PR Newswire | Jul 14, 2021 08:03AM EDT

07/14 07:00 CDT

Braemar Hotels & Resorts Declares Preferred Dividends For Third Quarter Of 2021 DALLAS, July 14, 2021

DALLAS, July 14, 2021 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that its Board of Directors authorized, and the Company declared, regular cash dividends on the Company's outstanding shares of preferred stock for the third quarter ending September 30, 2021, as follows:

* a quarterly cash dividend of $0.3438 per share for the Company's 5.50% Series B Cumulative Convertible Preferred Stock, which equates to an annual rate of $1.375 per share, payable on October 15, 2021 to stockholders of record as of September 30, 2021;

* a quarterly cash dividend of $0.5156 per share for the Company's 8.25% Series D Cumulative Preferred Stock, which equates to an annual rate of $2.0625 per share, payable on October 15, 2021 to stockholders of record as of September 30, 2021;

* monthly cash dividends for the Company's Series E Redeemable Preferred Stock equal to a quarterly rate of $0.50 per share and an annual rate of $2.00 per share, payable as follows: $0.1666 per share will be paid on August 16, 2021 to stockholders of record as of July 30, 2021; $0.1666 per share will be paid on September 15, 2021 to stockholders of record as of August 31, 2021; and $0.1666 per share will be paid on October 15, 2021 to stockholders of record as of September 30, 2021; and

* monthly cash dividends for the Company's Series M Redeemable Preferred Stock equal to a quarterly rate of $0.5125 per share and an annual rate of $2.05 per share, payable as follows: $0.1708 per share will be paid on August 16, 2021 to stockholders of record as of July 30, 2021; $0.1708 per share will be paid on September 15, 2021 to stockholders of record as of August 31, 2021; and $0.1708 per share will be paid on October 15, 2021 to stockholders of record as of September 30, 2021.

* As of July 9, 2021 there were 22,010 shares of the Company's Series E Redeemable Preferred Stock and no shares of the Company's Series M Redeemable Preferred Stock issued and outstanding.

* * * * *

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

Certain statements and assumptions in this press release contain or are basedupon "forward-looking" information and are being made pursuant to the safeharbor provisions of the Private Securities Litigation Reform Act of 1995.Forward-looking statements in this press release include, among others,statements about the payment of dividends on the Company's outstanding sharesof preferred stock. These forward-looking statements are subject to risks anduncertainties. When we use the words "will likely result," "may," "anticipate,""estimate," "should," "expect," "believe," "intend," or similar expressions, weintend to identify forward-looking statements. Such statements are subject tonumerous assumptions and uncertainties, many of which are outside Braemar'scontrol.

These forward-looking statements are subject to known and unknown risks anduncertainties, which could cause actual results to differ materially from thoseanticipated, including, without limitation: the impact of COVID-19, and therate of adoption and efficacy of vaccines to prevent COVID-19, on our businessand investment strategy; the timing and outcome of the Securities and ExchangeCommission's investigation; our ability to repay, refinance or restructure ourdebt and the debt of certain of our subsidiaries; anticipated or expectedpurchases or sales of assets; our projected operating results; completion ofany pending transactions; our understanding of our competition; market trends;projected capital expenditures; the impact of technology on our operations andbusiness; general volatility of the capital markets and the market price of ourcommon stock and preferred stock; availability, terms and deployment ofcapital; availability of qualified personnel; changes in our industry and themarkets in which we operate, interest rates or the general economy; and thedegree and nature of our competition. These and other risk factors are morefully discussed in Braemar's filings with the Securities and ExchangeCommission.

The forward-looking statements included in this press release are only made asof the date of this press release. Such forward-looking statements are based onour beliefs, assumptions, and expectations of our future performance takinginto 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, financialcondition, liquidity, results of operations, plans, and other objectives mayvary materially from those expressed in our forward-looking statements. Youshould carefully consider this risk when you make an investment decisionconcerning our securities. Investors should not place undue reliance on theseforward-looking statements. The Company can give no assurance that theseforward-looking statements will be attained or that any deviation will notoccur. We are not obligated to publicly update or revise any forward-lookingstatements, whether as a result of new information, future events orcircumstances, changes in expectations, or otherwise, except to the extentrequired by law.

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SOURCE Braemar Hotels & Resorts Inc.