<SEC-DOCUMENT>0001104659-23-025581.txt : 20230227
<SEC-HEADER>0001104659-23-025581.hdr.sgml : 20230227
<ACCEPTANCE-DATETIME>20230227062224
ACCESSION NUMBER:		0001104659-23-025581
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230227
DATE AS OF CHANGE:		20230227

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87737
		FILM NUMBER:		23669959

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bennett Monty J
		CENTRAL INDEX KEY:			0001260654

	FILING VALUES:
		FORM TYPE:		SC 13D/A

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BENNETT MONTGOMERY J
		DATE OF NAME CHANGE:	20030820
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>tm237890d1_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
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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 -->

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



<P STYLE="margin: 0"></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="padding: 0.25pt 0.95pt 0.95pt; vertical-align: top; width: 23%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: top; width: 55%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED STATES</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: bottom; width: 22%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: top; font-size: 10pt; text-align: center"><B>Washington, D.C. 20549</B></TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>SCHEDULE 13D/A</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: top; font-size: 10pt; text-align: center"><B>(Amendment No.&nbsp;2)</B></TD>
    <TD STYLE="padding: 0.25pt 0.95pt 0.95pt; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Exchange Act of
1934</B></P>

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

<P STYLE="border-bottom: black 1pt solid; font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif">Braemar
Hotels &amp; Resorts Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Issuer)</P>

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

<P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common
Stock, $0.01 par value</B></P>

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

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

<P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>044102 10 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(CUSIP Number)</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"><B>Monty
J. Bennett</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>14185 Dallas Parkway, Suite&nbsp;1200</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Dallas, Texas
75254</B></P>

<P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(972)
490-9600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address and Telephone Number of Person<BR>
Authorized to Receive Notices and Communications)</P>

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

<P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><B>February 24, 2023</B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Date of Event Which Requires Filing of
this Statement)</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If the filing person has previously filed a statement
on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule&nbsp;13d-1(b)(3)&nbsp;or
(4), check the following box <FONT STYLE="font-family: Wingdings">o</FONT>.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Note</B>: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See Section&nbsp;240.13d-7 for other parties
to whom copies are to be sent.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt">*</FONT> The remainder
of this cover page&nbsp;shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject
class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior
cover page.</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 0pt 0.5in">The information required on the remainder of this
cover page&nbsp;shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section&nbsp;18 of the Securities Exchange Act
of 1934 (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).</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"></P>

