Ashford : Reports Second Quarter 2021 Results

		NEWS RELEASE
Contact: Deric Eubanks	Jordan Jennings	Joe Calabrese
Chief Financial Officer	Investor Relations	Financial Relations Board
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ASHFORD REPORTS SECOND QUARTER 2021 RESULTS

Gross Assets Under Management $7.6 Billion at Quarter End

Company Publishes Investor Presentation with Long-Term Growth Outlook

OpenKey Continues to See Significant Increase in Demand for its Digital Key Product

Red Hospitality & Leisure Expands to The Ritz-Carlton Turks & Caicos

DALLAS, July 29, 2021 - Ashford Inc. (NYSE American: AINC) ("Ashford" or the "Company") today reported the following results and performance measures for the second quarter ended June 30, 2021. Unless otherwise stated, all reported results compare the second quarter ended June 30, 2021, with the second quarter ended June 30, 2020 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

• High-growth,fee-based business model
• Diversified platform of multiple fee generators
• Four paths to growth:

1. Recovery of the hospitality industry;

• 1. Increase assets under management (AUM); o Growth of third-party business; and
     o Acquisition or incubation of additional businesses
• Highly-alignedmanagement team with superior long-term track record
• Leader in asset and investment management for the real estate & hospitality sectors

FINANCIAL AND OPERATING HIGHLIGHTS

• Net loss attributable to common stockholders for the quarter was $(14.7) million, or $(5.31) per diluted share. Adjusted net income for the quarter was $8.7 million, or $1.17 per diluted share.
• Total revenue, excluding cost reimbursement revenue, for the quarter was $40.1 million, reflecting an 87% growth rate over the prior year quarter.
• Adjusted EBITDA for the quarter was $10.7 million, reflecting a 235% growth rate over the prior year quarter.
• At the end of the second quarter, the Company had approximately $7.6 billion of gross assets under management.
• At the end of the second quarter, the Company's advised REITs had total net working capital of $700 million.
• As of June 30, 2021, the Company had corporate cash of approximately $27.6 million.
• During the quarter, the Company published an investor presentation outlining the growth prospects for its businesses over the coming years.

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INVESTOR PRESENTATION PROVIDING LONG-TERM GROWTH PROJECTIONS

During the quarter, Ashford posted a comprehensive presentation for investors on the Company's website, which provides significant operational, financial and strategic updates regarding Ashford and its market leading portfolio companies. Detailed within the presentation, the Company provides long-term financial projections for the different segments of its business.

ASHFORD JOINS RUSSELL MICROCAP® INDEX

During the quarter, Ashford was added to the Russell Microcap® Index as part of the Russell Indexes annual reconstitution. The addition was effective on June 28, 2021. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell's U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

OPENKEY UPDATE

Ashford currently owns a 75% interest in OpenKey. OpenKey is the universal, industry-standard smartphone App for keyless entry in hotel guestrooms. OpenKey continues to expand its platform with 255 hotels under contract at the end of the second quarter. As the hospitality industry strives to implement measures to provide a clean and safe environment for guests, the Company expects that the digital benefits OpenKey offers, such as automated check-in (bypassing the front desk), keyless entry, and secure digital key capability, will continue to gain accelerated adoption and growth at hotels nationwide. OpenKey continues to see the benefits of this growth as utilization of digital keys increased more than 182% in the second quarter over the prior year quarter. Revenue for OpenKey increased 63% in the second quarter over the prior year quarter.

ASHFORD SECURITIES UPDATE

The Company formed Ashford Securities as a dedicated capital raising platform to fund investment opportunities sponsored and asset-managed by Ashford. Types of capital raised may include, but are not limited to, non-traded preferred equity, non-traded convertible preferred equity, and non-traded REIT common equity (for future platforms). In the fourth quarter of 2019, Braemar announced that it had filed a registration statement for a non-traded preferred equity security via Ashford Securities. Additionally, Ashford Securities became a FINRA member firm in February 2020 and has recently started raising non- traded preferred equity for Braemar. To-date, Ashford Securities has raised $2.1 million of Braemar's non- traded preferred stock. Longer term, the Company believes there is a substantial opportunity to offer differentiated alternative investment products through financial intermediaries to help investors further diversify their portfolios. Ashford Securities is not raising common equity for the Company nor for its existing advised platforms of Ashford Trust and Braemar.

REMINGTON UPDATE

Remington's high-margin,low-capex Hotel Management business continues to pursue third-party growth. Since initiating its efforts to pursue third-party business beginning in the fourth quarter of 2019, Remington has signed 9 third-party hotel management contracts. In the second quarter, Remington generated hotel management fee revenue of $6.5 million, Net Loss Attributable to the Company of $(0.5) million, and Adjusted EBITDA of $3.4 million.

