Blackwells Supports the Election of Braemar Hotels & Resorts’ Eight Director Nominees

(NYSE:BHR) Braemar Hotels & Resorts Inc. is nearing completion of its separation from Ashford Inc., with the termination of the advisory agreement triggered and asset sales funding the separation already closed. The company has published its balance sheet, cost structure, and full-year 2027 outlook as a self-managed entity. The board slate announced on October 26, 2026, consists of eight nominees, seven of whom are new and independent, identified by Ferguson Partners, a board search firm. Blackwells Capital LLC, a shareholder, supports the election of all eight nominees, noting that every incumbent director, including the Chairman, is stepping aside, and the new board will elect an independent Chairman. The nominees include the former Chief Financial Officer of Vornado and JBG SMITH, audit committee chairs of Federal Realty and Sabra Health Care, a former hotel-REIT CFO and Hilton senior executive, a senior executive with twenty-four years at Hyatt and Marriott, the former co-head of real estate at Farallon and a director of Macerich, and the founder of a real estate and private-credit firm. Richard Stockton, President and Chief Executive Officer, is the only continuing board member and is credited as the architect of the new organizational structure that will reduce annual corporate overhead from over $40 million to $15 million. The market values Braemar’s seven remaining hotels at approximately $437,000 per key, and the company’s 2026 sales averaged approximately $1.2 million per key. The enterprise trades at 2.2 times revenue, compared to a peer group average of 2.9 times, and holds the highest proportion of luxury and ultra-luxury properties among lodging REITs, as well as the highest RevPAR of any public comparable. According to Blackwells’ October 13 presentation, the same seven assets support $2.45 to $5.13 per share, which is 1.8 to 3.7 times the current share price of $1.50. Brancous LP1, a holder of less than one percent of the company’s shares, has proposed to replace five nominees with its own directors, resulting in litigation in two courts, a denied request for a temporary restraining order, and a platform focused on an “independent review” of a Company Sale Fee fixed in 2018, disclosed for eight years, and already reduced by $94.3 million. Blackwells argues that Brancous LP1’s campaign offers no business plan and would result in additional costs and delays. The external structure that defined Braemar for a decade is ending, and the new board is positioned to execute the company’s plan and close the gap between share price and hotel value.

BRAEMAR HOTELS & RESORTS DECLARES PREFERRED DIVIDENDS FOR THE THIRD QUARTER OF 2026

(NYSE: BHR) Braemar Hotels & Resorts Inc. announced that its Board of Directors declared a quarterly cash dividend for the third quarter ending September 30, 2026 for the Company's 5.5% Series B Cumulative Convertible Preferred Stock equal to $0.3438 per share, to be paid on October 15, 2026 to stockholders of record as of September 30, 2026. The Board also declared a quarterly cash dividend for the 8.25% Series D Cumulative Preferred Stock equal to $0.5156 per share, payable on October 15, 2026 to stockholders of record as of September 30, 2026. Monthly cash dividends for all CUSIPs of the Series E Redeemable Preferred Stock were declared at $0.15625 per share, with payments scheduled for August 17, September 15, and October 15, 2026, to stockholders of record as of July 31, August 31, and September 30, 2026, respectively. The Board declared monthly cash dividends for CUSIP 10482B705 of the Series M Redeemable Preferred Stock at $0.18125 per share, and for CUSIPs 10482B887, 10482B796, 10482B861, and 10482B770 at $0.17917 per share, with the same payment and record dates. All remaining CUSIPs of the Series M Redeemable Preferred Stock will receive $0.17708 per share on the same schedule. As of June 30, 2026, there were 10,775,131 shares of Series E Redeemable Preferred Stock and 1,364,862 shares of Series M Redeemable Preferred Stock issued and outstanding. The company targets luxury urban and resort properties that generate revenue per available room (RevPAR) at least twice the U.S. national average. The company projects that forward-looking statements are based on current beliefs, assumptions, and expectations, and may change as a result of potential events or factors.

BRAEMAR HOTELS &amp; RESORTS EXTENDS RITZ-CARLTON LAKE TAHOE MORTGAGE LOAN

(NYSE: BHR) Braemar Hotels & Resorts Inc. announced that it has extended its $43.4 million mortgage loan secured by the 170-room Ritz-Carlton Lake Tahoe. The loan had an initial maturity date of July 15, 2026 and now has a maturity date of October 15, 2026. The extended loan is priced at SOFR + 325 basis points. A further three-month maturity extension is also available at the Company's discretion on the same terms. Richard Stockton, President and Chief Executive Officer, stated that this extension addresses the company's only remaining 2026 maturity. The company stated that when it ultimately refinances this loan later this year, it will have no other final maturities until 2028. Braemar Hotels & Resorts Inc. is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector.

