<SEC-DOCUMENT>0001213900-24-039447.txt : 20240503
<SEC-HEADER>0001213900-24-039447.hdr.sgml : 20240503
<ACCEPTANCE-DATETIME>20240503140223
ACCESSION NUMBER:		0001213900-24-039447
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240503
DATE AS OF CHANGE:		20240503

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		24912259

	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:			Blackwells Capital LLC
		CENTRAL INDEX KEY:			0001720183
		ORGANIZATION NAME:           	
		IRS NUMBER:				815196117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		800 THIRD AVENUE
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-792-6096

	MAIL ADDRESS:	
		STREET 1:		800 THIRD AVENUE
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>ea0205212-dfan14a_blackwells.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
<TEXT>
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<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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</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"><B>SCHEDULE 14A</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"><B>INFORMATION REQUIRED IN PROXY STATEMENT</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"><B>SCHEDULE 14A INFORMATION</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"><B>Proxy Statement Pursuant to Section 14(a) of
the<BR>
Securities Exchange Act of 1934</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed by the
Registrant </FONT><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&#9744;</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">Filed by a Party other than the Registrant &#9746;</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">Check the appropriate box:</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="width: 24px; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  </TABLE>
<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="width: 24px; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  </TABLE>
<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: 24px; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  </TABLE>
<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: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  </TABLE>
<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: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<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"><B>Braemar Hotels and Resorts Inc.</B><BR>
(Name of Registrant as Specified In Its Charter)</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"><B>Blackwells Capital LLC<BR>
Blackwells Onshore I LLC<BR>
Jason Aintabi<BR>
Michael Cricenti<BR>
Jennifer M. Hill<BR>
Betsy L. McCoy<BR>
Steven J. Pully </B><BR>
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</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">Payment of Filing Fee (Check all boxes that apply):</P>

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

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    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</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"></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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<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">On May 2, 2024, Blackwells Capital LLC (&ldquo;Blackwells&rdquo;)
sent a letter to representatives of Braemar Hotels &amp; Resorts, Inc. (the &ldquo;Company&rdquo;) demanding that the board of directors
of the Company (the &ldquo;Board&rdquo;) immediately investigate potential breaches of fiduciary duty and/or other wrongdoing, including
potential violations of the federal securities laws, by members of the Board and senior management with respect to mismanagement or self-dealing
in connection with the various contracts entered into with Ashford Inc. (&ldquo;Ashford&rdquo;) and its affiliates; the fees resulting
from these contracts; and the Related Party Transactions Committee&rsquo;s review and approval of such related-party transactions with
Ashford and its affiliates. A copy of the letter is attached hereto as <U STYLE="text-decoration: none"><A HREF="#a_001">Exhibit 1</A></U>.</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">Also on May 2, 2024, Blackwells sent a letter
to representatives of the Company demanding that the Board immediately investigate Mr. Monty Bennett&rsquo;s improper actions and the
potential breaches of fiduciary duty and/or other wrongdoings related to <I>The Dallas Express</I>. A copy of the letter is attached hereto
as <U STYLE="text-decoration: none"><A HREF="#a_002">Exhibit 2</A></U>.</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">On May 3, 2024, Blackwells posted a copy of each
letter on its website, www.NoMoreMonty.com.</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"><B>IMPORTANT ADDITIONAL INFORMATION</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">Blackwells, Blackwells Onshore I LLC, Jason Aintabi,
Michael Cricenti, Jennifer M. Hill, Betsy L. McCoy and Steven J. Pully (collectively, the &ldquo;Participants&rdquo;) are participants
in the solicitation of proxies from the stockholders of the Corporation for the 2024 Annual Meeting. On April 3, 2024, the Participants
filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) their definitive proxy statement and accompanying <B><U>WHITE</U></B>
proxy card in connection with their solicitation of proxies from the stockholders of the Corporation.</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"><B>ALL STOCKHOLDERS OF THE CORPORATION ARE ADVISED
TO READ THE DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING WHITE UNIVERSAL PROXY CARD AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF
PROXIES BY THE PARTICIPANTS, AS THEY CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS AND THEIR
DIRECT OR INDIRECT INTERESTS IN THE CORPORATION, BY SECURITY HOLDINGS OR OTHERWISE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The definitive proxy statement and an accompanying
<B><U>WHITE</U></B> universal proxy card will be furnished to some or all of the Corporation&rsquo;s stockholders and are, along with
other relevant documents, available at no charge on the SEC&rsquo;s website at http://www.sec.gov/. In addition, the Participants will
provide copies of the definitive proxy statement without charge, upon request. Requests for copies should be directed to Blackwells.</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="margin: 0; text-align: right"><B><A NAME="a_001"></A>Exhibit 1</B></P>

