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BHR Braemar Hotels & Resorts

Filed: 25 Feb 21, 4:28pm

EXHIBIT 99.1
braemara591a.jpg
NEWS RELEASE

Contact:Deric EubanksJordan JenningsJoseph Calabrese
Chief Financial OfficerInvestor RelationsFinancial Relations Board
(972) 490-9600(972) 778-9487(212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
FOURTH QUARTER AND YEAR END 2020 RESULTS


DALLAS – February 25, 2021 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the fourth quarter and full year ended December 31, 2020. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company’s hotel portfolio as of December 31, 2020 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2020 with the fourth quarter and year ended December 31, 2019 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

FINANCIAL AND OPERATING HIGHLIGHTS
Net loss attributable to common stockholders for the quarter was $28.3 million or $0.77 per diluted share. For the full year of 2020, net loss attributable to common stockholders was $115.5 million or $3.39 per diluted share.
Comparable RevPAR for all hotels decreased 59.8% to $89.83 during the quarter on a 10.8% increase in ADR and a 63.8% decrease in occupancy.
Adjusted funds from operations (AFFO) was $(0.17) per diluted share for the quarter. For the full year of 2020, AFFO per diluted share was $(0.93).
Adjusted EBITDAre was $(1.4) million for the quarter. Adjusted EBITDAre for the full year of 2020 was $(4.5) million.
Comparable Hotel EBITDA was $1.6 million for the quarter.
All of the Company’s 13 properties are open and operating.
During the quarter, the Company announced the opening of The Clancy, an Autograph Collection Property, located in San Francisco’s South of Market district. The rebranded property is a conversion of the Courtyard San Francisco Downtown.
The Company ended the quarter with cash and cash equivalents of $78.6 million and restricted cash of $34.5 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 $12.3 million in due from third-party hotel managers, which is the Company’s cash primarily held by one of its property managers and is also available to fund hotel operating costs.
Capex invested during the quarter was $4.1 million.



BHR Reports Fourth Quarter Results
Page 2
February 25, 2021
OPENING OF THE CLANCY
On October 1, 2020, the Company announced the opening of The Clancy, located in San Francisco’s vibrant South of Market (SoMa) district. The former Courtyard San Francisco Downtown underwent a rebranding and renovation in excess of $30 million to create The Clancy. Ideally situated at 299 Second Street, The Clancy features 410 guest rooms and over 11,000 square feet of modern meeting space throughout 16 event rooms. It joins Marriott International’s Autograph Collection® Hotels, a diverse portfolio of more than 180 independent hotels around the world that reflect unique vision, design and environments.

CAPITAL STRUCTURE
At December 31, 2020, the Company had total assets of $1.7 billion and $1.1 billion of mortgage loans of which $49 million related to its joint venture partner’s share of the mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined mortgage loans had a blended average interest rate of 2.5%.

During the quarter, and subsequent to the end of the quarter, the Company issued 2,674,475 shares of common stock under its At-The-Market offering, raising approximately $12.0 million in gross proceeds. Subsequent to the end of the quarter, the Company entered into a Standby Equity Distribution Agreement (“SEDA”) with Yorkville Advisors, pursuant to which the Company will be able to sell up to 7,780,786 shares of its common stock at the Company’s request any time during a 36-month commitment period. The Company intends to use the net proceeds from any sale of the shares for working capital purposes, including the repayment of outstanding debt.

Subsequent to quarter end, the Company announced that it has amended its term loan to extend the previous covenant waiver through the fourth quarter of 2021.

In light of the economic uncertainty arising from the COVID-19 pandemic and to protect liquidity, the Company and its Board of Directors announced a suspension of its previously announced 2020 common stock dividend policy. Accordingly, the Company did not pay a dividend on its common stock or common units for the fourth quarter ended December 31, 2020. The Board of Directors also announced that it plans to continue its suspension of the common stock dividend into 2021 to protect liquidity and will evaluate future dividend declarations on a quarterly basis going forward.

PORTFOLIO REVPAR
As of December 31, 2020, the portfolio consisted of thirteen hotels.

Comparable RevPAR decreased 59.8% to $89.83 for all hotels on a 10.8% increase in ADR and a 63.8% decrease in occupancy.

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




BHR Reports Fourth Quarter Results
Page 3
February 25, 2021
“While the unprecedented COVID-19 pandemic continues to present challenges to the hospitality industry, we continue to be pleased with the recovery trends we are seeing at our hotels,” said Richard J. Stockton, Braemar’s President and Chief Executive Officer. “Demand was strong in the fourth quarter, with our luxury resorts continuing to perform well. All of our hotels remain open and new bookings have been strong. We are encouraged by the roll-out of vaccines and, as we come out of this pandemic, we believe Braemar is well-positioned to continue to execute on its disciplined strategy for growth. We have a high-quality portfolio, our balance sheet and liquidity position is solid, and we remain committed to focusing on ways to maximize value for our shareholders.”

INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Friday, February 26, 2021, at 11:00 a.m. ET. The number to call for this interactive teleconference is (201) 493-6725. A replay of the conference call will be available through Friday, March 5, 2021, by dialing (412) 317-6671 and entering the confirmation number, 13714379.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2020 earnings release conference call. The live broadcast of Braemar’s quarterly conference call will be available online at the Company’s website, www.bhrreit.com on Friday, February 26, 2021, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”


Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the 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: the impact of COVID-19, and the rate of adoption and



BHR Reports Fourth Quarter Results
Page 4
February 25, 2021
efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the ability of the Company’s advisor, Ashford Inc., to continue as a going concern; the timing and outcome of the Securities and Exchange Commission’s investigation; 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; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.




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

December 31, 2020December 31, 2019
ASSETS
Investments in hotel properties, gross$1,784,849 $1,791,174 
Accumulated depreciation(360,259)(309,752)
Investments in hotel properties, net1,424,590 1,481,422 
Cash and cash equivalents78,606 71,995 
Restricted cash34,544 58,388 
Accounts receivable, net of allowance of $227 and $153, respectively13,557 19,053 
Inventories2,551 2,794 
Prepaid expenses4,405 4,992 
Investment in OpenKey1,708 1,899 
Derivative assets— 582 
Other assets14,898 13,018 
Operating lease right-of-use assets81,260 82,596 
Intangible assets, net4,640 5,019 
Due from related parties, net991 551 
Due from third-party hotel managers12,271 16,638 
Total assets$1,674,021 $1,758,947 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,130,594 $1,058,486 
Accounts payable and accrued expenses61,758 94,919 
Dividends and distributions payable2,736 9,143 
Due to Ashford Inc., net2,772 4,344 
Due to third-party hotel managers1,393 1,685 
Operating lease liabilities60,917 61,118 
Other liabilities18,077 17,508 
Total liabilities1,278,247 1,247,203 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 5,031,473 and 5,008,421 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively106,949 106,920 
Redeemable noncontrolling interests in operating partnership27,655 41,570 
Equity:
Preferred stock, $0.01 value, 80,000,000 shares authorized:
Series D Cumulative Preferred Stock, 1,600,000 shares issued and outstanding at December 31, 2020 and December 31, 201916 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 38,274,770 and 32,885,217 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively382 329 
Additional paid-in capital541,870 519,551 
Accumulated deficit(266,010)(150,629)
Total stockholders' equity of the Company276,258 369,267 
Noncontrolling interest in consolidated entities(15,088)(6,013)
Total equity261,170 363,254 
Total liabilities and equity$1,674,021 $1,758,947 

