<SEC-DOCUMENT>0001047469-19-006270.txt : 20191113
<SEC-HEADER>0001047469-19-006270.hdr.sgml : 20191113
<ACCEPTANCE-DATETIME>20191113073240
ACCESSION NUMBER:		0001047469-19-006270
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20191113
DATE AS OF CHANGE:		20191113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Braemar Hotels & Resorts Inc.
		CENTRAL INDEX KEY:			0001574085
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				462488594
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-234663
		FILM NUMBER:		191211684

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>a2240016zs-3.htm
<DESCRIPTION>S-3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg70501_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>As filed with the Securities and Exchange Commission on November&nbsp;13, 2019  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><B> Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B><BR>  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1><B> <div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=1><B>Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Form&nbsp;S-3<BR>  </B></FONT><FONT SIZE=1><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF&nbsp;1933  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="25%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=1><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>BRAEMAR HOTELS&nbsp;&amp; RESORTS&nbsp;INC.<BR>  </B></FONT><FONT SIZE=1>(Exact Name of Registrant as Specified in its Charter) </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="48%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="48%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><B>Maryland</B></FONT><FONT SIZE=1><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1><B> 46-2488594</B></FONT><FONT SIZE=1><BR>
(I.R.S. Employer<BR>
Identification Number)</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>14185 Dallas Parkway, Suite&nbsp;1100<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600<BR>  </B></FONT><FONT SIZE=1>(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Robert G. Haiman<BR>
Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc.<BR>
14185 Dallas Parkway, Suite&nbsp;1100<BR>
Dallas, Texas 75254<BR>
(972)&nbsp;490-9600<BR>  </B></FONT><FONT SIZE=1>(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service) </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>With copies to:  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> Robert H. Bergdolt, Esq.<BR>
DLA Piper&nbsp;LLP (US)<BR>
4141 Parklake Avenue, Suite&nbsp;300<BR>
Raleigh, North Carolina 27612-2350<BR>
(919)&nbsp;786-2000  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B> Approximate date of commencement of proposed sale to the public:<BR>
From time to time after effectiveness of this registration statement.  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a registration statement pursuant to General Instruction&nbsp;I.D. or a post-effective amendment thereto that shall become effective upon filing
with the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction&nbsp;I.D. filed to register additional securities
or additional classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following box.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule&nbsp;12b-2 of the Exchange Act. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="98pt" style="font-family:times;"></TD>
<TD WIDTH="13%" style="font-family:times;"></TD>
<TD WIDTH="77pt" style="font-family:times;"></TD>
<TD WIDTH="13%" style="font-family:times;"></TD>
<TD WIDTH="92pt" style="font-family:times;"></TD>
<TD WIDTH="13%" style="font-family:times;"></TD>
<TD WIDTH="120pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Large accelerated filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Accelerated filer&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>Non-accelerated filer&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;text-align:center;"><FONT SIZE=1>


<!-- COMMAND=ADD_GRID,"text-align:center;" -->


 Smaller reporting company&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT></font> <p align=center style="font-family:times;margin-top:0pt;margin-left:0pt;"> <FONT SIZE=1> Emerging Growth Company&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B) of Securities Act.&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>CALCULATION OF REGISTRATION FEE  </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 <!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="65%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Title of securities<BR>
to be registered</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proposed maximum<BR>
aggregate offering<BR>
price(1)</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Amount of<BR>
registration fee</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=1>Primary Offering, Series&nbsp;E Redeemable Preferred Stock, par value $0.01 per share(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$500,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$64,900</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Dividend Reinvestment Plan, Series&nbsp;E Redeemable Preferred Stock, par value $0.01 per share(2)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$200,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$25,960</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Common Stock, par value $0.01 per share, issuable upon redemption of the Series&nbsp;E Redeemable Preferred Stock(3)(4)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$700,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>$90,860</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"> &nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
registrant reserves the right to reallocate the shares of Series&nbsp;E Redeemable Preferred Stock being offered between the primary offering and the dividend
reinvestment plan. Estimated solely for purposes of calculating the registration fee in accordance with Rule&nbsp;457(o) under the Securities Act of 1933, as amended (the "Securities Act").
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
securities registered hereunder include 20,000,000 and 8,000,000 shares of Series&nbsp;E Redeemable Preferred Stock to be offered under the registrant's
primary offering and dividend reinvestment plan, respectively.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
securities registered hereunder also include 76,502,732 shares of common stock that may be issuable upon the redemption of the Series&nbsp;E Redeemable
Preferred Stock, assuming a hypothetical share price of $9.15 per share, the last reported sale price of the common stock on November&nbsp;12, 2019. The shares of common stock issuable upon
redemption of the Series&nbsp;E Redeemable Preferred Stock will be issued for no additional consideration, and therefore no registration fee is required pursuant to Rule&nbsp;457(i) of the
Securities Act.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Pursuant
to Rule&nbsp;416 of the Securities Act, such number of shares of common stock registered hereby also shall include an indeterminate number of shares of
common stock that may be issued in connection with stock splits, stock dividends, recapitalizations or similar events or adjustments in the number of shares issuable as provided in the articles
supplementary setting forth the rights, preferences and limitations of the Series&nbsp;E Redeemable Preferred Stock.  </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=1><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file an
amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended or until the
registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine.</B></FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=1>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p>
 <P style="font-family:times;"><FONT SIZE=1><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=200872,FOLIO='blank',FILE='DISK104:[19ZCR1.19ZCR70501]BA70501A.;31',USER='CHE111370',CD='12-NOV-2019;18:54' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT COLOR="#EF505F" SIZE=2><B>The information in this prospectus is not complete and may be changed. No person may sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the
offer or sale is not permitted.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT COLOR="#EF505F" SIZE=1><B>SUBJECT TO COMPLETION<BR>
PRELIMINARY PROSPECTUS, DATED NOVEMBER 13, 2019  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=1><B> PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>
<IMG SRC="g521807.jpg" ALT="LOGO" WIDTH="249" HEIGHT="127">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Series&nbsp;E Redeemable Preferred Stock<BR>
Maximum of 20,000,000 Shares in Primary Offering<BR>
Maximum of 8,000,000 Shares Pursuant to Dividend Reinvestment Plan<BR>
(Liquidation preference $25.00 per share of Series&nbsp;E Redeemable Preferred Stock)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering a maximum of 20,000,000 shares of our 6.5% Series&nbsp;E Redeemable Preferred Stock, par value $0.01 per share (the
"Series&nbsp;E Preferred Stock"), in our primary offering at a public offering price of $25.00 per share. We are also offering up to 8,000,000 shares of Series&nbsp;E Preferred Stock pursuant to a
dividend reinvestment plan (the "Series&nbsp;E DRIP") at $25.00 per share. We reserve the right to reallocate the shares of Series&nbsp;E Preferred Stock we are offering between our primary
offering and the Series&nbsp;E DRIP. This prospectus also covers the shares of our common stock that may be issuable upon redemption of the Series&nbsp;E Preferred Stock sold pursuant to our
primary offering and issued pursuant to the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;E Preferred Stock ranks senior to our common stock with respect to payment of dividends and distribution of amounts upon liquidation, dissolution or winding up of our
affairs. Subject to the provisions of our charter regarding the restrictions on transfer and ownership of stock, each outstanding share of the Series&nbsp;E Preferred Stock entitles the holder to
one vote on all matters submitted to a vote of stockholders, including the election of directors. In addition, holders of the Series&nbsp;E Preferred Stock will have additional voting rights if we
fail to pay dividends on the Series&nbsp;E Preferred Stock for 18 or more monthly periods (whether or not consecutive) and under certain other circumstances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock trades on the New York Stock Exchange (the "NYSE") under the symbol "BHR." On November&nbsp;12, 2019, the last reported sale price of our common stock on the NYSE was
$9.15 per share. There is no established trading market for the Series&nbsp;E Preferred Stock and we do not expect a market to develop. We do not intend to apply for a listing of the Series&nbsp;E
Preferred Stock on any national securities exchange. </FONT></P>


<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
impose certain restrictions on the ownership and transfer of our capital stock. You should read the information under the section entitled "Restrictions on Ownership and Transfer" in
this prospectus for a description of these restrictions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Investing in our securities involves risks. The Series&nbsp;E Preferred Stock has not been rated and investors will be
subject to the risks associated with investing in non-rated securities. You should carefully read and consider "Risk Factors" on page&nbsp;15 of this prospectus and in our most recent Annual Report
on Form&nbsp;10-K, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are incorporated by reference, and in any applicable
prospectus supplement, before investing in our securities.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=1><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>
 <!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="30%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="96" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Public<BR>
Offering Price</B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Selling<BR>
Commissions<SUP>(4)(5)(6)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Dealer<BR>
Manager Fee<SUP>(4)(5)</SUP></B></FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Proceeds,<BR>
Before Expenses, to Us</B></FONT><BR></TH>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1><B> </B></FONT><FONT SIZE=1>Primary offering<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-3pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Series&nbsp;E Preferred Stock, per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$25.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$1.75</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$0.50</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$22.50</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-3pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total maximum<SUP>(2)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$500,000,000<SUP>(3)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$35,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$15,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$450,000,000</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Series&nbsp;E DRIP<SUP>(1)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-3pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Series&nbsp;E Preferred Stock, per share</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$25.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$0.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$0.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$25.00</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:9pt;text-indent:-3pt;"><FONT SIZE=1> </FONT><FONT SIZE=1>Total maximum<SUP>(2)</SUP></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$200,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$0.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$0.00</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>$200,000,000</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" VALIGN="TOP">
<TD COLSPAN=9 VALIGN="BOTTOM" style="font-family:times;border-bottom:double #000000 2.25pt;"><p style="font-family:times;margin-left:3pt;text-indent:-3pt;"> &nbsp;</TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>We
reserve the right to reallocate shares of the Series&nbsp;E Preferred Stock between our primary offering and the Series&nbsp;E DRIP.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Assumes
that all shares of Series&nbsp;E Preferred Stock offered in our primary offering and pursuant to the Series&nbsp;E DRIP are sold.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Initial
gross proceeds.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Selling
commissions and the dealer manager fee will equal up to and including 7.0% and 3.0% of aggregate gross proceeds, respectively, in our primary offering only.
Each is payable to our dealer manager. We or our affiliates also may provide permissible forms of non-cash compensation to registered representatives of our dealer manager and to broker-dealers that
are members of the Financial Industry Regulatory Authority,&nbsp;Inc. ("FINRA") and authorized by our dealer manager to sell the Series&nbsp;E Preferred Stock ("participating broker-dealers"). The
value of such items will be considered underwriting compensation in connection with this offering, and the corresponding payments of our dealer manager fee will be reduced by the aggregate value of
such items. The combined selling commissions, dealer manager fee and such non-cash compensation for this offering will not exceed 10.0% of the aggregate gross proceeds of this offering (excluding
proceeds from shares to be sold through the Series&nbsp;E DRIP) ("FINRA's 10% cap"). No selling commissions or dealer manager fee will be paid with respect to shares of Series&nbsp;E Preferred
Stock sold pursuant to the Series&nbsp;E DRIP.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Our
dealer manager may reallow all or a portion of its selling commissions attributable to a participating broker-dealer. In addition, our dealer manager also may
reallow a portion of its dealer manager fee earned on the proceeds raised by a participating broker-dealer, to such participating broker-dealer as a non-accountable marketing fee. The amount of the
reallowance to any participating broker-dealer will be determined by the dealer manager in its sole discretion.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>To
the extent a participating broker-dealer reduces its selling commissions below 7.0%, the public offering price per share of Series&nbsp;E Preferred Stock will
be decreased by an amount equal to such reduction. See "Plan of Distribution." </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
dealer manager of this offering, Ashford Securities&nbsp;LLC, is an affiliate of Ashford Advisor. The dealer manager is not required to sell any specific number of shares or
dollar amount of Series&nbsp;E Preferred Stock, but will use its "reasonable best efforts" to sell the shares of Series&nbsp;E Preferred Stock offered. The minimum permitted purchase is generally
$5,000, but purchases of less than $5,000 may be made in the discretion of the dealer manager. We may sell up to 20,000,000 shares of Series&nbsp;E Preferred Stock in our primary offering by
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021, which may be extended through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2022, in our sole discretion. If we extend the offering period
beyond&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021, we will supplement this prospectus
accordingly. We may terminate our primary offering at any time or may offer shares of Series&nbsp;E Preferred Stock pursuant to a new registration statement, including a follow-on registration
statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will sell the shares of Series&nbsp;E Preferred Stock through Depository Trust Company ("DTC") settlement ("DTC Settlement") or, under special circumstances, through Direct
Registration System settlement ("DRS Settlement"). See the section entitled "Plan of Distribution" in this prospectus for a description of these settlement methods. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Ashford Securities&nbsp;LLC,<BR>  </B></FONT><FONT SIZE=2><B>as Dealer Manager  </B></FONT></P>
 <p style="font-family:times;line-height:1pt;margin-left:18pt;"><font> </FONT> <FONT SIZE=1>
<!-- BLANK LINE TO FORCE PARA -->
&nbsp;&nbsp;&nbsp;
</font></p><p align=center style="font-family:times;"><font> </FONT> <FONT SIZE=1>
The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2019</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1014134,FOLIO='blank',FILE='DISK104:[19ZCR1.19ZCR70501]BC70501A.;38',USER='CHE109914',CD='12-NOV-2019;18:50' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_bg70501_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A NAME="BG70501A_main_toc"></A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bg70501_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>  TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG70501_TOC"></A> </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="25pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Page </B></FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi70501_about_this_prospectus"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>ABOUT THIS PROSPECTUS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi70501_about_this_prospectus"><FONT SIZE=2>ii</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi70501_market_and_industry_data_and_forecasts"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MARKET AND INDUSTRY DATA AND FORECASTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi70501_market_and_industry_data_and_forecasts"><FONT SIZE=2><BR>
iii</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#bi70501_cautionary_statement_r__bi702374"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#bi70501_cautionary_statement_r__bi702374"><FONT SIZE=2><BR>
iii</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ca70501_prospectus_summary"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PROSPECTUS SUMMARY</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ca70501_prospectus_summary"><FONT SIZE=2><BR>
1</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#da70501_risk_factors"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RISK FACTORS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#da70501_risk_factors"><FONT SIZE=2><BR>
15</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dc70501_use_of_proceeds"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>USE OF PROCEEDS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dc70501_use_of_proceeds"><FONT SIZE=2><BR>
22</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#de70501_description_of_the_series_e_preferred_stock"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF THE SERIES E PREFERRED STOCK</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#de70501_description_of_the_series_e_preferred_stock"><FONT SIZE=2><BR>
24</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dg70501_description_of_capital_stock"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dg70501_description_of_capital_stock"><FONT SIZE=2><BR>
35</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#di70501_restrictions_on_ownership_and_transfer"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>RESTRICTIONS ON OWNERSHIP AND TRANSFER</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#di70501_restrictions_on_ownership_and_transfer"><FONT SIZE=2><BR>
39</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dk70501_material_provisions_of_marylan__mat02653"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MATERIAL PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND
BYLAWS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dk70501_material_provisions_of_marylan__mat02653"><FONT SIZE=2><BR>
42</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dm70501_partnership_agreement"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PARTNERSHIP AGREEMENT</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dm70501_partnership_agreement"><FONT SIZE=2><BR>
48</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#do70501_material_u.s._federal_income_tax_considerations"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>MATERIAL U.S. FEDERAL INCOME TAX
CONSIDERATIONS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#do70501_material_u.s._federal_income_tax_considerations"><FONT SIZE=2><BR>
53</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#dy70501_series_e_dividend_reinvestment_plan"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>SERIES E DIVIDEND REINVESTMENT PLAN</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#dy70501_series_e_dividend_reinvestment_plan"><FONT SIZE=2><BR>
88</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ea70501_plan_of_distribution"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ea70501_plan_of_distribution"><FONT SIZE=2><BR>
96</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec70501_legal_matters"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>LEGAL MATTERS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec70501_legal_matters"><FONT SIZE=2><BR>
102</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec70501_experts"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>EXPERTS</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec70501_experts"><FONT SIZE=2><BR>
102</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec70501_where_you_can_find_more_information"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec70501_where_you_can_find_more_information"><FONT SIZE=2><BR>
102</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><A HREF="#ec70501_incorporation_of_certain_information_by_reference"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>INCORPORATION OF CERTAIN INFORMATION BY
REFERENCE</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><A HREF="#ec70501_incorporation_of_certain_information_by_reference"><FONT SIZE=2><BR>
102</FONT></A></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<!-- COMMAND=ADD_END_LINKTABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>We have not authorized any dealer, salesperson or other person to give any information or to make any representation other than those contained or incorporated by
reference in this prospectus. You must not rely upon any information or representation not contained or incorporated by reference in this prospectus. This prospectus does not constitute an offer to
sell or the solicitation of an offer to buy any securities other than the registered securities to which it relates, nor does this prospectus constitute an offer to sell or the solicitation of an
offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. You should not assume that the information contained in this
prospectus is accurate on any date subsequent to the date set forth on its front cover or that any information we have incorporated by reference is correct on any date subsequent to the date of the
document incorporated by reference, even though this prospectus is delivered or securities are sold on a later date.</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=48822,FOLIO='i',FILE='DISK104:[19ZCR1.19ZCR70501]BG70501A.;8',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_bi70501_1_2"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bi70501_about_this_prospectus"> </A>
<A NAME="toc_bi70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  ABOUT THIS PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement on Form&nbsp;S-3 that we have filed with the Securities and Exchange Commission (the
"SEC"). The exhibits to our registration statement and documents incorporated by reference contain the full text of certain contracts and other important documents that we have summarized in this
prospectus or that we may summarize in any amendment or prospectus supplement. Since these summaries may not contain all the information that you may find important in deciding whether to purchase the
securities we offer, you should review the full text of these documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registration statement and the exhibits and other documents can be obtained from the SEC as indicated under the sections entitled "Where You Can Find More Information" and
"Incorporation of Certain Information By Reference." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
used in this prospectus, the terms "our company," "we," "us," or "our" refer to Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc., a Maryland corporation, and, as the context may require,
its consolidated subsidiaries, including Braemar Hospitality Limited Partnership, a Delaware limited partnership, which we refer to as our "Operating Partnership." Additionally, other terms that we
use throughout this prospectus are defined as follows:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Ashford Advisor" means Ashford Hospitality Advisors&nbsp;LLC, a Delaware limited liability company and a subsidiary of Ashford&nbsp;Inc. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Ashford Trust" means Ashford Hospitality Trust,&nbsp;Inc., a Maryland corporation, and, as the context may require, its consolidated
subsidiaries, including Ashford Hospitality Limited Partnership, a Delaware limited partnership and Ashford Trust's operating partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Code" means the Internal Revenue Code of 1986, as amended. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "High RevPAR," for purposes of our investment strategy, means RevPAR of at least twice the then current U.S. average RevPAR for all hotels as
determined by Smith Travel Research. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Partnership Agreement" means the Third Amended and Restated Agreement of Limited Partnership of our Operating Partnership, dated
March&nbsp;7, 2017, and all amendments thereto. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Premier" means Premier Project Management&nbsp;LLC, a Maryland limited liability company and a subsidiary of Ashford Advisor. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "REIT" means a real estate investment trust, as defined in Section&nbsp;856(a) of the Code. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Remington Lodging" means Remington Lodging and Hospitality&nbsp;LLC, together with its affiliates, a property management company owned by
Ashford&nbsp;Inc. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "RevPAR" means revenue per available room and is calculated by multiplying average daily rate by the average daily occupancy. RevPAR is one of
the commonly used measures within the hotel industry to evaluate hotel operations. RevPAR does not include revenues from food and beverage sales, parking, telephone or other non-rooms revenues
generated by the property. Although RevPAR does not include these ancillary revenues, it is generally considered the leading indicator of core revenues for many hotels. We also use RevPAR to compare
the results of our hotels between periods and to analyze results of our comparable hotels (comparable hotels represent hotels we have owned for the entire period). </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "TRS" means a taxable REIT subsidiary. Our "TRSs" refers to our taxable REIT subsidiaries, including Braemar TRS Corporation, a Delaware
corporation, and its subsidiaries, together with the two taxable REIT subsidiaries that lease our two hotels held in a consolidated joint venture and are wholly owned by the joint venture. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>ii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=4,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=93452,FOLIO='ii',FILE='DISK104:[19ZCR1.19ZCR70501]BI70501A.;5',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_bi70501_1_3"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References
to websites included in this prospectus are intended to be inactive textual references only, and the information on such websites is not incorporated by reference into this
prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bi70501_market_and_industry_data_and_forecasts"> </A>
<A NAME="toc_bi70501_2"> </A>
<BR></FONT><FONT SIZE=2><B>  MARKET AND INDUSTRY DATA AND FORECASTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market data and industry forecasts and projections used in this prospectus and documents incorporated by reference have been obtained from
third-party sources, which data and forecasts are publicly available for free or upon payment as part of a subscription service. None of such data and forecasts was prepared specifically for us. No
third-party source that has prepared such information has reviewed or passed upon our use of the information in this prospectus or documents incorporated by reference, and no third-party source is
quoted or summarized in this prospectus as an expert. All statements contained in this prospectus and documents incorporated by reference in connection with or related to such data and forecasts are
attributed to us, and not to any such third-party source or any other person. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="bi70501_cautionary_statement_r__bi702374"> </A>
<A NAME="toc_bi70501_3"> </A>
<BR></FONT><FONT SIZE=2><B>  CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus and the documents incorporated herein by reference, together with other statements and information publicly disseminated by us,
contain certain forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended (the "Securities Act") and Section&nbsp;21E of the Exchange Act, that
are subject to risks and uncertainties. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These forward-looking statements include, among others, statements about the terms
and size of this offering, the use of proceeds from this offering, and possible, estimated or assumed future results of our business, financial condition, liquidity, results of operations, plans and
objectives. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate,"
"approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their
nature:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our business and investment strategy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our projected operating results and dividend rates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our ability to obtain future financing arrangements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our understanding of our competition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> market trends; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> projected capital expenditures; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> anticipated acquisitions or dispositions; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the impact of technology on our operations and business. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently known to us. These
beliefs, assumptions and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity,
results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment
decision concerning </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iii</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=5,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=863215,FOLIO='iii',FILE='DISK104:[19ZCR1.19ZCR70501]BI70501A.;5',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_bi70501_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>our
securities. Additionally, the following factors could cause actual results to vary from our forward-looking statements:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the factors discussed in this prospectus and in the documents incorporated herein by reference, including those set forth in our most recent
Annual Report on Form&nbsp;10-K under the sections entitled "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business," and "Properties," as
updated in our subsequent Quarterly Reports on Form&nbsp;10-Q and other filings under the Exchange Act; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> general and economic business conditions affecting the lodging and travel industry; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> general volatility of the capital markets and the market price of our common and preferred stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in our business or investment strategy; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> availability, terms and deployment of capital; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> unanticipated increases in financing and other costs, including a rise in interest rates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> availability of qualified personnel to Ashford Advisor and certain of its affiliates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in our industry and the market in which we operate, interest rates, or local economic conditions; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the degree and nature of our competition; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> actual and potential conflicts of interest with Ashford Trust, Ashford Advisor, Ashford&nbsp;Inc., our executive officers and our
non-independent director; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in personnel of Ashford Advisor and certain of its affiliates or the lack of availability of qualified personnel; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> changes in governmental regulations, accounting rules, tax rates and similar matters; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> legislative and regulatory changes, including changes to the Code, and related rules, regulations and interpretations governing the taxation of
REITs; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limitations imposed on our business and our ability to satisfy complex rules in order for us to qualify as a REIT for U.S. federal income tax
purposes. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this prospectus and in the documents incorporated by reference
herein. The matters summarized under "Risk Factors" and elsewhere in this prospectus and in the documents incorporated by reference herein could cause our actual results and performance to differ
significantly from those contained in our forward-looking statements. Accordingly, we cannot guarantee future results or performance. Readers are cautioned not to place undue reliance on any of these
forward-looking statements, which reflect our views as of the date of this prospectus. Furthermore, we do not intend to update any of our forward-looking statements after the date of this prospectus
to conform these statements to actual results and performance, except as may be required by applicable law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>iv</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=6,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1047328,FOLIO='iv',FILE='DISK104:[19ZCR1.19ZCR70501]BI70501A.;5',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_ca70501_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ca70501_prospectus_summary"> </A>
<A NAME="toc_ca70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PROSPECTUS SUMMARY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summary highlights information contained elsewhere or incorporated by reference in this prospectus. It may
not contain all of the information that is important to you. Before making a decision to invest in the Series&nbsp;E Preferred Stock, you should read carefully this entire prospectus and the
documents incorporated by reference herein, including the sections entitled "Risk Factors" in this prospectus and our most recent Annual Report on Form&nbsp;10-K, as updated by our subsequent
filings under the Exchange Act, which are incorporated by reference in this prospectus. This summary is qualified in its entirety by the more detailed information and financial statements, including
the notes thereto, appearing elsewhere or incorporated by reference in this prospectus.</I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are an externally advised Maryland corporation that was formed in April 2013 as Ashford Hospitality Prime,&nbsp;Inc. and changed our name
to Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc. in April 2018. We became a public company on November&nbsp;19, 2013 when Ashford Trust, a NYSE-listed REIT, completed the spin-off of our company
through the distribution of our outstanding common stock to Ashford Trust stockholders. We invest primarily in High 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. Two times the U.S. national average was $172 for the year
ended December&nbsp;31, 2018. We have elected to be taxed as a REIT under the Code, beginning with our short taxable year ended December&nbsp;31, 2013. We conduct our business and own
substantially all of our assets through our Operating Partnership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
operate in the direct hotel investment segment of the hotel lodging industry. As of September&nbsp;30, 2019, we owned interests in 13 hotel properties in six states, the District of
Columbia and St.&nbsp;Thomas, U.S. Virgin Islands with 3,719 total rooms, or 3,484 net rooms, excluding those attributable to our joint venture partner. The hotel properties in our current portfolio
are predominantly located in U.S. urban markets and resort locations with favorable growth characteristics resulting from multiple demand generators. We own 11 of our hotel properties directly, and
the remaining two hotel properties through an investment in a majority-owned consolidated entity. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are advised by Ashford Advisor, a subsidiary of Ashford&nbsp;Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford
Advisor. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford Advisor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management contracts. Remington Lodging, which is owned
by Ashford&nbsp;Inc., manages three of our hotel properties and third-party management companies manage the remaining 10 hotel properties. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashford&nbsp;Inc.
also provides other products and services to us or our hotel properties through certain entities in which Ashford&nbsp;Inc. has an ownership interest. These
products and services include, but are not limited to project management services, property 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. </FONT></P>
 </DIV>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=7,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=667704,FOLIO='1',FILE='DISK104:[19ZCR1.19ZCR70501]CA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ca70501_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Investment and Growth Strategies  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal business objectives are to generate attractive returns on our invested capital and long-term growth in cash flow to maximize total
returns to our stockholders. To achieve our objectives, we pursue the following strategies: </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Focused Investment Strategy  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategy is to invest in premium branded and high-quality independent luxury hotels and resorts that are anticipated to generate RevPAR at
least twice the average RevPAR for the
U.S. lodging industry, as determined by Smith Travel Research, and are located predominantly in North America. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to concentrate our investments in markets where we believe there are significant growth opportunities, taking into consideration the risk of additional supply. In determining
anticipated RevPAR for a particular asset, we may take into account forecasts and other considerations, including without limitation, conversions or repositioning of assets, capital plans, brand
changes and other factors which may reasonably be forecasted to raise RevPAR after stabilization. Stabilization with respect to a hotel, after the completion of an initiative, such as a capital plan,
conversion or change of brand name or change of the business mix or other operating characteristics, is generally expected to occur within 12 to 24&nbsp;months after the completion of the related
renovation, repositioning or brand change. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this investment strategy, we frequently evaluate opportunities to acquire additional hotel properties, either through direct ownership, joint ventures, partnership
participations or similar arrangements. We may use cash or issue common units in our Operating Partnership as currency for a transaction. Some or all of these acquisitions, if completed, may be
material to our company, individually or in the aggregate. We may, from time to time, be party to letters of intent, term sheets and other non-binding agreements relating to potential acquisitions. We
cannot assure you that we will enter into definitive acquisition agreements with respect to any potential acquisitions. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Active Asset Management Strategy  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We rely on Ashford Advisor to asset-manage the hotel properties in our portfolio and will rely on Ashford Advisor to asset manage any hotel
properties we may acquire in the future, to help maximize the operating performance, cash flow and value of each hotel. Asset management is intended to include actively "managing" the property
managers and holding them accountable to drive top line and bottom-line operating performance. Ashford Advisor aims to achieve this goal by benchmarking each asset's performance compared to similar
hotel properties within our portfolio. Ashford Advisor also closely monitors all hotel operating expenses, as well as third-party vendor and service contracts. If expense levels are not commensurate
with the property revenues, Ashford Advisor works with the property manager to implement cost cutting initiatives. Ashford Advisor is also very active in evaluating and proposing improved strategies
for the sales, marketing and revenue management initiatives of the property manager as well as its ability to drive ancillary hotel revenues (for example, spa, food and beverage, parking, and
Internet). In addition to supervising and directing the property managers, Ashford Advisor works with the brands and management companies to negotiate favorable franchise agreement and property
management agreement terms. Ashford Advisor also actively participates in brand advisory committee meetings to provide feedback and input on new hotel brand initiatives. We believe that our strong
asset management process helps to ensure that each hotel is being operated to our and our franchisors' standards, that our hotel properties are being adequately maintained in order to preserve the
value of the asset and the safety of the hotel to customers, and that our property managers are maximizing revenue and enhancing operating margins. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=8,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=74847,FOLIO='2',FILE='DISK104:[19ZCR1.19ZCR70501]CA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ca70501_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Disciplined Capital Allocation Strategy  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to pursue a disciplined capital allocation strategy as it relates to the acquisition, operation, disposition and financing of assets
in our portfolio and those that we may acquire in the future. Ashford Advisor utilizes its extensive industry experience and capital markets expertise to influence the timing of capital deployment and
recycling, and we may selectively sell hotel properties that are no longer consistent with our investment strategy or as to which returns appear to have been maximized. To the extent we sell hotel
properties, we generally intend to redeploy the capital into investment opportunities that we believe will achieve higher returns or buy back our common stock or other securities. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Hotel Properties  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own 11 of our hotel properties directly, and the remaining two hotel properties through an investment in a majority-owned consolidated
entity. Eight of the 13 hotel properties in our portfolio operate under premium brands affiliated with Marriott International,&nbsp;Inc. ("Marriott") and Hilton Worldwide,&nbsp;Inc. ("Hilton").
One hotel property is managed by Hyatt Hotels Corporation ("Hyatt"), one hotel property is managed by Accor Business and Leisure Management,&nbsp;LLC ("Accor"), and three hotel properties are
managed by Remington Lodging, a property management company owned by Ashford&nbsp;Inc. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents certain information related to our hotel properties as of September&nbsp;30, 2019: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="106pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="59pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="34pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="LEFT" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Hotel Property

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Location </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Service<BR>
Type </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Total<BR>
Rooms </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>%<BR>
Owned </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Owned<BR>
Rooms </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Fee Simple Properties</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Capital Hilton</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Washington, D.C.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>550</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>413</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Seattle Marriott Waterfront</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Seattle, WA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>361</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>361</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The Notary Hotel<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Philadelphia, PA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>499</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>499</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>San Francisco Courtyard Downtown<SUP>(2)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>San Francisco, CA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Select</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>410</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>410</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Chicago Sofitel Magnificent Mile</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Chicago, IL</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>415</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>415</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Pier House Resort</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Key West, FL</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>142</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>142</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ritz-Carlton, St.&nbsp;Thomas<SUP>(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>St.&nbsp;Thomas, USVI</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>180</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>180</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Park Hyatt Beaver Creek</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Beaver Creek, CO</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>190</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>190</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hotel Yountville</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Yountville, CA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>80</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>80</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ritz-Carlton, Sarasota</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Sarasota, FL</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>266</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>266</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ritz-Carlton, Lake Tahoe</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Truckee, CA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>170</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>170</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I>Ground Lease Properties</I></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Hilton La Jolla Torrey Pines<SUP>(4)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>La Jolla, CA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>394</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>75</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>296</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Bardessono Hotel<SUP>(5)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Yountville, CA</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Full</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>62</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>62 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,719</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3,484 </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>On
July&nbsp;17, 2019, we announced the opening of The Notary Hotel (previously known as the "Philadelphia Courtyard").
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Announced
plan to convert to Autograph Collection. On July&nbsp;11, 2019, we announced the planned opening of The Clancy in January 2020, which will be a
full-service hotel.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Due
to the impact from hurricanes Irma and Maria, the Ritz-Carlton, St.&nbsp;Thomas was closed for renovation throughout the third quarter of 2019, as such, the
room count was zero at September&nbsp;30, 2019. The hotel had 180 total rooms in service prior to the hurricanes. </FONT></DD></DL>
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=9,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=79298,FOLIO='3',FILE='DISK104:[19ZCR1.19ZCR70501]CA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ca70501_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">