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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"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">1</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Reporting Person</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">S.S. or I.R.S. Identification No.&nbsp;of Above Person<BR>
        Monty J. Bennett</P></TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">2</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; padding-left: 3pt; font-size: 10pt">Check the Appropriate Box if a Member of a Group*</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 3pt; padding-left: 3pt; font-size: 10pt">(a)</TD>
    <TD STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 3pt; padding-left: 3pt; font-size: 10pt">(b)</TD>
    <TD STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">3</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">SEC Use Only </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">4</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Source of Funds<BR>
OO/PF</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">5</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d)&nbsp;or 2(e)&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">6</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Citizenship or Place of Organization<BR>
United States</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" ROWSPAN="7" STYLE="padding-bottom: 3pt; padding-left: 3pt; font-size: 10pt">Number of<BR>
Shares<BR>
Beneficially<BR>
Owned by<BR>
Each<BR>
Reporting<BR>
Person <BR>
With</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">7</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Sole Voting Power <BR>
1,878,726 (1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">8</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Shared Voting Power <BR>
0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">9</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Sole Dispositive Power <BR>
1,878,726 (1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">10</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Shared Dispositive Power <BR>
0</TD></TR>
<TR>
    <TD COLSPAN="6" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">11</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Aggregate Amount Beneficially Owned by Each Reporting Person <BR>
1,878,726 (1)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">12</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">13</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Percent of Class&nbsp;Represented by Amount in Row (11) <BR>
2.5% (2)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="padding-left: 3pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 3pt; vertical-align: top; font-size: 10pt">14</TD>
    <TD COLSPAN="4" STYLE="padding-bottom: 3pt; border-bottom: black 1pt solid; padding-left: 3pt; font-size: 10pt">Type of Reporting Person<BR>
IN</TD></TR>
<TR>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 83%"><FONT STYLE="font-size: 3pt">&nbsp;</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="padding: 0.25pt; width: 5%; font-size: 10pt">(1)</TD>
    <TD STYLE="text-align: justify; padding: 0.25pt; width: 95%; font-size: 10pt">Includes: (a) 246,954 Common Units (as defined below); (b) 244,993 LTIP Units (as defined below); and (c) 945,954 Performance LTIP Units (as defined below).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">(2)</TD>
    <TD STYLE="text-align: justify; padding: 0.25pt; font-size: 10pt">Based on 66,971,063 shares of Common Stock outstanding as of January 31, 2023, as reflected in the Issuer&rsquo;s Form 10-Q/A filed with the Securities and Exchange Commission on February 3, 2023, plus any Securities (as defined below) beneficially owned by the Reporting Person that are convertible into Common Stock.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: left"><B>Explanatory Note:</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">This Amendment No. 2 to Schedule
13D (this &ldquo;Amendment No. 2&rdquo;) amends and supplements the Schedule 13D filed on </FONT>December 4, 2013, and <FONT STYLE="background-color: white">as
amended by Amendment No. 1 thereto filed on August 24, 2017 (as amended, the &ldquo;Original Schedule 13D&rdquo;), by the Reporting Person,
relating to the Common Stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), of Braemar Hotels &amp; Resorts Inc., a Maryland
corporation (the &ldquo;Issuer&rdquo;). Capitalized terms used and not defined in this Amendment No. 2 shall have the meaning ascribed
to them in the Original Schedule 13D.</FONT></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: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">On
February 24, 2023, at the option of the Reporting Person, the Reporting Person&rsquo;s 169,523 vested LTIP Units that achieved economic
parity with the </FONT>Common Units <FONT STYLE="background-color: white">were redeemed for Common Units on a one-for-one basis. Pursuant
to a Notice of Exercise of Redemption Right (the &ldquo;Redemption Notice&rdquo;), the Reporting Person subsequently elected to redeem
the Common Units and such redemption was settled in cash at the Issuer&rsquo;s election based on the average of the closing price of the
Issuer&rsquo;s Common Stock for the ten consecutive trading days ending on February 23, 2023. Additionally, on February 24, 2023, the
Reporting Person elected to redeem an additional 1,254,254 Common Units and following receipt of the Redemption Notice, such redemption
was settled in cash at the Issuer&rsquo;s election at a price per Common Unit based on the average of the closing price of the Issuer&rsquo;s
Common Stock for the ten consecutive trading days ending on February 23, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="background-color: white">Except
as specifically supplemented by this Amendment No. 2, the Original Schedule 13D is unchanged.</FONT></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: 0.75in"><B>Item 3.</B></TD><TD><B>Source and Amount of Funds or Other Consideration</B></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"><FONT STYLE="background-color: white">Item 3 of the Original Schedule
13D is hereby amended and restated in its entirety to read as follows:</FONT></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: justify; text-indent: 0.75in">The holdings reported by
the Reporting Person herein consist of (i) 440,825 shares of Common Stock held directly or indirectly by the Reporting Person, (ii) 246,954
units of limited partnership interests (&ldquo;Common Units&rdquo;) in Braemar Hospitality Limited Partnership, the Issuer&rsquo;s operating
