<SEC-DOCUMENT>0001096906-24-002282.txt : 20241220
<SEC-HEADER>0001096906-24-002282.hdr.sgml : 20241220
<ACCEPTANCE-DATETIME>20241220121254
ACCESSION NUMBER:		0001096906-24-002282
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241220
DATE AS OF CHANGE:		20241220
EFFECTIVENESS DATE:		20241220

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:		241566128

	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>
<HTML>
<!-- Produced by EDGARsuite software, Advanced Computer Innovations, Inc., Copyright (C) 2008-2024 [PPXK5GW761L0VEW60P5M]. www.edgarsuite.com -->
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<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'>&nbsp;</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 December 20, 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=83 height=46>&nbsp;</P>
<P align=right style='font:12pt Times New Roman;margin:0'>Brancous LP1</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:12pt Times New Roman;margin-top:0pt;margin-bottom:8pt'>September 26, 2024</P>
<P style='font:12pt Times New Roman;margin:0'>Fellow Shareholders,</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>The results of the December 17th Annual General Meeting are undeniable: a majority of shareholders voted against Monty Bennett, Stefani Carter, and Matthew Rinaldi. Despite this clear message, the board has chosen to reject their resignations, blatantly disregarding the will of shareholders. This decision undermines shareholder democracy and raises serious concerns about whose interests this board truly serves.</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>The voting results were decisive:</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD>Monty Bennett: 33.7 million votes against.&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD>Stefani Carter: 34.1 million votes against.&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:12pt Symbol;margin-left:-18pt'>&#183;</KBD>Matthew Rinaldi: 30.8 million votes against.&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>Yet, instead of respecting this mandate, the board has doubled down on its allegiance to the current leadership and Ashford Inc., whose management agreement has drained shareholder value. Since the 2018 amendment to this agreement, BHR&#8217;s stock has declined by over 70%, while Ashford continues to collect escalating fees.</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>The pattern is clear: shareholder voices are ignored, and actions are taken to benefit insiders at the expense of long-term value creation.</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'><B>Our Next Steps:</B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:-18pt'>1.</KBD><B>Demanding Accountability:</B> The board must respect shareholder votes and reconsider its decision to reject these resignations.&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:-18pt'>2.</KBD><B>Proxy Battle:</B> If the board continues to disregard shareholders, we are prepared to initiate a proxy battle at next year&#8217;s AGM.&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0;margin-left:36pt'><KBD style='position:absolute;font:12pt Times New Roman;margin-left:-18pt'>3.</KBD><B>Ending the Management Agreement:</B> We will push for a vote to terminate the Ashford management agreement, which has been a major obstacle to unlocking shareholder value.&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>The board&#8217;s failure to act in the best interest of shareholders cannot continue. This AGM marked a turning point, and we will not relent until meaningful changes are made.</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'><B>Sincerely,</B></P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
<P style='font:12pt Times New Roman;margin:0'>Alejandro Malbran<BR>Managing Partner<BR>Brancous LP1</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'>1</P>
<P style='font:12pt Times New Roman;margin:0'>&nbsp;</P>
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>branpx14a6g_1.jpg
<DESCRIPTION>IMAGE
<TEXT>
begin 644 branpx14a6g_1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !- (P# 2(  A$! Q$!_\0
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M*P_&:C_A#-=P/^7"7M_LF@#=617B61#E6 (/L:?52V53IUM\H_U:=O85;Z4
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MUTK3+?6_#+KJ&B3QJ]W86QW;&P-TD('1O[T??J,'J =S&'\L88?E6'XR#?\
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M\S2 RRW:J#&[C^Z%\P*HX4X[UZ@/]8WT%<GX_:WM/!4]\Q6.YMGBFLV ^8W
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MI:** $4$* : #N)[&EHH 1@3C'K2T44 (H(7!ZT8.[.>,4M% ",,C'O2T44
#?__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