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
REVENUE
Rooms$31,146 $75,188 $136,265 $303,848 
Food and beverage10,846 30,759 50,263 115,085 
Other9,813 15,754 40,446 68,674 
Total hotel revenue51,805 121,701 226,974 487,607 
Other— — — 
Total revenue51,805 121,701 226,974 487,614 
EXPENSES
Hotel operating expenses:
Rooms8,754 18,217 38,054 70,297 
Food and beverage10,702 23,354 46,246 85,679 
Other expenses22,882 39,632 98,467 151,063 
Management fees1,546 4,031 7,210 16,573 
Total hotel operating expenses43,884 85,234 189,977 323,612 
Property taxes, insurance and other6,650 7,629 28,483 27,985 
Depreciation and amortization17,973 18,121 73,371 70,112 
Advisory services fee:
Base advisory fee2,402 2,664 9,981 10,834 
Reimbursable expenses430 383 1,790 2,289 
Incentive fee(678)(77)(678)— 
Non-cash stock/unit-based compensation1,787 1,978 7,393 7,404 
Transaction costs— — — 704 
Corporate, general and administrative:
Non-cash stock/unit-based compensation46 18 321 384 
Other general and administrative1,761 1,784 6,336 5,051 
Total operating expenses74,255 117,734 316,974 448,375 
Gain (loss) on insurance settlement and disposition of assets— 26,319 10,149 25,165 
OPERATING INCOME (LOSS)(22,450)30,286 (79,851)64,404 
Equity in earnings (loss) of unconsolidated entity(79)(50)(217)(199)
Interest income11 189 176 1,087 
Other income (expense)(1,320)(13,577)(5,126)(13,947)
Interest expense(6,235)(11,518)(41,695)(50,164)
Amortization of loan costs(702)(1,095)(3,409)(4,343)
Write-off of loan costs and exit fees(348)— (3,920)(647)
Unrealized gain (loss) on investments— 13,262 — 7,872 
Unrealized gain (loss) on derivatives1,211 (131)4,959 (1,103)
INCOME (LOSS) BEFORE INCOME TAXES(29,912)17,366 (129,083)2,960 
Income tax (expense) benefit(216)(271)4,406 (1,764)
NET INCOME (LOSS)(30,128)17,095 (124,677)1,196 
(Income) loss attributable to noncontrolling interest in consolidated entities1,461 (282)6,436 (2,032)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership2,943 (1,563)12,979 1,207 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(25,724)15,250 (105,262)371 
Preferred dividends(2,555)(2,545)(10,219)(10,142)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(28,279)$12,705 $(115,481)$(9,771)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.77)$0.38 $(3.39)$(0.32)
Weighted average common shares outstanding – basic36,660 32,376 33,998 32,289 
Diluted:
Net income (loss) attributable to common stockholders$(0.77)$0.36 $(3.39)$(0.32)
Weighted average common shares outstanding – diluted36,660 38,995 33,998 32,289 
Dividends declared per common share:$— $0.16 $— $0.64 

6



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
Net income (loss)$(30,128)$17,095 $(124,677)$1,196 
Interest expense and amortization of loan costs6,937 12,613 45,104 54,507 
Depreciation and amortization17,973 18,121 73,371 70,112 
Income tax expense (benefit)216 271 (4,406)1,764 
Equity in (earnings) loss of unconsolidated entity79 50 217 199 
Company's portion of EBITDA of OpenKey(79)(48)(214)(195)
EBITDA(5,002)48,102 (10,605)127,583 
(Gain) loss on insurance settlement and disposition of assets— (26,319)(10,149)(25,165)
EBITDAre(5,002)21,783 (20,754)102,418 
Amortization of favorable (unfavorable) contract assets (liabilities)213 285 834 651 
Transaction and conversion costs242 893 1,370 2,076 
Other (income) expense1,320 13,577 5,126 13,947 
Write-off of loan costs and exit fees348 — 3,920 647 
Unrealized (gain) loss on investments— (13,262)— (7,872)
Unrealized (gain) loss on derivatives(1,211)131 (4,959)1,103 
Non-cash stock/unit-based compensation1,853 2,035 7,892 7,943 
Legal, advisory and settlement costs820 93 2,023 527 
Advisory services incentive fee— (77)— — 
Company's portion of adjustments to EBITDAre of OpenKey13 25 
Adjusted EBITDAre$(1,410)$25,461 $(4,535)$121,465 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedYear Ended
December 31,December 31,
2020201920202019
Net income (loss)$(30,128)$17,095 $(124,677)$1,196 
(Income) loss attributable to noncontrolling interest in consolidated entities1,461 (282)6,436 (2,032)
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership2,943 (1,563)12,979 1,207 
Preferred dividends(2,555)(2,545)(10,219)(10,142)
Net income (loss) attributable to common stockholders(28,279)12,705 (115,481)(9,771)
Depreciation and amortization on real estate17,284 17,324 70,426 66,933 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(2,943)1,563 (12,979)(1,207)
Equity in (earnings) loss of unconsolidated entity79 50 217 199 
(Gain) loss on insurance settlement and disposition of assets— (26,319)(10,149)(25,165)
Company's portion of FFO of OpenKey(79)(50)(216)(201)
FFO available to common stockholders and OP unitholders(13,938)5,273 (68,182)30,788 
Series B Cumulative Convertible Preferred Stock dividends1,730 1,720 6,919 6,842 
Transaction and conversion costs242 893 1,370 2,076 
Other (income) expense1,320 13,577 5,126 13,947 
Interest expense accretion on refundable membership club deposits202 213 818 864 
Write-off of loan costs and exit fees348 — 3,920 647 
Amortization of loan costs681 1,076 3,332 4,263 
Unrealized (gain) loss on investments— (13,262)— (7,872)
Unrealized (gain) loss on derivatives(1,211)131 (4,959)1,103 
Non-cash stock/unit-based compensation1,853 2,035 7,892 7,943 
Legal, advisory and settlement costs820 93 2,023 527 
Advisory services incentive fee— (77)— — 
Company's portion of adjustments to FFO of OpenKey13 28 
Adjusted FFO available to common stockholders, OP unitholders and Series B Cumulative Convertible preferred stockholders on an "as converted" basis$(7,946)$11,676 $(41,728)$61,156 
Adjusted FFO per diluted share available to common stockholders, OP unitholders and Series B Cumulative Convertibile preferred stockholders on an "as converted" basis$(0.17)$0.27 $(0.93)$1.41 
Weighted average diluted shares47,272 43,381 44,890 43,387 

7



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SUMMARY OF INDEBTEDNESS
December 31, 2020
(dollars in thousands)
(unaudited)

LenderHotelsMaturityInterest RateFixed-Rate
Debt
Floating-Rate
Debt
Total
Debt
Comparable TTM
Hotel EBITDA(7)
Comparable TTM EBITDA
Debt Yield
JPMorganPark Hyatt Beaver CreekApril 2021LIBOR + 2.75%$— $67,500 (1)$67,500 $4,977 7.4 %
BAMLSee footnoteJune 2021LIBOR + 2.16%— 435,000 (2)435,000 (12,449)(2.9)%
ApolloRitz-Carlton, St. ThomasAugust 2021LIBOR + 3.95%— 42,500 (3)42,500 4,624 10.9 %
BAMLHotel YountvilleMay 2022LIBOR + 2.55%— 51,000 (5)51,000 (86)(0.2)%
BAMLBardessonoAugust 2022LIBOR + 2.55%— 40,000 (5)40,000 1,018 2.5 %
BAML Term LoanN/AOctober 2022Base Rate(4) + 1.25% to 2.50% or LIBOR + 2.25% to 3.50%— 61,495 (6)61,495  N/AN/A
BAMLRitz-Carlton, SarasotaApril 2023LIBOR + 2.65%— 100,000 (5)100,000 11,502 11.5 %
BAMLRitz-Carlton, Lake TahoeJanuary 2024LIBOR + 2.10%— 54,000 (5)54,000 1,867 3.5 %
PrudentialCapital Hilton and Hilton Torrey PinesFebruary 2024LIBOR + 1.70%— 197,229 197,229 (4,723)(2.4)%
BAMLPier House ResortSeptember 2024LIBOR + 1.85%— 80,000 (5)80,000 6,707 8.4 %
Total$— $1,128,724 $1,128,724 $13,437 1.2 %
Percentage— %100.0 %100.0 %
Weighted average interest rate— %2.53 %2.53 %
All indebtedness is non-recourse with the exception of the term loan.
(1)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in April 2020.
(2)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in June 2020. This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
(3)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 1.00%.
(4)    Base Rate, as defined in the term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%.
(5)    This mortgage loan has a LIBOR floor of 0.25%.
(6)    This mortgage loan has a LIBOR floor of 0.50%.
(7)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

