<SEC-DOCUMENT>0000921895-24-002784.txt : 20241121
<SEC-HEADER>0000921895-24-002784.hdr.sgml : 20241121
<ACCEPTANCE-DATETIME>20241121143012
ACCESSION NUMBER:		0000921895-24-002784
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241121
DATE AS OF CHANGE:		20241121
EFFECTIVENESS DATE:		20241121

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:		241483691

	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:			Ghassemieh Babak
		CENTRAL INDEX KEY:			0002045643
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		PX14A6G

	MAIL ADDRESS:	
		STREET 1:		9255 SUNSET BLVD
		STREET 2:		SUITE UPPER PENTHOUSE
		CITY:			WEST HOLLYWOOD
		STATE:			CA
		ZIP:			90069
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<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>px14a6g14126002_11212024.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0.9pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0.85pt 0 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0.9pt 0 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0.85pt 0 0; text-align: center"><B>NOTICE OF EXEMPT SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0.85pt 0 0; text-align: center">Submitted Pursuant to Rule 14a-6(g)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.9pt 0 0; text-align: center">(Amendment No. )</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Name of the Registrant:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">Braemar Hotels &amp; Resorts Inc.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Name of Person Relying on Exemption:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">Bob and Alex Ghassemieh</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Address of Person Relying on Exemption:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">9255 Sunset Boulevard, Suite Upper Penthouse<BR>
West Hollywood, California 90069</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Written Materials. The following written material is attached:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">Letter to Stockholders, dated November 21,
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Written material is submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote any
proxy. Bob and Alex Ghassemieh are not asking for your proxy card and will not accept proxy cards if sent. The cost of this filing is
being borne entirely by Bob and Alex Ghassemieh.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>PLEASE NOTE: Bob and Alex
Ghassemieh are not asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><I>(Written material follows
on next page)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right; text-indent: 0in">November 21, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Dear Fellow Stockholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We, Bob and Alex Ghassemieh,
are significant stockholders of Braemar Hotels &amp; Resorts Inc.&rsquo;s (NYSE: BHR) (&ldquo;BHR&rdquo; or the &ldquo;Company&rdquo;)
outstanding common stock (the &ldquo;Common Stock&rdquo;). Our ownership is based on both shares of Common Stock directly held and indirect
beneficial ownership of operating partnership units (&ldquo;OP Units&rdquo;) of Braemar Hospitality Limited Partnership, the &ldquo;operating
partnership&rdquo; affiliate of BHR directly owned by an entity we control. Our OP Units were acquired in a transaction that was consummated
in 2021 with the sale of the Mr. C Beverly Hills Hotel to BHR and the OP Units are currently convertible into the Company&rsquo;s common
stock at a 1:1 ratio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Our investment in the Company
was pursued due to its unique collection of irreplaceable luxury resorts and high-quality urban hotels, which we expected to outperform
other hotel property types. This strategy has proven to be successful, as BHR&rsquo;s operating performance has significantly exceeded
pre-COVID levels. However, and unfortunately for us and our fellow stockholders, the strong hotel performance from 2021 to 2024 has not
lead to a strong share price, instead the Company&rsquo;s share price has significantly underperformed relative to its lodging REIT peers.
We believe this is largely due to:&nbsp;(1) Wall Street and other investors being uncomfortable with BHR&rsquo;s external management by
Ashford, Inc. (&ldquo;Ashford&rdquo;) and the inherent conflicts of interest with that relationship, as Ashford is controlled by the Chair
of BHR&rsquo;s board, Monty Bennet, (2) the excessive fees BHR is obligated to pay to Ashford and its affiliates under its various current
contractual arrangements, and (3) the apparent lack of independent board members acting for the benefit of stockholders to maximize shareholder
value.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We were closely following
the activist campaign and proxy battle that was initiated almost one year ago by Blackwells Capital LLC and we have been closely following
the public letters and correspondences recently written by other activists and large stockholders. We particularly agree with, support,
and echo the suggestions and concerns outlined in Al Shams Investment Limited&rsquo;s letter to stockholders, dated November 7, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We strongly believe that
the external advisory agreement with Ashford must be terminated with a reasonable termination fee in the near future, and that BHR should
become self-managed with the oversight of a new and materially reconstituted board of directors with stockholder representatives.&nbsp;We
also believe that BHR&rsquo;s current CEO and President, Richard Stockton, is well-suited to lead BHR as a restructured self-managed REIT
and can operate the Company with significant cost efficiencies and none of the inherent conflicts of interest that are currently harming
the investment appeal of BHR under its existing external advisory agreement with Ashford. In our view, these changes would unlock tremendous
value for stockholders and should enable the Company to finally trade much closer to its net asset value (which we believe exceeds $15
per share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We have a strong conviction
that BHR will thrive if it is restructured into a self-managed REIT with a materially refreshed independent board and we are confident
that Mr. Stockton as CEO can manage this transition and unlock considerable stockholder value. As significant stockholders of BHR, we
intend to vote against the entire board &ndash; with the exception of Mr. Stockton &ndash; at the Company&rsquo;s upcoming 2024 annual
meeting of stockholders (the &ldquo;2024 Annual Meeting&rdquo;) and urge other BHR stockholders to do the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We also implore Mr. Bennet,
the current Chairman of both BHR and Ashford, along with their respective board members, to promptly terminate the external advisory agreement,
subject to a fairly negotiated termination fee, and allow BHR to begin operating as a self-managed REIT with new independent board leadership
so that stockholders can finally receive the value they deserve.&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">We and other stockholders
will be closing watching the 2024 Annual Meeting and the Company&rsquo;s actions thereafter. And we expect that this will not be the last
the Company will hear from its stockholders if significant corporate governance improvements are not made in swift order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Sincerely,<BR>
<BR>
Bob and Alex Ghassemieh</P>

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