Ashford : Reports Fourth Quarter 2021 Results

		NEWS RELEASE
Contact: Deric Eubanks	Jordan Jennings	Joe Calabrese
Chief Financial Officer	Investor Relations	Financial Relations Board
[phone]	[phone]	[phone]

ASHFORD REPORTS FOURTH QUARTER AND

FULL YEAR 2021 RESULTS

Gross Assets Under Management $7.8 Billion at Quarter End

$0.9 Billion of Capital Raised at Advised REITs in 2021

Company Increases Focus on Growing AUM

Company Reports Record for Quarterly Adjusted EBITDA

JSAV Rebrands as INSPIRE; Achieves 427% Revenue Growth in the Quarter

Strong Third-Party Growth at Remington and Premier

Ashford Securities Continues Ramp-up in Capital Raising

RED Hospitality Expands into Puerto Rico

DALLAS, February 24, 2022 - Ashford Inc., an alternative asset management company with a portfolio of strategic operating businesses (NYSE American: AINC) ("Ashford" or the "Company"), today reported the following results and performance measures for the fourth quarter and full year ended December 31, 2021. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2021, with the fourth quarter and year ended December 31, 2020 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.

STRATEGIC OVERVIEW

• High-growth,fee-based business model
• Diversified platform of multiple fee generators
• Four paths to growth:

1. Recovery of the hospitality industry;

• 1. Increase assets under management (AUM); o Growth of third-party business; and
     o Acquisition or incubation of additional businesses
• Highly-alignedmanagement team with superior long-term track record
• Leader in asset and investment management for the real estate & hospitality sectors

FINANCIAL AND OPERATING HIGHLIGHTS

• Net loss attributable to common stockholders for the quarter was $(5.0) million, or $(1.79) per diluted share. Net loss attributable to common stockholders for the full year was $(46.0) million, or $(16.68) per diluted share. Adjusted net income for the quarter was $17.1 million, or $2.24 per diluted share. Adjusted net income for the full year was $39.0 million, or $5.20 per diluted share.
• Total revenue, excluding cost reimbursement revenue, for the quarter was $62.0 million, reflecting a 127% growth rate over the prior year quarter. Total revenue, excluding cost reimbursement revenue, for the full year was $180.6 million, reflecting a 34% growth rate over the prior year.

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• Adjusted EBITDA for the quarter was $19.5 million, reflecting a 174% growth rate over the prior year quarter. Adjusted EBITDA for the full year was $48.4 million, reflecting a 64% growth rate over the prior year.
• At the end of the fourth quarter, the Company had approximately $7.8 billion of gross assets under management.
• At the end of the fourth quarter, the Company's advised REITs had total net working capital of $858 million.
• As of December 31, 2021, the Company had corporate cash of approximately $28.1 million.

OPENKEY UPDATE

Ashford currently owns a 75% interest in OpenKey. OpenKey is the universal, industry-standard smartphone App for keyless entry in hotel guestrooms. OpenKey continues to expand its platform with 288 hotels under contract at the end of the fourth quarter. As the hospitality industry strives to implement measures to provide a clean and safe environment for guests, the Company expects that the digital benefits OpenKey offers, such as automated check-in (bypassing the front desk), keyless entry, and secure digital key capability, will continue to gain accelerated adoption and growth at hotels nationwide. OpenKey has seen significant growth from its Master Services Agreement with Four Seasons Hotels & Resorts and there are currently 17 Four Seasons properties utilizing OpenKey. Revenue for OpenKey increased 63% in the fourth quarter over the prior year quarter.

ASHFORD SECURITIES UPDATE

The Company formed Ashford Securities as a dedicated capital raising platform to fund investment opportunities sponsored and asset-managed by Ashford. Types of capital raised may include, but are not limited to, non-traded preferred equity, non-traded convertible preferred equity, and non-traded REIT common equity (for future platforms). In the fourth quarter of 2019, Braemar announced that it had filed a registration statement for a non-traded preferred equity security via Ashford Securities. Additionally, Ashford Securities became a FINRA member firm in February 2020 and has recently started raising non- traded preferred equity for Braemar. To date, Ashford Securities has placed $69.2 million of Braemar's non-traded preferred stock. Longer term, the Company believes there is a substantial opportunity to offer differentiated alternative investment products through financial intermediaries to help investors further diversify their portfolios.

REMINGTON UPDATE

Remington's high-margin,low-capex Hotel Management business continues to pursue third-party growth. Since initiating its efforts to pursue third-party business beginning in the fourth quarter of 2019, Remington has signed 20 third-party hotel management contracts. In the fourth quarter, Remington generated hotel management fee revenue of $7.5 million, Net Income Attributable to the Company of $129,000, and Adjusted EBITDA of $3.5 million.

