<SEC-DOCUMENT>0000898822-19-000058.txt : 20190829
<SEC-HEADER>0000898822-19-000058.hdr.sgml : 20190829
<ACCEPTANCE-DATETIME>20190829164806
ACCESSION NUMBER:		0000898822-19-000058
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20190829
DATE AS OF CHANGE:		20190829

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87737
		FILM NUMBER:		191066902

	BUSINESS ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254
		BUSINESS PHONE:		(972) 490-9600

	MAIL ADDRESS:	
		STREET 1:		14185 DALLAS PARKWAY
		STREET 2:		SUITE 1100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75254

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ashford Hospitality Prime, Inc.
		DATE OF NAME CHANGE:	20130410

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Al Shams Investments LTD
		CENTRAL INDEX KEY:			0001765296
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Y7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		ROSENEATH
		CITY:			ST. PETER PORT
		STATE:			Y7
		ZIP:			GY1 3SJ
		BUSINESS PHONE:		4412968104

	MAIL ADDRESS:	
		STREET 1:		5B WATERLOO LANE
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM08
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>braemar13d20190829.htm
<TEXT>
<html>
  <head>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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    <div style="margin-bottom: 2pt;">&#160;</div>
    <div>
      <hr noshade="noshade" align="center" style="height: 1px; width: 80%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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  <div style="text-align: center; margin-top: 12pt; font-size: 18pt; font-weight: bold;">UNITED STATES</div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
  <div>
    <div style="text-align: center; margin-bottom: 2pt;">&#160;</div>
    <div>
      <hr noshade="noshade" align="center" style="height: 1px; width: 80%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  </div>
  <div style="text-align: center; margin-top: 12pt; font-size: 18pt; font-weight: bold;">SCHEDULE 13D</div>
  <div style="text-align: center; margin-top: 12pt; font-size: 12pt; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
  <div style="text-align: center; font-size: 18pt;"><font style="font-size: 12pt; font-weight: bold;">(Amendment No. &#160;&#160;&#160;) </font>&#160;</div>
  <div>
    <div style="text-align: center; margin-bottom: 2pt;">&#160;</div>
    <div>
      <hr noshade="noshade" align="center" style="height: 1px; width: 80%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  </div>
  <div style="text-align: center; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 20pt; font-weight: bold;">Braemar Hotels &amp; Resorts Inc.</div>
  <div style="text-align: center; font-weight: bold;">(Name of Issuer)</div>
  <div style="text-align: center; margin-top: 24pt; font-weight: bold;">Common Stock</div>
  <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Title of Class of Securities)</div>
  <div style="text-align: center; margin-top: 24pt; font-weight: bold;">10482B101</div>
  <div style="text-align: center; font-size: 8pt; font-weight: bold;">(CUSIP Number)</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z53b02018f07e43e6bfe0416ca0cd8875" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: center;">Mark Crockwell</div>
          <div style="text-align: center;">Director</div>
          <div style="text-align: center;">Al Shams Investments Limited</div>
          <div style="text-align: center;">5B Waterloo Lane</div>
          <div style="text-align: center;">Pembroke HM 08</div>
          <div style="text-align: center;">Bermuda</div>
          <div style="text-align: center;">+1 441 298 8104</div>
        </td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: center;">Richard Faber</div>
          <div style="text-align: center;">Director</div>
          <div style="text-align: center;">Spartan Investment Management Limited</div>
          <div style="text-align: center;">Sarnia House</div>
          <div style="text-align: center;">Le Truchot</div>
          <div style="text-align: center;">St Peter Port</div>
          <div style="text-align: center;">Guernsey</div>
          <div style="text-align: center;">+44 1481 737600</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</div>
  <div style="text-align: center; margin-top: 12pt; font-weight: bold;">August 19, 2019</div>
  <div style="text-align: center; font-size: 8pt; font-weight: bold;">(Date of Event which Requires Filing of this Statement)</div>
  <div style="font-size: 18pt;">&#160;
    <hr noshade="noshade" align="center" style="height: 1px; width: 80%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  <div>
    <div style="text-align: center; margin-bottom: 2pt;">&#160;</div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;"><br>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D,
    and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. &#9745;</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">Note</font>: Schedules filed in paper
    format shall include a signed original and five copies of the schedule, including all exhibits.&#160; <font style="font-style: italic;">See</font> Rule 13d-7 for other parties to whom copies
    are sent.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">* </sup>The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to
    the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the
    Securities Exchange Act of 1934, as amended (the &#8220;<u>Act</u>&#8221;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
    provisions of the Act (however, <font style="font-style: italic;">see</font> the <font style="font-style: italic;">Notes</font>).</div>
  <div><br>
  </div>
  <div style="text-align: center; text-indent: 4.5pt;">(Continued on following pages)<br>
      <br>
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  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z6da5b1c71dbe46c290905086a58694f0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">1</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>NAME OF REPORTING PERSON</div>
          <div>&#160;</div>
          <div>Al Shams Investments Limited</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">2</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          <div> <br>
            </div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>&#160;</div>
          <div>(a) &#9744;</div>
          <div>(b) &#9744;</div>
          <div> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">3</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>SEC USE ONLY</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">4</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>SOURCE OF FUNDS</div>
          <div>AF</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">5</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS</div>
          <div>REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)</div>
          <div>&#160;</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>&#160;</div>
          <div>&#9744; </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">6</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>CITIZENSHIP OR PLACE OF ORGANIZATION</div>
          <div>&#160;</div>
          <div>Guernsey</div>
        </td>
      </tr>
      <tr>
        <td style="width: 21.72%; vertical-align: bottom; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
          <div>&#160;</div>
          <div style="text-align: center;">NUMBER OF</div>
          <div style="text-align: center;">SHARES</div>
          <div style="text-align: center;">BENEFICIALLY</div>
          <div style="text-align: center;">OWNED BY</div>
          <div style="text-align: center;">EACH</div>
          <div style="text-align: center;">REPORTING</div>
          <div style="text-align: center;">PERSON</div>
          <div style="text-align: center;">WITH</div>
          <div style="text-align: center;"> <br>
          </div>
          <div style="text-align: center;"> <br>
          </div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">7</div>
        </td>
        <td style="width: 68.36%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SOLE VOTING POWER</div>
          <div>-0-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">8</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SHARED VOTING POWER</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">9</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SOLE DISPOSITIVE POWER</div>
          <div>-0-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">10</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SHARED DISPOSITIVE POWER</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">11</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
          <div>&#160;</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">12</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES<br>
          </div>
          <div>&#160;</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>&#160;</div>
          <div>&#9744; </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">13</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
          <div>9.3%</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">14</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>TYPE OF REPORTING PERSON</div>
          <div>CO</div>
          <div>&#160;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;"><br>
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  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zce876f4de10f427b8daf3d1addccde40" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">1</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>NAME OF REPORTING PERSON</div>
          <div>&#160;</div>
          <div>Wafic Rida Said</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">2</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          <div> <br>
            </div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;
          <div>(a) &#9744;</div>
          <div>(b) &#9744;</div>
          <div> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">3</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>SEC USE ONLY</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">4</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>SOURCE OF FUNDS</div>
          <div>PF</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">5</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS<br>
          </div>
          <div>REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)</div>
          <div>&#160;</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>&#160;</div>
          <div>&#9744; </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">6</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>CITIZENSHIP OR PLACE OF ORGANIZATION</div>
          <div>&#160;</div>
          <div>Canada</div>
        </td>
      </tr>
      <tr>
        <td style="width: 21.72%; vertical-align: bottom; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
          <div>&#160;</div>
          <div style="text-align: center;">NUMBER OF</div>
          <div style="text-align: center;">SHARES</div>
          <div style="text-align: center;">BENEFICIALLY</div>
          <div style="text-align: center;">OWNED BY</div>
          <div style="text-align: center;">EACH</div>
          <div style="text-align: center;">REPORTING</div>
          <div style="text-align: center;">PERSON</div>
          <div style="text-align: center;">WITH</div>
          <div style="text-align: center;"> <br>
          </div>
          <div style="text-align: center;"> <br>
          </div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">7</div>
        </td>
        <td style="width: 68.36%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SOLE VOTING POWER</div>
          <div>-0-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">8</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SHARED VOTING POWER</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">9</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SOLE DISPOSITIVE POWER</div>
          <div>-0-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">10</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SHARED DISPOSITIVE POWER</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">11</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
          <div>&#160;</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">12</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES<br>
          </div>
          <div>&#160;</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>&#160;</div>
          <div>&#9744; </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">13</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
          <div>9.3%</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">14</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>TYPE OF REPORTING PERSON</div>
          <div>IN</div>
          <div>&#160;</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;"><br>
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="z57d4ff37a31a49388cdab88540e03d28" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">1</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>NAME OF REPORTING PERSON</div>
          <div>&#160;</div>
          <div>Spartan Investment Management Limited</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">2</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          <div> <br>
            </div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;
          <div>(a) &#9744;</div>
          <div>(b) &#9744;</div>
          <div> <br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">3</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; background-color: #FFFFFF; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>SEC USE ONLY</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">4</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>SOURCE OF FUNDS</div>
          <div>OO</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">5</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS</div>
          <div>REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)</div>
          <div>&#160;</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>&#160;</div>
          <div>&#9744; </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">6</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>CITIZENSHIP OR PLACE OF ORGANIZATION</div>
          <div>&#160;</div>
          <div>Guernsey</div>
        </td>
      </tr>
      <tr>
        <td style="width: 21.72%; vertical-align: bottom; border-bottom: #000000 2px solid;" rowspan="4" colspan="2">
          <div>&#160;</div>
          <div style="text-align: center;">NUMBER OF</div>
          <div style="text-align: center;">SHARES</div>
          <div style="text-align: center;">BENEFICIALLY</div>
          <div style="text-align: center;">OWNED BY</div>
          <div style="text-align: center;">EACH</div>
          <div style="text-align: center;">REPORTING</div>
          <div style="text-align: center;">PERSON</div>
          <div style="text-align: center;">WITH</div>
          <div style="text-align: center;"> <br>
          </div>
          <div style="text-align: center;"> <br>
          </div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">7</div>
        </td>
        <td style="width: 68.36%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SOLE VOTING POWER</div>
          <div>-0-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">8</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SHARED VOTING POWER</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 13.3pt;">9</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SOLE DISPOSITIVE POWER</div>
          <div>-0-</div>
        </td>
      </tr>
      <tr>
        <td style="width: 11.81%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">10</div>
        </td>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div>SHARED DISPOSITIVE POWER</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">11</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
          <div>&#160;</div>
          <div>3,075,194</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">12</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
          <div>&#160;</div>
          <div>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES<br>
          </div>
          <div>&#160;</div>
        </td>
        <td style="width: 45.04%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div>&#160;</div>
          <div>&#9744; </div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">13</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
          <div>9.3%</div>
          <div>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 9.92%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div>&#160;</div>
          <div style="text-indent: 9.95pt;">14</div>
        </td>
        <td style="width: 90.08%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
          <div>&#160;</div>
          <div>TYPE OF REPORTING PERSON</div>
          <div>CO</div>
          <div>&#160;</div>
        </td>
      </tr>

