<SEC-DOCUMENT>0001104659-20-033585.txt : 20200316
<SEC-HEADER>0001104659-20-033585.hdr.sgml : 20200316
<ACCEPTANCE-DATETIME>20200316060528
ACCESSION NUMBER:		0001104659-20-033585
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200313
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200316
DATE AS OF CHANGE:		20200316

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:		20715141

	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>tm2012796d1_8k.htm
<DESCRIPTION>FORM 8-K
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.85pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.4pt 0pt 6.4pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 7.35pt 0pt 6.4pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt"><B>CURRENT REPORT
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt"><B>PURSUANT TO SECTION
13 OR 15(d) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -0.05pt"><B>OF THE SECURITIES
EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.3pt 0pt 6.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.3pt 0pt 6.4pt; text-align: center">Date of Report (Date of earliest
event reported): <B>March 13, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 7.35pt 0pt 6.4pt; text-align: center"><B>BRAEMAR HOTELS &amp; RESORTS
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.35pt 0pt 6.4pt; text-align: center">(Exact name of registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 34%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="width: 33%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-35972</B></FONT></TD>
    <TD STYLE="width: 33%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>46-2488594</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">incorporation or organization)</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission file number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification<BR>
 Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 49%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>14185 Dallas Parkway, Suite 1100<BR>
        Dallas, Texas</B></P></TD>
    <TD STYLE="padding-left: 3pt; text-align: left; vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; vertical-align: bottom; width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>75254</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Address of principal executive</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">offices)</FONT></P></TD>
    <TD STYLE="padding-left: 3pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B>(972) 490-9600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">N/A<BR>
(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Emerging
growth company <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 37.9pt 0pt 0; text-align: justify; text-indent: -10.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&nbsp;12(b) of the
Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; width: 29%; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top; padding-right: 3pt; padding-left: 3pt"><B>Common Stock</B></TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>BHR</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>New York Stock Exchange</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Preferred Stock, Series B</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>BHR-PB</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>New York Stock Exchange</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Preferred Stock, Series D</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>BHR-PD</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>New York Stock Exchange</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Wingdings; margin: 0pt 0 0pt 10.85pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><B>Item 1.01. Entry into a Material Definitive Agreement</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>Hotel Management Letter Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Pursuant to
the Amended and Restated Braemar Hotel Master Management Agreement dated August 8, 2018, by and among Braemar TRS Corporation,
CHH III Tenant Parent Corp., RC Hotels (Virgin Islands), Inc. and Remington Lodging &amp; Hospitality, LLC (&ldquo;<U>Remington</U>&rdquo;)
(the &ldquo;<U>hotel management agreement</U>&rdquo;) we pay to Remington, a subsidiary of Ashford Inc. (&ldquo;<U>AINC</U>&rdquo;),
a monthly hotel management fee equal to the greater of&nbsp;$14,000&nbsp;(increased annually based on consumer price index adjustments)
or&nbsp;3%&nbsp;of gross revenues (the &ldquo;<U>base fee</U>&rdquo;) as well as annual incentive hotel management fees, if certain
operational criteria are met and other general and administrative expense reimbursements.&nbsp; Under the original terms of the
hotel management agreement, we paid Remington on the fifth day of each month for the base fees in the preceding month.&nbsp; Pursuant
to the terms of the Letter Agreement dated March 13, 2020 (the &ldquo;<U>Hotel Management Letter Agreement</U>&rdquo;), in order
to allow Remington to better manage its corporate working capital and to ensure the continued efficient operation of our hotels,
we agreed to pay the base fee and to reimburse all expenses on a weekly basis for the preceding week, rather than on a monthly
basis.&nbsp; The Hotel Management Letter Agreement went into effect on March 13, 2020 and will continue until terminated by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">This summary
description of the Hotel Management Letter Agreement is qualified in its entirety by the Hotel Management Letter Agreement, a copy
of which is included as Exhibit 10.2 to this Report and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>Item 2.03. Creation of a
Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">On March
10, 2020, we borrowed&nbsp;$25.0 million&nbsp;on our Second Amended and Restated Credit Agreement, dated as of October 25, 2019,
by and among Braemar Hotels &amp; Resorts Inc. (the &ldquo;<U>Company</U>&rdquo;), Braemar Hospitality Limited Partnership, Bank
of America, N.A. and the other lenders party thereto (the &ldquo;<U>secured revolving credit facility</U>&rdquo;) for general corporate
purposes. On March 13, 2020, we borrowed an additional $50.0 million under the secured revolving credit facility. As a result,
we have borrowed, in the aggregate, $75.0 million under this facility and there is no additional capacity remaining.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>Item 7.01. Regulation FD
Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>Reduction in Base Salary
of Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">On March
16, 2020, AINC announced that, in light of the uncertainty created by the effects of the COVID-19 novel coronavirus, the base
salary paid by AINC for certain of our officers, including our Chief Executive Officer, Chief Financial Officer and our other
named executive officers, will be temporarily reduced by 15%. These reductions will be effective until such time as
AINC&rsquo;s Chief Executive Officer, Mr. Monty J. Bennett, determines in his discretion that the effects of the COVID-19
novel coronavirus have subsided and it has been determined that the Company is in a healthy financial position. Any amounts
relinquished pursuant to the temporary reduction may be paid by AINC in the future, as AINC&rsquo;s Chief Executive Officer,
Mr. Monty J. Bennett, determines in his discretion. The reductions in base salaries will be effective as of March 21,