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

<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Ritchie rritchie@velaw.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tel </B>+1.214.220.7823</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">May 2, 2024</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">Alex Rose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President, General Counsel and Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Braemar Hotels &amp; Resorts, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14185 Dallas Parkway, Suite 1200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dallas, Texas 75254</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">Richard M. Brand</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">200 Liberty Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, NY 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">richard.brand@cwt.com</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-indent: 0in"><B><I>Via Email</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I write on behalf of Blackwells
Capital LLC (&ldquo;<B><I>Blackwells</I></B>&rdquo;), an investment manager that beneficially owns approximately 920,100 shares of common
stock of Braemar Hotels &amp; Resorts, Inc. (NYSE: BHR, BHR-PB, BHR-PD) (the &ldquo;<B><I>Company</I></B>&rdquo; or &ldquo;<B><I>Braemar</I></B>&rdquo;).
On October 21, 2023, Blackwells made a demand to the Company to investigate the deeply conflicted board and its approval of self-interested
transactions to the detriment of Braemar stockholders, and to take immediate action to undo the harm caused under the reckless watch of
the Company&rsquo;s board of directors (the &ldquo;<B><I>Board</I></B>&rdquo;). The January 9, 2024 response from the Review Committee
of the Board failed to provide satisfactory reasons how the purported investigation was conducted. Furthermore, the subsequent decision
of the full board resolving to not take any action was inappropriate because many of the board members are deeply conflicted and beholden
to Monty Bennett (&ldquo;<B><I>Mr. Bennett</I></B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we continue to learn more
about the Company and its relationships, we have become more alarmed of the issues expressed in our prior demand letter. Thus, we write
this letter to further express our concern to the Board regarding potential breaches of fiduciary duty and/or corporate wrongdoing, including
potential violations of the federal securities laws, by members of the Board and senior management with respect to Braemar&rsquo;s mismanagement
and self-dealing that permits Mr. Bennett and Ashford Inc. and its various affiliates to siphon stockholder value to the detriment of
Braemar&rsquo;s stockholders.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 45%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vinson
                         &amp; Elkins LLP Attorneys at Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Austin
Dallas Dubai Houston London Los Angeles</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">New
York Richmond San Francisco Tokyo Washington</FONT></P>
</TD>
  <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 45%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trammell
                         Crow Center, 2001 Ross Avenue, Suite 3900<BR>
                         Dallas, TX 75201-2975</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Tel
