<SEC-DOCUMENT>0001009012-25-000007.txt : 20250108
<SEC-HEADER>0001009012-25-000007.hdr.sgml : 20250108
<ACCEPTANCE-DATETIME>20250108150119
ACCESSION NUMBER:		0001009012-25-000007
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250108

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:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87737
		FILM NUMBER:		25518204

	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:			ZAZOVE ASSOCIATES LLC
		CENTRAL INDEX KEY:			0001009012
		ORGANIZATION NAME:           	
		IRS NUMBER:				363984373
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		1001 TAHOE BLVD.
		CITY:			INCLINE VILLAGE
		STATE:			NV
		ZIP:			89451
		BUSINESS PHONE:		77529897500

	MAIL ADDRESS:	
		STREET 1:		1001 TAHOE BLVD.
		CITY:			INCLINE VILLAGE
		STATE:			NV
		ZIP:			89451
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001009012-22-000005</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001009012</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>4</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001574085</issuerCik>
        <issuerName>Braemar Hotels &amp; Resorts Inc.</issuerName>
        <issuerCusip>10482B101</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>14185 DALLAS PARKWAY</com:street1>
          <com:street2>14185 DALLAS PARKWAY</com:street2>
          <com:city>DALLAS</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75254</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>ZAZOVE ASSOCIATES LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>6258342.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>6258342.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6258342.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.0</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Zazove Associates, Inc.</reportingPersonName>
      <citizenshipOrOrganization>IL</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>6258342.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>6258342.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6258342.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.0</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Gene T. Pretti</reportingPersonName>
      <citizenshipOrOrganization>NV</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>6258342.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>6258342.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6258342.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>9.0</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Braemar Hotels &amp; Resorts Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>14185 DALLAS PARKWAY, 14185 DALLAS PARKWAY, DALLAS, TEXAS, 75254.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule 13G is being filed by Zazove Associates, LLC, a Delaware limited liability company; Zazove Associates, Inc., an Illinois corporation and Gene T. Pretti (referred to collectively as the "Reporting Persons").</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal address of the Reporting Persons is 1001 Tahoe Blvd., Incline Village, NV 89451</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Zazove Associates, LLC is organized under the laws of Delaware. Zazove Associates, Inc. is organized under the laws of Illinois. Gene T. Pretti is a citizen of the United States.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>6,258,342</amountBeneficiallyOwned>
        <classPercent>9.02</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>6,258,342</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>6,258,342</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>ZAZOVE ASSOCIATES LLC</reportingPersonName>
      <signatureDetails>
        <signature>Sam N. Ginocchio</signature>
        <title>CCO</title>
        <date>01/08/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Zazove Associates, Inc.</reportingPersonName>
      <signatureDetails>
        <signature>Robert Ryan Shelby</signature>
        <title>Managing Partner</title>
        <date>01/08/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Gene T. Pretti</reportingPersonName>
      <signatureDetails>
        <signature>Gene T. Pretti</signature>
        <title>individual</title>
        <date>01/08/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

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