BRANCOUS LP1 CALLS ON BRAEMAR’S BOARD TO STOP ATTACKING SHAREHOLDERS, DISTRIBUTE EXCESS CASH AND RENEGOTIATE THE ASHFORD PAYMENT

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STOP FIGHTING SHAREHOLDERS. START CREATING VALUE. Acton, ONTARIO, July 13, 2026 (GLOBE NEWSWIRE) -- Brancous LP1, a shareholder of Braemar Hotels & Resorts Inc. ("Braemar" or the "Company") (NYSE: BHR), today issued the following statement to the Board of Directors: Your fiduciary duty is to Braemar's shareholders. Not to spend their own money to attack them. For nearly two years, shareholders have been asking for the same things: Instead, in our opinion, the Board has wasted Company resources suing shareholders, sending cease-and-desist letters, and publishing press releases attacking the owners of the Company. We believe every dollar spent fighting shareholders is a dollar that should have been spent negotiating a lower payment to Ashford. YOU REVIEWED EVERY ALTERNATIVE. YOU CHOSE A SALE. On August 26, 2025, Special Committee Chair Rebeca "Becky" Odino-Johnson promised shareholders a "premium." She stated: "We explored multiple alternatives for Braemar including a potential internalization of management... the Board believes pursuing a sale process is the right step... the best opportunity for shareholders to realize a premium." The Board reviewed internalization and rejected it. You told shareholders a sale was the only way to get a premium. What changed? In our opinion, the Board realized that a sale of the entire Company would require a shareholder vote—a vote the Board likely knew it would lose if the deal prioritized Ashford's pockets over shareholder value. So, it appears you pivoted to a maneuver designed to bypass the owners. THE MANEUVER: LIQUIDATION WITHOUT A VOTE The Board is now pursuing the very internalization it previously rejected. But it is doing so through what we characterize as a "stealth liquidation." By selling more than 30% of the Company's Gross Asset Value (GAV) through individual asset sales, the Board is attempting to trigger a "Change of Control" payment to Ashford. In our view, this is a calculated trick to avoid asking for shareholder approval. You aren't selling the Company for a premium. We believe you are stripping the Company of its "iconic" hotels to pay a "Monty Tax" that we estimate equals approximately $7.00 per share—nearly three times where the stock trades today. THE FIRST NEGOTIATION SHOULD HAVE BEEN THE FEE. If the objective was to maximize shareholder value, why wasn't the first negotiation the Ashford termination payment? Shareholders have been asking for exactly that for years.

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