<SEC-DOCUMENT>0001096906-25-000836.txt : 20250516
<SEC-HEADER>0001096906-25-000836.hdr.sgml : 20250516
<ACCEPTANCE-DATETIME>20250516122226
ACCESSION NUMBER:		0001096906-25-000836
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250516
DATE AS OF CHANGE:		20250516
EFFECTIVENESS DATE:		20250516

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
		EIN:				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:		25957895

	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:           	
		EIN:				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 [PPXK5GW761L0VEWPD92X]. www.edgarsuite.com -->
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<DIV style=margin-left:72pt;width:468pt><HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><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'>&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'>&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'>NAME OF PERSON RELYING ON EXEMPTION: Brancous LP1</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 May 16, 2025</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><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-top:0pt;margin-bottom:6pt'><IMG src=branpx14a6g_1.jpg width=96 height=67>&nbsp;</P>
<HR style='border:0;height:0;width:0;margin:14pt 0 0 0'><P align=right style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>May 16, 2025</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Dear Fellow Shareholders,</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>We write to you following the recent shareholder meeting of Ashford Hospitality Trust (AHT), where&#8212;for the second consecutive year&#8212;shareholders voted <I>against</I> Monty Bennett remaining on the board. And yet again, the AHT board refused to accept his resignation, justifying their decision with vague language about &#8220;leadership qualities&#8221; and &#8220;vital experience.&#8221;</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>This is not just defiance&#8212;it&#8217;s dysfunction.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Since shareholders first voted against Mr. Bennett last year, AHT shares have declined another 50%, and BHR shares are down 40%. Even after the broader market has recovered from the April downturn, BHR continues to trade near its lows. The message is clear: investors see no value while Monty Bennett and Ashford remain in control.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Earlier this year, Brancous LP1 submitted a letter to the Board proposing a path forward, including a payment offer to terminate Ashford&#8217;s external management agreement. This was a good-faith attempt to engage constructively. The Board never responded.<BR>We have followed up multiple times and made clear we are available for dialogue. Still, no communication, no counteroffer, no progress. The silence speaks volumes.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Management has continued to claim it is &#8220;working&#8221; on the termination of Ashford. Yet they offer shareholders no details - no timeline, no terms, no names of directors involved. The process is opaque, and that opacity serves only one purpose: to shield Monty Bennett from accountability and delay real change.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Even worse, while supposedly &#8220;working&#8221; to sever ties with Ashford, the company has just awarded another property to Remington to manage. Let us not forget: Remington is a subsidiary of Ashford. Rather than reducing our dependence on this conflicted structure, the board has further entrenched BHR into it.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>This is not governance&#8212;it&#8217;s self-preservation. The longer this board drags its feet, the more value is lost, and the less credible their fiduciary duty becomes.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>The result is a company with billions in assets and no market credibility. Investors will not pay a fair value for BHR stock while Monty and Ashford remain embedded in operations, and shareholders&#8217; voices are ignored.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Let us be clear: Ashford must go. Monty must go. There is no viable path forward for BHR while this structure and leadership remain in place.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>If this board continues to ignore the expressed will of its owners, we will act.</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Sincerely,</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>Alejandro Malbran<BR>Managing Partner<BR>Brancous LP1</P>
<P style='font:10pt Times New Roman;margin-top:5pt;margin-bottom:5pt'>amalbran@brancous.com</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>
</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$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !Z *\# 2(  A$! Q$!_\0
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MUY?XM\'V^B>$M4U.RU;7DN;:,O$6U20KN!')&:]&LI)&L+=F7<QB4DD]3@4
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M'X4\!7/C'PWHTOC:V5;.QM!!96295V''[R1ASR ,+VZFNM3X8>&-@Q'J 4<
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MM2H/VF'D9_U@I([NV5 #<PY_ZZ#_ !KG?^%:>#/^A?M/_'O\::GPU\&,N?\
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MZC.U\*-I(Z=1[T =;@9SWI:Y_P =?\D\\3?]@JZ_]%-4'PY_Y)KX<_[!\/\
MZ"* .FP,YQS2UY'J_AS2/%'Q^GLM:LDO+9/#RRK&[, '$P /!'9C^=6](L+7
MPA\8+;0/#SR)I=YIKSW=@)BZ6[JWRR ,25STQ[_2@#U * 20.3UI:\@^(&CZ
MU%XD\+:KJFN&XMV\4VD-G80Q".*&,NS L<Y=\*HR>G..M>OT ( !G'?FEHHH
M *H:W_R -1_Z]9?_ $$U?HH \ \#ZU\*8/A_IMMK]OI$NJB)EG#:=YD[,7;
MW!"2<8Q@UHS1ZG'\ -3_ +1CNXHFU&)K&&\SYL=J;J+RU;)SZ]>V*]NHH X?
MXEZOJ&D:=I;07=Q8:=/>K%J5_;Q[Y+>'!.1P=N2,;L<5QCS:1<_$KP5+HM_K
M.I6XN;@/>7ES-- S&$G;&9#C/<[1CI]*]KHH XCPK_R4SQ__ -=K'_TF%<U!
MI5SKEK\5M,L\?:;F[*1 G&YO*! _'I^->N44 >:6'Q2TFT\+V=G!:74_B.*"
M. :'Y#I,9@ I4_*=J]]W3'OQ4FO7)\-_$S2_%FK0R1:7<:.VG7$R*9$M)?,$
M@+E1P#RN[&.*]'HH \WLK^#QI\4]-UC11)-I.D64T<M^$*QS2R8 C0G[V "2
M1P*S?!_BO2_!MSXBT'6VN8-4;6;FX@M4MI)'N8Y""C1[0=V?_P!=>M44 >.>
M&+F./X/:I+>^'Y=4M9-5G%W8$X=8S-\S8 ))3K@>G48S2:/>6-EXNT.V\!^(
MM3U.QGG*:AITTCSP6T 4_-N<9C(..,Y)P/K[)10!S_CK_DGGB;_L%77_ **:
MN)\$?%#P7I?@70["]UZ"&ZM[**.6,QN2K!0".%KU:B@#R#4="T?Q?\=W@U*%
M[FS/AQ+B/9-)%D^< #E"#T8\>]>B>'_".@^%EF&C:=';--CS9-S.[XZ9=B6(
=]LUMT4 >?_%/_F2O^QKL?_9Z] HHH **** /_]D!

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