Braemar Hotels & Resorts Sells Clancy for $115mln, Pays Down $64.7mln Debt

• Braemar Hotels & Resorts closes sale of The Clancy in San Francisco for $115 million. • Sale price represents a 5.2% capitalization rate on net operating income. • Company pays down $64.7 million of debt, retains $43.7 million in net proceeds. • Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA and Adjusted Hotel EBITDA.