8



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
December 31, 2020
(dollars in thousands)
(unaudited)
LenderHotels20212022202320242025ThereafterTotal
JPMorganPark Hyatt Beaver Creek$— $67,500 $— $— $— $— $67,500 
BAMLHotel Yountville— 51,000 — — — — 51,000 
BAMLBardessono— 40,000 — — — — 40,000 
BAML Term LoanN/A— 26,495 — — — — 26,495 
BAMLRitz-Carlton, Sarasota— — 98,000 — — — 98,000 
BAMLRitz-Carlton, Lake Tahoe— — — 54,000 — — 54,000 
PrudentialCapital Hilton and Hilton Torrey Pines— — — 195,000 — — 195,000 
ApolloRitz-Carlton, St. Thomas— — — 42,500 — — 42,500 
BAMLPier House Resort— — — 80,000 — — 80,000 
BAMLSee footnote 1— — — — 435,000 — 435,000 
Principal due in future periods$— $184,995 $98,000 $371,500 $435,000 $— $1,089,495 
Scheduled amortization payments remaining22,729 16,000 500 — — — 39,229 
Total indebtedness$22,729 $200,995 $98,500 $371,500 $435,000 $— $1,128,724 
(1)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.

9



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

ALL HOTELS:
Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202020202020201920192019% Variance% Variance
Rooms revenue (in thousands)$30,761 $— $30,761 $74,753 $— $74,753 (58.85)%(58.85)%
RevPAR$89.83 $— $89.83 $223.70 $— $223.70 (59.84)%(59.84)%
Occupancy27.72 %— %27.72 %76.46 %— %76.46 %(63.75)%(63.75)%
ADR$324.11 $— $324.11 $292.58 $— $292.58 10.78 %10.78 %
ALL HOTELS:
Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202020202020201920192019% Variance% Variance
Rooms revenue (in thousands)$134,828 $— $134,828 $302,469 $1,719 $304,188 (55.42)%(55.68)%
RevPAR$99.05 $— $99.05 $232.56 $722.13 $233.45 (57.41)%(57.57)%
Occupancy30.25 %— %30.25 %78.85 %77.52 %78.85 %(61.64)%(61.64)%
ADR$327.43 $— $327.43 $294.93 $931.53 $296.07 11.02 %10.59 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    The above information does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.


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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedYear Ended
December 31,December 31,
20202019% Variance20202019% Variance
Total hotel revenue$51,805 $121,702 (57.43)%$226,974 $487,608 (53.45)%
Non-comparable adjustments— 43 (138)2,898 
Comparable total hotel revenue$51,805 $121,745 (57.45)%$226,836 $490,506 (53.75)%
Hotel EBITDA$1,573 $30,350 (94.82)%$13,437 $142,207 (90.55)%
Non-comparable adjustments— (44)— 832 
Comparable hotel EBITDA$1,573 $30,306 (94.81)%$13,437 $143,039 (90.61)%
Hotel EBITDA margin3.04 %24.94 %(21.90)%5.92 %29.16 %(23.24)%
Comparable hotel EBITDA margin3.04 %24.89 %(21.85)%5.92 %29.16 %(23.24)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$(716)$1,521 (147.07)%$(1,181)$7,459 (115.83)%
Hotel EBITDA attributable to the Company and OP unitholders$2,289 $28,829 (92.06)%$14,618 $134,748 (89.15)%
Comparable hotel EBITDA attributable to the Company and OP unitholders$2,289 $28,785 (92.05)%$14,618 $135,580 (89.22)%
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.



11



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202020202020201920192019% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$738 $— $738 $8,775 $— $8,775 (91.59)%(91.59)%
Total hotel revenue$1,204 $— $1,204 $13,450 $— $13,450 (91.05)%(91.05)%
Hotel EBITDA$(1,874)$— $(1,874)$2,836 $— $2,836 (166.08)%(166.08)%
Hotel EBITDA margin(155.65)%(155.65)%21.09 %21.09 %(176.74)%(176.74)%
Selected Operating Information:
RevPAR$14.59 $— $14.59 $173.43 $— $173.43 (91.59)%(91.59)%
Occupancy12.12 %— %12.12 %78.12 %— %78.12 %(84.49)%(84.49)%
ADR$120.42 $— $120.42 $222.00 $— $222.00 (45.76)%(45.76)%
LA JOLLA HILTON TORREY PINES
Selected Financial Information:
Rooms revenue$1,423 $— $1,423 $5,355 $— $5,355 (73.43)%(73.43)%
Total hotel revenue$1,918 $— $1,918 $11,030 $— $11,030 (82.61)%(82.61)%
Hotel EBITDA$(990)$— $(990)$3,248 $— $3,248 (130.48)%(130.48)%
Hotel EBITDA margin(51.62)%(51.62)%29.45 %29.45 %(81.07)%(81.07)%
Selected Operating Information:
RevPAR$39.25 $— $39.25 $147.74 $— $147.74 (73.43)%(73.43)%
Occupancy28.96 %— %28.96 %76.63 %— %76.63 %(62.20)%(62.20)%
ADR$135.50 $— $135.50 $192.79 $— $192.79 (29.71)%(29.71)%
CHICAGO SOFITEL MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$1,341 $— $1,341 $6,313 $— $6,313 (78.76)%(78.76)%
Total hotel revenue$1,626 $— $1,626 $8,753 $— $8,753 (81.42)%(81.42)%
Hotel EBITDA$(605)$— $(605)$1,610 $— $1,610 (137.58)%(137.58)%
Hotel EBITDA margin(37.21)%(37.21)%18.39 %18.39 %(55.60)%(55.60)%
Selected Operating Information:
RevPAR$35.13 $— $35.13 $165.33 $— $165.33 (78.75)%(78.75)%
Occupancy24.43 %— %24.43 %79.82 %— %79.82 %(69.39)%(69.39)%
ADR$143.79 $— $143.79 $207.14 $— $207.14 (30.58)%(30.58)%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$2,168 $— $2,168 $3,476 $— $3,476 (37.63)%(37.63)%
Total hotel revenue$2,806 $— $2,806 $4,790 $— $4,790 (41.42)%(41.42)%
Hotel EBITDA$541 $— $541 $1,353 $— $1,353 (60.01)%(60.01)%
Hotel EBITDA margin19.28 %19.28 %28.25 %28.25 %(8.97)%(8.97)%
Selected Operating Information:
RevPAR$362.50 $— $362.50 $581.32 $— $581.32 (37.64)%(37.64)%
Occupancy42.83 %— %42.83 %74.53 %— %74.53 %(42.54)%(42.54)%
ADR$846.45 $— $846.45 $779.96 $— $779.96 8.52 %8.52 %
KEY WEST PIER HOUSE RESORT
Selected Financial Information:
Rooms revenue$3,522 $— $3,522 $5,062 $— $5,062 (30.42)%(30.42)%
Total hotel revenue$4,560 $— $4,560 $6,587 $— $6,587 (30.77)%(30.77)%
Hotel EBITDA$2,106 $— $2,106 $2,883 $— $2,883 (26.95)%(26.95)%
Hotel EBITDA margin46.18 %46.18 %43.77 %43.77 %2.41 %2.41 %
Selected Operating Information:
RevPAR$269.62 $— $269.62 $387.46 $— $387.46 (30.41)%(30.41)%
Occupancy69.20 %— %69.20 %86.41 %— %86.41 %(19.91)%(19.91)%
ADR$389.64 $— $389.64 $448.43 $— $448.43 (13.11)%(13.11)%
12



Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202020202020201920192019% Variance% Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$1,115 $— $1,115 $3,007 $— $3,007 (62.92)%(62.92)%
Total hotel revenue$1,354 $— $1,354 $3,747 $— $3,747 (63.86)%(63.86)%
Hotel EBITDA$(6)$— $(6)$1,422 $— $1,422 (100.42)%(100.42)%
Hotel EBITDA margin(0.44)%(0.44)%37.95 %37.95 %(38.39)%(38.39)%
Selected Operating Information:
RevPAR$151.47 $— $151.47 $408.68 $— $408.68 (62.94)%(62.94)%
Occupancy26.17 %— %26.17 %69.47 %— %69.47 %(62.33)%(62.33)%
ADR$578.83 $— $578.83 $588.28 $— $588.28 (1.61)%(1.61)%
PARK HYATT BEAVER CREEK
Selected Financial Information:
Rooms revenue$2,892 $— $2,892 $4,150 $— $4,150 (30.31)%(30.31)%
Total hotel revenue$5,728 $— $5,728 $9,000 $— $9,000 (36.36)%(36.36)%
Hotel EBITDA$828 $— $828 $1,105 $— $1,105 (25.07)%(25.07)%
Hotel EBITDA margin14.46 %14.46 %12.28 %12.28 %2.18 %2.18 %
Selected Operating Information:
RevPAR$165.46 $— $165.46 $237.42 $— $237.42 (30.31)%(30.31)%
Occupancy35.62 %— %35.62 %52.87 %— %52.87 %(32.63)%(32.63)%
ADR$464.55 $— $464.55 $449.05 $— $449.05 3.45 %3.45 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$1,261 $— $1,261 $7,847 $— $7,847 (83.93)%(83.93)%
Total hotel revenue$1,320 $— $1,320 $9,738 $— $9,738 (86.44)%(86.44)%
Hotel EBITDA$(505)$— $(505)$3,333 $118 $3,451 (115.15)%(114.63)%
Hotel EBITDA margin(38.26)%(38.26)%34.23 %35.44 %(72.49)%(73.70)%
Selected Operating Information:
RevPAR$27.46 $— $27.46 $170.92 $— $170.92 (83.94)%(83.94)%
Occupancy18.33 %— %18.33 %81.00 %— %81.00 %(77.37)%(77.37)%
ADR$149.78 $— $149.78 $211.01 $— $211.01 (29.02)%(29.02)%
THE CLANCY
Selected Financial Information:
Rooms revenue$711 $— $711 $9,158 $— $9,158 (92.24)%(92.24)%
Total hotel revenue$832 $— $832 $9,825 $— $9,825 (91.53)%(91.53)%
Hotel EBITDA$(1,990)$— $(1,990)$2,678 $(196)$2,482 (174.31)%(180.18)%
Hotel EBITDA margin(239.18)%(239.18)%27.26 %25.26 %(266.44)%(264.44)%
Selected Operating Information:
RevPAR$18.85 $— $18.85 $242.79 $— $242.79 (92.24)%(92.24)%
Occupancy13.41 %— %13.41 %85.56 %— %85.56 %(84.33)%(84.33)%
ADR$140.54 $— $140.54 $283.75 $— $283.75 (50.47)%(50.47)%
SARASOTA RITZ-CARLTON
Selected Financial Information:
Rooms revenue$5,906 $— $5,906 $7,430 $— $7,430 (20.51)%(20.51)%
Total hotel revenue$13,496 $— $13,496 $18,197 $— $18,197 (25.83)%(25.83)%
Hotel EBITDA$2,844 $— $2,844 $4,462 $— $4,462 (36.26)%(36.26)%
Hotel EBITDA margin21.07 %21.07 %24.52 %24.52 %(3.45)%(3.45)%
Selected Operating Information:
RevPAR$241.33 $— $241.33 $303.60 $— $303.60 (20.51)%(20.51)%
Occupancy60.32 %— %60.32 %81.42 %— %81.42 %(25.92)%(25.92)%
ADR$400.07 $— $400.07 $372.87 $— $372.87 7.29 %7.29 %
13



Three Months Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202020202020201920192019% Variance% Variance
LAKE TAHOE RITZ-CARLTON
Selected Financial Information:
Rooms revenue$3,088 $— $3,088 $5,862 $— $5,862 (47.32)%(47.32)%
Total hotel revenue$6,199 $— $6,199 $11,650 $43 $11,693 (46.79)%(46.99)%
Hotel EBITDA$(515)$— $(515)$2,140 $34 $2,174 (124.07)%(123.69)%
Hotel EBITDA margin(8.31)%(8.31)%18.37 %18.59 %(26.68)%(26.90)%
Selected Operating Information:
RevPAR$197.42 $— $197.42 $374.80 $— $374.80 (47.33)%(47.33)%
Occupancy46.70 %— %46.70 %64.26 %— %64.26 %(27.32)%(27.32)%
ADR$422.74 $— $422.74 $583.27 $— $583.27 (27.52)%(27.52)%
SEATTLE MARRIOTT WATERFRONT
Selected Financial Information:
Rooms revenue$783 $— $783 $5,857 $— $5,857 (86.63)%(86.63)%
Total hotel revenue$866 $— $866 $7,860 $— $7,860 (88.98)%(88.98)%
Hotel EBITDA$(512)$— $(512)$2,360 $— $2,360 (121.69)%(121.69)%
Hotel EBITDA margin(59.12)%(59.12)%30.03 %30.03 %(89.15)%(89.15)%
Selected Operating Information:
RevPAR$23.56 $— $23.56 $176.36 $— $176.36 (86.64)%(86.64)%
Occupancy13.75 %— %13.75 %75.30 %— %75.30 %(81.73)%(81.73)%
ADR$171.31 $— $171.31 $234.20 $— $234.20 (26.85)%(26.85)%
ST. THOMAS RITZ-CARLTON
Selected Financial Information:
Rooms revenue$5,813 $— $5,813 $2,461  $$2,461 136.20 %136.20 %
Total hotel revenue$9,896 $— $9,896 $7,075 $— $7,075 39.87 %39.87 %
Hotel EBITDA$2,251 $— $2,251 $920 $— $920 144.67 %144.67 %
Hotel EBITDA margin22.75 %22.75 %13.00 %13.00 %9.75 %9.75 %
Selected Operating Information:
RevPAR$351.10 $— $351.10 $296.19 $— $296.19 18.54 %18.54 %
Occupancy54.89 %— %54.89 %38.13 %— %38.13 %43.94 %43.94 %
ADR$639.69 $— $639.69 $776.76 $— $776.76 (17.65)%(17.65)%
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$30,761 $— $30,761 $74,753 $— $74,753 (58.85)%(58.85)%
Total hotel revenue$51,805 $— $51,805 $121,702 $43 $121,745 (57.43)%(57.45)%
Hotel EBITDA$1,573 $— $1,573 $30,350 $(44)$30,306 (94.82)%(94.81)%
Hotel EBITDA margin3.04 %3.04 %24.94 %24.89 %(21.90)%(21.85)%
Selected Operating Information:
RevPAR$89.83 $— $89.83 $223.70 $— $223.70 (59.84)%(59.84)%
Occupancy27.72 %— %27.72 %76.46 %— %76.46 %(63.75)%(63.75)%
ADR$324.11 $— $324.11 $292.58 $— $292.58 10.78 %10.78 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

