<SEC-DOCUMENT>0001574085-19-000003.txt : 20190118
<SEC-HEADER>0001574085-19-000003.hdr.sgml : 20190118
<ACCEPTANCE-DATETIME>20190118100034
ACCESSION NUMBER:		0001574085-19-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190118
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190118
DATE AS OF CHANGE:		20190118

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		19532283

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>bhrerfpwebcastscript8-k.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="s23685AA0398F512C8375A13ADCA08095"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-top:5px;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;padding-top:5px;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d)</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Date of Report (date of earliest event reported): January 18, 2019</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:22pt;"><font style="font-family:inherit;font-size:22pt;font-weight:bold;">BRAEMAR HOTELS &amp; RESORTS INC.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Exact name of registrant as specified in its charter)</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:33%;"></td><td style="width:1%;"></td><td style="width:32%;"></td><td style="width:1%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">MARYLAND</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">001-35972</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">46-2488594</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(State of</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Commission</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(I.R.S. Employer</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Identification Number)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:49%;"></td><td style="width:3%;"></td><td style="width:48%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">14185 Dallas Parkway,</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Suite&#160;1100</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Dallas, Texas</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">75254</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(Zip code)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Registrant&#8217;s telephone number, including area code: (972)&#160;490-9600</font></div><div style="line-height:120%;padding-top:16px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:left;padding-left:36px;font-size:10.5pt;"><font style="font-family:Wingdings;font-size:10.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:Wingdings;font-size:10.5pt;">&#168; </font><font style="font-family:inherit;font-size:10.5pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:120%;text-align:left;padding-left:36px;text-indent:-36px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:Wingdings;font-size:10.5pt;">&#168; </font><font style="font-family:inherit;font-size:10.5pt;">Soliciting material pursuant to Rule 14-a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:120%;text-align:left;padding-left:36px;text-indent:-36px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:Wingdings;font-size:10.5pt;">&#168; </font><font style="font-family:inherit;font-size:10.5pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="line-height:120%;text-align:left;padding-left:36px;text-indent:-36px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:Wingdings;font-size:10.5pt;">&#168; </font><font style="font-family:inherit;font-size:10.5pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:10.5pt;">Emerging growth company&#160;&#160;&#160;&#160;</font><font style="font-family:Wingdings;font-size:11pt;">&#254;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;&#160;&#160;</font><font style="font-family:Wingdings;font-size:10.5pt;">&#168;</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s0DA03AEDB7485B3F919D297BE082FB90"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:9px;padding-top:9px;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 7.01 &#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE </font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 18, 2019, Braemar Hotels &amp; Resorts Inc. (the &#8220;Company&#8221;) held a webcast to discuss the Enhanced Return Funding Program Agreement and Amendment No.&#160;1 to the Fifth Amended and Restated Advisory Agreement, dated January&#160;15, 2019, among the Company, Braemar Hospitality Limited Partnership, Braemar TRS Corporation, Ashford Inc. and Ashford Hospitality Advisors LLC (the &#8220;ERFP Agreement&#8221;). A copy of the transcript of the webcast is attached hereto as Exhibit&#160;99.1. The webcast will be available online at the Company's website, www.bhrreit.com, by clicking the &#8220;Investors&#8221; tab, or by visiting http://public.viavid.com/index.php?id=132816. On January 18, 2019, the Company filed a Form&#160;8-K that included the ERFP Agreement, a press release and an investor presentation.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information in this Form&#160;8-K and Exhibits attached hereto shall not be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Additional Information and Where to Find It</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company files annual, quarterly and current reports, proxy and information statements and other information with the SEC. INVESTORS ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND DOCUMENTS INCORPORATED BY REFERENCE THEREIN) BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY.&#160; These materials, and any other documents filed by the Company with the SEC, may be obtained free of charge at the SEC&#8217;s website at www.sec.gov.&#160; In addition, investors and security holders may obtain free copies of the documents filed with the SEC at the Company&#8217;s website, www.bhrreit.com, under the &#8220;Investors&#8221; tab, or by requesting them in writing or by telephone from the Company at 14185 Dallas Parkway, Suite&#160;1100, Dallas, Texas 75254, Attn: Investor Relations or (972) 490-9600.