,905  $ 5,142  $ 28,989 
Non-comparable adjustments —  (4,987) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (4,987)
Comparable hotel EBITDA $ —  $ —  $ —  $ 1,810  $ 3,257  $ 1,441  $ (942) $ —  $ —  $ 5,472  $ (1,050) $ —  $ 5,967  $ —  $ 2,905  $ 5,142  $ 24,002 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 7,856  $ —  $ 3,801  $ —  $ —  $ —  $ —  $ 4,286  $ 1,460  $ —  $ —  $ 4,737  $ —  $ (51) $ —  $ —  $ 22,089 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 7,856  $ —  $ 3,801  $ —  $ —  $ —  $ —  $ 4,286  $ 1,460  $ —  $ —  $ 4,737  $ —  $ (51) $ —  $ —  $ 22,089 


34


Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended June 30, 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) $ 7,856  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 7,856 
BAML Pool (see footnote 3) —  —  3,801  —  —  —  —  4,286  1,460  —  —  4,737  —  —  —  —  14,284 
BAML (see foonote 4) —  —  —  1,810  3,257  1,441  —  —  —  5,472  —  —  5,967  —  —  —  17,947 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  (942) —  —  —  —  —  —  —  —  —  (942)
BAML —  —  —  —  —  —  —  —  —  —  (1,050) —  —  —  —  —  (1,050)
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  2,905  —  2,905 
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  5,142  5,142 
Unencumbered (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  (51) —  —  (51)
Total $ 7,856  $ —  $ 3,801  $ 1,810  $ 3,257  $ 1,441  $ (942) $ 4,286  $ 1,460  $ 5,472  $ (1,050) $ 4,737  $ 5,967  $ (51) $ 2,905  $ 5,142  $ 46,091 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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 mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota..
35


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 —  (3,771) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (3,771)
Comparable hotel EBITDA $ 4,128  $ —  $ (1,616) $ (439) $ 5,457  $ (23) $ 9,875  $ 406  $ 2,661  $ 10,963  $ 4,030  $ 895  $ 10,111  $ (423) $ 10,274  $ 10,909  $ 67,208 
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 —  (3,771) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (3,771)
Comparable hotel EBITDA $ —  $ —  $ —  $ (439) $ 5,457  $ (23) $ 9,875  $ —  $ —  $ 10,963  $ 4,030  $ —  $ 10,111  $ —  $ 10,274  $ 10,909  $ 61,157 
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 

36


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 Scottsdale Resort Hotel Total
Aareal (Capital Hilton) $ 4,128  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 4,128 
BAML Pool (see footnote 3) —  —  (1,616) —  —  —  —  406  2,661  —  —  895  —  —  —  —  2,346 
BAML (see foonote 4) —  —  —  (439) 5,457  (23) —  —  —  10,963  —  —  10,111  —  —  —  26,069 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  9,875  —  —  —  —  —  —  —  —  —  9,875 
BAML —  —  —  —  —  —  —  —  —  —  4,030  —  —  —  —  —  4,030 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  10,274  —  10,274 
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  10,909  10,909 
Unencumbered (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  (423) —  —  (423)
Total $ 4,128  $ —  $ (1,616) $ (439) $ 5,457  $ (23) $ 9,875  $ 406  $ 2,661  $ 10,963  $ 4,030  $ 895  $ 10,111  $ (423) $ 10,274  $ 10,909  $ 67,208 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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 mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
37


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 —  (4,304) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (4,304)
Comparable hotel EBITDA $ 2,774  $ —  $ 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  $ 40,812 
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 —  (4,304) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (4,304)
Comparable hotel EBITDA $ —  $ —  $ —  $ 1,210  $ 3,363  $ 1,071  $ 1,831  $ —  $ —  $ 5,132  $ (1,229) $ —  $ 4,244  $ —  $ 5,782  $ 8,103  $ 29,507 
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 

38


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 Scottsdale 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 (see foonote 4) —  —  —  1,210  3,363  1,071  —  —  —  5,132  —  —  4,244  —  —  —  15,020 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa) —  —  —  —  —  —  1,831  —  —  —  —  —  —  —  —  —  1,831 
BAML —  —  —  —  —  —  —  —  —  —  (1,229) —  —  —  —  —  (1,229)
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach) —  —  —  —  —  —  —  —  —  —  —  —  —  —  5,782  —  5,782 
Aareal (Four Seasons Resort Scottsdale) —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  8,103  8,103 
Unencumbered (Cameo Beverly Hills) —  —  —  —  —  —  —  —  —  —  —  —  —  (274) —  —  (274)
Total $ 2,774  $ —  $ 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  $ 40,812 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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 mortgage loan is secured by The Ritz-Carlton St. Thomas, Pier House Resort & Spa, Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
39