BRAEMAR HOTELS &amp; RESORTS DECLARES MONTHLY PREFERRED DIVIDENDS FOR JUNE 2026

(NYSE: BHR) Braemar Hotels & Resorts Inc. announced that its Board of Directors declared a partial cash dividend for the month of June for the Company's 5.5% Series B Cumulative Convertible Preferred Stock equal to $0.1146 per diluted share, to be paid on July 15, 2026 to stockholders of record as of June 30, 2026. The Board also declared a partial cash dividend for the month of June for the Company's 8.25% Series D Cumulative Preferred Stock equal to $0.17186 per diluted share, with payment on July 15, 2026 to stockholders of record as of June 30, 2026. A monthly cash dividend for all CUSIPs of the Company's Series E Redeemable Preferred Stock of $0.15625 per share will be paid on July 15, 2026, to stockholders of record as of June 30, 2026. The Board declared a monthly cash dividend for CUSIPs 10482B705, 10482B887, 10482B796, and 10482B861 of the Company's Series M Redeemable Preferred Stock of $0.17917 per share, and for all remaining CUSIPs of Series M Redeemable Preferred Stock of $0.17708 per share, both payable on July 15, 2026, to stockholders of record as of June 30, 2026. As of May 29, 2026, there were 10,905,043 shares of the Company's Series E Redeemable Preferred Stock and 1,367,795 shares of the Company's Series M Redeemable Preferred Stock issued and outstanding. The Company specializes in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. The company projects that forward-looking statements regarding business and investment strategy, anticipated purchases, sales or dispositions of assets, projected operating results, completion of pending transactions, ability to restructure indebtedness, ability to secure additional financing, projected capital expenditures, and the impact of technology on operations and business are subject to change and risk.

BRAEMAR HOTELS & RESORTS ANNOUNCES CLOSING ON SALE OF PARK HYATT BEAVER CREEK RESORT & SPA

(NYSE:BHR) Braemar Hotels & Resorts Inc. announced the closing of the sale of the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key). The sale price represents a 4.6% capitalization rate on net operating income for the trailing 12 months ended March 2026. The property was acquired in 2017 for $145.5 million and generated strong cash flow over a nine-year hold. In conjunction with the sale, the company repaid the $70.5 million mortgage loan secured by the property and retained approximately $104.5 million of net proceeds after payment of transfer taxes, transaction costs, and the release of operating cash held at the property. The company used a portion of the net proceeds to repay in full its 4.50% Convertible Senior Notes on June 1, 2026. For the 12 months ended March 31, 2026, the property reported net income (loss) of $(3.0) million, interest expense of $5.0 million, depreciation and amortization of $7.8 million, hotel EBITDA of $9.8 million, capital reserve of $(1.8) million, and hotel net operating income of $8.0 million. The company believes the transaction does not exceed the threshold that constitutes a Change of Control under the advisory agreement with Ashford Inc.

BRAEMAR HOTELS & RESORTS DECLARES MONTHLY PREFERRED DIVIDENDS FOR MAY 2026

Braemar Hotels & Resorts Inc. (NYSE: BHR) announced that its Board of Directors declared and set aside partial cash dividends for its 5.5% Series B Cumulative Convertible Preferred Stock and 8.25% Series D Cumulative Preferred Stock, with payments scheduled for July 15, 2026 to stockholders of record as of June 30, 2026. The Board also declared monthly cash dividends for all CUSIPs of the Company's Series E Redeemable Preferred Stock and for specific and remaining CUSIPs of the Series M Redeemable Preferred Stock, with payments on June 15, 2026 to stockholders of record as of May 29, 2026. As of April 30, 2026, there were 11,146,482 shares of Series E and 1,373,463 shares of Series M Redeemable Preferred Stock issued and outstanding. Braemar Hotels & Resorts Inc. is a real estate investment trust (REIT) focused on high-growth luxury hotel and resort properties in the United States and U.S. territories in the Caribbean. The company specializes in assets generating revenue per available room (RevPAR) at least twice the U.S. national average. The announcement includes forward-looking statements regarding business strategy, asset transactions, operating results, and other business matters. Investors are cautioned about the risks associated with these forward-looking statements, which are only made as of the date of the press release.

BRAEMAR HOTELS & RESORTS ANNOUNCES AGREEMENT TO SELL PARK HYATT BEAVER CREEK RESORT & SPA

Braemar Hotels & Resorts Inc. (NYSE: BHR) announced it has entered into a definitive agreement to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key). The company has received a $6.5 million non-refundable earnest money deposit, and the sale price represents a 5.1% capitalization rate on net operating income for the trailing 12 months ended December 2025. Braemar intends to use the net proceeds to redeem its outstanding convertible notes in June. The transaction is expected to close in May 2026, subject to customary conditions.

BRAEMAR HOTELS & RESORTS DECLARES MONTHLY PREFERRED DIVIDENDS FOR APRIL 2026

Braemar Hotels & Resorts Inc. (NYSE: BHR) announced that its Board of Directors declared and set aside partial cash dividends for its 5.5% Series B Cumulative Convertible Preferred Stock and 8.25% Series D Cumulative Preferred Stock, with payments scheduled for July 15, 2026. The Board also declared monthly cash dividends for the Company's Series E and Series M Redeemable Preferred Stock, with payments scheduled for May 15, 2026. As of March 31, 2026, there were 11,388,459 shares of Series E and 1,379,289 shares of Series M Redeemable Preferred Stock issued and outstanding. The Company specializes in high-performance luxury urban and resort properties across the United States and the U.S. territories in the Caribbean.