 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
ground lease expires in 2067.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
initial ground lease expires in 2065. The ground lease contains two 25-year extension options, at our election.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Certain Agreements  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Advisory Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to our advisory agreement, Ashford Advisor acts as our advisor, responsible for implementing our investment strategies and decisions
and the management of our day-to-day operations, subject to the supervision and oversight of our board of directors. We rely on Ashford Advisor to provide, or obtain on our behalf, the personnel and
services necessary for us to conduct our business, and we have no employees of our own. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the terms of our advisory agreement, Ashford Advisor and its affiliates provide us with our management team, along with appropriate support personnel as Ashford Advisor deems
reasonably necessary. Ashford Advisor and its affiliates are not obligated to dedicate any of their respective employees exclusively to us, nor are Ashford Advisor, its affiliates or any of their
employees obligated to dedicate any specific portion of its or their time to our business except as necessary to perform the service required of them in their capacity as our advisor. Ashford Advisor
is at all times subject to the supervision and oversight of our board of directors. So long as Ashford Advisor is our advisor, our governing documents require us to include two persons designated by
Ashford Advisor as candidates for election as director at any stockholder meeting at which directors are to be elected. Such nominees may be executive officers of our advisor. If the size of our board
of directors is increased at any time to more than seven directors, Ashford Advisor's right to nominate shall be increased by such number of directors as shall be necessary to maintain the ratio of
directors nominated by Ashford Advisor to the directors otherwise nominated, as nearly as possible (rounding to the next larger whole number), equal to the ratio that would have existed if our board
of directors consisted of seven members. Our advisory agreement requires Ashford Advisor to manage our business affairs in conformity with the policies and the guidelines that are approved and
monitored by our board of directors. Additionally, Ashford Advisor must refrain from taking any action that would (i)&nbsp;adversely affect our status as a REIT, (ii)&nbsp;subject us to regulation
under the Investment Company Act of 1940, as amended, (iii)&nbsp;knowingly and intentionally violate any law, rule or regulation of any governmental body or agency having jurisdiction over us,
(iv)&nbsp;violate any of the rules or regulations of any exchange on which our securities are listed or (v)&nbsp;violate our charter, bylaws or resolutions of our board of directors, all as in
effect from time to time. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Enhanced Return Funding Program Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;15, 2019, we entered into the Enhanced Return Funding Program Agreement (the "ERFP Agreement") with Ashford&nbsp;Inc. and
Ashford Advisor. Pursuant to the terms of the ERFP Agreement, Ashford Advisor will provide funding to facilitate the acquisition of hotel properties by our Operating Partnership that are recommended
by Ashford Advisor, in an aggregate amount of up to $50&nbsp;million (subject to increase to up to $100&nbsp;million by mutual agreement). Each funding will equal 10% of the property acquisition
price and will be made either at the time of the property acquisition or at any time generally within the two-year period following the date of such
acquisition, in exchange for furniture, fixtures&nbsp;&amp; equipment for use at the acquired property or any other property owned by our Operating Partnership. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Premier Master Project Management Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ashford&nbsp;Inc., through Premier, provides us with project management services, including construction management, interior design,
architectural oversight, and the purchasing, expediting, </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=10,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=326556,FOLIO='4',FILE='DISK104:[19ZCR1.19ZCR70501]CA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ca70501_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P style="font-family:times;"><FONT SIZE=2>warehousing
coordination, freight management and supervision of installation of furniture, fixtures&nbsp;&amp; equipment, and related services. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Hotel Management Agreements  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not operate any of our hotel properties directly; instead we employ hotel management companies to operate them for us under management
agreements. As a result of Ashford&nbsp;Inc.'s November 2019 acquisition of Remington Lodging, Ashford&nbsp;Inc. (indirectly through Remington Lodging) provides us with property management
services at three hotel properties owned by us. The remaining ten of our hotel properties are operated pursuant to a hotel management agreement with one of four brand hotel management companies. Each
hotel management company receives a base management fee and is also eligible to receive an incentive management fee if hotel operating income, as defined in the respective management agreement,
exceeds certain thresholds. The incentive
management fee is generally calculated as a percentage of hotel operating income after we have received a priority return on our investment in the hotel. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Franchise Agreements  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our hotel properties operate under franchise agreements. The hotel management agreements with Marriott, Hilton, Hyatt and Accor allow
ten of our hotel properties to operate under the Marriott, Hilton, Hyatt or Sofitel brand names, as applicable, and provide benefits typically associated with franchise agreements and licenses,
including, among others, the use of the Courtyard, Marriott, Ritz-Carlton, Hilton, Hyatt or Sofitel, as applicable, reservation system and guest loyalty and reward program. Any intellectual property
and trademarks of Marriott, Hilton, Hyatt or Accor, as applicable, are exclusively owned and controlled by the applicable property manager or an affiliate of such manager which grants the manager
rights to use such intellectual property or trademarks with respect to the applicable hotel. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Licensing Agreement  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ritz-Carlton, St.&nbsp;Thomas is subject to a License and Royalty Agreement (the "Royalty Agreement"), which allows us to use the
Ritz-Carlton brand for 50&nbsp;years with Marriott having two 10-year extension options. The Royalty Agreement is coterminous with the management agreement for the Ritz-Carlton, St.&nbsp;Thomas.
In connection with our ability to use the Ritz-Carlton brand, we are obligated to pay a royalty fee of 2.6% of gross revenues and an incentive royalty of 20% of operating profit in excess of owner's
priority. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Our Financing Strategy  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2019, our property-level indebtedness was approximately $1.1&nbsp;billion, with a weighted average interest rate of
4.3% per annum. As of September&nbsp;30, 2019, 100% of our mortgage debt is variable rate debt. We intend to continue to use variable-rate debt or a mix of fixed and variable-rate debt as we see
fit, and we may, if appropriate, enter into interest rate hedges. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to finance our long-term growth and liquidity needs with operating cash flow, equity issuances of both common and preferred stock, joint ventures, a revolving line of credit
and secured and unsecured debt financings having staggered maturities. We target leverage of 45% net debt to gross assets. We define net debt as the outstanding principal amount of our consolidated
indebtedness, less cash, cash equivalents, marketable securities, restricted cash and amounts due from third-party hotel managers. We may also issue common units in our Operating Partnership to
acquire properties from sellers who seek a tax-deferred transaction. In addition, we may from time to time receive additional capital from our advisor pursuant to the ERFP Agreement. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=11,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1012554,FOLIO='5',FILE='DISK104:[19ZCR1.19ZCR70501]CA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ca70501_1_6"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may utilize Lismore Capital&nbsp;LLC, a subsidiary of Ashford&nbsp;Inc., or other entities in which Ashford&nbsp;Inc. has an interest, to provide debt placement services, which
otherwise would be provided by third parties, for property-level debt financings. The services provided by these entities include access to their deep industry contacts to achieve competitive terms in
the market, due diligence support and assistance in completing the financing transaction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may use the proceeds from any borrowings for working capital, consistent with industry practice, to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> purchase interests in partnerships or joint ventures; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> finance the origination or purchase of debt investments; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> finance acquisitions, expand, redevelop or improve existing properties, or develop new properties or other uses. </FONT></DD></DL>
</UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Corporate Information  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal executive offices are located at 14185 Dallas Parkway, Suite&nbsp;1100, Dallas, Texas&nbsp;75254. Our telephone number is
(972)&nbsp;490-9600. Our website is </FONT><FONT SIZE=2><I>www.bhrreit.com</I></FONT><FONT SIZE=2>. The information found on or accessible through our website is not incorporated into, and does not
form&nbsp;a part of, this prospectus or any other report or document that we file with or furnish to the SEC. We have included our website address in this prospectus as an inactive textual reference
and do not intend it to be an active link to our website. </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=12,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=314019,FOLIO='6',FILE='DISK104:[19ZCR1.19ZCR70501]CA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_cc70501_1_7"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="cc70501_the_offering"> </A>
<A NAME="toc_cc70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  The Offering    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Issuer</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Series&nbsp;E Preferred Stock offered by us</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>A maximum of 20,000,000 shares of Series&nbsp;E Preferred Stock will be offered through our dealer manager in our primary
offering on a reasonable best efforts basis at $25.00 per share, unless discounted prices are available as described in the "Plan of Distribution" section of this prospectus. We are also offering up to 8,000,000 shares of Series&nbsp;E Preferred
Stock pursuant to the Series&nbsp;E DRIP at $25.00 per share. We reserve the right to reallocate the shares of Series&nbsp;E Preferred Stock we are offering between our primary offering and the Series&nbsp;E DRIP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Ranking</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;E Preferred Stock ranks (i)&nbsp;senior
to all classes or series of our common stock and future junior securities, (ii)&nbsp;on a parity with each series of our outstanding preferred stock, including the 5.50% Series&nbsp;B Cumulative Convertible Preferred Stock, par value $0.01 per share
(the "Series&nbsp;B Preferred Stock"), and the 8.25% Series&nbsp;D Cumulative Preferred Stock, par value $0.01 per share (the "Series&nbsp;D Preferred Stock"), and with any future parity securities, and (iii)&nbsp;junior to any future senior
securities (none of which are currently outstanding) and to all our existing and future indebtedness, with respect to the payment of dividends and rights upon our liquidation, dissolution or winding up of our affairs.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Stated Value</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each share of Series&nbsp;E Preferred Stock will
have a "Stated Value" of $25.00, as set forth in the articles supplementary setting forth the rights, preferences and limitations of the Series&nbsp;E Preferred Stock (the "Articles Supplementary").</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Dividends</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series&nbsp;E Preferred Stock are entitled
to receive, when and as authorized by our board of directors and declared by us out of legally available funds, cumulative cash dividends on each share of Series&nbsp;E Preferred Stock at an annual rate of 6.5% of the Stated Value (equivalent to an
annual dividend rate of $1.625 per share). We expect to authorize and declare dividends on the shares of Series&nbsp;E Preferred Stock on a monthly basis, payable on the 15th&nbsp;day of each month (or if such payment date is not a business day, on
the next succeeding business day), unless our results of operations, our general financial condition, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent to do so. Dividends will be payable in arrears
to holders of record as they appear on our records at the close of business on the last day of each month immediately preceding the applicable dividend payment date. The timing and amount of such dividends will be determined by our board of directors,
 in its sole discretion, and may vary from time to time.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=13,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=807196,FOLIO='7',FILE='DISK104:[19ZCR1.19ZCR70501]CC70501A.;16',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_cc70501_1_8"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Optional Redemption by the Company</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;After three years from the date of original
issuance of the shares of Series&nbsp;E Preferred Stock to be redeemed, we will have the right (but not the obligation) to redeem such shares of Series&nbsp;E Preferred Stock at a redemption price equal to 100% of the Stated Value, plus an amount
equal to any accrued but unpaid dividends (whether or not authorized or declared) to, but not including, the date fixed for redemption. For so long as our common stock is listed on a national securities exchange, if we choose to redeem any shares of
Series&nbsp;E Preferred Stock, we have the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares of our common stock, based on the closing price per share of our common stock for the single trading day prior
to the date of redemption, in exchange for the Series&nbsp;E Preferred Stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>For purposes of this "Optional Redemption by the Company" provision, where the shares of Series&nbsp;E Preferred Stock to be
redeemed were acquired by the holder pursuant to the Series&nbsp;E DRIP (such shares, "DRIP Shares"), the "date of original issuance" of such DRIP Shares shall be deemed to be the same as the date of original issuance of the underlying shares of
Series&nbsp;E Preferred Stock pursuant to which such DRIP Shares are directly or indirectly attributable (such shares, "Underlying Series&nbsp;E Shares"), and such DRIP Shares shall become subject to optional redemption by us hereunder on the same
date and terms as the Underlying Series&nbsp;E Shares.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Redemption at the Option of Holders</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Except as noted below,
holders will have the right to require us to redeem shares of Series&nbsp;E Preferred Stock at a redemption price equal to 100% of the Stated Value, less a redemption fee, plus an amount equal to any accrued but unpaid dividends (whether or not
authorized or declared) to, but not including, the date fixed for redemption.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>The redemption fee shall be equal to:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> beginning on the date of
original issuance of the shares to be redeemed: 8%;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> beginning on the third
anniversary from the date of original issuance of the shares to be redeemed: 5%; and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2> beginning on the fourth
anniversary from the date of original issuance of the shares to be redeemed: 0%.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>For so long as our common stock is listed on a national securities exchange, if a holder of shares of Series&nbsp;E
Preferred Stock causes us to redeem such shares of Series&nbsp;E Preferred Stock, we have the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares of our common stock, based on the closing price per share of
our common stock for the single trading day prior to the date of redemption.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=14,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=60756,FOLIO='8',FILE='DISK104:[19ZCR1.19ZCR70501]CC70501A.;16',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_cc70501_1_9"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>For purposes of this "Redemption at the Option of Holders" provision, where the shares of Series&nbsp;E Preferred Stock to be redeemed are
DRIP Shares, the "date of original issuance" of such DRIP Shares shall be deemed to be the same as the date of original issuance of the Underlying Series&nbsp;E Shares, and such DRIP Shares shall be subject to the same redemption fee to which the
Underlying Series&nbsp;E Shares would be subject if submitted for redemption hereunder.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our ability to redeem shares of Series&nbsp;E Preferred Stock in cash may be limited to the extent that we do not have
sufficient funds available to fund such cash redemption. Further, our obligation to redeem any of the shares of Series&nbsp;E Preferred Stock submitted for redemption in cash may be restricted by Maryland law. In addition, aggregate redemptions by
holders of Series&nbsp;E Preferred Stock pursuant to this "Redemption at the Option of Holders" provision, will be subject to the following redemption limits: (i)&nbsp;no more than 2% of the outstanding Series&nbsp;E Preferred Stock will be redeemed
per calendar month; (ii)&nbsp;no more than 5% of the outstanding Series&nbsp;E Preferred Stock will be redeemed per fiscal quarter; and (iii)&nbsp;no more than 20% of the outstanding Series&nbsp;E Preferred Stock will be redeemed per fiscal year. See
"Description of the Series&nbsp;E Preferred Stock&#151;Redemption at the Option of Holders."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Optional Redemption Following Death or Disability of a Holder</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;We
will redeem shares of Series&nbsp;E Preferred Stock held by a natural person upon his or her death at the written request of the holder's estate or deemed to have a qualifying disability (as such term is defined in Section&nbsp;72(m)(7) of the Code)
at a redemption price equal to 100% of the Stated Value, plus an amount equal to any accrued but unpaid dividends (whether or not authorized or declared) to, but not including, the date fixed for redemption. No redemption fees shall apply to such
redemptions.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>For so long as our common stock is listed on a national securities exchange, if a holder of shares of Series&nbsp;E
Preferred Stock, or a holder's estate upon death of a holder, causes us to redeem such shares of Series&nbsp;E Preferred Stock, we have the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares of our common
stock, based on the closing price per share of our common stock for the single trading day prior to the date of redemption, in exchange for the Series&nbsp;E Preferred Stock.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=15,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=99687,FOLIO='9',FILE='DISK104:[19ZCR1.19ZCR70501]CC70501A.;16',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_cc70501_1_10"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our ability to redeem shares of Series&nbsp;E Preferred Stock in cash may be limited to the extent that we do not have sufficient funds
available to fund such cash redemption. Further, our obligation to redeem any of the shares of Series&nbsp;E Preferred Stock submitted for redemption in cash may be restricted by Maryland law. Although death and disability redemptions will not be
subject to the 2%/5%/20% limits described above, death and disability redemptions will count toward such limits when applied to other redemptions at the option of the holder. See "Description of the Series&nbsp;E Preferred Stock&#151;Optional
Redemption Following Death or Disability of a Holder."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Special Optional Redemption by the Company</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of
a Change of Control (as defined below), we will have the right (but not the obligation) to redeem the outstanding shares of Series&nbsp;E Preferred Stock, in whole or in part, within 120&nbsp;days after the first date on which such Change of Control
occurred, in cash at a redemption price equal to 100% of the Stated Value, plus an amount equal to any accrued but unpaid dividends (whether or not authorized or declared) to, but not including, the date fixed for redemption. If, prior to the Change
of Control Conversion Date (as defined below), we have provided or provide notice of redemption with respect to the Series&nbsp;E Preferred Stock (whether pursuant to our optional redemption right or our special optional redemption right), the
holders of Series&nbsp;E Preferred Stock will not have the conversion right described below.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>A "Change of Control" is when, after the original issuance of the Series&nbsp;E Preferred Stock, the following have occurred
and are continuing:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>the acquisition by any
person, including any syndicate or group deemed to be a "person" under Section&nbsp;13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases,
mergers or other acquisition transactions of shares of our company entitling that person to exercise more than 50% of the total voting power of all shares of our company entitled to vote generally in elections of directors (except that such person
will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;text-align:left;"><p align=left style="font-family:times;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:times;margin-top:0pt;margin-left:10pt;"><font size=2></FONT><FONT SIZE=2>following the closing of
any transaction referred to in the bullet point above, neither we nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts ("ADRs") representing such securities) listed on the NYSE, the NYSE American or
the NASDAQ Stock Market ("NASDAQ") or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or NASDAQ.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=16,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=422702,FOLIO='10',FILE='DISK104:[19ZCR1.19ZCR70501]CC70501A.;16',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_cc70501_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Conversion Rights.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a Change of Control, each holder of
Series&nbsp;E Preferred Stock will have the right, at such holder's option, unless, prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem the Series&nbsp;E Preferred Stock, to convert some or all
of the shares of Series&nbsp;E Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock per share of Series&nbsp;E Preferred Stock to be converted equal to the quotient obtained by
dividing (i)&nbsp;the sum of the Stated Value, plus an amount equal to any accrued and unpaid dividends (whether or not authorized or declared) to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date
is after a dividend record date for the Series&nbsp;E Preferred Stock and prior to the corresponding Series&nbsp;E Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this
sum) by (ii)&nbsp;the Common Stock Price.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>If, prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem the
Series&nbsp;E Preferred Stock, whether pursuant to our optional redemption right or our special optional redemption right, holders of Series&nbsp;E Preferred Stock will not have any right to convert the Series&nbsp;E Preferred Stock in connection
with the Change of Control Conversion Right and any shares of Series&nbsp;E Preferred Stock subsequently selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of converted on the
Change of Control Conversion Date.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>For definitions of "Change of Control Conversion Right," "Change of Control Conversion Date" and "Common Stock Price" and
for a description of the adjustments and provisions for the receipt of alternative consideration that may be applicable to the Change of Control Conversion Right, see "Description of the Series&nbsp;E Preferred Stock&#151;Conversion
Rights."</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Liquidation</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Upon any voluntary or involuntary liquidation,
dissolution or winding up of our affairs, the holders of the Series&nbsp;E Preferred Stock will have the right to receive the Stated Value, plus an amount equal to any accrued but unpaid dividends (whether or not declared) to, but not including, the
date of payment, before any distribution or payment is made to the holders of our common stock or any other class or series of capital stock ranking junior to the Series&nbsp;E Preferred Stock. The rights of the holders of the Series&nbsp;E Preferred
Stock to receive the Stated Value will be subject to the rights of holders of our debt, holders of any equity securities ranking senior in liquidation preference to the Series&nbsp;E Preferred Stock (none of which are currently outstanding) and the
proportionate rights of holders of each other series or class of our equity securities ranked on a parity with the Series&nbsp;E Preferred Stock, including the Series&nbsp;B Preferred Stock and the Series&nbsp;D Preferred Stock.</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=17,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=443683,FOLIO='11',FILE='DISK104:[19ZCR1.19ZCR70501]CC70501A.;16',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_cc70501_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B><I> Voting Rights</I></B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of our charter regarding the restrictions
on transfer and ownership of stock, each outstanding share of the Series&nbsp;E Preferred Stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect
to any other class or series of stock, the holders of our common stock and the Series&nbsp;E Preferred Stock (voting together as a single class) possess the exclusive voting power. There is no cumulative voting in the election of our board of
directors. In an uncontested election, directors are elected by a majority of the votes cast by the holders of the outstanding shares of our common stock and the Series&nbsp;E Preferred Stock (voting together as a single class), meaning that a
director is elected if the candidate received more votes "for" than the votes "against," without consideration of abstentions, votes withheld, and broker non-votes. In a contested election (where there are more candidates for election than seats to
be filled), directors are elected by a plurality of the votes cast.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>In addition, whenever dividends on the Series&nbsp;E Preferred Stock are in arrears for 18 or more monthly periods (whether
or not consecutive), the holders of such shares (voting together as a single class with all other shares of any class or series of shares ranking on a parity with the Series&nbsp;E Preferred Stock which are entitled to similar voting rights, if any)
will be entitled to vote for the election of two additional directors to serve on our board of directors until all dividends in arrears on the outstanding shares of Series&nbsp;E Preferred Stock have been paid and dividends for the current monthly
dividend period have been paid in full. In addition, the issuance of future senior stock or certain charter amendments, whether by merger, consolidation or other business combination or otherwise materially adversely affecting the rights of holders
of Series&nbsp;E Preferred Stock, cannot be made without the affirmative vote or consent of holders of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding shares of Series&nbsp;E Preferred Stock and shares of any class or series of preferred
stock entitled to vote on such matters, if any, voting as a single class.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Series&nbsp;E Dividend Reinvestment Plan</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our transfer agent,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, will
administer the Series&nbsp;E DRIP for holders of our Series&nbsp;E Preferred Stock, pursuant to which holders may elect to have all, but not less than all, of their dividends automatically reinvested in additional shares of Series&nbsp;E Preferred
Stock at a price of $25.00 per share. Holders who do not so elect will receive their dividends in cash. See "Series&nbsp;E Dividend Reinvestment Plan" in this prospectus for additional information regarding the Series&nbsp;E DRIP.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Capital stock to be outstanding after this offering</B></FONT></TD>
<TD VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>32,900,422 shares of common stock<SUP>(1)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>4,965,850 shares of Series&nbsp;B Preferred Stock</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<p style="font-family:times;"><font size=1></FONT><FONT SIZE=2>
</font></p>
</DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=18,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1005165,FOLIO='12',FILE='DISK104:[19ZCR1.19ZCR70501]CC70501A.;16',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_cc70501_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="64%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>1,600,000 shares of Series&nbsp;D Preferred Stock</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>28,000,000 shares of Series&nbsp;E Preferred Stock (assuming the maximum offering of 20,000,000 shares of Series&nbsp;E
Preferred Stock in our primary offering and 8,000,000 shares of Series&nbsp;E Preferred Stock in the Series&nbsp;E DRIP)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Use of proceeds</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Assuming (i)&nbsp;the sale of the maximum offering amount in our primary offering and (ii)&nbsp;no sales pursuant to the
Series&nbsp;E DRIP, we estimate that we will receive net proceeds from the primary offering of approximately $442.5&nbsp;million, after deducting estimated offering expenses, including selling commissions and the dealer manager fee, payable by us of
approximately $57.5&nbsp;million. We intend to use the net proceeds from this offering for general corporate purposes, including, without limitation, repayment of debt or other maturing obligations, financing future hotel related investments,
redemption of outstanding shares of preferred stock, capital expenditures and working capital. See the section entitled "Use of Proceeds" in this prospectus.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>NYSE</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-top:12pt;margin-left:0pt;text-indent:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our common stock is listed on the NYSE under the trading symbol "BHR," the Series&nbsp;B Preferred Stock is listed on the
NYSE under the symbol "BHRPrB" and the Series&nbsp;D Preferred Stock is listed on the NYSE under the symbol "BHRPrD." </FONT><FONT SIZE=2><B>There is no established public trading market for the offered shares of Series&nbsp;E Preferred Stock and we
do not expect a market to develop. We do not intend to apply for a listing of the Series&nbsp;E Preferred Stock on any national securities exchange.</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
number of shares of common stock to be outstanding immediately after this offering as shown above reflects the 32,900,422 shares of common stock outstanding as
of September&nbsp;30, 2019. This number excludes (i)&nbsp;shares of common stock that may be issued upon redemption of the Series&nbsp;E Preferred Stock offered hereby, (ii)&nbsp;1,600,000
shares of common stock reserved for future issuance to Ashford Advisor under the Advisor Equity Incentive Plan, (iii)&nbsp;583,031 shares of common stock reserved for issuance to our directors,
executive officers and other Ashford Advisor employees under the 2013 Equity Incentive Plan, (iv)&nbsp;3,921,476 shares of common stock reserved for issuance upon redemption of common units of our
Operating Partnership; and (v)&nbsp;any shares of common stock we may issue to Ashford Advisor in payment of any portion of the incentive fee.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Capital Structure  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;E Preferred Stock ranks senior to our common stock and common units in our Operating Partnership and on a parity with the
Series&nbsp;B Preferred Stock and the Series&nbsp;D Preferred Stock with respect to both the payment of dividends and distribution of amounts upon liquidation, dissolution or winding up of our
affairs. Our board of directors may authorize the issuance and sale of additional shares of preferred stock from time to time, including additional shares of Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Determination of Offering Price  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offering price of the Series&nbsp;E Preferred Stock and the related selling commissions and dealer manager fees have been determined
pursuant to discussions between us and our dealer manager, which is an affiliate of Ashford Advisor, based upon our financial condition and the conditions of the equity </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=19,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=818145,FOLIO='13',FILE='DISK104:[19ZCR1.19ZCR70501]CC70501A.;16',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_cc70501_1_14"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I> </i></font></p>
<DIV style="width:100%;box-sizing:border-box;border:#000000 solid 1.0pt;padding-top:12.0pt;padding-right:12.0pt;padding-bottom:12.0pt;padding-left:12.0pt;">


<P style="font-family:times;"><FONT SIZE=2>securities
markets at the time of this offering. Because the offering price are not based upon any independent valuation, the offering price may not be indicative of the price that you would receive
upon the sale of the Series&nbsp;E Preferred Stock in a hypothetical liquid market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
for the purpose of allowing the dealer manager and the participating broker-dealers to comply with FINRA Rule&nbsp;2310(b)(5) and to participate in the distribution of this
offering of Series&nbsp;E
Preferred Stock, we have agreed that annually we will provide a per share estimate of the value of the Series&nbsp;E Preferred Stock in the annual report to stockholders filed pursuant to
Section&nbsp;13(a) of the Exchange Act. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Covered Security  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term "covered security" applies to securities exempt from state registration because of their oversight by federal authorities and
national-level regulatory bodies pursuant to Section&nbsp;18 of the Securities Act. Generally, securities listed on national exchanges are the most common type of covered security exempt from state
registration. A non-traded security also can be a covered security if it has a seniority greater than or equal to other securities from the same issuer that are listed on a national exchange, such as
the NYSE. The Series&nbsp;E Preferred Stock is a covered security because it is senior to our common stock and therefore is exempt from state registration. See "Risk Factors&#151;There are
several disadvantages to investors of the Series&nbsp;E Preferred Stock being deemed a covered security." </FONT></P>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=20,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=467398,FOLIO='14',FILE='DISK104:[19ZCR1.19ZCR70501]CC70501A.;16',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_da70501_1_15"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="da70501_risk_factors"> </A>
<A NAME="toc_da70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RISK FACTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>An investment in our securities involves significant risks. Prior to making a decision about investing in our
securities, and in consultation with your own financial, tax and legal advisors, you should carefully consider, among other matters, the following risk factors related to this offering, as well as the
other risk factors incorporated by reference in this prospectus, from our most recent Annual Report on Form&nbsp;10-K, subsequent Quarterly Reports on Form&nbsp;10-Q and Current Reports on
Form&nbsp;8-K under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," as applicable, and other filings we may make from time to
time with the SEC.</I></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Risks Related to This Offering  </B></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


There is no public market for the Series&nbsp;E Preferred Stock and we do not expect one to develop.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no public market for the Series&nbsp;E Preferred Stock offered in this offering, and we currently have no plan to list these
securities on a securities exchange or to include these shares for quotation on any national securities market. Additionally, our charter contains restrictions on the ownership and transfer of our
securities, and these restrictions may inhibit your ability to sell the Series&nbsp;E Preferred Stock promptly or at all. If you are able to sell the Series&nbsp;E Preferred Stock, you may only be
able to sell them at a substantial discount from the price you paid. Therefore, you should purchase the Series&nbsp;E Preferred Stock only as a long-term investment. Subject to certain redemption
fees and limits, beginning on the date of original issuance, the holders of shares of Series&nbsp;E Preferred Stock may require us to redeem such shares, with the redemption price payable, in our
sole discretion, in cash or in equal value of shares of our common stock, based on the closing price per share of our common stock for the single trading day prior to the date of redemption. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Series&nbsp;E Preferred Stock is subordinated in right of payment to our existing and future debt, and
your interests could be diluted by the issuance of additional preferred stock, including additional shares of Series&nbsp;E Preferred Stock, and by other transactions.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2019, our total indebtedness was approximately $1.1&nbsp;billion, and we may incur significant additional debt to
finance future acquisition activities. The Series&nbsp;E Preferred Stock is subordinated in right of payment to all of our existing and future debt. Our existing secured revolving credit facility
restricts, and our future debt may include restrictions on, our ability to pay dividends to preferred stockholders in the event of a default under the debt facilities. Our charter currently authorizes
the issuance of up to 50,000,000 shares of preferred stock in one or more series. Other than the voting rights as described under "Description of the Series&nbsp;E Preferred Stock&#151;Voting
Rights," the terms of the Series&nbsp;E Preferred Stock do not restrict our ability to authorize or issue shares of a class or series of preferred stock with rights to distributions or upon
liquidation that are on parity with or senior to the Series&nbsp;E Preferred Stock or to incur additional indebtedness. The issuance of additional preferred stock on parity with or senior to the
Series&nbsp;E Preferred Stock would dilute the interests of the holders of the Series&nbsp;E Preferred Stock, and any issuance of preferred stock senior to the Series&nbsp;E Preferred Stock or
of additional indebtedness could affect our ability to pay dividends on, redeem or pay the liquidation preference on the Series&nbsp;E Preferred Stock. Other than the redemption rights afforded to
holders of Series&nbsp;E Preferred Stock as described under "Description of the Series&nbsp;E Preferred Stock&#151;Redemption at the Option
of Holders" and other than the voting rights as described under "Description of the Series&nbsp;E Preferred Stock&#151;Voting Rights" below, none of the provisions relating to the
Series&nbsp;E Preferred Stock relate to or limit our indebtedness or afford the holders of the Series&nbsp;E Preferred Stock protection in the event of a highly leveraged or other transaction,
including a merger or the sale, lease or conveyance of all or substantially all our assets or business, that might adversely affect the holders of the Series&nbsp;E Preferred Stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=21,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=995283,FOLIO='15',FILE='DISK104:[19ZCR1.19ZCR70501]DA70501A.;13',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_da70501_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The change of control conversion and redemption features of the Series&nbsp;E Preferred Stock may make it
more difficult for a party to take over our company or discourage a party from taking over our company.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a change of control in which our common stock and the common securities of the acquiring or surviving entity are not
listed on the NYSE, the NYSE American or NASDAQ, holders of the Series&nbsp;E Preferred Stock will generally have the right to convert some or all of their Series&nbsp;E Preferred Stock into
shares of our common stock, and under these circumstances we will also have a special optional redemption right to redeem the Series&nbsp;E Preferred Stock. See "Description of the Series&nbsp;E
Preferred Stock</FONT><FONT SIZE=2><B>&#151;</B></FONT><FONT SIZE=2>Conversion Rights" and "</FONT><FONT SIZE=2><B>&#151;</B></FONT><FONT SIZE=2>Special Optional Redemption by the
Company." Those features of the Series&nbsp;E Preferred Stock may have the effect of inhibiting a third party from making an acquisition proposal for our company or of delaying, deferring or
preventing a change of control of our company that could provide the holders of our common stock and Series&nbsp;E Preferred Stock with the opportunity to realize a premium over the then-current
market price or that stockholders may otherwise believe is in their best interests. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Dividends on our preferred stock, including the Series&nbsp;E Preferred Stock, are discretionary. We cannot
guarantee that we will be able to pay dividends in the future or what the actual dividends will be for any future period.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future dividends on our preferred stock, including the Series&nbsp;E Preferred Stock, will be declared at the discretion of our board of
directors and will depend on, among other things, our results of operations, cash flow from operations, financial condition and capital requirements, any debt service requirements and any other
factors our board of directors deems relevant. Accordingly, we cannot guarantee that we will be able to make cash dividends on our preferred stock or what the actual dividends will be for any future
period. However, until we declare and pay (or set apart for payment) the full cumulative dividends on the Series&nbsp;E Preferred Stock for all past dividend periods, our ability to make dividends
and other distributions on our common stock (including redemptions) will be limited by the terms of the Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Series&nbsp;E Preferred Stock has not been rated.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;E Preferred Stock has not been rated by any nationally recognized statistical rating organization, which may negatively affect
its value and your ability to sell such shares. No assurance can be given, however, that one or more rating agencies might not independently determine to issue such a rating or that such a rating, if
issued, would not adversely affect the value of the Series&nbsp;E Preferred Stock. In addition, we may elect in the future to obtain a rating of the Series&nbsp;E Preferred Stock, which could
adversely impact the value of the Series&nbsp;E Preferred Stock. Ratings only reflect the views of the rating agency or agencies issuing the ratings and such ratings could be revised downward or
withdrawn entirely at the discretion of the issuing rating agency if in its judgment circumstances so warrant. Any such downward revision or withdrawal of a rating could have an adverse effect on the
value of the Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We will be required to terminate this offering if our common stock is no longer listed on the NYSE or another
national securities exchange.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;E Preferred Stock is a "covered security" and therefore is not subject to registration under the state securities, or "Blue
Sky," regulations in the various states in which it may be sold due to its seniority to our common stock, which is listed on the NYSE. If our common stock is no longer listed on the NYSE or another
appropriate exchange, we will be required to register this offering in any state in which we subsequently offer the Series&nbsp;E Preferred Stock. This would require the termination of this offering
and could result in our raising an amount of gross proceeds that is substantially less than the amount of the gross proceeds we expect to raise if the maximum offering is sold. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=22,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=693541,FOLIO='16',FILE='DISK104:[19ZCR1.19ZCR70501]DA70501A.;13',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_da70501_1_17"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


In the event you exercise your option to redeem Series&nbsp;E Preferred Stock, our ability to redeem such
shares of Series&nbsp;E Preferred Stock may be subject to certain restrictions and limits.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to redeem shares of Series&nbsp;E Preferred Stock in cash may be limited to the extent that we do not have sufficient funds
available to fund such cash redemption. Further, our obligation to redeem any of the shares of Series&nbsp;E Preferred Stock submitted for redemption in cash may be restricted by Maryland law. In
addition, aggregate optional redemptions by holders of Series&nbsp;E Preferred Stock will be subject to the following redemption limits: (i)&nbsp;no more than 2% of the outstanding Series&nbsp;E
Preferred Stock will be redeemed per calendar month; (ii)&nbsp;no more than 5% of the outstanding Series&nbsp;E Preferred Stock will be redeemed per fiscal quarter; and (iii)&nbsp;no more than
20% of the outstanding Series&nbsp;E Preferred Stock will be redeemed per fiscal year. See "Description of the Series&nbsp;E Preferred Stock&#151;Redemption at the Option of Holders" for
more information. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Shares of Series&nbsp;E Preferred Stock may be redeemed for shares of common stock, which rank junior to
the Series&nbsp;E Preferred Stock with respect to dividends and upon liquidation, dissolution or winding up of our affairs.  </I></B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain redemption fees and limits, beginning on the date of original issuance, the holders of shares of Series&nbsp;E Preferred
Stock may require us to redeem such shares. For so long as our common stock is listed on a national securities exchange, we may opt to pay the redemption price in shares of our common stock. The
rights of the holders of shares of Series&nbsp;E Preferred Stock rank senior to the rights of the holders of shares of our common stock as to dividends and payments upon liquidation, dissolution or
winding up of our affairs. Unless full cumulative dividends on our shares of Series&nbsp;E Preferred Stock for all past dividend periods have been declared and paid (or set apart for payment), we
will not declare or pay dividends with respect to any shares of our common stock for any period. Upon liquidation, dissolution or winding up of our affairs, the holders of shares of the
Series&nbsp;E Preferred Stock are entitled to receive a liquidation preference of the Stated Value, plus all accrued but unpaid dividends, prior and in preference to any distribution to the holders
of shares of our common stock or any other class of our equity securities junior to the Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we redeem your shares of Series&nbsp;E Preferred Stock for common stock, you will receive shares of our common stock and therefore be subject to the risks of ownership thereof.
Please see our most recent Annual Report on Form&nbsp;10-K, which is incorporated herein by reference, for a list of risks associated with our company, our operations and ownership of our common
stock. Ownership of the Series&nbsp;E Preferred Stock will not give you the rights of holders of our common stock. Until and unless you receive shares of our common stock upon redemption, you will
have only those rights applicable to holders of our Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The Series&nbsp;E Preferred Stock will bear a risk of early redemption by us.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will have the ability to voluntarily redeem the outstanding shares of Series&nbsp;E Preferred Stock after three years from the date of
original issuance of such shares of Series&nbsp;E Preferred Stock. Beginning at that time, we will have the right to redeem, at our option, the outstanding shares of Series&nbsp;E Preferred Stock,
in whole or in part, at a redemption price equal to the Stated Value per share, plus any accrued and unpaid dividends (whether or not authorized or declared) to, but not including, the date fixed for
redemption. It is likely that we would choose to exercise our optional redemption right when prevailing interest rates have declined, which would adversely affect your ability to reinvest your
proceeds from the redemption in a comparable investment with an equal or greater yield to the yield on the Series&nbsp;E Preferred Stock had the Series&nbsp;E Preferred Stock not been redeemed. We
may elect to exercise our partial redemption right on multiple occasions. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=23,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=790048,FOLIO='17',FILE='DISK104:[19ZCR1.19ZCR70501]DA70501A.;13',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_da70501_1_18"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


The amount of your liquidation preference is fixed and you will have no right to receive any greater payment
regardless of the circumstances.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payment due upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs is fixed at the Stated Value, plus an
amount equal to any accrued and unpaid dividends (whether or not authorized or declared) to, but not including, the date of payment. Upon any liquidation, dissolution or winding up of our affairs, and
after payment of the liquidating distribution has been made in full to the holders of Series&nbsp;E Preferred Stock, you will have no right or claim to, or to receive, our remaining assets. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Upon the sale of any hotel properties, holders of Series&nbsp;E Preferred Stock do not have a priority over
holders of our common stock regarding return of capital.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of the Series&nbsp;E Preferred Stock do not have a right to receive a return of capital prior to holders of our common stock upon the
sale of any of our hotel properties. Depending on the price at which any such property is sold, it is possible that holders of our common stock will receive a return of capital prior to the holders of
our Series&nbsp;E Preferred Stock being redeemed, provided that full cumulative dividends have been paid in full to holders of Series&nbsp;E Preferred Stock for
all past dividends periods. Such distributions to holders of our common stock could increase the risk that we will be unable to return the Stated Value to holders of the Series&nbsp;E Preferred
Stock upon the liquidation, dissolution or winding up of our affairs. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We established the offering price and other terms for the Series&nbsp;E Preferred Stock pursuant to
discussions between us and our dealer manager; as a result, the actual value of your investment may be substantially less than what you pay.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offering price of the Series&nbsp;E Preferred Stock and the related selling commissions and dealer manager fees have been determined
pursuant to discussions between us and our dealer manager, which is an affiliate of Ashford Advisor, based upon our financial condition and the conditions of the equity securities markets at the time
of this offering. Because the offering price is not based upon any independent valuation, the offering price may not be indicative of the price that you would receive upon the sale of the
Series&nbsp;E Preferred Stock in a hypothetical liquid market. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


We intend to use the net proceeds from this offering to fund future investments and for other general
corporate and working capital purposes, but this offering is not conditioned upon the closing of properties in our current pipeline and we will have broad discretion to determine alternative uses of
proceeds.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described under "Use of Proceeds," we intend to use the net proceeds from this offering for general corporate purposes, including, without
limitation, repayment of debt or other maturing obligations, financing future hotel related investments, redemption of outstanding shares of preferred stock, capital expenditures and working capital.
This offering will not be conditioned upon the closing of definitive agreements to acquire or invest in any properties. We will have broad discretion in the application of the net proceeds from this
offering, and holders of our Series&nbsp;E Preferred Stock will not have the opportunity as part of their investment decision to assess whether the net proceeds are being used appropriately. Because
of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may result in investments that are not accretive to our results from
operations. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=24,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=635667,FOLIO='18',FILE='DISK104:[19ZCR1.19ZCR70501]DA70501A.;13',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_da70501_1_19"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Your percentage of ownership may become diluted if we issue new shares of stock or other securities, and
issuances of additional preferred stock or other securities by us may further subordinate the rights of the holders of our common stock (which you may become upon receipt of redemption payments in
shares of our common stock).  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For so long as our common stock is listed on a national securities exchange system, we may make redemption payments under the terms of the
Series&nbsp;E Preferred Stock in shares of our common stock. Although the dollar amounts of such payments are unknown, the number of shares to be issued in connection with such payments may
fluctuate based on the price of our common stock. Any sales or perceived sales in the public market of shares of our common stock issuable upon such redemption payments could adversely affect
prevailing market prices of shares of our common stock. The issuance of shares of our common stock upon such redemption payments also may have the effect of reducing our net income per share (or
increasing our net loss per share). In addition, the existence of Series&nbsp;E Preferred Stock may encourage short selling by market participants because the existence of redemption payments could
depress the market price of shares of our common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
board of directors is authorized, without stockholder approval, to cause us to issue additional shares of our common stock or to raise capital through the issuance of additional
shares of preferred stock (including equity or debt securities convertible into preferred stock), options, warrants and other rights, on such terms and for such consideration as our board of directors
in its sole discretion may determine. Any such issuance could result in dilution of the equity of our stockholders. Our board of directors may, in its sole discretion, authorize us to issue common
stock or other equity or debt securities to persons from whom we purchase hotel properties, as part or all of the purchase price. Our board of directors, in its sole discretion, may determine the
value of any common stock or other equity or debt securities issued in consideration of hotel properties or services provided, or to be provided, to us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
charter also authorizes our board of directors, without stockholder approval, to designate and issue one or more classes or series of preferred stock in addition to the
Series&nbsp;E Preferred Stock offered in this offering (including equity or debt securities convertible into preferred stock) and to set or change the voting, conversion or other rights,
preferences, restrictions, limitations as to dividends or other distributions and qualifications or terms or conditions of redemption of each class or series of shares so issued. If any additional
preferred stock is publicly offered, the terms and conditions of such preferred stock (including any equity or debt securities convertible into preferred stock) will be set forth in a registration
statement registering the issuance of such preferred stock or equity or debt securities convertible into preferred stock. Subject to the voting rights as described under "Description of the
Series&nbsp;E Preferred Stock&#151;Voting Rights" below, because our board of directors has the power to establish the preferences and rights of each class or series of preferred stock, it
may afford the holders of any series or class of preferred stock preferences, powers, and rights senior to the rights of holders of common stock or the Series&nbsp;E Preferred Stock. If we ever
create and issue additional preferred stock or equity or debt securities convertible into preferred stock with a distribution preference over common stock or the Series&nbsp;E Preferred Stock,
payment of any distribution preferences of such new outstanding preferred stock would reduce the amount of funds available for the payment of distributions on our common stock and our Series&nbsp;E
Preferred Stock. Further, holders of preferred stock are normally entitled to receive a preference payment if we liquidate, dissolve or wind up before any payment is made to the common stockholders,
likely reducing the amount common stockholders would otherwise receive upon such an occurrence. In addition, under certain circumstances, the
issuance of additional preferred stock may delay, prevent, render more difficult or tend to discourage a merger, tender offer, or proxy contest, the assumption of control by a holder of a large block
of our securities, or the removal of incumbent management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
have no rights to buy additional shares of stock or other securities if we issue new shares of stock or other securities. We may issue common stock, convertible debt or
preferred stock </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=25,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=108086,FOLIO='19',FILE='DISK104:[19ZCR1.19ZCR70501]DA70501A.;13',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_da70501_1_20"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>pursuant
to a subsequent public offering or a private placement, or to sellers of properties we directly or indirectly acquire instead of, or in addition to, cash consideration. Investors purchasing
shares of Series&nbsp;E Preferred Stock in this offering who do not participate in any future stock issuances will experience dilution in the percentage of the issued and outstanding stock they own.
In addition, depending on the terms and pricing of any additional offerings and the value of our investments, you also may experience dilution in the book value and fair market value of, and the
amount of distributions paid on, your shares of Series&nbsp;E Preferred Stock and common stock, if any. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Our ability to pay dividends and redeem shares of Series&nbsp;E Preferred Stock may be limited by the
requirements of Maryland law.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to pay dividends and redeem shares of the Series&nbsp;E Preferred Stock is limited by the laws of Maryland. Under applicable
Maryland law, a Maryland corporation generally may not make a distribution or redeem stock if, after giving effect to the distribution or redemption, the corporation would not be able to pay its debts
as the debts become due in the usual course of business, or the corporation's total assets would be less than the sum of its total liabilities plus, unless the corporation's charter provides
otherwise, the amount that would be needed, if the corporation were dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of stockholders whose preferential
rights are superior to those receiving the distribution. The terms of the Series&nbsp;B Preferred Stock require, but the terms of the Series&nbsp;D Preferred Stock and Series&nbsp;E Preferred
Stock do not require, that the liquidation preference of this series be included in this computation. Accordingly, we generally may not make a distribution on the Series&nbsp;E Preferred Stock or
redeem shares of Series&nbsp;E Preferred Stock if, after giving effect to the distribution or redemption, we would not be able to pay our debts as they become due in the usual course of business or
our total assets would be less than the sum of our total liabilities plus, unless the terms of such class or series provide otherwise, the amount that would be needed to satisfy the preferential
rights upon dissolution of the holders of shares of any class or series of preferred stock then outstanding, if any, with preferences senior to those of the Series&nbsp;E Preferred Stock, plus the
liquidation preference of our Series&nbsp;B Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Investors in the Series&nbsp;E Preferred Stock will not enjoy the protections afforded by registration of
this offering under state securities laws.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;E Preferred Stock is a covered security because it is senior to our listed common stock and therefore is exempt from state
registration. As a result there is no prohibition on us with respect to the sale of the securities to certain investors, including investors who may not be suitable to purchase the securities.
Furthermore, investors will not receive the possible protection afforded by the review of this offering by various state regulators. </FONT></P>

<P style="font-family:times;;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