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 —  (4,983) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (4,983)
Comparable hotel EBITDA $ 2,413  $ —  $ 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) $ 29,884 
ALL HOTELS NOT UNDER RENOVATION:
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  $ —  $ 5,592  $ —  $ (141) $ 1,043  $ (590) $ 31,015 
Non-comparable adjustments —  (4,983) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (4,983)
Comparable hotel EBITDA $ 2,413  $ —  $ 3,244  $ 2,493  $ 2,115  $ 2,106  $ 1,551  $ 2,349  $ 2,734  $ 1,123  $ —  $ 5,592  $ —  $ (141) $ 1,043  $ (590) $ 26,032 
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 —  (4,983) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (4,983)
Comparable hotel EBITDA $ —  $ —  $ —  $ 2,493  $ 2,115  $ 2,106  $ 1,551  $ —  $ —  $ 1,123  $ 1,317  $ —  $ 2,535  $ —  $ 1,043  $ (590) $ 13,693 
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 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
40


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 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 Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 4,291  $ 95,020  $ 1,965  $ 832  $ 3,882  $ 1,533  $ 2,459  $ 3,270  $ (1,190) $ 12,695  $ (6,767) $ 5,587  $ 7,677  $ (4,084) $ 3,679  $ (2,747) $ 128,102  $ (86,572) $ 41,530 
Non-property adjustments —  (88,160) —  —  —  —  (50) —  —  —  —  2,086  —  —  —  (86,119) 86,119  — 
Interest income (152) (265) —  —  —  —  (63) (175) (212) (239) (97) (40) —  (4) (195) (1,441) 1,441  — 
Interest expense —  —  —  —  4,262  —  4,391  —  —  467  3,626  60  2,779  763  3,605  9,664  29,617  47,529  77,146 
Amortization of loan cost —  —  —  —  344  —  69  —  —  —  114  —  —  46  439  695  1,707  2,834  4,541 
Depreciation and amortization 10,624  2,328  3,394  2,017  1,505  1,290  3,679  4,637  6,307  5,439  6,214  6,102  6,766  1,919  5,302  7,669  75,192  —  75,192 
Income tax expense (benefit) 207  157  —  —  —  —  —  16  —  —  —  —  (71) —  97  —  406  68  474 
Non-hotel EBITDA ownership expense 177  75  26  405  32  28  (18) 64  452  (604) 784  23  (2,163) 344  11  (357) 357  — 
Hotel EBITDA including amounts attributable to noncontrolling interest 15,147  9,155  5,386  3,254  10,025  2,851  10,530  7,924  5,394  17,785  3,737  11,675  17,034  (1,012) 13,129  15,093  147,107  51,776  198,883 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (3,787) (2,289) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (6,076) 6,076  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  214  214 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (215) (215)
Hotel EBITDA attributable to the Company and OP unitholders $ 11,360  $ 6,866  $ 5,386  $ 3,254  $ 10,025  $ 2,851  $ 10,530  $ 7,924  $ 5,394  $ 17,785  $ 3,737  $ 11,675  $ 17,034  $ (1,012) $ 13,129  $ 15,093  $ 141,031  $ 57,851  $ 198,882 
Non-comparable adjustments —  (9,155) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (9,155)
Comparable hotel EBITDA $ 15,147  $ —  $ 5,386  $ 3,254  $ 10,025  $ 2,851  $ 10,530  $ 7,924  $ 5,394  $ 17,785  $ 3,737  $ 11,675  $ 17,034  $ (1,012) $ 13,129  $ 15,093  $ 137,952 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 15,147  $ 9,155  $ 5,386  $ 3,254  $ 10,025  $ 2,851  $ 10,530  $ 7,924  $ 5,394  $ 17,785  $ —  $ 11,675  $ —  $ (1,012) $ 13,129  $ 15,093  $ 126,336 
Non-comparable adjustments —  (9,155) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (9,155)
Comparable hotel EBITDA $ 15,147  $ —  $ 5,386  $ 3,254  $ 10,025  $ 2,851  $ 10,530  $ 7,924  $ 5,394  $ 17,785  $ —  $ 11,675  $ —  $ (1,012) $ 13,129  $ 15,093  $ 117,181 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 9,155  $ —  $ 3,254  $ 10,025  $ 2,851  $ 10,530  $ —  $ —  $ 17,785  $ 3,737  $ —  $ 17,034  $ —  $ 13,129  $ 15,093  $ 102,593 
Non-comparable adjustments —  (9,155) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (9,155)
Comparable hotel EBITDA $ —  $ —  $ —  $ 3,254  $ 10,025  $ 2,851  $ 10,530  $ —  $ —  $ 17,785  $ 3,737  $ —  $ 17,034  $ —  $ 13,129  $ 15,093  $ 93,438 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 15,147  $ —  $ 5,386  $ —  $ —  $ —  $ —  $ 7,924  $ 5,394  $ —  $ —  $ 11,675  $ —  $ (1,012) $ —  $ —  $ 44,514 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 15,147  $ —  $ 5,386  $ —  $ —  $ —  $ —  $ 7,924  $ 5,394  $ —  $ —  $ 11,675  $ —  $ (1,012) $ —  $ —  $ 44,514 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
41


