Company: BHR-PD
Filing Date: 2025-10-30
Form Type: DEF 14A
Source: 0001574085-25-000111
Chunk: 3

Company: Braemar Hotels & Resorts Inc.
Filing Date: 2025-10-30
Form: DEF 14A
Chunk 3
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icial Owners                                                   |     | 39 |
| Delinquent Section 16(a) Reports                                                                  |     | 39 |
| CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS                                             |     | 40 |

2025 Proxy Statement i

#### TABLE OF CONTENTS
| Conflict of Interest Policies                                          |     | 40 |
| Our Relationship and Agreements with Ashford Inc. and its Subsidiaries |     | 40 |
| Our Relationship and Agreements with Ashford Trust                     |     | 46 |
| Consulting Agreement with Studio 11 Design                             |     | 47 |
| Solicitation of Proxies                                                |     | 49 |
| Electronic Availability of Proxy Materials                             |     | 49 |
| Voting Securities                                                      |     | 49 |
| Voting                                                                 |     | 49 |
| Counting of Votes                                                      |     | 49 |
| Right to Revoke Proxy                                                  |     | 50 |
| Multiple Stockholders Sharing the Same Address                         |     | 50 |
| Annual Report                                                          |     | 50 |
| Other Matters                                                          |     | 50 |
| ADDITIONAL INFORMATION                                                 |     | 51 |

| ANNEX A                                          
 INFORMATION REGARDING NON-GAAP FINANCIAL MEASURE |     | A-1 |
| 2024 Adjusted EBITDAre                           |     | A-1 |

2025 Proxy Statement ii

#### TABLE OF CONTENTS

### INTRODUCTION
This proxy statement is furnished to stockholders in connection with the solicitation of proxies by the Board of Directors of Braemar Hotels & Resorts Inc. for use at its 2025 Annual Meeting of Stockholders.

### SUMMARY
This summary highlights selected information contained in this proxy statement, but it does not contain all the information you should consider in determining how to vote your shares of our common stock, Series E Redeemable Preferred Stock (" Series E Preferred Stock ") or Series M Redeemable Preferred Stock (" Series M Preferred Stock ") at the 2025 annual meeting of stockholders of the Company. We urge you to read the entire proxy statement before you vote. This proxy statement or the Notice of Internet Availability of Proxy Materials was first made available to stockholders on or about October 30, 2025.

We are providing these proxy materials in connection with the solicitation by the Board of Directors of Braemar Hotels & Resorts Inc. of proxies to be voted at our 2025 annual meeting of stockholders.

In this proxy statement:

• "