  </table>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;"><br>
    </div>
  </div>
  <div style="font-size: 12pt; font-weight: bold;">ITEM 1.&#160; Security and Issuer.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">This statement on Schedule 13D (this &#8220;<u>Schedule 13D</u>&#8221;)
    relates to the common stock, $0.01 par value (the &#8220;<u>Common Stock</u>&#8221;), of Braemar Hotels &amp; Resorts Inc. (the &#8220;<u>Issuer</u>&#8221;).&#160; The principal executive offices of the Issuer are located at 14185 Dallas Parkway, Suite 1100, Dallas, Texas 75254.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt; font-weight: bold;">ITEM 2.&#160; Identity and Background.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">(a)-(c)</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">This Schedule 13D is being filed by Al Shams Investments Limited (&#8220;<u>ASIL</u>&#8221;), a Guernsey, Channel Islands corporation, Wafic Rida Said, a citizen of Canada, and Spartan Investment Management Limited (&#8220;<u>SIML</u>&#8221;),
    a Guernsey, Channel Islands corporation (collectively, the &#8220;<u>Reporting Persons</u>&#8221;).&#160; The principal business of ASIL is to serve as a holding company for
    investments.&#160; ASIL is owned by Mr. Said through Trans Securities Limited as nominee.&#160; The principal employment of Mr. Said is self-employed businessman and philanthropist.&#160; The principal business of SIML is to provide investment management services.&#160;
    SIML is a subsidiary of Spartan Advisors Limited (&#8220;<u>SAL</u>&#8221;), which may be deemed to be controlled by its founder and managing director, Richard Faber, who also
    serves as a director of SIML.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The business address of ASIL is 5B Waterloo Lane, Pembroke HM 08, Bermuda.&#160; The business address of Mr. Said is 61B Residence Saint Georges,
    Bloc B, 3 Av. De L&#8217;Annonciade, 98000 Monaco.&#160; The business address of SIML is Sarnia House, Le Truchot, St Peter Port, Guernsey.&#160; The business address of SAL and Mr. Faber is 14 St George Street, London, W1S 1FE.</div>
  <div style="text-indent: 36pt; font-size: 12pt;"> <br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-indent: 36pt; margin-top: 12pt; font-size: 12pt;">The following table sets forth the names, business addresses and present principal occupation of each director of ASIL.&#160;
    ASIL does not have any executive officers.&#160; Each of the persons listed below is as a British citizen.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z9c2e460010824a3287ff1cb28f24bf92" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 28.91%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Name</div>
            <div>&#160;</div>
          </div>
        </td>
        <td style="width: 37.76%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Business Address</div>
            <div>&#160;</div>
          </div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Present Principal Occupation</div>
            <div>&#160;</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Mark Crockwell</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>5B Waterloo Lane, Pembroke HM 08 Bermuda</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Treasurer, Said Holdings Limited</div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Heather Gray</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>5B Waterloo Lane, Pembroke HM 08 Bermuda</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Chief Operating Officer, Said Holdings Limited</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The following table sets forth the names, business addresses and present principal occupation of each director of SIML.&#160; SIML does not have
    any executive officers.&#160; Each of the persons listed below is a British citizen.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="zcdf1eaa4ed4f441aa2fe0e6c9acf2e3b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 28.91%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Name</div>
            <div>&#160;</div>
          </div>
        </td>
        <td style="width: 37.76%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Business Address</div>
            <div>&#160;</div>
          </div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Present Principal Occupation</div>
            <div>&#160;</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Shaun Robert</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>Sarnia House, Le Truchot, St Peter Port, Guernsey</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Director, International Fund Management Limited, PraxisIFM</div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Michel Davy</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>Richmond House, Anne&#8217;s Place, St Peter Port, Guernsey</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Director, Altair Partners Limited</div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Richard Faber</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>14 St George Street, London, W1S 1FE</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Founder and Managing Director, Spartan Advisors Limited</div>
        </td>
      </tr>

