# EDGAR Filing Document

**Accession Number:** 0001574085
**File Stem:** 0001398344-26-004987
**Filing Date:** 2026-3
**Character Count:** 20240
**Document Hash:** 7b846c2247dd28ec9658d18363037ce6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004987.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001398344-26-004987

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87737
- **FILM NUMBER:** 26740952

**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:** Al Shams Investments LTD
- **CENTRAL INDEX KEY:** 0001765296

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** ROSENEATH
- **CITY:** ST. PETER PORT
- **STATE:** Y7
- **ZIP:** GY1 3SJ
- **BUSINESS PHONE:** 4412968104

**MAIL ADDRESS:**
- **STREET 1:** 5B WATERLOO LANE
- **CITY:** PEMBROKE
- **STATE:** D0
- **ZIP:** HM08

## Ex-2

Exhibit 2

**POWER OF ATTORNEY**

The undersigned, Wafic Rida Saïd, understands that, from time to time, he is required to prepare, execute and file certain federal and state securities filings.

Know all by these presents, that the undersigned hereby constitutes and appoints each of Mark Crockwell, David Auckland and Paul Harrison, or any of them signing singly, and with full power of substitution, the undersigned's true and lawful attorney-in-fact to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) prepare and execute for and on behalf of the undersigned filings in accordance with Section 13(d) of the
Securities Exchange Act of 1934 and the rules thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable
to complete and execute any such Section 13(d) filings, complete and execute any amendment or amendments thereto, and file any such Form
or amendment with the SEC and any stock exchange or similar authority, including filing this Power of Attorney with the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) take any other action of any type whatsoever in connection with the foregoing which, in the opinion of
such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that
the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form
and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in- fact, in serving in such capacity at the request of the undersigned, are not assuming any of the undersigned's responsibilities to comply with Section 13(d) of the Securities Exchange Act of 1934.

This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file under Section 13(d) with respect to the undersigned's holdings of and transactions in securities, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 5th day of August, 2024.

---

| | |
|:---|:---|
| Signed: | Witness: |
| /s/ Wafic Rida Saïd | /s/ Daniel Bird |
| Wafic Rida Saïd | Daniel Bird |
| 3 Av. de L'Annonciade | 6 Pascoe Road |
| Monaco | London SE13 5JB |
|  | United Kingdom |

---

## Ex-7

Exhibit 7

*Wafic Rida Saïd*

 

Members of the Board of Directors

Braemar Hotels and Resorts

6 March 2026

Dear Directors,

I write as the beneficial owner of approximately 9.8% of the Company's outstanding common shares. As a significant shareholder, I believe it is necessary to address the Board directly regarding serious concerns about governance, fiduciary oversight, and the protection of shareholder interests.

I have taken note of the recent shareholder letters circulated by Brancous LP and Zazove Associates LLC. The matters raised in these letters are deeply troubling.

The Board's responsibility is to ensure that the Company is governed in accordance with its fiduciary obligations to shareholders. Transactions or contractual arrangements that confer extraordinary economic benefits on insiders while exposing shareholders to substantial financial harm demand the highest level of scrutiny.

For me, this is a matter of principle. I invested in Braemar Hotels and Resorts in good faith. Yet while Mr Bennett has reportedly received more than $70 million annually in fees through affiliated arrangements and is now contriving to benefit from termination payments exceeding $480 million, a figure greater than the Company's entire market capitalisation, the value of my investment has declined by over 60%. If termination payments of this magnitude were realised, it is my firm view that the overwhelming majority of shareholders would suffer severe losses.

Directors must recognise that their fiduciary duties are owed to the shareholders of the Company as a whole, not to management or affiliated parties. Independent directors are expected to exercise genuine oversight, address conflicts of interest rigorously, and ensure that shareholder interests are protected.

Please be advised that I will continue to monitor the actions of the Board very closely. Should it become evident that the directors, and particularly the independent directors, have failed to properly discharge their fiduciary duties by permitting arrangements that harm shareholders for the benefit of insiders, I will not hesitate to pursue every legal avenue available to hold those responsible fully accountable.

Shareholders are entitled to expect that the Board will act with independence, integrity, and in the best interests of the Company and its owners.

Respectfully,

/s/ Wafic Rida Saïd

For and on behalf of Al Shams Investments Limited

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Braemar Hotels & Resorts Inc.**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**10482B101**

*(CUSIP Number)*

**Mark Crockwell**<br>5B Waterloo Lane<br>Pembroke D0 HM 08<br>441-298-8104

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**03/06/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **10482B101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Al Shams Investments LTD** | Name of reporting person<br>**Al Shams Investments LTD** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D0** | Citizenship or place of organization<br>**D0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6513000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6513000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6513000.00** | Aggregate amount beneficially owned by each reporting person<br>**6513000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.55%** | Percent of class represented by amount in Row (11)<br>**9.55%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **10482B101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Said Wafic Rida** | Name of reporting person<br>**Said Wafic Rida** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6513000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6513000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6513000.00** | Aggregate amount beneficially owned by each reporting person<br>**6513000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.55%** | Percent of class represented by amount in Row (11)<br>**9.55%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
Braemar Hotels & Resorts Inc.

**(c) Address of Issuer's Principal Executive Offices:**
14185 DALLAS PARKWAY, Suite 1100, DALLAS, TX, 75254

**Item 4. Purpose of Transaction**

The Reporting Persons believe that the Issuer has an attractive portfolio of hotel assets and that its Common Stock is undervalued in the stock market and represents an attractive investment opportunity. ASIL and Mr. Said previously filed a Schedule 13G to report beneficial ownership of shares of Common Stock that were acquired for that reason, and the Reporting Persons are now filing this Schedule 13D in connection with discussions that management of the Issuer has proposed with the Reporting Persons, in anticipation of the annual meeting of stockholders currently scheduled to be held on December 17, 2024, regarding possible ways to enhance shareholder value.