LISMORE CAPITAL UPDATE

During the first quarter of 2020, Ashford Trust and Braemar entered into agreements with Lismore Capital ("Lismore") for Lismore to seek modifications, forbearances or refinancings of Ashford's advised REITs' debt totaling approximately $5.1 billion across over 40 different loans. This was a critical effort in maintaining the advised REITs' viability during the pandemic. Lismore has been successful in obtaining forbearance and other agreements with the lenders for the advised REITs' loans totaling approximately 93% of their outstanding loan balances at the time of the engagement. Lismore recognized total revenue of $2.6 million during the fourth quarter.

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PREMIER UPDATE

Premier provides comprehensive and cost-effective architecture, design, development, and project management services. It also provides project oversight, coordination, planning, and execution of renovation, capital expenditure or ground-up development projects. Its operations are responsible for managing and implementing substantially all capital improvements at Ashford Trust and Braemar hotels. Additionally, it has extensive experience working with many of the major hotel brands in the areas of renovating, converting, developing or repositioning hotels. Similar to Remington, Premier has also made a concerted effort to grow its third-party business, and to date, Premier has signed 35 third-party engagements, totaling $11 million in fees. In the fourth quarter, Premier generated $3.9 million of design and construction fee revenue, Net Loss Attributable to the Company of $(1.4) million, and Adjusted EBITDA of $1.3 million.

INSPIRE UPDATE

During the quarter, J&S Audio Visual ("JSAV"), completed a strategic rebranding and is now named INSPIRE. Throughout its 35-year history, the full-service event technology company has developed creative and individualized event production solutions. The new name, INSPIRE, reflects the energy and momentum the company brings to each of its clients and the aspiration to create events that move people. INSPIRE provides an integrated suite of audio visual services, including show and event services, hospitality services, creative services, and design and integration, making INSPIRE a leading single-source solution for its clients' meeting and event needs. During the fourth quarter of 2021, INSPIRE had revenue of $21.7 million, Net Income Attributable to the Company of $135,000, and Adjusted EBITDA of $3.0 million. Fourth quarter revenue growth was 427% over the prior year quarter.

RED HOSPITALITY & LEISURE UPDATE

During the fourth quarter, the Company acquired the equity interests of RED Hospitality & Leisure ("RED Hospitality") that it did not already own, and now owns a 100% interest in RED Hospitality. RED Hospitality is a leading provider of watersports activities and other travel and transportation services in the U.S. Virgin Islands ("USVI"), Puerto Rico, Florida and Turks & Caicos. RED Hospitality has several potential avenues for future growth including opportunities to expand into other hotels at Ashford-advised REITs or non-Ashford hotels in the USVI, elsewhere in the Caribbean, and in the U.S. During the fourth quarter, RED Hospitality entered into a long-term agreement to provide ferry services in Puerto Rico and expects future growth opportunities in this market. RED Hospitality also continues to see strong growth in Turks & Caicos driven by strong demand and significant pricing power. In the fourth quarter, RED Hospitality generated $5.7 million of revenue, Net Income Attributable to the Company of $491,000, and $1.0 million of Adjusted EBITDA. Fourth quarter revenue growth was 95% over the prior year quarter.

FINANCIAL RESULTS

Net loss attributable to common stockholders for the quarter totaled $(5.0) million, or $(1.79) per diluted share. Adjusted net income for the quarter was $17.1 million, or $2.24 per diluted share.

For the quarter ended December 31, 2021, base advisory fee revenue was $17.3 million. The base advisory fee revenue in the fourth quarter was comprised of $14.5 million from Ashford Trust and $2.8 million from Braemar. During the fourth quarter, the Company recognized approximately $7.2 million in deferred advisory revenue from Ashford Trust as a result of the amendment to its strategic financing.

Adjusted EBITDA for the quarter was $19.5 million, reflecting a growth rate of 174% over the prior year quarter.

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CAPITAL STRUCTURE

At the end of the fourth quarter of 2021, the Company had approximately $7.8 billion of gross assets under management from its advised platforms. The Company had corporate cash of $28.1 million and 7.6 million fully diluted shares. The Company's fully diluted shares include 4.3 million common shares associated with its Series D convertible preferred stock. The Company had $59.6 million of loans at December 31, 2021, of which approximately $30,000 related to its joint venture partners' share of such loans.

QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS

ASHFORD TRUST HIGHLIGHTS

• Ashford Trust reported Adjusted EBITDAre of $40.7 million for the fourth quarter.
• For full year 2021, Ashford Trust raised approximately $563.8 million from the sale of shares of its common stock.
• Since beginning its initiative to exchange its preferred stock for common stock, Ashford Trust has exchanged approximately 16.1 million shares of its preferred stock, representing approximately 71% of its preferred share count prior to the exchanges and approximately $401.8 million of liquidation value, into approximately 11.9 million common shares.