  </table>
  <div style="text-indent: 36pt; margin-top: 12pt; font-size: 12pt;">The following table sets forth the names, business addresses and present principal occupation of each director and
    executive officer of SAL.&#160; Each of the persons listed below is a British citizen.</div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z6d32c0d3b40c4e0d8015af3be8e0d356" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 28.91%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Name</div>
            <div>&#160;</div>
          </div>
        </td>
        <td style="width: 37.76%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Business Address</div>
            <div>&#160;</div>
          </div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-bottom: 2px solid #000000;">
          <div>
            <div>&#160;</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Present Principal Occupation</div>
            <div>&#160;</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Richard Faber</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>14 St George Street, London, W1S 1FE</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Founder and Managing Director, Spartan Advisors Limited</div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Gheeve Changizi</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>14 St George Street, London, W1S 1FE</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Director, Spartan Advisors Limited</div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Jack Handcock</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>14 St George Street, London, W1S 1FE</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Financial Controller, Spartan Advisors Limited</div>
        </td>
      </tr>
      <tr>
        <td style="width: 28.91%; vertical-align: top;">
          <div>Ciar&#225;n Fahy</div>
        </td>
        <td style="width: 37.76%; vertical-align: top;">
          <div>14 St George Street, London, W1S 1FE</div>
        </td>
        <td style="width: 33.33%; vertical-align: top;">
          <div>Head of Hotels, Spartan Advisors Limited</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">(d)-(e)</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">During the last five years, none of the Reporting Persons nor, to the best of each Reporting Persons&#8217; knowledge, any other person listed
    under (a)-(c) of this Item 2 above, has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result
    of which proceeding the Reporting Person or person is or was subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with
    respect to such laws.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">(f)</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The information set forth under (a)-(c) of this Item 2 above is incorporated by reference.</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="font-size: 12pt; font-weight: bold;">ITEM 3.&#160; Source and Amount of Funds or Other Consideration.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The shares of Common Stock disclosed on this Schedule 13D were acquired by ASIL with working capital of ASIL and loans from its shareholder,
    Mr. Said.&#160; The aggregate purchase price of such shares of Common Stock was $33,622,416.01.&#160; Following the acquisition of such shares of Common Stock by ASIL, ASIL and SIML entered into the Advisory Agreement (defined below).&#160; Accordingly, each
    Reporting Person may be deemed to beneficially own the shares of Common Stock disclosed on this Schedule 13D; however, SIML does not own any such shares directly or for its own account, and its assets were not used to acquire such shares.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The information set forth in Items 4 and 6 of this Schedule 13D is incorporated by reference.</div>
  <div style="text-indent: 36pt;"><br>
  </div>
  <div style="margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">ITEM 4.&#160; Purpose of Transaction.</div>
  <div style="text-indent: 36pt; font-size: 12pt;">The Reporting Persons believe that the Issuer has an attractive
      portfolio of hotel assets and that its Common Stock is undervalued in the stock market and represents an attractive investment opportunity.&#160; ASIL and Mr. Said previously filed a Schedule 13G to report beneficial ownership of shares of Common
    Stock that were acquired for that reason, and the Reporting Persons are now filing this Schedule 13D in connection with discussions that management of the Issuer proposed with the Reporting Persons regarding possible opportunities for ASIL to purchase additional securities of the Issuer at a price reflecting the Issuer&#8217;s view of its net asset value in connection with an asset acquisition by the Issuer.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The Reporting Persons may seek to continue to engage in constructive discussions regarding the foregoing and/or alternative strategies and
    opportunities for the Issuer to enhance shareholder value, and may consider and develop plans and make proposals with respect to the assets, operations, governance, organizational documents, capital or corporate structure, dividend policy and/or
    strategic plans of the Issuer.&#160; In addition, the Reporting Persons intend to review the investment in the Issuer disclosed on this Schedule 13D regularly and to continue to evaluate the Issuer&#8217;s business, performance and prospects, and depending on
    these factors, overall market conditions and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may increase or decrease the position in the Issuer disclosed
    on this Schedule 13D.&#160; In connection with the foregoing, the Reporting Persons may consider and develop plans and make proposals in which the Reporting Persons seek to engage or participate, seek representation on the Issuer&#8217;s Board of Directors and/or
    request a waiver from the Issuer of the ownership limitations in the Issuer&#8217;s Articles of Amendment and Restatement.&#160; In addition, in connection with the foregoing, the Reporting Persons may from time to time in the future express their views to, meet
    with and/or engage in discussions with management, the Issuer&#8217;s Board of Directors, other shareholders or third parties, and/or formulate plans or proposals regarding the Issuer, its assets or its securities, which may include one or more plans or
    proposals that relate to or would result in the actions set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The information set forth in Items 3 and 6 of this Schedule 13D is incorporated by reference.</div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
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  </div>
  <div style="font-size: 12pt; font-weight: bold;">ITEM 5.&#160; Interest in Securities of the Issuer.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">(a)-(b)</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The Reporting Persons may be deemed to beneficially own an aggregate of 3,075,194&#160; shares of Common Stock, which represents approximately
    9.3% of the shares of Common Stock outstanding based on the total number of shares of Common Stock outstanding as of August 2, 2019 as reported in the Issuer&#8217;s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 6,
    2019.&#160; All such shares of Common Stock are owned directly by ASIL.&#160; Pursuant to the Advisory Agreement, ASIL and SIML may be deemed to have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the shares of Common
    Stock owned directly by ASIL, and therefore SIML may be deemed to own such shares of Common Stock.&#160; The filing of this Schedule 13D shall not be construed as an admission that SIML is the beneficial owner of any of the shares of Common Stock that it
    may be deemed to beneficially own, nor shall it be construed as an admission that any partner, member, director, officer or affiliate of SIML is the beneficial owner of any of the shares of Common Stock that such partner, member, director, officer or
    affiliate may be deemed to beneficially own, and beneficial ownership of, and any pecuniary interest in, any such shares of Common Stock by the foregoing persons is expressly disclaimed.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">(c)</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">During the past 60 days, ASIL has effected the transactions set forth on Schedule I attached hereto.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">(d)</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">No person other than ASIL has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of,
    the shares of the Common Stock reported on this Schedule 13D.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">(e)</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">Not applicable.</div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
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  </div>
  <div style="font-size: 12pt; font-weight: bold;">ITEM 6.&#160; Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">SIML and ASIL have entered into an Advisory Agreement (the &#8220;<u>Advisory
        Agreement</u>&#8221;), dated as of August 29, 2019, pursuant to which ASIL has appointed SIML to provide assistance and advice to ASIL in relation to (i) communications with the Issuer, (ii) the acquisition, monitoring, management, repositioning,
    financing and/or realization of shares of Common Stock held by ASIL and (iii) any other dealings in connection with the shares of Common Stock held by ASIL.&#160; The Advisory Agreement will remain in effect until terminated and may be terminated by either
    party immediately upon written notice to the other party.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The Reporting Persons have entered into a Joint Filing Agreement (the &#8220;<u>Joint Filing Agreement</u>&#8221;), dated as of August 29, 2019, pursuant to which they have agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent
    required by applicable law.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">The foregoing summaries of the Advisory Agreement and the Joint Filing Agreement do not purport to be complete and are subject to, and
    qualified in their entirety by, the Advisory Agreement and the Joint Filing Agreement, respectively, copies of which are attached hereto as Exhibit 1 and Exhibit 2, respectively, and incorporated herein by reference.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-size: 12pt;">Except as described above in this Item 6, the Reporting Persons do not have any contracts, arrangements, understandings or relationships with
    respect to the securities of the Issuer.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt; font-weight: bold;">ITEM 7.&#160; Material to be Filed as Exhibits.</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">The following documents are filed as exhibits to this Schedule 13D:</div>
  <div style="font-size: 12pt;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="z930a31991a454cb8a92c892f40cbaaba" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 6.2%; vertical-align: top;">
          <div style="font-size: 12pt;">1</div>
        </td>
        <td style="width: 2.93%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 90.88%; vertical-align: top;">
          <div style="font-size: 12pt;"><a href="braemarex1.htm">Advisory Agreement, dated as of
              August 29, 2019, between Al Shams Investments Limited and Spartan Investment Management Limited</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.2%; vertical-align: top;">
          <div style="font-size: 12pt;">2</div>
        </td>
        <td style="width: 2.93%; vertical-align: bottom;">&#160;</td>
        <td style="width: 90.88%; vertical-align: top;">
          <div style="font-size: 12pt;"><a href="braemarex2.htm">Joint Filing Agreement, dated as
              of August 29, 2019, between Al Shams Investments Limited, Wafic Rida Said and Spartan Investment Management Limited</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 6.2%; vertical-align: top;" rowspan="1"><font style="font-size: 12pt;">3</font><br>
        </td>
        <td style="width: 2.93%; vertical-align: bottom;" rowspan="1">&#160;</td>
        <td style="width: 90.88%; vertical-align: top; font-size: 12pt;" rowspan="1"><a href="braemarex3.htm">Power of Attorney, dated as of August 29, 2019, by
            Wafic Rafa Sa&#239;d</a></td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><font style="font-size: 12pt;"> </font><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">SIGNATURE</div>
  <div style="text-indent: 36pt; margin-top: 9pt; font-size: 12pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this
    statement is true, complete and correct.</div>
  <div style="margin-top: 9pt; font-size: 12pt;">Dated:&#160; August 29, 2019</div>
  <div style="font-size: 12pt;">&#160;</div>
  <table cellspacing="0" cellpadding="0" id="z29fc797948194dd08e9fcc18dcc96b0f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 26.94%; vertical-align: middle;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 72.07%; vertical-align: bottom;" colspan="3">
          <div><font style="font-size: 12pt; font-weight: bold;">AL SHAMS INVESTMENTS LIMITED<br>
              </font>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: middle;">&#160;</td>
        <td style="width: 12.5%; vertical-align: middle;" colspan="2">&#160;</td>
        <td style="width: 60.56%; vertical-align: middle;" colspan="2">&#160;</td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 11.52%; vertical-align: bottom;">
          <div style="font-size: 12pt;">By:</div>
        </td>
        <td style="width: 0.94%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 59.62%; vertical-align: bottom; border-bottom: 2px solid #000000;">
          <div>
            <div style="font-size: 12pt;">/s/ Mark Crockwell</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 11.52%; vertical-align: bottom;">
          <div style="font-size: 12pt;">Name:</div>
        </td>
        <td style="width: 0.94%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 59.62%; vertical-align: bottom;">
          <div style="font-size: 12pt;">Mark Crockwell</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 11.52%; vertical-align: top;">
          <div style="font-size: 12pt;">Title:</div>
        </td>
        <td style="width: 0.94%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 59.62%; vertical-align: bottom;">
          <div style="font-size: 12pt;">Director</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.52%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.94%; vertical-align: bottom;">&#160;</td>
        <td style="width: 59.62%; vertical-align: bottom;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z797a8bd31adf4fef84f3925493aad509" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 26.94%; vertical-align: middle;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 72.07%; vertical-align: bottom;" colspan="4">
          <div><font style="font-size: 12pt; font-weight: bold;">WAFIC RIDA SAID<br>
              </font>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: middle;">&#160;</td>
        <td style="width: 12.5%; vertical-align: middle;" colspan="3">&#160;</td>
        <td style="width: 60.56%; vertical-align: middle;" colspan="2">&#160;</td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 0.94%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 59.62%; vertical-align: bottom; border-bottom: 2px solid #000000;" colspan="2">
          <div>
            <div style="font-size: 12pt;">/s/ Mark Crockwell</div>
          </div>
        </td>
        <td style="width: 11.52%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 0.94%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 59.62%; vertical-align: bottom;" colspan="2">
          <div style="font-size: 12pt;">Attorney-in-Fact</div>
        </td>
        <td style="width: 11.52%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.94%; vertical-align: bottom;">&#160;</td>
        <td style="width: 59.62%; vertical-align: bottom;" colspan="2">&#160;</td>
        <td style="width: 11.52%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z16b96d23ae6243939658152c75e826db" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 26.94%; vertical-align: middle;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 72.07%; vertical-align: bottom;" colspan="3">
          <div><font style="font-size: 12pt; font-weight: bold;">SPARTAN INVESTMENT MANAGEMENT LIMITED<br>
              </font>&#160;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: middle;">&#160;</td>
        <td style="width: 12.5%; vertical-align: middle;" colspan="2">&#160;</td>
        <td style="width: 60.56%; vertical-align: middle;" colspan="2">&#160;</td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 11.52%; vertical-align: bottom;">
          <div style="font-size: 12pt;">By:</div>
        </td>
        <td style="width: 0.94%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 59.62%; vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;<font style="font-size: 12pt;">/s/ Shaun Robert</font><br>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 11.52%; vertical-align: bottom;">
          <div style="font-size: 12pt;">Name:</div>
        </td>
        <td style="width: 0.94%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 59.62%; vertical-align: bottom;">
          <div style="font-size: 12pt;">Shaun Robert<br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 11.52%; vertical-align: top;">
          <div style="font-size: 12pt;">Title:</div>
        </td>
        <td style="width: 0.94%; vertical-align: bottom;">
          <div style="font-size: 12pt;">&#160;</div>
        </td>
        <td style="width: 59.62%; vertical-align: bottom;">
          <div style="font-size: 12pt;">Director<br>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
        <td style="width: 0.98%; vertical-align: bottom;">&#160;</td>
        <td style="width: 11.52%; vertical-align: bottom;">&#160;</td>
        <td style="width: 0.94%; vertical-align: bottom;">&#160;</td>
        <td style="width: 59.62%; vertical-align: bottom;">&#160;</td>
      </tr>

