<SEC-DOCUMENT>0001104659-20-033369.txt : 20200313
<SEC-HEADER>0001104659-20-033369.hdr.sgml : 20200313
<ACCEPTANCE-DATETIME>20200313182231
ACCESSION NUMBER:		0001104659-20-033369
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200311
FILED AS OF DATE:		20200313
DATE AS OF CHANGE:		20200313

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Haiman Robert G.
		CENTRAL INDEX KEY:			0001740897

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		20714516

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

ISSUER:		

	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

	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>
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    <issuer>
        <issuerCik>0001574085</issuerCik>
        <issuerName>Braemar Hotels &amp; Resorts Inc.</issuerName>
        <issuerTradingSymbol>BHR</issuerTradingSymbol>
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        <reportingOwnerId>
            <rptOwnerCik>0001740897</rptOwnerCik>
            <rptOwnerName>Haiman Robert G.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>14185 DALLAS PARKWAY, SUITE 1100</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75254</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Exec VP, GC and Secretary</officerTitle>
        </reportingOwnerRelationship>
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        <derivativeHolding>
            <securityTitle>
                <value>Performance Stock Units (2019)</value>
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                <underlyingSecurityTitle>
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    <footnotes>
        <footnote id="F1">Each performance LTIP Unit (&quot;Performance LTIP Unit&quot;) awards represents an LTIP Unit (as defined below) subject to performance-based vesting criteria.</footnote>
        <footnote id="F2">The Reporting Person received the Performance LTIP Units and LTIP Units (as defined below) awards reported herein under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan.</footnote>
        <footnote id="F3">Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2022 (with respect to the 2019 grant) and December 31, 2022 (with respect to the 2020 grant). See Footnote 4 discussing the convertibility of vested LTIP Units. One-third of the Performance LTIP Units granted in 2020 will be eligible to vest (at up to 200% of target) based on performance during the first year of the performance period.</footnote>
        <footnote id="F4">Represents special long-term incentive partnership units (&quot;LTIP Units&quot;) in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary (&quot;Subsidiary&quot;). Vested LTIP Units, upon achieving parity with the Common Partnership Units, are convertible into Common Partnership Units at the option of the Reporting Person. &quot;Common Partnership Units&quot; are Common Limited Partnership Units of the Subsidiary and are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis.</footnote>
        <footnote id="F5">The LTIP Units reported herein vest in three (3) equal installments over a three (3) year term from the date of the award. See Footnote 4 discussing the convertibility of vested LTIP Units.</footnote>
        <footnote id="F6">The vested LTIP Units do not have an expiration date.</footnote>
        <footnote id="F7">Reflects only the number of shares of underlying securities into which the reported award of LTIP Units (not the aggregate number of LTIP Units) is convertible. See Footnote 4 discussing the convertibility of vested LTIP Units.</footnote>
        <footnote id="F8">Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person following the LTIP Units award reported herein, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Partnership Units, (ii) have not yet achieved parity with the Common Partnership Units, (iii) are currently vested or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes. See Footnote 4 discussing convertibility of LTIP Units and Footnote 4 discussing convertibility of Common Partnership Units.</footnote>
        <footnote id="F9">Each Performance Stock Unit (&quot;Performance Stock Unit&quot;) award represents the right, upon achievement of certain specified performance-based vesting criteria, to receive up to two (2) shares of the Issuer's common stock.</footnote>
        <footnote id="F10">Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of a specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (with respect to the 2019 grant).</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Robert G. Haiman</signatureName>
        <signatureDate>2020-03-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
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