Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 1

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 1
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 high-quality experiences. Strong economic fundamentals, a healthy labor market, and the Federal Reserve’s recent shift toward interest rate reductions have provided a favorable backdrop for continued growth in travel and hospitality.

Braemar’s portfolio has delivered solid results in this environment. We entered 2025 with record momentum: first-quarter RevPAR exceeded $400 for the first time in Company history, up 4.2% year-over-year, while Comparable Hotel EBITDA grew 5%. Expense pressures are moderating as wage growth stabilizes and prior increases in insurance and property taxes have been largely absorbed.

Despite this strong performance, our shares continue to trade below the intrinsic value of our high-quality luxury portfolio. In response, the Board formed a Special Committee in 2024 to evaluate strategic alternatives to maximize shareholder value. After a comprehensive review, the Committee determined that pursuing a potential sale of the Company represents the best path forward.

While the outcome is not yet determined, both the Board and management remain fully committed to securing the highest possible value for shareholders. We thank you for your trust, confidence, and continued support.

Please review the accompanying proxy materials carefully and return your proxy card promptly to ensure your shares are represented at the meeting.

Sincerely,

#### Monty J. Bennett
Chairman of the Board

Braemar Hotels & Resorts Inc.

#### TABLE OF CONTENTS

#### Notice of 2025 Annual Meeting of Stockholders
| Meeting Date: |     | Monday, December 15, 2025        |
|:--------------|:----|:---------------------------------|
| Meeting Time: |     | 9:00 A.M., Central Time          |
| Location:     |     | Braemar Hotels & Resorts Inc.    
 14185 Dallas Parkway, Suite 1200 
 Dallas, Texas 75254              |

#### Agenda
1. Election of nine directors;

2. Advisory approval of our executive compensation;

3. Ratification of the appointment of BDO USA, P.C. as our independent auditor for 2025; and

4. Transaction of any other business that may properly come before the annual meeting.

#### Record Date
You may vote at the 2025 annual meeting of stockholders the shares of common stock, Series E Preferred Stock and Series M Preferred Stock of which you were a holder of record at the close of business on October 20, 2025. We have mailed this proxy to anyone who was a holder of common stock, Series E Preferred Stock and Series M Preferred