Organization and Description of Business Braemar Hotels &amp; Resorts Inc., together with its subsidiaries (Braemar), is a Maryland corporation that invests primarily in high revenue per available room (RevPAR) luxury hotels and resorts. High RevPAR, for purposes of our investment strategy, means RevPAR of at least twice the then-current U.S. national average RevPAR for all hotels as determined by Smith Travel Research. Braemar has elected to be taxed as a real estate investment trust (REIT) under the Code. Braemar conducts its business and owns substantially all of its assets through its operating partnership, Braemar Hospitality Limited Partnership (Braemar OP). In this report, the terms the Company, we, us or our refers to Braemar Hotels &amp; Resorts Inc. and, as the context may require, all entities included in its consolidated financial statements. We are advised by Ashford LLC through an advisory agreement. Ashford LLC is a subsidiary of Ashford Inc. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. On November 6, 2019, Ashford Inc. completed its acquisition of Remington Lodgings hotel management business from Mr. Monty J. Bennett, chairman of our board of directors, and Mr. Archie Bennett, Jr., chairman emeritus of Ashford Trust. Remington Hotels, a subsidiary of Ashford Inc. after November 6, 2019, manages three of our thirteen hotel properties. Third-party management companies manage the remaining hotel properties. Ashford Inc. also provides other products and services to us or our hotel properties through certain entities in which Ashford Inc. has an ownership interest. These products and services include, but are not limited to project management services, debt placement services, audio visual services, real estate advisory services, insurance claims services, hypoallergenic premium rooms, watersport activities, travel/transportation services and mobile key technology. The accompanying consolidated financial statements include the accounts of wholly-owned and majority owned subsidiaries of Braemar OP that as of December 31, 2019 , own thirteen hotel properties in six states, the District of Columbia and the U.S. Virgin Islands (USVI). The portfolio includes eleven wholly-owned hotel properties and two hotel properties that are owned through a partnership in which Braemar OP has a controlling interest. These hotel properties represent 3,722 total rooms, or 3,487 net rooms, excluding those attributable to our partner. As a REIT, Braemar is required to comply with limitations imposed by the Code related to operating hotels. As of December 31, 2019 , twelve of our thirteen hotel properties were leased by wholly-owned or majority-owned subsidiaries that are treated as TRSs for U.S. federal income tax purposes (collectively the TRS entities are referred to as Braemar TRS). One hotel property located in the USVI is owned by our USVI TRS. Braemar TRS then engages third-party or affiliated hotel management companies to operate the hotel properties under management contracts. Hotel operating results related to the hotel properties are included in the consolidated statements of operations. As of December 31, 2019 , ten of the thirteen hotel properties were leased by Braemars wholly-owned TRS and the two hotel properties majority-owned through a consolidated partnership were leased to a TRS wholly-owned by such consolidated partnership. Each leased hotel is leased under a percentage lease that provides for each lessee to pay in each calendar month the base rent plus, in each calendar quarter, percentage rent, if any, based on hotel revenues. Lease revenue from Braemar TRS is eliminated in consolidation. The hotel properties are operated under management contracts with Marriott International, Inc. (Marriott), Hilton Worldwide (Hilton), Accor, Hyatt Hotels Corporation (Hyatt), Ritz-Carlton, Inc., a subsidiary of Marriott (Ritz-Carlton) and Remington Hotels, which are eligible independent contractors under the Code.