BHR · Braemar Hotels & Resorts Inc.

The sale of the Park Hyatt Beaver Creek Resort & Spa represents a pivotal strategic move for Braemar, directly advancing its ongoing portfolio optimization and balance sheet simplification initiative. As a 193-room luxury resort in a premier mountain destination, this asset is among the Company’s highest-profile properties — its disposition at a 5.1% cap rate on $9.0 million of trailing 12-month Hotel Net Operating Income (per Exhibit 99.1) signals strong market validation and pricing power for Braemar’s premium assets. The $6.5 million non-refundable earnest money deposit provides early evidence of buyer commitment and de-risks part of the transaction. Critically, the planned use of net proceeds to fully redeem the 4.50% Convertible Senior Notes due June 2026 eliminates a significant near-term debt maturity and removes potential dilution risk from conversion — a material credit and equity structure improvement. While the stated May 2026 closing accelerates capital recycling relative to the broader second-quarter expectation, the filing explicitly cautions that multiple customary closing conditions remain unsatisfied and offers no assurance of completion. This uncertainty introduces execution risk for both the timing of liquidity deployment and the scheduled June note redemption, meaning investors should monitor for updates on condition satisfaction and potential delays. Management’s characterization of the sale as a 'significant milestone in our ongoing strategic review' underscores its centrality to Braemar’s current capital allocation framework — prioritizing debt reduction and portfolio quality over scale.