# EDGAR Filing Document

**Accession Number:** 0001574085
**File Stem:** 0001009012-26-000002
**Filing Date:** 2026-2
**Character Count:** 5736
**Document Hash:** 2cb77dc1e95b003ad5655a2c50238bba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001009012-26-000002.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001009012-26-000002

**CONFORMED SUBMISSION TYPE**: PX14A6G

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**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

**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:**
- **EIN:** 363984373
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** PX14A6G

**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

```

February 5, 2026

To: Board of Directors and independent Directors of Braemar Hotels
and Resorts Inc.

Re: Observations regarding termination economics and fiduciary process
in connection with the Company and its strategic review

Members of the Board,

Zazove Associates, LLC is an investment manager to multiple investment vehicles
that hold common equity of Braemar Hotels & Resorts Inc. (Braemar or the
Company). In that capacity, and consistent with our fiduciary obligations to
our clients, we write to share certain observations regarding the Company and
its disclosed termination economics and related governance considerations in the
context of the ongoing strategic review.

Our intent in writing is to encourage transparency, rigor, and clarity around
 matters that may materially affect shareholder value. We do not seek to
influence control of the Company, request proxy authority, or act in concert
with any other shareholder.

Termination economics and potential impact on strategic outcomes

Based on the Company and its public disclosures, advisory and related fees paid
to Ashford Inc. and its affiliates totaled approximately $30.5 million in
fiscal year 2024, $31.1 million in fiscal year 2023, and $28.8 million in fiscal
year 2022.

As publicly reported, the termination amount associated with the advisory and
related arrangements is approximately $480 million, with an additional $25
million payable to Remington Hospitality. When compared to historical advisory
fee levels, this aggregate amount represents a multiple that appears elevated
relative to customary termination structures observed in comparable externally
managed public REITs.

Public disclosures also indicate that annual advisory fees include payments for
a number of ancillary services, such as insurance brokerage, debt placement, and
audiovisual services that are typically provided under short-term, replaceable,
and non exclusive arrangements. As a general matter, shareholders would benefit
from greater clarity regarding whether, and to what extent, such ancillary
service fees were considered in the calculation of termination economics, and
the rationale for including them alongside long-term advisory arrangements.

In the context of a strategic review, termination economics of this magnitude
may be material to potential counterparties valuation analyses and, therefore,
to the range of strategic alternatives available to the Company.

Governance and fiduciary process considerations

The aggregate termination amounts described above are significant relative to
the Company and its current equity market capitalization and, based on publicly
available information, would be payable prior to any distributions to common
or preferred shareholders in a change-of-control scenario.

Given the scale and potential impact of these arrangements on net proceeds to
shareholders, we believe it would be constructive for the Company to provide
additional disclosure regarding:

* the process undertaken by the independent directors in evaluating termination
economics;
* the methodology applied in determining which fees were subject to termination
protection;
* the role of independent legal and financial advisors, if any; and
* the alternatives considered, including the potential effect of upcoming
renewal or renegotiation timelines.

Enhanced transparency on these points would, in our view, strengthen confidence
in the integrity of the strategic process and help shareholders better
understand how the Board is discharging its fiduciary responsibilities.

Closing

We appreciate the efforts of the Board and management in conducting the
strategic review and recognize the complexity of the issues involved. Our
observations are offered in the spirit of constructive engagement and with the
objective of supporting a process that maximizes long-term value for all
shareholders.

We would welcome continued disclosure and engagement on these matters as the
strategic review progresses.

Respectfully submitted,
Zazove Associates, LLC

```