BRAEMAR HOTELS & RESORTS : REPORTS FIRST QUARTER 2026 RESULTS

About this update from Braemar Hotels & Resorts Inc.

NEWS RELEASE Contact: Justin Coe Chief Accounting Officer Allison Beach Media Contact Joe Calabrese Financial Relations Board (972) 490-9600 (972) 490-9600 (212) 827-3772 BRAEMAR HOTELS & RESORTS REPORTS FIRST QUARTER 2026 RESULTS DALLAS - May 6, 2026 - Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported financial results and performance measures for the first quarter ended March 31, 2026. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of March 31, 2026 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2026 with the first quarter ended March 31, 2025 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release. FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS Comparable Total RevPAR for all hotels increased 5.4% over the prior year quarter to $771. Comparable RevPAR for all hotels totaled $481, an increase of 5.7% over the prior year quarter. Comparable ADR increased 5.7% over the prior year quarter to $745 and Comparable Occupancy was essentially unchanged at 64.5%. Net income attributable to common stockholders for the quarter was $4.9 million or $0.07 per diluted share. Adjusted funds from operations (AFFO) was $0.52 per diluted share for the quarter. Adjusted EBITDAre was $66.5 million for the quarter. Comparable Hotel EBITDA was $75.5 million for the quarter, up 13.7% over the prior year quarter. The Company ended the quarter with cash and cash equivalents of $93.4 million and restricted cash of $55.4 million. The vast majority of the restricted cash is comprised of lender and manager-held reserves. At the end of the quarter, there was also $28.1 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 43.4% at the end of the first quarter. Capex invested during the quarter was $12.1 million. During the quarter, the Company redeemed approximately $17.0 million of its non-traded preferred stock in cash. RECENT OPERATING HIGHLIGHTS The Bardessono Hotel and Spa delivered RevPAR growth of approximately 20.0% over the prior year quarter, with Hotel EBITDA flow-through of approximately 92%. The Ritz-Carlton, St. Thomas delivered RevPAR of $1,154, an increase of approximately 14.4% over the prior year quarter, with Hotel EBITDA of $11.2 million, an increase of approximately 19.8% over the prior year quarter. Subsequent to quarter end, the Company announced that it entered into a definitive agreement to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key) and has received a $6.5 million non-refundable earnest money deposit. The sale price represents a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 31, 2026. CAPITAL STRUCTURE As of March 31, 2026, the Company had total assets of $1.8 billion and $1.1 billion of loans. The Company's total combined loans had a blended average interest rate of 6.63%, 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 8% of the Company's consolidated debt is effectively fixed and approximately 92% is effectively floating. DIVIDENDS During the quarter, the Company updated its preferred equity securities dividend declaration process to align the dividend cycles of its different preferred stock share classes in conjunction with the Company's previously announced Company sale process. The dividend calculation rates remain unchanged and continue to follow the respective Articles Supplementary for each series of the Company's preferred stock. As announced on February 2, 2026, given the Company's Series B and Series D preferred stock are pari passu with its Series E and Series M preferred stock with respect to distributions, they must receive equitable treatment regarding dividend declarations. To manage this consistently, the Company moved from declaring Series B and Series D dividends at the start of the quarter to "reserving" them on a monthly basis alongside its other Series E and Series M monthly dividend declarations. This ensures all parity requirements with respect to distributions across all of its series of preferred stock are met while maintaining the actual quarterly payment of its Series B and Series D preferred stock on or near the 15th of the month following quarter-end. This also gives the Company flexibility in the event that it has a strategic transaction that requires a redemption or conversion of the preferred equity securities outstanding during the middle of a quarter. Additionally, regarding the Company's common equity dividend policy, the Board has not declared a policy for 2026 in light of the fact that there is an ongoing Company sale process, which could result in the Company's assets being sold in more than one transaction with net proceeds being distributed to shareholders after satisfying the Company's other obligations. 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. "I'm extremely pleased with our solid first quarter performance, highlighted by comparable RevPAR growth of approximately 5.7%, comparable Hotel EBITDA growth of 13.7% and 259 basis points of margin expansion to 35.7%. While occupancies appear to have stabilized, we continue to be able to achieve significant rate growth against a backdrop of muted supply across US and Caribbean lodging markets. And with $10.8 million of comparable total revenue growth and $9.1 million of comparable Hotel EBITDA growth, our portfolio achieved an outstanding 84% flow-through for the quarter," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "With the announcement of the sale of Park Hyatt Beaver Creek at an attractive cap rate, we continue to make encouraging progress on our strategic alternatives process and will be able to provide further updates in the near future." NON-GAAP MEASURES 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 https://www.sec.gov . About Braemar Hotels & Resorts Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Externally advised by Ashford Hospitality Advisors LLC, Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance. Forward-Looking Statements 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 federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. 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. These and other risk factors are more fully discussed in the Company's filings with the SEC. The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law. BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) March 31, 2026 December 31, 2025 ASSETS Investments in hotel properties, gross $ 1,906,327 $ 1,902,328 Accumulated depreciation (361,588) (344,061) Investments in hotel properties, net 1,544,739 1,558,267 Cash and cash equivalents 93,385 124,354 Restricted cash 55,357 42,479 Accounts receivable, net of allowance of $136 and $113, respectively 37,045 32,843 Inventories 4,870 4,741 Note receivable 9,045 8,896 Prepaid expenses 8,286 6,987 Deposit paid to Ashford Inc. 17,000 17,000 Deferred costs, net 74 75 Investment in OpenKey - 89 Derivative assets 341 56 Other assets 17,685 15,368 Operating lease right-of-use assets 30,597 30,743 Intangible assets, net 2,652 2,746 Due from related parties, net 367 - Due from third-party hotel managers 28,054 17,088 Total assets $ 1,849,497 $ 1,861,732 LIABILITIES AND EQUITY Liabilities: Indebtedness, net $ 1,106,029 $ 1,103,450 Accounts payable and accrued expenses 139,573 142,123 Redeemable preferred stock redemptions payable 46,719 30,864 Dividends and distributions payable 3,907 7,672 Due to Ashford Inc., net 1,924 5,148 Due to related parties, net - 257 Due to third-party hotel managers 3,392 1,467 Operating lease liabilities 20,058 20,058 Other liabilities 24,963 25,572 Total liabilities 1,346,565 1,336,611 5.50% Series B cumulative convertible preferred stock, $0.01 par value, 3,078,017 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 65,426 65,426 Series E redeemable preferred stock, $0.01 par value, 9,561,665 and 10,818,280 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 239,042 265,695 Series M redeemable preferred stock, $0.01 par value, 1,337,328 and 1,368,091 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 33,450 34,217 Redeemable noncontrolling interests in operating partnership 15,925 19,005 Equity: Preferred stock, $0.01 par value, 80,000,000 shares authorized: 8.25% Series D cumulative preferred stock, 1,600,000 shares issued and outstanding at March 31, 2026 and December 31, 2025 16 16 Common stock, $0.01 par value, 250,000,000 shares authorized, 68,679,318 and 68,219,432 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 687 682 Additional paid-in capital 707,874 706,488 Accumulated deficit (561,566) (568,503) Total stockholders' equity of the Company 147,011 138,683 Noncontrolling interest in consolidated entities 2,078 2,095 Total equity 149,089 140,778 Total liabilities and equity $ 1,849,497 $ 1,861,732 5

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