  </table>
  <div><br>
    <font style="font-size: 12pt;"><br>
    </font><br>
  </div>
  <div><br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="background-color: #ffffff; border-width: 0px; clear: both; color: #ffffff; height: 0px; margin: 4px 0px; width: 100%;"></div>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">SCHEDULE I</div>
    <div style="text-align: center; margin-top: 12pt;"><font style="background-color: #FFFFFF;">Transactions Effected During the Past 60 Days</font></div>
    <div style="margin-top: 12pt;"><font style="background-color: #FFFFFF;">The transactions set forth in the
        following table were effected by Al Shams Investments Limited during the past 60 days.&#160; </font>Unless otherwise noted, each transaction was effected on the open market.</div>
    <div style="margin-top: 12pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>
              <div>&#160;</div>
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Date</div>
              <div>&#160;</div>
            </div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>
              <div>&#160;</div>
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Security</div>
              <div>&#160;</div>
            </div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>
              <div>&#160;</div>
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Amount Bought / (Sold)</div>
              <div>&#160;</div>
            </div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>
              <div>&#160;</div>
              <div style="text-align: center; font-size: 8pt; font-weight: bold;">Approx. Price per Share ($)</div>
              <div>&#160;</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.4pt; margin-left: 9pt;">6/25/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">34,643</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.6293</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.4pt; margin-left: 9pt;">6/26/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">31,900</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.5393</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.4pt; margin-left: 9pt;">6/27/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">24,420</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4873</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.4pt; margin-left: 9pt;">6/28/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">13,037</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.9366</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.4pt; margin-left: 9pt;">7/8/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">6,267</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4829</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.4pt; margin-left: 9pt;">7/9/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">39,176</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.3874</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/10/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">40,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4720</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/10/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">20,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4623</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/11/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">40,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.2936</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/11/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">25,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.2786</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/12/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">30,557</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.2643</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/12/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">25,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.2702</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/15/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">23,934</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.2382</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/16/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">40,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4673</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/16/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">20,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4731</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/17/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">35,013</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4855</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/17/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">20,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4763</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/18/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">40,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4520</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/18/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">20,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4563</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/19/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">30,378</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4364</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/19/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">20,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.4348</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/22/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">35,140</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.3837</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/22/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">20,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.3799</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.45pt; margin-left: 9pt;">7/23/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">25,535</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.2605</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.55pt; margin-left: 9pt;">8/15/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">26,191</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">8.7758</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.55pt; margin-left: 9pt;">8/15/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">20,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">8.7847</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.55pt; margin-left: 9pt;">8/16/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">25,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.1446</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.55pt; margin-left: 9pt;">8/16/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">25,000</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.1642</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.55pt; margin-left: 9pt;">8/19/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">5,219</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.3838</div>
          </td>
        </tr>
        <tr>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.55pt; margin-left: 9pt;">8/19/19</div>
          </td>
          <td style="width: 24.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 2.85pt; margin-left: 2.8pt;">Common Stock</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 5.95pt;">13,784</div>
          </td>
          <td style="width: 25.01%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; margin-right: 11.55pt;">9.3655</div>
          </td>
        </tr>

