Janney Acted as Financial Advisor and Sole Placement Agent on Braemar’s $20 Million Preferred Stock Issuance

Transaction Overview

Ashford Securities LLC (“Ashford Securities”), a wholly-owned subsidiary of Ashford Inc. (NYSE American: AINC) (“Ashford”), continues to receive strong interest from the investment community for its recently launched product, shares of Series E Redeemable Preferred Stock (brokerage shares) and Series M Redeemable Preferred Stock (advisory shares) of Braemar Hotels & Resorts, Inc. (NYSE: BHR) (“Braemar”), and announced sales of shares of $21.3 million for the month of November (as of November 12, 2021). The strong month-to-date November performance was primarily driven by sales to several institutional investors totaling approximately $20 million (based on the stated value of shares sold).

Janney acted as financial advisor and sole placement agent in the transaction.

About Braemar Hotels & Resorts Inc.

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

For more information on Braemar Hotels & Resorts, visit www.bhrreit.com.

About Ashford Inc.

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.

For more information on Braemar Hotels & Resorts, visit www.ashfordinc.com.