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Safe Harbor for Forward-Looking Statements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain statements made in this Form&#160;8-K, including all exhibits attached hereto, could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When the Company uses the words &#8220;will,&#8221; &#8220;may,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;potential,&#8221; or similar expressions, it intends to identify forward-looking statements. Such forward-looking statements include, but are not limited to, the Company&#8217;s business and investment strategy, its understanding of its competition, current market trends and opportunities, projected operating results, and projected capital expenditures.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated including, without limitation: general volatility of the capital markets and the market price of the Company&#8217;s common stock; changes in the Company&#8217;s business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in the Company&#8217;s industry and the market in which it operates, interest rates or the general economy, and the degree and nature of the Company&#8217;s competition. These and other risk factors are more fully discussed in each company&#8217;s filings with the Securities and Exchange Commission.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 9.01 &#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d)&#160;&#160;&#160;&#160;Exhibits</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit Number</font><font style="font-family:inherit;font-size:10pt;">&#32;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Description</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">99.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="bhrerfpwebcastscript.htm"><font style="font-family:inherit;font-size:10pt;">Webcast Transcript of the Company, dated January 18, 2019</font></a></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURE</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated: January 18, 2019</font></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:682px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:348px;"></td><td style="width:29px;"></td><td style="width:305px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">BRAEMAR HOTELS &amp; RESORTS INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ ROBERT G. HAIMAN</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Robert G. Haiman</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Executive Vice President, General Counsel &amp; Secretary</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<div><a name="s9F96D6C8FBF7560B85B051ED0B632303"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 99.1</font></div></div><div><br></div><div style="line-height:174%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ASHFORD INC.</font></div><div style="line-height:174%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">BRAEMAR HOTELS &amp; RESORTS</font></div><div style="line-height:174%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Enhanced Return Funding Program Webcast</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Introductory Comments - Jordan Jennings &#160;&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Good morning everyone and welcome to today&#8217;s webcast to review yesterday&#8217;s press release announcing the new Enhanced Return Funding Program agreement between Ashford Inc. and Braemar Hotels &amp; Resorts along with the closing of Braemar&#8217;s acquisition of the Ritz-Carlton Lake Tahoe. Speaking today will be: Richard Stockton, Braemar&#8217;s President and Chief Executive Officer, and Robison Hays, Ashford&#8217;s Co-President and Chief Strategy Officer. Notice of the accessibility of this webcast over the internet was distributed yesterday in press releases that have been covered by the financial media.</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The companies have also published slides to be viewed in connection with this webcast that review the benefits of the program to both companies. The webcast and these materials can be accessed by visiting either company&#8217;s websites at www.ashfordinc.com or at www.bhrreit.com and clicking on Investors.</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">At this time, let me remind you that certain statements and assumptions in this webcast contain or are based upon &#8220;forward-looking&#8221; information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous assumptions, uncertainties and known or unknown risks, which could cause actual results to differ materially from those anticipated. These risk factors are more fully discussed in the Company&#8217;s filings with the Securities and Exchange Commission. The forward-looking statements included in this webcast are only made as of the date of this webcast, and the Company is not obligated to publicly update or revise them.</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In addition, certain terms used are non-GAAP financial measures, reconciliations of which are provided in yesterday&#8217;s press releases, which were filed on Form 8-K with the SEC and may also be accessed through both companies&#8217; websites at www.ashfordinc.com and at www.bhrreit.com. Each listener is encouraged to review the reconciliations provided in the press releases together with all other information provided in the releases. </font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I will now hand it over to Robison Hays. Please go ahead sir.