BRAEMAR HOTELS & RESORTS HIGHLIGHTS

• Braemar reported Adjusted EBITDAre of $29.4 million for the fourth quarter which exceeded fourth quarter 2019 Adjusted EBITDAre by 15.4%.
• Fourth quarter RevPAR for Braemar was $240, which was the highest quarterly RevPAR in the company's history and exceeded fourth quarter 2019 RevPAR by 6.3%.
• For full year 2021, Braemar has raised approximately $104.4 million from the sale of shares of its common stock.
• To date, Braemar has issued approximately $69.2 million of its Non-Traded Preferred Stock.
• During the quarter, Braemar entered into a definitive agreement to acquire the 96-room Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico.

"We delivered solid fourth quarter results, highlighted by the highest quarterly adjusted EBITDA in Company history, and remain confident that the Ashford group of companies is well-positioned to capitalize on the continuing recovery in the hospitality industry," commented Jeremy J. Welter, Ashford's President and Chief Operating Officer. "Ashford has an unwavering commitment to maximize value for our shareholders, and we believe the proactive and disciplined actions we have undertaken reflect that commitment. Looking at our advised platforms, our REITs have stabilized and are well-positioned as we enter 2022. Braemar, with the highest quality portfolio in the public markets, is back on offense and growing. It is further diversifying its luxury portfolio with the recent announcement of the pending acquisition of Dorado Beach, the first Ritz-Carlton Reserve in the Americas and one of only five Ritz- Carlton Reserve properties worldwide. Ashford Trust has significantly bolstered its liquidity and remains well-positioned with its geographically diverse portfolio and exposure to transient leisure customers. Looking ahead, we believe both of our advised REITs are poised for further growth in 2022 and beyond."

Mr. Welter continued, "Other areas of our business, like INSPIRE and OpenKey, are also benefitting from a strong increase in demand while Remington and Premier both realized solid third-party business growth. Additionally, Ashford Securities is ramping well, and we remain pleased with the continued strong performance in capital raising for their first investment product." Mr. Walter added, "Moving forward, as the recovery in the lodging industry gains momentum, we believe Ashford is uniquely positioned to outperform. We remain focused on our unique investment strategy to strategically invest in operating

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companies that service the hospitality industry and act as an accelerator to grow these companies. With our talented and dedicated management team, along with our long-term strategy on finding growth opportunities in our business, I am excited about the future prospects for our Company."

INVESTOR CONFERENCE CALL AND SIMULCAST

The Company will conduct a conference call on Friday, February 25, 2022, at 12:00 p.m. ET. The number to call for this interactive teleconference is [phone]. A replay of the conference call will be available through Friday, March 4, 2022, by dialing [phone] and entering the confirmation number, 13725850.

The Company will also provide an online simulcast and rebroadcast of its fourth quarter 2021 earnings release conference call. The live broadcast of the Company's quarterly conference call will be available online at the Company's website, www.ashfordinc.com on Friday, February 25, 2022, beginning at 12:00 p.m. ET. The online replay will follow shortly after the call and continue for approximately one year.

Included in this press release are certain supplemental measures of performance, which are not measures of operating performance under GAAP, to assist investors in evaluating the Company's historical or future financial performance. These supplemental measures include adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") and Adjusted Net Income. We believe that Adjusted EBITDA and Adjusted Net Income provide investors and management with a meaningful indicator of operating performance. Management also uses Adjusted EBITDA and Adjusted Net Income, among other measures, to evaluate profitability. We calculate Adjusted EBITDA by subtracting or adding to net income (loss): interest expense, income taxes, depreciation, amortization, net income (loss) to noncontrolling interests, transaction costs, and other expenses. We calculate Adjusted Net Income by subtracting or adding to net income (loss): net income (loss) to noncontrolling interests, transaction costs, and other expenses. Our methodology for calculating Adjusted EBITDA and Adjusted Net Income may differ from the methodologies used by other comparable companies, when calculating the same or similar supplemental financial measures and may not be comparable with these companies. Neither Adjusted EBITDA nor Adjusted Net Income represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to (a) GAAP net income (loss) as an indication of our financial performance or (b) GAAP cash flows from operating activities as a measure of our liquidity nor are such measures indicative of funds available to satisfy our cash needs. The Company urges investors to carefully review the U.S. GAAP financial information as shown in our periodic reports on Form 10-Q and Form 10- K, as amended and our Current Reports on Form 8-K.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Securities will be offered only by means of a registration statement and prospectus which can be found at www.sec.gov.

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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.

Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Ashford Inc.'s control.