    </table>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>braemarex1.htm
<TEXT>
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    <div style="text-align: right; margin-bottom: 12pt;"><br>
      <div style="margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT 1</div>
    </div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;"><u> <br>
        </u></font></div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;"><u>DATED:</u></font><font style="font-weight: bold;"><u>29 August 2019</u></font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">AL SHAMS INVESTMENTS LIMITED</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">and</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-weight: bold;">SPARTAN INVESTMENT MANAGEMENT LIMITED</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div>
      <div style="margin-bottom: 12pt; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><br>
        <br>
        ADVISORY AGREEMENT</div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="margin-bottom: 6pt;">in relation to shares held in Braemar Hotels &amp; Resorts Inc.<br>
        <br>
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      <br>
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    <div style="margin-bottom: 12pt;">
      <div>
        <div><br>
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    <div style="text-align: center; margin-top: 6pt; margin-bottom: 18pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="text-align: justify; margin-bottom: 12pt;">1.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>DEFINITIONS AND INTERPRETATION</div>
    <div style="text-align: justify; margin-bottom: 12pt;">2.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>APPOINTMENT</div>
    <div style="text-align: justify; margin-bottom: 12pt;">3.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>FEES AND EXPENSES</div>
    <div style="text-align: justify; margin-bottom: 12pt;">4.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>NON EXCLUSIVITY</div>
    <div style="text-align: justify; margin-bottom: 12pt;">5.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>CONFIDENTIAL INFORMATION</div>
    <div style="text-align: justify; margin-bottom: 12pt;">6.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>TERMINATION</div>
    <div style="text-align: justify; margin-bottom: 12pt;">7.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>INDEMNITY</div>
    <div style="text-align: justify; margin-bottom: 12pt;">8.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>FORCE MAJEURE</div>
    <div style="text-align: justify; margin-bottom: 12pt;">9.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>ASSIGNMENT</div>
    <div style="text-align: justify; margin-bottom: 12pt;">10.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>ENTIRE AGREEMENT</div>
    <div style="text-align: justify; margin-bottom: 12pt;">11.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>SEVERABILITY</div>
    <div style="text-align: justify; margin-bottom: 12pt;">12.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>REMEDIES</div>
    <div style="text-align: justify; margin-bottom: 12pt;">13.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>NOTICES</div>
    <div style="text-align: justify; margin-bottom: 12pt;">14.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>COUNTERPARTS</div>
    <div style="text-align: justify; margin-bottom: 12pt;">15.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>GOVERNING LAW</div>
    <div style="text-align: justify; margin-bottom: 12pt;">16.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 35.15pt" id="TRGRRTFtoHTMLTab">&#160;</font>JURISDICTION</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div><br>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">i</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">THIS AGREEMENT </font>is made the 29th day of August 2019.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">BETWEEN:</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0c8a18490c1c461d97d16f1cf92cf173">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-bottom: 12pt;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">AL SHAMS INVESTMENTS LIMITED</font> (registered in Guernsey with number 47666) whose registered office is at Roseneath, The Grange, St Peter Port,
                Guernsey GY1 2QJ (the "<font style="font-weight: bold;">Company</font>"); and</div>
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              <div style="margin-bottom: 12pt;">(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">SPARTAN INVESTMENT MANAGEMENT LIMITED</font> (registered in Guernsey with number 64768) whose registered office is at Sarnia House, Le Truchot, St Peter
                Port, Guernsey GY1 1GR (the "<font style="font-weight: bold;">Advisor</font>").</div>
            </td>
          </tr>