Your ownership of Series&nbsp;E Preferred Stock is subject to the ownership limits contained in our
charter.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter contains 9.8% ownership limits that may be waived by our board of directors. For the purpose of preserving our REIT qualification,
our charter prohibits direct or constructive ownership by any person of more than:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 9.8% of the lesser of the total number or value of the outstanding shares of our common stock, or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 9.8% of the lesser of the total number or value of the outstanding shares of any class or series of our preferred stock. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
ownership limits are applied separately to ownership of our common stock and the Series&nbsp;E Preferred Stock. Our charter's constructive ownership rules are complex and may
cause stock owned actually or constructively by a group of related individuals and/or entities to be deemed to be constructively owned by one individual or entity. As a result, the acquisition of less
than 9.8% of any </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=26,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=305647,FOLIO='20',FILE='DISK104:[19ZCR1.19ZCR70501]DA70501A.;13',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_da70501_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>class
of our capital stock by an individual or entity could nevertheless cause that individual or entity to own constructively in excess of 9.8% of that class of capital stock, and thus be subject to
our charter's ownership limit. Any attempt to own or transfer shares of the Series&nbsp;E Preferred Stock or common stock in excess of the ownership limit without the consent of our board of
directors will be void and could result in the shares being automatically transferred to a charitable trust. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=27,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=956560,FOLIO='21',FILE='DISK104:[19ZCR1.19ZCR70501]DA70501A.;13',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_dc70501_1_22"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dc70501_use_of_proceeds"> </A>
<A NAME="toc_dc70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  USE OF PROCEEDS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth our estimated net proceeds from this offering, assuming that (i)&nbsp;we sell the maximum of 20,000,000 shares of
Series&nbsp;E Preferred Stock in our primary offering at the public offering price of $25.00 per share for maximum gross offering proceeds of $500&nbsp;million, and (ii)&nbsp;we do not sell any
shares of our Series&nbsp;E Preferred Stock pursuant to the Series&nbsp;E DRIP. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dc70501_estimated_net_proceeds_of_primary_offering"> </A>
<A NAME="toc_dc70501_2"> </A>
<BR></FONT><FONT SIZE=2><B>  Estimated Net Proceeds of Primary Offering    <BR>    </B></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="74pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="39pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Maximum Offering </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Amount </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Percent </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Gross offering proceeds</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>500,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>100.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Offering expenses:</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling commissions<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>35,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dealer manager fee<SUP>(1)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>15,000,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>3.00</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Other offering expenses<SUP>(2)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>7,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>1.50</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Amount available for investment<SUP>(3)</SUP></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>442,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>88.5</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->





<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Assumes
selling commissions equal to 7.0% of gross offering proceeds and a dealer manager fee of 3.0% of gross offering proceeds in our primary offering under this
prospectus. All or a portion of selling commissions and/or of the dealer manager fee may be reallowed to participating broker-dealers. See the "Plan of Distribution" section of this prospectus for a
description of these commissions and fees. We or our affiliates also may provide permissible forms of non-cash compensation to registered representatives of our dealer manager and the participating
broker-dealers, including gifts. In no event shall such gifts exceed an aggregate value of $100 per annum per registered representative or be pre-conditioned on achievement of a sales target. The
value of such items will be considered underwriting compensation in connection with this offering, and the corresponding payments of our dealer manager fee will be reduced by the aggregate value of
such items. The combined selling commissions, dealer manager fee and such non-cash compensation for this offering will not exceed FINRA's 10.0% cap.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
all expenses (other than selling commissions and the dealer manager fee) to be paid by us or on our behalf in connection with the qualification and
registration of this offering and the marketing and distribution of the Series&nbsp;E Preferred Stock, including, without limitation, expenses for printing and amending registration statements or
supplementing prospectuses, mailing and distributing costs, all advertising and marketing expenses (including costs incurred for travel, meals and lodging for employees to attend retail seminars
hosted by broker-dealers or bona fide training or educational meetings hosted by us), charges of transfer agents, registrars and experts, and fees, expenses and taxes related to the filing,
registration and qualification, as necessary, of the sale of the Series&nbsp;E Preferred Stock under federal and state laws, including taxes and fees and accountants' and attorneys' fees. Subject to
the cap on issuer expenses described below, we also will reimburse our dealer manager for reimbursements it may make to participating broker-dealers for bona fide due diligence expenses presented on
detailed and itemized invoices. We do not expect such offering expenses to exceed 1.5% of gross offering proceeds, though the amount of such expenses may exceed the expected amount, as long as said
expenses would not cause the cumulative selling commissions, dealer manager fee and issuer organization and offering expenses paid by us to exceed 15% of gross offering proceeds. All organization and
offering expenses, including selling commissions and the dealer manager fee, are not expected to exceed 11.5% of the </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=28,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=80106,FOLIO='22',FILE='DISK104:[19ZCR1.19ZCR70501]DC70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_dc70501_1_23"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:15%;">
 <UL>

<P style="font-family:times;"><FONT SIZE=2>aggregate
gross proceeds of this offering, though the amount of such expenses may exceed the expected amount.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
intend to use the net proceeds from this offering for general corporate purposes, including, without limitation, repayment of debt or other maturing obligations,
financing future hotel-related investments, redemption of outstanding shares of preferred stock, capital expenditures and working capital. Pending any such uses, we may invest the net proceeds from
the sale of any securities offered pursuant to this prospectus in short-term investments. These initial investments are expected to provide a lower net return than we will seek to achieve from our
target assets.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
the maximum offering, we estimate that we will receive net proceeds from the sale of shares of Series&nbsp;E Preferred Stock in our primary offering of approximately
$442.5&nbsp;million, after deducting estimated offering expenses, including selling commissions and the dealer manager fee, payable by us of approximately $57.5&nbsp;million. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will contribute the net proceeds from the sale of the Series&nbsp;E Preferred Stock from this offering to our Operating Partnership in exchange for preferred partnership units in
our Operating Partnership having the same rights and preferences as the Series&nbsp;E Preferred Stock (the "Series&nbsp;E Preferred Units"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to use the net proceeds from this offering for general corporate purposes, including, without limitation, repayment of debt or other maturing obligations, financing future
hotel related investments, redemption of outstanding shares of preferred stock, capital expenditures and working capital. Pending any such uses, we may invest the net proceeds from the sale of any
securities offered pursuant to this prospectus in short-term investments. These initial investments are expected to provide a lower net return than we will seek to achieve from our target assets. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=29,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=514276,FOLIO='23',FILE='DISK104:[19ZCR1.19ZCR70501]DC70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_de70501_1_24"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="de70501_description_of_the_series_e_preferred_stock"> </A>
<A NAME="toc_de70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF THE SERIES E PREFERRED STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Our board of directors has created out of the authorized and unissued shares of our preferred stock, a series of
redeemable preferred stock, designated as the Series&nbsp;E Preferred Stock. The following is a brief description of the terms of the Series&nbsp;E Preferred Stock. The description of the
Series&nbsp;E Preferred Stock contained herein does not purport to be complete and is qualified in its entirety by reference to the Articles Supplementary for the Series&nbsp;E Preferred Stock,
which have been filed with the SEC and are incorporated by reference as an exhibit to the registration statement, of which this prospectus is a part.</I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors has created out of the authorized and unissued shares of our preferred stock a series of redeemable preferred stock
designated as the "6.5% Series&nbsp;E Redeemable Preferred Stock." Up to 20,000,000 shares of the Series&nbsp;E Preferred Stock are being offered in our primary offering pursuant to this
prospectus and up to 8,000,000 shares of the Series&nbsp;E Preferred Stock are being offered pursuant to the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Ranking  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;E Preferred Stock ranks, with respect to the payment of dividends and rights upon our liquidation, dissolution or winding up
of our affairs:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> prior or senior to all classes or series of our common stock and any other class or series of equity securities, if the holders of
Series&nbsp;E Preferred Stock are entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of shares of
such class or series; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> on a parity with the Series&nbsp;B Preferred Stock and the Series&nbsp;D Preferred Stock, and any other class or series of our equity
securities issued in the future if, pursuant to the specific terms of such class or series of equity securities, the holders of such class or series of equity securities and the Series&nbsp;E
Preferred Stock are entitled to the receipt of dividends and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid
dividends per share or liquidation preferences, without preference or priority one over the other; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> junior to any class or series of our equity securities if, pursuant to the specific terms of such class or series, the holders of such class or
series are entitled to the receipt of dividends or amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of the Series&nbsp;E Preferred Stock
(none of which are currently outstanding); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> junior to all our existing and future debt indebtedness. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>The
term "equity securities" does not include convertible debt securities, which will rank senior to the Series&nbsp;E Preferred Stock prior to conversion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will contribute the net proceeds from the sale of the Series&nbsp;E Preferred Stock from this offering to our Operating Partnership in exchange for the Series&nbsp;E Preferred
Units having the same rights and preferences as the Series&nbsp;E Preferred Stock. Our Operating Partnership will be required to make all required dividend payments on the Series&nbsp;E Preferred
Units prior to any distribution of cash or assets to the holders of common partnership units or to the holders of any other equity interest of our Operating Partnership, except for any other series of
preferred units ranking on a parity with the Series&nbsp;E Preferred Units as to distributions and liquidation, and any preferred units ranking senior to the Series&nbsp;E Preferred Units as to
distributions and liquidations that we may issue, and except for dividends required to enable us to maintain our qualification as a REIT. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>

<!-- ZEQ.=1,SEQ=30,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=676943,FOLIO='24',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_25"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stated Value  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each share of Series&nbsp;E Preferred Stock will have a "Stated Value" of $25.00 as set forth in the Articles Supplementary. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series&nbsp;E Preferred Stock are entitled to receive, when and as authorized by our board of directors and declared by us out of
legally available funds, cumulative cash dividends on each share of Series&nbsp;E Preferred Stock at an annual rate of 6.5% of the Stated Value (equivalent of an annual dividend rate of $1.625 per
share). We expect to authorize and declare
dividends on the shares of Series&nbsp;E Preferred Stock on a monthly basis, payable on the 15th&nbsp;day of each month (or if such payment date is not a business day, on the next succeeding
business day), unless our results of operations, our general financial condition, general economic conditions, applicable provisions of Maryland law or other factors make it imprudent to do so.
Dividends will be payable in arrears to holders of record as they appear on our records at the close of business on the last day of each month immediately preceding the applicable dividend payment
date. The initial dividend payable on each share of Series&nbsp;E Preferred Stock will begin accruing on, and will be cumulative from, the date of original issuance of such share of Series&nbsp;E
Preferred Stock. Each subsequent dividend will begin accruing on, and will be cumulative from, the end of the most recent dividend period for which a dividend has been paid on each such share of
Series&nbsp;E Preferred Stock. The term "dividend period" means the respective periods commencing on, and including, the 1st&nbsp;day of each month of each year and ending on, and including, the
last day of each month, respectively (other than the dividend period during which any shares of Series&nbsp;E Preferred Stock shall be redeemed, which shall end on, and include, the day preceding
the redemption date with respect to the shares of Series&nbsp;E Preferred Stock being redeemed). The timing and amount of such dividends will be determined by our board of directors, in its sole
discretion, and may vary from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of our shares of Series&nbsp;E Preferred Stock are not entitled to any dividend in excess of full cumulative dividends on our shares of Series&nbsp;E Preferred Stock. Unless
full cumulative dividends on our shares of Series&nbsp;E Preferred Stock for all past dividend periods have been or contemporaneously are declared and paid or declared and a sum sufficient for the
payment thereof is set apart for payment, we will not:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> declare and pay or declare and set apart for payment dividends and we will not declare and make any other distribution of cash or other
property (other than dividends or distributions paid in shares of stock ranking junior to the Series&nbsp;E Preferred Stock as to the dividend rights or rights upon our liquidation, dissolution or
winding up of our affairs, and options, warrants or rights to purchase such shares), directly or indirectly, on or with respect to any shares of our common stock or any class or series of our stock
ranking junior to or on parity with the Series&nbsp;E Preferred Stock as to dividend rights or rights upon our liquidation, dissolution or winding up of our affairs for any period; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> except by conversion into or exchange for shares of stock ranking junior to the Series&nbsp;E Preferred Stock as to dividend rights or rights
upon our liquidation, dissolution or winding up of our affairs, or options, warrants or rights to purchase such shares, redeem, purchase or otherwise acquire (other than a redemption, purchase or
other acquisition of common stock made for purposes of an employee incentive or benefit plan) for any consideration, or pay or make available any monies for a sinking fund for the redemption of, any
common stock or any class or series of our stock ranking junior to or on parity with the Series&nbsp;E Preferred Stock as to dividend rights or rights upon our liquidation, dissolution or winding up
of our affairs. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=31,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=882817,FOLIO='25',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_26"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent necessary to preserve our status as a REIT, the foregoing sentence, however, will not prohibit declaring or paying or setting apart for payment any dividend or other
distribution on the common stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Optional Redemption by the Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After three years from the date of original issuance of the shares of Series&nbsp;E Preferred Stock to be redeemed, we will have the right
(but not the obligation) to redeem such shares of Series&nbsp;E Preferred Stock at a redemption price equal to 100% of the Stated Value, plus an amount equal to any accrued but unpaid dividends
(whether or not authorized or declared) to, but not including, the date fixed for redemption. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as our common stock is listed on a national securities exchange, if we choose to redeem any shares of Series&nbsp;E Preferred Stock, we have the right, in our sole
discretion, to pay the redemption price in cash or in equal value of our common stock, based on the closing price per share of our common stock for the single trading day prior to the date of
redemption, in exchange for the Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this "Optional Redemption by the Company" provision, where the shares of Series&nbsp;E Preferred Stock to be redeemed are DRIP Shares, the "date of original issuance"
of such DRIP Shares shall be deemed to be the same as the date of original issuance of the Underlying Series&nbsp;E Shares, and such DRIP Shares shall become subject to optional redemption by us
hereunder on the same date and terms as the Underlying Series&nbsp;E Shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may exercise our redemption right by delivering a written notice thereof to all, but not less than all, of the holders of the shares of Series&nbsp;E Preferred Stock to be redeemed.
A notice of redemption shall be irrevocable. Each such notice will state the date on which the redemption by us shall occur, which date will be 30&nbsp;days following the notice date. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Redemption at the Option of Holders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as noted below, holders will have the right to require us to redeem shares of Series&nbsp;E Preferred Stock at a redemption price equal
to 100% of the Stated Value, less a redemption fee, plus an amount equal to any accrued but unpaid dividends (whether or not authorized or declared) to, but not including, the date fixed for
redemption. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
redemption fee shall be equal to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> beginning on the date of original issuance of the shares to be redeemed: 8%; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> beginning on the third anniversary from the date of original issuance of the shares to be redeemed: 5%; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> beginning on the fourth anniversary from the date of original issuance of the shares to be redeemed: 0%. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as our common stock is listed on a national securities exchange, if a holder of shares of Series&nbsp;E Preferred Stock causes us to redeem such shares of Series&nbsp;E
Preferred Stock, we have the right, in our sole discretion, to pay the redemption price in cash or in equal value of shares of our common stock, based on the closing price per share of our common
stock for the single trading day prior to the date of redemption. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this "Redemption at the Option of Holders" provision, where the shares of Series&nbsp;E Preferred Stock to be redeemed are DRIP Shares, the "date of original issuance"
of such DRIP Shares shall be deemed to be the same as the date of original issuance of the Underlying </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=32,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=583662,FOLIO='26',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_27"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Series&nbsp;E
Shares, and such DRIP Shares shall be subject to the same redemption fee to which the Underlying Series&nbsp;E Shares would be subject if submitted for redemption hereunder. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ability to redeem shares of Series&nbsp;E Preferred Stock in cash may be limited to the extent that we do not have sufficient funds available to fund such cash redemption. Further,
our obligation to redeem any of the shares of Series&nbsp;E Preferred Stock submitted for redemption in cash may be restricted by Maryland law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, aggregate optional redemptions by holders of Series&nbsp;E Preferred Stock will be subject to the following redemption limits: (i)&nbsp;no more than 2% of the
outstanding Series&nbsp;E Preferred Stock will be redeemed per calendar month; (ii)&nbsp;no more than 5% of the outstanding Series&nbsp;E Preferred Stock will be redeemed per fiscal quarter; and
(iii)&nbsp;no more than 20% of the outstanding Series&nbsp;E Preferred Stock will be redeemed per fiscal year. Redemptions at the option of the Company (described above) will not count toward the
2%/5%/20% limits applied to optional redemptions by holders of the Series&nbsp;E Preferred Stock. Optional redemptions following death or disability of a holder (described below) will count toward
the 2%/5%/20% limits but will not be subject to such limits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
after applying these redemption limits, a holder would own less than one share of Series&nbsp;E Preferred Stock, all of such holder's shares of Series&nbsp;E Preferred Stock will
be redeemed. Otherwise, all redemption amounts will be rounded up or down such that after giving effect to any redemption, no holder is left owning a fractional share. For example, if after applying
the redemption limits, an investor would own 2.49 shares of Series&nbsp;E Preferred Stock, we will redeem an additional 0.49 shares so that the holder is left owning only two shares of
Series&nbsp;E Preferred Stock, and if an investor would own 2.5 shares, we will redeem 0.5 fewer shares from such holder so that the holder is left owning three shares. If, after applying these
redemption limits, the number of shares of Series&nbsp;E Preferred Stock to be redeemed is less than the number of shares of Series&nbsp;E Preferred Stock submitted for redemption by a holder, the
excess shares of Series&nbsp;E Preferred Stock will remain subject to redemption in future periods until the earlier of (i)&nbsp;all shares of Series&nbsp;E Preferred Stock submitted by such
holder for redemption have been redeemed, or (ii)&nbsp;such holder delivers to us a written notice of withdrawal stating the number of withdrawn shares of Series&nbsp;E Preferred Stock and the
number of shares of Series&nbsp;E Preferred Stock, if any, which remain subject to redemption. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Optional Redemption Following Death or Disability of a Holder  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will redeem shares of Series&nbsp;E Preferred Stock held by a natural person upon his or her death at the written request of the holder's
estate or deemed to have a qualifying disability
(as such term is defined in Section&nbsp;72(m)(7) of the Code) at a redemption price equal to 100% of the Stated Value, plus an amount equal to any accrued but unpaid dividends (whether or not
authorized or declared) to, but not including, the date fixed for redemption. No redemption fees shall apply to such redemptions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as our common stock is listed on a national securities exchange, if a holder of shares of Series&nbsp;E Preferred Stock, or a holder's estate upon death of a holder, causes
us to redeem such shares of Series&nbsp;E Preferred Stock, we have the right, in our sole discretion, to pay the redemption price in cash or in equal value of our common stock, based on the closing
price per share of our common stock for the single trading day prior to the date of redemption, in exchange for the Series&nbsp;E Preferred Stock. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ability to redeem shares of Series&nbsp;E Preferred Stock in cash may be limited to the extent that we do not have sufficient funds available to fund such cash redemption. Further,
our obligation to redeem any of the shares of Series&nbsp;E Preferred Stock submitted for redemption in cash may be restricted by Maryland law. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=33,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=684964,FOLIO='27',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_28"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Special Optional Redemption by the Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a Change of Control, we will have the right (but not the obligation) to redeem the outstanding shares of Series&nbsp;E
Preferred Stock, in whole or in part, within 120&nbsp;days after the first date on which such Change of Control occurred, in cash at a redemption price equal to 100% of the Stated Value, plus an
amount equal to any accrued but unpaid dividends (whether or not authorized or declared) to, but not including, the date fixed for redemption. If, prior to the Change of Control Conversion Date, we
have provided or provide notice of redemption with respect to the Series&nbsp;E Preferred Stock (whether pursuant to our optional redemption right or our special optional redemption right), the
holders of Series&nbsp;E Preferred Stock will not have the conversion right described below under "&#151;Conversion Rights." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will mail to you, if you are a record holder of the Series&nbsp;E Preferred Stock, a notice of redemption no fewer than 30&nbsp;days nor more than 60&nbsp;days before the
redemption date. We will send the notice to your address shown on our share transfer books. A failure to give notice of redemption or any defect in the notice or in its mailing will not affect the
validity of the redemption of any Series&nbsp;E Preferred Stock except as to the holder to whom notice was defective. Each notice will state the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the redemption date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the redemption price; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the number of shares of Series&nbsp;E Preferred Stock to be redeemed; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that the Series&nbsp;E Preferred Stock is being redeemed pursuant to our special optional redemption right in connection with the occurrence
of a Change of Control and a brief description of the transaction or transactions constituting such Change of Control; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that the holders of the Series&nbsp;E Preferred Stock to which the notice relates will not be able to tender such Series&nbsp;E Preferred
Stock for redemption in connection with the Change of Control and each share of Series&nbsp;E Preferred Stock tendered for redemption that is selected, prior to the Change of Control Conversion
Date, for redemption will be redeemed on the related date of redemption instead of redeemed on the Change of Control Conversion Date; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that dividends on the Series&nbsp;E Preferred Stock to be redeemed will cease to accrue on the redemption date. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we redeem fewer than all of the outstanding shares of Series&nbsp;E Preferred Stock, the notice of redemption mailed to each stockholder will also specify the number of shares of
Series&nbsp;E Preferred Stock that we will redeem from each stockholder. In this case, we will determine the number of shares of Series&nbsp;E Preferred Stock to be redeemed on a pro rata basis or
by lot. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we have given a notice of redemption and have set aside sufficient funds for the redemption in trust for the benefit of the holders of the Series&nbsp;E Preferred Stock called for
redemption, then from and after the redemption date, those shares of Series&nbsp;E Preferred Stock will be treated as no longer being outstanding, no further dividends will accrue and all other
rights of the holders of those shares of Series&nbsp;E Preferred Stock will terminate. The holders of those shares of Series&nbsp;E Preferred Stock will retain their right to receive the
redemption price for their shares and any accrued and unpaid dividends through, but not including, the redemption date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a redemption date falls after a dividend record date and on or prior to the corresponding dividend payment date, each holder of Series&nbsp;E Preferred Stock at the close of
business on a dividend record date will be entitled to receive the dividend payable on such shares on the corresponding payment date notwithstanding the redemption of such shares of Series&nbsp;E
Preferred Stock between such record date and the corresponding payment date and each holder of Series&nbsp;E Preferred Stock that </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=34,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=798414,FOLIO='28',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_29"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>surrenders
such shares on such redemption date will be entitled to the dividends accruing after the end of the applicable dividend period up to, but excluding, the redemption date. Except as provided
above, we will make no payment or allowance for unpaid dividends, whether or not in arrears, on Series&nbsp;E Preferred Stock for which a notice of redemption has been given. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
"Change of Control" is when, after the original issuance of the Series&nbsp;E Preferred Stock, the following have occurred and are
continuing:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the acquisition by any person, including any syndicate or group deemed to be a "person" under Section&nbsp;13(d)(3) of the Exchange Act, of
beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of shares of our company
entitling that person to exercise more than 50% of the total voting power of all shares of our company entitled to vote generally in elections of directors (except that such person will be deemed to
have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent
condition); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> following the closing of any transaction referred to in the bullet point above, neither we nor the acquiring or surviving entity has a class of
common securities (or ADRs representing such securities) listed on the NYSE, the NYSE American or NASDAQ or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the
NYSE American or NASDAQ. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a Change of Control, each holder of Series&nbsp;E Preferred Stock will have the right, at such holder's option, unless,
prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem the Series&nbsp;E Preferred Stock as described under "&#151;Optional Redemption by
the Company" or "&#151;Special Optional Redemption by the Company," to convert some or all of the Series&nbsp;E Preferred Stock held by such holder (the "Change of Control Conversion Right")
on the Change of Control Conversion Date into a number of shares of our common stock per share of Series&nbsp;E Preferred Stock to be converted (the "Common Stock Conversion Consideration") equal to
the quotient obtained by dividing (i)&nbsp;the sum of the Stated Value, plus an amount equal to any accrued and unpaid dividends (whether or not authorized or declared) to, but not including, the
Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date for the Series&nbsp;E Preferred Stock and prior to the corresponding Series&nbsp;E
Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii)&nbsp;the Common Stock Price (such quotient, the
"Conversion Rate"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a Change of Control pursuant to which our common stock will be converted into cash, securities or other property or assets (including any combination thereof) (the
"Alternative Form Consideration"), a holder of Series&nbsp;E Preferred Stock will receive upon conversion of such Series&nbsp;E Preferred Stock the kind and amount of Alternative Form
Consideration which such holder of Series&nbsp;E Preferred Stock would have owned or been entitled to receive upon the Change of Control had such holder of Series&nbsp;E Preferred Stock held a
number of shares of our common stock equal to the Common Stock Conversion Consideration immediately prior to the effective time of the Change of Control (the "Alternative Conversion Consideration,"
and the Common Stock Conversion Consideration or the Alternative Conversion Consideration, as may be applicable to a Change of Control, is referred to as the "Conversion Consideration"). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the holders of our common stock have the opportunity to elect the form of consideration to be received in the Change of Control, the consideration that the holders of the
Series&nbsp;E Preferred Stock will receive will be the form and proportion of the aggregate consideration elected by the holders of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=35,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=496305,FOLIO='29',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_30"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>our
common stock who participate in the determination (based on the weighted average of elections) and will be subject to any limitations to which all holders of our common stock are subject,
including, without limitation, pro rata reductions applicable to any portion of the consideration payable in the Change of Control. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will not issue fractional shares of common stock upon the conversion of the Series&nbsp;E Preferred Stock. In lieu of fractional shares, holders will be entitled to receive the cash
value of such fractional shares based on the Common Stock Price. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
15&nbsp;days following the occurrence of a Change of Control, we will provide to holders of Series&nbsp;E Preferred Stock a notice of the occurrence of the Change of Control
that describes the resulting Change of Control Conversion Right. This notice will state the following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the events constituting the Change of Control; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the date of the Change of Control; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the last date on which the holders of Series&nbsp;E Preferred Stock may exercise their Change of Control Conversion Right; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the method and period for calculating the Common Stock Price; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Change of Control Conversion Date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that if, prior to the Change of Control Conversion Date, we have provided or provide notice of our election to redeem all or any portion of the
Series&nbsp;E Preferred Stock, holders will not be able to convert Series&nbsp;E Preferred Stock and such shares will be redeemed on the related redemption date, even if such shares have already
been tendered for conversion pursuant to the Change of Control Conversion Right; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of Series&nbsp;E Preferred
Stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the name and address of the paying agent and the conversion agent; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the procedures that the holders of Series&nbsp;E Preferred Stock must follow to exercise the Change of Control Conversion Right. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will issue a press release for publication on the Dow Jones&nbsp;&amp; Company,&nbsp;Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if these organizations are not in
existence at the time of issuance of the press release, such other news or press organization as is reasonably calculated to broadly disseminate the relevant information to the public), or post a
notice on our website, in any event prior to the opening of business on the first business day following any date on which we provide the notice described above to the holders of Series&nbsp;E
Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
exercise the Change of Control Conversion Right, the holders of Series&nbsp;E Preferred Stock will be required to deliver, on or before the close of business on the Change of
Control Conversion Date, the certificates evidencing the Series&nbsp;E Preferred Stock, to the extent such shares are certificated, to be converted, duly endorsed for transfer, together with a
written conversion notice completed, to our transfer agent. The conversion notice must state:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the relevant Change of Control Conversion Date; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the number of shares of Series&nbsp;E Preferred Stock to be converted; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that the Series&nbsp;E Preferred Stock is to be converted pursuant to the applicable provisions of the Series&nbsp;E Preferred Stock. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=36,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=910334,FOLIO='30',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_31"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
"Change of Control Conversion Date" is the date the Series&nbsp;E Preferred Stock is to be converted, which will be a business day that is no fewer than 20&nbsp;days nor more
than 35&nbsp;days after the date on which we provide the notice described above to the holders of Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
"Common Stock Price" will be: (i)&nbsp;the amount of cash consideration per share of common stock, if the consideration to be received in the Change of Control by the holders of
our common stock is solely cash; or (ii)&nbsp;the average of the closing prices for our common stock on the NYSE for the 10&nbsp;consecutive trading days immediately preceding, but not including,
the effective date of the Change of Control or, if our common stock is no longer listed or quoted on an exchange, the fair market value of our common stock, if the consideration to be received in the
Change of Control by the holders of our common stock is other than solely cash. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of Series&nbsp;E Preferred Stock may withdraw any notice of exercise of a Change of Control Conversion Right (in whole or in part) by a written notice of withdrawal delivered
to our transfer agent prior to the close of business on the business day prior to the Change of Control Conversion Date. The notice of withdrawal must state:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the number of withdrawn shares of Series&nbsp;E Preferred Stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> if certificated Series&nbsp;E Preferred Stock has been issued, the certificate numbers of the withdrawn shares of Series&nbsp;E Preferred
Stock; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the number of shares of Series&nbsp;E Preferred Stock, if any, which remain subject to the conversion notice. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, if the Series&nbsp;E Preferred Stock is held in global form, the conversion notice and/or the notice of withdrawal, as applicable, must comply with
applicable procedures of DTC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series&nbsp;E
Preferred Stock as to which the Change of Control Conversion Right has been properly exercised and for which the conversion notice has not been properly withdrawn will be
converted into the applicable Conversion Consideration in accordance with the Change of Control Conversion Right on the Change of Control Conversion Date, unless prior to the Change of Control
Conversion Date we have provided or provide notice of our election to redeem such Series&nbsp;E Preferred Stock, whether pursuant to our optional redemption right or our special optional redemption
right. If we elect to redeem Series&nbsp;E Preferred Stock that would otherwise be converted into the applicable Conversion Consideration on a Change of Control Conversion Date, such Series&nbsp;E
Preferred Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable redemption date the Stated Value, plus an amount equal to any accrued but unpaid
dividends (whether or not authorized or declared) to, but not including, the date fixed for redemption, in accordance with our optional redemption right or special optional redemption right. See
"&#151;Optional Redemption by the Company" and "&#151;Special Optional Redemption by the Company" above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will deliver amounts owing upon conversion no later than the third business day following the Change of Control Conversion Date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the exercise of any Change of Control Conversion Right, we will comply with all federal and state securities laws and stock exchange rules in connection with any
conversion of Series&nbsp;E Preferred Stock into shares of our common stock. Notwithstanding any other provision of the Series&nbsp;E Preferred Stock, no holder of Series&nbsp;E Preferred Stock
will be entitled to convert such Series&nbsp;E Preferred Stock for shares of our common stock to the extent that receipt of such common stock would cause such holder (or any other person) to exceed
the share ownership limits contained in our charter and the Articles Supplementary, unless we provide an exemption from this limitation for such holder. See "&#151;Restrictions on Ownership and
Transfer" below. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=37,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=451727,FOLIO='31',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_32"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Change of Control conversion and redemption features of the Series&nbsp;E Preferred Stock may make it more difficult for a party to take over our company or discourage a party from
taking over our company. See "Risk Factors&#151;The change of control conversion and redemption features of the Series&nbsp;E Preferred Stock may make it more difficult for a party to take
over our company or discourage a party from taking over our company." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Liquidation Preference  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any voluntary or involuntary liquidation, dissolution or winding up of our affairs, before any distribution or payment is made to the
holders of our common stock or any other class or series of capital stock ranking junior to the Series&nbsp;E Preferred Stock, the holders of the Series&nbsp;E Preferred Stock will have the right
to receive, out of our assets legally available for distribution to our stockholders, after payment or provision for our debts and other liabilities, a liquidation preference equal to the Stated
Value, plus an amount equal to any accrued but unpaid dividends (whether or not declared) to, but not including, the date of payment. The rights of the holders of the Series&nbsp;E Preferred Stock
to receive the Stated Value will be subject to the rights of holders of our debt, holders of any equity securities ranking senior in liquidation preference to the Series&nbsp;E Preferred Stock (none
of which are currently outstanding) and the proportionate rights of holders of each other series or class of our equity securities ranked on a parity with the Series&nbsp;E Preferred Stock,
including the Series&nbsp;B Preferred Stock and the Series&nbsp;D Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
payment of the full amount of the liquidating distributions to which they are entitled, the holders of the Series&nbsp;E Preferred Stock will have no right or claim to any of our
remaining assets. Our consolidation or merger with or into any other corporation, trust or other entity, the consolidation or merger of any other corporation, trust or entity with or into us, the sale
or transfer of any or all our assets or business, or a statutory share exchange will not be deemed to constitute a liquidation, dissolution or winding up of our affairs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining whether a distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition of shares of our stock or otherwise, is
permitted under the Maryland General Corporation Law (the "MGCL"), amounts that would be needed, if we were to be dissolved at the time of distribution, to satisfy the preferential
rights upon dissolution of holders of the Series&nbsp;E Preferred Stock will not be added to our total liabilities. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting Rights  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General Voting Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of our charter regarding the restrictions on transfer and ownership of stock, each outstanding share of the
Series&nbsp;E Preferred Stock entitles the holder to vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class
or series of stock, the holders of our common stock and the Series&nbsp;E Preferred Stock (voting together as a single class) possess the exclusive voting power. There is no cumulative voting in the
election of our board of directors. In an uncontested election, directors are elected by a majority of the votes cast by the holders of the outstanding shares of our common stock and the
Series&nbsp;E Preferred Stock (voting together as a single class), meaning that a director is elected if the candidate received more votes "for" than the votes "against," without consideration of
abstentions, votes withheld, and broker non-votes. In a contested election (where there are more candidates for election than seats to be filled), directors are elected by a plurality of the votes
cast. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Special Voting Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If and whenever dividends on any shares of Series&nbsp;E Preferred Stock or any series or class of parity stock shall be in arrears for 18 or
more monthly periods (whether or not consecutive), the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=38,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=883592,FOLIO='32',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_33"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>number
of directors then constituting our board of directors shall be increased by two and the holders of such shares (voting together as a single class with all other shares of any class or series of
shares ranking on a parity with the Series&nbsp;E Preferred Stock which are entitled to similar voting rights, if any)
will be entitled to vote for the election of the two additional directors at any annual meeting of stockholders or at a special meeting of the holders of the Series&nbsp;E Preferred Stock and of any
other voting preferred stock called for that purpose. We must call such special meeting upon the request of the holders of record of 10% or more of the Series&nbsp;E Preferred Stock. Whenever
dividends in arrears on outstanding shares of Series&nbsp;E Preferred Stock shall have been paid and dividends thereon for the current monthly dividend period shall have been paid in full, then the
right of the holders of the Series&nbsp;E Preferred Stock to elect such additional two directors shall cease and, if all dividends have been paid in full on all other shares of voting preferred
stock, the terms of office of such directors shall terminate and the number of directors constituting the board of directors shall be reduced accordingly. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote or consent of at least 66 <SUP>2</SUP>/<SMALL>3</SMALL>% of the votes entitled to be cast by the holders of the outstanding shares of Series&nbsp;E Preferred Stock and the
holders of all other classes or series of preferred stock entitled to vote on such matters, if any, voting as a single class, in addition to any other vote required by the charter or Maryland law,
will be required to: (i)&nbsp;authorize the creation of, the increase in the authorized amount of, or the issuance of any shares of any class of stock ranking senior to the Series&nbsp;E Preferred
Stock or any security convertible into shares of any class of such senior stock or (ii)&nbsp;amend, alter or repeal any provision of, or add any provision to, our charter, including the articles
supplementary establishing the Series&nbsp;E Preferred Stock, whether by merger, consolidation or other business combination or otherwise, if such action would materially adversely affect the voting
powers, rights or preferences of the holders of the Series&nbsp;E Preferred Stock. Neither (i)&nbsp;an amendment of our charter to authorize, create, or increase the authorized amount of junior
stock or any shares of any class of parity stock, including additional Series&nbsp;E Preferred Stock nor (ii)&nbsp;any merger, consolidation or other business combination, so long as the
Series&nbsp;E Preferred Stock remains outstanding with the terms thereof materially unchanged, taking into account that upon the occurrence of such event, we may not be the surviving entity, shall
be deemed to materially adversely affect the powers, rights or preferences of the holders of Series&nbsp;E Preferred Stock. Subject to the general voting rights described above, such vote of the
holders of Series&nbsp;E Preferred Stock as described above shall be required if provision is made to redeem all Series&nbsp;E Preferred Stock at or prior to the time such amendment, alteration or
repeal is to take effect, or when the issuance of any such shares or convertible securities is to be made, as the case may be. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the exercise of the above described voting rights, each share of Series&nbsp;E Preferred Stock shall have one vote per share, except that when any other class or series
of preferred stock shall have the right to vote with the Series&nbsp;E Preferred Stock as a single class, then the Series&nbsp;E Preferred Stock and such other class or series shall have one vote
per $25.00 of stated liquidation preference. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Restrictions on Ownership  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For us to maintain our qualification as a REIT under the Code, our shares of capital stock must be beneficially owned by 100 or more persons
during at least 335&nbsp;days of a taxable year of 12&nbsp;months (or during a proportionate part of a shorter taxable year). Also, not more than 50% in value of our outstanding shares of capital
stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year.
Furthermore, if any stockholder or group of stockholders of any lessee of our hotels, owns, actually or constructively, 10% or more of our shares of capital stock, such lessee could become a
related-party tenant of ours, which likely would result in the loss of our qualification as a REIT. To ensure that we will comply with those share ownership rules, our charter contains provisions that
restrict the ownership and transfer of our shares of capital stock. With certain exceptions, our charter prohibits direct or constructive ownership by any person of more than 9.8% (in value or number
of shares, whichever is more </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=39,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=923041,FOLIO='33',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_de70501_1_34"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>restrictive)
of the outstanding shares of our common stock, or, with respect to any class or series of shares of preferred stock, 9.8% (in value or number of shares, whichever is more restrictive) of
the outstanding shares of such class or series of preferred stock, including the Series&nbsp;E Preferred Stock. See "Restrictions on Ownership and Transfer" in this prospectus for additional
discussion. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transfer Agent and Registrar  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for the Series&nbsp;E Preferred Stock is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Listing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of Series&nbsp;E Preferred Stock are not listed on an exchange and we do not intend to apply to have any such shares listed on an
exchange in the future. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=40,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=180100,FOLIO='34',FILE='DISK104:[19ZCR1.19ZCR70501]DE70501A.;12',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_dg70501_1_35"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dg70501_description_of_capital_stock"> </A>
<A NAME="toc_dg70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  DESCRIPTION OF CAPITAL STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following is a description of the material terms and provisions of our common stock and preferred stock. It may not
contain all the information that is important to you. You can access complete information by referring to our charter and our bylaws, as amended, copies of which are filed with the SEC and
incorporated by reference as exhibits to the registration statement of which this prospectus is a part.</I></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were formed under the laws of the State of Maryland. Rights of our stockholders are governed by the MGCL, our charter and our bylaws. Our
charter authorizes the issuance of up to 200,000,000 shares of common stock and 50,000,000 shares of preferred stock. As of September&nbsp;30, 2019, we had issued and outstanding 32,900,422 shares
of common stock, 4,965,850 shares of the Series&nbsp;B Preferred Stock and 1,600,000 shares of the Series&nbsp;D Preferred Stock. We have authorized 10,000,000 shares of the Series&nbsp;C
Preferred Stock, but no shares of Series&nbsp;C Preferred Stock were issued and outstanding. Our board of directors, without any action by our stockholders, may amend our charter to increase or
decrease the aggregate number of shares of our common stock or the number of shares of our stock of any class or series. In addition, our charter authorizes our board of directors to classify or
reclassify any unissued shares of any series. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Common Stock  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the preferential rights of any other class or series of stock and to the provisions of the charter regarding the restrictions on
transfer of stock, holders of shares of our common stock are entitled to receive dividends on such stock when, as and if authorized by our board of directors out of assets or funds legally available
therefor and declared by us and to share ratably in the assets of our company legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding up after
payment of or adequate provision for all known debts and liabilities of our company, including the preferential rights on liquidation or dissolution of any class or classes of preferred stock. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of our charter regarding the restrictions on transfer and ownership of stock, each outstanding share of our common
stock entitles the holder to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock,
the holders of our common stock and the Series&nbsp;E Preferred Stock (voting together as a single class) possess the exclusive voting power. There is no cumulative voting in the election of our
board of directors. In an uncontested election, directors are elected by a majority of the votes cast by the holders of the outstanding shares of our common stock and the Series&nbsp;E Preferred
Stock (voting together as a single class), meaning that a director is elected if the candidate received more votes "for" than the votes "against," without consideration of abstentions, votes withheld,
and broker non-votes. In a contested election (where there are more candidates for election than seats to be filled), directors are elected by a plurality of the votes cast. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Rights  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of our common stock have no preference, conversion, exchange, sinking fund, or redemption, have no preemptive rights to
subscribe for any securities of our company, and generally have no appraisal rights so long as our common stock is listed on a national securities exchange and except in very limited circumstances
involving a merger where our stock is converted into any consideration other than stock of the successor in the merger and in which our directors, officers, and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=41,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=956222,FOLIO='35',FILE='DISK104:[19ZCR1.19ZCR70501]DG70501A.;4',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_dg70501_1_36"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>5%
or greater stockholders receive different consideration than stockholders generally. Subject to the provisions of our charter regarding the restrictions on transfer and ownership of stock, shares
of our common stock have equal dividend, liquidation and other rights. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the MGCL, a Maryland corporation generally cannot dissolve, amend its charter, merge, consolidate, transfer all or substantially all of its assets, engage in a statutory share
exchange or engage in similar transactions outside the ordinary course of business unless declared advisable by the board of directors and approved by the affirmative vote of stockholders holding at
least two-thirds of the shares entitled to vote on the matter unless a lesser percentage (but not less than a majority of all of the votes
entitled to be cast on the matter) is set forth in the corporation's charter. Our charter provides for the affirmative vote of stockholders holding at least a majority of the shares entitled to be
cast to approve each of these matters, except that two-thirds of all votes are required to amend the provisions of our charter regarding restrictions on the transfer and ownership of our stock.
Because operating assets may be held by a corporation's subsidiaries, as in our situation, a subsidiary of a corporation may be able to merge or transfer all of its assets without a vote of our
stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
charter authorizes our board of directors to reclassify any unissued shares of our common stock into other classes or series of classes of stock and to establish the number of shares
in each class or series and to set the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions
of redemption for each such class or series. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Preferred Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter authorizes our board of directors to classify any unissued shares of preferred stock and to reclassify any previously classified but
unissued shares of any series. Prior to issuance of shares of each series, our board of directors is required by the MGCL and our charter to set the terms, preferences, conversion or other rights,
voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each such series. Thus, our board of directors could authorize
the issuance of shares of preferred stock with terms and conditions that could have the effect of delaying, deterring or preventing a transaction or a change of control of our company that might
involve a premium price for holders of our common stock or that stockholders believe may be in their best interests. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Series&nbsp;B Preferred Stock  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2019, there were 4,965,850 shares of the Series&nbsp;B Preferred Stock, with a liquidation preference of $25.00 per
share, issued and outstanding. We pay cumulative dividends on the Series&nbsp;B Preferred Stock, when and as authorized by our board of directors, at a rate of 5.50% per annum of the $25.00
liquidation preference per share (equivalent to the fixed annual rate of $1.375 per share). Dividends on the Series&nbsp;B Preferred Stock are payable quarterly in arrears on or about the
15th&nbsp;day of January, April, July and October of each year. Whenever dividends on any shares of Series&nbsp;B Preferred Stock are in arrears for six or more quarterly dividend periods, whether
or not consecutive, the dividend rate will increase to 7.50% per annum until all accumulated, accrued but unpaid dividends on the Series&nbsp;B Preferred Stock have been paid in full, at which time
the dividend rate will revert to 5.50% per annum. The Series&nbsp;B Preferred Stock ranks senior to all classes or series of our common stock and future junior securities, on a parity with each
series of our outstanding preferred
stock (including the Series&nbsp;D Preferred Stock and the Series&nbsp;E Preferred Stock) and with any future parity securities and junior to future senior securities and to all of our existing
and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of our affairs. Generally, we are not permitted to redeem
the Series&nbsp;B Preferred Stock prior to June&nbsp;11, 2020, except in limited circumstances relating to our ability to qualify as a REIT and in certain other circumstances related to a change
of control (as defined in </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=42,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=251188,FOLIO='36',FILE='DISK104:[19ZCR1.19ZCR70501]DG70501A.;4',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_dg70501_1_37"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
articles supplementary for the Series&nbsp;B Preferred Stock). Each outstanding share of Series&nbsp;B Preferred Stock will be convertible at any time at the option of the holder into that
number of whole shares of our common stock at an initial conversion price equal to $18.90. In addition, at any time, if the common stock equals or exceeds 110% of the applicable conversion price for
45 consecutive trading days, we have the option to mandatorily convert all or part of the Series&nbsp;B Preferred Stock into common stock at the then applicable conversion ratio, subject to a
make-whole payment (as described in the articles supplementary for the Series&nbsp;B Preferred Stock). If we do not exercise our right to redeem the Series&nbsp;B Preferred Stock upon such a
change of control, the holders of Series&nbsp;B Preferred Stock have the right to convert some or all of their shares into a number of shares of our common stock based on a defined formula subject
to a cap. The Series&nbsp;B Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. Holders of shares of the Series&nbsp;B Preferred Stock will
generally have no voting rights, except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances,
including the exclusive right to vote on any amendment, alteration or repeal of the provisions of our charter or the terms of the Series&nbsp;B Preferred Stock that would alter only the contract
rights set forth in our charter of the Series&nbsp;B Preferred Stock. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Series&nbsp;D Preferred Stock  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2019, there were 1,600,000 shares of the Series&nbsp;D Preferred Stock, with a liquidation preference of $25.00 per
share, issued and outstanding. We pay cumulative dividends on the Series&nbsp;D Preferred Stock, when and as authorized by our board of directors, at a rate of 8.25% per annum of the $25.00
liquidation preference per share (equivalent to the fixed annual rate of $2.0625 per share). Dividends on the Series&nbsp;D Preferred Stock are payable quarterly in arrears on or about the
15th&nbsp;day of January, April, July and October of each year. The Series&nbsp;D Preferred Stock ranks senior to all classes or series of our common stock and future junior securities, on a
parity with each series of our outstanding preferred stock (the Series&nbsp;B Preferred Stock and the Series&nbsp;E Preferred Stock) and with any future parity securities and junior to future
senior securities and to all of our existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of our
affairs. Generally, we are not permitted to redeem the Series&nbsp;D Preferred Stock prior to November&nbsp;20, 2023, except in limited circumstances relating to our ability to qualify as a REIT
and in certain other circumstances related to a change of control (as
defined in the articles supplementary for the Series&nbsp;D Preferred Stock). If we do not exercise our right to redeem the Series&nbsp;D Preferred Stock upon such a change of control, the holders
of Series&nbsp;D Preferred Stock have the right to convert some or all of their shares into a number of shares of our common stock based on a defined formula subject to a cap. The Series&nbsp;D
Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. Holders of shares of the Series&nbsp;D Preferred Stock will generally have no voting rights,
except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances, including the exclusive right to vote on
any amendment, alteration or repeal of the provisions of our charter or the terms of the Series&nbsp;D Preferred Stock that would alter only the contract rights set forth in our charter of the
Series&nbsp;D Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Restrictions on Ownership and Transfer  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To assist us in complying with certain federal income tax requirements applicable to REITs, our charter contains certain restrictions relating
to the ownership and transfer of our capital stock. See "Restrictions on Ownership and Transfer." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=43,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=163011,FOLIO='37',FILE='DISK104:[19ZCR1.19ZCR70501]DG70501A.;4',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_dg70501_1_38"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transfer Agent  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for our common stock, the Series&nbsp;B Preferred Stock and the Series&nbsp;D Preferred Stock is
Computershare Trust Company, N.A. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Listing  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the NYSE under the symbol "BHR," the Series&nbsp;B Preferred Stock is listed on the NYSE under the symbol
"BHRPrB" and the Series&nbsp;D Preferred Stock is listed on the NYSE under the symbol "BHRPrD." The shares of Series&nbsp;E Preferred Stock are not listed
on an exchange and we do not intend to apply to have any such shares listed on an exchange in the future. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Power to Increase Authorized Stock and Issue Additional Shares  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the power of our board of directors, without stockholder approval, to amend our charter to increase the aggregate number of
authorized shares of common stock and preferred stock, to issue additional authorized but unissued shares of our common stock and preferred stock and to classify or reclassify unissued shares of our
common stock and preferred stock and thereafter to issue such classified or reclassified shares provides us with flexibility in structuring possible future financings and acquisitions and in meeting
other needs which might arise. The additional classes or series, as well as the additional authorized shares of common stock or preferred stock, are available for issuance without further action by
our stockholders, unless stockholder approval is required by applicable law or the rules of the NYSE or any other stock exchange or automated quotation system on which our securities may be listed or
traded. Although our board of directors does not currently intend to do so, it could authorize us to issue an additional class or series of stock that could, depending upon the terms of the particular
class or series, delay, deter or prevent a transaction or a change of control of our company, even if such transaction or change of control involves a premium price for our stockholders or our
stockholders believe that such transaction or change of control may be in their best interests. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=44,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=498943,FOLIO='38',FILE='DISK104:[19ZCR1.19ZCR70501]DG70501A.;4',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_di70501_1_39"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="di70501_restrictions_on_ownership_and_transfer"> </A>
<A NAME="toc_di70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  RESTRICTIONS ON OWNERSHIP AND TRANSFER    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following summary with respect to restrictions on ownership and transfer of our stock sets forth certain general
terms and provisions of our charter. This summary does not purport to be complete and is subject to and qualified in its entirety by reference to our charter, as amended and supplemented from time to
time, including any articles supplementary relating to any class or series of preferred stock offered pursuant to this prospectus. A copy of our existing charter is filed with the SEC and is
incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. See "Where You Can Find More Information."</I></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order for us to qualify as a REIT under the Code, not more than 50% of the value of the outstanding shares of our stock may be owned, actually or constructively, by five or fewer
individuals (as defined in the Code to include certain entities) during the last half of a taxable year (other than the first year for which an election to be a REIT has been made by us). In addition,
if we, or one or more owners (actually or constructively) of 10% or more of the outstanding shares of our capital stock,
actually or constructively own 10% or more of a tenant of ours (or a tenant of any partnership in which we are a partner), other than a TRS, the rent received by us (either directly or through any
such partnership) from such tenant will not be qualifying income for purposes of the REIT gross income tests of the Code. Our stock must also be beneficially owned by 100 or more persons during at
least 335&nbsp;days of a taxable year of 12&nbsp;months or during a proportionate part of a shorter taxable year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
charter contains restrictions on the ownership and transfer of our capital stock that are intended to assist us in complying with these requirements and continuing to qualify as a
REIT. The relevant sections of our charter provide that, subject to the exceptions described below, no person or persons acting as a group may own, or be deemed to own by virtue of the attribution
provisions of the Code, more than (i)&nbsp;9.8% of the lesser of the total number or value of the outstanding shares of our common stock or (ii)&nbsp;9.8% of the lesser of the total number or
value of the outstanding shares of any class or series of our preferred stock or any other stock of our company. We refer to this restriction as the "ownership limit." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ownership attribution rules under the Code are complex and may cause stock owned actually or constructively by a group of related individuals and/or entities to be owned
constructively by one individual or entity. As a result, the acquisition of less than 9.8% of our capital stock (or the acquisition of an interest in an entity that owns, actually or constructively,
our capital stock) by an individual or entity, could, nevertheless cause that individual or entity, or another individual or entity, to own constructively in excess of 9.8% of our outstanding common
stock or a class of our preferred stock and thereby subject the common stock or preferred stock to the ownership limit. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
board of directors may, in its sole discretion, waive the ownership limit with respect to one or more stockholders who would not be treated as "individuals" for purposes of the Code
if it determines that such ownership will not cause any "individual's" beneficial ownership of shares of our capital stock to violate the ownership limit and that any exemption from the ownership
limit will not jeopardize our status as a REIT (for example, by causing any tenant of ours to be considered a "related party tenant" for purposes of the REIT qualification rules). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a condition of any waiver, our board of directors may require an opinion of counsel or an Internal Revenue Service private letter ruling satisfactory to our board of directors, and/or
representations or undertakings from the applicant with respect to preserving our REIT status. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the waiver of the ownership limit or at any other time, our board of directors may decrease the ownership limit for all other persons and entities; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT
SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the decreased ownership limit will not be effective for any person or entity
whose percentage ownership in our capital stock is in excess of such decreased ownership limit until such time as such person or entity's percentage of our capital stock equals or falls below the
decreased ownership limit (unless the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=45,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=638029,FOLIO='39',FILE='DISK104:[19ZCR1.19ZCR70501]DI70501A.;4',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_di70501_1_40"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>decrease
is as a result of a retroactive change in existing law, in which case such change shall be effective immediately), but any further acquisition of our capital stock in excess of such
percentage ownership of our capital stock will be in violation of the ownership limit. Additionally, the new ownership limit may not allow five or fewer "individuals" (as defined for purposes of the
REIT ownership restrictions under the Code) to beneficially own more than 49.5% of the value of our outstanding capital stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
charter provisions further prohibit:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any person from actually or constructively owning shares of our capital stock that would result in us being "closely held" under
Section&nbsp;856(h) of the Code (without regard to whether the ownership interest is held during the last half of the taxable year); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any person from transferring shares of our capital stock if such transfer would result in shares of our stock being beneficially owned by fewer
than 100 persons (determined without reference to any rules of attribution); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any person from beneficially or constructively owning our stock to the extent such beneficial or constructive ownership would cause us to
constructively own ten percent or more of the ownership interests in a tenant (other than a TRS) of our real property within the meaning of Section&nbsp;856(d)(2)(B) of the Code; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any person from beneficially or constructively owning or transferring our stock if such ownership or transfer would otherwise cause us to fail
to qualify as a REIT under the Code, including, but not limited to, as a result of any hotel management companies failing to qualify as "eligible independent contractors" under the REIT rules. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
person who acquires or attempts or intends to acquire beneficial or constructive ownership of shares of our common stock that will or may violate any of the foregoing restrictions on
transferability and ownership is required to give notice immediately to us and provide us with such other information as we may request in order to determine the effect of such transfer on our status
as a REIT. The foregoing provisions on transferability and ownership will not apply if our board of directors determines that it is no longer in our best interests to attempt to qualify, or to
continue to qualify, as a REIT. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to our charter, if any purported transfer of our capital stock or any other event would otherwise result in any person violating the ownership limits or the other restrictions
in our charter, then any such purported transfer will be void and of no force or effect with respect to the purported transferee or owner (collectively referred to hereinafter as the "purported
owner") as to that number of shares in excess of the ownership limit (rounded up to the nearest whole share). The number of shares in excess of the ownership limit will be automatically transferred
to, and held by, a trust for the exclusive benefit of one or more charitable organizations selected by us. The trustee of the trust will be designated by us and must be unaffiliated with us or with
any purported owner. The automatic transfer will be effective as of the close of business on the business day prior to the date of the violative transfer or other event that results in a transfer to
the trust. Any dividend or other distribution paid to the purported owner, prior to our discovery that the shares had been automatically transferred to a trust as described above, must be repaid to
the trustee upon demand for distribution to the beneficiary of the trust and all dividends and other distributions paid by us with respect to such "excess" shares prior to the sale by the trustee of
such shares shall be paid to the trustee for the beneficiary. If the transfer to the trust as described above is not automatically effective, for any reason, to prevent violation of the applicable
ownership limit, then our charter provides that the transfer of the excess shares will be void. Subject to Maryland law, effective as of the date that such excess shares have been transferred to the
trust, the trustee shall have the authority (at the trustee's sole discretion and subject to applicable law) (i)&nbsp;to rescind as void any vote cast by a purported owner prior to our discovery
that such shares have been transferred to the trust and (ii)&nbsp;to recast such vote in accordance with the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=46,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=739646,FOLIO='40',FILE='DISK104:[19ZCR1.19ZCR70501]DI70501A.;4',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_di70501_1_41"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>desires
of the trustee acting for the benefit of the beneficiary of the trust, provided that if we have already taken irreversible action, then the trustee shall not have the authority to rescind and
recast such vote. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of our capital stock transferred to the trustee are deemed offered for sale to us, or our designee, at a price per share equal to the lesser of (i)&nbsp;the price paid by the
purported owner for the shares (or, if the event which resulted in the transfer to the trust did not involve a purchase of such shares of our capital stock at market price, the market price on the day
of the event which resulted in the transfer of such shares of our capital stock to the trust) and (ii)&nbsp;the market price on the date we, or our designee, accept(s) such offer. We have the right
to accept such offer until the trustee has sold the shares of our capital stock held in the trust pursuant to the clauses discussed below. Upon a sale to us, the interest of the charitable beneficiary
in the shares sold terminates and the trustee must distribute
the net proceeds of the sale to the purported owner and any dividends or other distributions held by the trustee with respect to such capital stock will be paid to the charitable beneficiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we do not buy the shares, the trustee must, within 20&nbsp;days of receiving notice from us of the transfer of shares to the trust, sell the shares to a person or entity designated
by the trustee who could own the shares without violating the ownership limits. After that, the trustee must distribute to the purported owner an amount equal to the lesser of (i)&nbsp;the net price
paid by the purported owner for the shares (or, if the event which resulted in the transfer to the trust did not involve a purchase of such shares at market price, the market price on the day of the
event which resulted in the transfer of such shares of our capital stock to the trust) and (ii)&nbsp;the net sales proceeds received by the trust for the shares. Any proceeds in excess of the amount
distributable to the purported owner will be distributed to the charitable beneficiary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
charter also provides that "Benefit Plan Investors" (as defined in our charter) may not hold, individually or in the aggregate, 25% or more of the value of any class or series of
shares of our capital stock to the extent such class or series does not constitute "Publicly Offered Securities" (as defined in our charter). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
persons who own, directly or by virtue of the attribution provisions of the Code, more than 5% (or such other percentage as provided in the regulations promulgated under the Code) of
the lesser of the number or value of the shares of our outstanding capital stock must give written notice to us within 30&nbsp;days after the end of each calendar year. In addition, each stockholder
will, upon demand, be required to disclose to us in writing such information with respect to the direct, indirect and constructive ownership of shares of our stock as our board of directors deems
reasonably necessary to comply with the provisions of the Code applicable to a REIT, to comply with the requirements or any taxing authority or governmental agency or to determine any such compliance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
certificates representing shares of our capital stock bear a legend referring to the restrictions described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
ownership limits could delay, deter or prevent a transaction or a change of control of our company that might involve a premium price over the then-prevailing market price for the
holders of some, or a majority, of our outstanding shares of common stock or which such holders might believe to be otherwise in their best interest. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>41</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=47,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=797453,FOLIO='41',FILE='DISK104:[19ZCR1.19ZCR70501]DI70501A.;4',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_dk70501_1_42"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dk70501_material_provisions_of_marylan__mat02653"> </A>
<A NAME="toc_dk70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MATERIAL PROVISIONS OF MARYLAND LAW AND OF OUR CHARTER AND BYLAWS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>The following is a summary of material provisions of Maryland law and of our charter and bylaws. The summary is
qualified in its entirety by reference to the MGCL, our charter and bylaws. Copies of our charter and bylaws are filed with the SEC and incorporated by reference as exhibits to the registration
statement of which this prospectus is a part. See "Where You Can Find More Information."</I></FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