The Reporting Persons may seek to continue to engage in constructive discussions regarding the foregoing and/or alternative strategies and opportunities for the Issuer to enhance shareholder value, and may consider and develop plans and make proposals with respect to the assets, operations, governance, organizational documents, capital or corporate structure, dividend policy and/or strategic plans of the Issuer. In addition, the Reporting Persons intend to review the investment in the Issuer disclosed on this Schedule 13D regularly and to continue to evaluate the Issuer's business, performance and prospects, and depending on these factors, overall market conditions and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may increase or decrease the position in the Issuer disclosed on this Schedule 13D. In connection with the foregoing, the Reporting Persons may consider and develop plans and make proposals in which the Reporting Persons seek to engage or participate, seek representation on the Issuer's Board of Directors and/or request a waiver from the Issuer of the ownership limitations in the Issuer's Articles of Amendment and Restatement. In addition, in connection with the foregoing, the Reporting Persons may from time to time in the future express their views to, meet with and/or engage in discussions with management, the Issuer's Board of Directors, other shareholders or third parties, and/or formulate plans or proposals regarding the Issuer, its assets or its securities, which may include one or more plans or proposals that relate to or would result in the actions set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.

The information set forth in Items 3 and 6 of this Schedule 13D is incorporated by reference.

On June 3, 2024, Mr. Said sent an email to Monty J. Bennett, the Chairman of the Issuer, and Richard J. Stockton, the Chief Executive Officer and President of the Issuer (the "June 3, 2024 Email"), setting forth certain recommendations relating to the management of the Issuer, including the termination of its management agreement with Ashford Inc. and replacement of some directors with independent directors. The foregoing summary of the June 3, 2024 Email does not purport to be complete and is subject to, and qualified in its entirety by, the June 3, 2024 Email, a copy of which is attached hereto as Exhibit 3 and incorporated herein by reference.

On July 4, 2024 Mr. Said sent an email to Mr. Stockton and Mr. Bennett (the "July 4, 2024 Email"), expressing concerns about the terms of a Cooperation Agreement entered into on July 2, 2004 among the Issuer, Ashford Hospitality Trust, Inc. and Ashford Inc., on the one hand, and Blackwells Capital LLC, Blackwells Onshore I LLC, Blackwells Holding Co. LLC, Vandewater Capital Holdings, LLC, Blackwells Asset Management LLC, BW Coinvest Management I LLC and Jason Aintabi, on the other hand (the "Blackwells Parties"), regarding the withdrawal of the Blackwells Parties' proxy campaign, dismissal of pending litigation involving the parties and certain other matters.  The foregoing summary of the July 4, 2024 Email does not purport to be complete and is subject to, and qualified in its entirety by, the July 4, 2024 Email, a copy of which is attached here as Exhibit 4 and incorporated herein by reference.  The Cooperation Agreement was included as an exhibit to a current report on Form 8-K filed by the Issuer on July 2, 2024.

On July 25, 2024 Mr. Said sent an email to Mr. Bennett and Mr. Stockton (the "July 25, 2024 Email"), expressing displeasure and frustration at the status of discussions with the Issuer, reiterating key proposals in prior communications and requesting commitments from the Issuer by the end of July 2024. The foregoing summary of the July 25, 2024 Email does not purport to be complete and is subject to, and qualified in its entirety by, the July 25, 2024 Email, a copy of which is attached here as Exhibit 5 and incorporated herein by reference.

On November 7, 2024 ASIL issued a letter (the "November 7, 2024 Letter") to the stockholders of the Issuer identifying concerns about the management of the Issuer and stating that ASIL is considering mounting a proxy fight.   The foregoing summary of the November 7, 2024 letter does not purport to be complete and is subject to, and qualified in its entirety by, the November 7, 2024, a copy of which is attached here as Exhibit 6 and incorporated herein by reference.

On March 9, 2026, Mr. Said sent a letter to the Directors of the Issuer (the "March 6, 2026 letter") expressing serious concerns about governance, fiduciary oversight, and the protection of shareholder interests. In the March 6, 2026 letter, Mr. Said expressed his intent to pursue available legal avenues in the event that the directors, and particularly the independent directors, fail to properly discharge their fiduciary duties by permitting arrangements that harm shareholders for the benefit of insiders. The foregoing summary of the March 6, 2026 letter does not purport to be complete and is subject to, and qualified in its entirety by, the March 6, 2026 letter, a copy of which is attached here as Exhibit 7 and incorporated herein by reference.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The Reporting Persons may be deemed to beneficially own an aggregate of 6,513,000 shares of Common Stock, which represents approximately 9.55% of the shares of Common Stock outstanding based on the total number of shares of Common Stock outstanding as of November 5, 2025 as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2025.

**(b)**
All such shares of Common Stock are owned directly by ASIL.

**(c)**
During the past 60 days, the Reporting Persons have not effected any transactions in the Common Stock.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Reporting Persons have entered into a Joint Filing Agreement (the "Joint Filing Agreement"), dated as of May 21, 2024, pursuant to which they have agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law.

The foregoing summary of the Joint Filing Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the Joint Filing Agreement, a copy of which is attached hereto as Exhibit 1 and incorporated herein by reference.

Except as described above in this Item 6, the Reporting Persons do not have any contracts, arrangements, understandings or relationships with respect to the securities of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Al Shams Investments LTD

**Signature:** /s/ Mark Crockwell

**Name/Title:** Mark Crockwell, Director

**Date:** 03/09/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Said Wafic Rida

**Signature:** /s/ Mark Crockwell

**Name/Title:** Mark Crockwell, Attorney-in-Fact

**Date:** 03/09/2026