EX-99.1 2 bhr2024q2earningsrelease.htm EX-99.1 Document

EXHIBIT 99.1
braemara59a.jpg
NEWS RELEASE

Contact:Deric EubanksJoseph Calabrese
Chief Financial OfficerFinancial Relations Board
(972) 490-9600(212) 827-3772


BRAEMAR HOTELS & RESORTS REPORTS
SECOND QUARTER 2024 RESULTS

DALLAS – July 31, 2024 – Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar” or the “Company”) today reported financial results and performance measures for the second quarter ended June 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 June 30, 2024, was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2024 with the second quarter ended June 30, 2023 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS
•Comparable RevPAR for all hotels decreased 1.5% over the prior year quarter to $305. Comparable ADR decreased 4.1% over the prior year quarter to $418 and Comparable Occupancy increased 2.7% over the prior year quarter to 72.8%.
•Net loss attributable to common stockholders for the quarter was $(21.9) million or $(0.33) per diluted share.
•Adjusted funds from operations (AFFO) was $0.10 per diluted share for the quarter.
•Adjusted EBITDAre was $42.7 million for the quarter.
•Comparable Hotel EBITDA was $51.1 million for the quarter.
•The Company ended the quarter with cash and cash equivalents of $120.3 million and restricted cash of $60.7 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $17.1 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 40.4% at the end of the second quarter.
•Capex invested during the quarter was $15.9 million.
RECENT OPERATING HIGHLIGHTS
•Subsequent to quarter end, 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.


BHR Reports Second Quarter Results
Page 2
July 31, 2024
CAPITAL STRUCTURE
As of June 30, 2024, the Company had total assets of $2.2 billion and $1.2 billion of loans of which $44.3 million related to its joint venture partner’s share of the mortgage loans on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company’s total combined loans had a blended average interest rate of 8.1%, taking into account in-the-money interest rate caps. Based on the current level of SOFR, and the Company’s corresponding interest rate caps, approximately 77% of the Company’s consolidated debt is effectively fixed and approximately 23% is effectively floating.
During the quarter, the Company paid off the $30 million loan secured by the 143-room Cameo Beverly Hills in Beverly Hills, California.
During the quarter, the Company announced a shareholder value creation plan that includes the sale of the Hilton La Jolla Torrey Pines as well as the potential sale of one or two additional hotels, the payoff of its remaining 2024 debt maturities, a $50 million preferred share redemption program, and a new $50 million share buyback authorization. To date, the Company has redeemed approximately $40.1 million of its non-traded preferred stock.
Subsequent to quarter end, 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.

DIVIDENDS
On July 11, 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 third quarter ending September 30, 2024. The dividend, which equates to an annual rate of $0.20 per share, will be paid on October 15, 2024, to stockholders of record as of September 30, 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 are very pleased with the performance of our urban hotels during the quarter, which reported a RevPAR increase of 6.3% over the prior year quarter,” noted Richard J. Stockton, Braemar’s President and Chief Executive Officer. “As we look ahead, we believe our portfolio is well-positioned to outperform in both the near-term and long-term.” Mr. Stockton continued, “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, our $50 million preferred share redemption program, and the $50 million share buyback authorization.”


BHR Reports Second Quarter Results
Page 3
July 31, 2024

INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, August 1, 2024, at 11:00 a.m. ET. The number to call for this interactive teleconference is (646) 960-0284. A replay of the conference call will be available through Thursday, August 8, 2024, by dialing (609) 800-9909 and entering the confirmation number, 2925607.
The Company will also provide an online simulcast and rebroadcast of its second 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, August 1, 2024, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
We use certain non-GAAP measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer real estate investment trusts more meaningful. Non-GAAP financial measures, which should not be relied upon as a substitute for GAAP measures, used in this press release are FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. Please refer to our most recently filed Annual Report on Form 10-K for a more detailed description of how these non-GAAP measures are calculated. The reconciliations of non-GAAP measures to the closest GAAP measures are provided below and provide further details of our results for the period being reported.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company’s strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words “will likely result,” “may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on


BHR Reports Second Quarter Results
Page 4
July 31, 2024
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)

June 30, 2024December 31, 2023
ASSETS
Investments in hotel properties, gross$2,269,523 $2,382,716 
Accumulated depreciation(469,885)(498,508)
Investments in hotel properties, net1,799,638 1,884,208 
Cash and cash equivalents114,607 85,599 
Restricted cash52,339 80,904 
Accounts receivable, net of allowance of $201 and $237, respectively32,412 39,199 
Inventories4,634 5,003 
Prepaid expenses4,929 9,938 
Deferred costs, net75 75 
Investment in OpenKey1,540 1,674 
Derivative assets2,177 2,847 
Other assets19,349 17,751 
Operating lease right-of-use assets34,317 78,383 
Intangible assets, net3,314 3,504 
Due from related parties, net365 — 
Due from third-party hotel managers17,088 17,739 
Assets held for sale124,931 — 
Total assets$2,211,715 $2,226,824 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness, net$1,128,439 $1,162,444 
Accounts payable and accrued expenses129,667 149,867 
Dividends and distributions payable9,333 9,158 
Due to Ashford Inc., net2,571 1,471 
Due to related parties, net— 603 
Due to third-party hotel managers674 1,608 
Operating lease liabilities19,110 60,379 
Derivative liabilities— 12 
Other liabilities23,740 22,756 
Liabilities associated with assets held for sale113,460 — 
Total liabilities1,426,994 1,408,298 
5.50% Series B Cumulative Convertible Preferred Stock, $0.01 par value, 3,078,017 shares issued and outstanding at June 30, 2024 and December 31, 202365,426 65,426 
Series E Redeemable Preferred Stock, $0.01 par value,16,142,351 and 16,316,315 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively374,847 377,035 
Series M Redeemable Preferred Stock, $0.01 par value, 1,622,773 and 1,832,805 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively40,569 45,623 
Redeemable noncontrolling interests in operating partnership31,579 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 June 30, 2024 and December 31, 202316 16 
Common stock, $0.01 par value, 250,000,000 shares authorized, 66,522,206 and 66,636,353 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively665 666 
Additional paid-in capital718,901 718,498 
Accumulated deficit(437,302)(412,199)
Total stockholders' equity of the Company282,280 306,981 
Noncontrolling interest in consolidated entities(9,980)(8,934)
Total equity272,300 298,047 
Total liabilities and equity$2,211,715 $2,226,824 

5


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
REVENUE
Rooms$116,227 $117,137 $254,779 $254,664 
Food and beverage47,563 47,776 101,110 100,004 
Other23,797 21,794 50,777 47,340 
Total hotel revenue187,587 186,707 406,666 402,008 
EXPENSES
Hotel operating expenses:
Rooms27,476 26,705 55,740 54,063 
Food and beverage36,664 36,365 77,381 76,104 
Other expenses58,155 56,297 118,231 118,592 
Management fees 6,068 5,880 13,044 12,585 
Total hotel operating expenses128,363 125,247 264,396 261,344 
Property taxes, insurance and other10,058 9,396 20,755 17,512 
Depreciation and amortization24,694 22,567 50,114 45,088 
Advisory services fee:
Base advisory fee3,336 3,667 6,663 7,307 
Reimbursable expenses2,961 2,042 5,226 4,064 
Incentive fee648 — 648 — 
Stock/unit-based compensation883 2,506 1,991 4,792 
Corporate, general and administrative:
Stock/unit-based compensation252 391 269 428 
Other general and administrative4,217 3,505 1,962 6,288 
Total operating expenses175,412 169,321 352,024 346,823 
OPERATING INCOME (LOSS)12,175 17,386 54,642 55,185 
Equity in earnings (loss) of unconsolidated entity(85)(75)(134)(148)
Interest income1,072 2,295 1,868 4,403 
Other income (expense)— — — — 
Interest expense(25,834)(22,915)(51,014)(45,026)
Amortization of loan costs(1,451)(685)(2,762)(1,447)
Write-off of loan costs and exit fees(82)(248)(803)(260)
Gain (loss) on extinguishment of debt(22)— (22)2,318 
Realized and unrealized gain (loss) on derivatives326 1,029 1,258 695 
INCOME (LOSS) BEFORE INCOME TAXES(13,901)(3,213)3,033 15,720 
Income tax (expense) benefit114 75 (1,338)(2,254)
NET INCOME (LOSS)(13,787)(3,138)1,695 13,466 
(Income) loss attributable to noncontrolling interest in consolidated entities303 367 1,046 58 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,919 925 1,623 664 
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY(11,565)(1,846)4,364 14,188 
Preferred dividends(10,329)(10,877)(20,736)(21,227)
Deemed dividends on redeemable preferred stock(26)(301)(2,024)(2,755)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS$(21,920)$(13,024)$(18,396)$(9,794)
INCOME (LOSS) PER SHARE – BASIC AND DILUTED
Basic:
Net income (loss) attributable to common stockholders$(0.33)$(0.20)$(0.28)$(0.14)
Weighted average common shares outstanding – basic66,501 65,806 66,478 68,378 
Diluted:
Net income (loss) attributable to common stockholders$(0.33)$(0.20)$(0.28)$(0.14)
Weighted average common shares outstanding – diluted66,501 65,806 66,478 68,378 
Dividends declared per common share$0.05 $0.05 $0.10 $0.10 

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BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre
(in thousands)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Net income (loss)$(13,787)$(3,138)$1,695 $13,466 
Interest expense and amortization of loan costs27,285 23,600 53,776 46,473 
Depreciation and amortization 24,694 22,567 50,114 45,088 
Income tax expense (benefit)(114)(75)1,338 2,254 
Equity in (earnings) loss of unconsolidated entity85 75 134 148 
Company's portion of EBITDA of OpenKey(82)(80)(139)(157)
EBITDA and EBITDAre38,081 42,949 106,918 107,272 
Amortization of favorable (unfavorable) contract assets (liabilities)118 118 237 237 
Transaction and conversion costs53 1,056 (5,574)2,251 
Write-off of loan costs and exit fees82 248 803 260 
Realized and unrealized (gain) loss on derivatives(326)(1,029)(1,258)(695)
Stock/unit-based compensation1,135 2,899 2,262 5,227 
Legal, advisory and settlement costs2,870 12 4,817 81 
Advisory services incentive fee648 — 648 — 
(Gain) loss on extinguishment of debt22 — 22 (2,318)
Company's portion of adjustments to EBITDAre of OpenKey3 — 3 — 
Adjusted EBITDAre$42,686 $46,253 $108,878 $112,315 
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO
(in thousands, except per share amounts)
(unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Net income (loss)$(13,787)$(3,138)$1,695 $13,466 
(Income) loss attributable to noncontrolling interest in consolidated entities303 367 1,046 58 
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership1,919 925 1,623 664 
Preferred dividends(10,329)(10,877)(20,736)(21,227)
Deemed dividends on redeemable preferred stock(26)(301)(2,024)(2,755)
Net income (loss) attributable to common stockholders(21,920)(13,024)(18,396)(9,794)
Depreciation and amortization on real estate23,696 21,763 47,876 43,548 
Net income (loss) attributable to redeemable noncontrolling interests in operating partnership(1,919)(925)(1,623)(664)
Equity in (earnings) loss of unconsolidated entity85 75 134 148 
Company's portion of FFO of OpenKey(95)(85)(162)(163)
FFO available to common stockholders and OP unitholders(153)7,804 27,829 33,075 
Deemed dividends on redeemable preferred stock26 301 2,024 2,755 
Transaction and conversion costs53 1,056 (5,574)2,251 
Write-off of premiums, loan costs and exit fees82 248 803 260 
Unrealized (gain) loss on derivatives1,213 1,253 1,952 3,454 
Stock/unit-based compensation1,135 2,899 2,262 5,227 
Legal, advisory and settlement costs2,870 12 4,817 81 
Interest expense accretion on refundable membership club deposits150 164 315 342 
Amortization of loan costs1,319 661 2,527 1,400 
Advisory services incentive fee648 — 648 — 
(Gain) loss on extinguishment of debt22 — 22 (2,318)
Company's portion of adjustments to FFO of OpenKey3 — 3 — 
Adjusted FFO available to common stockholders and OP unitholders$7,368 $14,398 $37,628 $46,527 
Adjusted FFO per diluted share available to common stockholders and OP unitholders$0.10 $0.20 $0.52 $0.63 
Weighted average diluted shares72,904 71,317 72,637 74,300 
7