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    </div>
    <div><font style="font-weight: bold;">IT IS HEREBY AGREED</font> as follows:-</div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">DEFINITIONS AND INTERPRETATION</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d25737b1b064cf7beb99331f123e491">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="font-weight: bold;">1.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">In this Agreement the following words and expressions have the following meanings, unless the context otherwise requires:</div>
            </td>
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    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5ccc4163b25a4b3a9f12950b14690153">

        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">"Advisory Fee"</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div style="text-align: justify;">has the meaning given to it in clause 3.1;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">"Agreement"</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div style="text-align: justify;">means this document as the same may be amended and/or restated from time to time;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">"Confidential Information"</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div style="text-align: justify;">means information in any form concerning the business, properties, accounts, finances, future business strategy, tenders, price sensitive information, employees, intellectual property and trade secrets and any
              other plans and strategy of the Company;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">"Investment Company"</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div style="text-align: justify;">means Braemar Hotels &amp; Resorts Inc., a real estate investment trust company incorporated in the United States;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">"Services"</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div style="text-align: justify;">has the meaning given to it in clause 2.2; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">"Shares"</div>
          </td>
          <td style="width: 65%; vertical-align: top;">
            <div style="text-align: justify;">the common stock and preferred stock in the capital of the Investment Company.</div>
          </td>
        </tr>

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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb912d470d4bc4d7b8a92e619ccce755c">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-bottom: 12pt;">1.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">All references in this Agreement to any laws and regulations shall be to such laws and regulations as modified, amended, restated or replaced from time to time.</div>
            </td>
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    </div>
    <div>
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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-bottom: 12pt;">1.3</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">Words denoting the singular include the plural and vice versa; words denoting any gender include all genders; and words denoting persons include corporations, partnerships, other
                unincorporated bodies and all other legal entities and vice a versa.</div>
            </td>
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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze6456bdd23294e4191b4b750a9a7e2f5">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-bottom: 12pt;">1.4</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">Unless otherwise stated, a reference to a clause, party or a schedule is a reference to respectively a clause in or a party or schedule to this Agreement.</div>
            </td>
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    <div>
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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-bottom: 12pt;">1.5</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">The clause headings are inserted for ease of reference only and do not affect the construction of this Agreement.</div>
            </td>
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    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
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    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">APPOINTMENT</font></div>
    <div>
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              <div style="margin-bottom: 12pt;">2.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">The Company has appointed the Advisor, and the Advisor has accepted appointment, as the advisor to the Company and in connection with the implementation of the functions, duties, rights
                and powers of the Company set forth in this Agreement.</div>
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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1487770409dc4036a372e0709dea7663">