The Board of Directors  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide that the number of directors of our company may be established by our board of directors but may not be fewer than the
minimum number permitted under the MGCL and not more than 15. Our charter provides that a director may be removed only for cause and only upon the affirmative vote of a majority of the votes entitled
to be cast in the election of directors. Under our charter, cause means, with respect to any particular director, conviction of a felony or a final judgment of court of competent jurisdiction holding
that such director caused demonstrable, material harm to us through bad faith or active deliberate dishonesty. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to our charter, members of our board of directors serve one year terms and until their successors are elected and qualified. Holders of shares of our stock have no right to
cumulative voting in the election of directors. Consequently, at each annual meeting of stockholders at which our board of directors is elected, all of the members of our board of directors will be
elected if the votes cast for such directors exceed the votes cast against such directors (with abstentions and broker non-votes not counted as votes for or against a nominee's election), provided
that a plurality voting standard will be applicable in the case of a contested election. Pursuant to our charter, for so long as Ashford Advisor serves as our external advisor, we are required to
include two persons designated by Ashford Advisor as candidates for election as director at any stockholder meeting at which directors are elected. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Business Combinations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland law prohibits "business combinations" between a corporation and an interested stockholder or an affiliate of an interested stockholder
for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include, in circumstances specified in the statute, certain
mergers, consolidations, statutory share exchanges, certain transfers of assets, certain stock issuances or transfers, certain liquidation plans, and certain reclassifications, in each case involving
interested stockholders or their affiliates as asset transfer or issuance or reclassification of equity securities. Maryland law defines an interested stockholder of a corporation
as:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any person who beneficially owns 10% or more of the voting power of the voting stock of the corporation; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial
owner of 10% or more of the voting power of the then-outstanding voting stock of the corporation. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
person is not an interested stockholder if the board of directors approves in advance the transaction by which the person otherwise would have become an interested stockholder.
However, in approving the transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the
board of directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>42</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=48,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=862297,FOLIO='42',FILE='DISK104:[19ZCR1.19ZCR70501]DK70501A.;7',USER='CHE106795',CD=';6-NOV-2019;16:44' -->
<A NAME="page_dk70501_1_43"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the five-year prohibition, any business combination between a corporation and an interested stockholder generally must be recommended by the board of directors and approved by the
affirmative vote of at least:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 80% of the votes entitled to be cast by holders of the then-outstanding shares of common stock, voting together as a single group; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> two-thirds of the votes entitled to be cast by holders of the common stock other than shares held by the interested stockholder with whom or
with whose affiliate the business combination is to be effected or shares held by an affiliate or associate of the interested stockholder. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
super-majority vote requirements do not apply if certain fair price requirements set forth in the MGCL are satisfied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statute permits various exemptions from its provisions, including business combinations that are approved by the board of directors before the time that the interested stockholder
becomes an interested stockholder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
charter includes a provision opting out of the business combination/moratorium provisions of the MGCL. Consequently, the five-year moratorium and the super-majority vote/fair price
requirements will not apply to business combinations between us and any interested stockholder of ours unless we later amend our charter, with stockholder approval, to modify or eliminate this
provision. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Control Share Acquisitions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MGCL provides that "control shares" of a Maryland corporation acquired in a "control share acquisition" have no voting rights except to the
extent approved at a special meeting by the affirmative vote of two-thirds of the votes entitled to be cast on the matter, excluding shares of stock in a corporation in respect of which any of the
following persons is entitled to exercise or direct the exercise of the voting power of shares of stock of the corporation in the election of directors: (i)&nbsp;a person who makes or proposes to
make a control share acquisition, (ii)&nbsp;an officer of the corporation or (iii)&nbsp;an employee of the corporation who is also a director of the corporation. "Control shares" are voting shares
of stock which, if aggregated with all other such shares of stock previously acquired by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power
(except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power: (i)&nbsp;one-tenth or
more but less than one-third, (ii)&nbsp;one-third or more but less than a majority, or (iii)&nbsp;a majority or more of all voting power. Control shares do not include shares the acquiring person
is then entitled to vote as a result of having previously obtained stockholder approval. A "control share acquisition" means the acquisition, directly or indirectly, by any person of ownership, or the
power to direct the exercise of voting power with respect to, issued and outstanding control shares, subject to certain exceptions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to pay expenses), may compel our board of
directors to call a special meeting of stockholders to be held within 50&nbsp;days of demand to consider the voting rights of the shares. If no request for a meeting is made, the corporation may
itself present the question at any stockholders meeting. If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the
statute, then, subject to certain conditions and limitations, the corporation may redeem any or all of the control shares (except those for which voting rights have previously been approved) for fair
value determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which
the voting rights of such shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the
shares entitled to vote, all other stockholders may </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>43</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=49,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=935266,FOLIO='43',FILE='DISK104:[19ZCR1.19ZCR70501]DK70501A.;7',USER='CHE106795',CD=';6-NOV-2019;16:44' -->
<A NAME="page_dk70501_1_44"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>exercise
the appraisal rights provided by the MGCL. The fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the
acquiror in the control share acquisition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
control share acquisition statute does not apply to (i)&nbsp;shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or
(ii)&nbsp;acquisitions approved or exempted by the charter or bylaws of the corporation at any time prior to the acquisition of the shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
charter contains a provision exempting from the control share acquisition statute any and all acquisitions by any person of our common stock. Consequently, the control share
acquisitions statute will not apply unless we later amend our charter, with stockholder approval, to modify or eliminate this provision. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


MGCL Title 3, Subtitle 8  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtitle 8 of Title 3 of the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at
least three independent directors to elect to be subject, notwithstanding any contrary provision in the charter or bylaws, to any or all of the following five provisions: a classified board; a
two-thirds stockholder vote requirement for removal of a director; a requirement that the number of directors be fixed only by vote of the directors; a requirement that a vacancy on the board of
directors be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred; and a requirement that the holders of at least a
majority of all votes entitled to be cast request a special meeting of stockholders. Through provisions in our charter and bylaws unrelated to Subtitle 8, we already require that the number of
directors be fixed only by our board of directors and require, unless called by the Chairman of our board of directors, our president or chief executive officer or a majority of our board of
directors, the written request of stockholders entitled to cast not less than a majority of all votes entitled to be cast at such meeting to call a special meeting. Our board of directors has adopted
a resolution that makes an election prohibiting us from making any of the elections permitted by Subtitle 8 unless such election is first approved by a stockholder vote. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Amendment to Our Charter and Bylaws  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter may be amended only if declared advisable by the board of directors and approved by the affirmative vote of the holders of at least
a majority of all of the votes entitled to be cast on the matter, except that two-thirds of all votes are required to amend the provisions of our charter regarding restrictions on the transfer and
ownership of our stock. As permitted by the MGCL, our charter contains a provision permitting our directors, without any action by our stockholders, to amend the charter to increase or decrease the
aggregate number of shares of stock of any class or series that we have authority to issue. Our charter provides that our board of directors has the exclusive power to adopt, alter or repeal any
provision of our bylaws and make new bylaws. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dissolution of Our Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The dissolution of our company must be declared advisable by the board of directors and approved by the affirmative vote of the holders of not
less than a majority of all of the votes entitled to be cast on the matter. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Special Meetings of Stockholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special meetings of stockholders may be called only by our board of directors, the chairman of our board of directors, our chief executive
officer or, in the case of a stockholder requested special meeting, by our secretary upon the written request of the holders of common stock entitled to cast not </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>44</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=50,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=23028,FOLIO='44',FILE='DISK104:[19ZCR1.19ZCR70501]DK70501A.;7',USER='CHE106795',CD=';6-NOV-2019;16:44' -->
<A NAME="page_dk70501_1_45"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>less
than a majority of all votes entitled to be cast at such meeting. Only matters set forth in the notice of the special meeting may be considered and acted upon at such a meeting. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Advance Notice of Director Nominations and New Business  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> with respect to an annual meeting of stockholders, the only business to be considered and the only proposals to be acted upon, including
nominations of persons for election to our board of directors, will be those properly brought before the annual meeting: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> pursuant to our notice of the meeting;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by, or at the direction of, our board of directors; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by a stockholder who is entitled to vote at the meeting and has complied with the advance notice procedures set forth in our
bylaws; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> with respect to a special meeting of stockholders, only the business specified in our company's notice of meeting may be brought before the
meeting of stockholders; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> with respect to a special meeting of stockholders, nominations of persons for election to our board of directors may be made
only: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by, or at the direction of, our board of directors; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> by a stockholder who is entitled to vote at the meeting and has complied with the advance notice provisions set forth in our
bylaws. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
in accordance with our bylaws, a stockholder seeking to nominate a director or bring other business before our annual meeting of stockholders must deliver a notice to our
secretary not less than 90&nbsp;days nor more than 120&nbsp;days prior to the first anniversary of the date of mailing of the notice for the prior year's annual meeting of stockholders. For a
stockholder seeking to nominate a candidate for our board of directors, the notice must include all information regarding the nominee that would be required in connection with the solicitation for the
election of such nominee, including name, address, occupation and number of shares held. For a stockholder seeking to propose other business, the notice must include a description of the proposed
business, the reasons for the proposal and other specified matters. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


No Stockholder Rights Plan  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not have, and we do not intend to adopt, a stockholder rights plan unless our stockholders approve in advance the adoption of a plan. If
our board of directors adopts a plan for our company, we will submit the stockholder rights plan to our stockholders for a ratification vote within 12&nbsp;months of adoption, without which the plan
will terminate. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Anti-Takeover Effect of Certain Provisions of Maryland Law and of Our Charter and Bylaws  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions restricting ownership and transfer of our stock in our charter, as well as the advance notice provisions of our bylaws could
delay, deter or prevent a transaction or a change of control of our company that might involve a premium price for holders of our common stock or that stockholders otherwise believe may be in their
best interest. In addition, our board of directors has the power to increase the aggregate number of authorized shares and classify and reclassify any unissued shares of our stock into other classes
or series of stock, and to authorize us to issue the newly classified shares, and could authorize the issuance of shares of common stock or another class or series of stock, including a class or
series of preferred stock, that could have the effect of delaying, deterring, or preventing a transaction or a change of control of us. See "Restrictions on Ownership and Transfer," </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>45</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=51,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=279423,FOLIO='45',FILE='DISK104:[19ZCR1.19ZCR70501]DK70501A.;7',USER='CHE106795',CD=';6-NOV-2019;16:44' -->
<A NAME="page_dk70501_1_46"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"Description
of Capital Stock&#151;Power to Increase Authorized Stock and Issue Additional Shares." Further, our charter and bylaws also provide that the number of directors may be established
only by our board of directors, which prevents our stockholders from increasing the number of our directors and filling any vacancies created by such increase with their own nominees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our charter were to be amended to avail the corporation of the business combination provisions of the MGCL or to remove or modify the provision in the charter opting out of the
control share acquisition provisions of the MGCL, or if our stockholders approve any election under the provisions of Title 3, Subtitle 8, these provisions of the MGCL could have similar anti-takeover
effects. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Indemnification and Limitation of Directors' and Officers' Liability  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter and the Partnership Agreement provide for indemnification of our officers and directors against liabilities to the fullest extent
permitted by Maryland law, as amended from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland
law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or
otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former
directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a
party by reason of their service in those or other capacities unless it is established that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an act or omission of the director or officer was material to the matter giving rise to the proceeding and: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> was committed in bad faith; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> was the result of active and deliberate dishonesty; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the director or officer actually received an improper personal benefit in money, property or services; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation (other than for expenses incurred in a
successful defense of such an action) or for a judgment of liability on the basis that personal benefit was improperly received. In addition, Maryland law permits a corporation to advance reasonable
expenses to a director or officer upon the corporation's receipt of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a written affirmation by the director or officer of his good faith belief that he or she has met the standard of conduct necessary for
indemnification by the corporation; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a written undertaking by the director or on the director's behalf to repay the amount paid or reimbursed by the corporation if it is ultimately
determined that the director did not meet the standard of conduct. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland
law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money
damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty established by a final judgment as being
material to the cause of action. Our charter contains such a provision which eliminates such liability to the maximum extent permitted by Maryland law. These limitations of liabilities do not apply to
liabilities arising under the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>46</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=52,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=38618,FOLIO='46',FILE='DISK104:[19ZCR1.19ZCR70501]DK70501A.;7',USER='CHE106795',CD=';6-NOV-2019;16:44' -->
<A NAME="page_dk70501_1_47"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>federal
securities laws and do not generally affect the availability of equitable remedies such as injunctive relief or rescission. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate
entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any present or former director or officer who is made a party to the proceeding by reason of his or her service in that capacity; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any individual who, while a director or officer of our company and at our request, serves or has served another corporation, real estate
investment trust, partnership, joint venture, trust, employee benefit plan or any other enterprise as a director, officer, partner or trustee and who is made a party to the proceeding by reason of his
or her service in that capacity. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have entered into indemnification agreements with our directors and executive officers that obligate us to indemnify our directors and executive officers, and advance expenses as
described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws also obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and advance expenses to any person who served a predecessor of ours
in any of the capacities described above. Subject to the approval of our board of directors, we are also obligated, to the fullest extent permitted by Maryland law in effect from time to time, and to
such further extent as we shall deem appropriate under the circumstances, to indemnify and advance expenses to any employee or agent of our company or a predecessor of our company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership Agreement provides that we, as the general partner, and our officers and directors are indemnified to the fullest extent permitted by law. See "Partnership
Agreement&#151;Exculpation and Indemnification of the General Partner." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as the foregoing provisions permit indemnification of directors, officers or persons controlling us for liability arising under the Securities Act, we have been informed that in
the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>47</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=53,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=536948,FOLIO='47',FILE='DISK104:[19ZCR1.19ZCR70501]DK70501A.;7',USER='CHE106795',CD=';6-NOV-2019;16:44' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_dm70501_1_48"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dm70501_partnership_agreement"> </A>
<A NAME="toc_dm70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PARTNERSHIP AGREEMENT    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Management  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Operating Partnership has been organized as a Delaware limited partnership. One of our wholly owned subsidiaries is the sole general partner
of this partnership, and one of our subsidiaries holds limited Partnership Units in this partnership. As of September&nbsp;30, 2019, we owned, through wholly owned subsidiaries, approximately 87.2%
of the partnership interests in our Operating Partnership and the limited partners of our Operating Partnership owned the remaining approximately
12.8% of the partnership interests in our Operating Partnership on a fully diluted basis. In the future, we may issue additional interests in our Operating Partnership to third parties. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Partnership Agreement, we, as the sole managing member of the general partner, generally have full, exclusive and complete responsibility and discretion in the
management, operation and control of the partnership, including the ability to cause the partnership to enter into certain major transactions, including acquisitions, developments and dispositions of
properties, borrowings and refinancings of existing indebtedness. No limited partner may take part in the operation, management or control of the business of our Operating Partnership by virtue of
being a holder of limited Partnership Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
subsidiary may not be removed as general partner of the partnership. Upon the bankruptcy or dissolution of the general partner, the general partner shall be deemed to be removed
automatically. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
limited partners of our Operating Partnership have agreed that in the event of a conflict in the fiduciary duties owed (i)&nbsp;by us to our stockholders and (ii)&nbsp;by us, as
general partner of our Operating Partnership, to those limited partners, we may act in the best interests of our stockholders without violating our fiduciary duties to the limited partners of our
Operating Partnership or being liable for any resulting breach of our duties to the limited partners. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Transferability of Interests  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General Partner  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement provides that we may not transfer our interest as a general partner (including by sale, disposition, merger or
consolidation) except:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in connection with a merger of our Operating Partnership, a sale of substantially all of the assets of our Operating Partnership or other
transaction in which the limited partners receive a certain amount of cash, securities or property; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in connection with a merger of us or the general partner into another entity, if the surviving entity contributes substantially all its assets
to our Operating Partnership and assumes the duties of the general partner under the Partnership Agreement. </FONT></DD></DL>
</UL>
<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Limited Partner  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement prohibits the sale, assignment, transfer, pledge or disposition of all or any portion of the Partnership Units held by
limited partners without our consent, which we may give or withhold in our sole discretion. However, an individual partner may donate his units to his immediate family or a trust wholly owned by his
immediate family, without our consent. The Partnership Agreement contains other restrictions on transfer if, among other things, that transfer:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> would cause us to fail to comply with the REIT rules under the Code; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> would cause our Operating Partnership to become a publicly traded partnership under the Code. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>48</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=54,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=164720,FOLIO='48',FILE='DISK104:[19ZCR1.19ZCR70501]DM70501A.;3',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_dm70501_1_49"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Capital Contributions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement provides that if the partnership requires additional funds at any time in excess of funds available to the partnership
from borrowing or capital contributions, we may borrow such funds from a financial institution or other lender and lend such funds to the partnership. Under the Partnership Agreement, we will be
obligated to contribute the proceeds of any offering of stock as additional capital to our Operating Partnership. Our Operating Partnership is authorized to cause the partnership to issue partnership
interests for less than fair market value if we conclude in good faith that such issuance is in both the partnership's and our best interests. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership Agreement provides that we may make additional capital contributions, including properties, to the partnership in exchange for additional Partnership Units. If we
contribute additional capital to the partnership and receive additional partnership interests for such capital contribution, our percentage interests will be increased on a proportionate basis based
on the amount of such additional capital contribution and the value of the partnership at the time of such contributions. Conversely, the percentage interests of the other limited partners will be
decreased on a proportionate basis. In addition, if we contribute additional capital to the partnership and receive additional partnership interests for such capital contribution, the capital accounts
of the partners will be adjusted upward or downward to reflect any unrealized gain or loss attributable to our properties as if there were an actual sale of such properties at the fair market value
thereof. Limited partners have no preemptive right to make additional capital contributions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Operating Partnership could also issue preferred partnership interests in connection with the acquisitions of property or otherwise. Any such preferred partnership interests have
priority over common partnership interests with respect to distributions from the partnership, including the partnership interests that our wholly owned subsidiaries own. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Redemption Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Partnership Agreement, we have granted to each limited partner holding common units (other than our subsidiary) the right to redeem
its common units. This right may be exercised at the election of a limited partner by giving us written notice, subject to some limitations. The purchase price for the common units to be redeemed will
equal the fair market value of our common stock. The purchase price for the common units may be paid in cash, or, in our discretion, by the issuance by us of a number of shares of our common stock
equal to the number of common units with respect to which the rights are being exercised. However, no limited partner will be entitled to exercise its redemption rights to the extent that the issuance
of common stock to the redeeming
partner would be prohibited under our charter or, if after giving effect to such exercise, would cause any person to own, actually or constructively, more than 9.8% of our common stock, unless such
ownership limit is waived by us in our sole discretion. The common units issued to the limited partners generally may be redeemed at any time after the first anniversary of their issuance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all cases, however, no limited partner may exercise the redemption right for fewer than 2,000 partnership units or, if a limited partner holds fewer than 2,000 Partnership Units, all
of the Partnership Units held by such limited partner. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
of our executive officers may elect to receive a special class of Partnership Units in our Operating Partnership referred to as LTIP Units pursuant to the Second Amended and
Restated 2013 Equity Incentive Plan. LTIP Units vest over a number of years and whether vested or not, generally receive the same treatment as common units of our Operating Partnership, with the key
difference being, at the time of the award, LTIP Units do not have full economic parity with common units but can achieve such parity over time. The LTIP Units will achieve parity with the common
units upon the sale or deemed sale of all or substantially all of the assets of the partnership at a time when our stock is trading at some level in excess of the price it was trading on the date of
the LTIP Unit issuance. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>49</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=55,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=869214,FOLIO='49',FILE='DISK104:[19ZCR1.19ZCR70501]DM70501A.;3',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_dm70501_1_50"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>More
specifically, LTIP Units will achieve full economic parity with common units in connection with (i)&nbsp;the actual sale of all or substantially all of the assets of our Operating Partnership
or (ii)&nbsp;the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the Partnership Agreement, for our Operating Partnership. A capital account
revaluation generally occurs whenever there is an issuance of additional partnership interests or the redemption of partnership interests. If a sale, or deemed sale as a result of a capital account
revaluation, occurs at a time when our Operating Partnership's assets have sufficiently appreciated, the LTIP Units will achieve full economic parity with the common units. However, in the absence of
sufficient appreciation in the value of the assets of our Operating Partnership at the time a sale or deemed sale occurs, full economic parity would not be reached. If such parity is reached, vested
LTIP Units become convertible into an equal number of common units and at that time, the holder will have the redemption rights described above. Until and unless such parity is reached, the LTIP Units
are not redeemable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2019, the aggregate number of shares of common stock issuable upon exercise of the redemption rights by holders of common units is 3,921,476. The number of
shares of common stock issuable upon exercise of the redemption rights will be adjusted to account for share splits, mergers, consolidations or similar pro rata share transactions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion Rights  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of the LTIP Units will have the right to convert vested LTIP Units into ordinary common units on a one-for-one basis at any time
after such LTIP Units have achieved economic parity with the common units. As of September&nbsp;30, 2019, there were 897,368 LTIP Units outstanding, including those eligible for vesting upon
satisfaction of certain performance criteria, approximately 737,317 of which have reached full economic parity with, and, upon vesting will be convertible into, the common units. No other limited
partners have any conversion rights. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Operations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement requires the partnership be operated in a manner that enables us to satisfy the requirements for being classified as a
REIT, to minimize any excise tax liability imposed by the Code and to ensure that the partnership will not be classified as a "publicly traded partnership" taxable as a corporation under
Section&nbsp;7704 of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the administrative and operating costs and expenses incurred by the partnership, the partnership pays all of our administrative costs and expenses. These expenses are
treated as expenses of the partnership and generally include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all expenses relating to our continuity of existence; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all expenses relating to offerings and registration of securities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all expenses associated with the preparation and filing of any of our periodic reports under federal, state or local laws or regulations; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all expenses associated with our compliance with laws, rules and regulations promulgated by any regulatory body; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> all of our other operating or administrative costs incurred in the ordinary course of its business on behalf of the partnership. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Distributions  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement provides that the partnership will make cash distributions in amounts and at such times as determined by us in our
sole discretion, to us and other limited partners in accordance with the respective percentage interests of the partners in the partnership. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=56,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=953130,FOLIO='50',FILE='DISK104:[19ZCR1.19ZCR70501]DM70501A.;3',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_dm70501_1_51"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
liquidation of the partnership, after payment of, or adequate provisions for, debts and obligations of the partnership, including any partner loans, any remaining assets of the
partnership will be distributed to us and the other limited partners with positive capital accounts in accordance with the respective positive capital account balances of the partners. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Allocations  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Profits and losses of our Operating Partnership (including depreciation and amortization deductions) for each fiscal year generally are
allocated to us and the other limited partners in accordance with the respective percentage interests of the partners in the partnership. All of the foregoing allocations are subject to compliance
with the provisions of Sections&nbsp;704(b) and 704(c) of the Code and Treasury regulations promulgated thereunder. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Amendments  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, we, as sole managing member of the sole general partner of our Operating Partnership, may amend the Partnership Agreement without the
consent of any limited partner to clarify the Partnership Agreement, to make changes of an inconsequential nature, to reflect the admission, substitution or withdrawal of limited partners, to reflect
the issuance of additional partnership interests or if, in the opinion of counsel, necessary or appropriate to satisfy the Code with respect to partnerships or REITs or federal or state securities
laws. However, any amendment which alters or changes the distribution or redemption rights of a limited partner (other than a change to reflect the seniority of any distribution or liquidation rights
of any preferred units issued in accordance with the Partnership Agreement), changes the method for allocating profits and losses, imposes any obligation on the limited partners to make additional
capital contributions or adversely affects the limited liability of the limited partners requires the consent of holders of at least two-thirds of the limited Partnership Units. Other amendments
require approval of the general partner and holders of 50% of the limited Partnership Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Partnership Agreement may be amended, without the consent of any limited partner, in the event that we or any of our subsidiaries engages in a merger or consolidation
with another entity and immediately after such transaction the surviving entity contributes to our Operating Partnership substantially all of the assets of such surviving entity and the surviving
entity agrees to assume our subsidiary's obligation as general partner of the partnership. In such case, the surviving entity will amend the Partnership Agreement to arrive at a new method for
calculating the amount a limited partner is to receive upon redemption or conversion of a Partnership Unit (such method to approximate the existing method as much as possible). </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Exculpation and Indemnification of the General Partner  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Partnership Agreement provides that neither the general partner, nor any of its directors and officers will be liable to the partnership or
to any of its partners as a result of errors in judgment or mistakes of fact or law or of any act or omission, if the general partner acted in good faith. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Partnership Agreement requires our Operating Partnership to indemnify and hold the general partner and its directors, officers and any other person it designates,
harmless from and against any and all claims arising from operations of our Operating Partnership in which any such indemnitee may be involved, or is threatened to be involved, as a party or
otherwise, or in which any indemnitee
may be subpoenaed or otherwise requested to provide documents, testimony or information, unless it is established that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the act or omission of the indemnitee was material to the matter giving rise to the proceeding and was committed in bad faith or was the result
of active and deliberate dishonesty; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>51</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=57,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=392367,FOLIO='51',FILE='DISK104:[19ZCR1.19ZCR70501]DM70501A.;3',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_dm70501_1_52"> </A>


