Braemar Hotels & Resorts Inc. · NYSE:BHR

Braemar Hotels & Resorts — Ashford Hospitality Prime — Corporate Update (May 2016)

14 slides from Braemar Hotels & Resorts's corporate update, May 24, 2016

1. Slide 1: Sofitel Chicago Water Tower – May 2016

   Sofitel Chicago Water Tower – May 2016

2. Slide 2: Property Overview

   Property Overview 2 Property Information:  Location: Downtown Chicago (Gold Coast submarket)  Rooms: 415 (including 32 suites)  Year Built: 2002  12,000 sf of meeting space  Fee simple; 32 story tower  Segmentation: 72% transient; 28% group Acquisition Overview:  Purchase Price: $153mm  Purc

3. Slide 3: Property Overview (cont.)

   Property Overview (cont.) 3 Key Accomplishments:  New General Manager  Over $750,000 in annualized cost savings  Renegotiated parking agreement increasing hotel’s revenue share by 35%  Sofitel Chicago ranked 3rd best hotel in Chicago for business travelers by USA Today in 2015  Sofitel Chicago

4. Slide 4: Competitive Set - Primary

   Competitive Set - Primary ° Thompson Hotels Chicago 61/1988 247 ° Sofitel Chicago Water Tower 6/1/2002 415 12,000 e easy cnPatk Hyatt Chicago 6/1/2000 198 5,000 e (Omni Chicago Hotel 4/1/1980 7,000 Luxury Collection The Gwen Chicago 5/1/2001 12633 e “ZX ASHFORD FOR HOSPITALITY PRIME

5. Slide 5: New Supply – Tract Scale (Luxury)

   New Supply – Tract Scale (Luxury) 5

6. Slide 6: CapEx History

   CapEx History 6 Hotel Opening 2002 Rooms: Mattress replacement Meeting Space: New carpet in Ballroom, meeting rooms and pre function 2010 Rooms: Reupholstered benches in suites; new desk chairs 2012 Rooms: Replaced toilets and coffee machines 2014 Rooms: Upgraded to flat panel TVs 2006 Rooms: Replac

7. Slide 7: Fitness Center Expansion

   Fitness Center Expansion 7 Increasing footprint from current 781 sq. ft. to 1,441 sq. ft., 2nd largest in comp set

8. Slide 8: Lobby Bar Repositioning

   Lobby Bar Repositioning 8 Ashford to invest $515k to reposition Le Bar and increase seating by 35%, scheduled to begin Nov. 2016

9. Slide 9: Lobby Bar Repositioning (cont.)

   Lobby Bar Repositioning (cont.) 9

10. Slide 10: Rooms Renovation Scope

    Rooms Renovation Scope 10  New guestroom desks and minibar cabinets (new minibars with outside tray)  New guestroom chair and ottoman to match Barcelona chairs  New carpet, drapery and roller shade  New bed frame and headboard  Touch up existing nightstands and nightstand lamps (new lampshades)

11. Slide 11: Rooms Renovation – King Room Design

    Rooms Renovation – King Room Design 11

12. Slide 12: Rooms Renovation – King Room Design (cont.)

    Rooms Renovation – King Room Design (cont.) 12

13. Slide 13: Rooms Renovation – Corridor Design

    Rooms Renovation – Corridor Design 13

14. Slide 14: Sofitel Chicago Water Tower – May 2016

    Sofitel Chicago Water Tower – May 2016

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