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

LenderHotelsCurrent
Maturity
Final
Maturity (12)
Interest RateFixed-Rate
Debt		Floating-Rate
Debt		Total
Debt		TTM Hotel Net IncomeTTM Hotel Net Income Debt Yield
Comparable TTM Hotel EBITDA (13)
Comparable TTM Hotel EBITDA
Debt Yield
Prudential Hilton La Jolla Torrey PinesAugust 2024August 20249.00%$66,600 $— (3)$66,600 $13,509 20.3 %$18,045 27.1 %
BAML The Ritz-Carlton Lake TahoeJanuary 2025January 2026
SOFR (1) + 3.60%
— 53,413 (4)53,413 (9,997)(18.7)%3,068 5.7 %
Credit AgricolePark Hyatt Beaver Creek Resort & SpaFebruary 2025February 2027
SOFR (1) + 2.86%
— 70,500 (5)70,500 1,193 1.7 %12,315 17.5 %
BAMLSee footnoteJune 2025June 2025
SOFR (1) + 2.66%
— 293,180 (6)293,180 10,427 3.6 %39,354 13.4 %
ApolloThe Ritz-Carlton St. ThomasAugust 2025August 2026
SOFR (1) + 4.35%
— 42,500 (7)42,500 10,229 24.1 %22,857 53.8 %
BAML Pier House Resort & SpaSeptember 2025September 2026
SOFR (1) + 3.60%
— 80,000 (4)80,000 5,145 6.4 %14,192 17.7 %
Macquarie CAF LLCThe Ritz-Carlton Reserve Dorado BeachMarch 2026March 2026
SOFR (1) + 4.75%
— 62,000 62,000 10,583 17.1 %20,004 32.3 %
Convertible Senior NotesN/AJune 2026June 20264.50%86,250 — 86,250  N/A N/A N/A N/A
BAML Credit FacilitySee footnoteJuly 2026July 2027
Base Rate (2) + 1.25% to 2.00% or SOFR (1) + 2.35% to 3.10%
— 200,000 (8)200,000 18,720 9.4 %32,359 16.2 %
Aareal Capital CorporationFour Seasons Resort ScottsdaleDecember 2026December 2028
SOFR (1) + 3.75%
— 140,000 (9)140,000 504 0.4 %23,564 16.8 %
Aareal Capital CorporationCapital HiltonDecember 2026December 2028
SOFR (1) + 3.75%
— 110,600 (10)110,600 3,564 3.2 %17,171 15.5 %
Unencumbered hotelCameo Beverly Hills— — — (5,876)N/A(889)N/A
Total$152,850 $1,052,193 $1,205,043 $58,001 4.8 %$202,040 16.8 %
Percentage12.7 %87.3 %100.0 %
Weighted average interest rate (11)
6.46 %8.32 %8.08 %
All indebtedness is non-recourse with the exception of the convertible senior notes and the credit facility.
(1)    SOFR rate was 5.34% at June 30, 2024.
(2)    Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%.
(3)    On July 17, 2024, we sold this property for $165.0 million and repaid this mortgage loan.
(4)    This mortgage loan has one one-year extension option subject to satisfaction of certain conditions.
(5)    This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in February 2024.
(6)    This mortgage loan has five one-year extension options subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(7)    This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This amended mortgage loan has a SOFR floor of 4.00%.
(8)    This credit facility has one one-year extension option subject to satisfaction of certain conditions. This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
(9)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%.
(10)    This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%.
(11)    The weighted average interest rates are adjusted for in-the-money interest rate caps.
(12)    The final maturity date assumes all available extension options will be exercised.
(13)    See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA.
8


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
June 30, 2024
(dollars in thousands)
(unaudited)
LenderHotels20242025202620272028ThereafterTotal
Prudential
Hilton La Jolla Torrey Pines (1)
$66,600 $— $— $— $— $— $66,600 
BAMLSee footnote 2— 293,180 — — — — 293,180 
ApolloThe Ritz-Carlton St. Thomas — — 42,500 — — — 42,500 
BAML Pier House Resort & Spa— — 80,000 — — — 80,000 
BAML The Ritz-Carlton Lake Tahoe— — 53,413 — — — 53,413 
Macquarie CAF LLCThe Ritz-Carlton Reserve Dorado Beach— — 62,000 — — — 62,000 
Convertible Senior NotesN/A— — 86,250 — — — 86,250 
Credit AgricolePark Hyatt Beaver Creek Resort & Spa— — — 70,500 — — 70,500 
BAML Credit FacilitySee footnote 3— — — 200,000 — — 200,000 
Aareal Capital CorporationFour Seasons Resort Scottsdale— — — — 136,000 — 136,000 
Aareal Capital CorporationCapital Hilton— — — — 106,600 — 106,600 
Principal due in future periods$66,600 $293,180 $324,163 $270,500 $242,600 $— $1,197,043 
Scheduled amortization payments remaining— — — 4,000 4,000 — 8,000 
Total indebtedness$66,600 $293,180 $324,163 $274,500 $246,600 $— $1,205,043 
(1)    On July 17, 2024, we sold this property for $165.0 million and repaid this mortgage loan.
(2)    This mortgage loan is secured by the Sofitel Chicago Magnificent Mile, The Clancy, Marriott Seattle Waterfront and The Notary Hotel.
(3)    This credit facility is secured by the Bardessono Hotel & Spa, Hotel Yountville and The Ritz-Carlton Sarasota.
9


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

ALL HOTELS:
Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$117,107 $— $117,107 $118,603 $— $118,603 (1.26)%(1.26)%
RevPAR$304.66 $— $304.66 $309.21 $— $309.21 (1.47)%(1.47)%
Occupancy72.82 %— %72.82 %70.91 %— %70.91 %2.69 %2.69 %
ADR$418.38 $— $418.38 $436.07 $— $436.07 (4.06)%(4.06)%
ALL HOTELS:
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$258,542 $— $258,542 $258,426 $— $258,426 0.04 %0.04 %
RevPAR$336.37 $— $336.37 $338.78 $— $338.78 (0.71)%(0.71)%
Occupancy69.10 %— %69.10 %67.90 %— %67.90 %1.77 %1.77 %
ADR$486.76 $— $486.76 $498.95 $— $498.95 (2.44)%(2.44)%
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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 June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$113,283 $— $113,283 $114,070 $— $114,070 (0.69)%(0.69)%
RevPAR$308.06 $— $308.06 $310.89 $— $310.89 (0.91)%(0.91)%
Occupancy74.18 %— %74.18 %71.72 %— %71.72 %3.43 %3.43 %
ADR$415.27 $— $415.27 $433.48 $— $433.48 (4.20)%(4.20)%
ALL HOTELS
     NOT UNDER RENOVATION:
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
Rooms revenue (in thousands)$243,114 $— $243,114 $241,153 $— $241,153 0.81 %0.81 %
RevPAR$330.62 $— $330.62 $330.48 $— $330.48 0.04 %0.04 %
Occupancy69.91 %— %69.91 %68.26 %— %68.26 %2.42 %2.42 %
ADR$472.90 $— $472.90 $484.18 $— $484.18 (2.33)%(2.33)%
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2024, and not under renovation during the three months ended June 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
10


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
HOTEL NET INCOME (LOSS) & EBITDA
(dollars in thousands)
(unaudited)
ALL HOTELS:Three Months EndedSix Months Ended
June 30,June 30,
20242023% Variance20242023% Variance
Total hotel revenue$188,307 $187,905 0.21 %$409,745 $405,085 1.15 %
Non-comparable adjustments— — — — 
Comparable total hotel revenue$188,307 $187,905 0.21 %$409,745 $405,085 1.15 %
Hotel net income (loss)$14,032 $18,143 (22.66)%$50,270 $55,896 (10.07)%
Non-comparable adjustments— — — — 
Comparable hotel net income (loss)$14,032 $18,143 (22.66)%$50,270 $55,896 (10.07)%
Hotel net income (loss) margin7.45 %9.66 %(2.21)%12.27 %13.80 %(1.53)%
Comparable hotel net income margin7.45 %— %7.45 %12.27 %13.80 %(1.53)%
Hotel EBITDA$51,078 $53,660 (4.81)%$122,057 $126,456 (3.48)%
Non-comparable adjustments— — — — 
Comparable hotel EBITDA$51,078 $53,660 (4.81)%$122,057 $126,456 (3.48)%
Hotel EBITDA margin27.12 %28.56 %(1.44)%29.79 %31.22 %(1.43)%
Comparable hotel EBITDA margin27.12 %28.56 %(1.44)%29.79 %31.22 %(1.43)%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$2,066 $1,757 17.57 %$2,737 $2,911 (5.98)%
Hotel net income (loss) attributable to the Company and OP unitholders$11,966 $16,386 (26.97)%$47,533 $52,985 (10.29)%
Comparable hotel net income (loss) attributable to the Company and OP unitholders$11,966 $16,386 (26.97)%$47,533 $52,985 (10.29)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$3,211 $2,618 22.64 %$5,186 $4,561 13.71 %
Hotel EBITDA attributable to the Company and OP unitholders$47,867 $51,042 (6.22)%$116,871 $121,896 (4.12)%
Comparable hotel EBITDA attributable to the Company and OP unitholders$47,867 $51,042 (6.22)%$116,871 $121,896 (4.12)%
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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 EndedSix Months Ended
June 30,June 30,
20242023% Variance20242023% Variance
Total hotel revenue$180,644 $178,042 1.46 %$384,176 $375,398 2.34 %
Non-comparable adjustments— — — — 
Comparable total hotel revenue$180,644 $178,042 1.46 %$384,176 $375,398 2.34 %
Hotel net income (loss)$18,694 $20,593 (9.22)%$54,399 $54,717 (0.58)%
Non-comparable adjustments— — — — 
Comparable hotel net income (loss)$18,694 $20,593 (9.22)%$54,399 $54,717 (0.58)%
Hotel net income (loss) margin10.35 %11.57 %(1.22)%14.16 %14.58 %(0.42)%
Comparable hotel net income margin10.35 %11.57 %(1.22)%14.16 %14.58 %(0.42)%
Hotel EBITDA$52,128 $53,775 (3.06)%$119,077 $120,462 (1.15)%
Non-comparable adjustments— — — — 
Comparable hotel EBITDA$52,128 $53,775 (3.06)%$119,077 $120,462 (1.15)%
Hotel EBITDA margin28.86 %30.20 %(1.34)%31.00 %32.09 %(1.09)%
Comparable hotel EBITDA margin28.86 %30.20 %(1.34)%31.00 %32.09 %(1.09)%
Hotel net income (loss) adjustments attributable to consolidated noncontrolling interests$2,066 $1,757 17.57 %$2,737 $2,911 (5.98)%
Hotel net income (loss) attributable to the Company and OP unitholders$16,628 $18,836 (11.72)%$51,662 $51,806 (0.28)%
Comparable hotel net income (loss) attributable to the Company and OP unitholders$16,628 $18,836 (11.72)%$51,662 $51,806 (0.28)%
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests$3,211 $2,618 22.64 %$5,186 $4,561 13.71 %
Hotel EBITDA attributable to the Company and OP unitholders$48,917 $51,157 (4.38)%$113,891 $115,902 (1.73)%
Comparable hotel EBITDA attributable to the Company and OP unitholders$48,917 $51,157 (4.38)%$113,891 $115,902 (1.73)%
NOTES:
(1)    The above comparable information assumes the 15 hotel properties owned and included in the Company's operations at June 30, 2024, and not under renovation during the three months ended June 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
12


BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY
(in thousands, except operating information)
(unaudited)
Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$13,511 $— $13,511 $11,433 $— $11,433 18.18 %18.18 %
Total hotel revenue $19,966 $— $19,966 $17,580 $— $17,580 13.57 %13.57 %
Hotel net income (loss)$4,307 $— $4,307 $3,924 $— $3,924 9.76 %9.76 %
Hotel net income (loss) margin21.57 %21.57 %22.32 %22.32 %(0.75)%(0.75)%
Hotel EBITDA$7,856 $— $7,856 $6,342 $— $6,342 23.87 %23.87 %
Hotel EBITDA margin39.35 %39.35 %36.08 %36.08 %3.27 %3.27 %
Selected Operating Information:
RevPAR$265.60 $— $265.60 $228.41 $— $228.41 16.28 %16.28 %
Occupancy89.25 %— %89.25 %82.06 %— %82.06 %8.76 %8.76 %
ADR$297.60 $— $297.60 $278.35 $— $278.35 6.92 %6.92 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$7,832 $— $7,832 $7,242 $— $7,242 8.15 %8.15 %
Total hotel revenue $14,112 $— $14,112 $12,411 $— $12,411 13.71 %13.71 %
Hotel net income (loss)$3,957 $— $3,957 $3,105 $— $3,105 27.44 %27.44 %
Hotel net income (loss) margin28.04 %28.04 %25.02 %25.02 %3.02 %3.02 %
Hotel EBITDA$4,987 $— $4,987 $4,130 $— $4,130 20.75 %20.75 %
Hotel EBITDA margin35.34 %35.34 %33.28 %33.28 %2.06 %2.06 %
Selected Operating Information:
RevPAR$218.44 $— $218.44 $201.99 $— $201.99 8.14 %8.14 %
Occupancy86.08 %— %86.08 %82.23 %— %82.23 %4.68 %4.68 %
ADR$253.77 $— $253.77 $245.65 $— $245.65 3.31 %3.31 %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$8,347 $— $8,347 $7,738 $— $7,738 7.87 %7.87 %
Total hotel revenue $11,345 $— $11,345 $10,097 $— $10,097 12.36 %12.36 %
Hotel net income (loss)$2,645 $— $2,645 $1,890 $— $1,890 39.95 %39.95 %
Hotel net income (loss) margin23.31 %23.31 %18.72 %18.72 %4.59 %4.59 %
Hotel EBITDA$3,801 $— $3,801 $3,033 $— $3,033 25.32 %25.32 %
Hotel EBITDA margin33.50 %33.50 %30.04 %30.04 %3.46 %3.46 %
Selected Operating Information:
RevPAR$221.02 $— $221.02 $204.90 $— $204.90 7.87 %7.87 %
Occupancy80.03 %— %80.03 %74.60 %— %74.60 %7.28 %7.28 %
ADR$276.16 $— $276.16 $274.66 $— $274.66 0.55 %0.55 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$4,477 $— $4,477 $4,761 $— $4,761 (5.97)%(5.97)%
Total hotel revenue $5,912 $— $5,912 $6,283 $— $6,283 (5.90)%(5.90)%
Hotel net income (loss)$1,030 $— $1,030 $764 $— $764 34.82 %34.82 %
Hotel net income (loss) margin17.42 %17.42 %12.16 %12.16 %5.26 %5.26 %
Hotel EBITDA$1,810 $— $1,810 $2,244 $— $2,244 (19.34)%(19.34)%
Hotel EBITDA margin30.62 %30.62 %35.72 %35.72 %(5.10)%(5.10)%
Selected Operating Information:
RevPAR$756.79 $— $756.79 $804.88 $— $804.88 (5.97)%(5.97)%
Occupancy72.36 %— %72.36 %72.87 %— %72.87 %(0.70)%(0.70)%
ADR$1,045.90 $— $1,045.90 $1,104.60 $— $1,104.60 (5.31)%(5.31)%
13


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$5,567 $— $5,567 $5,903 $— $5,903 (5.69)%(5.69)%
Total hotel revenue $7,251 $— $7,251 $7,484 $— $7,484 (3.11)%(3.11)%
Hotel net income (loss)$832 $— $832 $1,709 $— $1,709 (51.32)%(51.32)%
Hotel net income (loss) margin11.47 %11.47 %22.84 %22.84 %(11.37)%(11.37)%
Hotel EBITDA$3,257 $— $3,257 $3,775 $— $3,775 (13.72)%(13.72)%
Hotel EBITDA margin44.92 %44.92 %50.44 %50.44 %(5.52)%(5.52)%
Selected Operating Information:
RevPAR$430.83 $— $430.83 $456.90 $— $456.90 (5.71)%(5.71)%
Occupancy68.60 %— %68.60 %71.18 %— %71.18 %(3.62)%(3.62)%
ADR$628.07 $— $628.07 $641.89 $— $641.89 (2.15)%(2.15)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$3,282 $— $3,282 $3,254 $— $3,254 0.86 %0.86 %
Total hotel revenue $4,260 $— $4,260 $3,982 $— $3,982 6.98 %6.98 %
Hotel net income (loss)$1,005 $— $1,005 $13 $— $13 7,630.77 %7,630.77 %
Hotel net income (loss) margin23.59 %23.59 %0.33 %0.33 %23.26 %23.26 %
Hotel EBITDA$1,441 $— $1,441 $1,420 $— $1,420 1.48 %1.48 %
Hotel EBITDA margin33.83 %33.83 %35.66 %35.66 %(1.83)%(1.83)%
Selected Operating Information:
RevPAR$450.86 $— $450.86 $447.05 $— $447.05 0.85 %0.85 %
Occupancy65.27 %— %65.27 %58.54 %— %58.54 %11.50 %11.50 %
ADR$690.72 $— $690.72 $763.61 $— $763.61 (9.55)%(9.55)%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$1,912 $— $1,912 $1,866 $— $1,866 2.47 %2.47 %
Total hotel revenue $5,395 $— $5,395 $5,366 $— $5,366 0.54 %0.54 %
Hotel net income (loss)$(3,583)$— $(3,583)$(4,002)$— $(4,002)10.47 %10.47 %
Hotel net income (loss) margin(66.41)%(66.41)%(74.58)%(74.58)%8.17 %8.17 %
Hotel EBITDA$(942)$— $(942)$(1,190)$— $(1,190)20.84 %20.84 %
Hotel EBITDA margin(17.46)%(17.46)%(22.18)%(22.18)%4.72 %4.72 %
Selected Operating Information:
RevPAR$108.81 $— $108.81 $106.17 $— $106.17 2.49 %2.49 %
Occupancy38.06 %— %38.06 %33.93 %— %33.93 %12.17 %12.17 %
ADR$285.88 $— $285.88 $312.86 $— $312.86 (8.62)%(8.62)%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$8,642 $— $8,642 $7,643 $— $7,643 13.07 %13.07 %
Total hotel revenue $10,753 $— $10,753 $9,642 $— $9,642 11.52 %11.52 %
Hotel net income (loss)$2,744 $— $2,744 $1,388 $— $1,388 97.69 %97.69 %
Hotel net income (loss) margin25.52 %25.52 %14.40 %14.40 %11.12 %11.12 %
Hotel EBITDA$4,286 $— $4,286 $3,586 $— $3,586 19.52 %19.52 %
Hotel EBITDA margin39.86 %39.86 %37.19 %37.19 %2.67 %2.67 %
Selected Operating Information:
RevPAR$190.31 $— $190.31 $168.33 $— $168.33 13.06 %13.06 %
Occupancy76.10 %— %76.10 %70.66 %— %70.66 %7.70 %7.70 %
ADR$250.09 $— $250.09 $238.24 $— $238.24 4.97 %4.97 %
14


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$7,668 $— $7,668 $8,217 $— $8,217 (6.68)%(6.68)%
Total hotel revenue $9,379 $— $9,379 $9,779 $— $9,779 (4.09)%(4.09)%
Hotel net income (loss)$(983)$— $(983)$37 $— $37 (2,756.76)%(2,756.76)%
Hotel net income (loss) margin(10.48)%(10.48)%0.38 %0.38 %(10.86)%(10.86)%
Hotel EBITDA$1,460 $— $1,460 $2,450 $— $2,450 (40.41)%(40.41)%
Hotel EBITDA margin15.57 %15.57 %25.05 %25.05 %(9.48)%(9.48)%
Selected Operating Information:
RevPAR$205.53 $— $205.53 $220.23 $— $220.23 (6.67)%(6.67)%
Occupancy70.66 %— %70.66 %75.35 %— %75.35 %(6.22)%(6.22)%
ADR$290.89 $— $290.89 $292.28 $— $292.28 (0.48)%(0.48)%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$9,357 $— $9,357 $9,387 $— $9,387 (0.32)%(0.32)%
Total hotel revenue $22,824 $— $22,824 $22,101 $— $22,101 3.27 %3.27 %
Hotel net income (loss)$3,478 $— $3,478 $2,593 $— $2,593 34.13 %34.13 %
Hotel net income (loss) margin15.24 %15.24 %11.73 %11.73 %3.51 %3.51 %
Hotel EBITDA$5,472 $— $5,472 $6,120 $— $6,120 (10.59)%(10.59)%
Hotel EBITDA margin23.97 %23.97 %27.69 %27.69 %(3.72)%(3.72)%
Selected Operating Information:
RevPAR$372.52 $— $372.52 $373.75 $— $373.75 (0.33)%(0.33)%
Occupancy67.68 %— %67.68 %63.35 %— %63.35 %6.84 %6.84 %
ADR$550.40 $— $550.40 $590.01 $— $590.01 (6.71)%(6.71)%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$3,824 $— $3,824 $4,533 $— $4,533 (15.64)%(15.64)%
Total hotel revenue $7,663 $— $7,663 $9,863 $— $9,863 (22.31)%(22.31)%
Hotel net income (loss)$(4,662)$— $(4,662)$(2,450)$— $(2,450)(90.29)%(90.29)%
Hotel net income (loss) margin(60.84)%(60.84)%(24.84)%(24.84)%(36.00)%(36.00)%
Hotel EBITDA$(1,050)$— $(1,050)$(115)$— $(115)(813.04)%(813.04)%
Hotel EBITDA margin(13.70)%(13.70)%(1.17)%(1.17)%(12.53)%(12.53)%
Selected Operating Information:
RevPAR$229.69 $— $229.69 $272.17 $— $272.17 (15.61)%(15.61)%
Occupancy42.73 %— %42.73 %53.05 %— %53.05 %(19.45)%(19.45)%
ADR$537.60 $— $537.60 $513.08 $— $513.08 4.78 %4.78 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$8,786 $— $8,786 $8,193 $— $8,193 7.24 %7.24 %
Total hotel revenue $10,967 $— $10,967 $9,941 $— $9,941 10.32 %10.32 %
Hotel net income (loss)$2,995 $— $2,995 $2,729 $— $2,729 9.75 %9.75 %
Hotel net income (loss) margin27.31 %27.31 %27.45 %27.45 %(0.14)%(0.14)%
Hotel EBITDA$4,737 $— $4,737 $4,313 $— $4,313 9.83 %9.83 %
Hotel EBITDA margin43.19 %43.19 %43.39 %43.39 %(0.20)%(0.20)%
Selected Operating Information:
RevPAR$261.65 $— $261.65 $243.99 $— $243.99 7.24 %7.24 %
Occupancy80.29 %— %80.29 %78.58 %— %78.58 %2.18 %2.18 %
ADR$325.90 $— $325.90 $310.50 $— $310.50 4.96 %4.96 %
15