</B>+1.214.220.7700 <B>Fax</B> +1.214.220.7716 velaw.com</FONT></P>
</TD></TR>
</TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Specifically, Braemar entered
into an Advisory Agreement with Ashford Inc. (&ldquo;<B><I>Ashford</I></B>&rdquo;) and Ashford Hospitality Advisors LLC (&ldquo;<B><I>Ashford
LLC</I></B>&rdquo;) to provide all services relating to asset management, financing, and operations of the Company; a Master Hotel Management
Agreement with Remington Lodging &amp; Hospitality LLC (&ldquo;<B><I>Remington</I></B>&rdquo;) to provide hotel management, design, and
construction services for various of the Company&rsquo;s hotels; and a Master Project Management Agreement with Premier Project Management
LLC (&ldquo;<B><I>Premier</I></B>&rdquo;) for design and construction services.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
Ashford LLC, Remington, and Premier (collectively, and together with all Ashford subsidiaries, &ldquo;<B><I>Ashford Affiliates</I></B>&rdquo;)
are all subsidiaries of Ashford Inc.&mdash;a company that Mr. Bennett (Chairman of the Board, as well as Chief Executive Officer and Chairman
of the board of directors of Ashford Inc.) and his family own approximately 19 percent in Ashford Inc., plus convertible stock that, if
converted, would increase their ownership percentage in Ashford Inc. to 65 percent.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These transactions are not
in the best interest of Braemar&rsquo;s stockholders. Instead, they are in the best interests of Mr. Bennett and Ashford. Braemar&rsquo;s
Annual Report for the fiscal year ending December 31, 2023 (Form 10-K) makes multiple disclosures demonstrating that Braemar&rsquo;s Board
and senior management have failed to ensure such conflicted and self-interested transactions are fair and on equal footing with non-related
third-party transactions. In fact, Braemar&rsquo;s 2023 Annual Report discloses that the Advisory Agreement with Ashford; the Hotel Management
Agreement and Mutual Exclusivity Agreement (&ldquo;<B><I>MEA</I></B>&rdquo;) with Remington; and the Project Management Agreement with
Premier were <B><I>not </I></B>&ldquo;negotiated on an arms-length basis.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
Thus, there is a credible basis to believe that, in its dealings with Mr. Bennett and the Ashford Affiliates, Braemar has engaged in corporate
wrongdoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">And, as a result of these
conflicted negotiations, <FONT STYLE="background-color: white">the Advisory Agreement permits Ashford to double-dip, allowing it to &ldquo;perform[&nbsp;&nbsp;&nbsp;]
through <B><I>one or more of its Affiliates</I></B>&hellip;all services relating to&hellip;operations of the Company.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
With this authority, Ashford has unsurprisingly enlisted various entities in which it has an ownership interest to provide a host of services
to Braemar. Such services include, but are not limited to, &ldquo;design and construction services, debt placement and related services,
audio visual services, real estate advisory and brokerage services, insurance policies covering general liability, workers compensation
and business automobile claims, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation
services, mobile key technology and broker-dealer services, and cash management services.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></FONT></P>

