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

DALLAS, October 16, 2026 - Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the"Company") today announced that its Board of Directors (the "Board") declared a quarterly cashdividend for the fourth quarter ending December 31, 2026 for the Company's 5.5% Series BCumulative Convertible Preferred Stock equal to: $0.3438 per share, which will be paid onJanuary 15, 2027 to stockholders of record as of December 30, 2026.

The Board declared a quarterly cash dividend for the fourth quarter ending December 31, 2026 for the Company's 8.25% Series D Cumulative Preferred Stock equal to: $0.5156 per share,which will be paid on January 15, 2027 to stockholders of record as of December 31, 2026.

The Board declared a monthly cash dividend for all CUSIPs of the Company's Series ERedeemable Preferred Stock, payable as follows: $0.15625 per share will be paid on November 16, 2026, to stockholders of record as of October 30, 2026; $0.15625 per share will be paid on December 15, 2026 to stockholders of record as of November 30, 2026; and $0.15625 per sharewill be paid on January 15, 2027 to stockholders of record as of December 31, 2026.

The Board declared a monthly cash dividend for CUSIPs 10482B705 and 10482B887 of the Company's Series M Redeemable Preferred Stock payable as follows: $0.18125 per share will bepaid on November 16, 2026, to stockholders of record as of October 30, 2026; $0.18125 pershare will be paid on December 15, 2026 to stockholders of record as of November 30, 2026;and $0.18125 per share will be paid on January 15, 2027 to stockholders of record as ofDecember 31, 2026.

The Board declared a monthly cash dividend for CUSIPs 10482B796, 10482B861, 10482B770and 10482B846 of the Company's Series M Redeemable Preferred Stock payable as follows:$0.17917 per share will be paid on November 16, 2026 to stockholders of record as of October30, 2026; $0.17917 per share will be paid on December 15, 2026 to stockholders of record as ofNovember 30, 2026; and $0.17917 per share will be paid on January 15, 2027 to stockholders ofrecord as of December 31, 2026.

The Board declared a monthly cash dividend for CUSIP 10482B820 of the Company's Series MRedeemable Preferred Stock payable as follows: $0.17708 per share will be paid on November16, 2026, to stockholders of record as of October 30, 2026; $0.17708 per share will be paid onDecember 15, 2026 to stockholders of record as of November 30, 2026; and $0.17708 per sharewill be paid on January 15, 2027 to stockholders of record as of December 31, 2026.

As of September 30, 2026, there were 8,150,132 shares of the Company's Series E RedeemablePreferred Stock and 1,269,981 shares of the Company's Series M Redeemable Preferred Stockissued and outstanding, and there were an additional 2,448,062 shares of the Company's Series ERedeemable Preferred Stock and 91,129 shares of the Company's Series M RedeemablePreferred Stock issued and outstanding for which redemption requests have been received buthave not been fully processed.

About Braemar Hotels & Resorts

Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused onthe high-growth luxury hotel and resort sector. Its industry-leading portfolio features luxuryproperties across the United States and the U.S. territories in the Caribbean.

Forward-Looking Statements

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are beingmade pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generallyidentifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate,""estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally,statements regarding the following subjects are forward-looking by their nature: our business and investment strategy;anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pendingtransactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enableus to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technologyon our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of ourfuture performance taking into account all information currently known to us. These beliefs, assumptions, and expectations canchange 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 ourforward-looking statements. You should carefully consider this risk when you make an investment decision concerning oursecurities. These and other risk factors are more fully discussed in the Company's filings with the SEC.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors shouldnot place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-lookingstatements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise exceptto the extent required by law.