FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Bennett Monty J 2. Issuer Name and Ticker or Trading Symbol Braemar Hotels & Resorts Inc. [ BHR ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)         (First)         (Middle)
14185 DALLAS PARKWAY, SUITE 1100
3. Date of Earliest Transaction (MM/DD/YYYY)
3/11/2020
(Street)
DALLAS, TX 75254
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  3/11/2020    A(1)    70000  A $0.00 (1) 134103  D   
Common Stock                 216891  I  By MJB Investments, LP 
Common Stock                 17828  I  By Reserve, LP IV 
Common Stock                 86329  I  By Dartmore, LP 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Performance Stock Units (2020) (2) $0.00 (2) 3/11/2020    A (3)    70000 (4)     12/31/2022  12/31/2022  Common Stock  70000 (4) $0.00 (3) 70000 (4) D   
Performance Stock Units (2019) (2) $0.00 (2)                 12/31/2021  12/31/2021  Common Stock  64103 (4)   64103 (4) D   
Performance LTIP Units (2018) (5) $0.00 (5)                 12/31/2020  12/31/2020  Common Stock  148185 (6)   148185 (6) D   
LTIP Units (7) $0.00 (7)                  (8)  (9) Common Stock  74093 (7)   74093 (10) D   
LTIP Units (7) $0.00 (7)                  (8)  (9) Common Stock  95430 (7)   95430 (10) I  By MJB Operating, LP 
Common Partnership Units (11) $0.00 (11)                  (11)  (9) Common Stock  296040.3 (11)   296040.3 (12) I  By MJB Operating, LP 
Common Partnership Units (11) $0.00 (11)                  (11)  (9) Common Stock  664012.7 (11)   664012.7 (12) I  By Dartmore, LP 
Common Partnership Units (11) $0.00 (11)                  (11)  (9) Common Stock  123477.15 (11)   123477.15 (12)(13) I  By Ashford Financial Corporation (13)
Common Partnership Units (11) $0.00 (11)                  (11)  (9) Common Stock  46364.7 (11)   46364.7 (12) I  By MJB Investments, LP 
Common Partnership Units (11) $0.00 (11)                  (11)  (9) Common Stock  143924.9 (11)   143924.9 (12) I  By Reserve, LP IV 
Common Partnership Units (11) $0.00 (11)                  (11)  (9) Common Stock  103911.2 (11)   103911.2 (12) I  By Reserve, LP III 

Explanation of Responses:
(1)  The Reporting Person received the shares pursuant to a stock grant from the Issuer under the Issuer's Second Amended and Restated 2013 Equity Incentive Plan (the "Plan"). Such shares vest in three (3) substantially equal installments on the first three (3) anniversaries following the date of grant.
(2)  Each Performance Stock Unit ("Performance Stock Unit") award represents the right, upon achievement of certain specified performance-based vesting criteria, to receive up to two (2) shares of the Issuer's common stock.
(3)  The Reporting Person received the Performance Stock Units pursuant to an award granted by the Issuer under the Plan.
(4)  Represents the target share amount that may be issued pursuant to such award of Performance Stock Units. The actual number of shares of common stock to be issued upon vesting can range from 0% to 200% of the number of Performance Stock Units awarded, based on achievement of specified relative total stockholder returns. Assuming continued service through the vesting date and achievement of the specified performance-based vesting criteria, the Performance Stock Units, as adjusted, will generally vest on December 31, 2021 (with respect to the 2019 grant) and December 31, 2022 (with respect to the 2020 grant). One-third of the Performance Stock Units granted in 2020 will be eligible to vest (at up to 200% of target) based on performance during the first year of the performance period.
(5)  Each performance LTIP unit ("Performance LTIP Unit") award represents an LTIP Unit (as defined below) subject to specified performance-based vesting criteria.
(6)  Represents the maximum number of LTIP Units that may vest pursuant to such award of Performance LTIP Units, which is 200% of the target number of LTIP Units for such respective award. The actual number of Performance LTIP Units that may vest can range from 0% to 200% of the target number of Performance LTIP Units, based on achievement of a specified relative total stockholder returns of the Issuer. Assuming continued service through the vesting date and achievement of the specified relative total stockholder return, the Performance LTIP Units, as adjusted, will generally vest on December 31, 2020 (with respect to the 2018 grant). See Footnote 7 discussing the convertibility of vested LTIP Units.
(7)  Represents special long-term incentive partnership units ("LTIP Units") in Braemar Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary"). Vested LTIP Units, upon achieving parity with the Common Partnership Units (as defined below) are convertible into Common Partnership Units at the option of the Reporting Person. See Footnote 11 discussing convertibility of Common Partnership Units.
(8)  The LTIP Units reported herein vest and are convertible in three (3) equal installments over a three (3) year term from the date of the award. See Footnote 7 discussing the convertibility of vested LTIP Units.
(9)  Neither the Common Partnership Units nor vested LTIP Units (including any LTIP Units awarded upon achievement of the specified performance criteria relating to vested Performance LTIP Units) have an expiration date.
(10)  Reflects the aggregate number of LTIP Units held directly or indirectly by the Reporting Person, and includes LTIP Units comprising awards previously granted to, and reported by, the Reporting Person. Such LTIP Units have different grant and vesting dates and include those which (i) may have achieved parity with the Common Partnership Units, (ii) have not yet achieved parity with the Common Partnership Units, (iii) are currently vested or (iv) have not yet vested. Such LTIP Units have been combined herein solely for reporting purposes. See Footnote 7 discussing convertibility of LTIP Units and Footnote 12 discussing convertibility of Common Partnership Units.
(11)  Common Limited Partnership Units of the Subsidiary ("Common Partnership Units"). Common Partnership Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis.
(12)  Reflects the aggregate number of Common Partnership Units currently held directly or indirectly, as noted, by the Reporting Person, some of which may have been converted from LTIP Units by the Reporting Person since the Reporting Person's most recent Form 4 or Form 5 filing. See Footnote 11 discussing the convertibility of the Common Partnership Units.
(13)  The Common Partnership Units reflected as beneficially owned indirectly through Ashford Financial Corporation reflect only the Reporting Person's pecuniary interest in all Common Partnership Units owned by such entity. The Reporting Person hereby disclaims interest in all other securities of the Issuer or the Subsidiary owned directly by such entity.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Bennett Monty J
14185 DALLAS PARKWAY, SUITE 1100
DALLAS, TX 75254
X



Signatures
/s/ Monty J. Bennett 3/13/2020
**Signature of Reporting Person Date
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