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

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

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See </I><FONT STYLE="font-family: Times New Roman, Times, Serif">Braemar&rsquo;s
Annual Report on Form 10</FONT>-<FONT STYLE="font-family: Times New Roman, Times, Serif">K for the fiscal year ending December 31, 2023
(&ldquo;2023 10-K&rdquo;) at 4, 37, 40&ndash;41.</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id</I>. at 4.</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See <FONT STYLE="font-family: Times New Roman, Times, Serif">id</FONT></I><FONT STYLE="font-family: Times New Roman, Times, Serif">.
at 55, 63.</FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id</I>. at Ex. 10.1 (Advisory Agreement, &sect; 2.1) (emphasis
added).</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id</I>. at 4.</TD>
</TR></TABLE>

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  <TD STYLE="text-align: right; width: 49%; vertical-align: middle">May 2, 2024 Page 3</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">This
credible basis is only enhanced by the fact that the </FONT>fees paid to Ashford &ldquo;will never be less than the average of [&nbsp;&nbsp;&nbsp;&nbsp;]
[the Company&rsquo;s] industry peers.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>
In fact, the fees Braemar has paid to Ashford over the last 10 years have grown nearly 575%.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
And, as it relates to the Hotel Management Agreement with Remington, the Company is &ldquo;required <FONT STYLE="background-color: white">to
make minimum base hotel management fee payments which must be paid even if revenues at [the Company&rsquo;s] hotels decline
significantly.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT> However, 11 of
the 12 Hotel Management Agreements the Company has entered into with non-Ashford affiliated third parties&mdash;Hilton, Marriott,
Four Seasons, Accor, and Hyatt&mdash;do not require Braemar to make such minimum payments.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>
Such favorable terms that are included in the Hotel Management Agreement with Remington, but not in 11 of the 12 independent
agreements, illuminate the corporate wrongdoing that Blackwells is concerned with and are further evidence that the Board is taking
actions against the best interests of stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">In
addition, the various agreements with the Ashford Affiliates also contain problematic entrenchment provisions that ensure Mr. Bennett
and the Ashford Affiliates maintain control over Braemar. Section 2.4(a) of the Advisory Agreement obligates Braemar to nominate directors
&ldquo;<B><I>designated by the Advisor</I></B>&rdquo; as director candidates to ensure &ldquo;<B><I>the Advisor designees constitute as
nearly as possible 29%</I></B>&rdquo; of the Board.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>
However, </FONT>Braemar has not disclosed to stockholders in its proxy materials which director nominees were &ldquo;designated by the
Advisor&rdquo; for the 2024 election. Indeed, it is entirely possible that the Ashford designees are on the Related Party Transactions
Committee (the &ldquo;Conflicts Committee&rdquo;)&mdash;a committee that vets and approves related-party transactions that affect Braemar.
And, even if not, such information amounts to a potential conflict of interest that is material and stockholders are entitled to this
information in order to fully and fairly inform their votes on director candidates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Similarly, as it relates to
the MEA Braemar signed with Remington, Remington may terminate the exclusivity rights early if &ldquo;Monty J. Bennett is removed as [Braemar&rsquo;s]
chief executive officer or as chairman of [the Company&rsquo;s] board of directors or is not re-appointed to either position.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT>
And, Braemar may terminate the agreement early if Remington &ldquo;is no longer controlled by Mr. Monty J. Bennett or Mr. Archie Bennett,
Jr.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT> Blackwells has concerns about
how the MEA with Remington benefits Braemar&rsquo;s stockholders, yet, is completely terminable if Mr. Bennett (or his presumed heir)
no longer controls Remington or Braemar.</P>

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

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

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See <FONT STYLE="font-family: Times New Roman, Times, Serif">id</FONT></I><FONT STYLE="font-family: Times New Roman, Times, Serif">.
at 55.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">Based on (i) a combined total of (A) advisory services fees
paid to Ashford of approximately $31.1 million, as disclosed in Braemar&rsquo;s Form 10-K (March 14, 2024), (B) additional fees for products
and services provided by Ashford (or entities in which Ashford has an interest) of approximately $30.2 million, as disclosed in the Form
10-K, and (C) the cash management fee paid to Ashford of approximately $117,000, based on 20 bps of the year-end cash and cash equivalents
balance for the year ended December 31, 2023 compared to (ii) approximately $9.1 million (calculated by annualizing the total advisory
fees paid to Ashford from November 19, 2013 through December 31, 2013, as disclosed in Braemar&rsquo;s Annual Report for the year ended
December 31, 2013, filed on Form 10-K with the SEC on March 31, 2014).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify">2023 10-K at 55.</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See id</I>. at 29&ndash;31.</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id</I>. at Ex. 10.1 (Advisory Agreement, &sect; 2.4(a)) (emphasis
added).</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id</I>. at 45; <I>see also id.</I> at Ex. 10.3 (Mutual Exclusivity
Agreement, &sect; 3(a)(i)).</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id</I>. at 45; <I>see also id</I>. at Ex. 10.3 (Mutual Exclusivity
Agreement, &sect; 3(b)(ii)).</TD>
</TR></TABLE>

