On April 15, 2022, Ashford Inc. (the Advisor) and Ashford Hospitality Services, LLC, a subsidiary of the Advisor (Ashford Services), agreed with Jeremy Welter, the Chief Operating Officer of the Advisor, that, effective July 15, 2022 (the Resignation Date"), Mr. Welter would terminate employment with and service to the Advisor, Ashford Services and their affiliates. Mr. Welter is also the Chief Operating Officer of Ashford Hospitality Trust, Inc. (Ashford Trust) and Braemar Hotels & Resorts Inc. and accordingly his service as Chief Operating Officer of each of Ashford Trust and the Company will also end effective as of the Resignation Date.