Ashford Reports Third Quarter 2021 Results

		NEWS RELEASE
Contact: Deric Eubanks	Jordan Jennings	Joe Calabrese
Chief Financial Officer	Investor Relations	Financial Relations Board
[phone]	[phone]	[phone]

ASHFORD REPORTS THIRD QUARTER 2021 RESULTS

Gross Assets Under Management $7.8 Billion at Quarter End Year-to-Date $0.9 Billion of Capital Raised at Advised REITs Company Increases Focus on Growing AUM

JSAV Rebrands as INSPIRE; Achieves 385% Revenue Growth in the Quarter

Strong Third-Party Growth at Remington and at Premier

RED Hospitality & Leisure Expands to the Ritz-Carlton Turks & Caicos

DALLAS, October 27, 2021 - Ashford Inc., an alternative asset management company with a portfolio of strategic operating businesses (NYSE American: AINC) ("Ashford" or the "Company"), today reported the following results and performance measures for the third quarter ended September 30, 2021. Unless otherwise stated, all reported results compare the third quarter ended September 30, 2021, with the third quarter ended September 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 $(9.2) million, or $(3.64) per diluted share. Adjusted net income for the quarter was $8.4 million, or $1.11 per diluted share.
• Total revenue, excluding cost reimbursement revenue, for the quarter was $48.3 million, reflecting a 74% growth rate over the prior year quarter.
• Adjusted EBITDA for the quarter was $12.6 million, reflecting an 85% growth rate over the prior year quarter.
• At the end of the third quarter, the Company had approximately $7.8 billion of gross assets under management.
• At the end of the third quarter, the Company's advised REITs had total net working capital of $896 million.

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• As of September 30, 2021, the Company had corporate cash of approximately $34.0 million.

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 267 hotels under contract at the end of the third 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. To that end, during the quarter, OpenKey announced a partnership with Adrift Hospitality, a collection of boutique coastal properties in the Pacific Northwest, to provide guests with contactless services across their portfolio of 8 properties. OpenKey has seen significant growth from its Master Services Agreement with Four Seasons Hotels & Resorts and there are currently 15 Four Seasons properties utilizing Openkey. Revenue for OpenKey increased 48% in the third 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 $9.3 million in net proceeds 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.

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 11 third-party hotel management contracts. In the third quarter, Remington generated hotel management fee revenue of $7.8 million, Net Income Attributable to the Company of $1.0 million, and Adjusted EBITDA of $4.1 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 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. Lismore recognized total revenue of $3.2 million during the third quarter.

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

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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 third quarter, Premier generated $2.2 million of design and construction fee revenue, Net Loss Attributable to the Company of $(2.4) million, and Adjusted EBITDA of $(34,000).

INSPIRE UPDATE

Subsequent to quarter end, J&S Audio Visual ("JSAV"), completed a strategic rebranding and is now named INSPIRE. Throughout its 35-year history, the full-service event technology company has developed creative and individualized event production solutions. The new name, INSPIRE, reflects the energy and momentum the company brings to each of its clients and the aspiration to create events that move people. INSPIRE provides an integrated suite of audio visual services, including show and event services, hospitality services, creative services, and design and integration, making INSPIRE a leading single-source solution for its clients' meeting and event needs. During the third quarter of 2021, INSPIRE had revenue of $15.1 million, Net Loss Attributable to the Company of $(1.2) million, and Adjusted EBITDA of $1.9 million. Third quarter revenue growth was 385% over the prior year quarter.

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. During the quarter, RED Hospitality 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 third quarter, RED Hospitality generated $6.7 million of revenue, Net Income Attributable to the Company of $0.8 million, and $1.8 million of Adjusted EBITDA. Third quarter revenue growth was 168% 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 27 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 $(9.2) million, or $(3.64) per diluted share. Adjusted net income for the quarter was $8.4 million, or $1.11 per diluted share.

For the quarter ended September 30, 2021, base advisory fee revenue was $10.0 million. The base advisory fee revenue in the third quarter was comprised of $7.3 million from Ashford Trust and $2.8 million from Braemar.

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Adjusted EBITDA for the quarter was $12.6 million, reflecting a growth rate of 85% over the prior year quarter.

CAPITAL STRUCTURE

At the end of the third quarter of 2021, the Company had approximately $7.8 billion of gross assets under management from its advised platforms. The Company had corporate cash of $34.0 million and 7.6 million fully diluted shares. The Company's fully diluted shares include 4.3 million common shares associated with its Series D convertible preferred stock. The Company had $59.7 million of loans at September 30, 2021, of which approximately $0.4 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 $46.8 million for the third quarter.
• Year-to-date,Ashford Trust has raised approximately $550.8 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 15.9 million shares of its preferred stock, representing approximately 70.2% of its preferred share count prior to the exchanges and approximately $396.5 million of liquidation value, into approximately 11.5 million common shares.

BRAEMAR HOTELS & RESORTS HIGHLIGHTS

• Braemar reported Adjusted EBITDAre of $21.9 million for the third quarter.
• Year-to-date,Braemar has raised approximately $102.4 million from the sale of shares of its common stock.
• Year-to-date,Braemar has raised approximately $9.3 million in net proceeds from the sale of its Non-Traded Preferred Stock.
• During the quarter, Braemar completed the acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California for total consideration of $77.9 million.

"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. Braemar, with the highest quality portfolio in the public markets, is back on offense and further diversified its luxury portfolio with the acquisition of the Mr. C, and Ashford Trust has significantly bolstered its liquidity and remains well-positioned with its geographically diverse portfolio and exposure to transient leisure customers. Looking ahead to the remainder of 2021 and 2022, both of our advised REITs are poised for further growth."

Mr. Welter continued, "Other areas of our business, like INSPIRE, are also benefitting from a strong increase in demand, while Remington and Premier both realized solid third-party business growth and RED Hospitality expanded its business to the Turks & Caicos. Moving forward, 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."

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INVESTOR CONFERENCE CALL AND SIMULCAST

The Company will conduct a conference call on Thursday, October 28, 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 Thursday, November 4, 2021, by dialing [phone] and entering the confirmation number, 13722818.

The Company will also provide an online simulcast and rebroadcast of its third 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 Thursday, October 28, 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.

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Ashford is an alternative asset management company with a portfolio of strategic operating businesses that provides global asset management, investment management and related services to the real estate and hospitality sectors.

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 Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. 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 Ashford Inc.'s control.