<SEC-DOCUMENT>0001104659-20-033374.txt : 20200313
<SEC-HEADER>0001104659-20-033374.hdr.sgml : 20200313
<ACCEPTANCE-DATETIME>20200313182546
ACCESSION NUMBER:		0001104659-20-033374
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:			Eubanks Deric S
		CENTRAL INDEX KEY:			0001608195

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		20714529

	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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        <issuerName>Braemar Hotels &amp; Resorts Inc.</issuerName>
        <issuerTradingSymbol>BHR</issuerTradingSymbol>
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            <rptOwnerName>Eubanks Deric S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>14185 DALLAS PARKWAY,</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1100</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>CFO and Treasurer</officerTitle>
        </reportingOwnerRelationship>
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            <securityTitle>
                <value>Common Partnership Units</value>
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            </securityTitle>
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            </conversionOrExercisePrice>
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                <value>2014-11-19</value>
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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 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, 2020 (with respect to the 2018 grant), December 31, 2021 (with respect to the 2019 grant) and 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">Common limited partnership units (&quot;Common Partnership Units&quot;) in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary (the &quot;Subsidiary&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="F6">The Common Partnership Units do not have an expiration date.</footnote>
        <footnote id="F7">Reflects the aggregate number of Common Partnership Units currently held by the Reporting Person, some of which may have been converted from special long-term incentive partnership units in the Subsidiary by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 5 discussing the convertibility of the Common Partnership Units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Deric S. Eubanks</signatureName>
        <signatureDate>2020-03-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
