Braemar Hotels advisor extends advisory agreement for 10-year term to 2037

Braemar Hotels & Resorts Inc.

Advisor (Ashford Inc.) exercised right to extend advisory agreement for 10 years from Jan 24, 2027 to Jan 24, 2037.
All terms, conditions, and obligations remain in effect, subject to potential renegotiation of base or incentive fees under Section 6.6.
Extension does not affect the existing Letter Agreement dated Aug 26, 2025 or its Dec 22, 2025 Amendment.

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