<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the indemnitee actually received an improper personal benefit in money, property or services; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in the case of any criminal proceeding, the indemnitee had reasonable cause to believe that the act or omission was unlawful. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership Agreement requires our Operating Partnership advance an indemnitee all reasonable expenses (including without limitation attorneys' fees, costs, expenses and
disbursements) incurred by an indemnitee who is a party to or is otherwise involved in, or is subpoenaed or otherwise requested to provide documents, testimony or information in connection with, any
civil, criminal, administrative or arbitrative action, suit, inquiry, investigation or proceeding in advance of the final disposition of such action, suit, inquiry, investigation or proceeding upon
receipt by our Operating Partnership of (i)&nbsp;a written affirmation by the indemnitee of the indemnitee's good faith belief that the standard of conduct necessary for indemnification by our
Operating Partnership under the Partnership Agreement has been met, and (ii)&nbsp;a written undertaking by or on behalf of the indemnitee to repay the amount if it shall ultimately be determined
that the standard of conduct has not been met. Each such advancement of expenses shall be made within five business days after the receipt by our Operating Partnership of a written request for
advancement of expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
indemnitee may subject any partner of our Operating Partnership to personal liability with respect to this indemnification obligation as this indemnification obligation will be
satisfied solely out of the assets of the partnership. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Term  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The partnership has a perpetual life, unless dissolved upon:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the general partner's bankruptcy or dissolution or withdrawal (unless the limited partners elect to continue the partnership); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the passage of 90&nbsp;days after the sale or other disposition of all or substantially all the assets of the partnership; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the redemption of all Partnership Units (other than those held by us, if any); or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an election by us in our capacity as the sole owner of the general partner. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax Matters  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The general partner is the partnership representative of our Operating Partnership. We have the authority to make tax elections under the Code
on behalf of the partnership. The net income or net loss of our Operating Partnership is generally allocated to us and the limited partners in accordance with our and their respective percentage
interests in the partnership, subject to compliance with the provisions of the Code. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>52</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=58,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=893402,FOLIO='52',FILE='DISK104:[19ZCR1.19ZCR70501]DM70501A.;3',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_do70501_1_53"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="do70501_material_u.s._federal_income_tax_considerations"> </A>
<A NAME="toc_do70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion is a summary of the material federal income tax considerations associated with our qualification and taxation as a REIT
and the acquisition, ownership, and disposition of our shares of common stock and preferred stock, including the Series&nbsp;E Preferred Stock. The discussion does not address (i)&nbsp;U.S.
federal taxes other than income taxes, or (ii)&nbsp;state, local or non-U.S. taxes. The discussion also does not address all aspects of taxation that may be relevant to particular investors in light
of their personal investment or tax circumstances, or to certain types of investors that are subject to special treatment under the federal income tax laws, such as:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> insurance companies; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> financial institutions or broker-dealers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> tax-exempt organizations (except to the limited extent discussed in "&#151;Taxation of Tax-Exempt Stockholders"); </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> passive foreign investment companies or controlled foreign corporations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons who are not citizens or residents of the United States (except to the limited extent discussed in "&#151;Taxation of Non-U.S.
Holders of Stock"); </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors who hold or will hold our capital stock as part of a "straddle," "hedge," "conversion transaction," "synthetic security" or other
integrated investment; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors subject to federal alternative minimum tax; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors that have a principal place of business or "tax home" outside the United States; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors whose functional currency is not the United States dollar; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> U.S. expatriates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investors subject to special rules under Code Section&nbsp;892; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons who mark-to-market our capital stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> subchapter&nbsp;S corporations; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> trusts and estates; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> regulated investment companies and REITs; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> persons who receive our capital stock through the exercise of employee stock options or otherwise as compensation. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>If
a partnership, entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our capital stock, the federal income tax treatment of a partner in the partnership will
generally
depend on the status of the partner and the activities of the partnership. If you are a partnership holding our capital stock, you should consult your tax advisor regarding the consequences to the
partnership and its partners of the purchase, ownership and disposition of our capital stock by the partnership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary assumes that stockholders will hold our capital stock as capital assets. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
statements of law in this discussion are based on current provisions of the Code, existing, temporary and final Treasury regulations thereunder, and current administrative rulings
and court decisions. No assurance can be given that future legislative, judicial, or administrative actions or decisions, which may be retroactive in effect, will not affect the accuracy of any
statements in this prospectus with respect to the transactions entered into or contemplated prior to the effective date of such changes. Except for the private letter ruling we received on
October&nbsp;17, 2019 with respect to the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>53</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=59,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=810642,FOLIO='53',FILE='DISK104:[19ZCR1.19ZCR70501]DO70501A.;7',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_do70501_1_54"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>eligible
independent contractor status of certain subsidiaries of Ashford&nbsp;Inc., we have not received any rulings from the IRS concerning our qualification as a REIT. No assurance can be given
that the IRS would not assert, or that a court would not sustain, a position contrary to any tax consequences described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
urge you to consult your own tax advisor regarding the specific tax consequences to you of ownership of the Securities and of our election to be taxed as a REIT. Specifically, we urge
you to consult your own tax advisor regarding the federal, state, local, foreign, and other tax consequences of such ownership and election and regarding potential changes in applicable tax laws. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxation of Our Company  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have elected to be taxed as a REIT under the federal income tax laws commencing with our short taxable year ended December&nbsp;31, 2013.
We believe that, commencing with such taxable year, we have been organized and operated in such a manner as to qualify for taxation as a REIT under the Code, and we intend to continue to operate in
such a manner, but no assurance can be given that we will operate in a manner so as to continue to qualify as a REIT. Additionally, under applicable Treasury Regulations, if Ashford Trust failed to
qualify as a REIT in any of its 2009 through 2013 taxable years, unless Ashford Trust's failure to qualify as a REIT was subject to relief as described
below under "&#151;Failure to Qualify," we would be prevented from electing to qualify as a REIT prior to the fifth calendar year following the year in which Ashford Trust failed to qualify.
This section discusses the laws governing the federal income tax treatment of a REIT and its investors. These laws are highly technical and complex. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with this prospectus, Locke Lord&nbsp;LLP will issue an opinion to us to the effect that, commencing with our short taxable year ended December&nbsp;31, 2013 through
December&nbsp;31, 2018, we have been organized and operated in conformity with the requirements for qualification as a REIT, and our current and proposed method of operation will enable us to
continue to meet the requirements for qualification and taxation as a REIT under the Code for our taxable year ending December&nbsp;31, 2019 and thereafter. Locke Lord&nbsp;LLP's opinion will be
based upon customary assumptions, will be conditioned upon the accuracy of certain representations made by us as to factual matters, including representations regarding the nature of our properties
and the prior and future conduct of our business, and is not binding upon the IRS or any court. In addition, Locke Lord&nbsp;LLP's opinion is based on existing federal income tax law governing
qualification as a REIT as of the date of the opinion, which is subject to change either prospectively or retroactively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover,
our continued qualification and taxation as a REIT depend upon our ability to meet on a continuing basis, through actual annual operating results, certain qualification tests
set forth in the federal tax laws. Those qualification tests include the percentage of income that we earn from specified sources, the percentage of our assets that falls within specified categories,
the diversity of our share ownership, and the percentage of our earnings that we distribute. While Locke Lord&nbsp;LLP will have reviewed those matters in connection with its opinion, Locke Lord
will not review our compliance with those tests on a continuing basis. Accordingly, no assurance can be given that the actual results of our operation for any particular taxable year will satisfy such
requirements. Locke Lord&nbsp;LLP's opinion will not foreclose the possibility that we may have to use one or more REIT savings provisions discussed below, which could require us to pay an excise or
penalty tax (which could be material) in order for us to maintain our REIT qualification. For a discussion of the tax consequences of our failure to qualify as a REIT, see "&#151;Failure to
Qualify." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we qualify as a REIT, we generally will not be subject to federal income tax on the taxable income that we distribute to our stockholders. The benefit of that tax treatment is that it
avoids the "double taxation," or taxation at both the corporate and stockholder levels, that generally results from </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>54</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=60,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=785265,FOLIO='54',FILE='DISK104:[19ZCR1.19ZCR70501]DO70501A.;7',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_do70501_1_55"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>owning
stock in a corporation. However, we will be subject to federal tax in the following circumstances:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We will pay federal income tax at regular corporate rates on taxable income, including net capital gain, that we do not distribute to our
stockholders during, or within a specified time period after, the calendar year in which the income is earned. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Under certain circumstances and for taxable years beginning before January&nbsp;1, 2018, we may be subject to the alternative minimum tax on
items of tax preference. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We will pay income tax at the highest corporate rate on (1)&nbsp;net income from the sale or other disposition of property acquired through
foreclosure ("foreclosure property") that we hold primarily for sale to customers in the ordinary course of business and (2)&nbsp;other non-qualifying income from foreclosure property. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We will pay a 100% tax on net income from sales or other dispositions of property, other than foreclosure property, that we hold primarily for
sale to customers in the ordinary course of business. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we fail to satisfy the 75% gross income test or the 95% gross income test, as described below under "&#151;Income Tests," and
nonetheless continue to qualify as a REIT because we meet other requirements, we will pay a 100% tax on (1)&nbsp;the gross income attributable to the greater of the amount by which we fail the 75%
and 95% gross income tests, multiplied by (2)&nbsp;a fraction intended to reflect our profitability. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we fail to distribute during a calendar year at least the sum of (1)&nbsp;85% of our REIT ordinary income for such year, (2)&nbsp;95% of
our REIT capital gain net income for such year, and (3)&nbsp;any undistributed taxable income from prior periods, we will pay a 4% nondeductible excise tax on the excess of this required
distribution over the sum of the amount we actually distributed, plus any retained amounts on which income tax has been paid at the corporate level. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We may elect to retain and pay income tax on our net long-term capital gain. In that case, a U.S. holder (as defined below under
"&#151;Taxation of Taxable U.S. Holders of Stock") would be taxed on its proportionate share of our undistributed long-term capital gain (to the extent that a timely designation of such gain is
made by us to the stockholder) and would receive a credit or refund for its proportionate share of the tax we paid. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we acquire any asset from a C corporation, or a corporation that generally is subject to full corporate-level tax, in a merger or other
transaction in which we acquire a basis in the asset that is determined by reference to the C corporation's basis in the asset, we will pay tax at the highest regular corporate rate applicable if we
recognize gain on the sale or disposition of such asset during a specified period after we acquire such asset. The amount of gain on which we will pay tax generally is the lesser of: (1)&nbsp;the
amount of gain that we recognize at the time of the sale or disposition; or (2)&nbsp;the amount of gain that we would have recognized if we had sold the asset at the time we acquired the asset. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We will incur a 100% excise tax on certain transactions with a TRS that are not conducted on an arm's-length basis and we will incur such 100%
excise tax if it is determined that we have been undercharged for certain services provided by a TRS. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> If we fail to satisfy certain asset tests, described below under "&#151;Asset Tests" and nonetheless continue to qualify as a REIT
because we meet certain other requirements, we will be subject to a tax of the greater of $50,000 or at the highest corporate rate on the income generated by the non-qualifying assets. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>55</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=61,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1022666,FOLIO='55',FILE='DISK104:[19ZCR1.19ZCR70501]DO70501A.;7',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_do70501_1_56"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> We may be subject to a $50,000 tax for each failure if we fail to satisfy certain REIT qualification requirements, other than income tests or
asset tests, and the failure is due to reasonable cause and not willful neglect. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>In
addition, notwithstanding our qualification as a REIT, we may also have to pay certain state and local income taxes, because not all states and localities treat REITs in the same manner that they
are treated for federal income tax purposes. Moreover, as further described below, any TRS in which we own an interest will be subject to federal and state corporate income tax on its taxable income. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Requirements for REIT Qualification  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A REIT is a corporation, trust, or association that meets the following requirements: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
is managed by one or more trustees or directors;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>its
beneficial ownership is evidenced by transferable shares or by transferable certificates of beneficial interest;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
would be taxable as a domestic corporation but for the REIT provisions of the federal income tax laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
is neither a financial institution nor an insurance company subject to special provisions of the federal income tax laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>at
least 100 persons are beneficial owners of its shares or ownership certificates;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>no
more than 50% in value of its outstanding shares or ownership certificates is owned, directly or indirectly, by five or fewer individuals, as defined in the
federal income tax laws to include certain entities, during the last half of each taxable year;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
elects to be a REIT, or has made such election for a previous taxable year, and satisfies all relevant filing and other administrative requirements established by
the IRS that must be met to elect and maintain REIT status;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
uses a calendar year for federal income tax purposes and complies with the recordkeeping requirements of the federal income tax laws;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>9.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
meets certain other qualification tests, described below, regarding the nature of its income and assets and the amount of its distributions; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>10.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>it
has no earnings and profits from any non-REIT taxable year at the close of any taxable year. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
must meet requirements 1 through 4, 7, 8 and 9 during our entire taxable year, must meet requirement 10 at the close of each taxable year and must meet requirement 5 during at least
335&nbsp;days of a taxable year of 12&nbsp;months, or during a proportionate part of a taxable year of less than 12&nbsp;months. If we comply with all the requirements for ascertaining the
ownership of our outstanding shares in a taxable year and have no reason to know that we violated requirement 6, we will be deemed to have satisfied requirement 6 for such taxable year. For purposes
of determining share ownership under requirement 6, an "individual" generally includes a supplemental unemployment compensation benefits plan, a private foundation, or a portion of a trust permanently
set aside or used exclusively for charitable purposes. An "individual," however, generally does not include a trust that is a qualified employee pension or profit sharing trust under the federal
income tax laws, and beneficiaries of such a trust will be treated as holding shares of our stock in proportion to their actuarial interests in the trust for purposes of requirement 6. Requirements 5
and 6 applied to us beginning with our taxable year ended December&nbsp;31, 2014. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>56</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=62,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=235297,FOLIO='56',FILE='DISK104:[19ZCR1.19ZCR70501]DO70501A.;7',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_do70501_1_57"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the issuance of common stock pursuant to the spin-off, we had issued sufficient common stock with enough diversity of ownership to satisfy requirements 5 and 6 set forth above. In
addition, our charter restricts the ownership and transfer of our stock so that we should continue to satisfy requirements 5 and 6. The provisions of our charter restricting the ownership and transfer
of the stock
are described in "Restrictions on Ownership and Transfer." These restrictions, however, may not ensure that we will, in all cases, be able to satisfy such stock ownership requirements. If we fail to
satisfy these stock ownership requirements, our qualification as a REIT may terminate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we comply with regulatory rules pursuant to which we are required to send annual letters to holders of our stock requesting information regarding the actual ownership of our stock,
and we do not know, or exercising reasonable diligence would not have known, whether we failed to meet requirement 6 above, we will be treated as having met the requirement. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we must satisfy all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT qualification. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Qualified REIT Subsidiaries  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A corporation that is a "qualified REIT subsidiary" is not treated as a corporation separate from its parent REIT. All assets, liabilities, and
items of income, deduction, and credit of a "qualified REIT subsidiary" are treated as assets, liabilities, and items of income, deduction, and credit of the REIT. A "qualified REIT subsidiary" is a
corporation, other than a TRS, all of the capital stock of which is owned by the REIT. Thus, in applying the requirements described in this section, any "qualified REIT subsidiary" that we own will be
ignored, and all assets, liabilities, and items of income, deduction, and credit of that subsidiary will be treated as our assets, liabilities, and items of income, deduction, and credit. Similarly,
any wholly-owned limited liability company or certain wholly-owned partnerships that we own will be disregarded, and all assets, liabilities and items of income, deduction and credit of such limited
liability company will be treated as ours. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Other Disregarded Entities and Partnerships  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An unincorporated domestic entity, such as a partnership or limited liability company that has a single owner, generally is not treated as an
entity separate from its parent for federal income tax purposes. An unincorporated domestic entity with two or more owners is generally treated as a partnership for federal income tax purposes. In the
case of a REIT that is a partner in a partnership that has other partners, the REIT is treated as owning its proportionate share of the assets of the partnership and as earning its allocable share of
the gross income of the partnership for purposes of the applicable REIT qualification tests. For purposes of the 10% value test (as described below under "&#151;Asset Tests"), our proportionate
share is based on our proportionate interest in the equity interests and certain debt securities issued by the partnership. For all of the other
asset and income tests, our proportionate share is based on our proportionate interest in the capital interests in the partnership. Our proportionate share of the assets, liabilities, and items of
income of our operating partnership and of any other partnership, joint venture, or limited liability company that is treated as a partnership for federal income tax purposes in which we own or will
acquire an interest, directly or indirectly (each, a "Partnership" and, together, the "Partnerships"), are treated as our assets and gross income for purposes of applying the various REIT
qualification requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may in the future acquire interests in partnerships and limited liability companies that are joint ventures in which we do not own general partner or managing member interests. If a
partnership or limited liability company in which we own an interest takes or expects to take actions that could jeopardize our qualification as a REIT or require us to pay tax, we may be forced to
dispose of our interest in such entity. In addition, it is possible that a partnership or limited liability company could take an action which could cause us to fail a REIT gross income or asset test,
and that we would not </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>57</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=63,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=835075,FOLIO='57',FILE='DISK104:[19ZCR1.19ZCR70501]DO70501A.;7',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_do70501_1_58"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>become
aware of such action in time to dispose of our interest in the partnership or limited liability company or take other corrective action on a timely basis. In that case, we could fail to qualify
as a REIT unless we are able to qualify for a statutory REIT "savings" provision, which may require us to pay a significant penalty tax to maintain our REIT qualification. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxable REIT Subsidiaries  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to restrictions on the value of TRS securities held by the REIT, a REIT is permitted to own up to 100% of the stock of one or more TRSs.
A TRS is a fully taxable corporation and is required to pay regular U.S. federal income tax, and state and local income tax where applicable, as a non-REIT "C" corporation. In addition, a taxable REIT
subsidiary may be prevented from deducting interest on debt funded directly or indirectly by us if certain tests are not satisfied, as described below in "&#151;Interest Deduction Limitation."
The TRS and the REIT must jointly elect to treat the subsidiary as a TRS. A corporation of which a TRS directly or indirectly owns more than 35% of the voting power or value of the stock will be
automatically treated as a TRS. A TRS may not directly or indirectly operate or manage any hotels or health care facilities or provide rights to any brand name under which any hotel or health care
facility is operated but is permitted to lease hotels from a related REIT as long as the hotels are operated on behalf of the TRS by an "eligible independent contractor." Overall, no more than 25%
(20% with respect to taxable years beginning after December&nbsp;31, 2017) of the value of a REIT's assets may consist of TRS securities. A timely election has been made with respect to each of our
TRSs. Each of our hotel properties is leased by one of our TRSs, except that the Ritz Carlton St.&nbsp;Thomas hotel is owned by one of our TRSs.
Additionally, we may form or acquire one or more additional TRSs in the future. See the separate section entitled "Taxable REIT Subsidiaries." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Income Tests  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must satisfy two gross income tests annually to maintain our qualification as a REIT. First, at least 75% of our gross income for each
taxable year must consist of defined types of income that we derive, directly or indirectly, from investments relating to real property or mortgages on real property or qualified temporary investment
income. Qualifying income for purposes of that 75% gross income test generally includes:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> rents from real property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> interest on debt secured by mortgages on real property or on interests in real property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> dividends or other distributions on, and gain from the sale of, shares in other REITs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> gain from the sale of real estate assets; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> income derived from the temporary investment of new capital or "qualified temporary investment income," that is attributable to the issuance of
our stock or a public offering of our debt with a maturity date of at least five years and that we receive during the one-year period beginning on the date on which we received such new capital; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> income and gain derived from foreclosure property, as defined below under "&#151;Foreclosure Property." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second,
in general, at least 95% of our gross income for each taxable year must consist of income that is qualifying income for purposes of the 75% gross income test, other types of
dividends and interest, gain from the sale or disposition of stock or securities, or any combination of these. Gross income from our sale of any property that we hold primarily for sale to customers
in the ordinary course of business and cancellation of indebtedness, or COD, income is excluded from both income tests. Certain foreign currency gains will be excluded from gross income for purposes
of one or both of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>58</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=64,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=411749,FOLIO='58',FILE='DISK104:[19ZCR1.19ZCR70501]DO70501A.;7',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_do70501_1_59"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>the
gross income tests, as discussed below in "&#151;Foreign Currency Gain." In addition, income and gain from "hedging transactions," as defined in the section below entitled
"&#151;Hedging Transactions," that we enter into will be excluded from both the numerator and the denominator for purposes of the 95% gross income test and the 75% gross income test. Rules
similar to those applicable to income from "hedging transactions" apply to income arising from transactions that we enter into primarily to manage risk of currency fluctuations with respect to any
item of income or gain included in the computation of the 95% income test or the 75% income test (or any property which generates such income or gain). The following paragraphs discuss the specific
application of the gross income tests to us. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Rents from Real Property  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent that we receive from real property that we own and lease to tenants will qualify as "rents from real property," which is qualifying income
for purposes of the 75% and 95% gross income tests, only if the following conditions are met:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> First, the rent must not be based, in whole or in part, on the income or profits of any person but may be based on a fixed percentage or
percentages of gross receipts or gross sales. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Second, neither we nor a direct or indirect owner of 10% or more of our shares of stock may own, actually or constructively, 10% or more of a
tenant, other than a TRS, from whom we receive rent. If the tenant is a TRS either (i)&nbsp;at least 90% of the property is leased to unrelated tenants and the rent paid by the TRS is substantially
comparable to the rent paid by the unrelated tenants for comparable space or (ii)&nbsp;the TRS leases a qualified lodging facility or qualified health care property and engages an "eligible
independent contractor" to operate such facility or property on its behalf. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Third, if the rent attributable to personal property leased in connection with a lease of real property exceeds 15% of the total rent received
under the lease, then the portion of rent attributable to that personal property will not qualify as "rents from real property." If rent attributable to personal property leased in connection with a
lease of real property is 15% or less of the total rent received under the lease, then the rent attributable to personal property will qualify as rents from real property. </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Fourth, we generally must not operate or manage our real property or furnish or render services to our tenants, other than through an
"independent contractor" who is adequately compensated, from whom we do not derive revenue, and who does not, directly or through its stockholders, own more than 35% of our shares of stock, taking
into consideration the applicable ownership attribution rules. However, we need not provide services through an "independent contractor," but instead may provide services directly to our tenants, if
the services are "usually or customarily rendered" in the geographic area in connection with the rental of space for occupancy only and are not considered to be provided for the tenants' convenience.
In addition, we may provide a minimal amount of "non-customary" services to the tenants of a property, other than through an independent contractor, as long as our income from the services (valued at
not less than 150% of our direct cost of performing such services) does not exceed 1% of our income from the related property. Furthermore, we may own up to 100% of the stock of a TRS which may
provide customary and noncustomary services to our tenants without tainting our rental income from the related properties. See "&#151;Taxable REIT Subsidiaries." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to percentage leases, our TRSs lease each of our properties (other than the Ritz Carlton, St.&nbsp;Thomas hotel, which is owned by one of our TRSs). The percentage leases
provide that our TRSs are obligated to pay to the Partnerships (1)&nbsp;a minimum base rent plus percentage rent based on gross revenue and (2)&nbsp;"additional charges" or other expenses, as
defined in the leases. Percentage rent is calculated by multiplying fixed percentages by revenues for each of the hotels. Both base rent and the thresholds in the percentage rent formulas may be
adjusted for inflation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>59</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=65,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=387107,FOLIO='59',FILE='DISK104:[19ZCR1.19ZCR70501]DO70501A.;7',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_dq70501_1_60"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order for the base rent, percentage rent, and additional charges to constitute "rents from real property," the percentage leases must be respected as true
leases for federal income tax purposes and not treated as service contracts, joint ventures, or some other type of arrangement. The determination of whether the percentage leases are true leases
depends on an analysis of all the surrounding facts and circumstances. In making such a determination, courts have considered a variety of factors, including the
following:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the property owner's expectation of receiving a pre-tax profit from the lease; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the intent of the parties; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the form of the agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the degree of control over the property that is retained by the property owner, or whether the lessee has substantial control over the
operation of the property or is required simply to use its best efforts to perform its obligations under the agreement; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the extent to which the property owner retains the risk of loss with respect to the property, or whether the lessee bears the risk of increases
in operating expenses or the risk of damage to the property or the potential for economic gain or appreciation with respect to the property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the lessee will be obligated to pay, at a minimum, substantial base rent for the period of use of the properties under the lease; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the lessee will stand to incur substantial losses or reap substantial gains depending on how successfully it, through the property managers,
who work for the lessees during the terms of the leases, operates the properties. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>In
addition, federal income tax law provides that a contract that purports to be a service contract or a partnership agreement will be treated instead as a lease of property if the contract is
properly treated as such, taking into account all relevant factors, including whether or not:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the service recipient is in physical possession of the property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the service recipient controls the property; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the service recipient has a significant economic or possessory interest in the property, or whether the property's use is likely to be
dedicated to the service recipient for a substantial portion of the useful life of the property, the recipient shares the risk that the property will decline in value, the recipient shares in any
appreciation in the value of the property, the recipient shares in savings in the property's operating costs, or the recipient bears the risk of damage to or loss of the property; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the service provider bears the risk of substantially diminished receipts or substantially increased expenditures if there is nonperformance
under the contract; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the service provider uses the property concurrently to provide significant services to entities unrelated to the service recipient; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the total contract price substantially exceeds the rental value of the property for the contract period. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>Since
the determination of whether a service contract should be treated as a lease is inherently factual, the presence or absence of any single factor will not be dispositive in every case. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=66,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=472543,FOLIO='60',FILE='DISK104:[19ZCR1.19ZCR70501]DQ70501A.;10',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dq70501_1_61"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that our percentage leases will be treated as true leases for federal income tax purposes. Such belief is based, in part, on the following
facts:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Partnerships, on the one hand, and our TRSs, on the other hand, intend for their relationship to be that of a lessor and lessee, and such
relationship is documented by lease agreements; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our TRSs have the right to the exclusive possession, use, and quiet enjoyment of the hotels during the term of the percentage leases; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our TRSs bear the cost of, and are responsible for, day-to-day maintenance and repair of the hotels and generally dictate how the hotels are
operated, maintained, and improved; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our TRSs bear all of the costs and expenses of operating the hotels, including the cost of any inventory used in their operation, during the
term of the percentage leases, other than, in certain cases, real estate taxes; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our TRSs benefit from any savings in the costs of operating the hotels during the term of the percentage leases; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our TRSs generally indemnify the Partnerships against all liabilities imposed on the Partnerships during the term of the percentage leases by
reason of (1)&nbsp;injury to persons or damage to property occurring at the hotels, (2)&nbsp;our TRSs' use, management, maintenance, or repair of the hotels, (3)&nbsp;any environmental liability
caused by acts or grossly negligent failures to act of our TRSs, (4)&nbsp;taxes and assessments in respect of the hotels that are the obligations of our TRSs, or (5)&nbsp;any breach of the
percentage leases or of any sublease of a hotel by our TRSs; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our TRSs are obligated to pay, at a minimum, substantial base rent for the period of use of the hotels; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our TRSs stand to incur substantial losses or reap substantial gains depending on how successfully they operate the hotels; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the Partnerships cannot use the hotels concurrently to provide significant services to entities unrelated to our TRSs; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the total contract price under the percentage leases does not substantially exceed the rental value of the hotels for the term of the
percentage leases; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> each lease, at the time we entered into it enabled the tenant to derive a meaningful profit, after expenses and taking into account the risks
associated with the lease, from the operation of the hotels during the term of its leases (and we expect that each lease, at any time it is subsequently renewed or extended, will do the same); and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> upon termination of each lease, the applicable hotel is expected to have a substantial remaining useful life and substantial remaining fair
market value. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
should be aware that there are no controlling Treasury regulations, published rulings, or judicial decisions involving leases with terms substantially the same as the
percentage leases that discuss whether such leases constitute true leases for federal income tax purposes. If the percentage leases are characterized as service contracts or partnership agreements,
rather than as true leases, part or all of the payments that the Partnerships receive from our TRSs may not be considered rent or may not otherwise satisfy the various requirements for qualification
as "rents from real property." In that case,
we likely would not be able to satisfy either the 75% or 95% gross income test and, as a result, would lose our REIT status. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described above, in order for the rent received by us to constitute "rents from real property," several other requirements must be satisfied. One requirement is that the percentage
rent must not be </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>61</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=67,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=743446,FOLIO='61',FILE='DISK104:[19ZCR1.19ZCR70501]DQ70501A.;10',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dq70501_1_62"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>based
in whole or in part on the income or profits of any person. The percentage rent, however, will qualify as "rents from real property" if it is based on percentages of gross receipts or gross
sales and the percentages:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> are fixed at the time the percentage leases are entered into; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> are not renegotiated during the term of the percentage leases in a manner that has the effect of basing percentage rent on income or profits;
and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> conform with normal business practice. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More
generally, the percentage rent will not qualify as "rents from real property" if, considering the percentage leases and all the surrounding circumstances, the arrangement does not
conform with normal business practice, but is in reality used as a means of basing the percentage rent on income or profits. Since the percentage rent is based on fixed percentages of the gross
revenues from the hotels that are established in the percentage leases, and we believe (and have represented to Locke Lord&nbsp;LLP in connection with its opinion) that the percentages
(1)&nbsp;will not be renegotiated during the terms of the percentage leases in a manner that has the effect of basing the percentage rent on income or profits and (2)&nbsp;conform with normal
business practice, the percentage rent should not be considered based in whole or in part on the income or profits of any person. Furthermore, we anticipate (and have represented to Locke
Lord&nbsp;LLP in connection with its opinion) that, with respect to other hotel properties that we acquire in the future, we will not charge rent for any property that is based in whole
or in part on the income or profits of any person, except by reason of being based on a fixed percentage of gross receipts or gross sales, as described above. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Another
requirement for qualification of our rent as "rents from real property" is that we must not own, actually or constructively, 10% or more of the stock of any corporate lessee or
10% or more of the assets or net profits of any non-corporate lessee (a "related party tenant") other than a TRS. All of our hotels are leased to TRSs. In addition, our charter prohibits transfers of
our stock that would cause us to own actually or constructively, 10% or more of the ownership interests in any non-TRS lessee. Based on the foregoing, we should never own, actually or constructively,
10% or more of any lessee other than a TRS. However, because the constructive ownership rules are broad and it is not possible to monitor continually direct and indirect transfers of our stock, no
absolute assurance can be given that such transfers or other events of which we have no knowledge will not cause us to own constructively 10% or more of a lessee (or a subtenant, in which case only
rent attributable to the subtenant is disqualified) other than a TRS at some future date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described above, we may own up to 100% of the capital stock of one or more TRSs. A TRS is a fully taxable corporation that generally may engage in any business, including the
provision of customary or noncustomary services to tenants of its parent REIT, except that a TRS may not directly or indirectly operate or manage any lodging facilities or health care facilities or
provide rights to any brand name under which any lodging or health care facility is operated, unless such rights are provided to an "eligible independent contractor" to operate or manage a lodging or
health care facility if such rights are held by the TRS as a franchisee, licensee, or in a similar capacity and such hotel is either owned by the TRS or leased to the TRS by its parent REIT. A TRS
will not be considered to operate or manage a qualified lodging facility solely because the TRS directly or indirectly possesses a license, permit, or similar instrument enabling it to do so.
Additionally, a TRS that employs individuals working at a qualified lodging facility outside the United States will not be considered to operate or manage a qualified lodging facility located outside
of the United States, as long as an "eligible independent contractor" is responsible for the daily supervision and direction of such individuals on behalf of the TRS pursuant to a management agreement
or similar service contract. However, rent that we receive from a TRS with respect to any property will qualify as "rents from real property" as long as the property is a "qualified lodging facility"
and such property is operated on behalf of the TRS by a person from whom we derive no income who is adequately compensated, who does not, directly or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>62</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=68,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=488723,FOLIO='62',FILE='DISK104:[19ZCR1.19ZCR70501]DQ70501A.;10',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dq70501_1_63"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>through
its stockholders, own more than 35% of our shares, taking into account certain ownership attribution rules, and who is, or is related to a person who is, actively engaged in the trade or
business of operating "qualified lodging facilities" for any person unrelated to us and the TRS lessee (an "eligible independent contractor"). A "qualified lodging facility" is a hotel, motel, or
other establishment more than one-half of the dwelling units in which are used on a transient basis, unless wagering activities are conducted at or in connection with such facility by any person who
is engaged in the business of accepting wagers and who is legally authorized to engage in such business at or in connection with such facility. A "qualified lodging facility" includes customary
amenities and facilities operated as part of, or associated with, the lodging facility as long as such amenities and facilities are
customary for other properties of a comparable size and class owned by other unrelated owners. See "&#151;Taxable REIT Subsidiaries." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
TRSs have engaged third-party hotel managers that qualify as "eligible independent contractors" to operate the related hotels on behalf of such TRS lessees. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
third requirement for qualification of our rent as "rents from real property" is that the rent attributable to the personal property leased in connection with the lease of a hotel must
not be greater than 15% of the total rent received under the lease. The rent attributable to the personal property contained in a hotel is the amount that bears the same ratio to total rent for the
taxable year as the average of the fair market values of the personal property at the beginning and at the end of the taxable year bears to the average of the aggregate fair market values of both the
real and personal property contained in the hotel at the beginning and at the end of such taxable year (the "personal property ratio"). With respect to each hotel, we believe either that the personal
property ratio is less than 15% or that any income attributable to excess personal property will not jeopardize our ability to qualify as a REIT. There can be no assurance, however, that the IRS would
not challenge our calculation of a personal property ratio or that a court would not uphold such assertion. If such a challenge were successfully asserted, we could fail to satisfy the 95% or 75%
gross income test and thus lose our REIT status. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
fourth requirement for qualification of our rent as "rents from real property" is that, other than within the 1% de minimis exception described above (i.e.,&nbsp;we may provide a
minimal amount of "non-customary" services to the tenants of a property, other than through an independent contractor, as long as our income from the services does not exceed 1% of our income from the
related property) and other than through a TRS, we cannot furnish or render noncustomary services to the tenants of our hotels, or manage or operate our hotels, other than through an independent
contractor who is adequately compensated and from whom we do not derive or receive any income. Provided that the percentage leases are respected as true leases, we should satisfy that requirement,
because the Partnerships will not perform any services other than customary services for our TRSs. Furthermore, we have represented that, with respect to other hotel properties that we acquire in the
future, we will not perform noncustomary services for our TRSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a portion of our rent from a hotel does not qualify as "rents from real property" because the rent attributable to personal property exceeds 15% of the total rent for a taxable year,
the portion of the rent that is attributable to personal property will not be qualifying income for purposes of either the 75% or 95% gross income test. Thus, if such rent attributable to personal
property, plus any other income that is nonqualifying income for purposes of the 95% gross income test, during a taxable year exceeds 5% of our gross income during the year, we would lose our REIT
status. If, however, the rent from a particular hotel does not qualify as "rents from real property" because either (1)&nbsp;the percentage rent is considered based on the income or profits of the
related lessee, (2)&nbsp;the lessee is a related party tenant other than a TRS, or (3)&nbsp;we furnish noncustomary services to the tenants of the hotel, or manage or operate the hotel, other than
through a qualifying independent contractor or a TRS, none of the rent from that hotel would qualify as "rents from real property." In that case, we likely would be unable to satisfy either the 75% or
95% gross income test and, as a result, would lose our REIT status. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>63</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=69,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=363416,FOLIO='63',FILE='DISK104:[19ZCR1.19ZCR70501]DQ70501A.;10',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dq70501_1_64"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>However,
in either situation, we may still qualify as a REIT if the relief described below under "&#151;Failure to Satisfy Gross Income Tests" is available to us. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the rent, our TRSs are required to pay to the Partnerships certain additional charges. To the extent that such additional charges represent either
(1)&nbsp;reimbursements of amounts that the Partnerships are obligated to pay to third parties or (2)&nbsp;penalties for nonpayment or late payment of such amounts, such charges should qualify as
"rents from real property." However, to the extent that such charges represent interest that is accrued on the late payment of the rent or additional charges, such charges will not qualify as "rents
from real property," but instead should be treated as interest that qualifies for the 95% gross income test. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interest  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term "interest," as defined for purposes of both the 75% and 95% gross income tests, generally does not include any amount received or
accrued, directly or indirectly, if the determination of such amount depends in whole or in part on the income or profits of any person. However, interest generally includes the following:
(i)&nbsp;an amount that is based on a fixed percentage or percentages of receipts or sales, and (ii)&nbsp;an amount that is based on the income or profits of a debtor, as long as the debtor
derives substantially all of its income from the real property securing the debt from leasing substantially all of its interest in the property, and only to the extent that the amounts received by the
debtor would be qualifying "rents from real property" if received directly by a REIT. Furthermore, to the extent that interest from a loan that is based on the residual cash proceeds from the sale of
the property securing the loan constitutes a "shared appreciation provision," income attributable to such participation feature will be treated as gain from the sale of the secured property. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dividends  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of any dividends received from any corporation (including any TRS, but excluding any REIT) in which we own an equity interest will
qualify for purposes of the 95% gross income test but not for purposes of the 75% gross income test. Our share of any dividends or other distributions received from any other REIT in which we own an
equity interest will be qualifying income for purposes of both gross income tests. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