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




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  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 49%; vertical-align: middle">May 2, 2024 Page 4</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is unclear how either of
these provisions in the Advisory Agreement or the MEA serve any legitimate business purpose. Rather, it appears that these conflicted
transactions are being entered into for the financial benefit of Mr. Bennett and Ashford. In addition, these are improper entrenchment
mechanisms by Mr. Bennett and Ashford to maintain control over Braemar to the detriment of its stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While Braemar contends that
the conflicts of interest between Braemar and Ashford are &ldquo;minimized&rdquo; because <FONT STYLE="background-color: white">all &ldquo;related
party transactions are approved by either the Related Party Transactions Committee or the independent members of its board of directors,&rdquo;
the persistent one-sided and self-interested transactions discussed above prove that these &ldquo;safeguards&rdquo; </FONT>remain illusory.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT>
In fact, the so-called &ldquo;independent&rdquo; members of the Conflicts Committee include Mr. Rinaldi and Ms. Carter&mdash;both of whom
are long-time loyalists of Mr. Bennett. <I>Texas Monthly </I>recently reported that Mr. Rinaldi &ldquo;had been made an asset of the Bennett
empire&rdquo; when Mr. Bennett &ldquo;made Rinaldi a director of one of his [REITs]&rdquo; even though &ldquo;[t]his was a dramatic departure
from Rinaldi&rsquo;s previous work experience.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT>
That article reported that Mr. Rinaldi &ldquo;caught a lucky break&rdquo; when &ldquo;he met Monty Bennett,&rdquo; who helped &ldquo;fund
Rinaldi&rsquo;s tentative first steps into elected politics.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT>
Mr. Rinaldi was later elected to the Texas Legislature. The same article went on to report that &ldquo;Rinaldi was not the only future
state representative&rdquo; that Mr. Bennett employed in his effort to &ldquo;gain influence in the Legislature.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT>
Mr. Bennett also &ldquo;acquired    Stefani Carter, who represented a Dallas-area district in the [Texas] House from 2011 to 2015.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT>
Like Rinaldi, Mr. Bennett funded Ms. Carter&rsquo;s political campaign.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT>
Both now serve together as &ldquo;independent&rdquo; directors of Braemar on the Conflicts Committee. Perhaps recognizing these conflicted
relationships, Braemar acknowledged that the Conflicts Committee &ldquo;may not be adequate to address all of the conflicts that may arise.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT>
Blackwells&rsquo; concern is exactly this&mdash;that the &ldquo;independent&rdquo; members on the Conflicts Committee are not actually
&ldquo;independent,&rdquo; but are instead beholden to Mr. Bennett and Ashford&rsquo;s interests to the detriment of Braemar&rsquo;s stockholders.
It is of paramount importance to Braemar and its stockholders that the Conflicts Committee, and the members on it, are truly independent
and provide adequate guardrails to ensure Braemar&rsquo;s Board and senior management are faithfully carrying out its fiduciary obligations
to its stockholders.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id</I>. at 28.</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT></TD><TD STYLE="text-align: justify">Christopher Hooks, <I>Sinners in the Hands of an Angry GOP</I>,
Texas Monthly (Dec. 2023), https://perma.cc/X82Q-GC5G.</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id.</I></TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id</I>.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT></TD><TD STYLE="text-align: justify"><I>Id.</I></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>18</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See </I>Questions and Answers, <I>Ashford Hospitality Prime
</I>(Mar. 2016), https://perma.cc/GW9W-XBK2.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT></TD><TD STYLE="text-align: justify">2023 10-K at 66.</TD>
</TR></TABLE>


