Braemar Hotels & Resorts : Declares Preferred Dividends For Second Quarter Of 2020

NEWS RELEASE

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Deric Eubanks	Jordan Jennings	Joseph Calabrese
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BRAEMAR HOTELS & RESORTS DECLARES PREFERRED

DIVIDENDS FOR SECOND QUARTER OF 2020

DALLAS, June 16, 2020 - Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that its Board of Directors declared a quarterly cash dividend of $0.3438 per diluted share for the Company's 5.5% Series B Cumulative Convertible Preferred Stock for the second quarter ending June 30, 2020. The dividend, which equates to an annual rate of $1.375 per share, is payable on July 15, 2020, to shareholders of record as of June 30, 2020.

The Board declared a quarterly cash dividend of $0.5156 per diluted share for the Company's 8.25% Series D Cumulative Preferred Stock for the second quarter ending June 30, 2020. The dividend, which equates to an annual rate of $2.0625 per share, is payable on July 15, 2020, to shareholders of record as of June 30, 2020.

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Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.

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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 in this press release may include, among others, statements about the implied share price for the Company's common stock. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar's control.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19 on our business and investment strategy; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our ability to obtain future financing arrangements or restructure existing property level indebtedness; our understanding of our competition; market trends; 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 Braemar's filings with the Securities and Exchange Commission.

The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.