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$11,863 $— $11,863 $13,176 $— $13,176 (9.97)%(9.97)%
Total hotel revenue $20,307 $— $20,307 $21,544 $— $21,544 (5.74)%(5.74)%
Hotel net income (loss)$2,564 $— $2,564 $3,586 $— $3,586 (28.50)%(28.50)%
Hotel net income (loss) margin12.63 %12.63 %16.65 %16.65 %(4.02)%(4.02)%
Hotel EBITDA$5,967 $— $5,967 $6,848 $— $6,848 (12.87)%(12.87)%
Hotel EBITDA margin29.38 %29.38 %31.79 %31.79 %(2.41)%(2.41)%
Selected Operating Information:
RevPAR$724.27 $— $724.27 $804.45 $— $804.45 (9.97)%(9.97)%
Occupancy71.06 %— %71.06 %75.53 %— %75.53 %(5.92)%(5.92)%
ADR$1,019.21 $— $1,019.21 $1,065.06 $— $1,065.06 (4.30)%(4.30)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$2,712 $— $2,712 $3,306 $— $3,306 (17.97)%(17.97)%
Total hotel revenue $3,655 $— $3,655 $4,632 $— $4,632 (21.09)%(21.09)%
Hotel net income (loss)$(936)$— $(936)$(595)$— $(595)(57.31)%(57.31)%
Hotel net income (loss) margin(25.61)%(25.61)%(12.85)%(12.85)%(12.76)%(12.76)%
Hotel EBITDA$(51)$— $(51)$648 $— $648 (107.87)%(107.87)%
Hotel EBITDA margin(1.40)%(1.40)%13.99 %13.99 %(15.39)%(15.39)%
Selected Operating Information:
RevPAR$208.42 $— $208.42 $254.01 $— $254.01 (17.95)%(17.95)%
Occupancy70.38 %— %70.38 %79.52 %— %79.52 %(11.49)%(11.49)%
ADR$296.12 $— $296.12 $319.43 $— $319.43 (7.30)%(7.30)%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$10,594 $— $10,594 $14,027 $— $14,027 (24.47)%(24.47)%
Total hotel revenue $17,287 $— $17,287 $21,965 $— $21,965 (21.30)%(21.30)%
Hotel net income (loss)$(583)$— $(583)$3,960 $— $3,960 (114.72)%(114.72)%
Hotel net income (loss) margin(3.37)%(3.37)%18.03 %18.03 %(21.40)%(21.40)%
Hotel EBITDA$2,905 $— $2,905 $5,826 $— $5,826 (50.14)%(50.14)%
Hotel EBITDA margin16.80 %16.80 %26.52 %26.52 %(9.72)%(9.72)%
Selected Operating Information:
RevPAR$1,098.31 $— $1,098.31 $1,454.20 $— $1,454.20 (24.47)%(24.47)%
Occupancy53.78 %— %53.78 %64.07 %— %64.07 %(16.06)%(16.06)%
ADR$2,042.08 $— $2,042.08 $2,269.78 $— $2,269.78 (10.03)%(10.03)%
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$8,733 $— $8,733 $7,924 $— $7,924 10.21 %10.21 %
Total hotel revenue$17,231 $— $17,231 $15,235 $— $15,235 13.10 %13.10 %
Hotel net income (loss)$(778)$— $(778)$(508)$— $(508)(53.15)%(53.15)%
Hotel net income (loss) margin(4.52)%(4.52)%(3.33)%(3.33)%(1.19)%(1.19)%
Hotel EBITDA$5,142 $— $5,142 $4,230 $— $4,230 21.56 %21.56 %
Hotel EBITDA margin29.84 %29.84 %27.77 %27.77 %2.07 %2.07 %
Selected Operating Information:
RevPAR$457.03 $— $457.03 $414.67 $— $414.67 10.22 %10.22 %
Occupancy56.85 %— %56.85 %48.66 %— %48.66 %16.83 %16.83 %
ADR$803.92 $— $803.92 $852.18 $— $852.18 (5.66)%(5.66)%
16


Three Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$67,441 $— $67,441 $72,073 $— $72,073 (6.43)%(6.43)%
Total hotel revenue$122,242 $— $122,242 $126,234 $— $126,234 (3.16)%(3.16)%
Hotel net income (loss)$3,260 $— $3,260 $8,770 $— $8,770 (62.83)%(62.83)%
Hotel net income (loss) margin2.67 %2.67 %6.95 %6.95 %(4.28)%(4.28)%
Hotel EBITDA$28,989 $— $28,989 $33,288 $— $33,288 (12.91)%(12.91)%
Hotel EBITDA margin23.71 %23.71 %26.37 %26.37 %(2.66)%(2.66)%
Selected Operating Information:
RevPAR$405.20 $— $405.20 $433.04 $— $433.04 (6.43)%(6.43)%
Occupancy64.44 %— %64.44 %63.57 %— %63.57 %1.37 %1.37 %
ADR$628.83 $— $628.83 $681.19 $— $681.19 (7.69)%(7.69)%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$49,666 $— $49,666 $46,530 $— $46,530 6.74 %6.74 %
Total hotel revenue$66,065 $— $66,065 $61,671 $— $61,671 7.12 %7.12 %
Hotel net income (loss)$10,772 $— $10,772 $9,373 $— $9,373 14.93 %14.93 %
Hotel net income (loss) margin16.31 %16.31 %15.20 %15.20 %1.11 %1.11 %
Hotel EBITDA$22,089 $— $22,089 $20,372 $— $20,372 8.43 %8.43 %
Hotel EBITDA margin33.44 %33.44 %33.03 %33.03 %0.41 %0.41 %
Selected Operating Information:
RevPAR$227.88 $— $227.88 $214.30 $— $214.30 6.34 %6.34 %
Occupancy79.22 %— %79.22 %76.53 %— %76.53 %3.51 %3.51 %
ADR$287.66 $— $287.66 $280.00 $— $280.00 2.74 %2.74 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$117,107 $— $117,107 $118,603 $— $118,603 (1.26)%(1.26)%
Total hotel revenue $188,307 $— $188,307 $187,905 $— $187,905 0.21 %0.21 %
Hotel net income (loss)$14,032 $— $14,032 $18,143 $— $18,143 (22.66)%(22.66)%
Hotel net income (loss) margin7.45 %7.45 %9.66 %9.66 %(2.21)%(2.21)%
Hotel EBITDA$51,078 $— $51,078 $53,660 $— $53,660 (4.81)%(4.81)%
Hotel EBITDA margin27.12 %27.12 %28.56 %28.56 %(1.44)%(1.44)%
Selected Operating Information:
RevPAR$304.66 $— $304.66 $309.21 $— $309.21 (1.47)%(1.47)%
Occupancy72.82 %— %72.82 %70.91 %— %70.91 %2.69 %2.69 %
ADR$418.38 $— $418.38 $436.07 $— $436.07 (4.06)%(4.06)%
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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)
Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$22,643 $— $22,643 $20,210 $— $20,210 12.04 %12.04 %
Total hotel revenue$35,423 $— $35,423 $32,278 $— $32,278 9.74 %9.74 %
Hotel net income (loss)$4,288 $— $4,288 $5,658 $— $5,658 (24.21)%(24.21)%
Hotel net income (loss) margin12.11 %12.11 %17.53 %17.53 %(5.42)%(5.42)%
Hotel EBITDA$11,984 $— $11,984 $10,240 $— $10,240 17.03 %17.03 %
Hotel EBITDA margin33.83 %33.83 %31.72 %31.72 %2.11 %2.11 %
Selected Operating Information:
RevPAR$222.88 $— $222.88 $203.01 $— $203.01 9.79 %9.79 %
Occupancy80.64 %— %80.64 %76.73 %— %76.73 %5.10 %5.10 %
ADR$276.38 $— $276.38 $264.58 $— $264.58 4.46 %4.46 %
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$14,127 $— $14,127 $13,904 $— $13,904 1.60 %1.60 %
Total hotel revenue$25,852 $— $25,852 $24,281 $— $24,281 6.47 %6.47 %
Hotel net income (loss)$6,660 $— $6,660 $5,987 $— $5,987 11.24 %11.24 %
Hotel net income (loss) margin25.76 %25.76 %24.66 %24.66 %1.10 %1.10 %
Hotel EBITDA$8,758 $— $8,758 $8,002 $— $8,002 9.45 %9.45 %
Hotel EBITDA margin33.88 %33.88 %32.96 %32.96 %0.92 %0.92 %
Selected Operating Information:
RevPAR$197.01 $— $197.01 $194.97 $— $194.97 1.05 %1.05 %
Occupancy78.59 %— %78.59 %78.59 %— %78.59 %— %— %
ADR$250.70 $— $250.70 $248.09 $— $248.09 1.05 %1.05 %
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$11,721 $— $11,721 $11,304 $— $11,304 3.69 %3.69 %
Total hotel revenue$16,075 $— $16,075 $15,001 $— $15,001 7.16 %7.16 %
Hotel net income (loss)$(100)$— $(100)$967 $— $967 (110.34)%(110.34)%
Hotel net income (loss) margin(0.62)%(0.62)%6.45 %6.45 %(7.07)%(7.07)%
Hotel EBITDA$2,185 $— $2,185 $3,418 $— $3,418 (36.07)%(36.07)%
Hotel EBITDA margin13.59 %13.59 %22.79 %22.79 %(9.20)%(9.20)%
Selected Operating Information:
RevPAR$155.18 $— $155.18 $150.49 $— $150.49 3.12 %3.12 %
Occupancy66.36 %— %66.36 %64.75 %— %64.75 %2.49 %2.49 %
ADR$233.86 $— $233.86 $232.43 $— $232.43 0.62 %0.62 %
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$6,528 $— $6,528 $7,435 $— $7,435 (12.20)%(12.20)%
Total hotel revenue$8,932 $— $8,932 $10,061 $— $10,061 (11.22)%(11.22)%
Hotel net income (loss)$(190)$— $(190)$(540)$— $(540)64.81 %64.81 %
Hotel net income (loss) margin(2.13)%(2.13)%(5.37)%(5.37)%3.24 %3.24 %
Hotel EBITDA$1,371 $— $1,371 $2,364 $— $2,364 (42.01)%(42.01)%
Hotel EBITDA margin15.35 %15.35 %23.50 %23.50 %(8.15)%(8.15)%
Selected Operating Information:
RevPAR$551.79 $— $551.79 $631.94 $— $631.94 (12.68)%(12.68)%
Occupancy57.10 %— %57.10 %61.04 %— %61.04 %(6.45)%(6.45)%
ADR$966.35 $— $966.35 $1,035.33 $— $1,035.33 (6.66)%(6.66)%
18


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$13,447 $— $13,447 $13,917 $— $13,917 (3.38)%(3.38)%
Total hotel revenue$17,026 $— $17,026 $17,343 $— $17,343 (1.83)%(1.83)%
Hotel net income (loss)$3,869 $— $3,869 $5,523 $— $5,523 (29.95)%(29.95)%
Hotel net income (loss) margin22.72 %22.72 %31.85 %31.85 %(9.13)%(9.13)%
Hotel EBITDA$8,714 $— $8,714 $9,533 $— $9,533 (8.59)%(8.59)%
Hotel EBITDA margin51.18 %51.18 %54.97 %54.97 %(3.79)%(3.79)%
Selected Operating Information:
RevPAR$520.32 $— $520.32 $541.48 $— $541.48 (3.91)%(3.91)%
Occupancy74.21 %— %74.21 %76.48 %— %76.48 %(2.97)%(2.97)%
ADR$701.14 $— $701.14 $708.03 $— $708.03 (0.97)%(0.97)%
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$5,144 $— $5,144 $5,306 $— $5,306 (3.05)%(3.05)%
Total hotel revenue$6,724 $— $6,724 $6,595 $— $6,595 1.96 %1.96 %
Hotel net income (loss)$539 $— $539 $(984)$— $(984)154.78 %154.78 %
Hotel net income (loss) margin8.02 %8.02 %(14.92)%(14.92)%22.94 %22.94 %
Hotel EBITDA$1,418 $— $1,418 $1,738 $— $1,738 (18.41)%(18.41)%
Hotel EBITDA margin21.09 %21.09 %26.35 %26.35 %(5.26)%(5.26)%
Selected Operating Information:
RevPAR$353.32 $— $353.32 $366.46 $— $366.46 (3.59)%(3.59)%
Occupancy57.27 %— %57.27 %53.64 %— %53.64 %6.77 %6.77 %
ADR$616.97 $— $616.97 $683.20 $— $683.20 (9.69)%(9.69)%
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$15,093 $— $15,093 $16,207 $— $16,207 (6.87)%(6.87)%
Total hotel revenue$27,977 $— $27,977 $29,051 $— $29,051 (3.70)%(3.70)%
Hotel net income (loss)$3,561 $— $3,561 $3,456 $— $3,456 3.04 %3.04 %
Hotel net income (loss) margin12.73 %12.73 %11.90 %11.90 %0.83 %0.83 %
Hotel EBITDA$8,933 $— $8,933 $8,891 $— $8,891 0.47 %0.47 %
Hotel EBITDA margin31.93 %31.93 %30.60 %30.60 %1.33 %1.33 %
Selected Operating Information:
RevPAR$429.67 $— $429.67 $465.17 $— $465.17 (7.63)%(7.63)%
Occupancy58.29 %— %58.29 %57.40 %— %57.40 %1.55 %1.55 %
ADR$737.16 $— $737.16 $810.41 $— $810.41 (9.04)%(9.04)%
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$13,138 $— $13,138 $12,163 $— $12,163 8.02 %8.02 %
Total hotel revenue$16,662 $— $16,662 $15,440 $— $15,440 7.91 %7.91 %
Hotel net income (loss)$1,419 $— $1,419 $30 $— $30 4,630.00 %4,630.00 %
Hotel net income (loss) margin8.52 %8.52 %0.19 %0.19 %8.33 %8.33 %
Hotel EBITDA$4,692 $— $4,692 $4,280 $— $4,280 9.63 %9.63 %
Hotel EBITDA margin28.16 %28.16 %27.72 %27.72 %0.44 %0.44 %
Selected Operating Information:
RevPAR$144.66 $— $144.66 $134.66 $— $134.66 7.43 %7.43 %
Occupancy64.11 %— %64.11 %60.60 %— %60.60 %5.79 %5.79 %
ADR$225.63 $— $225.63 $222.21 $— $222.21 1.54 %1.54 %
19