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

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

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

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 49%"><IMG SRC="image_002.jpg" ALT=""></TD>
  <TD STYLE="width: 2%">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 49%; vertical-align: middle">May 2, 2024 Page 5</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the contrary, the compelling
evidence demonstrates that the Board and the Conflicts Committee are beholden to Mr. Bennett and Ashford and are elevating the interests
of Mr. Bennett and Ashford over the interests of Braemar stockholders, and that Mr. Bennett is breaching his fiduciary duty to Braemar
by elevating his own interests and those of Ashford over the interests of the stockholders of Braemar as a dual fiduciary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Blackwells hereby demands
that the Board immediately investigate potential breaches of fiduciary duty and/or other wrongdoing, including potential violations of
the federal securities laws, by members of the Board and senior management with respect to mismanagement or self-dealing in connection
with <FONT STYLE="font-family: Times New Roman, Times, Serif">the various contracts entered into with Ashford and its affiliates; the
fees paid resulting from these contracts; and the Conflicts Committee&rsquo;s review and approval of such related-party transactions with
Ashford and its affiliates. </FONT>If the Company fails to take immediate action, then Blackwells is prepared to take all necessary action
to unlock value for stockholders and, to the extent possible, to undo the harm that has been caused under the reckless watch of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please promptly let us know
how the Board will respond to this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><I>/s/ Robert Ritchie</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Robert Ritchie</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"></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: right; text-indent: 0in"><B><A NAME="a_002"></A>Exhibit 2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 35px; width: 200px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Ritchie rritchie@velaw.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tel </B>+1.214.220.7823</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">May 2, 2024</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">Alex Rose</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President, General Counsel and Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Braemar Hotels &amp; Resorts, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14185 Dallas Parkway, Suite 1200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dallas, Texas 75254</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">Richard M. Brand</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">200 Liberty Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, NY 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">richard.brand@cwt.com</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"><B><I>Via Email</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I write on behalf of Blackwells
Capital LLC (&ldquo;<B><I>Blackwells</I></B>&rdquo;), an investment manager that beneficially owns approximately 920,100 shares of common
stock of Braemar Hotels &amp; Resorts, Inc. (NYSE: BHR, BHR-PB, BHR-PD) (the &ldquo;<B><I>Company</I></B>&rdquo; or &ldquo;<B><I>Braemar</I></B>&rdquo;),
to express its concern to the independent members of the Company&rsquo;s board of directors (the &ldquo;<B><I>Board</I></B>&rdquo;) that
Braemar Founder and Chairman, Monty Bennett (&ldquo;<B><I>Mr. Bennett</I></B>&rdquo;), has misused Dallas Express Media (the &ldquo;<B><I>Dallas
Express</I></B>&rdquo;), a purported 501(c)(3) non-profit corporation, for the private benefit of the Company. As discussed below, these
improper actions expose Braemar to litigation, expense, and liability. Blackwells thus demands that the Board immediately investigate
the potential breaches of fiduciary duty and/or other wrongdoing related to Mr. Bennett&rsquo;s dealings with the Dallas Express.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Bennett and his wife,
Sarah Zubiate-Bennett, are the co-founders of the Dallas Express. Together, they make up two-thirds of the Dallas Express&rsquo;s three
member board.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT> In order for the Dallas Express
to maintain its status as a tax-exempt 501(c)(3) non-profit corporation, it must be able to establish &ldquo;that it is not organized
or operated for the benefit of private interests such as designated individuals, the creator or his family or persons controlled,
directly or indirectly, by such private interests.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nonetheless, in recent months
it has become apparent that Mr. Bennett has used the Dallas Express as a private public relations agency for the benefit of his private
interests, including Braemar. Numerous examples of such activity can be found through a simple online search. For example, since November
2023, the Dallas Express has drafted five separate articles lodging attacks upon Blackwells&rsquo; Chief Investment Officer, Jason Aintabi.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3
</SUP></FONT>Beyond the articles&rsquo; inaccuracies, it is clear that the only reason these articles were published at all is because
Mr. Bennett has instructed the Dallas Express to assist Braemar in its dealings with Mr. Aintabi.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See </I>https://dallasexpress.com/org-structure/</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">26 CFR 1.501(C)(3)-1(d)(1)(ii).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See</I> https://dallasexpress.com/?s=aintabi</TD>
</TR></TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 55%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Vinson &amp; Elkins LLP Attorneys
    at Law <BR>
    </B>Austin Dallas Dubai Houston London Los Angeles <BR>
    New York Richmond San Francisco Tokyo Washington</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trammell Crow Center, 2001 Ross Avenue,
    Suite 3900 <BR>
    Dallas, TX 75201-2975<BR>
    <B>Tel </B>+1.214.220.7700 <B>Fax </B>+1.214.220.7716 velaw.com</FONT></TD></TR>
  </TABLE>


