Braemar Hotels & Resorts Inc.

Our Company is a Maryland corporation formed in 2013 that primarily invests in luxury hotels and resorts with high revenue per available room (RevPAR). For its investment strategy, "high RevPAR" means at least twice the current U.S. national average RevPAR for all hotels, as determined by STR, LLC. For the year ended December 31, 2025, two times the U.S. national average RevPAR was approximately $200. The company has been taxed as a REIT under the Code since the year ended December 31, 2013. It conducts business and owns most assets through its operating partnership, Braemar OP, operating in the direct hotel investment segment of the hotel lodging industry. As of March 9, 2026, the company owned interests in 13 hotel properties with 3,028 total rooms, located in six states, the District of Columbia, Puerto Rico, and St. Thomas, U.S. Virgin Islands. These properties are mainly in U.S. urban and resort locations. Ashford Hospitality Advisors LLC (Ashford LLC), a subsidiary of Ashford Inc., advises the company through an advisory agreement and asset-manages all hotel properties in the portfolio. Asset management includes acquisition, renovation, financing, disposition, operational accountability, budget review, capital expenditures, and property-level strategies. The company has no employees; Ashford LLC provides all advisory services. The company does not directly operate its hotel properties but engages hotel management companies under contract. Remington Hospitality, a subsidiary of Ashford Inc., manages five of the 13 hotel properties, with third-party management companies managing the rest. Ashford Inc. also provides other products and services to the company or its hotel properties through entities it partly owns.