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
THE CLANCY
Selected Financial Information:
Rooms revenue$16,531 $— $16,531 $16,467 $— $16,467 0.39 %0.39 %
Total hotel revenue$20,086 $— $20,086 $19,540 $— $19,540 2.79 %2.79 %
Hotel net income (loss)$(540)$— $(540)$(114)$— $(114)(373.68)%(373.68)%
Hotel net income (loss) margin(2.69)%(2.69)%(0.58)%(0.58)%(2.11)%(2.11)%
Hotel EBITDA$4,121 $— $4,121 $4,845 $— $4,845 (14.94)%(14.94)%
Hotel EBITDA margin20.52 %20.52 %24.80 %24.80 %(4.28)%(4.28)%
Selected Operating Information:
RevPAR$221.54 $— $221.54 $221.90 $— $221.90 (0.16)%(0.16)%
Occupancy69.75 %— %69.75 %69.44 %— %69.44 %0.45 %0.45 %
ADR$317.60 $— $317.60 $319.54 $— $319.54 (0.61)%(0.61)%
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$23,525 $— $23,525 $23,022 $— $23,022 2.18 %2.18 %
Total hotel revenue$52,748 $— $52,748 $51,061 $— $51,061 3.30 %3.30 %
Hotel net income (loss)$12,721 $— $12,721 $9,344 $— $9,344 36.14 %36.14 %
Hotel net income (loss) margin24.12 %24.12 %18.30 %18.30 %5.82 %5.82 %
Hotel EBITDA$16,435 $— $16,435 $16,126 $— $16,126 1.92 %1.92 %
Hotel EBITDA margin31.16 %31.16 %31.58 %31.58 %(0.42)%(0.42)%
Selected Operating Information:
RevPAR$468.32 $— $468.32 $460.84 $— $460.84 1.62 %1.62 %
Occupancy73.56 %— %73.56 %69.41 %— %69.41 %5.98 %5.98 %
ADR$636.68 $— $636.68 $663.95 $— $663.95 (4.11)%(4.11)%
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$15,428 $— $15,428 $17,273 $— $17,273 (10.68)%(10.68)%
Total hotel revenue$25,569 $— $25,569 $29,688 $— $29,688 (13.87)%(13.87)%
Hotel net income (loss)$(4,129)$— $(4,129)$1,178 $— $1,178 (450.51)%(450.51)%
Hotel net income (loss) margin(16.15)%(16.15)%3.97 %3.97 %(20.12)%(20.12)%
Hotel EBITDA$2,980 $— $2,980 $5,994 $— $5,994 (50.28)%(50.28)%
Hotel EBITDA margin11.65 %11.65 %20.19 %20.19 %(8.54)%(8.54)%
Selected Operating Information:
RevPAR$463.23 $— $463.23 $521.47 $— $521.47 (11.17)%(11.17)%
Occupancy51.23 %— %51.23 %60.00 %— %60.00 %(14.62)%(14.62)%
ADR$904.24 $— $904.24 $869.11 $— $869.11 4.04 %4.04 %
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$13,245 $— $13,245 $12,414 $— $12,414 6.69 %6.69 %
Total hotel revenue$16,670 $— $16,670 $15,274 $— $15,274 9.14 %9.14 %
Hotel net income (loss)$2,157 $— $2,157 $2,098 $— $2,098 2.81 %2.81 %
Hotel net income (loss) margin12.94 %12.94 %13.74 %13.74 %(0.80)%(0.80)%
Hotel EBITDA$5,632 $— $5,632 $5,325 $— $5,325 5.77 %5.77 %
Hotel EBITDA margin33.79 %33.79 %34.86 %34.86 %(1.07)%(1.07)%
Selected Operating Information:
RevPAR$197.22 $— $197.22 $185.87 $— $185.87 6.11 %6.11 %
Occupancy69.85 %— %69.85 %68.82 %— %68.82 %1.50 %1.50 %
ADR$282.36 $— $282.36 $270.09 $— $270.09 4.54 %4.54 %
20


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$28,676 $— $28,676 $29,476 $— $29,476 (2.71)%(2.71)%
Total hotel revenue$45,302 $— $45,302 $45,309 $— $45,309 (0.02)%(0.02)%
Hotel net income (loss)$11,297 $— $11,297 $9,390 $— $9,390 20.31 %20.31 %
Hotel net income (loss) margin24.94 %24.94 %20.72 %20.72 %4.22 %4.22 %
Hotel EBITDA$16,078 $— $16,078 $15,849 $— $15,849 1.44 %1.44 %
Hotel EBITDA margin35.49 %35.49 %34.98 %34.98 %0.51 %0.51 %
Selected Operating Information:
RevPAR$875.35 $— $875.35 $904.73 $— $904.73 (3.25)%(3.25)%
Occupancy73.83 %— %73.83 %75.16 %— %75.16 %(1.77)%(1.77)%
ADR$1,185.56 $— $1,185.56 $1,203.70 $— $1,203.70 (1.51)%(1.51)%
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$5,001 $— $5,001 $6,501 $— $6,501 (23.07)%(23.07)%
Total hotel revenue$6,756 $— $6,756 $9,176 $— $9,176 (26.37)%(26.37)%
Hotel net income (loss)$(2,742)$— $(2,742)$(1,088)$— $(1,088)(152.02)%(152.02)%
Hotel net income (loss) margin(40.59)%(40.59)%(11.86)%(11.86)%(28.73)%(28.73)%
Hotel EBITDA$(474)$— $(474)$1,402 $— $1,402 (133.81)%(133.81)%
Hotel EBITDA margin(7.02)%(7.02)%15.28 %15.28 %(22.30)%(22.30)%
Selected Operating Information:
RevPAR$192.16 $— $192.16 $251.17 $— $251.17 (23.49)%(23.49)%
Occupancy68.80 %— %68.80 %77.52 %— %77.52 %(11.25)%(11.25)%
ADR$279.30 $— $279.30 $324.00 $— $324.00 (13.80)%(13.80)%
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$31,447 $— $31,447 $30,746 $— $30,746 2.28 %2.28 %
Total hotel revenue $46,017 $— $46,017 $46,461 $— $46,461 (0.96)%(0.96)%
Hotel net income (loss)$7,233 $— $7,233 $10,130 $— $10,130 (28.60)%(28.60)%
Hotel net income (loss) margin15.72 %15.72 %21.80 %21.80 %(6.08)%(6.08)%
Hotel EBITDA$13,179 $— $13,179 $14,099 $— $14,099 (6.53)%(6.53)%
Hotel EBITDA margin28.64 %28.64 %30.35 30.35 %(1.71)%(1.71)%
Selected Operating Information:
RevPAR$1,630.05 $— $1,630.05 $1,602.55 $— $1,602.55 1.72 %1.72 %
Occupancy59.63 %— %59.63 %60.19 %— %60.19 %(0.93)%(0.93)%
ADR$2,733.57 $— $2,733.57 $2,662.50 $— $2,662.50 2.67 %2.67 %
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$22,848 $— $22,848 $22,081 $— $22,081 3.47 %3.47 %
Total hotel revenue$41,926 $— $41,926 $38,526 $— $38,526 8.83 %8.83 %
Hotel net income (loss)$4,227 $— $4,227 $4,861 $— $4,861 (13.04)%(13.04)%
Hotel net income (loss) margin10.08 %10.08 %12.62 %12.62 %(2.54)%(2.54)%
Hotel EBITDA$16,051 $— $16,051 $14,350 $— $14,350 11.85 %11.85 %
Hotel EBITDA margin38.28 %38.28 %37.25 37.25 %1.03 %1.03 %
Selected Operating Information:
RevPAR$597.81 $— $597.81 $580.93 $— $580.93 2.91 %2.91 %
Occupancy60.74 %— %60.74 %51.02 %— %51.02 %19.05 %19.05 %
ADR$984.29 $— $984.29 $1,138.74 $— $1,138.74 (13.56)%(13.56)%
21


Six Months Ended June 30,
ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualComparable
202420242024202320232023% Variance% Variance
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$176,263 $— $176,263 $179,367 $— $179,367 (1.73)%(1.73)%
Total hotel revenue$298,073 $— $298,073 $298,376 $— $298,376 (0.10)%(0.10)%
Hotel net income (loss)$45,788 $— $45,788 $48,345 $— $48,345 (5.29)%(5.29)%
Hotel net income (loss) margin15.36 %15.36 %16.20 %16.20 %(0.84)%(0.84)%
Hotel EBITDA$93,917 $— $93,917 $96,946 $— $96,946 (3.12)%(3.12)%
Hotel EBITDA margin31.51 %31.51 %32.49 %32.49 %(0.98)%(0.98)%
Selected Operating Information:
RevPAR$529.51 $— $529.51 $541.97 $— $541.97 (2.30)%(2.30)%
Occupancy67.30 %— %67.30 %66.66 %— %66.66 %0.96 %0.96 %
ADR$786.84 $— $786.84 $813.01 $— $813.01 (3.22)%(3.22)%
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$82,279 $— $82,279 $79,059 $— $79,059 4.07 %4.07 %
Total hotel revenue$111,672 $— $111,672 $106,709 $— $106,709 4.65 %4.65 %
Hotel net income (loss)$4,482 $— $4,482 $7,551 $— $7,551 (40.64)%(40.64)%
Hotel net income (loss) margin4.01 %4.01 %7.08 %7.08 %(3.07)%(3.07)%
Hotel EBITDA$28,140 $— $28,140 $29,510 $— $29,510 (4.64)%(4.64)%
Hotel EBITDA margin25.20 %25.20 %27.65 %27.65 %(2.45)%(2.45)%
Selected Operating Information:
RevPAR$188.82 $— $188.82 $183.06 $— $183.06 3.15 %3.15 %
Occupancy70.49 %— %70.49 %68.84 %— %68.84 %2.40 %2.40 %
ADR$267.89 $— $267.89 $265.91 $— $265.91 0.74 %0.74 %
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$258,542 $— $258,542 $258,426 $— $258,426 0.04 %0.04 %
Total hotel revenue $409,745 $— $409,745 $405,085 $— $405,085 1.15 %1.15 %
Hotel net income (loss)$50,270 $— $50,270 $55,896 $— $55,896 (10.07)%(10.07)%
Hotel net income (loss) margin12.27 %12.27 %13.80 %13.80 %(1.53)%(1.53)%
Hotel EBITDA$122,057 $— $122,057 $126,456 $— $126,456 (3.48)%(3.48)%
Hotel EBITDA margin29.79 %29.79 %31.22 %31.22 %(1.43)%(1.43)%
Selected Operating Information:
RevPAR$336.37 $— $336.37 $338.78 $— $338.78 (0.71)%(0.71)%
Occupancy69.10 %— %69.10 %67.90 %— %67.90 %1.77 %1.77 %
ADR$486.76 $— $486.76 $498.95 $— $498.95 (2.44)%(2.44)%
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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 June 30,
ActualNon-comparable AdjustmentsComparable
202420242024
CAPITAL HILTON WASHINGTON D.C.
Selected Financial Information:
Rooms revenue$39,048 $— $39,048 
Total hotel revenue$60,861 $— $60,861 
Hotel net income$3,564 $— $3,564 
Hotel net income margin9.13 %9.13 %
Hotel EBITDA$17,171 $— $17,171 
Hotel EBITDA margin28.21 %28.21 %
Selected Operating Information:
RevPAR$192.55 $— $192.55 
Occupancy74.92 %— %74.92 %
ADR$257.00 $— $257.00 
HILTON LA JOLLA TORREY PINES
Selected Financial Information:
Rooms revenue$28,958 $— $28,958 
Total hotel revenue$52,286 $— $52,286 
Hotel net income$13,509 $— $13,509 
Hotel net income margin46.65 %46.65 %
Hotel EBITDA$18,045 $— $18,045 
Hotel EBITDA margin34.51 %34.51 %
Selected Operating Information:
RevPAR$200.82 $— $200.82 
Occupancy78.75 %— %78.75 %
ADR$254.99 $— $254.99 
SOFITEL CHICAGO MAGNIFICENT MILE
Selected Financial Information:
Rooms revenue$25,929 $— $25,929 
Total hotel revenue$34,991 $— $34,991 
Hotel net income$2,325 $— $2,325 
Hotel net income margin8.97 %8.97 %
Hotel EBITDA$6,950 $— $6,950 
Hotel EBITDA margin19.86 %19.86 %
Selected Operating Information:
RevPAR$170.71 $— $170.71 
Occupancy71.09 %— %71.09 %
ADR$240.13 $— $240.13 
BARDESSONO HOTEL AND SPA
Selected Financial Information:
Rooms revenue$15,522 $— $15,522 
Total hotel revenue$21,030 $— $21,030 
Hotel net income$1,778 $— $1,778 
Hotel net income margin11.45 %11.45 %
Hotel EBITDA$5,074 $— $5,074 
Hotel EBITDA margin24.13 %24.13 %
Selected Operating Information:
RevPAR$652.46 $— $652.46 
Occupancy64.25 %— %64.25 %
ADR$1,015.51 $— $1,015.51 
23