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

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

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

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 33px; width: 65px"></TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 50%">Page 2</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The first of the articles,
dated November 1, 2023, for instance, takes issue with a letter that Blackwells sent to the Board. The <I>only</I> quotations in the
article are from Mr. Bennett himself&mdash;attacking Mr. Aintabi for supposedly &ldquo;harassing&rdquo; Braemar.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4
</SUP></FONT>In a subsequent article, the Dallas Express lodges accusations against Mr. Aintabi concerning his purported &ldquo;past
hotel dealings.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT> Yet another contends
that Mr. Aintabi has a &ldquo;history of petty lawsuits.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6
</SUP></FONT>The other articles are similar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No objective reader of these
articles would have any question about their intent: Mr. Bennett is plainly using the Dallas Express as a conduit to conduct a public
relations campaign against Blackwells in order to advance his private interests in a potential proxy campaign by Braemar against Blackwells.
Indeed, Blackwells is aware of no other media outlet that covered Blackwells&rsquo; interactions with Braemar in any respect prior to
the filing of litigation between the parties. It is beyond implausible to suggest that it is a mere coincidence that the <I>only </I>media
outlet to find this subject newsworthy&mdash;and not merely newsworthy, but worthy of <I>five</I> articles&mdash;just so happens to have
been founded by the Founder and Chairman of Braemar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Bennett&rsquo;s improper
seizing of the Dallas Express to act as a public relations arm for his private interests places the Dallas Express at grave risk of having
its 501(c)(3) tax-exempt status revoked.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
In turn, because these actions are taking place at the behest of Braemar, these actions place Braemar at risk of (i) litigation brought
on behalf of the Dallas Express and/or its independent board member for bringing about the revocation of its 501(c)(3) status and (ii)
the expense and distraction of an Internal Revenue Service investigation into Mr. Bennett&rsquo;s malfeasance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Blackwells thus hereby demands
that the Board immediately investigate Mr. Bennett&rsquo;s improper actions and the potential breaches of fiduciary duty and/or other
wrongdoing related to the Dallas Express.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>See
</I>https://dallasexpress.com/business-markets/vinson-elkins-helps-new-york-activist-investor-invade-texas/</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><I>See </I>https://dallasexpress.com/national/blackwells-aintabi-accused-of-improper-conduct-in-past-hotel-dealings/</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT><I></I></TD><TD STYLE="text-align: justify">See
                                                                                                                                                                                 https://dallasexpress.com/national/litigious-investor-aintabi-has-history-of-petty-lawsuits/</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">26 CFR 1.501(C)(3)-1(d)(1)(ii) (an organization may qualify
as a 501(c)(3) only if &ldquo;it serves a public rather than private interest&rdquo;).</TD>
</TR></TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 33px; width: 65px"></TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 50%">Page 3</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, the Board has a
fiduciary duty to oversee its management. Mr. Bennett&rsquo;s improper actions in connection with the Dallas Express have been flaunted
on the Dallas Express&rsquo;s public website for months and should have been well known by any Board member exercising his or her fiduciary
duties. Blackwells thus further demands that the Board investigate its system of oversight and the negligent and/or willful misconduct
of the Board&mdash;and any committee thereof, such as the Related Party Transactions Committee&mdash;in failing to adequately oversee
Mr. Bennett&rsquo;s improper actions with respect to the Dallas Express.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please promptly let us know
how the Board will respond to this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 60%"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Very
    truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Robert Ritchie </I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Robert
    Ritchie </FONT></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 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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











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