14



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202020202020201920192019% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$7,595 $— $7,595 $38,735 $— $38,735 (80.39)%(80.39)%
Total hotel revenue$12,718 $— $12,718 $57,285 $— $57,285 (77.80)%(77.80)%
Hotel EBITDA$(5,076)$— $(5,076)$14,141 $— $14,141 (135.90)%(135.90)%
Hotel EBITDA margin(39.91)%(39.91)%24.69 %24.69 %(64.60)%(64.60)%
Selected Operating Information:
RevPAR$37.73 $— $37.73 $192.95 $— $192.95 (80.45)%(80.45)%
Occupancy19.15 %— %19.15 %82.95 %— %82.95 %(76.91)%(76.91)%
ADR$197.00 $— $197.00 $232.62 $— $232.62 (15.31)%(15.31)%
LA JOLLA HILTON TORREY PINES
Selected Financial Information:
Rooms revenue$9,559 $— $9,559 $25,822 $— $25,822 (62.98)%(62.98)%
Total hotel revenue$15,389 $— $15,389 $46,973 $— $46,973 (67.24)%(67.24)%
Hotel EBITDA$353 $— $353 $15,695 $— $15,695 (97.75)%(97.75)%
Hotel EBITDA margin2.29 %2.29 %33.41 %33.41 %(31.12)%(31.12)%
Selected Operating Information:
RevPAR$66.29 $— $66.29 $179.56 $— $179.56 (63.08)%(63.08)%
Occupancy37.84 %— %37.84 %83.06 %— %83.06 %(54.44)%(54.44)%
ADR$175.17 $— $175.17 $216.18 $— $216.18 (18.97)%(18.97)%
CHICAGO SOFITEL MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$5,979 $— $5,979 $25,366 $— $25,366 (76.43)%(76.43)%
Total hotel revenue$7,882 $— $7,882 $34,770 $— $34,770 (77.33)%(77.33)%
Hotel EBITDA$(5,388)$— $(5,388)$7,169 $— $7,169 (175.16)%(175.16)%
Hotel EBITDA margin(68.36)%(68.36)%20.62 %20.62 %(88.98)%(88.98)%
Selected Operating Information:
RevPAR$39.36 $— $39.36 $167.46 $— $167.46 (76.49)%(76.49)%
Occupancy27.87 %— %27.87 %82.35 %— %82.35 %(66.16)%(66.16)%
ADR$141.25 $— $141.25 $203.34 $— $203.34 (30.53)%(30.53)%
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$7,467 $— $7,467 $13,633 $— $13,633 (45.23)%(45.23)%
Total hotel revenue$9,921 $— $9,921 $19,060 $— $19,060 (47.95)%(47.95)%
Hotel EBITDA$1,018 $— $1,018 $5,610 $— $5,610 (81.85)%(81.85)%
Hotel EBITDA margin10.26 %10.26 %29.43 %29.43 %(19.17)%(19.17)%
Selected Operating Information:
RevPAR$313.89 $— $313.89 $595.19 $— $595.19 (47.26)%(47.26)%
Occupancy40.32 %— %40.32 %75.11 %— %75.11 %(46.31)%(46.31)%
ADR$778.43 $— $778.43 $792.41 $— $792.41 (1.76)%(1.76)%
KEY WEST PIER HOUSE RESORT
Selected Financial Information:
Rooms revenue$12,265 $— $12,265 $19,235 $— $19,235 (36.24)%(36.24)%
Total hotel revenue$15,753 $— $15,753 $25,056 $— $25,056 (37.13)%(37.13)%
Hotel EBITDA$6,707 $— $6,707 $11,700 $— $11,700 (42.68)%(42.68)%
Hotel EBITDA margin42.58 %42.58 %46.70 %46.70 %(4.12)%(4.12)%
Selected Operating Information:
RevPAR$235.99 $— $235.99 $371.12 $— $371.12 (36.41)%(36.41)%
Occupancy55.41 %— %55.41 %82.14 %— %82.14 %(32.54)%(32.54)%
ADR$425.89 $— $425.89 $451.84 $— $451.84 (5.74)%(5.74)%
15



Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202020202020201920192019% Variance% Variance
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$4,539 $— $4,539 $12,054 $— $12,054 (62.34)%(62.34)%
Total hotel revenue$5,751 $— $5,751 $15,305 $— $15,305 (62.42)%(62.42)%
Hotel EBITDA$(86)$— $(86)$6,202 $— $6,202 (101.39)%(101.39)%
Hotel EBITDA margin(1.50)%(1.50)%40.52 %40.52 %(42.02)%(42.02)%
Selected Operating Information:
RevPAR$155.01 $— $155.01 $412.82 $— $412.82 (62.45)%(62.45)%
Occupancy29.46 %— %29.46 %73.91 %— %73.91 %(60.14)%(60.14)%
ADR$526.17 $— $526.17 $558.52 $— $558.52 (5.79)%(5.79)%
PARK HYATT BEAVER CREEK
Selected Financial Information:
Rooms revenue$12,847 $— $12,847 $18,209 $— $18,209 (29.45)%(29.45)%
Total hotel revenue$25,554 $— $25,554 $40,688 $— $40,688 (37.20)%(37.20)%
Hotel EBITDA$4,977 $— $4,977 $10,142 $— $10,142 (50.93)%(50.93)%
Hotel EBITDA margin19.48 %19.48 %24.93 %24.93 %(5.45)%(5.45)%
Selected Operating Information:
RevPAR$184.75 $— $184.75 $262.57 $— $262.57 (29.64)%(29.64)%
Occupancy33.92 %— %33.92 %59.06 %— %59.06 %(42.57)%(42.57)%
ADR$544.68 $— $544.68 $444.54 $— $444.54 22.53 %22.53 %
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$7,349 $— $7,349 $26,016 $— $26,016 (71.75)%(71.75)%
Total hotel revenue$9,000 $— $9,000 $31,887 $— $31,887 (71.78)%(71.78)%
Hotel EBITDA$(1,633)$— $(1,633)$9,850 $— $9,850 (116.58)%(116.58)%
Hotel EBITDA margin(18.14)%(18.14)%30.89 %30.89 %(49.03)%(49.03)%
Selected Operating Information:
RevPAR$40.24 $— $40.24 $142.84 $— $142.84 (71.83)%(71.83)%
Occupancy24.20 %— %24.20 %72.15 %— %72.15 %(66.45)%(66.45)%
ADR$166.25 $— $166.25 $197.97 $— $197.97 (16.03)%(16.03)%
THE CLANCY
Selected Financial Information:
Rooms revenue$8,249 $— $8,249 $40,576 $— $40,576 (79.67)%(79.67)%
Total hotel revenue$9,622 $— $9,622 $44,167 $— $44,167 (78.21)%(78.21)%
Hotel EBITDA$(3,695)$— $(3,695)$14,248 $— $14,248 (125.93)%(125.93)%
Hotel EBITDA margin(38.40)%(38.40)%32.26 %32.26 %(70.66)%(70.66)%
Selected Operating Information:
RevPAR$54.97 $— $54.97 $271.14 $— $271.14 (79.73)%(79.73)%
Occupancy19.52 %— %19.52 %89.99 %— %89.99 %(78.31)%(78.31)%
ADR$281.66 $— $281.66 $301.30 $— $301.30 (6.52)%(6.52)%
SARASOTA RITZ-CARLTON
Selected Financial Information:
Rooms revenue$21,564 $— $21,564 $27,931 $— $27,931 (22.80)%(22.80)%
Total hotel revenue$49,531 $— $49,531 $65,524 $— $65,524 (24.41)%(24.41)%
Hotel EBITDA$11,502 $— $11,502 $13,626 $— $13,626 (15.59)%(15.59)%
Hotel EBITDA margin23.22 %23.22 %20.80 %20.80 %2.42 %2.42 %
Selected Operating Information:
RevPAR$221.49 $— $221.49 $287.68 $— $287.68 (23.01)%(23.01)%
Occupancy53.95 %— %53.95 %73.40 %— %73.40 %(26.50)%(26.50)%
ADR$410.53 $— $410.53 $391.92 $— $391.92 4.75 %4.75 %
16