2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>Reduction in Annual Retainers
for the Company&rsquo;s Board of Directors (the &ldquo;<U>Board</U>&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">On March
16, 2020, the Company announced that, effective immediately, in light of the uncertainty created by the effects of the COVID-19
novel coronavirus, the annual cash retainer for each non-employee director serving on the Company&rsquo;s Board will be temporarily
reduced by 25%. This reduction will be effective until such time as the Board determines in its discretion that such effects of
COVID-19 novel coronavirus have subsided. Any amounts relinquished pursuant to the temporary reduction in fees may be paid in the
future, as determined by the Board in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>Dividend Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">On March
16, 2020, the Company and its Board announced a suspension of its previously disclosed 2020 common stock dividend policy and that
the Company will not pay a dividend on its common stock for the first quarter ended March 31, 2020. &nbsp; Our Board will continue
to review our dividend policy and make future announcements with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">On March
16, 2020, the Company issued a press release relating to dividends for the first quarter ended March 31, 2020, a copy of which
is included as Exhibit 99.1 to this Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.7pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">Item
7.01 of this Current Report on Form 8-K is being&nbsp;furnished and shall not be deemed to be &ldquo;filed&rdquo; for purposes
of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liabilities of that Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 13.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 0in"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 0in">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 9%; vertical-align: bottom"><B>Exhibit<B> No.</b></B></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; width: 5%; text-align: left"></TD><TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: left; width: 86%"><B>Description</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9%"><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465918051986/a18-18593_1ex10d1.htm" STYLE="-sec-extract: exhibit">10.1</A></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; padding-right: 16.3pt; width: 86%"><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465918051986/a18-18593_1ex10d1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Braemar Hotel Master Management Agreement, dated August
8, 2018, by and among Braemar TRS Corporation, CHH III Tenant Parent Corp., RC Hotels (Virgin Islands), Inc. and Remington Lodging
 &amp; Hospitality, LLC (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed August 14, 2018) (File
No. 001-35972)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 1.5in; text-align: justify; text-indent: -94.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9%"><A HREF="tm2012796d1_ex10-2.htm" STYLE="-sec-extract: exhibit">10.2</A></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; padding-right: 16.3pt; width: 86%"><A HREF="tm2012796d1_ex10-2.htm" STYLE="-sec-extract: exhibit">Hotel Management Letter Agreement, dated March 13, 2020</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 1.5in; text-align: justify; text-indent: -94.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9%"><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465919056914/a19-20669_2ex10d1.htm" STYLE="-sec-extract: exhibit">10.3</A></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; padding-right: 16.3pt; width: 86%"><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465919056914/a19-20669_2ex10d1.htm" STYLE="-sec-extract: exhibit">Second Amended and Restated Credit Agreement, dated as of October 25, 2019,
by and among Braemar Hotels &amp; Resorts Inc., Braemar Hospitality Limited Partnership, Bank of America, N.A. and the other lenders
party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on October 28, 2019) (File No.
001-35972)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 1.5in; text-align: justify; text-indent: -94.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9%"><A HREF="tm2012796d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 86%"><A HREF="tm2012796d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Press Release of the Company, dated March 16, 2020, furnished under Item 7.01</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -94.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 1.5in; text-align: justify; text-indent: -94.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 16.3pt 0pt 1.5in; text-align: justify; text-indent: -94.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.4pt; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><B></B></TD><TD COLSPAN="2" STYLE="text-align: justify"><B><B>BRAEMAR HOTELS &amp; RESORTS INC.</B></B></TD>
</TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 3%">By:</TD>
                                        <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%">/s/ Deric S. Eubanks</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">Deric S. Eubanks</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Date: March 16, 2020</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.9pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>tm2012796d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 10.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 13, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left">Braemar TRS Corporation</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR>                                                                           <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">14185 Dallas Parkway, Suite 1100</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Dallas, Texas 75254</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Attention: Chief Financial Officer</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt">Re:</TD><TD STYLE="text-align: justify">Amended and Restated Braemar Hotel Master Management Agreement (the &ldquo;<I>Management Agreement</I>&rdquo;)
dated August 8, 2018, by and among Braemar TRS Corporation, CHH III Tenant Parent Corp., RC Hotels (Virgin Islands), Inc. and Remington
Lodging &amp; Hospitality, LLC</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Chief Financial Officer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capitalized terms used, but not defined,
herein shall have the meanings given to them in the Management Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With regard to each Hotel that is subject
to the Management Agreement, Section 16.01 of the Management Agreement provides that Manager shall be paid its monthly Base Management
Fee on the fifth (5th) day of each month for the preceding Accounting Period. As you are no doubt aware, the spread of the novel
coronavirus (Covid-19) is having a significant impact on the travel and hospitality industry. In order for Manager to better manage
its corporate working capital to ensure the continued efficient operation of the Hotels, we request that you agree to permit: (i)
payment of the Base Management Fee to Manager; and (ii) reimbursement to Manager of all expenses for which Manager is entitled
to be reimbursed under the Management Agreement, in each case, on a weekly rather than monthly basis (the &ldquo;Proposal&rdquo;).