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              <div style="margin-bottom: 12pt;">2.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">For the period and on the terms and conditions set forth in this Agreement, the Advisor shall provide assistance and advice to the Company in relation to (a) any communications between
                the Company and the Investment Company; (b) the acquisition, monitoring, management, repositioning, (re)financing and/or realisation of Shares held by the Company; (c) any other dealings in connection with any Shares held by the Company;
                and (d) such other matters as may be agreed between the parties hereto from time to time (the "<font style="font-weight: bold;">Services</font>").</div>
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    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">FEES AND EXPENSES</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z896301b36e29467fbb38b3db228cec51">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-bottom: 12pt;">3.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">In consideration of and as compensation for the Services provided by the Advisor in accordance with this Agreement, the Company shall pay the Advisor a fee of &#163;10,000 per annum (the "<font style="font-weight: bold;">Advisory Fee</font>").</div>
            </td>
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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd6364b1002f24339a85d8e957b3e5afa">

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              <div style="margin-bottom: 12pt;">3.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">The Advisory Fee shall commence and accrue on a daily basis from the date of this Agreement and shall be payable quarterly in arrears at the end of the quarter to which such Advisory Fee
                relates, or on such other date and at such other intervals as may be agreed between the parties hereto.</div>
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    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za45e0dce92934944821ffa1ef87eb7b5">

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              <div style="margin-bottom: 12pt;">3.3</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">The Company shall reimburse the Advisor for reasonable expenses incurred directly in connection with the Services provided pursuant to this Agreement.&#160; Any such expenses are payable
                quarterly in arrears at the end of the quarter to which such expenses relate, or on such other date and at such other intervals as may be agreed between the parties hereto.</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf98d2847f35f4dfcbb2604345f46fc53">

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              <div style="margin-bottom: 12pt;">3.4</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">Notwithstanding the foregoing, the Advisor shall at its own expense provide or procure the provision of such office accommodation, staffing and other facilities as may be required to
                enable it to perform the Services.</div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7196bbaae6024bfa832026efcb182579">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-bottom: 12pt;">3.5</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">The Advisor is entitled to retain any fees it may receive directly from the Investment Company in connection with the provision of the Services.</div>
            </td>
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    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
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    <div style="margin-bottom: 12pt;"><font style="font-weight: bold;">4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold;">NON EXCLUSIVITY</font></div>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7de6aeceb50442058d3ff414c84eea5b">

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              <div style="margin-bottom: 12pt;">4.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">Nothing in this Agreement shall limit or restrict the right of the Advisor to engage in any other business or to render services of any kind to any other corporation, firm, individual or
                association and to retain for its own use and benefit fees or other moneys payable thereby.</div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
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              <div style="text-align: justify; margin-bottom: 12pt;">The Advisor is not required to disclose to the Company any fact or thing which comes to the notice of the Advisor or any servant or agent of the Advisor in the course of the Advisor
                rendering similar services to others independent of the Company in the course of its business for such others in any other capacity or in any manner.</div>
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              <div style="text-align: justify; margin-bottom: 12pt;">The Advisor and its associates may buy, hold, deal and make a market in any Shares upon their own account and no such person will be liable to account to the Company or holders of Shares
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Advisor undertakes that it will not, and will procure that each person or entity under its control will not, disclose to any other person or use any Confidential Information
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">This Agreement shall remain in full force and effect until terminated and may be terminated immediately by any party hereto upon written notice to the other parties hereto.</div>
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              <div style="text-align: justify; margin-bottom: 12pt;">Neither the Advisor, nor any of its employees, officers or agents shall be liable to the Company under the terms of this Agreement, except for acts or omissions of the Advisor, or its
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          </tr>

