<SEC-DOCUMENT>0001104659-20-033370.txt : 20200313
<SEC-HEADER>0001104659-20-033370.hdr.sgml : 20200313
<ACCEPTANCE-DATETIME>20200313182231
ACCESSION NUMBER:		0001104659-20-033370
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:			Hays J Robison III
		CENTRAL INDEX KEY:			0001623909

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		20714517

	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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    <periodOfReport>2020-03-11</periodOfReport>

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    <issuer>
        <issuerCik>0001574085</issuerCik>
        <issuerName>Braemar Hotels &amp; Resorts Inc.</issuerName>
        <issuerTradingSymbol>BHR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001623909</rptOwnerCik>
            <rptOwnerName>Hays J Robison III</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>14185 DALLAS PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1100</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75254</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Strategy Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

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            <expirationDate>
                <value>2021-12-31</value>
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            <underlyingSecurity>
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        </derivativeHolding>
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            <securityTitle>
                <value>Common Partnership Units</value>
                <footnoteId id="F11"/>
            </securityTitle>
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                <value>0.00</value>
                <footnoteId id="F11"/>
            </conversionOrExercisePrice>
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                <value>2016-07-27</value>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F9"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
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                    <footnoteId id="F12"/>
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                <directOrIndirectOwnership>
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    <footnotes>
        <footnote id="F1">The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the &quot;Plan&quot;). Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.</footnote>
        <footnote id="F2">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="F3">The Reporting Person received the Performance Stock Units pursuant to an award granted by the Issuer under the Plan.</footnote>
        <footnote id="F4">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 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, 2022 (with respect to the 2020 grant). One-third of the Performance Stock 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="F5">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="F6">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, 2020 (with respect to the 2018 grant) and December 31, 2021 (with respect to the 2019 grant). See Footnote 7 discussing the convertibility of vested LTIP Units.</footnote>
        <footnote id="F7">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 (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 11 discussing convertibility of Common Partnership Units.</footnote>
        <footnote id="F8">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 7 discussing the convertibility of vested LTIP Units.</footnote>
        <footnote id="F9">Neither the Common Partnership Units nor vested LTIP Units (including any LTIP Units awarded upon achievement of the specified performance criteria relating to vested Performance LTIP Units) have an expiration date.</footnote>
        <footnote id="F10">Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person, 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 7 discussing convertibility of LTIP Units and Footnote 11 discussing convertibility of Common Partnership Units.</footnote>
        <footnote id="F11">Common Limited Partnership Units of the Subsidiary (&quot;Common Partnership Units&quot;). Common Partnership Units 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="F12">Reflects the aggregate number of Common Partnership Units currently held by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 11 discussing the convertibility of the Common Partnership Units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ J. Robinson Hays, III</signatureName>
        <signatureDate>2020-03-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
