<SEC-DOCUMENT>0001096906-24-001898.txt : 20240926
<SEC-HEADER>0001096906-24-001898.hdr.sgml : 20240926
<ACCEPTANCE-DATETIME>20240926155404
ACCESSION NUMBER:		0001096906-24-001898
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240926
DATE AS OF CHANGE:		20240926
EFFECTIVENESS DATE:		20240926

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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35972
		FILM NUMBER:		241328735

	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:			BRANCOUS LP1
		CENTRAL INDEX KEY:			0002037158
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		56A MILL ST E
		STREET 2:		290
		CITY:			ONTARIO
		STATE:			Z4
		ZIP:			L7J 1H3
		BUSINESS PHONE:		00447508988498

	MAIL ADDRESS:	
		STREET 1:		56A MILL ST E
		STREET 2:		290
		CITY:			ONTARIO
		STATE:			Z4
		ZIP:			L7J 1H3
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>bran_px14a6g.htm
<DESCRIPTION>BRANCOUS LP1 FORM PX14A6G
<TEXT>
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<DIV style=margin-left:72pt;width:468pt><P align=center style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'><B>SECURITIES &amp; EXCHANGE COMMISSION</B></P>
<P align=center style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'><B>WASHINGTON, D.C. 20549</B></P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>NAME OF REGISTRANT: Braemar Hotels &amp; Resorts Inc.</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>CIK: 1574085</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>NAME OF PERSON RELYING ON EXEMPTION: Brancous LP1</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>ADDRESS OF PERSON RELYING ON EXEMPTION: 56A Mill St E #290, Acton, Ontario L7J 1H3, Canada</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>&#8226; Letter to Shareholders dated September 26, 2024</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=right style='font:12pt stHtmlOvrFontNm;margin:0'><IMG src=branpx14a6g_1.jpg width=79 height=40 alt='Picture 1' title='Picture 1'>&nbsp;</P>
<P align=right style='font:12pt stHtmlOvrFontNm;margin:0'>Brancous LP1</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>September 26, 2024</P>
<P style='font:14pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'><B>Suspicious Delays, Ashford&#8217;s Control, and Shareholder Interests</B></P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>Fellow Shareholders,</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>We are writing to express our serious concerns regarding the recent actions of the board and the troubling direction Braemar Hotels &amp; Resorts appears to be heading. The <B>delay of the shareholders meeting to December 17th</B> seems to be more than just a scheduling decision&#8212;it looks like a calculated effort to weaken our push for meaningful change and to <B>pave the way for deals</B> that serve insiders, not shareholders.</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>Over recent months, shareholders have proposed sensible changes that we fully support. These include:</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD><B>Ending the management agreement</B> between Braemar and Ashford, transitioning Braemar into a <B>self-managed REIT</B>, consistent with other listed lodging REITs.&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD><B>Renegotiating the termination fee</B> with Ashford to a more reasonable amount, potentially payable in newly issued Braemar shares rather than cash, thus aligning Ashford&#8217;s interests with those of the shareholders.&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD><B>Appointing new, truly independent members</B> to the Braemar Board who will act in the best interests of all shareholders.&nbsp;</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>These proposals would, in theory, benefit Braemar and its shareholders. However, given the way <B>Monty Bennett</B> operates, we fear these ideas could be manipulated to <B>favor Ashford and insiders</B>. If the board chooses to follow any of these paths, we must ensure that they do so in a way that <B>maximizes shareholder value</B> and doesn&#8217;t simply give Ashford more control or <B>dilute shareholder stakes</B>.</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>We are especially suspicious of the <B>voting agreement</B> that Monty Bennett has secured with <B>Blackwells</B>. Under this agreement, Blackwells is required to <B>vote in favor of whatever the board proposes</B> and even assist in <B>soliciting votes</B> from other shareholders. Given the nature of this arrangement, we are deeply concerned that Monty could push forward these shareholder-driven proposals but <B>twist them in his favor</B>, resulting in <B>dilution</B> or <B>insider enrichment</B>.</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>Is it not <B>bribery</B> when Blackwells&#8217; legal fees are covered by the company, and they are given a loan at <B>interest rates lower than what the company borrows at</B>, all in exchange for voting with the board? With Blackwells obligated to back whatever the board puts forth, it is </P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:12pt stHtmlOvrFontNm;margin:0'>1</P>
<HR style='page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0'><P style=line-height:0;margin:0></P>
<P align=right style='font:12pt stHtmlOvrFontNm;margin:0'><IMG src=branpx14a6g_1.jpg width=79 height=40 alt='Picture 1' title='Picture 1'>&nbsp;</P>
<P align=right style='font:12pt stHtmlOvrFontNm;margin:0'>Brancous LP1</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>clear that any proposal Monty Bennett champions could be pushed through, even if it harms shareholders. This is why <B>we are suspicious</B> of what&#8217;s happening behind closed doors.</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>We need to be cautious, especially if the board is considering <B>issuing new shares to Ashford</B> as part of a <B>termination fee payment</B>. Issuing shares at the current depressed prices would be highly <B>dilutive</B> and would hand a large portion of the company to Ashford, devaluing the stakes of existing shareholders. There is <B>significant interest in Braemar&#8217;s assets</B>, and shareholders deserve to know all strategic options, not just those that benefit Ashford and Monty Bennett.</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>We cannot allow these decisions to be made in the shadows. The <B>timing of the delayed meeting</B>, the <B>standstill agreements</B> being offered to silence dissent, and the questionable <B>deal with Blackwells</B> all raise serious concerns about what might be going on behind closed doors. </P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>Let&#8217;s not forget, these are the same <B>independent directors</B> who approved the <B>management agreement with Ashford back in 2018</B>, an agreement that has burdened shareholders with excessive fees and locked Braemar under Ashford&#8217;s control. This is the board that has repeatedly <B>defended Monty Bennett&#8217;s interests</B>, often at the expense of shareholders. </P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>As we approach the <B>December 17th vote</B>, we strongly <B>encourage all shareholders to vote against the current board</B>. We cannot allow the continued mismanagement of Braemar to erode our investments. The future of this company depends on shareholder action.</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>We are always open to discussing our views with any fellow shareholders who would like to share their thoughts or concerns.</P>
<P style='font:12pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>Sincerely,</P>
<P style='font:12pt stHtmlOvrFontNm;margin:0'><BR>Alejandro Malbran<BR>Managing Partner<BR>Brancous LP1</P>
<P style='font:12pt stHtmlOvrFontNm;margin:0'>amalbran@brancous.com</P>
<P style='font:8pt stHtmlOvrFontNm;margin-top:0pt;margin-bottom:8pt'>&nbsp;</P>
<P style='font:8pt stHtmlOvrFontNm;margin:0;color:#000000'>&nbsp;</P>
<P style='font:5pt stHtmlOvrFontNm;margin:0;color:#000000'>THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE, U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. </P>
<P style='font:5pt stHtmlOvrFontNm;margin:0;color:#000000'>&nbsp;</P>
<P style='font:5pt stHtmlOvrFontNm;margin:0;color:#000000'>THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY THE FILERS.</P>
<P style='font:5pt stHtmlOvrFontNm;margin:0;color:#000000'>&nbsp;</P>
<P style='font:5pt stHtmlOvrFontNm;margin:0'>PROXY CARDS WILL NOT BE ACCEPTED BY US. PLEASE DO NOT SEND YOUR PROXY TO US. TO VOTE YOUR PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD. &#160;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:12pt stHtmlOvrFontNm;margin:0'>2</P>
<P style='font:12pt stHtmlOvrFontNm;margin:0'>&nbsp;</P>
</DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