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202420242024
PIER HOUSE RESORT & SPA
Selected Financial Information:
Rooms revenue$23,698 $— $23,698 
Total hotel revenue$30,324 $— $30,324 
Hotel net income$5,145 $— $5,145 
Hotel net income margin21.71 %21.71 %
Hotel EBITDA$14,192 $— $14,192 
Hotel EBITDA margin46.80 %46.80 %
Selected Operating Information:
RevPAR$455.97 $— $455.97 
Occupancy71.55 %— %71.55 %
ADR$637.30 $— $637.30 
HOTEL YOUNTVILLE
Selected Financial Information:
Rooms revenue$12,163 $— $12,163 
Total hotel revenue$15,425 $— $15,425 
Hotel net income$2,394 $— $2,394 
Hotel net income margin19.68 %19.68 %
Hotel EBITDA$4,595 $— $4,595 
Hotel EBITDA margin29.79 %29.79 %
Selected Operating Information:
RevPAR$415.41 $— $415.41 
Occupancy62.56 %— %62.56 %
ADR$664.01 $— $664.01 
PARK HYATT BEAVER CREEK RESORT & SPA
Selected Financial Information:
Rooms revenue$24,237 $— $24,237 
Total hotel revenue$48,261 $— $48,261 
Hotel net income$1,193 $— $1,193 
Hotel net income margin4.92 %4.92 %
Hotel EBITDA$12,315 $— $12,315 
Hotel EBITDA margin25.52 %25.52 %
Selected Operating Information:
RevPAR$343.12 $— $343.12 
Occupancy56.25 %— %56.25 %
ADR$609.96 $— $609.96 
THE NOTARY HOTEL
Selected Financial Information:
Rooms revenue$27,197 $— $27,197 
Total hotel revenue$34,339 $— $34,339 
Hotel net income$3,460 $— $3,460 
Hotel net income margin12.72 %12.72 %
Hotel EBITDA$10,729 $— $10,729 
Hotel EBITDA margin31.24 %31.24 %
Selected Operating Information:
RevPAR$148.92 $— $148.92 
Occupancy64.18 %— %64.18 %
ADR$232.04 $— $232.04 
24


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202420242024
THE CLANCY
Selected Financial Information:
Rooms revenue$32,831 $— $32,831 
Total hotel revenue$39,300 $— $39,300 
Hotel net income$(888)$— $(888)
Hotel net income margin(2.70)%(2.70)%
Hotel EBITDA$8,552 $— $8,552 
Hotel EBITDA margin21.76 %21.76 %
Selected Operating Information:
RevPAR$218.78 $— $218.78 
Occupancy70.96 %— %70.96 %
ADR$308.30 $— $308.30 
THE RITZ-CARLTON SARASOTA
Selected Financial Information:
Rooms revenue$37,781 $— $37,781 
Total hotel revenue$87,207 $— $87,207 
Hotel net income$14,548 $— $14,548 
Hotel net income margin38.51 %38.51 %
Hotel EBITDA$22,690 $— $22,690 
Hotel EBITDA margin26.02 %26.02 %
Selected Operating Information:
RevPAR$374.01 $— $374.01 
Occupancy65.06 %— %65.06 %
ADR$574.86 $— $574.86 
THE RITZ-CARLTON LAKE TAHOE
Selected Financial Information:
Rooms revenue$25,952 $— $25,952 
Total hotel revenue$46,163 $— $46,163 
Hotel net income$(9,997)$— $(9,997)
Hotel net income margin(38.52)%(38.52)%
Hotel EBITDA$3,068 $— $3,068 
Hotel EBITDA margin6.65 %6.65 %
Selected Operating Information:
RevPAR$387.48 $— $387.48 
Occupancy45.65 %— %45.65 %
ADR$848.77 $— $848.77 
MARRIOTT SEATTLE WATERFRONT
Selected Financial Information:
Rooms revenue$29,241 $— $29,241 
Total hotel revenue$36,025 $— $36,025 
Hotel net income$5,530 $— $5,530 
Hotel net income margin18.91 %18.91 %
Hotel EBITDA$13,123 $— $13,123 
Hotel EBITDA margin36.43 %36.43 %
Selected Operating Information:
RevPAR$216.52 $— $216.52 
Occupancy71.20 %— %71.20 %
ADR$304.09 $— $304.09 
25


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202420242024
THE RITZ-CARLTON ST. THOMAS
Selected Financial Information:
Rooms revenue$47,171 $— $47,171 
Total hotel revenue$75,387 $— $75,387 
Hotel net income$10,229 $— $10,229 
Hotel net income margin21.68 %21.68 %
Hotel EBITDA$22,857 $— $22,857 
Hotel EBITDA margin30.32 %30.32 %
Selected Operating Information:
RevPAR$716.01 $— $716.01 
Occupancy65.79 %— %65.79 %
ADR$1,088.29 $— $1,088.29 
CAMEO BEVERLY HILLS
Selected Financial Information:
Rooms revenue$10,227 $— $10,227 
Total hotel revenue$13,693 $— $13,693 
Hotel net income$(5,876)$— $(5,876)
Hotel net income margin(57.46)%(57.46)%
Hotel EBITDA$(889)$— $(889)
Hotel EBITDA margin(6.49)%(6.49)%
Selected Operating Information:
RevPAR$195.41 $— $195.41 
Occupancy68.46 %— %68.46 %
ADR$285.44 $— $285.44 
THE RITZ-CARLTON RESERVE DORADO BEACH
Selected Financial Information:
Rooms revenue$55,413 $— $55,413 
Total hotel revenue $83,300 $— $83,300 
Hotel net income$10,583 $— $10,583 
Hotel net income margin19.10 %19.10 %
Hotel EBITDA$20,004 $— $20,004 
Hotel EBITDA margin24.01 %24.01 %
Selected Operating Information:
RevPAR$1,428.30 $— $1,428.30 
Occupancy58.73 %— %58.73 %
ADR$2,432.17 $— $2,432.17 
FOUR SEASONS RESORT SCOTTSDALE
Selected Financial Information:
Rooms revenue$36,556 $— $36,556 
Total hotel revenue$71,066 $— $71,066 
Hotel net income (loss)$504 $— $504 
Hotel net income (loss) margin1.38 %1.38 %
Hotel EBITDA$23,564 $— $23,564 
Hotel EBITDA margin33.16 %33.16 %
Selected Operating Information:
RevPAR$475.62 $— $475.62 
Occupancy53.11 %— %53.11 %
ADR$895.46 $— $895.46 
26


TTM Ended June 30,
ActualNon-comparable AdjustmentsComparable
202420242024
RESORT PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$307,451 $— $307,451 
Total hotel revenue$530,449 $— $530,449 
Hotel net income$49,886 $— $49,886 
Hotel net income margin16.23 %16.23 %
Hotel EBITDA$146,404 $— $146,404 
Hotel EBITDA margin27.60 %27.60 %
Selected Operating Information:
RevPAR$459.29 $— $459.29 
Occupancy63.84 %— %63.84 %
ADR$719.45 $— $719.45 
URBAN PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$164,473 $— $164,473 
Total hotel revenue$219,209 $— $219,209 
Hotel net income$8,115 $— $8,115 
Hotel net income margin4.93 %4.93 %
Hotel EBITDA$55,636 $— $55,636 
Hotel EBITDA margin25.38 %25.38 %
Selected Operating Information:
RevPAR$188.02 $— $188.02 
Occupancy70.37 %— %70.37 %
ADR$267.17 $— $267.17 
BRAEMAR PROPERTIES TOTAL
Selected Financial Information:
Rooms revenue$471,924 $— $471,924 
Total hotel revenue $749,658 $— $749,658 
Hotel net income$58,001 $— $58,001 
Hotel net income margin12.29 %12.29 %
Hotel EBITDA$202,040 $— $202,040 
Hotel EBITDA margin26.95 %26.95 %
Selected Operating Information:
RevPAR$305.62 $— $305.62 
Occupancy67.54 %— %67.54 %
ADR$452.49 $— $452.49 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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)

ActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparableActualNon-comparable AdjustmentsComparable
202420242024202420242024202320232023202320232023
2nd Quarter2nd Quarter2nd Quarter1st Quarter1st Quarter1st Quarter4th Quarter4th Quarter4th Quarter3rd Quarter3rd Quarter3rd Quarter
Total hotel revenue$188,307 $— $188,307 $221,438 $— $221,438 $179,216 $— $179,216 $160,697 $— $160,697 
Hotel net income (loss)$14,032 $— $14,032 $36,238 $— $36,238 $6,943 $— $6,943 $788 $— $788 
Hotel net income (loss) margin7.45 %7.45 %16.36 %16.36 %3.87 %3.87 %0.49 %0.49 %
Hotel EBITDA$51,078 $— $51,078 $70,979 $— $70,979 $45,116 $— $45,116 $34,867 $— $34,867 
Hotel EBITDA margin27.12 %27.12 %32.05 %32.05 %25.17 %25.17 %21.70 %21.70 %
Hotel net income (loss) % of total TTM24.2 %24.2 %62.5 %62.5 %12.0 %12.0 %1.3 %1.3 %
EBITDA % of total TTM25.3 %25.3 %35.1 %35.1 %22.3 %22.3 %17.3 %17.3 %
JV interests in Hotel net income (loss)$2,066 $— $2,066 $671 $— $671 $702 $— $702 $830 $— $830 
JV interests in EBITDA$3,211 $— $3,211 $1,975 $— $1,975 $1,769 $— $1,769 $1,849 $— $1,849 
ActualNon-comparable AdjustmentsComparable
202420242024
TTMTTMTTM
Total hotel revenue$749,658 $— $749,658 
Hotel net income (loss)$58,001 $— $58,001 
Hotel net income (loss) margin7.74 %7.74 %
Hotel EBITDA$202,040 $— $202,040 
Hotel EBITDA margin26.95 %26.95 %
Hotel net income (loss) % of total TTM100.0 %100.0 %
EBITDA % of total TTM100.0 %100.0 %
JV interests in Hotel net income (loss)$4,269 $— $4,269 
JV interests in EBITDA$8,804 $— $8,804 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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
June 30, 2024
(in thousands, except share price)
(unaudited)