COD Income  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time-to-time, we and our subsidiaries may recognize cancellation of indebtedness income ("COD income") in connection with repurchasing debt
at a discount. COD income is excluded from gross income for purposes of both the 95% gross income test and the 75% gross income test. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreign Currency Gain  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain foreign currency gains will be excluded from gross income for purposes of one or both of the gross income tests. "Real estate foreign
exchange gain" is excluded from gross income for purposes of the 75% gross income test. Real estate foreign exchange gain generally includes foreign currency gain attributable to any item of income or
gain that is qualifying income for purposes of the 75% gross income test, foreign currency gain attributable to the acquisition or ownership of (or becoming or being the obligor under) obligations
secured by mortgages on real property or on interest in real property and certain foreign currency gain attributable to certain "qualified business units" of a REIT. "Passive foreign exchange gain" is
excluded from gross income for purposes of the 95% gross income test. Passive foreign exchange gain generally includes real estate foreign exchange gain as described above, and also includes foreign
currency gain attributable to any item of income or gain that is qualifying income for purposes of the 95% gross income test and foreign currency gain attributable to the acquisition or ownership of
(or becoming or being the obligor under) obligations. Because passive </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>64</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=70,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=515569,FOLIO='64',FILE='DISK104:[19ZCR1.19ZCR70501]DQ70501A.;10',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dq70501_1_65"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>foreign
exchange gain includes real estate foreign exchange gain, real estate foreign exchange gain is excluded from gross income for purposes of both the 75% and 95% gross income tests. These
exclusions for real estate foreign exchange gain and passive foreign exchange gain do not apply to foreign currency gain derived from dealing, or engaging in substantial and regular trading, in
securities. Such gain is treated as nonqualifying income for purposes of both the 75% and 95% gross income tests. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Prohibited Transactions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A REIT will incur a 100% tax on the net income (including foreign currency gain) derived from any sale or other disposition of property, other
than foreclosure property, that the REIT holds primarily for sale to customers in the ordinary course of a trade or business. Whether a REIT holds an asset "primarily for sale to customers in the
ordinary course of a trade or business" depends on the facts and circumstances in effect from time to time, including those related to a particular asset. We believe that none of the assets owned by
the Partnerships is held primarily for sale to customers and that a sale of any such asset would not be to a customer in the ordinary course of the owning entity's business. There are safe-harbor
provisions in the federal income tax laws prescribing when an asset sale will not be characterized as a prohibited transaction. We cannot provide assurance, however, that we can comply with such
safe-harbor provisions or that the Partnerships will avoid owning property that may be characterized as property held "primarily for sale to customers in the ordinary course of a trade or business." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreclosure Property  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be subject to tax at the maximum corporate rate on any income (including foreign currency gain) from foreclosure property, other than
income that would be qualifying income for purposes of the 75% gross income test, less expenses directly connected with the production of such income. However, gross income from such foreclosure
property will qualify for purposes of the 75% and 95% gross income tests. "Foreclosure property" is any real property, including interests in real property, and any personal property incident to such
real property:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> that is acquired by a REIT as the result of such REIT having bid on such property at foreclosure, or having otherwise reduced such property to
ownership or possession by agreement or process of law, after there was a default or default was imminent on a lease of such property or on an indebtedness that such property secured; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> for which the related loan or lease was acquired by the REIT at a time when the REIT had no intent to evict or foreclose or the REIT did not
know or have reason to know that default would occur; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> for which such REIT makes a proper election to treat such property as foreclosure property. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
a REIT will not be considered to have foreclosed on a property where the REIT takes control of the property as a mortgagee-in-possession and cannot receive any profit or sustain
any loss except as a creditor of the mortgagor. Property generally ceases to be foreclosure property with respect to a REIT at the end of the third taxable year following the taxable year in which the
REIT acquired such property, or longer if an extension is granted by the Secretary of the Treasury. The foregoing grace period is terminated and foreclosure property ceases to be foreclosure property
on the first day:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> on which a lease is entered into with respect to such property that, by its terms, will give rise to income that does not qualify for purposes
of the 75% gross income test or any amount is received or accrued, directly or indirectly, pursuant to a lease entered into on or after such day that will give rise to income that does not qualify for
purposes of the 75% gross income test; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>65</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=71,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=719396,FOLIO='65',FILE='DISK104:[19ZCR1.19ZCR70501]DQ70501A.;10',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dq70501_1_66"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> on which any construction takes place on such property, other than completion of a building, or any other improvement, where more than 10% of
the construction of such building or other improvement was completed before default became imminent; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> which is more than 90&nbsp;days after the day on which such property was acquired by the REIT and the property is used in a trade or business
which is conducted by the REIT, other than through an independent contractor from whom the REIT itself does not derive or receive any income or, for taxable years beginning after December&nbsp;31,
2015, through a TRS. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the rules with respect to foreclosure property, if a lessee defaults on its obligations under a percentage lease, we terminate the lessee's leasehold interest, and we are
unable to find a replacement lessee for the hotel within 90&nbsp;days of such foreclosure, gross income from hotel operations conducted by us from such hotel would cease to qualify for the 75% and
95% gross income tests unless we are able to hire an independent contractor or, for taxable years beginning after December&nbsp;31, 2015, use a TRS to manage and operate the hotel. In such event, we
might be unable to satisfy the 75% and 95% gross income tests and, thus, might fail to qualify as a REIT. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Hedging Transactions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time, we may enter into hedging transactions with respect to one or more of our assets or liabilities. Our hedging activities may
include entering into interest rate swaps, caps, floors, options to purchase such items, futures and forward contracts. To the extent that we enter into hedging transactions, income arising from
"clearly identified" hedging transactions that are entered into by the REIT in the normal course of business, either directly or through certain subsidiary entities, to manage the risk of interest
rate movements, price changes, or currency fluctuations with respect to borrowings or obligations incurred or to be incurred by the REIT to acquire or carry real estate assets is excluded from the 95%
income test and the 75% income test. In general, for a hedging transaction to be "clearly identified," (A)&nbsp;the transaction must be identified as a hedging transaction before the end of the day
on which it is entered into, and (B)&nbsp;the items or risks being hedged must be identified "substantially contemporaneously" with the hedging transaction, meaning that the identification of the
items or risks being hedged must generally occur within 35&nbsp;days after the date the transaction is entered into. Rules similar to those applicable to income from hedging transactions, discussed
above, apply to income arising from transactions that are entered into by the REIT primarily to manage risk of currency fluctuations with respect to any item of income or gain included in the
computation of the 95% income test or the 75% income test (or any property which generates such income or gain). In addition, for taxable years ending after December&nbsp;31, 2015, similar rules
apply to income from positions that primarily manage risk with respect to a prior hedge entered into by a REIT in connection with the extinguishment or disposal (in whole or in part) of the liability
or asset related to such prior hedge, to the extent the new position qualifies as a hedge or would so qualify if the hedge position were ordinary property. We intend to structure any hedging
transactions in a manner that does not jeopardize our status as a REIT. The REIT income and asset rules may limit our ability to hedge loans or securities acquired as investments. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may enter into derivative transactions to protect against risks not specifically associated with debt incurred to acquire qualified REIT assets. The REIT provisions of the Code limit
our income and assets in each year from such derivative transactions. Failure to comply with the asset or income limitations within the REIT provisions of the Code could result in penalty taxes or
loss of our REIT status. We may contribute non-qualifying derivatives into our TRSs to preserve our REIT status, which may result in any income from such transactions being subject to federal income
taxation. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>66</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=72,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=100281,FOLIO='66',FILE='DISK104:[19ZCR1.19ZCR70501]DQ70501A.;10',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_ds70501_1_67"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Failure to Satisfy Gross Income Tests  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to satisfy one or both of the gross income tests for any taxable year, we nevertheless may qualify as a REIT for such year if we
qualify for relief under certain provisions of the federal income tax laws. Those relief provisions generally will be available if:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our failure to meet such tests is due to reasonable cause and not due to willful neglect; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> following our identification of the failure to meet one or both gross income tests for a taxable year, a description of each item of our gross
income included in the 75% or 95% gross income tests is set forth in a schedule for such taxable year filed as specified by Treasury regulations. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>We
cannot predict, however, whether in all circumstances we would qualify for the relief provisions. In addition, as discussed above in "&#151;Taxation of Our Company," even if the relief
provisions apply, we would incur a 100% tax on the gross income attributable to the greater of the amounts by which we fail the 75% and 95% gross income tests, multiplied by a fraction intended to
reflect our profitability. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Asset Tests  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To maintain our qualification as a REIT, we also must satisfy the following asset tests at the close of each quarter of each taxable
year:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> First, at least 75% of the value of our total assets must consist of: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> cash or cash items, including certain receivables;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> government securities;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> interests in real property, including leaseholds and options to acquire real property and leaseholds;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> interests in mortgages on real property or, for taxable years beginning after December&nbsp;31, 2015, on interests in real
property;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> for taxable years beginning after December&nbsp;31, 2015, interests in mortgages on both real and personal property where the
fair market value of such personal property does not exceed 15% of the total fair market value of all such property;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> for taxable years beginning after December&nbsp;31, 2015, personal property to the extent that rents attributable to such
personal property are treated as rents from real property under the income test, as discussed above under "&#151;Rents From Real Property;"  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> stock in other REITs;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> for taxable years beginning after December&nbsp;31, 2015, debt issued by publicly offered REITs; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> investments in stock or debt instruments during the one-year period following our receipt of new capital that we raise through
equity offerings or offerings of debt with at least a five-year term. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Second, except with respect to a TRS, of our investments not included in the 75% asset class, the value of our interest in any one issuer's
securities may not exceed 5% of the value of our total assets. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Third, except with respect to a TRS, of our investments not included in the 75% asset class, we may not own more than 10% of the voting power
or value of any one issuer's outstanding securities (the "10% vote test" or the "10% value test," respectively). </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>67</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=73,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=99239,FOLIO='67',FILE='DISK104:[19ZCR1.19ZCR70501]DS70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_ds70501_1_68"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Fourth, no more than 20% (25% with respect to our taxable years beginning before January&nbsp;1, 2018) of the value of our total assets may
consist of the securities of one or more TRSs. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Fifth, for taxable years beginning after December&nbsp;31, 2015, no more than 25% of the value of our total assets may consist of certain
debt issued by publicly offered REITs. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the second and third asset tests, the term "securities" does not include stock in another REIT, equity or debt securities of a qualified REIT subsidiary or TRS, or equity
interests in a partnership. For purposes of the 10% value test, the term "securities" does not include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> "Straight debt" securities, which is defined as a written unconditional promise to pay on demand or on a specified date a sum certain in money
if (i)&nbsp;the debt is not convertible, directly or indirectly, into stock, and (ii)&nbsp;the interest rate and interest payment dates are not contingent on profits, the borrower's discretion, or
similar factors. "Straight debt" securities do not include any securities issued by a partnership or a corporation in which we or any controlled TRS (i.e.,&nbsp;a TRS in which we own directly or
indirectly more than 50% of the voting power or value of the stock) hold non-"straight debt" securities that have an aggregate value of more than 1% of the issuer's outstanding securities. However,
"straight debt" securities include debt subject to the following contingencies: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a contingency relating to the time of payment of interest or principal, as long as either (i)&nbsp;there is no change to the
effective yield of the debt obligation, other than a change to the annual yield that does not exceed the greater of 0.25% or 5% of the annual yield, or (ii)&nbsp;neither the aggregate issue price
nor the aggregate face amount of the issuer's debt obligations held by us exceeds $1&nbsp;million and no more than 12&nbsp;months of unaccrued interest on the debt obligations can be required to
be prepaid; and  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a contingency relating to the time or amount of payment upon a default or prepayment of a debt obligation, as long as the
contingency is consistent with customary commercial practice. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any loan to an individual or an estate. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any "section&nbsp;467 rental agreement," other than an agreement with a related party tenant. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any obligation to pay "rents from real property." </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Certain securities issued by governmental entities. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any security issued by a REIT. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any debt instrument of an entity treated as a partnership for federal income tax purposes to the extent of our interest as a partner in the
partnership. </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> Any debt instrument of an entity treated as a partnership for federal income tax purposes not described in the preceding bullet points if at
least 75% of the partnership's gross income, excluding income from prohibited transactions, is qualifying income for purposes of the 75% gross income test described above in "&#151;Income
Tests." </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the 10% value test, our proportionate share of the assets of a partnership is our proportionate interest in any securities issued by the partnership, without regard to
the securities described in the last two bullet points above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
monitor the status of our assets for purposes of the various asset tests and seek to manage our assets to comply at all times with such tests. There can be no assurances, however,
that we will be successful in this effort. In this regard, to determine our compliance with these requirements, we need to estimate the value of the real estate securing our mortgage loans at various
times. In addition, we have to value our investment in our other assets to ensure compliance with the asset tests. Although we seek to be prudent in making these estimates, there can be no assurances
that the IRS might not </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>68</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=74,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=487098,FOLIO='68',FILE='DISK104:[19ZCR1.19ZCR70501]DS70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_ds70501_1_69"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>disagree
with these determinations and assert that a different value is applicable, in which case we might not satisfy the 75% and the other asset tests and would fail to qualify as a REIT. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we fail to satisfy the asset tests at the end of a calendar quarter, we will not lose our REIT qualification if:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we satisfied the asset tests at the end of the preceding calendar quarter; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the discrepancy between the value of our assets and the asset test requirements arose from changes in the market values of our assets and was
not wholly or partly caused by the acquisition of one or more non-qualifying assets. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we did not satisfy the condition described in the second item, above, we still could avoid disqualification by eliminating any discrepancy within 30&nbsp;days after the close of the
calendar quarter in which it arose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we violate the second or third asset tests described above at the end of any calendar quarter, we will not lose our REIT qualification if (i)&nbsp;the failure is de minimis (up to
the lesser of 1% of our assets or $10&nbsp;million) and (ii)&nbsp;we dispose of assets or otherwise comply with the asset tests within six months after the last day of the quarter in which we
identified such failure. In the event of a more than de minimis failure of any of the asset tests, as long as the failure was due to reasonable cause and not to willful neglect, we will not lose our
REIT qualification if we (i)&nbsp;dispose of assets or otherwise comply with the asset tests within six months after the last day of the quarter in which we identified such failure,
(ii)&nbsp;file&nbsp;a schedule with the IRS describing the assets that caused such failure in accordance with regulations promulgated by the Secretary of Treasury and (iii)&nbsp;pay a tax equal
to the greater of $50,000 or the highest rate of federal corporate income tax of the net income from the nonqualifying assets during the period in which we failed to satisfy the asset tests. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Distribution Requirements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each taxable year, we must distribute dividends, other than capital gain dividends and deemed distributions of retained capital gain, to our
stockholders in an aggregate amount at least equal to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the sum of (1)&nbsp;90% of our "REIT taxable income," computed without regard to the dividends paid deduction and our net capital gain, and
(2)&nbsp;90% of our after-tax net income, if any, from foreclosure property; minus </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the sum of certain items of non-cash income. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
must pay such distributions in the taxable year to which they relate, or in the following taxable year if we declare the distribution before we timely file our federal income tax
return for such year and pay the distribution on or before the first regular dividend payment date after such declaration. Any dividends declared in the last three months of the taxable year, payable
to stockholders of record on a
specified date during such period, will be treated as paid on December&nbsp;31 of such year if such dividends are distributed during January of the following year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will pay federal income tax on taxable income, including net capital gain, that we do not distribute to our stockholders. Furthermore, if we fail to distribute during a calendar year,
or by the end of January following such calendar year in the case of distributions with declaration and record dates falling in the last three months of the calendar year, at least the sum
of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 85% of our REIT ordinary income for such year; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> 95% of our REIT capital gain income for such year; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any undistributed taxable income from prior periods, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>69</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=75,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=913544,FOLIO='69',FILE='DISK104:[19ZCR1.19ZCR70501]DS70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_ds70501_1_70"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>we
will incur a 4% nondeductible excise tax on the excess of such required distribution over the amounts we actually distributed. We may elect to retain and pay income tax on the net long-term capital
gain we receive in a taxable year. See "&#151;Taxation of Taxable U.S. Holders of Stock&#151;Distributions." If we so elect, we will be treated as having distributed any such retained
amount for purposes of the 4% excise tax described above. We intend to make timely distributions sufficient to satisfy the annual distribution requirements. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is possible that, from time to time, we may experience timing differences between (1)&nbsp;the actual receipt of income and actual payment of deductible expenses, and (2)&nbsp;the
inclusion of that income and deduction of such expenses in arriving at our REIT taxable income. For example, under some of the percentage leases, the percentage rent is not due until after the end of
the calendar quarter. In that case, we still would be required to recognize as income the excess of the percentage rent over the base rent paid by the lessee in the calendar quarter to which such
excess relates. In addition, we may not
deduct recognized net capital losses from our "REIT taxable income." Further, it is possible that, from time to time, we may be allocated a share of net capital gain attributable to the sale of
depreciated property that exceeds our allocable share of cash attributable to that sale. Furthermore, generally for taxable years beginning after December&nbsp;31, 2017, subject to certain
exceptions, generally we must accrue income for U.S. federal income tax purposes no later than the time when such income is taken into account as revenue in our financial statements, which could
create additional differences between REIT taxable income and the receipt of cash attributable to such income. As a result of the foregoing, we may have less cash than is necessary to distribute all
of our taxable income and thereby avoid corporate income tax and the excise tax imposed on certain undistributed income. In such a situation, we may need to borrow funds or issue additional common or
preferred shares. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may satisfy the REIT annual distribution requirements by making taxable distributions of our stock. The IRS has issued private letter rulings to other REITs treating certain
distributions that are paid partly in cash and partly in stock as dividends that would satisfy the REIT annual distribution requirement and qualify for the dividends paid deduction for federal income
tax purposes. Those rulings may be relied upon only by taxpayers to whom they were issued, but we could request a similar ruling from the IRS. Accordingly, it is unclear whether and to what extent we
will be able to make taxable dividends payable in cash and stock. We currently do not intend to pay taxable dividends payable in cash and stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
taxable years beginning on or before December&nbsp;31, 2014, in order for distributions to be counted towards our distribution requirement and to give rise to a tax deduction by
us, they must not be "preferential dividends." A dividend is not a preferential dividend if it is pro rata among all outstanding shares of stock within a particular class and is in accordance with the
preferences among different classes of stock as set forth in the organizational documents. For taxable years beginning after December&nbsp;31, 2014, preferential dividends are generally not excluded
from our distribution requirement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
certain circumstances, we may be able to correct a failure to meet the distribution requirement for a year by paying "deficiency dividends" to our stockholders in a later year. We
may include such deficiency dividends in our deduction for dividends paid for the earlier year. Although we may be able to avoid income tax on amounts distributed as deficiency dividends, we will be
required to pay interest to the IRS based upon the amount of any deduction we take for deficiency dividends. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interest Deduction Limitation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing in taxable years beginning after December&nbsp;31, 2017, the deductibility of net interest expense paid or accrued on debt properly
allocable to a trade or business is limited to 30% of "adjusted taxable income," subject to certain exceptions. Any deduction in excess of the limitation is carried forward and may be used in a
subsequent year, subject to the 30% limitation. Adjusted taxable </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>70</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=76,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=554673,FOLIO='70',FILE='DISK104:[19ZCR1.19ZCR70501]DS70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_ds70501_1_71"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>income
is determined without regard to certain deductions, including those for net interest expense, net operating loss carryforwards and, for taxable years beginning before January&nbsp;1, 2022,
depreciation, amortization and depletion. Provided the taxpayer makes a timely election (which is irrevocable), the 30% limitation does not apply to a trade or business involving real property
development, redevelopment, construction, reconstruction, rental, operation, acquisition, conversion, disposition, management, leasing or brokerage, within the meaning of Section&nbsp;469(c)(7)(C)
of the Code. We have made this election and as a consequence, depreciable real property (including certain improvements) held by us must be depreciated under the alternative depreciation system under
the Code, which is generally less favorable than the generally applicable system of depreciation under the Code. If the election is determined not to be available with respect to all or certain of our
business activities, the new interest deduction limitation could result in us having more REIT taxable income and thus increase the amount of distributions we must make to comply with the REIT
requirements and avoid incurring corporate level tax. Similarly, the limitation could cause our TRSs to have greater taxable income and thus potentially greater corporate tax liability. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Recordkeeping Requirements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To avoid a monetary penalty, we must request on an annual basis information from our stockholders designed to disclose the actual ownership of
our outstanding shares of stock. We intend to comply with such requirements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Failure to Qualify  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to satisfy one or more requirements for REIT qualification, other than the gross income tests and the asset tests, we could avoid
disqualification if our failure is due to reasonable cause and not to willful neglect and we pay a penalty of $50,000 for each such failure. In addition, there are relief provisions for a failure of
the gross income tests and asset tests, as described in "&#151;Income Tests" and "&#151;Asset Tests." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we were to fail to qualify as a REIT in any taxable year, and no relief provision applied, we would be subject to federal income tax on our taxable income at regular corporate rates
and any applicable
alternative minimum tax (for taxable years beginning before January&nbsp;1, 2018). In calculating our taxable income in a year in which we failed to qualify as a REIT, we would not be able to deduct
amounts paid out to stockholders. In fact, we would not be required to distribute any amounts to stockholders in such year. In such event, to the extent of our current and accumulated earnings and
profits, all distributions to stockholders would be taxable as regular corporate dividends. If we fail to qualify as a REIT, for taxable years beginning after December&nbsp;31, 2017 and before
January&nbsp;1, 2026, U.S. holders that are individuals, trusts or estates would not be able to deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain
limitations. Subject to certain limitations of the federal income tax laws, corporate stockholders might be eligible for the dividends received deduction and individual and certain non-corporate trust
and estate stockholders may be eligible for a reduced maximum U.S. federal income tax rate of 20% on such dividends. Unless we qualified for relief under specific statutory provisions, we also would
be disqualified from taxation as a REIT for the four taxable years following the year during which we ceased to qualify as a REIT. We cannot predict whether in all circumstances we would qualify for
such statutory relief. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxation of Taxable U.S. Holders of Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term "U.S. holder" means a holder of our capital stock that for U.S. federal income tax purposes is a "U.S. person." A U.S. person
means:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a citizen or resident of the United States; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>71</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=77,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=344927,FOLIO='71',FILE='DISK104:[19ZCR1.19ZCR70501]DS70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_ds70501_1_72"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of
the United States, any of its states, or the District of Columbia; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an estate whose income is subject to U.S. federal income taxation regardless of its source; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any trust if (1)&nbsp;a U.S. court is able to exercise primary supervision over the administration of such trust and one or more U.S. persons
have the authority to control all substantial decisions of the trust or (2)&nbsp;it has a valid election in place to be treated as a U.S. person. </FONT></DD></DL>
</UL>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Distributions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As long as we qualify as a REIT, (1)&nbsp;a taxable U.S. holder of our capital stock must report as ordinary income distributions that are
made out of our current or accumulated earnings and profits and that we do not designate as capital gain dividends or retained long-term capital gain, and (2)&nbsp;a corporate U.S. holder of our
capital stock will not qualify for the dividends received deduction generally available to corporations. In addition, dividends paid to an individual U.S. holder generally will not qualify for the
reduced rate of tax applicable to "qualified dividend income." Qualified dividend income generally includes dividends from most U.S. corporations but does not generally include REIT dividends. As a
result, our ordinary REIT dividends generally will continue to be taxed at the tax rate applicable to ordinary income. However, for taxable years beginning before January&nbsp;1, 2026, generally
U.S. holders that are individuals, trusts or estates may deduct 20% of the aggregate amount of ordinary dividends distributed by us, subject to certain limitations. Notwithstanding the preceding, the
tax rate for qualified dividend income will apply to our ordinary REIT dividends, if any, that are (1)&nbsp;attributable to dividends received by us from non-REIT corporations, such as our TRSs, and
(2)&nbsp;attributable to income upon which we have paid corporate federal income tax (e.g.,&nbsp;to the extent that we distribute less than 100% of our taxable income). In general, to qualify for
the reduced tax rate on qualified dividend income, a U.S. holder must hold our stock for more than 60&nbsp;days during the 121-day period beginning on the date that is 60&nbsp;days before the date
on which our stock becomes ex-dividend. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
U.S. holder generally will report distributions that we designate as capital gain dividends as long-term capital gain without regard to the period for which the U.S. holder has held
our stock. A corporate U.S. holder, however, may be required to treat up to 20% of certain capital gain dividends as ordinary income. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may elect to retain and pay federal income tax on the net long-term capital gain that we receive in a taxable year. In that case, a U.S. holder would be taxed on its proportionate
share of our undistributed long-term capital gain, to the extent that we designate such amount in a timely notice to such holder. The U.S. holder would receive a credit or refund for its proportionate
share of the tax we
paid. The U.S. holder would increase the basis in its stock by the amount of its proportionate share of our undistributed long-term capital gain, minus its share of the tax we paid. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that we make a distribution in excess of our current and accumulated earnings and profits, such distribution will not be taxable to a U.S. holder to the extent that it does
not exceed the adjusted tax basis of the U.S. holder's stock. Instead, such distribution will reduce the adjusted tax basis of such stock. To the extent that we make a distribution in excess of both
our current and accumulated earnings and profits and the U.S. holder's adjusted tax basis in its stock, such U.S. holder will recognize long-term capital gain, or short-term capital gain if the stock
has been held for one year or less. The IRS has ruled that if total distributions for two or more classes of stock are in excess of current and accumulated earnings and profits, dividends must be
treated as having been distributed to those stockholders having a priority under the corporate charter before any distribution to stockholders with lesser priority. If we declare a dividend in
October, November, or December of any year that is payable to a U.S. holder of record on a specified date in any such month, such dividend shall be treated as </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>72</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=78,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=537584,FOLIO='72',FILE='DISK104:[19ZCR1.19ZCR70501]DS70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_ds70501_1_73"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>both
paid by us and received by the U.S. holder on December&nbsp;31 of such year, if we actually pay the dividend during January of the following calendar year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
holders may not include in their individual income tax returns any of our net operating losses or capital losses. Instead, we would carry over such losses for potential offset
against our future income generally, provided that our deduction for any net operating loss carryforwards arising from losses we sustain in taxable years beginning after December&nbsp;31, 2017 is
limited to 80% of our REIT taxable income (determined without regard to the deduction for dividends paid). Taxable distributions from us and gain from the disposition of our stock will not be treated
as passive activity income, and, therefore, U.S. holders generally will not be able to apply any "passive activity losses," such as losses from certain types of limited partnerships in which the U.S.
holder is a limited partner, against such income. In addition, taxable distributions from us and gain from the disposition of the stock generally will be treated as investment income for purposes of
the investment interest limitations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will notify stockholders after the close of our taxable year as to the portions of the distributions attributable to that year that constitute ordinary income, return of capital, and
capital gain. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Disposition of Capital Stock; Redemption of Series&nbsp;E Preferred Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the discussion below regarding Code Section&nbsp;302, in general, a U.S. holder who is not a dealer in securities must treat any
gain or loss realized upon a taxable disposition of our capital stock as long-term capital gain or loss if the U.S. holder has held the stock for more than one year and otherwise as short-term capital
gain or loss. However, a U.S. holder must treat any loss upon a sale or exchange of stock held by such U.S. holder for six months or less as a long-term capital loss to the extent of any actual or
deemed distributions from us that such U.S. holder previously has characterized as long-term capital gain. All or a portion of any loss that a U.S. holder realizes upon a taxable disposition of the
stock may be disallowed if the U.S. holder purchases the same type of stock within 30&nbsp;days before or after the disposition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
redemption of our Series&nbsp;E Preferred Stock will be treated under Section&nbsp;302 of the Code as a dividend subject to tax at ordinary income tax rates (to the extent of our
current or accumulated earnings and profits), unless the redemption satisfies certain tests set forth in Section&nbsp;302(b) of the Code enabling the redemption to be treated as a sale or exchange
of the stock. The redemption will satisfy such test if it (i)&nbsp;is "substantially disproportionate" with respect to the holder, (ii)&nbsp;results in a "complete termination" of the holder's
stock interest in our company, or (iii)&nbsp;is "not essentially equivalent to a dividend" with respect to the holder, all within the meaning of Section&nbsp;302(b) of the Code. In determining
whether any of these tests have been met, shares considered to be owned by the holder by reason of certain constructive ownership rules set forth in the Code, as well as shares actually owned, must
generally be taken into account. Because the determination as to whether any of the alternative tests of Section&nbsp;302(b) of the Code is satisfied with respect to any particular holder of
Series&nbsp;E Preferred Stock will depend upon the facts and circumstances as of the time the determination is made, prospective investors are advised to consult their own tax advisors to determine
the appropriate tax treatment. If a redemption of Series&nbsp;E Preferred Stock is treated as a distribution that is taxable as a dividend, the amount of the distribution would be measured by the
amount of cash and the fair market value of any property received by the U.S. holder. The U.S. holder's adjusted tax basis in such redeemed Series&nbsp;E Preferred Stock would be transferred to the
holder's remaining stockholdings in our company. If, however, the U.S. holder has no remaining stockholdings in our company and does not take certain actions to ensure that the redemption is not
treated as a distribution that is taxable as a dividend, such basis may, under certain circumstances, be transferred to a related person or it may be lost entirely. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>73</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=79,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=49830,FOLIO='73',FILE='DISK104:[19ZCR1.19ZCR70501]DS70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_du70501_1_74"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a redemption of shares of Series&nbsp;E Preferred stock is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner
described above. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion of Convertible Preferred Stock  </I></B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion Solely for Common Stock  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder generally will not recognize any gain or loss in respect of the receipt of common stock upon the conversion of convertible
preferred stock, except to the extent of common stock received on account of accrued and unpaid dividends that have not previously been included in income as described below. The adjusted tax basis of
common stock received on conversion will equal the adjusted tax basis of the convertible preferred stock converted (reduced by the portion of adjusted tax basis allocated to any fractional share of
common stock exchanged for cash and subject to downward adjustment, if any, described below), and the holding period of such common stock received on conversion will generally include the period
during which the converted preferred stock was held prior to conversion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
received in lieu of a fractional shares of common stock will generally be treated as a payment in a taxable exchange for such fractional shares of common stock, and gain or loss
will generally be recognized in an amount equal to the difference between the amount of cash received and the portion of the U.S. holder's adjusted tax basis allocable to the fractional shares of
common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect to take the position that any accumulated and unpaid dividends paid upon conversion of convertible preferred stock will be includable in income in the manner described under
"&#151;Distributions" above. Alternatively, such payment may be treated as having been made in connection with a recapitalization of our stock, in which case a U.S. holder generally would not
recognize loss, but would recognize gain (which, under certain circumstances, would be includable in income in the manner described under "&#151;Disposition of Capital Stock; Redemption of
Series&nbsp;E Preferred Stock" above), if any, on convertible preferred stock so converted, in an amount equal to the lesser of the amount of (i)&nbsp;the cash received or (ii)&nbsp;gain
realized (i.e.,&nbsp;the excess, if any, of the fair market value of the common stock received plus the cash received, over the adjusted basis in the convertible preferred stock converted).
Prospective investors should consult their tax advisors regarding the tax treatment of accumulated and unpaid dividends paid upon conversion. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion for Part Common Stock and Part Cash  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may make an additional cash payment to a holder upon a conversion of certain convertible preferred stock representing future dividends, for
example as described above under "Description of Capital Stock&#151;Preferred Stock&#151;Series&nbsp;B Preferred Stock." Accordingly, upon a conversion, a holder may receive solely
common stock or a combination of cash and common stock. Any cash or common stock received on account of accrued and unpaid dividends that have not previously been included in income will be taxed as
described above in "&#151;Conversion Solely for Common Stock." However, other than with respect to such cash
or common stock received on account of accrued and unpaid dividends, in the event that we deliver common stock and cash upon a conversion of convertible preferred stock, the U.S. federal income tax
treatment of the conversion is uncertain. U.S. holders should consult their tax advisors regarding the consequences of such a conversion. It is possible that the conversion could be treated as a
single recapitalization or as a conversion in part and a taxable redemption in part, as briefly discussed below. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Treatment as a Recapitalization  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we pay a combination of cash and common stock in exchange for convertible preferred stock upon conversion, the exchange may be treated as a
recapitalization. In such case, the U.S. holder would recognize gain (but not loss) in an amount equal to the lesser of (i)&nbsp;the excess (if any) of (A)&nbsp;the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>74</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=80,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=243984,FOLIO='74',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_75"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>amount
of cash (not including cash received in lieu of fractional shares) and the fair market value of common stock received (treating fractional shares as received for this purpose) in the exchange
over (B)&nbsp;such U.S. holder's adjusted tax basis in the convertible preferred stock, and (ii)&nbsp;the amount of cash received upon conversion (other than cash received in lieu of fractional
shares, which would be treated as described above in "&#151;Conversion Solely for Common Stock"). Notwithstanding the foregoing, any common stock received on account of accrued and unpaid
dividends that has not previously been included in income will be treated as a dividend. Any gain recognized should be treated as capital gain except to the extent it has the effect of a distribution
of a dividend. If the exchange has the effect of the distribution of a dividend, then the gain recognized upon the exchange, as determined above, will be treated as a dividend to the extent of the
U.S. holder's ratable share of our earnings and profits. The remainder of the gain will be a capital gain and will be long-term if the holding period exceeds one year. For purposes of determining
whether a U.S. holder's gain will be treated as a dividend, stock (including our common stock) owned by such U.S. holder actually and constructively through attribution rules, will be taken into
account. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax basis of the shares of common stock received upon a recapitalization (including any basis allocable to any fractional share a U.S. holder is treated as exchanging as described
above in "&#151;Conversion Solely for Common Stock") would equal the adjusted tax basis of the convertible preferred stock that was converted, reduced by the amount of any cash received (other
than cash received in lieu of a fractional share), and increased by the amount of gain, if any, recognized (other than with respect to a fractional share). A U.S. holder's holding period for shares of
common stock would include the period during which the U.S. holder held the convertible preferred stock. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Alternative Treatment as Part Conversion and Part Redemption  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the conversion of convertible preferred stock into cash and common stock were not treated as a single recapitalization, the conversion could
be treated as in part&nbsp;a conversion into common stock and in part&nbsp;a separate redemption of the remaining convertible preferred stock surrendered in the conversion. In that event, the
portion converted into common stock would be treated as described above in "&#151;Conversion Solely for Common Stock." The portion converted into cash would be treated as described above in
"&#151;Disposition of Capital Stock; Redemption of Series&nbsp;E Preferred Stock." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Adjustment of Conversion Rate of Convertible Preferred Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under certain circumstances, adjustments (or failure to make adjustments) to the conversion rate of convertible preferred stock may result in
constructive distributions under Section&nbsp;305(c) of the Code to the U.S. holders of such convertible preferred stock or other stockholders includable in income in the manner described under
"&#151;Distributions" above, if and to the extent that certain adjustments (or failure to make adjustments) in the conversion rate increase the proportionate interest of a stockholder in our
earnings and profits. Thus, under certain circumstances, a U.S. holder may recognize income in the event of a constructive distribution even though they may not receive any cash or property. Under
proposed regulations, such constructive distributions, if any, would generally be deemed to occur on the date adjustments to the conversion rate are made in accordance with the terms of such
convertible preferred stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Capital Gains and Losses  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A taxpayer generally must hold a capital asset for more than one year for gain or loss derived from its sale or exchange to be treated as
long-term capital gain or loss. In general, a U.S. holder will realize gain or loss in an amount equal to the difference between the sum of the fair market value of any property and the amount of cash
received in such disposition and the U.S. holder's adjusted tax basis. A U.S. holder's adjusted tax basis generally will equal the U.S. holder's acquisition cost, increased by the excess of net
capital gains deemed distributed to the U.S. holder (discussed above) less tax </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>75</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=81,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=276160,FOLIO='75',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_76"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>deemed
paid on such gains and reduced by any returns of capital. In general, the maximum federal income tax rate on long-term capital gain applicable to non-corporate taxpayers is 20% for sales and
exchanges of assets held for more than one year. The maximum federal income tax rate on long-term capital gain from the sale or exchange of "section&nbsp;1250 property," or depreciable real
property, is 25% to the extent that such gain, not otherwise treated as ordinary, would have been treated as ordinary income if the property were "section&nbsp;1245 property." With respect to
distributions that we designate as capital gain dividends and any retained capital gain that we are deemed to distribute, we generally may designate whether such a distribution is taxable to our
non-corporate stockholders at a 20% or 25% federal income tax rate. In addition, the characterization of income as capital gain or ordinary income may affect the deductibility of capital losses. A
non-corporate taxpayer may deduct capital losses not offset by capital gains against its ordinary income only up to a maximum annual amount of $3,000. A non-corporate taxpayer may carry forward unused
capital losses indefinitely. A corporate taxpayer must pay federal income tax on its net capital gain at ordinary corporate federal income tax rates. A corporate taxpayer may deduct capital losses
only to the extent of capital gains, with unused losses being carried back three years and forward five years. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Medicare Tax  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will
be subject to a 3.8% tax on the lesser of (1)&nbsp;the U.S. holder's "net investment income" for the relevant taxable year and (2)&nbsp;the excess of the U.S. holder's modified adjusted gross
income for the taxable year over a certain threshold. Net investment income generally includes dividend income and net gains from the disposition of stock, unless such dividend income or net gains are
derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). With respect to ordinary REIT dividends
received by non-corporate taxpayers, the temporary 20% deduction described above is allowed only for regular income tax purposes and thus is apparently not allowed as a deduction allocable to such
dividends for purposes of determining the amount of net investment income subject to the 3.8% Medicare tax. A U.S. holder that is an individual, estate or trust, should consult its tax advisor
regarding the applicability of the Medicare tax to its income and gains in respect of its investment in our capital stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Information Reporting Requirements and Backup Withholding  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will report to our stockholders and to the IRS the amount of distributions we pay during each calendar year and the amount of tax we
withhold, if any. Under the backup withholding rules, a U.S. holder may be subject to backup withholding at the rate of 24% with respect to distributions unless such
holder:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> comes within certain exempt categories and, when required, demonstrates this fact; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> provides a taxpayer identification number, certifies as to no loss of exemption from backup withholding, and otherwise complies with the
applicable requirements of the backup withholding rules. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
U.S. holder who does not provide us with its correct taxpayer identification number also may be subject to penalties imposed by the IRS. Any amount paid as backup withholding will be
creditable against the U.S. holder's income tax liability. In addition, we may be required to withhold a portion of capital gain distributions to any U.S. holders who fail to certify their non-foreign
status to us. See "&#151;Taxation of Non-U.S. Holders of Stock." </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>76</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=82,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=637460,FOLIO='76',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_77"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxation of Tax-Exempt Stockholders  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt entities, including qualified employee pension and profit sharing trusts and individual retirement accounts, generally are exempt
from federal income taxation. However, they
are subject to taxation on their unrelated business taxable income. While many investments in real estate generate unrelated business taxable income, the IRS has issued a published ruling that
dividend distributions from a REIT to an exempt employee pension trust do not constitute unrelated business taxable income, provided that the exempt employee pension trust does not otherwise use the
shares of the REIT in an unrelated trade or business of the pension trust. Based on that ruling, amounts that we distribute to tax-exempt stockholders generally should not constitute unrelated
business taxable income. However, if a tax-exempt stockholder were to finance its acquisition of our stock with debt, a portion of the income that it receives from us would constitute unrelated
business taxable income pursuant to the "debt-financed property" rules. Furthermore, certain entities that are exempt from taxation under special provisions of the federal income tax laws are subject
to different unrelated business taxable income rules, which generally will require them to characterize distributions that they receive from us as unrelated business taxable income. Finally, if we are
a "pension-held REIT," a qualified employee pension or profit sharing trust that owns more than 10% of our shares of stock is required to treat a percentage of the dividends that it receives from us
as unrelated business taxable income. That percentage is equal to the gross income that we derive from an unrelated trade or business, determined as if we were a pension trust, divided by our total
gross income for the year in which we pay the dividends. That rule applies to a pension trust holding more than 10% of our shares of stock only if:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the percentage of our dividends that the tax-exempt trust would be required to treat as unrelated business taxable income is at least 5%; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we qualify as a REIT by reason of the modification of the rule requiring that no more than 50% of our stock be owned by five or fewer
individuals that allows the beneficiaries of the pension trust to be treated as holding our stock in proportion to their actuarial interests in the pension trust (see "&#151;Taxation of Our
Company&#151;Requirements for Qualification"); and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> either (1)&nbsp;one pension trust owns more than 25% of the value of our stock or (2)&nbsp;a group of pension trusts individually holding
more than 10% of the value of our stock collectively owns more than 50% of the value of our stock. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
there can be no assurance that we will not become one in the future, we do not believe that our Company is currently a pension-held REIT. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxation of Non-U.S. Holders of Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rules governing U.S. federal income taxation of non-U.S. holders of our capital stock are complex. A "non-U.S. holder" means a holder that
is not a U.S. holder, as defined above, and is not an entity treated as a partnership for U.S. federal income tax purposes. We urge non-U.S. holders to consult their tax advisors to determine the
impact of federal, state, and local income tax laws on ownership of our capital stock, including any reporting requirements. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Distributions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portion of a distribution that is received by a non-U.S. holder that we do not designate as a capital gain dividend and that is payable out
of our current or accumulated earnings and profits, as well as any other payment that is treated as a dividend as described above under "Taxation of Taxable U.S. Holders of Stock," will be subject to
U.S. income tax withholding at the rate of 30% on the gross amount of any such distribution paid unless either:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a lower treaty rate applies and the non-U.S. holder files an IRS Form&nbsp;W-8BEN or W-8BEN-E evidencing eligibility for that reduced rate
with us; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>77</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=83,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=869183,FOLIO='77',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_78"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the non-U.S. holder files an IRS Form&nbsp;W-8ECI with us claiming that the distribution is effectively connected income. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a distribution is treated as effectively connected with the non-U.S. holder's conduct of a U.S. trade or business, the non-U.S. holder generally will be subject to federal income tax
on the distribution at
graduated rates, in the same manner as U.S. holders are taxed with respect to such distributions. A non-U.S. holder that is a corporation also may be subject to the 30% branch profits tax with respect
to a distribution treated as effectively connected with its conduct of a U.S. trade or business, unless reduced or eliminated by a tax treaty. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described in the following paragraph, a non-U.S. holder will not incur tax on a distribution in excess of our current and accumulated earnings and profits if the excess portion
of such distribution does not exceed the adjusted basis of its stock. Instead, the excess portion of such distribution will reduce the adjusted basis of such stock. A non-U.S. holder will be subject
to tax on a distribution that exceeds both our current and accumulated earnings and profits and the adjusted basis of its stock, if the non-U.S. holder otherwise would be subject to tax on gain from
the sale or disposition of its stock, as described below. If we cannot determine at the time we make a distribution whether or not the distribution will exceed our current and accumulated earnings and
profits, we will treat the entire amount of any distribution as a taxable dividend. However, a non-U.S. holder may obtain a refund of amounts that we withhold if we later determine that a distribution
in fact exceeded our current and accumulated earnings and profits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our stock constitutes a United States real property interest, as defined below, unless (1)&nbsp;we are a "domestically-controlled qualified investment entity," as defined below,
(2)&nbsp;the distribution is with respect to a class of our stock regularly traded on an established securities market located in the United States and is made to a non-U.S. holder that did not own
more than 10% of such class of stock at any time during the one-year period ending on the date of distribution or (3)&nbsp;the distribution is with respect to stock held by a "qualified
shareholder," including stock held indirectly through one or more partnerships (to the extent not held by an "applicable investor"), the distribution will give rise to gain from the sale or exchange
of such stock, the tax treatment of which is described below and, we must withhold 15% of any distribution that exceeds our current and accumulated earnings and profits. A "qualified shareholder" is
generally defined as a foreign person that (i)&nbsp;is eligible for benefits of an income tax treaty with the United States and the principal class of interests of which is listed and regularly
traded on one or more recognized stock exchanges, or is a foreign partnership that is created or organized under foreign law as a limited partnership in a jurisdiction that has an agreement for the
exchange of information with respect to taxes with the United States and has a class of limited partnership units which is regularly traded on the New York Stock Exchange or NASDAQ Stock Market and
such class of limited partnership units' value is greater than 50% of the value of all the partnership units; (ii)&nbsp;is a "qualified collective investment vehicle," and (iii)&nbsp;maintains
records on the identity of each person who, at any time during the foreign person's taxable year, holds directly 5% or more of the class of interest described in clause&nbsp;(i) above. The benefits
of the qualified shareholder exception do not apply to the extent of the ownership in that shareholder of an "applicable investor," generally defined as a more than 10% owner of the REIT on a
look-through basis, taking into account all interests held by such applicable investor in the REIT. Any distribution to a qualified shareholder shall not be treated as an effectively connected income
distribution to the extent that stock held by such qualified shareholder is not treated as a United States real property interest as provided in an exception described in this section. Consequently,
although we intend to withhold at a rate of 30% on the entire amount of any distribution, to the extent that we do not do so, we may withhold at a rate of 15% on any portion of a distribution not
subject to withholding at a rate of 30%. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any year in which we qualify as a REIT, a non-U.S. holder (other than certain qualified foreign pension funds) may incur tax on distributions that are attributable (or deemed so
attributable pursuant to applicable Treasury regulations) to gain from our sale or exchange of "United States real </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>78</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=84,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=918953,FOLIO='78',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_79"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>property
interests" under special provisions of the federal income tax laws referred to as "FIRPTA." The term "United States real property interests" includes certain interests in real property and
stock in corporations at least 50% of whose assets consists of interests in real property. Under those rules, a non-U.S. holder is taxed on distributions attributable (or deemed attributable) to gain
from sales of United States real property interests as if such gain were effectively connected with a United States business of the non-U.S. holder. A non-U.S. holder thus would be taxed on such a
distribution at the normal rates, including applicable capital gains rates, applicable to U.S. holders, subject to applicable alternative minimum tax and a special alternative minimum tax in the case
of a nonresident alien individual. A non-U.S. corporate holder not entitled to treaty relief or exemption also may be subject to the 30% branch profits tax on such a distribution. Except as described
below with respect to regularly traded stock, we must withhold 21% of any distribution that we could designate as a capital gain dividend. A non-U.S. holder may receive a credit against its tax
liability for the amount we withhold. Any distribution with respect to any class of stock which is regularly traded on an established securities market located in the United States, will not be
treated as gain recognized from the sale or exchange of a United States real property interest if the non-U.S. holder did not own more than 10% of such class of stock at any time during the one-year
period preceding the date of the distribution. As a result, non-U.S. holders generally will be subject to withholding tax on such capital gain distributions in the same manner as they are subject to
withholding tax on ordinary dividends. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock has been regularly traded on an established securities market in the United States since the completion of the spin-off. Certain classes of our preferred stock are
currently traded on an established securities market in the United States. Series&nbsp;E Preferred Stock will not be publicly traded. If our common stock or any class of our preferred stock, as
applicable, is not regularly traded on an established securities market in the United States or the non-U.S. holder owned more than 10% of such class of stock at any time during the one-year period
preceding the date of the distribution, capital gain distributions that are attributable to our sale of real property would be subject to tax under FIRPTA, as described above unless otherwise
excepted. Moreover, if a non-U.S. holder owning more than 5% of a class of our stock disposes of such stock during the 30-day period preceding the ex-dividend date of a dividend, and such non-U.S.
holder (or a person related to such non-U.S. holder) acquires or enters into a contract or option to acquire our capital stock within 61&nbsp;days of the first day of the 30-day period described
above, and any portion of such dividend payment would, but for the disposition, be treated as a United States real property interest capital gain to such non-U.S. holder, then such non-U.S. holder
will be treated as having United States real property interest capital gain in an amount that, but for the disposition, would have been treated as United States real property interest capital gain. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
distribution that is made by a REIT that would otherwise be subject to FIRPTA because the distribution is attributable to the disposition of a United States real property interest
will retain its character as FIRPTA income when distributed to any regulated investment company or other REIT, and will be treated as if it were from the disposition of a United States real property
interest by that regulated investment company or other REIT. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Disposition of Capital Stock; Redemption of Series&nbsp;E Preferred Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as discussed below, gain on a sale of our capital stock by a non-U.S. holder generally will not be subject to U.S. taxation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the exceptions described in this section, non-U.S. holders (other than certain qualified foreign pension funds) could incur tax under FIRPTA with respect to gain realized upon
a disposition of shares of a class of our capital stock if shares of such class of our capital stock are United States real property interests. Generally, shares of a United States real property
holding corporation are United States real property interests. If at least 50% of a REIT's assets are United States real property interests, then the REIT will be a United States real property holding
corporation. We anticipate that </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>79</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=85,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1003010,FOLIO='79',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_80"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>we
will be a United States real property holding corporation based on our investment strategy. However, even if we are a United States real property holding corporation, shares of our capital stock
will not be treated as United States real property interests and a non-U.S. holder generally will not incur tax under FIRPTA with respect to gain realized upon a disposition of shares of our capital
stock as long as we are a "domestically-controlled qualified investment entity." A domestically-controlled qualified investment entity includes a REIT in which, at all times during a specified testing
period, less than 50% in value of its shares are held directly or indirectly by non-U.S. holders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
cannot assure you that that test will be met. However, even if we are not a domestically controlled qualified investment entity, shares of our common stock or a class of preferred
stock, as applicable, will not be treated as United States real property interests and a non-U.S. holder generally will not incur tax under FIRPTA with respect to gain realized upon a disposition of
shares of our common stock or such class of preferred stock, as applicable, if such non-U.S. holder owned, actually or constructively, 10% or less of our common stock or such class of preferred stock,
as applicable, at all times during a specified testing period if the common stock or such class of preferred stock, as applicable, is "regularly traded" on an established securities market, or, if
such non-U.S. holder is a "qualified shareholder" (to the extent not allocable to an applicable investor). As noted above, our common stock has been regularly traded on an established securities
market since immediately following the separation and distribution. The Series&nbsp;E Preferred Stock is not currently regularly traded on an established securities market in the United States. If
the sale, exchange or other taxable disposition of our capital stock were subject to taxation under FIRPTA, and if shares of the applicable class of our capital stock were not "regularly traded" on an
established securities market, the purchaser of such capital stock would be required to withhold and remit to the IRS 15% of the purchase price. If the gain on the sale of the stock were taxed under
FIRPTA, a non-U.S. holder would be taxed in the same manner as U.S.
holders with respect to such gain, subject to applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. Furthermore, a non-U.S. holder
generally will incur tax on gain not subject to FIRPTA if (1)&nbsp;the gain is effectively connected with the non-U.S. holder's U.S. trade or business, in which case the non-U.S. holder will be
subject to the same treatment as U.S. holders with respect to such gain, or (2)&nbsp;the non-U.S. holder is a nonresident alien individual who was present in the U.S. for 183&nbsp;days or more
during the taxable year and has a "tax home" in the United States, in which case the non-U.S. holder will incur a 30% tax on his capital gains. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we are a domestically controlled qualified investment entity and a non-U.S. holder disposes of our stock during the 30-day period preceding a dividend payment, and such non-U.S.
holder (or a person related to such non-U.S. holder) acquires or enters into a contract or option to acquire our stock within 61&nbsp;days of the first day of the 30-day period described above, and
any portion of such dividend payment would, but for the disposition, be treated as a United States real property interest capital gain to such non-U.S. holder, then such non-U.S. holder shall be
treated as having United States real property interest capital gain in an amount that, but for the disposition, would have been treated as United States real property interest capital gain. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
redemption of shares of Series&nbsp;E Preferred Stock will be treated under Section&nbsp;302 of the Code as a distribution (and taxable as a dividend to the extent of our current
and accumulated earnings and profits) unless the redemption satisfies one of the tests set forth in Section&nbsp;302(b) of the Code and is therefore treated as a sale or exchange of the redeemed
shares. See "&#151;Taxable U.S. Holders of Stock&#151;Disposition of Capital Stock; Redemption of Series&nbsp;E Preferred Stock." If a redemption of shares of Series&nbsp;E Preferred
Stock is treated as a distribution, the amount of the distribution will be measured by the amount of cash and the fair market value of any property received. See "&#151;Distributions" above. If
a redemption of shares of Series&nbsp;E Preferred Stock is not treated as a distribution, it will be treated as a taxable sale or exchange in the manner described above. Non-U.S. holders may be able
to get a refund of such withholding taxes by filing a U.S. tax return. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>80</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=86,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=212310,FOLIO='80',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_81"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Conversion of Convertible Preferred Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a general rule, a non-U.S. holder will not recognize any gain or loss upon the conversion of the convertible preferred stock, except
(i)&nbsp;to the extent of common stock received on account of accrued and unpaid dividends that has not previously been included in income, and other amounts received that are treated as dividends
as described above under "&#151;Taxable U.S. Holders of Stock&#151;Conversion of Convertible Preferred Stock," each of which will be
taxed as described above under "&#151;Distributions," and (ii)&nbsp;with respect to any cash received in lieu of a fractional share and other amounts treated as being received in redemption
of the convertible preferred stock as described above under "&#151;Taxable U.S. Holders of Stock&#151;Conversion of Convertible Preferred Stock," each which will be taxed as described
above under "&#151;Disposition of Capital Stock; Redemption of Series&nbsp;E Preferred Stock." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
accumulated and unpaid dividends paid upon conversion of a convertible Preferred Stock will be includable in income as a distribution in the manner described above under
"&#151;Distributions." Accordingly, we will withhold on any accumulated and unpaid dividends that are paid to a non-U.S. holder in the manner described above under "&#151;Distributions."
Prospective investors should consult their tax advisors regarding the tax treatment of accumulated and unpaid dividends paid upon conversion. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Adjustment of Conversion Rate of Convertible Preferred Stock  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above under "&#151;Taxable U.S. Holders of Stock&#151;Adjustment of Conversion Rate of Convertible Preferred Stock,"
adjustments in the Conversion Rate (or failures to adjust the Conversion Rate) that increase the proportionate interest of a non-U.S. holder in our earning and profits could result in deemed
distributions to the Non-U.S. holder that are taxed as described above under "&#151;Distributions." U.S. federal withholding tax due with respect to such distributions may be set off against
subsequent payments on the convertible Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Information Reporting Requirements and Backup Withholding  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, information reporting will apply to payments of distributions on our stock, and backup withholding may apply, unless the payee
certifies that it is not a U.S. person or otherwise establishes an exemption. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
payment of the proceeds from the disposition of our stock to or through the U.S. office of a U.S. or foreign broker will be subject to information reporting and, possibly, backup
withholding unless the non-U.S. holder certifies as to its non-U.S. status or otherwise establishes an exemption, provided that the broker does not have actual knowledge that the non-U.S. holder is a
U.S. person or that the conditions of any other exemption are not, in fact, satisfied. The proceeds of the disposition by a non-U.S. holder of our stock to or through a foreign office of a broker
generally will not be subject to information reporting or backup withholding. However, if the broker is a U.S. person, a controlled
foreign corporation for U.S. federal income tax purposes or a foreign person 50% or more of whose gross income from all sources for specified periods is from activities that are effectively connected
with a U.S. trade or business, information reporting generally will apply unless the broker has documentary evidence as to the non-U.S. holder's foreign status and has no actual knowledge to the
contrary. Any amount withheld under the backup withholding rules from a payment to a non-U.S. holder will be allowed as a credit against such non-U.S. holder's U.S. federal income tax liability (which
might entitle such non-U.S. holder to a refund), provided that the required information is furnished to the IRS. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable
Treasury Regulations provide presumptions regarding the status of stockholders when payments to the stockholders cannot be reliably associated with appropriate documentation
provided to the payer. Because the application of these Treasury Regulations varies depending on the stockholder's particular circumstances, you are urged to consult your tax advisor regarding the
information reporting requirements applicable to you. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>81</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=87,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=370303,FOLIO='81',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_82"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Foreign Accounts Tax Compliance Act Withholding  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Foreign Account Tax Compliance Act ("FATCA"), foreign financial institutions (which include most foreign hedge funds, private
equity funds, mutual funds, securitization vehicles and any other investment vehicles) and certain other foreign entities must comply with registration and information reporting rules with respect to
their U.S. account holders and investors or be subject to a withholding tax on U.S.-source payments made to them (whether received as a beneficial owner or as an intermediary for another party). A
foreign financial institution or other foreign entity that does not comply with the FATCA registration and reporting requirements will generally be subject to a new 30% withholding tax on
"withholdable payments." For this purpose, withholdable payments generally include payments of interest, dividends and other fixed or determinable annual or periodical gains, profits and income from
sources within the U.S. ("FDAP Income"), or gross proceeds from the sale of any property of a type which can produce interest or dividends from sources within the U.S. ("Gross Proceeds"). The FATCA
withholding tax applies even if the payment would otherwise not be subject to U.S. nonresident withholding tax (e.g.,&nbsp;because it is capital gain). These rules generally apply to payments of
FDAP Income. While these rules would have originally included the payment made on or after January&nbsp;1, 2019 of Gross Proceeds, proposed Treasury Regulations provide that such payments of Gross
Proceeds (other than amounts treated as FDAP Income) do not constitute withholdable payments. Taxpayers may rely generally on these proposed Treasury Regulations until they are revoked or final
Treasury Regulations are issued. We will not pay additional amounts in respect of amounts withheld. Investors should consult their tax advisors regarding FATCA. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax Aspects of Our Investments in the Partnerships  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion summarizes certain federal income tax considerations applicable to our direct or indirect investments in the
Partnerships. The discussion does not cover state or local tax laws or any federal tax laws other than income tax laws. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Classification as Partnerships  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are entitled to include in our income our distributive share of each Partnership's income and to deduct our distributive share of each
Partnership's losses only if such Partnership is classified for federal income tax purposes as a partnership (or an entity that is disregarded for federal income tax purposes if the entity has only
one owner or member), rather than as a corporation or an association taxable as a corporation. An organization with at least two owners or members will be classified as a partnership, rather than as a
corporation, for federal income tax purposes if it:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> is treated as a partnership under Treasury regulations relating to entity classification (the "check-the-box regulations"); and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> is not a "publicly-traded" partnership. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the check-the-box regulations, an unincorporated entity with at least two owners or members may elect to be classified either as an association taxable as a corporation or as a
partnership. If such an entity fails to make an election, it generally will be treated as a partnership for federal income tax purposes. Each Partnership intends to be classified as a partnership (or
an entity that is disregarded for federal income tax purposes if the entity has only one owner or member) for federal income tax purposes, and no Partnership will elect to be treated as an association
taxable as a corporation under the check-the-box regulations. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
publicly-traded partnership is a partnership whose interests are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent
thereof. A publicly-traded partnership will not, however, be treated as a corporation for any taxable year if 90% or more of the partnership's gross income for such year consists of certain
passive-type income, including </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>82</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=88,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=153893,FOLIO='82',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_83"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>real
property rents (which includes rents that would be qualifying income for purposes of the 75% gross income test, with certain modifications that make it easier for the rents to qualify for the 90%
passive income exception), gains from the sale or other disposition of real property, interest, and dividends (the "90% passive income exception"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury
regulations (the "PTP regulations") provide limited safe harbors from the definition of a publicly-traded partnership. Pursuant to one of those safe harbors (the "private
placement exclusion"), interests in a partnership will not be treated as readily tradable on a secondary market or the substantial equivalent thereof if (1)&nbsp;all interests in the partnership
were issued in a transaction or transactions that were not required to be registered under the Securities Act, and (2)&nbsp;the partnership does not have more than 100 partners at any time during
the partnership's taxable year. In determining the number of partners in a partnership, a person owning an interest in a partnership, grantor trust, or S corporation that owns an interest in the
partnership is treated as a partner in such partnership only if (1)&nbsp;substantially all of the value of the owner's interest in the entity is attributable to the entity's direct or indirect
interest in the partnership and (2)&nbsp;a principal purpose of the use of the entity is to permit the partnership to satisfy the 100-partner limitation. We anticipate that each Partnership will
qualify for the private placement exclusion. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have not requested, and do not intend to request, a ruling from the IRS that the Partnerships will be classified as partnerships (or disregarded entities, if the entity has only one
owner or member) for federal income tax purposes. If for any reason a Partnership were taxable as a corporation, rather than as a partnership or a disregarded entity, for federal income tax purposes,
we likely would not be able to qualify as a REIT. See "&#151;Taxation of Our Company&#151;Income Tests" and "&#151;Asset Tests." In addition, any change in a Partnership's status
for tax purposes might be treated as a taxable event, in which case we might incur tax liability without any related cash distribution. See "&#151;Taxation of Our
Company&#151;Distribution Requirements." Further, items of income and deduction of such Partnership would not pass through to its partners, and its partners would be treated as stockholders for
tax purposes. Consequently, such Partnership would be required to pay income tax at corporate rates on its net income, and distributions to its partners would not be deductible in computing such
Partnership's taxable income. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Income Taxation of the Partnerships and Their Partners  </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Partners, Not the Partnerships, Subject to Tax  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A partnership is not a taxable entity for federal income tax purposes. Rather, we are required to take into account our allocable share of each
Partnership's income, gains, losses, deductions, and credits for any taxable year of such Partnership ending within or with our taxable year, without regard to whether we have received or will receive
any distribution from such Partnership. Under partnership audit rules that are effective for tax years beginning in 2018, unless a partnership elects otherwise, taxes arising from audit adjustments
are required to be paid by the entity rather than by its partners or members. We will have the authority to utilize, and intend to utilize, any exceptions available under such audit rules (including
any changes) and Treasury Regulations so that the partners, to the fullest extent possible, rather than the partnership itself, will be liable for any taxes arising from audit adjustments to the
issuing entity's taxable income. It is unclear to what extent these elections will be available to the partnership and how any such elections may affect the procedural rules available to challenge any
audit adjustment that would otherwise be available in the absence of any such elections. Prospective investors are urged to consult with their tax advisors regarding the possible effect of the new
rules. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>83</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=10,SEQ=89,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1028552,FOLIO='83',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_84"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Partnership Allocations  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although a partnership agreement generally will determine the allocation of income, gains, losses, deductions, and credits among partners, such
allocations will be disregarded for federal income tax purposes if they do not comply with the provisions of the federal income tax laws governing partnership allocations. If an allocation is not
recognized for federal income tax purposes, the item subject to the allocation will be reallocated in accordance with the partners' interests in the partnership, which will be determined by taking
into account all of the facts and circumstances relating
to the economic arrangement of the partners with respect to such item. Each Partnership's allocations of taxable income, gains, losses, deductions, and credits are intended to comply with the
requirements of the federal income tax laws governing partnership allocations. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Tax Allocations With Respect to Partnership Properties  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income, gain, loss, and deduction attributable to appreciated or depreciated property that is contributed to a partnership in exchange for an
interest in the partnership must be allocated in a manner such that the contributing partner is charged with, or benefits from, respectively, the unrealized gain or unrealized loss associated with the
property at the time of the contribution (the "704(c)&nbsp;Allocations"). The amount of the unrealized gain or unrealized loss ("built-in gain" or "built-in loss") is generally equal to the
difference between the fair market value of the contributed property at the time of contribution and the adjusted tax basis of such property at the time of contribution (a "book-tax difference"). Any
property purchased for cash initially will have an adjusted tax basis equal to its fair market value, resulting in no book-tax difference. A book-tax difference generally is decreased on an annual
basis as a result of depreciation deductions to the contributing partner for book purposes but not for tax purposes. The 704(c) Allocations are solely for federal income tax purposes and do not affect
the book capital accounts or other economic or legal arrangements among the partners. In connection with the separation and distribution, appreciated property was acquired by our operating partnership
or one of its subsidiaries in exchange for common units. Our operating partnership has a carryover, rather than a fair market value, adjusted tax basis in such contributed assets equal to the adjusted
tax basis of the contributors in such assets, resulting in a book-tax difference. As a result of that book-tax difference, we will have a lower adjusted tax basis with respect to that portion of our
operating partnership's assets than we would have with respect to assets having a tax basis equal to fair market value at the time of acquisition. This will result in lower depreciation deductions
with respect to the portion of our operating partnership's assets attributable to such contributions, which could cause us to be allocated tax gain in excess of book gain in the event of a property
disposition. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S. Treasury Department has issued regulations requiring partnerships to use a "reasonable method" for allocating items with respect to which there is a book-tax difference and
outlining several reasonable allocation methods. We have elected to use the "traditional method" to account for book-tax differences. Under the traditional method, the carryover basis of contributed
properties in the hands of our operating partnership (1)&nbsp;could cause us to be allocated lower amounts of depreciation deductions for tax purposes than would be allocated to us if all
contributed properties were to have a tax basis equal to their fair market value at the time of the contribution and (2)&nbsp;in the event of a sale of such properties, could cause us to be
allocated taxable gain in excess of the economic or book gain allocated to us as a result of such sale, with a corresponding benefit to the contributing partners. An allocation described in
(2)&nbsp;above might cause us to recognize taxable income in excess of cash proceeds in the event of a sale or other disposition of property, which may adversely affect our ability to comply with
the REIT distribution requirements and may result in a greater portion of our distributions being taxed as dividends. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>84</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=11,SEQ=90,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=932152,FOLIO='84',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_85"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Basis in Partnership Interest  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our adjusted tax basis in our partnership interest in a Partnership (including our operating partnership) generally is equal
to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the amount of cash and the basis of any other property contributed by us to such Partnership; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> increased by our allocable share of such Partnership's income and gains and our allocable share of indebtedness of such Partnership; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> reduced, but not below zero, by our allocable share of such Partnership's losses, deductions and credits and the amount of cash distributed to
us, and by constructive distributions resulting from a reduction in our share of indebtedness of such Partnership. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the allocation of our distributive share of a Partnership's loss would reduce the adjusted tax basis of our partnership interest in such Partnership below zero, the recognition of
such loss will be deferred until such time as the recognition of such loss would not reduce our adjusted tax basis below zero. To the extent that a Partnership's distributions, or any decrease in our
share of the indebtedness of such Partnership, which is considered a constructive cash distribution to the partners, reduce our adjusted tax basis below zero, such distributions will constitute
taxable income to us. Such distributions and constructive distributions normally will be characterized as long-term capital gain. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Depreciation Deductions Available to our Operating Partnership  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that our operating partnership acquires its hotels in exchange for cash, its initial basis in such hotels for federal income tax
purposes generally was or will be equal to the purchase price paid by our operating partnership. Our operating partnership's initial basis in hotels acquired in exchange for units in our operating
partnership should be the same as the transferor's basis in such hotels on the date of acquisition by our operating partnership. Although the law is not entirely clear, our operating partnership
generally will depreciate such depreciable hotel property for federal income tax purposes over the same remaining useful lives and under the same methods used by the transferors. Our operating
partnership's tax depreciation deductions will be allocated among the partners in accordance with their respective interests in our operating partnership, except to the extent that our operating
partnership is required under the federal income tax laws governing partnership allocations to use a method for allocating tax depreciation deductions attributable to contributed properties that
results in our receiving a disproportionate share of such deductions. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Internal Revenue Service Examinations  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Bipartisan Budget Act of 2015, Congress revised the rules applicable to U.S. federal income tax audits of partnerships (such as
certain of our subsidiaries) and the collection of any tax resulting from any such audits or other tax proceedings, generally for taxable years beginning after December&nbsp;31, 2017. Under the new
rules, the partnership itself may be liable for a hypothetical increase in partner-level taxes (including interest and penalties) resulting from an adjustment of partnership tax items on audit,
regardless of changes in the composition of the partners (or their relative ownership) between the year under audit and the year of the adjustment. The new rules also include an elective alternative
method under which the additional taxes resulting from the adjustment are assessed from the affected partners, subject to a higher rate of interest than otherwise would apply. Many questions remain as
to how the new rules will apply, especially with respect to partners that are REITs. These rules could increase the U.S. federal income tax, interest, and/or penalties otherwise borne by us in the
event of a U.S. federal income tax audit of a subsidiary partnership. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>85</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=12,SEQ=91,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=603289,FOLIO='85',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_86"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Sale of a Partnership's Property  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, any gain realized by us or a Partnership on the sale of property held for more than one year will be long-term capital gain, except
for any portion of such gain that is treated as depreciation or cost recovery recapture. Any gain or loss recognized by a Partnership on the disposition of contributed properties will be allocated
first to the partners who contributed such properties to the extent of their built-in gain or loss on those properties for federal income tax purposes. The partners' built-in gain or loss on such
contributed properties will equal the difference between the partners' proportionate share of the book value of those properties and the partners' tax basis allocable to those properties at the time
of the contribution. Any remaining gain or loss recognized by the Partnership on the disposition of the contributed properties, and any gain or loss recognized by the Partnership on the disposition of
the other properties, will be allocated among the partners in accordance with their respective percentage interests in the Partnership. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
share of any gain realized by a Partnership on the sale of any property held by the Partnership as inventory or other property held primarily for sale to customers in the ordinary
course of the Partnership's trade or business will be treated as income from a prohibited transaction that is subject to a 100% penalty tax. Such prohibited transaction income also may have an adverse
effect upon our ability to satisfy the income tests for REIT status. See "&#151;Taxation of Our Company&#151;Income Tests." We, however, do not presently intend to acquire or hold or to
allow any Partnership to acquire or hold any property that represents inventory or other property held primarily for sale to customers in the ordinary course of our or such Partnership's trade or
business. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Taxable REIT Subsidiaries  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We own 100% of the stock of more than one TRS, one of which has multiple subsidiaries (at least one of which is a TRS), and an indirect interest
in another TRS that has TRS subsidiaries. A TRS is a fully taxable corporation for which a TRS election is properly made and is required to pay regular U.S. federal income tax, and state and local
income tax where applicable, as a non-REIT "C" corporation. In addition, a taxable REIT subsidiary may be prevented from deducting interest on debt funded directly or indirectly by us if certain tests
are not satisfied, as described below in "&#151;Interest Deduction Limitation." A TRS may lease hotels from us under certain circumstances, provide services to our tenants, and perform
activities unrelated to our tenants, such as third-party management, development, and other independent business activities. A corporation of which a TRS directly or indirectly owns more than 35% of
the voting power or value of the stock will automatically be treated as a TRS. Overall, no more than 25% (20% with respect to taxable years beginning after December&nbsp;31, 2017) of the value of
our assets may consist of the securities of TRSs. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
TRS may not directly or indirectly operate or manage any hotels or health care facilities or provide rights to any brand name under which any hotel or health care facility is operated.
However, rents received by us from a TRS pursuant to a hotel lease will qualify as "rents from real property" as long as the hotel is operated on behalf of the TRS by a person who satisfies the
following requirements:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> such person is, or is related to a person who is, actively engaged in the trade or business of operating "qualified lodging facilities" for any
person unrelated to us and the TRS; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> such person does not own, directly or indirectly, more than 35% of our stock; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> no more than 35% of such person is owned, directly or indirectly, by one or more persons owning 35% or more of our stock; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> we do not directly or indirectly derive any income from such person. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>86</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=13,SEQ=92,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1028995,FOLIO='86',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_du70501_1_87"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
"qualified lodging facility" is a hotel, motel, or other establishment more than one-half of the dwelling units in which are used on a transient basis, unless wagering activities are
conducted at or in connection with such facility by any person who is engaged in the business of accepting wagers and who is legally authorized to engage in such business at or in connection with such
facility. A "qualified lodging facility" includes customary amenities and facilities operated as part of, or associated with, the lodging facility as long as such amenities and facilities are
customary for other properties of a comparable size and class owned by other unrelated owners. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
TRS rules limit the deductibility of interest paid or accrued by a TRS to us to assure that the TRS is subject to an appropriate level of corporate taxation. Further, the rules
impose a 100% excise tax on certain transactions between a TRS and us or our tenants that are not conducted on an arm's-length basis. We intend that all of our transactions with any TRS that we form
will be conducted on an arm's-length basis, but there can be no assurance that we will be successful in this regard. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have formed and made a timely election with respect to each of our TRSs, which lease each of our properties not owned by a TRS. Additionally, we may form or acquire additional TRSs in
the future. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


