<SEC-DOCUMENT>0001096906-24-002105.txt : 20241113
<SEC-HEADER>0001096906-24-002105.hdr.sgml : 20241113
<ACCEPTANCE-DATETIME>20241113161655
ACCESSION NUMBER:		0001096906-24-002105
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241113
DATE AS OF CHANGE:		20241113
EFFECTIVENESS DATE:		20241113

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:		241454510

	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 Times New Roman;margin:0'><B>SECURITIES &amp; EXCHANGE COMMISSION</B></P>
<P align=center style='font:12pt Times New Roman;margin:0'><B>WASHINGTON, D.C. 20549</B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>NAME OF REGISTRANT: Braemar Hotels &amp; Resorts Inc.</P>
<P style='font:12pt Times New Roman;margin:0'>CIK: 1574085</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>NAME OF PERSON RELYING ON EXEMPTION: Brancous LP1</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>ADDRESS OF PERSON RELYING ON EXEMPTION: 56A Mill St E #290, Acton, Ontario L7J 1H3, Canada</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>&#8226; Letter to Shareholders dated November 13, 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 Times New Roman;margin:0'><IMG src=branpx14a6g_1.jpg width=108 height=55>&nbsp;</P>
<P align=right style='font:12pt Times New Roman;margin:0'><B>Brancous LP1&#160;&#160;&#160;</B></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:12pt Times New Roman;margin:0'>November 13, 2024</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>Fellow Shareholders,</P>
<P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>As we approach the upcoming AGM on December 17th, the recent earnings report and management&#8217;s dismissive behavior further underscore why change is desperately needed at Braemar Hotels &amp; Resorts (BHR). After the earnings release, we dialed into the company&#8217;s Q&amp;A session to raise critical questions about performance and strategic direction. Instead, our queries were ignored&#8212;a blatant display of management&#8217;s unwillingness to engage with shareholders or address pressing concerns.</P>
<P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>The earnings report paints a troubling picture. Comparable EBITDA for the quarter declined by 17.5%, a stark indicator of continued shareholder value destruction. Yet, while shareholders face mounting losses, Ashford Inc. continues to profit. Reimbursement fees to Ashford rose by 50%, and G&amp;A expenses have tripled. This pattern is clear: even as shareholder value erodes, Ashford always finds a way to enrich itself.</P>
<P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Adding to the frustration, BHR paid Ashford an incentive fee this quarter&#8212;an arrangement negotiated by a board deeply entangled with Monty Bennett&#8217;s interests. This fee rewards short-term share price fluctuations while ignoring the long-term destruction of value. Since the 2018 amendment to the management agreement, BHR&#8217;s share price has plummeted by more than 70%. How can such underperformance justify rewarding management?</P>
<P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>History repeats itself. Following the Sessa Capital proxy fight, the board implemented a flawed plan involving hotel sales and share buybacks&#8212;moves that failed to create lasting value. Now, after this year&#8217;s proxy fight with Blackwells, we see the same tired playbook. A hotel has been sold, a common share buyback has been announced but remains unexecuted&#8212;likely because Monty Bennett no longer holds enough shares to sell, unlike early 2023&#8212;and a redemption of preferred shares has been carried out. While these actions may temporarily boost the share price, they fail to address the real problem: the management agreement and pervasive conflicts of interest with Ashford Inc.</P>
<P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>These tactics are short-term distractions that do nothing to solve the structural issues plaguing BHR. Without addressing the burdensome management agreement, which prioritizes Ashford&#8217;s interests over shareholders, no lasting value can be created. Stefani Carter, as lead independent director, should be championing shareholder concerns and pushing for a vote to terminate the management agreement at the AGM. Instead, she continues to support superficial measures that ultimately benefit management while leaving shareholders to bear the losses.</P>
<P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Al Shams&#8217; November 7th letter highlights the growing dissatisfaction among shareholders. It&#8217;s evident that frustration is boiling over, and the board must act. We call on the board to include a vote on terminating the management agreement in the AGM agenda. Shareholders deserve the </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 Times New Roman;margin:0'><IMG src=branpx14a6g_1.jpg width=108 height=55>&nbsp;</P>
<P align=right style='font:12pt Times New Roman;margin:0'><B>Brancous LP1&#160;&#160;&#160;</B></P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>opportunity to decide on the future of BHR and to eliminate the conflicts that have stymied value creation for years.</P>
<P style='font:12pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>We urge all shareholders to vote against the entire board at the AGM and continue to raise their voices, write to the board, and insist on meaningful change.</P>
<P style='font:12pt Times New Roman;margin:0'>Sincerely,<BR><BR>Alejandro Malbran</P>
<P style='font:12pt Times New Roman;margin:0'>Managing Partner</P>
<P style='font:12pt Times New Roman;margin:0'>Brancous LP1</P>
<P style='font:12pt Times New Roman;margin:0;color:#215E99'>amalbran@brancous.com</P>
</DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
