How to select favorite images from an album

You could select the Favorite images from Favorites:

Control-Click on the selected images & add them to a New Album:

Or create a New Smart Album, using the search criteria: the selected album (orange arrows),

& favorite images (red arrows)

After adding the 2nd search critera for the New Smart Album (green arrow),

set the Smart album to Match "all" of the following conditions (blue box):

Nb. Keyboard shortcuts:

Make a photo a favorite: Use Period (.)

Create a New Smart Album: Option-Command-N

If you already have an album and just want to see the favorites in the album, use a filter:

There is a "Showing" filter in the upper right corner of the browser. Set this filter to "Showing only: Favourites"