State and Local Taxes  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and/or you may be subject to state and local tax in various states and localities, including those states and localities in which we or you
transact business, own property, or reside. The state and local tax treatment in such jurisdictions may differ from the federal income tax treatment described above. Consequently, you should consult
your own tax advisor regarding the effect of state and local tax laws upon an investment in our capital stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Legislative or Other Actions Affecting REITs  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The present federal income tax treatment of REITs may be modified, possibly with retroactive effect, by legislative, judicial or administrative
action at any time. The REIT rules are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department which may result in statutory changes as
well as revisions to regulations and interpretations. Additionally, several of the tax considerations described herein are currently under review and are subject to change. Prospective stockholders
are urged to consult with their own tax advisors regarding the effect of potential changes to the federal tax laws on an investment in our capital stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>87</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=14,SEQ=93,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=450676,FOLIO='87',FILE='DISK104:[19ZCR1.19ZCR70501]DU70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_dy70501_1_88"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="dy70501_series_e_dividend_reinvestment_plan"> </A>
<A NAME="toc_dy70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  SERIES E DIVIDEND REINVESTMENT PLAN    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have adopted the Series&nbsp;E DRIP that allows you the opportunity to purchase, through reinvestment of your dividends, additional shares
of Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Description of the Series&nbsp;E DRIP  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Who is eligible to participate in the Series&nbsp;E DRIP?  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing holders of Series&nbsp;E Preferred Stock are eligible to participate in the Series&nbsp;E DRIP. If you own shares of
Series&nbsp;E Preferred Stock that are registered in someone else's name (for example, a bank, broker, or trustee) and you want to participate in the Series&nbsp;E DRIP, you may be able to arrange
for that person to handle the reinvestment of dividends. If not, then in order to participate in the Series&nbsp;E DRIP, your shares of Series&nbsp;E Preferred Stock should be withdrawn from
"street name" or other form of registration and should be registered in your own name. Alternatively, your broker or bank may offer a program that allows you to participate in a plan without having to
withdraw your shares of Series&nbsp;E Preferred Stock from "street name." </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Who is the administrator of the Series&nbsp;E DRIP?  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(the "Administrator") administers the Series&nbsp;E DRIP. Certain administrative support will be provided to the
Administrator
by its designated affiliates. If you have questions regarding the Series&nbsp;E DRIP, please write to the Administrator at the following address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. An automated voice response
system
is available 24&nbsp;hours a day, 7&nbsp;days a week. Customer service representatives are available from 8:00&nbsp;a.m. to 8:00&nbsp;p.m., Eastern Time, Monday through Friday (except
holidays). In addition, you may visit the Administrator's website at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. At this website, you can enroll in the Series&nbsp;E DRIP, obtain information, and perform certain
transactions
on your Series&nbsp;E DRIP account. See "Administration" for more information regarding the administration of the Series&nbsp;E DRIP. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


What are the benefits of the Series&nbsp;E DRIP?  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Series&nbsp;E DRIP provides you with the opportunity to automatically reinvest dividends paid on all, but not less than all, of your shares of Series&nbsp;E Preferred Stock
(including shares of Series&nbsp;E Preferred Stock held in your Series&nbsp;E DRIP account), in additional shares of Series&nbsp;E Preferred Stock without payment of any fees or other charges to
the extent shares of Series&nbsp;E Preferred Stock are purchased directly from us pursuant to the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may purchase fractional shares of Series&nbsp;E Preferred Stock under the Series&nbsp;E DRIP, which means you may fully reinvest all dividends. Dividends on fractional shares, as
well as on whole shares, also can be reinvested in additional shares of Series&nbsp;E Preferred Stock, which will be credited to your Series&nbsp;E DRIP account. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will receive a transaction statement confirming the details of each transaction that you make. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


What are the disadvantages of the Series&nbsp;E DRIP?  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will not pay you any interest on dividends held by the Administrator before the investment date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
dividends you reinvest under the Series&nbsp;E DRIP will generally be taxable to you to the extent of our earnings and profits and may give rise to a liability for the payment of
income tax without providing you with the corresponding cash to pay the tax when due. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>88</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=94,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=857219,FOLIO='88',FILE='DISK104:[19ZCR1.19ZCR70501]DY70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dy70501_1_89"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


How does an existing holder of shares of Series&nbsp;E Preferred Stock participate in the
Series&nbsp;E DRIP?  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enrollment is available online through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Alternatively, you may enroll by completing an enrollment form and mailing
it to the
Administrator. Your participation in the Series&nbsp;E DRIP will begin promptly after your enrollment is received; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the first
dividend payable with respect to newly issued shares of Series&nbsp;E Preferred Stock pursuant to our primary offering will be
paid in cash, with subsequent dividends reinvested pursuant to the Series&nbsp;E DRIP. Once you enroll, your participation continues automatically for as long as you wish to participate in the
Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may change your dividend reinvestment election at any time online through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, by telephone or by notifying the Administrator in writing prior to the record date for that
dividend. If your request is received after the record date, then your dividend will be paid in cash by check or automatic deposit to a U.S. bank account that you designate and your initial dividend
reinvestment will commence with the following dividend will be changed only for subsequent dividend payments. The record date will typically be approximately 15&nbsp;days in advance of the dividend
payment date. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may, of course, choose not to reinvest any of your dividends, in which case the Administrator will remit any such dividends to you by check or automatic deposit to a U.S. bank
account that you designate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>As an existing holder of shares of Series&nbsp;E Preferred Stock, what are my investment options under the Series&nbsp;E DRIP?</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
enrolled in the Series&nbsp;E DRIP, you may elect to reinvest all, but not less than all, of your dividends in additional shares of Series&nbsp;E Preferred Stock. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


When are funds invested under the Series&nbsp;E DRIP?  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment date for reinvested dividends will be the dividend payment date (generally, the 15th&nbsp;day of each month). No interest will
be paid on funds held by the Administrator pending investment. Shares will be purchased directly from us. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Who pays the fees and other expenses?  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay all fees or other charges on shares of Series&nbsp;E Preferred Stock purchased through the Series&nbsp;E DRIP. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