</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Introduction - Robison Hays</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Good morning and thank you for joining us. &#160;We are very excited to announce our new $50 million Enhanced Return Funding Program agreement between Ashford Inc. and Braemar Hotels &amp; Resorts. Back in June of 2018, we announced an initial $50 million Enhanced Return Funding Program, sometimes referred to as &#8220;ERFP&#8221; or the &#8220;Program&#8221;, with </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ashford Hospitality Trust, which has thus far purchased several attractive assets under the Program.  We are excited about expanding the Program to Braemar, as we believe ERFP has the ability to materially improve returns for new hotel acquisitions.  In addition, we believe that ERFP can meaningfully increase assets under management and incremental fees for Ashford Inc. &#160;We believe this Program can be a game-changing initiative resulting in incremental value creation for both companies and their shareholders. Nothing like this ERFP concept exists elsewhere in the publicly-traded real estate space today - it is a novel idea that we believe can redefine what best-in-class hotel investments look like. </font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As mentioned in the introduction, we will be walking through a presentation that we have posted on each company&#8217;s website. </font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turning to slide 5 of the presentation, the ERFP is a $50 million funding commitment from Ashford Inc. designed to produce strong returns on hotel investments at Braemar and strong fee growth at Ashford Inc. &#160;It does this in a very simple way.  Ashford Inc. effectively provides capital to Braemar in order to lower the amount of equity that Braemar has to put into a hotel investment.  That reduction of equity can materially improve equity returns to Braemar, and in return, Ashford Inc. is paid the incremental fees it customarily receives from Braemar and its assets. These incremental fees can lead to attractive 35%+ 5-year levered IRRs and 50%+ year one cash-on-cash yields to Ashford Inc.  Ashford Inc. also estimates that the incremental accretion to Adjusted Net Income per Share from each $10 million ERFP investment is potentially between $0.55 and $0.65.&#160;&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Program provides significant benefits to both companies - we believe it is truly a win / win. It is meant to improve upon and replace the key money concept that we executed upon a few years ago. The investor and research analyst feedback we received in the past few years about key money was that it was an innovative idea, but that they thought it would be more effective if it had bigger scale, was programmatic in its use and sizing, and was repeatable. &#160;We listened very closely to that feedback and both companies and their independent directors have spent many months putting this agreement together with shareholders&#8217; interests in mind.  </font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Looking now at the Program&#8217;s structure and terms on Slide 6, the ERFP provides for a $50 million commitment of capital from Ashford Inc. for a 2-year term, with 1-year renewals, as well as the ability to be upsized to $100 million based upon mutual agreement. This is a sizable program we believe that can materially help grow both platforms. &#160;Capital from the Program will be sized to equal 10% of the total acquisition price of each new Braemar hotel acquisition.  We believe the predictability of the sizing should help investors underwrite the impact of the ERFP to both companies.  We expect that ERFP funding will be available for up to $500 million of acquisitions by Braemar. &#160;Similar to our previous key money program, the funding takes the form of purchased furniture, fixture and equipment by Ashford Inc. for use at Braemar hotels.  Consistent with our previous ERFP agreement with Ashford Hospitality Trust the implementation of this program is subject to customary lender consents. </font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bottom line - we believe the ERFP is sizable, predictable, and repeatable. &#160;It is an innovative structure that we believe can drive strong returns at both companies. &#160;I hope that you all can sense the real excitement we have for this new initiative.</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I will now hand it over to Richard.</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Braemar - Richard Stockton</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Thank you, Robison.</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I am very excited about this new program.  As I have discussed with many of our investors and analysts over the past several months, the implementation of this program at our sister company, Ashford Hospitality Trust was viewed very positively, and I was eager to implement the same program at Braemar.  After several months of detailed negotiation, the Independent Director Committee of the Braemar Board was able to negotiate a similarly attractive deal with Ashford Inc.  This incremental funding commitment by Ashford Inc. will provide additional momentum to our growth plan, starting with the previously announced acquisition of the Ritz-Carlton Lake Tahoe.</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Looking at page 8, we are pleased to announce that we have closed on the Ritz-Carlton Lake Tahoe.  Total consideration for the transaction was $120 million, including approximately $103 million for the hotel itself, with the balance being used to acquire an adjacent undeveloped land site and hotel capital reserves.  The hotel consists of 170 rooms, with over 37,000 square feet of meeting space and sits mid-mountain on the ski slopes of the Vail Resorts operated Northstar Ski Resort.  Built in 2009, the property is absolutely stunning, and should offer extremely attractive returns to the company, even before taking into the account the ERFP program being announced today.