LISMORE CAPITAL UPDATE

During the first quarter of 2020, Ashford Trust and Braemar entered into agreements with Lismore Capital ("Lismore") for Lismore to seek modifications, forbearances or refinancings of Ashford's advised REITs' debt totaling approximately $5.1 billion across over 40 different loans. This was a critical effort in

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maintaining the advised REITs' viability during the pandemic. Lismore has been successful in obtaining forbearance and other agreements with the lenders for the advised REITs' loans totaling approximately 92% of their outstanding loan balances at the time of the engagement. Total revenue of $2.3 million was recognized during the second quarter associated with these agreements.

PREMIER UPDATE

Premier provides comprehensive and cost-effective architecture, design, development, and project management services. It also provides project oversight, coordination, planning, and execution of renovation, capital expenditure or ground-up development projects. Its operations are responsible for managing and implementing substantially all capital improvements at Ashford Trust and Braemar hotels. Additionally, it has extensive experience working with many of the major hotel brands in the areas of renovating, converting, developing or repositioning hotels. Similar to Remington, Premier has also made a concerted effort to grow its third-party business, and to date Premier has signed 27 third-party engagements. In the second quarter, Premier generated $1.9 million of design and construction fee revenue, Net Loss Attributable to the Company of $(2.9) million, and Adjusted EBITDA of negative $(0.4) million.

JSAV UPDATE

JSAV provides an integrated suite of audio visual services, including show and event services, hospitality services, creative services, and design and integration, making JSAV a leading single-source solution for its clients' meeting and event needs. During the second quarter of 2021, JSAV had revenue of $9.5 million, Net Loss Attributable to the Company of $(1.0) million, and Adjusted EBITDA of $1.0 million.

RED HOSPITALITY & LEISURE UPDATE

The Company currently owns a 98% interest in RED Hospitality & Leisure ("RED Hospitality"). RED Hospitality is a leading provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands ("USVI"), Florida and Turks & Caicos. RED Hospitality currently provides beach, watersports and excursion services, and ferry services in the USVI, Key West, Florida and Turks & Caicos. RED Hospitality has several potential avenues for future growth including opportunities to expand into other hotels at Ashford-advised REITs or non-Ashford hotels in the USVI, elsewhere in the Caribbean, and in the U.S. To that end, RED recently began operations at The Ritz-Carlton Turks & Caicos resort to provide services including watersports, beach and recreation operations, as well as destination and transportation services to the property. In the second quarter, RED Hospitality generated $6.9 million of revenue, Net Income Attributable to the Company of $1.1 million, and $2.4 million of Adjusted EBITDA. Second quarter revenue growth was 657% over the prior year quarter.

PURE ROOMS UPDATE

The Company currently owns a 70% controlling interest in Pure Wellness ("Pure"), a leading provider of hypo-allergenic hotel rooms in the United States. Its Pure Rooms offering utilizes state-of-the-art purification technology to create allergy-friendly guestrooms. Pure has also recently expanded into the commercial office industry and has signed up 25 offices to date to utilize its Pure Office product.

As the hospitality and commercial office industries strive to implement measures to provide a clean and safe environment for guests and workers, the Company expects that the health and wellness benefits Pure offers - including its air purification technology - will gain accelerated adoption and growth at hotels and offices nationwide. Pure transforms interior spaces into world-class wellness environments that protect against viral and bacterial contaminants and promote overall wellbeing.

FINANCIAL RESULTS

Net loss attributable to common stockholders for the quarter totaled $(14.7) million, or $(5.31) per diluted

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share. Adjusted net income for the quarter was $8.7 million, or $1.17 per diluted share.

For the quarter ended June 30, 2021, base advisory fee revenue was $9.9 million. The base advisory fee revenue in the second quarter was comprised of $7.3 million from Ashford Trust and $2.7 million from Braemar.

Adjusted EBITDA for the quarter was $10.7 million, reflecting a growth rate of 235% over the prior year quarter.

CAPITAL STRUCTURE

At the end of the second quarter of 2021, the Company had approximately $7.6 billion of gross assets under management from its advised platforms. The Company had corporate cash of $27.6 million and 7.4 million fully diluted shares. The Company's fully diluted shares include 4.2 million common shares associated with its Series D convertible preferred stock. The Company had $59.1 million of loans at June 30, 2021, of which approximately $0.3 million related to its joint venture partners' share of such loans.

QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS

ASHFORD TRUST HIGHLIGHTS

• Ashford Trust reported Adjusted EBITDAre of $31.4 million for the second quarter.
• Year-to-date,Ashford Trust has raised approximately $478 million from the sale of shares of its common stock.
• Since beginning its initiative to exchange its preferred stock for common stock, Ashford Trust has exchanged approximately 15.2 million shares of its preferred stock, representing approximately 67% of its preferred share count prior to the exchanges and approximately $377 million of liquidation value, into approximately 10.2 million common shares.
• Ashford Trust was added to the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index.

BRAEMAR HOTELS & RESORTS HIGHLIGHTS

• Braemar reported Adjusted EBITDAre of $19.6 million for the second quarter and for the second quarter in a row, was cash flow positive at the corporate level.
• Year-to-date,Braemar has raised approximately $77.6 million from the sale of shares of its common stock.
• Since beginning its initiative to exchange its preferred stock for common stock, Braemar has exchanged approximately 2.0 million shares of its preferred stock, representing approximately 39% of its preferred share count prior to the exchanges into approximately 7.3 million common shares.
• During the quarter, the Company closed on a private placement of $86.25 million aggregate principal amount of 4.5% Convertible Senior Notes due 2026.
• During the quarter, Braemar announced the planned acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California for total consideration of $77.9 million.
• Braemar was added to the U.S. small-cap Russell 2000® Index, the U.S. broad-market Russell 3000® Index, and the Russell Microcap® Index.

"We're confident that the Ashford group of companies is well-positioned to capitalize on the continuing recovery in the hospitality industry, and we remain focused on their future strategic objectives," commented Jeremy J. Welter, Ashford's President and Chief Operating Officer. "Ashford has an unwavering commitment to maximize value for our shareholders, and we believe the proactive and disciplined actions we have undertaken reflect that commitment. Looking at our advised platforms, our REITs have stabilized.

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Braemar, with the highest quality portfolio in the public markets, will further diversify its luxury portfolio with the acquisition of the Mr. C, and Ashford Trust remains well-positioned with its geographically diverse portfolio and exposure to transient leisure customers. Both companies have performed well and are poised for further growth in the second half 2021. Other areas of our business, like OpenKey, Pure Rooms and RED Hospitality, are also benefitting from a strong increase in demand, while Remington and Premier both realized solid third-party business growth. We were also pleased with our recent addition to the Russell Microcap® Index. As the only publicly traded asset manager and service provider in the Hospitality Industry, we believe our addition will expose Ashford to a wider range of institutions and investors, allowing us to potentially broaden our shareholder base and increase our stock's liquidity. Looking ahead, as the recovery in the lodging industry gains momentum, we believe Ashford is uniquely positioned to outperform. We remain focused on our unique investment strategy to strategically invest in operating companies that service the hospitality industry and act as an accelerator to grow these companies. With our talented and dedicated management team, along with our long-term strategy on finding growth opportunities in our business, I am excited about the future prospects for our Company."

INVESTOR CONFERENCE CALL AND SIMULCAST

The Company will conduct a conference call on Friday, July 30, 2021, at 12:00 p.m. ET. The number to call for this interactive teleconference is [phone]. A replay of the conference call will be available through Friday, August 6, 2021, by dialing [phone] and entering the confirmation number, 13720453.

The Company will also provide an online simulcast and rebroadcast of its second quarter 2021 earnings release conference call. The live broadcast of the Company's quarterly conference call will be available online at the Company's website, www.ashfordinc.com on Friday, July 30, 2021, beginning at 12:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

Included in this press release are certain supplemental measures of performance, which are not measures of operating performance under GAAP, to assist investors in evaluating the Company's historical or future financial performance. These supplemental measures include adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") and Adjusted Net Income. We believe that Adjusted EBITDA and Adjusted Net Income provide investors and management with a meaningful indicator of operating performance. Management also uses Adjusted EBITDA and Adjusted Net Income, among other measures, to evaluate profitability. We calculate Adjusted EBITDA by subtracting or adding to net income (loss): interest expense, income taxes, depreciation, amortization, net income (loss) to noncontrolling interests, transaction costs, and other expenses. We calculate Adjusted Net Income by subtracting or adding to net income (loss): net income (loss) to noncontrolling interests, transaction costs, and other expenses. Our methodology for calculating Adjusted EBITDA and Adjusted Net Income may differ from the methodologies used by other comparable companies, when calculating the same or similar supplemental financial measures and may not be comparable with these companies. Neither Adjusted EBITDA nor Adjusted Net Income represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to (a) GAAP net income (loss) as an indication of our financial performance or (b) GAAP cash flows from operating activities as a measure of our liquidity nor are such measures indicative of funds available to satisfy our cash needs. The Company urges investors to carefully review the U.S. GAAP financial information as shown in our periodic reports on Form 10-Q and Form 10- K, as amended and our Current Reports on Form 8-K.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.