Year Ended December 31,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202020202020201920192019% Variance% Variance
LAKE TAHOE RITZ-CARLTON
Selected Financial Information:
Rooms revenue$15,040 $— $15,040 $22,362 $1,719 $24,081 (32.74)%(37.54)%
Total hotel revenue$27,237 $(138)$27,099 $43,274 $2,898 $46,172 (37.06)%(41.31)%
Hotel EBITDA$1,867 $— $1,867 $8,175 $832 $9,007 (77.16)%(79.27)%
Hotel EBITDA margin6.85 %6.89 %18.89 %19.51 %(12.04)%(12.62)%
Selected Operating Information:
RevPAR$241.72 $— $241.72 $374.76 $722.13 $388.09 (35.50)%(37.72)%
Occupancy43.68 %— %43.68 %67.39 %77.52 %67.78 %(35.19)%(35.56)%
ADR$553.44 $— $553.44 $556.11 $931.53 $572.58 (0.48)%(3.34)%
SEATTLE MARRIOTT WATERFRONT
Selected Financial Information:
Rooms revenue$5,604 $— $5,604 $29,235 $— $29,235 (80.83)%(80.83)%
Total hotel revenue$7,021 $— $7,021 $37,497 $— $37,497 (81.28)%(81.28)%
Hotel EBITDA$(1,733)$— $(1,733)$14,250 $— $14,250 (112.16)%(112.16)%
Hotel EBITDA margin(24.68)%(24.68)%38.00 %38.00 %(62.68)%(62.68)%
Selected Operating Information:
RevPAR$42.41 $— $42.41 $221.87 $— $221.87 (80.88)%(80.88)%
Occupancy20.68 %— %20.68 %83.22 %— %83.22 %(75.15)%(75.15)%
ADR$205.12 $— $205.12 $266.62 $— $266.62 (23.07)%(23.07)%
ST. THOMAS RITZ-CARLTON
Selected Financial Information:
Rooms revenue$16,771 $— $16,771 $3,295 $— $3,295 408.98 %408.98 %
Total hotel revenue$31,595 $— $31,595 $26,122 $— $26,122 20.95 %20.95 %
Hotel EBITDA$4,624 $— $4,624 $11,399 $— $11,399 (59.44)%(59.44)%
Hotel EBITDA margin14.64 %14.64 %43.64 %43.64 %(29.00)%(29.00)%
Selected Operating Information:
RevPAR$258.43 $— $258.43 $299.87 $— $299.87 (13.82)%(13.82)%
Occupancy38.85 %— %38.85 %48.61 %— %48.61 %(20.07)%(20.07)%
ADR$665.20 $— $665.20 $616.91 $— $616.91 7.83 %7.83 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$134,828 $— $134,828 $302,469 $1,719 $304,188 (55.42)%(55.68)%
Total hotel revenue$226,974 $(138)$226,836 $487,608 $2,898 $490,506 (53.45)%(53.75)%
Hotel EBITDA$13,437 $— $13,437 $142,207 $832 $143,039 (90.55)%(90.61)%
Hotel EBITDA margin5.92 %5.92 %29.16 %29.16 %(23.24)%(23.24)%
Selected Operating Information:
RevPAR$99.05 $— $99.05 $232.56 $722.13 $233.45 (57.41)%(57.57)%
Occupancy30.25 %— %30.25 %78.85 %77.52 %78.85 %(61.64)%(61.64)%
ADR$327.43 $— $327.43 $294.93 $931.53 $296.07 11.02 %10.59 %
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    Rooms revenue, RevPAR, Occupancy and ADR do not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton.
(4)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA
17



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

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202020202020202020202020202020202020202020202020
4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter
Total Hotel Revenue$51,805 $— $51,805 $44,754 $— $44,754 $12,895 $— $12,895 $117,520 $(138)$117,382 
Hotel EBITDA$1,573 $— $1,573 $358 $— $358 $(15,804)$— $(15,804)$27,310 $— $27,310 
Hotel EBITDA Margin3.04 %3.04 %0.80 %0.80 %(122.56)%(122.56)%23.24 %23.27 %
EBITDA % of Total TTM11.7 %11.7 %2.7 %2.7 %(117.6)%(117.6)%203.2 %203.2 %
JV Interests in EBITDA$(716)$— $(716)$(338)$— $(338)$(1,084)$— $(1,084)$957 $— $957 
ActualNon-comparable AdjustmentsComparable
202020202020
TTMTTMTTM
Total Hotel Revenue$226,974 $(138)$226,836 
Hotel EBITDA$13,437 $— $13,437 
Hotel EBITDA Margin5.92 %5.92 %
EBITDA % of Total TTM100.0 %100.0 %
JV Interests in EBITDA$(1,181)$— $(1,181)
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.

18



BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
TOTAL ENTERPRISE VALUE
December 31, 2020
(in thousands, except share price)
(unaudited)

December 31, 2020
Common stock shares outstanding38,275 
Partnership units outstanding (common stock equivalents)4,277 
Combined common stock shares and partnership units outstanding42,552 
Common stock price$4.61 
Market capitalization$196,165 
Series B cumulative convertible preferred stock$125,787 
Series D cumulative preferred stock$40,000 
Indebtedness$1,128,724 
Joint venture partner's share of consolidated indebtedness$(49,307)
Net working capital (see below)$(74,176)
Total enterprise value (TEV)$1,367,193 
Cash and cash equivalents$77,708 
Restricted cash$33,660 
Accounts receivable, net$13,408 
Prepaid expenses$4,216 
Due from third-party hotel managers, net$10,877 
Total current assets$139,869 
Accounts payable, net & accrued expenses$61,189 
Dividends and distributions payable$2,736 
Due to affiliates, net$1,768 
Total current liabilities$65,693 
Net working capital*$74,176 
* Includes the Company's pro rata share of net working capital in joint ventures.
19



Exhibit 1

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

2020202020202020December 31, 2020
4th Quarter3rd Quarter2nd Quarter1st QuarterTTM
Net income (loss)$(19,811)$(10,667)$(39,781)$(1,459)$(71,718)
Non-property adjustments— (10,149)813 — (9,336)
Interest income(10)(10)(18)(62)(100)
Interest expense3,236 2,315 6,275 4,906 16,732 
Amortization of loan costs301 297 287 282 1,167 
Depreciation and amortization17,973 18,507 18,553 18,338 73,371 
Income tax expense (benefit)(336)(804)335 (797)
Non-hotel EBITDA ownership expense220 57 (1,129)4,970 4,118 
Hotel EBITDA including amounts attributable to noncontrolling interest1,573 358 (15,804)27,310 13,437 
Non-comparable adjustments— — — — — 
Comparable hotel EBITDA$1,573 $358 $(15,804)$27,310 $13,437 

20


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(3,661)$(1,778)$(2,247)$(565)$861 $(991)$(533)$(2,571)$(5,156)$372 $(1,872)$(1,492)$(178)$(19,811)$(10,317)$(30,128)
Non-property adjustments— — — — — — — — — — — — — — — — 
Interest income(2)— — — — — — — — (5)— (3)— (10)10 — 
Interest expense— — — 263 404 329 500 — — 896 306 — 538 3,236 2,999 6,235 
Amortization of loan cost— — — 37 72 39 — — 85 35 — 26 301 401 702 
Depreciation and amortization1,896 1,097 1,668 694 763 612 873 2,168 3,054 1,523 697 997 1,931 17,973 — 17,973 
Income tax expense (benefit)— (229)— — — — — (17)— — — — (90)(336)552 216 
Non-hotel EBITDA ownership expense(107)(80)(26)112 (19)(85)112 (27)319 (14)24 220 (220)— 
Hotel EBITDA including amounts attributable to noncontrolling interest(1,874)(990)(605)541 2,106 (6)828 (505)(1,990)2,844 (515)(512)2,251 1,573 (6,575)(5,002)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest469 247 — — — — — — — — — — — 716 (716)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 79 79 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (79)(79)
Hotel EBITDA attributable to the Company and OP unitholders$(1,405)$(743)$(605)$541 $2,106 $(6)$828 $(505)$(1,990)$2,844 $(515)$(512)$2,251 $2,289 $(7,291)$(5,002)
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(1,874)$(990)$(605)$541 $2,106 $(6)$828 $(505)$(1,990)$2,844 $(515)$(512)$2,251 $1,573 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$(1,874)$(990)$(605)$541 $2,106 $(6)$828 $(505)$— $2,844 $(515)$(512)$2,251 $3,563 
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(1,874)$(990)$(605)$541 $2,106 $(6)$828 $(505)$— $2,844 $(515)$(512)$2,251 $3,563 
COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)

