BUSINESS: Braemar Hotels & Resorts, Inc. is an externally-advised REIT that invests primarily in high RevPAR, full-service and urban select-service hotels located predominantly in domestic and international gateway markets. Ashford Hospitality Prime is externally managed by Ashford (NYSE MKT: AINC). The strategy is to invest primarily in full-service and urban select-service hotels which are anticipated to generate RevPAR of at least twice the then current U.S. average RevPAR for all hotels as determined by Smith Travel Research which are located predominantly in domestic gateway markets and will seek to acquire both premium branded and independent hotels.