<SEC-DOCUMENT>0001104659-21-066037.txt : 20210513
<SEC-HEADER>0001104659-21-066037.hdr.sgml : 20210513
<ACCEPTANCE-DATETIME>20210513171027
ACCESSION NUMBER:		0001104659-21-066037
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210511
FILED AS OF DATE:		20210513
DATE AS OF CHANGE:		20210513

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Vaziri Abteen
		CENTRAL INDEX KEY:			0001716587

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		21920687

	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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<SEQUENCE>1
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<DESCRIPTION>OWNERSHIP DOCUMENT
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    <periodOfReport>2021-05-11</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001716587</rptOwnerCik>
            <rptOwnerName>Vaziri Abteen</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>14185 DALLAS PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1200</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75254</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <expirationDate>
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                <underlyingSecurityTitle>
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                    <value>6054</value>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeHolding>
            <securityTitle>
                <value>Common Partnership Units</value>
                <footnoteId id="F5"/>
            </securityTitle>
            <conversionOrExercisePrice>
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                    <footnoteId id="F6"/>
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    <footnotes>
        <footnote id="F1">Fully vested 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 Limited Partnership Units of the Subsidiary (&quot;Common Partnership Units&quot;), are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 5 discussing the convertibility of Common Partnership Units.</footnote>
        <footnote id="F2">The LTIP Unit awards reported herein were issued as an annual grant under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the &quot;Plan&quot;) upon the Reporting Person's re-election to the Issuer's Board of Directors.</footnote>
        <footnote id="F3">Neither the Common Partnership Units nor vested LTIP Units have an expiration date.</footnote>
        <footnote id="F4">The LTIP Units were issued to the Reporting Person under the Plan in lieu of certain cash retainer fees and were fully vested upon grant.</footnote>
        <footnote id="F5">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">Reflects the aggregate number of Common Partnership Units currently held directly or indirectly, as noted, by the Reporting Person. See Footnote 4 discussing the convertibility of the Common Partnership Units.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Abteen Vaziri</signatureName>
        <signatureDate>2021-05-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