BAML (Pier House)$— $— $— $— $2,106 $— $— $— $— $— $— $— $— $2,106 
BAML (Bardessono)— — — 541 — — — — — — — — — 541 
BAML (Hotel Yountville)— — — — — (6)— — — — — — — (6)
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — — 2,251 
Prudential (Capital Hilton and Hilton Torrey Pines)(1,874)(990)— — — — — — — — — — — (2,864)
BAML Pool (see footnote 4)— — (605)— — — — (505)(1,990)— — (512)— (3,612)
JP Morgan (Park Hyatt Beaver Creek)— — — — — — 828 — — — — — — 828 
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 2,844 — — — 2,844 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — (515)— — (515)
Total$(1,874)$(990)$(605)$541 $2,106 $(6)$828 $(505)$(1,990)$2,844 $(515)$(512)$— $1,573 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)     This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
21


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended September 30, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(3,500)$(833)$(2,832)$(26)$(103)$(631)$(788)$(2,852)$(5,002)$(799)$189 $(1,480)$7,990 $(10,667)$(12,390)$(23,057)
Non-property adjustments— — — — — — — — — — — — (10,149)(10,149)10,149 — 
Interest income— — — — — — — — (1)(5)— (4)— (10)10 — 
Interest expense— — — 263 405 330 (422)— — 897 304 — 538 2,315 5,855 8,170 
Amortization of loan cost— — — 37 71 39 — — 84 34 — 26 297 392 689 
Depreciation and amortization1,904 1,192 1,671 697 786 613 1,240 2,180 3,045 1,516 700 997 1,966 18,507 — 18,507 
Income tax expense (benefit)— (1)— — — — — — — — — (1,553)(1,545)
Non-hotel EBITDA ownership expense(44)(70)185 (4)49 247 24 (37)101 (95)(32)(276)57 (57)— 
Hotel EBITDA including amounts attributable to noncontrolling interest(1,640)288 (1,152)1,156 1,155 400 283 (646)(1,995)1,794 1,132 (519)102 358 2,406 2,764 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest410 (72)— — — — — — — — — — — 338 (338)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — �� — — 58 58 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (56)(56)
Hotel EBITDA attributable to the Company and OP unitholders$(1,230)$216 $(1,152)$1,156 $1,155 $400 $283 $(646)$(1,995)$1,794 $1,132 $(519)$102 $696 $2,070 $2,766 
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(1,640)$288 $(1,152)$1,156 $1,155 $400 $283 $(646)$(1,995)$1,794 $1,132 $(519)$102 $358 

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House)$— $— $— $— $1,155 $— $— $— $— $— $— $— $— $1,155 
BAML (Bardessono)— — — 1,156 — — — — — — — — — 1,156 
BAML (Hotel Yountville)— — — — — 400 — — — — — — — 400 
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — 102 102 
Prudential (Capital Hilton and Hilton Torrey Pines)(1,640)288 — — — — — — — — — — — (1,352)
BAML Pool (see footnote 3)— — (1,152)— — — — (646)(1,995)— — (519)— (4,312)
JP Morgan (Park Hyatt Beaver Creek)— — — — — — 283 — — — — — — 283 
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 1,794 — — — 1,794 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — 1,132 — — 1,132 
Total$(1,640)$288 $(1,152)$1,156 $1,155 $400 $283 $(646)$(1,995)$1,794 $1,132 $(519)$102 $358 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
22


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended June 30, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(3,909)$(2,246)$(3,417)$(2,403)$(2,233)$(1,933)$(4,251)$(3,330)$(4,918)$(2,198)$(3,239)$(2,120)$(3,584)$(39,781)$(16,324)$(56,105)
Non-property adjustments— — — 100 200 128 — — — 250 135 — — 813 (813)— 
Interest income(2)(3)— — — — — (1)(2)(5)— (5)— (18)18 — 
Interest expense— — — 521 904 661 1,478 — — 1,535 644 — 532 6,275 10,189 16,464 
Amortization of loan cost— — — 36 70 38 — — — 83 34 — 26 287 660 947 
Depreciation and amortization1,910 1,352 1,667 877 743 609 1,225 2,170 2,966 1,482 695 976 1,881 18,553 — 18,553 
Income tax expense (benefit)— (806)— — — — — — — — — — (804)(3,643)(4,447)
Non-hotel EBITDA ownership expense(641)(11)83 (16)— (139)55 74 63 93 (85)(613)(1,129)1,129 — 
Hotel EBITDA including amounts attributable to noncontrolling interest(2,642)(1,695)(1,761)(786)(332)(497)(1,687)(1,104)(1,880)1,210 (1,638)(1,234)(1,758)(15,804)(8,784)(24,588)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest660 424 — — — — — — — — — — — 1,084 (1,084)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 40 40 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (40)(40)
Hotel EBITDA attributable to the Company and OP unitholders$(1,982)$(1,271)$(1,761)$(786)$(332)$(497)$(1,687)$(1,104)$(1,880)$1,210 $(1,638)$(1,234)$(1,758)$(14,720)$(9,868)$(24,588)
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(2,642)$(1,695)$(1,761)$(786)$(332)$(497)$(1,687)$(1,104)$(1,880)$1,210 $(1,638)$(1,234)$(1,758)$(15,804)

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House)$— $— $— $— $(332)$— $— $— $— $— $— $— $— $(332)
BAML (Bardessono)— — — (786)— — — — — — — — — (786)
BAML (Hotel Yountville)— — — — — (497)— — — — — — — (497)
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — (1,758)(1,758)
Prudential (Capital Hilton and Hilton Torrey Pines)(2,642)(1,695)— — — — — — — — — — — (4,337)
BAML Pool (see footnote 3)— — (1,761)— — — — (1,104)(1,880)— — (1,234)— (5,979)
JP Morgan (Park Hyatt Beaver Creek)— — — — — — (1,687)— — — — — — (1,687)
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 1,210 — — — 1,210 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — (1,638)— — (1,638)
Total$(2,642)$(1,695)$(1,761)$(786)$(332)$(497)$(1,687)$(1,104)$(1,880)$1,210 $(1,638)$(1,234)$(1,758)$(15,804)
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
23


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended March 31, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(1,652)$844 $(3,734)$(1,366)$2,241 $(1,217)$3,368 $(1,889)$(1,101)$2,331 $1,009 $(909)$616 $(1,459)$(13,928)$(15,387)
Non-property adjustments— — — — — — — — — — — — — — — — 
Interest income(8)(13)— — — — — (5)(6)(14)— (15)(1)(62)62 — 
Interest expense— — — 427 713 545 725 — — 1,306 515 — 675 4,906 5,920 10,826 
Amortization of loan cost— — — 35 69 37 — — — 82 33 — 26 282 789 1,071 
Depreciation and amortization1,938 1,391 1,661 858 714 607 1,224 2,250 2,963 1,471 680 979 1,602 18,338 — 18,338 
Income tax expense (benefit)— 333 — — — — — — — — — — 335 1,035 1,370 
Non-hotel EBITDA ownership expense802 195 203 153 41 45 236 264 314 478 651 477 1,111 4,970 (4,970)— 
Hotel EBITDA including amounts attributable to noncontrolling interest1,080 2,750 (1,870)107 3,778 17 5,553 622 2,170 5,654 2,888 532 4,029 27,310 (11,092)16,218 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(270)(687)— — — — — — — — — — — (957)957 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 40 40 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (39)(39)
Hotel EBITDA attributable to the Company and OP unitholders$810 $2,063 $(1,870)$107 $3,778 $17 $5,553 $622 $2,170 $5,654 $2,888 $532 $4,029 $26,353 $(10,134)$16,219 
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$1,080 $2,750 $(1,870)$107 $3,778 $17 $5,553 $622 $2,170 $5,654 $2,888 $532 $4,029 $27,310 