If approved, the timing of payments contemplated by the Proposal will begin immediately and will continue until terminated by Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please indicate your agreement to the Proposal
by your signature below. Should you have any questions, please do not hesitate to contact me.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">REMINGTON LODGING &amp; HOSPITALITY, LLC, a Delaware</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">limited liability company</P></TD>
</TR>                                                                                                                                                           <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 5%">By:</TD>
                                        <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 45%">/s/ Sloan Dean</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Name:</TD>
                                        <TD STYLE="text-align: justify">Sloan Dean</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Title:</TD>
                                        <TD STYLE="text-align: justify">Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left"><B>APPROVED<B> AND AGREED</B>:</B></TD><TD STYLE="text-align: justify"></TD>
</TR>                                                                           <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Braemar TRS Corporation, on behalf of itself and</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">all New Lessees under the Management Agreement,</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">hereby agrees to Proposal</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">BRAEMAR TRS CORPORATION</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Deric Eubanks</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Name:</TD>
<TD STYLE="text-align: left">Deric Eubanks</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 4%">Title:</TD>
<TD STYLE="text-align: left; width: 46%">President</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">cc:</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Braemar Hospitality Limited Partnership</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">14185 Dallas Parkway, Suite 1100</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Dallas, Texas 75254</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2" STYLE="text-align: left">Attention: General Counsel</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2012796d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0">Exhibit 99.1</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"><IMG SRC="tm2012796d1_ex99-1img001.jpg" ALT=""></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">NEWS RELEASE</FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Contact:</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Deric Eubanks</FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Jordan Jennings</FONT></TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Joseph Calabrese</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Investor Relations </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Financial Relations Board</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(972) 490-9600</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(972) 778-9487</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">(212) 827-3772</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BRAEMAR HOTELS &amp; RESORTS <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Declares
PREFERRED </FONT></B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Dividends
For FIRST QUARTER OF 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DALLAS, March xx, 2020 &ndash; Braemar
Hotels &amp; Resorts Inc. (NYSE: BHR) (&ldquo;Braemar&rdquo; or the &ldquo;Company&rdquo;) announced today that its Board of Directors
declared a quarterly cash dividend of $0.3438 per diluted share for the Company&rsquo;s 5.5% Series B Cumulative Convertible Preferred
Stock for the first quarter ending March 31, 2020. The dividend, which equates to an annual rate of $1.375 per share, is payable
on April 15, 2020, to shareholders of record as of March 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board declared a quarterly cash dividend
of $0.5156 per diluted share for the Company&rsquo;s 8.25% Series D Cumulative Preferred Stock for the first quarter ending March
31, 2020. The dividend, which equates to an annual rate of $2.0625 per share, is payable on April 15, 2020, to shareholders of
record as of March 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and its Board announced a suspension
of its previously announced 2020 common stock dividend policy and the Company will not pay a dividend on the common stock for the
first quarter ending March 31, 2020. The Board will continue to monitor the situation and assess future quarterly common dividend
declarations and usage of excess cash accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Braemar Hotels &amp; Resorts is a real
estate investment trust (REIT) focused on investing in luxury hotels and resorts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ashford has created an Ashford App for
the hospitality REIT investor community. The Ashford App is available for free download at Apple&rsquo;s App Store and the Google
Play Store by searching &ldquo;Ashford.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><I>Certain statements and assumptions
in this press release contain or are based upon &quot;forward-looking&quot; information and are being made pursuant to the safe
harbor provisions of the federal securities regulations. Forward-looking statements in this press release may include, among others,
statements about the implied share price for the Company's common stock. When we use the words &quot;will likely result,&quot;
 &quot;may,&quot; &quot;anticipate,&quot; &quot;estimate,&quot; &quot;should,&quot; &quot;expect,&quot; &quot;believe,&quot; &quot;intend,&quot;
or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and
uncertainties, many of which are outside Braemar&rsquo;s control.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><I>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: the impact of the novel strain of coronavirus (COVID-19) on our business; general conditions of
the capital markets and the market price of our common stock and preferred stock; changes in our business or investment strategy;
availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which
we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage
our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar&rsquo;s
filings with the Securities and Exchange Commission. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><I>The
forward-looking statements included in this press release are only made as of the date of this press release. The Company can
give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated
to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances,
changes in expectations or otherwise.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><I></I></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><I>&nbsp;</I></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