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Nine Months Ended September 30, 2023
Capital Hilton Washington D.C. Hilton La Jolla Torrey Pines Sofitel Chicago Magnificent Mile Bardessono Hotel and Spa Pier House Resort & Spa Hotel Yountville Park Hyatt Beaver Creek Resort & Spa The Notary Hotel The Clancy The Ritz-Carlton Sarasota The Ritz-Carlton Lake Tahoe Marriott Seattle Waterfront The Ritz-Carlton St. Thomas Cameo Beverly Hills The Ritz-Carlton Reserve Dorado Beach Four Seasons Scottssdale Resort Hotel Total Corporate / Allocated Braemar Hotels & Resorts Inc.
Net income (loss) $ 5,042  $ 9,922  $ 3,114  $ 923  $ 5,551  $ 250  $ 2,201  $ 406  $ 242  $ 8,063  $ (56) $ 6,142  $ 8,731  $ (2,360) $ 9,560  $ (1,047) $ 56,684  $ (65,829) $ (9,145)
Non-property adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  (292) —  495  203  (203) — 
Interest income (197) (251) (9) —  —  —  —  (25) (89) (152) 71  (46) (31) —  —  (81) (810) 810  — 
Interest expense —  —  —  1,756  4,093  2,263  4,163  —  —  4,931  2,863  60  2,874  1,985  281  6,779  32,048  35,403  67,451 
Amortization of loan cost —  —  —  —  240  20  603  —  —  95  118  —  63  131  —  490  1,760  568  2,328 
Depreciation and amortization 7,108  3,123  3,502  1,748  1,729  1,220  3,366  6,028  7,393  4,231  3,583  4,697  6,398  1,592  4,930  7,143  67,791  —  67,791 
Income tax expense (benefit) 116  128  —  —  —  —  —  14  —  —  —  —  297  —  305  —  860  204  1,064 
Non-hotel EBITDA ownership expense 584  63  55  430  35  91  109  206  33  81  732  64  52  205  66  (19) 2,787  (2,787) — 
Hotel EBITDA including amounts attributable to noncontrolling interest 12,653  12,985  6,662  4,857  11,648  3,844  10,442  6,629  7,579  17,249  7,311  10,917  18,384  1,261  15,142  13,760  161,323  (31,834) 129,489 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest (3,164) (3,246) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (6,410) 6,410  — 
Equity in earnings (loss) of unconsolidated entities —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  208  208 
Company's portion of EBITDA of OpenKey —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (220) (220)
Hotel EBITDA attributable to the Company and OP unitholders $ 9,489  $ 9,739  $ 6,662  $ 4,857  $ 11,648  $ 3,844  $ 10,442  $ 6,629  $ 7,579  $ 17,249  $ 7,311  $ 10,917  $ 18,384  $ 1,261  $ 15,142  $ 13,760  $ 154,913  $ (25,436) $ 129,477 
Non-comparable adjustments —  (12,985) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (12,985)
Comparable hotel EBITDA $ 12,653  $ —  $ 6,662  $ 4,857  $ 11,648  $ 3,844  $ 10,442  $ 6,629  $ 7,579  $ 17,249  $ 7,311  $ 10,917  $ 18,384  $ 1,261  $ 15,142  $ 13,760  $ 148,338 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 12,653  $ 12,985  $ 6,662  $ 4,857  $ 11,648  $ 3,844  $ 10,442  $ 6,629  $ 7,579  $ 17,249  $ —  $ 10,917  $ —  $ 1,261  $ 15,142  $ 13,760  $ 135,628 
Non-comparable adjustments —  (12,985) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (12,985)
Comparable hotel EBITDA $ 12,653  $ —  $ 6,662  $ 4,857  $ 11,648  $ 3,844  $ 10,442  $ 6,629  $ 7,579  $ 17,249  $ —  $ 10,917  $ —  $ 1,261  $ 15,142  $ 13,760  $ 122,643 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ —  $ 12,985  $ —  $ 4,857  $ 11,648  $ 3,844  $ 10,442  $ —  $ —  $ 17,249  $ 7,311  $ —  $ 18,384  $ —  $ 15,142  $ 13,760  $ 115,622 
Non-comparable adjustments —  (12,985) —  —  —  —  —  —  —  —  —  —  —  —  —  —  (12,985)
Comparable hotel EBITDA $ —  $ —  $ —  $ 4,857  $ 11,648  $ 3,844  $ 10,442  $ —  $ —  $ 17,249  $ 7,311  $ —  $ 18,384  $ —  $ 15,142  $ 13,760  $ 102,637 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest $ 12,653  $ —  $ 6,662  $ —  $ —  $ —  $ —  $ 6,629  $ 7,579  $ —  $ —  $ 10,917  $ —  $ 1,261  $ —  $ —  $ 45,701 
Non-comparable adjustments —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  — 
Comparable hotel EBITDA $ 12,653  $ —  $ 6,662  $ —  $ —  $ —  $ —  $ 6,629  $ 7,579  $ —  $ —  $ 10,917  $ —  $ 1,261  $ —  $ —  $ 45,701 
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at September 30, 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:
The Ritz-Carlton Lake Tahoe, The Ritz-Carlton St. Thomas
42