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
BAML (Pier House)$— $— $— $— $3,778 $— $— $— $— $— $— $— $— $3,778 
BAML (Bardessono)— — — 107 — — — — — — — — — 107 
BAML (Hotel Yountville)— — — — — 17 — — — — — — — 17 
Apollo (Ritz-Carlton St. Thomas)— — — — — — — — — — — — 4,029 4,029 
Prudential (Capital Hilton and Hilton Torrey Pines)1,080 2,750 — — — — — — — — — — — 3,830 
BAML Pool (see footnote 3)— — (1,870)— — — — 622 2,170 — — 532 — 1,454 
JP Morgan (Park Hyatt Beaver Creek)— — — — — — 5,553 — — — — — — 5,553 
BAML (Ritz-Carlton Sarasota)— — — — — — — — — 5,654 — — — 5,654 
BAML (Ritz-Carlton Lake Tahoe)— — — — — — — — — — 2,888 — — 2,888 
Total$1,080 $2,750 $(1,870)$107 $3,778 $17 $5,553 $622 $2,170 $5,654 $2,888 $532 $4,029 $27,310 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.
(3)    This mortgage loan is secured by the Chicago Sofitel Magnificent Mile, The Clancy, Seattle Marriott Waterfront and The Notary Hotel.
24


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Three Months Ended December 31, 2019
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$827 $1,921 $(92)$(99)$1,413 $176 $(862)$891 $(313)$1,316 $137 $1,301 $25,190 $31,806 $(14,711)$17,095 
Non-property adjustments— — — — (89)— — — — — — — (26,231)(26,320)26,320 — 
Interest income(13)(17)— — — — — (9)(4)(16)— (9)(1)(69)69 — 
Interest expense— — — 448 755 572 794 — — 1,359 544 — 738 5,210 6,308 11,518 
Amortization of loan cost— — — 35 69 37 — — — 81 33 — 54 309 786 1,095 
Depreciation and amortization1,987 1,406 1,659 858 730 604 1,223 2,245 2,859 1,496 1,243 988 1,012 18,310 (189)18,121 
Income tax expense (benefit)— (87)— — — — — (52)— — — — (34)(173)444 271 
Non-hotel EBITDA ownership expense35 25 43 111 33 (50)258 136 226 183 80 192 1,277 (1,277)— 
Hotel EBITDA including amounts attributable to noncontrolling interest2,836 3,248 1,610 1,353 2,883 1,422 1,105 3,333 2,678 4,462 2,140 2,360 920 30,350 17,750 48,100 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(709)(811)— — — — — — — — — — — (1,520)1,520 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 50 50 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (48)(48)
Hotel EBITDA attributable to the Company and OP unitholders$2,127 $2,437 $1,610 $1,353 $2,883 $1,422 $1,105 $3,333 $2,678 $4,462 $2,140 $2,360 $920 $28,830 $19,272 $48,102 
Non-comparable adjustments— — — — — — — 118 (196)— 34 — — (44)
Comparable hotel EBITDA$2,836 $3,248 $1,610 $1,353 $2,883 $1,422 $1,105 $3,451 $2,482 $4,462 $2,174 $2,360 $920 $30,306 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


25


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2020
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(12,722)$(4,013)$(12,230)$(4,360)$766 $(4,772)$(2,204)$(10,642)$(16,177)$(294)$(3,913)$(6,001)$4,844 $(71,718)$(52,959)$(124,677)
Non-property adjustments— — — 100 200 128 — — — 250 135 — (10,149)(9,336)9,336 — 
Interest income(12)(16)— — — — — (6)(9)(29)— (27)(1)(100)100 — 
Interest expense— — — 1,474 2,426 1,865 2,281 — — 4,634 1,769 — 2,283 16,732 24,963 41,695 
Amortization of loan cost— — — 145 282 153 13 — — 334 136 — 104 1,167 2,242 3,409 
Depreciation and amortization7,648 5,032 6,667 3,126 3,006 2,441 4,562 8,768 12,028 5,992 2,772 3,949 7,380 73,371 — 73,371 
Income tax expense (benefit)— (703)— — — — — (11)— — — — (83)(797)(3,609)(4,406)
Non-hotel EBITDA ownership expense10 53 175 533 27 99 325 258 463 615 968 346 246 4,118 (4,118)— 
Hotel EBITDA including amounts attributable to noncontrolling interest(5,076)353 (5,388)1,018 6,707 (86)4,977 (1,633)(3,695)11,502 1,867 (1,733)4,624 13,437 (24,045)(10,608)
Less: EBITDA adjustments attributable to consolidated noncontrolling interest1,269 (88)— — — — — — — — — — — 1,181 (1,181)— 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — 217 217 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (214)(214)
Hotel EBITDA attributable to the Company and OP unitholders$(3,807)$265 $(5,388)$1,018 $6,707 $(86)$4,977 $(1,633)$(3,695)$11,502 $1,867 $(1,733)$4,624 $14,618 $(25,223)$(10,605)
Non-comparable adjustments— — — — — — — — — — — — — — 
Comparable hotel EBITDA$(5,076)$353 $(5,388)$1,018 $6,707 $(86)$4,977 $(1,633)$(3,695)$11,502 $1,867 $(1,733)$4,624 $13,437 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


26


Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Year Ended December 31, 2019
Capital Hilton Washington D.C.La Jolla Hilton Torrey PinesChicago Sofitel Magnificent MileBardessono Hotel & SpaKey West Pier House ResortHotel YountvillePark Hyatt Beaver CreekThe Notary HotelThe ClancySarasota Ritz-CarltonLake Tahoe Ritz-CarltonSeattle Marriott WaterfrontSt. Thomas Ritz-CarltonHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$6,220 $9,817 $(24)$(36)$8,303 $868 $1,609 $(493)$3,739 $(484)$606 $10,124 $30,595 $70,844 $(69,648)$1,196 
Non-property adjustments— — — — (89)(9)— 1,186 — (23)— — (25,953)(24,888)24,888 — 
Interest income(57)(75)— — — — — (20)(16)(69)— (48)(2)(287)287 — 
Interest expense— — — 1,952 764 2,489 3,427 — — 5,847 2,294 — 3,087 19,860 30,304 50,164 
Amortization of loan cost— — — 138 69 146 138 — — 318 129 — 154 1,092 3,251 4,343 
Depreciation and amortization7,915 5,616 6,659 3,108 2,615 2,576 4,495 8,369 10,355 7,715 4,426 3,976 2,476 70,301 (189)70,112 
Income tax expense (benefit)— 251 — — — — — (42)— — — — 77 286 1,478 1,764 
Non-hotel EBITDA ownership expense63 86 534 448 38 132 473 850 170 322 720 198 965 4,999 (4,999)— 
Hotel EBITDA including amounts attributable to noncontrolling interest14,141 15,695 7,169 5,610 11,700 6,202 10,142 9,850 14,248 13,626 8,175 14,250 11,399 142,207 (14,628)127,579 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(3,535)(3,924)— — — — — — — — — — — (7,459)7,459 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — ��� — — — — — 199 199 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — (195)(195)
Hotel EBITDA attributable to the Company and OP unitholders$10,606 $11,771 $7,169 $5,610 $11,700 $6,202 $10,142 $9,850 $14,248 $13,626 $8,175 $14,250 $11,399 $134,748 $(7,165)$127,583 
Non-comparable adjustments— — — — — — — — — — 832 — — 832 
Comparable hotel EBITDA$14,141 $15,695 $7,169 $5,610 $11,700 $6,202 $10,142 $9,850 $14,248 $13,626 $9,007 $14,250 $11,399 $143,039 
NOTES:
(1)    The above comparable information assumes the thirteen hotel properties owned and included in the Company's operations at December 31, 2020, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period.
(2)    All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition.


27