June 30, 2024
Common stock shares outstanding66,522 
Partnership units outstanding (common stock equivalents)7,366 
Combined common stock shares and partnership units outstanding73,888 
Common stock price $2.55 
Market capitalization $188,414 
Series B cumulative convertible preferred stock$76,950 
Series D cumulative preferred stock$40,000 
Series E redeemable preferred stock$403,559 
Series M redeemable preferred stock$40,569 
Indebtedness$1,205,043 
Joint venture partner's share of consolidated indebtedness$(44,300)
Net working capital (see below)$(89,057)
Total enterprise value (TEV)$1,821,178 
Cash and cash equivalents$117,673 
Restricted cash$57,833 
Accounts receivable, net$32,476 
Prepaid expenses$5,079 
Due from third-party hotel managers, net$16,096 
Total current assets$229,157 
Accounts payable, net & accrued expenses$128,515 
Dividends and distributions payable$9,333 
Due to affiliates, net$2,252 
Total current liabilities$140,100 
Net working capital*$89,057 
* 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 Quarter2nd Quarter3rd Quarter4th Quarter
RoomsActualActualEstimatedEstimated
Bardessono Hotel and Spa65 x
Capital Hilton Washington D.C.559 x
The Ritz-Carlton Lake Tahoe170 xxx
Cameo Beverly Hills143 
The Ritz-Carlton St. Thomas180 xx
The Ritz-Carlton Sarasota276 x
Total3122
(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)

2024202420232023June 30, 2024
2nd Quarter1st Quarter4th Quarter3rd QuarterTTM
Net income (loss)$14,032 $36,238 $6,943 $788 $58,001 
Non-property adjustments5 — 249 203 457 
Interest income(359)(333)(315)(316)(1,323)
Interest expense10,510 10,001 9,250 9,557 39,318 
Amortization of loan costs571 552 622 556 2,301 
Depreciation and amortization24,694 25,420 25,481 22,703 98,298 
Income tax expense (benefit)322 666 1,587 13 2,588 
Non-hotel EBITDA ownership expense1,303 (1,565)1,299 1,363 2,400 
Hotel EBITDA including amounts attributable to noncontrolling interest51,078 70,979 45,116 34,867 202,040 
Non-comparable adjustments— — — — — 
Comparable hotel EBITDA$51,078 $70,979 $45,116 $34,867 $202,040 

31

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 MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar 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 — — — — — 5 (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 amortization3,200 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 — — — — — 5 — — — — 121 — (29)— 322 (436)(114)
Non-hotel EBITDA ownership expense238 15 15 115 10 8 12 1 394 64 244 16 5 163 3 — 1,303 (1,303)— 
Hotel EBITDA including amounts attributable to noncontrolling interest7,856 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— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$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 
ALL HOTELS NOT UNDER RENOVATION:
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 $— $4,737 $5,967 $(51)$2,905 $5,142 $52,128 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$7,856 $4,987 $3,801 $1,810 $3,257 $1,441 $(942)$4,286 $1,460 $5,472 $— $4,737 $5,967 $(51)$2,905 $5,142 $52,128 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,987 $— $1,810 $3,257 $1,441 $(942)$— $— $5,472 $(1,050)$— $5,967 $— $2,905 $5,142 $28,989 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $4,987 $— $1,810 $3,257 $1,441 $(942)$— $— $5,472 $(1,050)$— $5,967 $— $2,905 $5,142 $28,989 
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 

32

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 MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel Total
Aareal (Capital Hilton)$7,856 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $7,856 
BAML Pool (see footnote 3)— — 3,801 — — — — 4,286 1,460 — — 4,737 — — — — 14,284 
BAML Credit Facility (see foonote 4)— — — 1,810 — 1,441 — — — 5,472 — — — — — — 8,723 
BAML (Pier House Resort & Spa)— — — — 3,257 — — — — — — — — — — — 3,257 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — (942)— — — — — — — — — (942)
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — (1,050)— — — — — (1,050)
Apollo (The Ritz-Carlton St. Thomas)— — — — — — — — — — — — 5,967 — — — 5,967 
LoanCore (Cameo Beverly Hills)— — — — — — — — — — — — — (51)— — (51)
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 5,142 5,142 
Prudential (Hilton La Jolla Torrey Pines)— 4,987 — — — — — — — — — — — — — — 4,987 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 2,905 — 2,905 
Total$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 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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 credit facility is secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota.
(5)    Excluded hotels under renovation:
The Ritz-Carlton Lake Tahoe
33

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar 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 amortization4,137 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 — — — — — 5 — — — — 302 — 249 — 666 786 1,452 
Non-hotel EBITDA ownership expense2 14 6 174 16 25 2 47 56 (47)259 (8)(2,168)48 4 5 (1,565)1,565 — 
Hotel EBITDA including amounts attributable to noncontrolling interest4,128 3,771 (1,616)(439)5,457 (23)9,875 406 2,661 10,963 4,030 895 10,111 (423)10,274 10,909 70,979 (2,134)68,845 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(1,032)(943)— — — — — — — — — — — — — — (1,975)1,975 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 49 49 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (57)(57)
Hotel EBITDA attributable to the Company and OP unitholders$3,096 $2,828 $(1,616)$(439)$5,457 $(23)$9,875 $406 $2,661 $10,963 $4,030 $895 $10,111 $(423)$10,274 $10,909 $69,004 $(167)$68,837 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$4,128 $3,771 $(1,616)$(439)$5,457 $(23)$9,875 $406 $2,661 $10,963 $4,030 $895 $10,111 $(423)$10,274 $10,909 $70,979 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $3,771 $— $(439)$5,457 $(23)$9,875 $— $— $10,963 $4,030 $— $10,111 $— $10,274 $10,909 $64,928 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $3,771 $— $(439)$5,457 $(23)$9,875 $— $— $10,963 $4,030 $— $10,111 $— $10,274 $10,909 $64,928 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$4,128 $— $(1,616)$— $— $— $— $406 $2,661 $— $— $895 $— $(423)$— $— $6,051 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$4,128 $— $(1,616)$— $— $— $— $406 $2,661 $— $— $895 $— $(423)$— $— $6,051 


34

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel Total
Aareal (Capital Hilton)$4,128 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $4,128 
BAML Pool (see footnote 3)— — (1,616)— — — — 406 2,661 — — 895 — — — — 2,346 
BAML Credit Facility (see foonote 4)— — — (439)— (23)— — — 10,963 — — — — — — 10,501 
BAML (Pier House Resort & Spa)— — — — 5,457 — — — — — — — — — — — 5,457 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 9,875 — — — — — — — — — 9,875 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — 4,030 — — — — — 4,030 
Apollo (The Ritz-Carlton St. Thomas)— — — — — — — — — — — — 10,111 — — — 10,111 
LoanCore (Cameo Beverly Hills)— — — — — — — — — — — — — (423)— — (423)
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 10,909 10,909 
Prudential (Hilton La Jolla Torrey Pines)— 3,771 — — — — — — — — — — — — — — 3,771 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 10,274 — 10,274 
Total$4,128 $3,771 $(1,616)$(439)$5,457 $(23)$9,875 $406 $2,661 $10,963 $4,030 $895 $10,111 $(423)$10,274 $10,909 $70,979 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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 credit facility is secured by 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 December 31, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(108)$2,914 $278 $505 $1,248 $621 $(1,113)$1,665 $(704)$3,108 $(4,634)$(671)$(409)$(1,862)$3,920 $2,185 $6,943 $(28,426)$(21,483)
Non-property adjustments— — — — — — — — — — 249 — — — — — 249 (249)— 
Interest income(40)(95)9 — — — — (16)(48)(83)57 (27)(13)— — (59)(315)315 — 
Interest expense— — — — 1,462 — 1,476 — — 165 1,139 20 1,018 703 — 3,267 9,250 14,135 23,385 
Amortization of loan cost— — — — 81 4 206 — — — 65 — — 45 — 221 622 433 1,055 
Depreciation and amortization2,751 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 expense161 387 39 125 11 23 4 9 57 18 235 22 9 181 12 6 1,299 (1,299)— 
Hotel EBITDA including amounts attributable to noncontrolling interest2,774 4,304 1,521 1,210 3,363 1,071 1,831 3,688 1,697 5,132 (1,229)1,899 4,244 (274)5,782 8,103 45,116 (15,053)30,063 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(693)(1,076)— — — — — — — — — — — — — — (1,769)1,769 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 45 45 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (54)(54)
Hotel EBITDA attributable to the Company and OP unitholders$2,081 $3,228 $1,521 $1,210 $3,363 $1,071 $1,831 $3,688 $1,697 $5,132 $(1,229)$1,899 $4,244 $(274)$5,782 $8,103 $43,347 $(13,293)$30,054 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$2,774 $4,304 $1,521 $1,210 $3,363 $1,071 $1,831 $3,688 $1,697 $5,132 $(1,229)$1,899 $4,244 $(274)$5,782 $8,103 $45,116 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,304 $— $1,210 $3,363 $1,071 $1,831 $— $— $5,132 $(1,229)$— $4,244 $— $5,782 $8,103 $33,811 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $4,304 $— $1,210 $3,363 $1,071 $1,831 $— $— $5,132 $(1,229)$— $4,244 $— $5,782 $8,103 $33,811 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$2,774 $— $1,521 $— $— $— $— $3,688 $1,697 $— $— $1,899 $— $(274)$— $— $11,305 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$2,774 $— $1,521 $— $— $— $— $3,688 $1,697 $— $— $1,899 $— $(274)$— $— $11,305 

36

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 PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel Total
Aareal (Capital Hilton)$2,774 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $2,774 
BAML Pool (see footnote 3)— — 1,521 — — — — 3,688 1,697 — — 1,899 — — — — 8,805 
BAML Credit Facility (see foonote 4)— — — 1,210 — 1,071 — — — 5,132 — — — — — — 7,413 
BAML (Pier House Resort & Spa)— — — — 3,363 — — — — — — — — — — — 3,363 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 1,831 — — — — — — — — — 1,831 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — (1,229)— — — — — (1,229)
Apollo (The Ritz-Carlton St. Thomas)— — — — — — — — — — — — 4,244 — — — 4,244 
LoanCore (Cameo Beverly Hills)— — — — — — — — — — — — — (274)— — (274)
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — 8,103 8,103 
Prudential (Hilton La Jolla Torrey Pines)— 4,304 — — — — — — — — — — — — — — 4,304 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 5,782 — 5,782 
Total$2,774 $4,304 $1,521 $1,210 $3,363 $1,071 $1,831 $3,688 $1,697 $5,132 $(1,229)$1,899 $4,244 $(274)$5,782 $8,103 $45,116 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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 credit facility is secured by 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 September 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$(616)$3,935 $2,147 $1,463 $28 $1,234 $(1,255)$376 $356 $(1,281)$(1,234)$4,044 $(659)$(1,272)$(570)$(5,908)$788 $(23,399)$(22,611)
Non-property adjustments— — — — — — — — — — — — — (292)— 495 203 (203)— 
Interest income(68)(94)(3)— — — — (12)(42)(56)44 (22)(12)— — (51)(316)316 — 
Interest expense— — — 267 1,447 380 1,463 — — 965 1,008 20 1,010 696 — 2,301 9,557 12,868 22,425 
Amortization of loan cost— — — — 81 12 203 — — — 40 — 9 44 — 167 556 325 881 
Depreciation and amortization2,484 1,052 1,121 566 549 421 1,140 1,962 2,403 1,482 1,236 1,536 2,139 528 1,656 2,428 22,703 — 22,703 
Income tax expense (benefit)(35)67 — — — — — 5 — — — — 28 — (52)— 13 (1,203)(1,190)
Non-hotel EBITDA ownership expense648 23 (21)197 10 59 — 18 17 13 223 14 20 155 9 (22)1,363 (1,363)— 
Hotel EBITDA including amounts attributable to noncontrolling interest2,413 4,983 3,244 2,493 2,115 2,106 1,551 2,349 2,734 1,123 1,317 5,592 2,535 (141)1,043 (590)34,867 (12,659)22,208 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(603)(1,246)— — — — — — — — — — — — — — (1,849)1,849 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 60 60 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (63)(63)
Hotel EBITDA attributable to the Company and OP unitholders$1,810 $3,737 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $1,123 $1,317 $5,592 $2,535 $(141)$1,043 $(590)$33,018 $(10,813)$22,205 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$2,413 $4,983 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $1,123 $1,317 $5,592 $2,535 $(141)$1,043 $(590)$34,867 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,983 $— $2,493 $2,115 $2,106 $1,551 $— $— $1,123 $1,317 $— $2,535 $— $1,043 $(590)$18,676 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $4,983 $— $2,493 $2,115 $2,106 $1,551 $— $— $1,123 $1,317 $— $2,535 $— $1,043 $(590)$18,676 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$2,413 $— $3,244 $— $— $— $— $2,349 $2,734 $— $— $5,592 $— $(141)$— $— $16,191 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$2,413 $— $3,244 $— $— $— $— $2,349 $2,734 $— $— $5,592 $— $(141)$— $— $16,191 