</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As you can see on page 9, we are acquiring this property on a 12-month trailing 7.2% cap rate, which increases to 8.0% after taking into account the benefit of the ERFP funding of approximately $10 million.  Due to the ERFP program, our implied acquisition price is being reduced from approximately $103 million to approximately $93 million.  Since we are utilizing property level debt, as is the case with all of our acquisitions, our equity investment is being reduced by 21%.  So instead of an equity investment of $49 million, our ultimate equity investment will be $39 million.  Thus, we are expecting our forecasted unlevered IRRs to be 12%, which would have been closer to 10% without the ERFP program.  This is a fantastic result for Braemar. Our hope is that the equity markets will recognize ERFP&#8217;s incremental value creation.</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In summary, we see substantial potential upside from the ERFP and specifically in the investment returns for the Ritz-Carlton Lake Tahoe. We strongly believe that ERFP provides us with a competitive advantage. The potential to meaningfully drive Braemar&#8217;s performance is significant. With the ability to add an estimated 100 to 200 basis points to unlevered returns on our future hotels acquisitions, we believe this ERFP agreement is a win-win for both Braemar </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">shareholders and the shareholders of Ashford Inc. We are extremely excited about the opportunity in front of us and remain disciplined in our investment approach with a keen focus on delivering enhanced shareholder value. </font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I will now turn the presentation back over to Robison.</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Ashford Inc. - Robison Hays</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As we&#8217;ve talked about in the past, we believe the long-term success of Ashford Inc. is dependent upon the ability of our advised REITs to produce strong shareholder returns and grow accretively. We believe this new ERFP program will help accomplish those goals and has the potential to drive attractive returns to Ashford Inc. &#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On slide 11, we walk through how ERFP helps accelerate Ashford Inc.&#8217;s growth. &#160;On the right side of the slide, you can see a summary table that shows an estimate of the annual incremental EBITDA that comes to Ashford Inc. from the various fee streams associated with new hotel assets. &#160;As we continue to grow the services that Ashford Inc. provides, we anticipate incremental EBITDA will grow as well.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In terms of the impact of Braemar&#8217;s Ritz-Carlton Lake Tahoe acquisition on our earnings, we estimate that our ERFP investment will result in approximately $0.55 to $0.65 of incremental Adjusted Net Income per Share in year one assuming funding has occurred. &#160;&#160;The midpoint of $0.60 of incremental Adjusted Net Income per Share would represent a 7.5% increase based on Ashford Inc.&#8217;s last four reported quarters of Adjusted Net Income per Share of $7.96. </font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">One additional benefit that Ashford Inc. receives as part of this transaction is an update to the base fee calculation which adds some downside protection to advisory fees if Braemar sells assets. &#160;For Ashford Inc. to provide this capital to Braemar, it wanted to know that the money would be funding incremental growth.  This updated base fee structure accomplishes this goal while still maintaining the current ability of the fee to be reduced to the extent Braemar&#8217;s stock price is lower. </font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Turning to slide 12, we&#8217;ve shown a hypothetical $10 million ERFP investment using the midpoint of the incremental EBITDA range from the previous slide. As you can see, assuming these cash flows, tax benefits, 50 percent debt funding (which is consistent with how we anticipate funding the Program over the long-term), and a 10-times EBITDA multiple, this investment would generate an approximate 37% five year IRR. &#160;We&#8217;ve also included a sensitivity table based on different terminal multiple assumptions.  These potential returns are very attractive for Ashford Inc. and show why we are so excited about the implementation of this Program. </font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On page 14 you can see a summary for why we are so excited about the Program.  It can provide stronger potential investment returns to Braemar in a repeatable, sizable and programmatic way, while at the same time producing asset, earnings and fee growth at Ashford.  Our ultimate goal with ERFP is to create a Virtuous Cycle - where Ashford Inc. </font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">provides growth capital to Braemar, Braemar buys assets and achieves higher equity returns, higher equity returns at Braemar lead to potentially higher stock prices, higher stock prices at Braemar lead to more accretive growth, more accretive growth leads to more fee streams to Ashford Inc., and more fee streams at Ashford Inc. lead to more ability to provide capital to Braemar.  The process then repeats and builds upon itself.  We are very excited about the long-term growth prospects for both companies given this Program. </font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I will hand it back to Richard to close.</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Richard Stockton</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Thank you all for joining us today, and we look forward to speaking with you on our respective fourth quarter earnings calls in a few weeks.</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></div>	</body>
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