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              <div style="text-align: justify; margin-bottom: 12pt;">The Company will indemnify and hold harmless the Advisor and its employees, officers and agents against all claims and demands, including costs and expenses arising, which may be made
                against the Advisor and its employees, officers and agents in respect of any loss or damage sustained or suffered or alleged to have been sustained or suffered by any third party, otherwise than by reason of the fraud, negligence or wilful
                default of the Advisor or any of its employees, officers or agents, provided always that the Advisor will not compromise, settle or pay such claims and demands, including costs and expenses arising, without the prior written consent of the
                Company.</div>
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              <div style="text-align: justify; margin-bottom: 12pt;">The Advisor will not be required to take any legal action on behalf of the Company unless fully indemnified to its reasonable satisfaction for costs and liabilities. If the Company
                requires the Advisor, in any capacity, to take any action, which in the Advisor's opinion might make it and its employees, officers and agents or nominees liable for the payment of money or liable in any other way, the Advisor will be kept
                indemnified in any reasonable amount and form satisfactory to it as a pre-requisite to taking such action.</div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Neither party is to be liable to the other for failure to perform any obligation under this Agreement to the extent that the failure is caused by any factor beyond the reasonable
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Neither party shall assign all or any part of this Agreement without the prior written consent of the other party, such consent not to be unreasonably withheld or delayed.</div>
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">This Agreement constitutes the entire agreement between the parties and supersedes all other agreements or arrangements, whether written or oral, express or implied, between the
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If any term or provision hereof, or the application thereof to any person or circumstance, shall to any extent be contrary to any applicable exchange or government regulation or
      otherwise found by any court or administrative body of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is
      contrary, invalid, or unenforceable shall not be affected thereby and shall remain in full force and effect and, to the extent consistent with the overall intent hereof as evidenced by this Agreement taken as a whole, shall be enforced to the fullest
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">No failure on the part of either party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor will
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      remedies provided by law.&#160; The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by any party.&#160; The failure of a party to insist upon strict adherence to any
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              <div style="text-align: justify; margin-bottom: 12pt;">Any notice or other document to be given under this Agreement shall be in writing and shall be deemed duly given if sent by courier or by means of telecommunication in permanent written
                form to the respective registered offices or principal places of business for the time being of the parties or such other place notified in writing and shall be deemed to have been received when in the ordinary course of the means of
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              <div style="text-align: justify; margin-bottom: 12pt;">In proving the giving of a notice pursuant to clause 13.1 by means of telecommunications in permanent written form it shall be sufficient to prove that such notice was properly addressed
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">This Agreement may be executed in any number of counterparts, but will not take effect until each party has executed at least one counterpart. Each counterpart will constitute an
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    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">This Agreement is to be governed by and construed in accordance with the laws of the island of Guernsey.</div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font> the Parties have executed this Agreement the day and year first above written.</div>
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      <div><u>/s/ Mark Crockwell</u><br>
        <u>/s/ Heather Gray</u></div>
      <div style="margin-bottom: 12pt;">Authorised Signatory<br>
          For and on behalf of<br>
          <font style="font-weight: bold;">AL SHAMS INVESTMENTS LIMITED</font></div>
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    <div style="margin-bottom: 12pt;"><u>/s/ Shaun Robert</u><br>
      Director<br>
      For and on behalf of<br>
      <font style="font-weight: bold;">SPARTAN INVESTMENT MANAGEMENT LIMITED</font></div>
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<DOCUMENT>
<TYPE>EX-2
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  <div style="text-align: right; font-size: 12pt; font-weight: bold;">EXHIBIT 2</div>
  <div><br>
  </div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">JOINT FILING AGREEMENT</div>
  <div><br>
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  <div style="text-indent: 36pt; font-size: 12pt;">The undersigned hereby agree that the statement on Schedule 13D with respect to the common stock, $0.01 par value, of Braemar Hotels &amp;
    Resorts Inc. dated as of the date hereof is, and any further amendments thereto signed by each of the undersigned shall be, filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(f) under the
    Securities Exchange Act of 1934, as amended.</div>
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  <div style="font-size: 12pt;">Dated:&#160; August 29, 2019</div>
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          <div style="font-size: 12pt;">Mark Crockwell</div>
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        <td style="width: 59.62%; vertical-align: bottom;">&#160;</td>
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        <td style="width: 26.94%; vertical-align: middle;">&#160;</td>
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        <td style="width: 59.62%; vertical-align: bottom; border-bottom: 2px solid #000000;">&#160;<font style="font-size: 12pt;">/s/ Shaun Robert</font><br>
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        <td style="width: 26.94%; vertical-align: top;">&#160;</td>
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<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>4
<FILENAME>braemarex3.htm
<TEXT>
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    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <font style="font-size: 12pt;">EXHIBIT 3</font><br>
    </div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">POWER OF ATTORNEY</div>
    <div style="font-weight: bold;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">The undersigned, Wafic Rida Sa&#239;d, understands that, from time to time, he is required to prepare, execute and file</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">certain federal and state securities filings.</div>
    <div> <font style="font-size: 11pt;"><br>
      </font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Know all by these presents, that the undersigned hereby constitutes and appoints each of Mark Crockwell and Paul</div>
    <div><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">Harrison, or </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">any </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">of them signing singly, and with full power of substitution, the undersigned's true and lawful</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">attorney-in-fact to:</div>
    <div> <font style="font-size: 11pt;"><br>
      </font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">(1) prepare and execute for and on behalfofthe undersigned filings in accordance with Section 13(d) of the</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">Securities Exchange Act of 1934 and the rules thereunder;</div>
    <div> <font style="font-size: 11pt;"><br>
      </font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">(2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">complete and execute any such Section 13(d) filings, complete and execute any amendment or amendments thereto,</div>
    <div><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">and file any </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">such </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">Form or amendment with the SEC and any stock exchange or similar authority, including filing</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">this Power of Attorney with the SEC; and</div>
    <div> <font style="font-size: 11pt;"><br>
      </font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">(3) take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power</div>
    <div><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">of Attorney </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">shall </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">be in such form and shall contain such terms and conditions as such attorney-in-fact may approve</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">in such attorney-in-fact's discretion.</div>
    <div> <font style="font-size: 11pt;"><br>
      </font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and</div>
    <div><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">powers herein granted, as fully to all </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">intents </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">and purposes as the undersigned might or could do if personally present,</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">serving in such capacity at the request of the undersigned, are not assuming any of the undersigned's responsibilities</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">to comply with Section 13(d) of the Securities Exchange Act of 1934.</div>
    <div> <font style="font-size: 11pt;"><br>
      </font></div>
    <div><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">This Power </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">of </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">Attorney shall remain in full force and effect until the undersigned is no longer required to file under</font></div>
    <div><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">Section 13(</font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">d) </font><font style="font-size: 11pt; font-family: 'Times New Roman',Times,serif;">with respect to the undersigned's holdings of and transactions in securities, unless earlier revoked by</font></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-size: 11pt;">the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</div>
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    </div>
    <div>IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>day of August, 2019.<br>
    </div>
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            <td valign="top" align="left" style="width: 35%;">&#160;Signed:</td>
            <td valign="top" style="width: 12%;">&#160;</td>
            <td valign="top" style="width: 6%;">&#160;</td>
            <td valign="top" align="left" style="width: 35%;">&#160;Witness:</td>
            <td valign="top" style="width: 12%;">&#160;</td>
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              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">/s/ Wafic Rafa Sa&#239;d</div>
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            <td valign="top" style="width: 12%;">&#160;</td>
            <td valign="top" style="width: 6%;">&#160;</td>
            <td valign="top" align="left" style="width: 35%; border-bottom: #000000 2px solid;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">/s/ Daniel Bird<br>
              </div>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
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              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">Wafic Rafa Sa&#239;d</div>
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            <td valign="top" style="width: 12%;">&#160;</td>
            <td valign="top" style="width: 6%;">&#160;</td>
            <td valign="top" align="left" style="width: 35%;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">Name: Daniel Bird<br>
              </div>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
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              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"> <br>
              </div>
              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">3 Av. De L'Annonciade<br>
                <div>Monaco<br>
                </div>
              </div>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
            <td valign="top" style="width: 6%;">&#160;</td>
            <td valign="top" align="justify" style="width: 35%;">
              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><br>
              </div>
              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">Address: 24 Queen Anne's Gate<br>
              </div>
              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; London<br>
              </div>
              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; SW1H 9AA<br>
              </div>
              <div align="justify" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; United Kingdom<br>
              </div>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
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