38

Exhibit 1

COMPARABLE HOTEL EBITDA BY LOAN POOL
(in thousands)
(unaudited)
Three Months Ended September 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel Total
Aareal (Capital Hilton)$2,413 $— $— $— $— $— $— $— $— $— $— $— $— $— $— $— $2,413 
BAML Pool (see footnote 3)— — 3,244 — — — — 2,349 2,734 — — 5,592 — — — — 13,919 
BAML Credit Facility (see foonote 4)— — — 2,493 — 2,106 — — — 1,123 — — — — — — 5,722 
BAML (Pier House Resort & Spa)— — — — 2,115 — — — — — — — — — — — 2,115 
Credit Agricole (Park Hyatt Beaver Creek Resort & Spa)— — — — — — 1,551 — — — — — — — — — 1,551 
BAML (The Ritz-Carlton Lake Tahoe)— — — — — — — — — — 1,317 — — — — — 1,317 
Apollo (The Ritz-Carlton St. Thomas)— — — — — — — — — — — — 2,535 — — — 2,535 
LoanCore (Cameo Beverly Hills)— — — — — — — — — — — — — (141)— — (141)
Aareal (Four Seasons Resort Scottsdale)— — — — — — — — — — — — — — — (590)(590)
Prudential (Hilton La Jolla Torrey Pines)— 4,983 — — — — — — — — — — — — — — 4,983 
Macquarie CAF LLC (The Ritz-Carlton Reserve Dorado Beach)— — — — — — — — — — — — — — 1,043 — 1,043 
Total$2,413 $4,983 $3,244 $2,493 $2,115 $2,106 $1,551 $2,349 $2,734 $1,123 $1,317 $5,592 $2,535 $(141)$1,043 $(590)$34,867 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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 credit facility is secured by 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 June 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottsdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$3,924 $3,105 $1,890 $764 $1,709 $13 $(4,002)$1,388 $37 $2,593 $(2,450)$2,729 $3,586 $(595)$3,960 $(508)$18,143 $(21,281)$(3,138)
Non-property adjustments— — — — — — — — — — (12)— — — — — (12)12 — 
Interest income(64)(84)(6)— — — — (8)(28)(54)27 (15)(10)— — (17)(259)259 — 
Interest expense— — — 772 1,378 981 1,399 — — 2,075 961 20 963 667 — 2,209 11,425 11,490 22,915 
Amortization of loan cost— — — — 80 8 201 — — — 39 — 27 44 — 163 562 123 685 
Depreciation and amortization2,438 1,044 1,146 588 587 406 1,118 2,035 2,445 1,444 1,117 1,536 2,123 515 1,637 2,388 22,567 — 22,567 
Income tax expense (benefit)125 49 — — — — — 4 — — — — 133 — 196 — 507 (582)(75)
Non-hotel EBITDA ownership expense(81)16 3 120 21 12 94 167 (4)62 203 43 26 17 33 (5)727 (727)— 
Hotel EBITDA including amounts attributable to noncontrolling interest6,342 4,130 3,033 2,244 3,775 1,420 (1,190)3,586 2,450 6,120 (115)4,313 6,848 648 5,826 4,230 53,660 (10,706)42,954 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(1,586)(1,032)— — — — — — — — — — — — — — (2,618)2,618 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 75 75 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (80)(80)
Hotel EBITDA attributable to the Company and OP unitholders$4,756 $3,098 $3,033 $2,244 $3,775 $1,420 $(1,190)$3,586 $2,450 $6,120 $(115)$4,313 $6,848 $648 $5,826 $4,230 $51,042 $(8,093)$42,949 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$6,342 $4,130 $3,033 $2,244 $3,775 $1,420 $(1,190)$3,586 $2,450 $6,120 $(115)$4,313 $6,848 $648 $5,826 $4,230 $53,660 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$6,342 $4,130 $3,033 $2,244 $3,775 $1,420 $(1,190)$3,586 $2,450 $6,120 $— $4,313 $6,848 $648 $5,826 $4,230 $53,775 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$6,342 $4,130 $3,033 $2,244 $3,775 $1,420 $(1,190)$3,586 $2,450 $6,120 $— $4,313 $6,848 $648 $5,826 $4,230 $53,775 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $4,130 $— $2,244 $3,775 $1,420 $(1,190)$— $— $6,120 $(115)$— $6,848 $— $5,826 $4,230 $33,288 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $4,130 $— $2,244 $3,775 $1,420 $(1,190)$— $— $6,120 $(115)$— $6,848 $— $5,826 $4,230 $33,288 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$6,342 $— $3,033 $— $— $— $— $3,586 $2,450 $— $— $4,313 $— $648 $— $— $20,372 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$6,342 $— $3,033 $— $— $— $— $3,586 $2,450 $— $— $4,313 $— $648 $— $— $20,372 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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
40

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2024
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$4,288 $6,660 $(100)$(190)$3,869 $539 $3,561 $1,419 $(540)$12,721 $(4,129)$2,157 $11,297 $(2,742)$7,233 $4,227 $50,270 $(48,575)$1,695 
Non-property adjustments— — — — — — — — — — 5 — — — — — 5 (5)— 
Interest income(86)(210)— — — — — (36)(105)(187)147 (63)(22)— — (130)(692)692 — 
Interest expense— — — — 3,553 — 2,920 — — 316 2,411 40 2,069 763 2,013 6,426 20,511 30,503 51,014 
Amortization of loan cost— — — — 228 — 69 — — — 75 — — 46 247 458 1,123 1,639 2,762 
Depreciation and amortization7,337 2,149 2,264 1,272 1,038 846 2,369 3,251 4,316 3,568 3,968 3,490 4,474 1,248 3,459 5,065 50,114 — 50,114 
Income tax expense (benefit)205 130 — — — — — 10 — — — — 423 — 220 — 988 350 1,338 
Non-hotel EBITDA ownership expense240 29 21 289 26 33 14 48 450 17 503 8 (2,163)211 7 5 (262)262 — 
Hotel EBITDA including amounts attributable to noncontrolling interest11,984 8,758 2,185 1,371 8,714 1,418 8,933 4,692 4,121 16,435 2,980 5,632 16,078 (474)13,179 16,051 122,057 (15,134)106,923 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(2,997)(2,189)— — — — — — — — — — — — — — (5,186)5,186 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 134 134 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (139)(139)
Hotel EBITDA attributable to the Company and OP unitholders$8,987 $6,569 $2,185 $1,371 $8,714 $1,418 $8,933 $4,692 $4,121 $16,435 $2,980 $5,632 $16,078 $(474)$13,179 $16,051 $116,871 $(9,953)$106,918 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$11,984 $8,758 $2,185 $1,371 $8,714 $1,418 $8,933 $4,692 $4,121 $16,435 $2,980 $5,632 $16,078 $(474)$13,179 $16,051 $122,057 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$11,984 $8,758 $2,185 $1,371 $8,714 $1,418 $8,933 $4,692 $4,121 $16,435 $— $5,632 $16,078 $(474)$13,179 $16,051 $119,077 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$11,984 $8,758 $2,185 $1,371 $8,714 $1,418 $8,933 $4,692 $4,121 $16,435 $— $5,632 $16,078 $(474)$13,179 $16,051 $119,077 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $8,758 $— $1,371 $8,714 $1,418 $8,933 $— $— $16,435 $2,980 $— $16,078 $— $13,179 $16,051 $93,917 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $8,758 $— $1,371 $8,714 $1,418 $8,933 $— $— $16,435 $2,980 $— $16,078 $— $13,179 $16,051 $93,917 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$11,984 $— $2,185 $— $— $— $— $4,692 $4,121 $— $— $5,632 $— $(474)$— $— $28,140 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$11,984 $— $2,185 $— $— $— $— $4,692 $4,121 $— $— $5,632 $— $(474)$— $— $28,140 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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
41

Exhibit 1

BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Six Months Ended June 30, 2023
Capital Hilton Washington D.C.Hilton La Jolla Torrey PinesSofitel Chicago Magnificent MileBardessono Hotel and SpaPier House Resort & SpaHotel YountvillePark Hyatt Beaver Creek Resort & SpaThe Notary HotelThe ClancyThe Ritz-Carlton SarasotaThe Ritz-Carlton Lake TahoeMarriott Seattle WaterfrontThe Ritz-Carlton St. ThomasCameo Beverly HillsThe Ritz-Carlton Reserve Dorado BeachFour Seasons Scottssdale ResortHotel TotalCorporate / AllocatedBraemar Hotels & Resorts Inc.
Net income (loss)$5,658 $5,987 $967 $(540)$5,523 $(984)$3,456 $30 $(114)$9,344 $1,178 $2,098 $9,390 $(1,088)$10,130 $4,861 $55,896 $(42,430)$13,466 
Non-property adjustments— — — — — — — — — — — — — — — — — — — 
Interest income(129)(157)(6)— — — — (13)(47)(96)27 (24)(19)— — (30)(494)494 — 
Interest expense— — — 1,489 2,646 1,883 2,700 — — 3,966 1,855 40 1,864 1,289 281 4,478 22,491 22,535 45,026 
Amortization of loan cost— — — — 159 8 400 — — 95 78 — 54 87 — 323 1,204 243 1,447 
Depreciation and amortization4,624 2,071 2,381 1,182 1,180 799 2,226 4,066 4,990 2,749 2,347 3,161 4,259 1,064 3,274 4,715 45,088 — 45,088 
Income tax expense (benefit)151 61 — — — — — 9 — — — — 269 — 357 — 847 1,407 2,254 
Non-hotel EBITDA ownership expense(64)40 76 233 25 32 109 188 16 68 509 50 32 50 57 3 1,424 (1,424)— 
Hotel EBITDA including amounts attributable to noncontrolling interest10,240 8,002 3,418 2,364 9,533 1,738 8,891 4,280 4,845 16,126 5,994 5,325 15,849 1,402 14,099 14,350 126,456 (19,175)107,281 
Less: EBITDA adjustments attributable to consolidated noncontrolling interest(2,561)(2,000)— — — — — — — — — — — — — — (4,561)4,561 — 
Equity in earnings (loss) of unconsolidated entities— — — — — — — — — — — — — — — — — 148 148 
Company's portion of EBITDA of OpenKey— — — — — — — — — — — — — — — — — (157)(157)
Hotel EBITDA attributable to the Company and OP unitholders$7,679 $6,002 $3,418 $2,364 $9,533 $1,738 $8,891 $4,280 $4,845 $16,126 $5,994 $5,325 $15,849 $1,402 $14,099 $14,350 $121,895 $(14,623)$107,272 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$10,240 $8,002 $3,418 $2,364 $9,533 $1,738 $8,891 $4,280 $4,845 $16,126 $5,994 $5,325 $15,849 $1,402 $14,099 $14,350 $126,456 
ALL HOTELS NOT UNDER RENOVATION:
Hotel EBITDA including amounts attributable to noncontrolling interest$10,240 $8,002 $3,418 $2,364 $9,533 $1,738 $8,891 $4,280 $4,845 $16,126 $— $5,325 $15,849 $1,402 $14,099 $14,350 $120,462 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$10,240 $8,002 $3,418 $2,364 $9,533 $1,738 $8,891 $4,280 $4,845 $16,126 $— $5,325 $15,849 $1,402 $14,099 $14,350 $120,462 
RESORT PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$— $8,002 $— $2,364 $9,533 $1,738 $8,891 $— $— $16,126 $5,994 $— $15,849 $— $14,099 $14,350 $96,946 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$— $8,002 $— $2,364 $9,533 $1,738 $8,891 $— $— $16,126 $5,994 $— $15,849 $— $14,099 $14,350 $96,946 
URBAN PROPERTIES:
Hotel EBITDA including amounts attributable to noncontrolling interest$10,240 $— $3,418 $— $— $— $— $4,280 $4,845 $— $— $5,325 $— $1,402 $— $— $29,510 
Non-comparable adjustments— — — — — — — — — — — — — — — — — 
Comparable hotel EBITDA$10,240 $— $3,418 $— $— $— $— $4,280 $4,845 $— $— $5,325 $— $1,402 $— $— $29,510 
NOTES:
(1)    The above comparable information assumes the 16 hotel properties owned and included in the Company's operations at June 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
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