subsidiary (the &ldquo;Partnership&rdquo;), (iii) 244,993 long-term incentive partnership units in the Partnership (&ldquo;LTIP Units&rdquo;)
and (iv) 945,954 performance long-term incentive partnership units in the Partnership (&ldquo;Performance LTIP Units&rdquo; and together
with the shares of Common Stock, the Common Units and the LTIP Units held by the Reporting Person, the &ldquo;Securities&rdquo;). The
Common Units are redeemable for cash or, at the option of the Issuer, shares of Common Stock (currently on a 1-for-1 basis). Of the LTIP
Units held by the Reporting Person, none have achieved economic parity with the Common Units and (subject to certain time vesting requirements)
are, upon redemption at the request of the Reporting Person, redeemable on a 1-for-1 basis, for Common Units (which, as noted, are then
redeemable for shares of Common Stock or cash). Unless and until such parity is achieved, the LTIP Units cannot be redeemable for Common
Units or Common Stock. The 945,954 Performance LTIP Units reported herein 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 certain performance
metrics set forth in each Performance LTIP award. Unless and until the Performance LTIP Units vest, the Performance LTIP Units cannot
be converted into Common Units or redeemed for cash or Common Stock. The Securities reported herein were acquired by the Reporting Person
in business transactions between the Issuer and the Reporting Person (or entities affiliated with the Reporting Person), officer or director
equity grants and open market purchases using personal funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
4. </B></FONT><B> Purpose of Transaction</B></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">Item 4 of the Original Schedule 13D is hereby
amended and supplemented by the addition of the following:</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 Reporting Person currently anticipates selling
417,491 shares of his Common Stock promptly into the public markets in compliance with Rule 144 of the Securities Act of 1933 (including
the volume restrictions set forth therein). No assurance can be provided that the Reporting Person will elect to sell Common Stock, or
the timing or terms of any such sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.75pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 5.
</B></FONT><B> Interest in Securities of the Issuer</B></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; text-align: justify">Item 5 of the Original Schedule 13D is hereby
amended and supplemented by the addition of the following:</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; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">(a)
<U>Aggregate Number and Percentage of Securities</U>. The Reporting Person is deemed to beneficially own an aggregate of 687,779 shares
of Common Stock (which includes 246,954 Common Units that are presently, upon redemption at the request of the Reporting Person, convertible,
at the option of the Issuer, into shares of Common Stock), an aggregate of 244,993 LTIP Units and an aggregate of 945,954 Performance
LTIP Units representing approximately 2.5% of the Issuer&rsquo;s outstanding Common Stock. The Securities are held as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&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: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">244,993 LTIP Units and 489,986 Performance LTIP Units are held indirectly by the Reporting Person through
Texas Yarrow 2021;</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: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">216,891 shares of Common Stock are held indirectly by the Reporting Person through MJB Investments, LP;</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: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify">17,828 shares of Common Stock are held indirectly by the Reporting Person through Reserve LP, IV;</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: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD><TD STYLE="text-align: justify">86,329 shares of Common Stock are held indirectly by the Reporting Person through Dartmore, LP;</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: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(v)</FONT></TD><TD STYLE="text-align: justify">455,968 Performance LTIP Units are held indirectly by the Reporting Person through Texas Yarrow LLC -
2022 PS; and</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: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(vi)</FONT></TD><TD STYLE="text-align: justify">246,954 Common Units are held indirectly by the Reporting Person through Ashford Financial Corporation
(the Reporting Person has a pecuniary interest in 50 % of the 246,954 Common Units held by Ashford Financial Corporation).</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; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;
</FONT><FONT STYLE="font-size: 10pt"><U>Transactions within the Past 60 Days</U>. On February 24, 2023, the Reporting Person&rsquo;s
169,523 LTIP Units were converted into Common Units at the election of the Reporting Person on a one-for-one basis. Pursuant to the Redemption
Notice, the Reporting Person subsequently elected to redeem the Common Units and such redemption was settled in cash (rather than Common
Stock) at the Issuer&rsquo;s election, at a price per Common Unit based on the average of the closing price of the Issuer&rsquo;s Common
Stock for the ten consecutive trading days ending on February 23, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)&nbsp;
</FONT><U>Date Ceased to be a 5% Owner</U>. Following the transactions described herein, the Reporting
Person ceased to be a beneficial owner of more than five percent of the Issuer&rsquo;s Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&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>

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

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

<P STYLE="text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After reasonable inquiry and to the best of my knowledge and
belief,&nbsp;I hereby certify that the information set forth in this statement is true, complete and correct.</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">Date: February 27, 2023</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: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 50%; font-size: 10pt">/s/ MONTY J. BENNETT</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Monty J. Bennett</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; text-align: center"></P>

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