Braemar Hotels & Resorts Inc. is a Maryland REIT that owns and operates high-revenue luxury hotels and resorts primarily located in premium markets across the United States, Puerto Rico, and the U.S. Virgin Islands. The company invests in properties that generate revenue per available room substantially above the national average, with its diversified portfolio including Marriott-branded, Hyatt-branded, Four Seasons, and independently managed luxury properties that collectively comprise thousands of guest rooms. The company generates revenue from hotel operations managed by third-party management companies, who collect base and incentive management fees, while the properties pay brand loyalty royalties and franchise fees; the company itself is externally advised by Ashford Hospitality Advisors, which provides all senior management and asset management services in exchange for base fees, incentive fees, and expense reimbursement.