What are the federal income tax consequences of participating in the Series&nbsp;E DRIP?  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the federal income tax consequences of participation in the Series&nbsp;E DRIP as of the date of this
prospectus. However, this summary does not reflect every situation that could result from participation in the Series&nbsp;E DRIP, is for general information only and does not constitute tax advice.
Therefore, we advise you to consult your tax and other advisors for information about your specific situation. This summary does not address the tax implications of your ownership of shares of
Series&nbsp;E Preferred Stock, including the effect of distributions made in respect of such shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information in this section is based on the Code, existing, temporary and proposed regulations under the Code, the legislative history of the Code, current administrative rulings and
practices of the Internal Revenue Service ("IRS"), and court decisions, all as of the date hereof. We cannot assure you that new laws, interpretations of law or court decisions, any of which may take
effect retroactively, will not cause any statement in this section to be inaccurate. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to
any of the tax consequences described below. We have not sought and will not seek an advance ruling from the IRS regarding any matter in this prospectus. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>89</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=95,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=77745,FOLIO='89',FILE='DISK104:[19ZCR1.19ZCR70501]DY70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dy70501_1_90"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
the federal income tax treatment of dividend reinvestment plans is not entirely clear, it is expected that stockholders participating in the Series&nbsp;E DRIP will be treated
for federal income tax purposes as having received, on the date such dividends are reinvested, a distribution equal to the fair market value of any shares of Series&nbsp;E Preferred Stock purchased
under the Series&nbsp;E DRIP. Consequently, dividends reinvested in the Series&nbsp;E DRIP may give rise to a tax payment obligation without the corresponding cash to pay such tax when it becomes
due. The total amount of cash and other distributions will be reported to stockholders and to the IRS on the appropriate tax form shortly after the end of each year. The tax basis of shares of
Series&nbsp;E Preferred Stock acquired under the Series&nbsp;E DRIP will be equal to the fair market value of the shares on the date such stock is purchased under the Series&nbsp;E DRIP plus any
brokerage costs paid by the stockholder. A stockholder's holding period for Series&nbsp;E Preferred Stock acquired under the Series&nbsp;E DRIP generally will begin on the day after the date on
which the Series&nbsp;E Preferred Stock is credited to the stockholder's account. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
distributions to stockholders constitute dividends for federal income tax purposes up to the amount of our positive current and accumulated earnings and profits (as determined for
federal income tax purposes) and, to that extent, will be taxable as ordinary income (except to the extent that we designate any portion of such dividend as either: (i)&nbsp;a "capital gain"
dividend; or (ii)&nbsp;in the case of
stockholders taxed at individual rates who satisfy certain holding period requirements, as "qualified dividend income" pursuant to applicable federal income tax rules). To the extent that we make a
distribution in excess of our current and accumulated earnings and profits, such distribution will be treated first as a tax-free return of capital to the extent of a stockholder's adjusted tax basis
in our Series&nbsp;E Preferred Stock and, to the extent in excess of the stockholder's basis, will be taxable as a gain realized from the sale of the stockholder's Series&nbsp;E Preferred Stock.
Distributions to corporate stockholders, including amounts taxable as dividends to corporate stockholders, will generally not be eligible for the corporate dividends-received deduction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will not recognize gain or loss for federal income tax purposes upon your receipt of certificates for shares previously credited to your Series&nbsp;E DRIP account. However, you
will generally recognize gain or loss when you sell or exchange shares received from the Series&nbsp;E DRIP or when a fractional share interest is liquidated. Such gain or loss will equal the
difference between the amount that you receive for such shares or such fractional share interest and your tax basis in such shares or such fractional share interest. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
or the Administrator may be required to deduct as "backup withholding" twenty-four percent (24%) of all dividends paid to you, regardless of whether such dividends are reinvested
pursuant to the Series&nbsp;E DRIP. You are subject to backup withholding if: (i)&nbsp;you have failed properly to furnish us and the Administrator with your correct tax identification number
("TIN"); (ii)&nbsp;the IRS or a broker notifies us or the Administrator that the TIN furnished by you is incorrect; (iii)&nbsp;the IRS or a broker notifies us or the Administrator that backup
withholding should be commenced because you failed to properly report dividends paid to you; or (iv)&nbsp;when required to do so, you fail to certify, under penalties of perjury, that you are not
subject to backup withholding. Backup withholding amounts will be withheld from dividends before such dividends are reinvested under the Series&nbsp;E DRIP. Therefore, if you are subject to backup
withholding, dividends to be reinvested under the Series&nbsp;E DRIP will be reduced by the backup withholding amount. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are a foreign stockholder, you need to provide the required federal income tax certifications to establish your status as a foreign stockholder so that the foregoing backup
withholding does not apply to you. You also need to provide the required certifications if you wish to claim the benefit of exemptions from federal income tax withholding or reduced withholding rates
under a treaty or convention entered into between the United States and your country of residence. If you are a foreign stockholder whose dividends are subject to federal income tax withholding, the
appropriate amount will be withheld and the balance in shares of Series&nbsp;E Preferred Stock will be credited to your account. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>90</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=96,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=260700,FOLIO='90',FILE='DISK104:[19ZCR1.19ZCR70501]DY70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dy70501_1_91"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
costs of administering the Series&nbsp;E DRIP will be paid by us. Consistent with the conclusion reached by the IRS in a private letter ruling issued to another REIT, we intend to
take the position that these costs do not constitute a distribution which is either taxable to you or which would reduce your basis in
your shares. However, since the private letter ruling was not issued to us, we have no legal right to rely on its conclusions. Thus, it is possible that the IRS might view your share of the costs as
constituting a taxable dividend to you and/or a dividend which reduces the basis in your Series&nbsp;E Preferred Stock. For this or other reasons, we may in the future take a different position with
respect to the costs of administering the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing is intended only as a general discussion of the current federal income tax consequences of participation in the Series&nbsp;E DRIP and may not be applicable to certain
participants, such as tax-exempt entities. You should consult your tax and other professional advisors regarding the foreign, federal, state and local income tax consequences (including the effects of
any changes in applicable law or interpretations thereof) of your individual participation in the Series&nbsp;E DRIP or the disposal of shares acquired pursuant to the Series&nbsp;E DRIP. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Purpose  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Series&nbsp;E DRIP is to provide a convenient and economical way for holders of shares of Series&nbsp;E Preferred Stock
to invest all, but not less than all, of their dividends in additional shares of Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Eligibility of Existing Holders of Series&nbsp;E Preferred Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you are a current holder of record of shares of Series&nbsp;E Preferred Stock, you may participate in the Series&nbsp;E DRIP unless
receipt of shares of Series&nbsp;E Preferred Stock through the Series&nbsp;E DRIP would cause you to exceed the 9.8% ownership limit in our charter. See "Restrictions on Ownership and Transfer"
for more information. Eligible holders of shares of Series&nbsp;E Preferred Stock may enroll in the Series&nbsp;E DRIP online through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Alternatively, you may enroll by completing
an enrollment form and delivering it to the Administrator. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you own shares of Series&nbsp;E Preferred Stock that are registered in someone else's name (for example, a bank, broker or trustee) and you want to participate in the
Series&nbsp;E DRIP, you may be able to arrange for that person to handle the reinvestment of your dividends. If not, your shares of Series&nbsp;E Preferred Stock should be withdrawn from "street
name" or other form of registration and should be registered in your own name. Alternatively, your broker or bank may offer a program that allows you to participate in a plan without having to
withdraw your shares of Series&nbsp;E Preferred Stock from "street name." </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Administration  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;administers the Series&nbsp;E DRIP. Certain administrative support will be provided to the Administrator by its
designated
affiliates. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
can enroll in the Series&nbsp;E DRIP, obtain information and perform certain transactions on your Series&nbsp;E DRIP account online via the Administrator's Investor Center. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
visit the Administrator's website: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
can contact the Administrator's stockholder relations department toll-free at: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
automated voice response system is available 24&nbsp;hours a day, 7&nbsp;days a week. Customer service representatives are available from 8:00&nbsp;a.m. to 8:00&nbsp;p.m.,
Eastern Time, Monday through Friday (except holidays). </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>91</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=97,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=581918,FOLIO='91',FILE='DISK104:[19ZCR1.19ZCR70501]DY70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dy70501_1_92"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may write to the Administrator at the following address: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
include a reference to Braemar Hotels&nbsp;&amp; Resorts Series&nbsp;E Preferred Stock in all correspondence. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Purchases and Pricing of Shares of Series&nbsp;E Preferred Stock  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to reinvested dividends, the market price for purchases of shares of Series&nbsp;E Preferred Stock directly from us will be
$25.00 per share, and the investment date will be the dividend payment date for the month. Dividend payment dates generally occur on the 15th&nbsp;day of each month. Your account will be credited
with a full and fractional number of shares of Series&nbsp;E Preferred Stock, equal to the total amount to be invested by you, divided by the applicable purchase price per share. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no fees or other charges on shares of Series&nbsp;E Preferred Stock purchased through the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Participation  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any eligible holder of shares of Series&nbsp;E Preferred Stock may enroll in the Series&nbsp;E DRIP online
through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
Alternatively, you may enroll in the Series&nbsp;E DRIP by completing an enrollment form and returning it to the Administrator at address set forth above. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Administrator receives your enrollment form by the record date for the payment of the next dividend (approximately 15&nbsp;days in advance of the dividend payment date), that
dividend will be invested in additional shares of Series&nbsp;E Preferred Stock for your Series&nbsp;E DRIP account; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the first
dividend payable with respect to newly issued shares of Series&nbsp;E Preferred Stock pursuant to our primary offering will be
paid in cash, with subsequent dividends reinvested pursuant to the Series&nbsp;E DRIP. If the enrollment form is received in the period after any dividend record date, that dividend will be paid by
check or automatic deposit to a U.S. bank account that you designate and your initial dividend reinvestment will commence with the following dividend. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
enrolling in the Series&nbsp;E DRIP, you direct the Administrator to apply all, but not less than all, dividends to the purchase of additional shares of Series&nbsp;E Preferred
Stock in accordance with the Series&nbsp;E DRIP's terms and conditions. Unless otherwise instructed, the Administrator will thereafter automatically reinvest all, but not less than all, dividends
declared on shares of Series&nbsp;E Preferred Stock held under the Series&nbsp;E DRIP. If you want to discontinue the reinvestment of all dividends paid on your shares of Series&nbsp;E Preferred
Stock, you must provide notice to the Administrator. See "Administration" for information on how to contact the Administrator. </FONT></P>


<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Cost  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay all fees, the annual cost of administration and, unless provided otherwise in the Series&nbsp;E DRIP, all other charges incurred
in connection with the purchase of shares of Series&nbsp;E Preferred Stock acquired under the Series&nbsp;E DRIP, if any. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Date for Investment of Funds under the Series&nbsp;E DRIP  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For reinvested dividends, the investment date will be the dividend payment date for the month (generally, the 15th&nbsp;day of each month); </FONT> <FONT
SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the first dividend payable with respect to newly issued shares of
Series&nbsp;E Preferred Stock pursuant to our primary offering will be paid in cash, with subsequent dividends reinvested pursuant to the Series&nbsp;E DRIP. No interest will be paid on funds held
by the Administrator pending investment. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>92</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=98,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=711275,FOLIO='92',FILE='DISK104:[19ZCR1.19ZCR70501]DY70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dy70501_1_93"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Number of Shares of Series&nbsp;E Preferred Stock to be Purchased for the Participant  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares of Series&nbsp;E Preferred Stock purchased under the Series&nbsp;E DRIP will depend on the amount of your dividend.
Shares of Series&nbsp;E Preferred Stock purchased under the Series&nbsp;E DRIP will be credited to your account. Both full and fractional shares will be purchased. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are offering up to 8,000,000 shares of Series&nbsp;E Preferred Stock for sale under the Series&nbsp;E DRIP. We cannot assure you there will be enough shares of Series&nbsp;E
Preferred Stock to meet the requirements under the Series&nbsp;E DRIP. If we do not have a sufficient number of registered shares of Series&nbsp;E Preferred Stock to meet the Series&nbsp;E DRIP
requirements during any month, the portion of any reinvested dividends received by the Administrator but not invested in shares of Series&nbsp;E Preferred Stock under the Series&nbsp;E DRIP will
be returned to participants without interest. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no special limitation on the cumulative number of shares of Series&nbsp;E Preferred Stock that may be purchased under the Series&nbsp;E DRIP. However, purchases under the
Series&nbsp;E DRIP are subject to the general restrictions contained in our charter that prohibit purchases of shares of Series&nbsp;E Preferred Stock that could disqualify us as a REIT. See
"Restrictions on Ownership and Transfer" for more information. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Source of Shares of Series&nbsp;E Preferred Stock Purchased Under the Series&nbsp;E DRIP  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Series&nbsp;E Preferred Stock purchased under the Series&nbsp;E DRIP will come from our authorized but unissued shares of
Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Method for Changing Series&nbsp;E DRIP Election  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may change your Series&nbsp;E DRIP election at any time online through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, by telephone or by notifying the
Administrator in
writing. See "Administration" for information on how to contact the Administrator. To be effective with respect to a particular dividend, any such change must be received by the Administrator prior to
the record date for such dividend. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Withdrawal by Participant  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may discontinue the reinvestment of your dividends at any time by providing written or telephone notice to the Administrator. Alternatively,
you may change your dividend election online through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. See "Administration" for information on how to contact the Administrator. If the Administrator receives your notice of
withdrawal
prior to the record date for the payment of the next dividend, the Administrator, in its sole discretion, will distribute such dividends in cash. If the request is received after the record date for
the payment of the next dividend, then that dividend will be reinvested. However, all subsequent dividends will be paid out in cash on all balances. The Administrator will continue to hold your shares
of Series&nbsp;E Preferred Stock in your Series&nbsp;E DRIP account. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
an eligible holder of shares of Series&nbsp;E Preferred Stock may again become a participant in the Series&nbsp;E DRIP. However, we reserve the right to reject the
enrollment of a previous participant in the Series&nbsp;E DRIP on grounds of excessive joining and termination. This reservation is intended to minimize administrative expense and to encourage use
of the Series&nbsp;E DRIP as a long-term investment service. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Stock Certificates and Safekeeping  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Series&nbsp;E Preferred Stock that you acquire under the Series&nbsp;E DRIP will be maintained in your Series&nbsp;E DRIP
account in non-certificated form. This protects your shares of Series&nbsp;E Preferred Stock against loss, theft or accidental destruction and also provides a convenient way for you to keep track of
your shares of Series&nbsp;E Preferred Stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>93</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=99,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=481553,FOLIO='93',FILE='DISK104:[19ZCR1.19ZCR70501]DY70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dy70501_1_94"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Reports to Participants  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of your account activity will be sent to you after each transaction, which will simplify your record keeping. Each Series&nbsp;E
DRIP account statement will show the amount invested, the purchase price and the number of shares of Series&nbsp;E Preferred Stock purchased. The statement will include specific cost-basis
information in accordance with applicable law. Please notify the Administrator promptly either in writing, by telephone or through the Internet if your address changes. In addition, you will receive
copies of the same communications sent to all other holders of shares of Series&nbsp;E Preferred Stock, if any. You also will receive any IRS information returns, if required. Please retain all
account statements for your records. The statements contain important tax and other information. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Responsibilities under the Series&nbsp;E DRIP  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the Administrator and any agent will not be liable in administering the Series&nbsp;E DRIP for any act done in good faith, or for any
omission to act in good faith, including, without limitation, any claim of liability arising out of failure to terminate a participant's account upon that participant's death prior to the receipt of
notice in writing of such death. Nor are we, the Administrator or any agent liable for any act done or not done in good faith regarding the purchase of shares or the prices at which the purchases are
done at. Since we have delegated all responsibility for administering the Series&nbsp;E DRIP to the Administrator, we specifically disclaim any responsibility for any of its actions or inactions in
connection with the administration of the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should recognize that neither we, the Administrator, nor any agent can assure you of a profit or protect you against a loss on shares of Series&nbsp;E Preferred Stock purchased
under the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Interpretation and Regulation of the Series&nbsp;E DRIP  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reserve the right to interpret and regulate the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Suspension, Modification or Termination of the Series&nbsp;E DRIP  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reserve the right to suspend, modify or terminate the Series&nbsp;E DRIP at any time. Participants will be notified of any suspension,
modification or termination of the Series&nbsp;E DRIP. Upon our termination of the Series&nbsp;E DRIP any whole book-entry shares owned will continue to be credited to a participant's account
unless specifically requested otherwise. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Miscellaneous  </B></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Effect of Stock Dividend, Stock Split or Rights Offering  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any shares of Series&nbsp;E Preferred Stock we distribute as a stock dividend on shares of Series&nbsp;E Preferred Stock credited to your
account under the Series&nbsp;E DRIP, or upon any split of such shares of Series&nbsp;E Preferred Stock, will be credited to your account. Stock dividends or splits distributed on all other shares
of Series&nbsp;E Preferred Stock held by you and registered in your own name will be mailed directly to you. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Effect of Transfer of All Shares of Series&nbsp;E Preferred Stock in Participant's Name  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you dispose of all shares of Series&nbsp;E Preferred Stock registered in your name, but do not give notice of withdrawal to the
Administrator, the Administrator will continue to reinvest the dividends on any shares of Series&nbsp;E Preferred Stock held in your account under the Series&nbsp;E DRIP until the Administrator is
otherwise notified. See "Withdrawal by Participant" for more information on how to withdraw from the Series&nbsp;E DRIP. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>94</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=100,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=899461,FOLIO='94',FILE='DISK104:[19ZCR1.19ZCR70501]DY70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<A NAME="page_dy70501_1_95"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Voting of Participant's Shares of Series&nbsp;E Preferred Stock Held under the Series&nbsp;E DRIP  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Series&nbsp;E Preferred Stock credited to your account under the Series&nbsp;E DRIP will be voted in accordance with your
instructions. If you are a participant in the Series&nbsp;E DRIP and are not a holder of record of shares of Series&nbsp;E Preferred Stock in your own name, you will be furnished with a form of
proxy covering the shares of Series&nbsp;E Preferred Stock credited to your account under the Series&nbsp;E DRIP. If you are a participant in the Series&nbsp;E DRIP and are the holder of record
of shares of Series&nbsp;E Preferred Stock in your own name, your proxy will be deemed to include shares of Series&nbsp;E Preferred Stock, if any, credited to your account under the
Series&nbsp;E DRIP, and the shares of Series&nbsp;E Preferred Stock held under the Series&nbsp;E DRIP will be voted in the same manner as the shares of Series&nbsp;E Preferred Stock registered
in your own name. If a proxy is not returned, none of your shares of Series&nbsp;E Preferred Stock will be voted unless you vote in person. If you want to vote in person at a meeting of
stockholders, a proxy for shares of Series&nbsp;E Preferred Stock credited to your account under the Series&nbsp;E DRIP may be obtained upon written request received by the Administrator at least
15&nbsp;days before the meeting. </FONT></P>

<UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B><I>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Pledging of Participant's Shares of Series&nbsp;E Preferred Stock Held under the Series&nbsp;E DRIP  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may not pledge any shares of Series&nbsp;E Preferred Stock that you hold in your Series&nbsp;E DRIP account. Any pledge of shares of
Series&nbsp;E Preferred Stock in a Series&nbsp;E DRIP account is null and void. If you wish to pledge shares of Series&nbsp;E Preferred Stock, you must first withdraw those shares of
Series&nbsp;E Preferred Stock from the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Limitation of Liability  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;E DRIP provides that neither we nor the Administrator, nor any independent agent, will be liable in administering the
Series&nbsp;E DRIP for any act done in good faith or any omission to act in good faith in connection with the Series&nbsp;E DRIP. This limitation includes, but is not limited to, any claims of
liability relating to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the failure to terminate your Series&nbsp;E DRIP account upon your death prior to receiving written notice of your death; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the purchase prices reflected in your Series&nbsp;E DRIP account or the dates of purchases of Series&nbsp;E Preferred Stock under the
Series&nbsp;E DRIP; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any loss or fluctuation in the market value of shares of Series&nbsp;E Preferred Stock after the purchase of shares of Series&nbsp;E
Preferred Stock under the Series&nbsp;E DRIP. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing limitation of liability does not represent a waiver of any rights you may have under applicable securities laws. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>95</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=101,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=809492,FOLIO='95',FILE='DISK104:[19ZCR1.19ZCR70501]DY70501A.;14',USER='CHE107322',CD=';6-NOV-2019;17:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_ea70501_1_96"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ea70501_plan_of_distribution"> </A>
<A NAME="toc_ea70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


General  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering up to a maximum of 20,000,000 shares of the Series&nbsp;E Preferred Stock in our primary offering, through our dealer manager,
on a "reasonable best efforts" basis, which means that the dealer manager is only required to use its good faith efforts and reasonable diligence to sell the Series&nbsp;E Preferred Stock and has no
firm commitment or obligation to purchase any specific number or dollar amount of the Series&nbsp;E Preferred Stock. We are also offering up to 8,000,000 shares of Series&nbsp;E Preferred Stock
pursuant to the Series&nbsp;E DRIP. We reserve the right to reallocate the shares we
are offering between our primary offering and the Series&nbsp;E DRIP. No selling commissions or dealer manager fee will be paid with respect to shares of the Series&nbsp;E Preferred Stock sold
pursuant to the Series&nbsp;E DRIP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
primary offering is scheduled to terminate by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021. Under rules promulgated by the SEC, in some circumstances we could continue our primary offering
until as late as
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2022, in our sole discretion. If we decide to continue our primary offering
beyond&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021, we will supplement this prospectus accordingly, if required. We may terminate
our primary offering at any time or may offer shares of Series&nbsp;E Preferred Stock pursuant to a new registration statement, including a follow-on registration statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will sell shares of the Series&nbsp;E Preferred Stock using two closing services provided by DTC. The first service is DTC Settlement and the second service is DRS Settlement.
Investors purchasing shares of the Series&nbsp;E Preferred Stock through DTC Settlement will coordinate with their registered representatives to pay the full purchase price for their shares of
Series&nbsp;E Preferred Stock by the settlement date, and such payments will not be held in escrow. Investors who are permitted to utilize the DRS Settlement method will complete and sign
subscription agreements, which will be delivered to the escrow agent,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. In addition, such investors will pay the full purchase price for their shares of Series&nbsp;E Preferred
Stock
to the escrow agent (as set forth in the subscription agreement), to be held in trust for the investors' benefit pending release to us as described herein. See "&#151;Settlement Procedures" for
a description of the closing procedures with respect to each of the closing methods. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
dealer manager, Ashford Securities&nbsp;LLC, will be a securities broker-dealer registered with the SEC and a member firm of FINRA. Our dealer manager is indirectly owned by
Ashford Advisor, our Advisor, which shares management personnel with our dealer manager and us. See "Prospectus Summary&#151;Certain Agreements&#151;Advisory Agreement" for a discussion
of Ashford Advisor. Our dealer manager is a recently formed company with no prior operating history. This offering will be the first offering conducted by our dealer manager. The principal business of
our dealer manager will be to sell the shares registered in this offering and shares to be sold in future offerings by us or other entities advised by Ashford Advisor, if any. The principal business
address of our dealer manager is 14185&nbsp;Dallas Parkway, Suite&nbsp;780, Dallas, Texas 75254. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Compensation of Dealer Manager and Participating Broker-Dealers  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay to our dealer manager selling commissions of up to 7.0% of the gross offering proceeds from our primary offering. We will also pay
to our dealer manager up to 3.0% of the gross offering proceeds from our primary offering as compensation for acting as dealer manager. As dealer manager, Ashford Securities&nbsp;LLC will manage,
direct and supervise its associated persons who will be wholesalers in connection with the offering. The combined selling commission, dealer manager fee and any other amounts deemed to be underwriting
compensation in connection with this offering
will not exceed 10% of the gross offering proceeds from our primary offering pursuant to FINRA Rule&nbsp;2310(b)(4)(B)(ii). We will not pay referral or similar fees to any accountants, attorneys or
other persons in connection with the distribution of the Series&nbsp;E Preferred Stock. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>96</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=102,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=605412,FOLIO='96',FILE='DISK104:[19ZCR1.19ZCR70501]EA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ea70501_1_97"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect our dealer manager to authorize other participating broker-dealers to sell the Series&nbsp;E Preferred Stock. Our dealer manager may reallow all or a portion of its selling
commissions attributable to a participating broker-dealer. Our dealer manager may also reallow a portion of its dealer manager fee earned on the proceeds raised by a participating broker-dealer, to
such participating broker-dealer as a marketing fee. The amount of the marketing fee to be reallowed to any participating broker-dealer will be determined by the dealer manager in its sole discretion
and include such factors as:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the volume of sales estimated to be made by the participating broker-dealer; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the participating broker-dealer's agreement to provide one or more of the following services: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> providing internal marketing support personnel and marketing communications vehicles to assist the dealer manager in our
promotion;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> responding to investors' inquiries concerning monthly statements, valuations, distribution rates, tax information, annual reports,
redemption rights and procedures, our financial status, and the markets in which we have invested;  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> assisting investors with redemptions; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> providing other services requested by investors from time to time and maintaining the technology necessary to adequately service
investors. </FONT></DD></DL>
</DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
dealer manager provides services to us, which include conducting broker-dealer seminars, holding informational meetings and providing information and answering any questions
concerning this offering. We pay our dealer manager a fee of up to 3.0% of the price per share of Series&nbsp;E Preferred Stock sold in our primary offering. In addition to re-allowing a portion of
this dealer manager fee to the participating broker-dealers as a marketing fee, the fee will also be used for certain costs that FINRA includes in the 10% underwriting compensation limit, such as the
cost of the following activities:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> travel and entertainment expenses; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> compensation of our dealer manager's employees in connection with wholesaling activities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> expenses incurred in coordinating broker-dealer seminars and meetings; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> wholesaling expense reimbursements paid by our dealer manager or its affiliates to other entities; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the national and regional sales conferences of our participating broker-dealers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> training and education meetings for registered representatives of our participating broker-dealers; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> permissible forms of non-cash compensation to registered representatives of our participating broker-dealers, such as logo apparel items and
gifts that do not exceed an aggregate value of $100 per annum per registered representative and that are not pre-conditioned on achievement of a sales target (including, but not limited to, seasonal
gifts). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event any of our directors and officers, both current and retired, and their family members, as well as affiliates of Ashford Advisor and its directors, officers and employees,
both current and retired, and their family members, entities owned substantially by such individuals, affiliated entities, and, if approved by our management, joint venture partners, consultants,
service providers and business associates and family members thereof purchase Series&nbsp;E Preferred Stock in our primary offering, there will be no selling commissions or dealer manager fees paid
by us in connection with any such sales. The net proceeds to us will not be affected by reducing the commissions payable in connection with such </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>97</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=103,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1011841,FOLIO='97',FILE='DISK104:[19ZCR1.19ZCR70501]EA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ea70501_1_98"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>sales.
Also, the public offering price per share of Series&nbsp;E Preferred Stock will be decreased by an amount equal to the discount. Such persons will be expected to hold their Series&nbsp;E
Preferred Stock purchased as stockholders for investment and not with a view towards distribution. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event any of our participating broker-dealers, their retirement plans, their representatives and the family members, individual retirements accounts ("IRAs") and the qualified
plans of their representatives purchase Series&nbsp;E Preferred Stock in our primary offering, selling commissions may be reduced by up to the full 7.0% of gross offering proceeds received by us in
connection with any such sales. We will pay dealer manager fees in connection with such sales. We will not sell Series&nbsp;E Preferred Stock to participating dealers for their own account, their
retirement plans, their representatives and the family members, IRAs and the qualified plans of their representatives until 90&nbsp;days after our registration statement is declared effective by the
SEC. For purposes of these discounts, we consider a family member to be a spouse, parent, child, sibling, cousin, mother- or father-in-law, son- or daughter-in-law or brother- or sister-in-law or a
trust for the benefit of such persons. The net proceeds to us will not be affected by reducing the commissions payable in connection with such sales. Also, the public offering price per share of
Series&nbsp;E Preferred Stock will be decreased by an amount equal to the discount. Such persons will be expected to hold their Series&nbsp;E Preferred Stock purchased as stockholders for
investment and not with a view towards distribution. We will not pay any selling commissions, but will pay dealer manager fees, in connection with the sale of Series&nbsp;E Preferred Stock through
the following distribution channels in the event that the investor:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> purchases units through fee-based programs also known as "wrap accounts;" </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> purchases Series&nbsp;E Preferred Stock through participating broker-dealers that have alternative fee arrangements with their clients; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> purchases Series&nbsp;E Preferred Stock through certain registered investment advisors; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> purchases Series&nbsp;E Preferred Stock through bank trust departments or any other organization or person authorized to act in a fiduciary
capacity for its clients or customers; or </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> is an endowment, foundation, pension fund or other institutional investor. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
net proceeds to us will not be affected by reducing the commissions payable in connection with such sales. Also, to the extent a participating broker-dealer reduces its selling
commissions below 7.0%, the public offering price per share of Series&nbsp;E Preferred Stock will be decreased by an amount equal to such reduction. Neither our dealer manager nor its affiliates
will directly or indirectly compensate any person engaged as an investment advisor or a bank trust department by a potential investor as an inducement for such investment advisor or bank trust
department to advise favorably for an investment in Series&nbsp;E Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event we enter into a participating broker-dealer agreement with a participating broker-dealer for less than a 7% selling commission, we will file&nbsp;a Current Report on
Form&nbsp;8-K, which will be incorporated into this prospectus by reference, reflecting the selling commission that will be paid to such participating broker-dealer. The net proceeds to us will not
be affected by reducing the commissions payable in connection with such sales. Also, to the extent a participating broker-dealer
reduces its selling commissions below 7%, the public offering price per share of Series&nbsp;E Preferred Stock will be decreased by an amount equal to such reduction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
commissions and the dealer manager fee for purchases of more than $5&nbsp;million are negotiable. Selling commissions and the dealer manager fee paid will in all cases be the
same for the same level of sales, and once a price is negotiated with the initial purchaser this will be the price for all purchases at that volume. In the event of a sale of more than
$5&nbsp;million, we will file&nbsp;a Current Report on Form&nbsp;8-K, which will be incorporated by reference in this prospectus, to include:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the aggregate amount of the sale; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>98</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=104,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=992362,FOLIO='98',FILE='DISK104:[19ZCR1.19ZCR70501]EA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ea70501_1_99"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the price per share paid by the purchaser; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a statement that other similar investors wishing to purchase at that volume of securities will pay the same price for that volume of
securities. </FONT></DD></DL>
</UL>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Dealer Manager and Participating Broker-Dealer Compensation  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth the nature and estimated amount of all items&nbsp;viewed as "underwriting compensation" by FINRA, assuming we sell
all the shares of Series&nbsp;E Preferred Stock offered in our primary offering. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="68pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Selling commissions (maximum)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Dealer manager fee (maximum)</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15,000,000 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,000,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by law and our charter, we will indemnify the participating broker-dealers and the dealer manager against certain civil liabilities, including certain liabilities
arising under the Securities Act and liabilities arising from breaches of our representations and warranties contained in the dealer manager agreement. However, the SEC takes the position that
indemnification against liabilities arising under the Securities Act is against public policy and is not enforceable. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will pay directly and/or reimburse Ashford Advisor for actual expenses incurred in connection with this offering. Subject to the cap on issuer expenses described below, we also will
pay directly (or reimburse our dealer manager for reimbursements it may make to participating broker-dealers) for bona fide due diligence expenses presented on detailed and itemized invoices. The
total amount of underwriting compensation from any source in connection with this offering, including selling commissions and dealer manager fees paid or reimbursed by us or Ashford Advisor, will not
exceed FINRA's 10% cap. The aggregate of all organization and offering expenses under this offering, including selling commissions and dealer manager fees, will be capped at 15% of the aggregate gross
proceeds of this offering. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the 15% cap described above, we will be responsible for the expenses of issuance and distribution of the Series&nbsp;E Preferred Stock in this offering, including
registration fees, printing expenses and our legal and accounting fees, which we estimate will total approximately $7.5&nbsp;million (excluding selling commissions and dealer manager fees). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
dealer manager agreement may be terminated upon 60&nbsp;days written notice by either us or the dealer manager to the other party. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>



<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Settlement Procedures  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your broker-dealer uses DTC Settlement, then you can place an order for the purchase of the shares of Series&nbsp;E Preferred Stock through
your broker-dealer. A broker-dealer using this service will have an account with DTC in which your funds are placed to facilitate the anticipated monthly closing cycle. Orders will be executed by your
broker-dealer electronically and you must coordinate with your registered representative to pay the full purchase price of the Series&nbsp;E Preferred Stock by the settlement date, which depends on
when you place the order during the monthly settlement cycle and can be anywhere from one to 20&nbsp;days after the date of your order. This purchase price will not be held in escrow. Subscriptions
will be effective upon our acceptance, and we reserve the right to reject any subscription in whole or in part. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
special circumstances, you have the option to elect to use DRS Settlement. If you elect to use DRS Settlement, you should complete and sign a subscription agreement similar to the
one filed as an exhibit to the registration statement of which this prospectus is a part, which is available from your registered representative and which will be delivered to the escrow agent. In
connection with a DRS </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>99</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=105,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=966878,FOLIO='99',FILE='DISK104:[19ZCR1.19ZCR70501]EA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ea70501_1_100"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Settlement
subscription, you should pay the full purchase price of the shares of Series&nbsp;E Preferred Stock to the escrow agent as set forth in the subscription agreement. Subscribers may not
withdraw funds from the escrow account. Subscriptions will be effective upon our acceptance, and we reserve the right to reject any subscription in whole or in part. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have the sole right to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> determine and change the number and timing of closings, including the right to change the number and timing of closings after communicating the
anticipated closing timing to participating broker-dealers; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limit the total amount of Series&nbsp;E Preferred Stock sold by all participating broker-dealers per closing; </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limit the total amount of Series&nbsp;E Preferred Stock sold by any one participating broker-dealer per closing; and </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> limit the total number of shares of Series&nbsp;E Preferred Stock sold by any one participating broker-dealer. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Irrespective
of whether you purchase the shares of Series&nbsp;E Preferred Stock using DTC Settlement or DRS Settlement, by accepting the shares of Series&nbsp;E Preferred Stock you
will be deemed to have accepted the terms of our charter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to compliance with Rule&nbsp;15c2-4 of the Exchange Act, in connection with purchases using DRS Settlement, our dealer manager or the broker-dealers participating in this
offering promptly will deposit any checks received from subscribers in an escrow account maintained by by the end of the next business day following receipt of the subscriber's subscription documents
and check. In certain circumstances where the subscription review procedures are more lengthy than customary or pursuant to a participating broker-dealer's internal supervising review procedures, a
subscriber's check will be transmitted by the end of the next business day following receipt by the review office of the dealer, which will then be promptly deposited by the end of the next business
day following receipt by the review office. Any subscription payments received by the escrow agent will be deposited into a special non-interest bearing account in our name until such time as we have
accepted or rejected the subscription and will be held in trust for your benefit, pending our acceptance of your subscription. If any subscription agreement solicited by the participating
broker-dealer is rejected by our dealer manager or us, then the subscription agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. You
will receive a confirmation of your purchase subsequent to a closing. We generally will admit stockholders on a semimonthly basis. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors
purchasing shares of the Series&nbsp;E Preferred Stock through DTC Settlement will coordinate with their registered representatives to pay the full purchase price for their
shares of Series&nbsp;E Preferred Stock by the settlement date, and such payments will not be held in escrow. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
recommending to a potential investor the purchase of shares of the Series&nbsp;E Preferred Stock, each participating broker-dealer must have reasonable grounds to believe, on the
basis of information obtained from the potential investor concerning his or her investment objectives, other investments, financial situation and needs, and any other information known by the
participating broker-dealer, that
the potential investor is or will be in a financial position appropriate to enable the potential investor to realize to a significant extent the benefits described in the prospectus; the potential
investor has a fair market net worth sufficient to sustain the risks inherent in the program, including loss of investment and lack of liquidity; and the program is otherwise suitable for the
potential investor. In making this determination, the participating broker-dealer will rely on relevant information provided by the investor, including information as to the investor's age, investment
objectives, investment experience, investment time horizon, income, net worth, financial situation and needs, tax status, other investments, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>100</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=106,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=261051,FOLIO='100',FILE='DISK104:[19ZCR1.19ZCR70501]EA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<A NAME="page_ea70501_1_101"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>liquidity
needs, risk tolerance, and other pertinent information. Each investor should be aware that the participating broker-dealer will be responsible for determining whether this investment is
appropriate for your portfolio. However, you are required to represent and warrant in the subscription agreement or, if placing an order through your registered representative not through a
subscription agreement in connection with a DTC Settlement, to the registered representative, that you have received a copy of this prospectus and have had sufficient time to review this prospectus.
Our dealer manager and each participating broker-dealer shall maintain records of the information used to determine that an investment in the Series&nbsp;E Preferred Stock is suitable and
appropriate for an investor. These records are required to be maintained for a period of at least six years. </FONT></P>

<P style="font-family:times;;margin-left:10.0pt;text-indent:-10.0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:10.0pt;text-indent:-10.0pt;" -->


Minimum Purchase Requirements  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For your initial investment in the Series&nbsp;E Preferred Stock, you must invest at least $5,000, or such lesser amounts in the discretion of
our dealer manager. In order to satisfy the minimum purchase requirement for retirement plans, unless otherwise prohibited by state law, a husband and wife may jointly contribute funds from their
separate IRAs. You should note that an investment in the Series&nbsp;E Preferred Stock will not, in itself, create a retirement plan and that, in order to create a retirement plan, you must comply
with all applicable provisions of the Code. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>101</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=107,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=211645,FOLIO='101',FILE='DISK104:[19ZCR1.19ZCR70501]EA70501A.;11',USER='CHE105613',CD=';6-NOV-2019;16:43' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_ec70501_1_102"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ec70501_legal_matters"> </A>
<A NAME="toc_ec70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  LEGAL MATTERS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain legal matters regarding the validity of the securities offered hereby and certain matters of Maryland Law have been passed upon for us
by DLA Piper&nbsp;LLP (US). Certain U.S. federal income tax matters have been passed upon by Locke Lord&nbsp;LLP. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ec70501_experts"> </A>
<A NAME="toc_ec70501_2"> </A>
<BR></FONT><FONT SIZE=2><B>  EXPERTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc. (formerly Ashford Hospitality Prime,&nbsp;Inc.) at
December&nbsp;31, 2018 and 2017, and for each of the three years in the period ended December&nbsp;31, 2018, appearing in Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc.'s (formerly Ashford
Hospitality Prime,&nbsp;Inc.'s) Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2018 have been audited by BDO USA,&nbsp;LLP, independent registered public accounting firm,
as set forth in its report thereon, included therein and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such report
given on the authority of such firm as an expert in accounting and auditing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements of Ashford&nbsp;Inc. at December&nbsp;31, 2018 and 2017, and for each of the three years in the period ended December&nbsp;31, 2018,
incorporated by reference in Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc.'s (formerly Ashford Hospitality Prime,&nbsp;Inc.'s) Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2018 have been audited by BDO USA,&nbsp;LLP, independent registered public accounting firm, as set forth in its report thereon, included therein and incorporated herein by reference. Such financial
statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as an expert in accounting and auditing. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements of the Ritz-Carlton Sarasota Resort as of and for the year ended December&nbsp;31, 2017 filed as an exhibit to our Current Report on Form&nbsp;8-K/A, filed
with the SEC on June&nbsp;20, 2018 have been audited by Squar Milner&nbsp;LLP, independent auditors, as set forth in its report thereon, included therein and incorporated herein by reference. Such
financial statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as an expert in accounting and auditing. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ec70501_where_you_can_find_more_information"> </A>
<A NAME="toc_ec70501_3"> </A>
<BR></FONT><FONT SIZE=2><B>  WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly, and special reports, proxy statements and other information with the SEC. Our SEC filings are available to the public
over the internet at the SEC's web site at </FONT><FONT SIZE=2><I>www.sec.gov</I></FONT><FONT SIZE=2>. Our SEC filings are also available by accessing our website at </FONT> <FONT SIZE=2><I>www.bhrreit.com</I></FONT><FONT SIZE=2>; however, the
information located on, or accessible from, our website is not, and should not be deemed to be, part of this prospectus or
incorporated into any other filing that we submit to the SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements
contained in this prospectus as to the contents of any contract or other document are not necessarily complete, and in each instance reference is made to the copy of that
contract or other document filed as an exhibit to the registration statement, each such statement being qualified in all respects by that reference and the exhibits and schedules thereto. For further
information about us and the securities offered by this prospectus, you should refer to the registration statement and such exhibits and schedules which may be obtained from the SEC at its principal
office in Washington, DC upon payment of any fees prescribed by the SEC. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ec70501_incorporation_of_certain_information_by_reference"> </A>
<A NAME="toc_ec70501_4"> </A>
<BR></FONT><FONT SIZE=2><B>  INCORPORATION OF CERTAIN INFORMATION BY REFERENCE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporating certain information about us that we have filed with the SEC by reference in this prospectus, which means that we are
disclosing important information to you by referring you to those documents. We are also incorporating by reference in this prospectus information that we file with the SEC after the date of the
initial registration statement and prior to the effectiveness of the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>102</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=108,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=346613,FOLIO='102',FILE='DISK104:[19ZCR1.19ZCR70501]EC70501A.;8',USER='CHE105613',CD=';6-NOV-2019;16:44' -->
<A NAME="page_ec70501_1_103"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>registration
statement. The information we incorporate by reference is an important part of this prospectus, and later information that we file with the SEC automatically will update and supersede the
information we have included in or incorporated into this prospectus. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
documents listed below have been filed by us under the Exchange Act with the SEC and are incorporated by reference in this prospectus:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2018, filed with the SEC on
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408519000018/bhr2018q410-k.htm">March&nbsp;8, 2019</A>, as amended by Amendment No.&nbsp;1 thereto, filed with
the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465919025345/a19-9014_110ka.htm">April&nbsp;30, 2019</A>; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Quarterly Reports on Form&nbsp;10-Q for the quarterly periods ended March&nbsp;31, 2019, filed with the SEC on
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408519000028/bhr2019q110-q.htm">May&nbsp;8, 2019</A>, June&nbsp;30, 2019, filed with the SEC on
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408519000048/bhr2019q210-q.htm">August&nbsp;6, 2019</A>, and September&nbsp;30, 2019, filed with the SEC on
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408519000066/bhr2019q310-q.htm">November&nbsp;6, 2019;</A></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> our Current Reports on Form&nbsp;8-K filed with the SEC on
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408518000025/ahp2018sarasotaclosing8-k.htm">April&nbsp;4, 2018</A> (as amended by the Current Report on
Form&nbsp;8-K/A filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408518000051/ahprcsarasota8-ka6x15x18.htm">June&nbsp;20, 2018</A>),
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408519000003/bhrerfpwebcastscript8-k.htm">January&nbsp;18, 2019</A>
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465919002332/a19-2990_18k.htm">(two filings)</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465919022184/a19-8507_18k.htm">April&nbsp;18, 2019</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000091412119002051/br53958116-8k.htm">August&nbsp;1, 2019</A>
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408519000043/bhr2019q2earningsscript8-k.htm">(two filings)</A> and
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465919056914/a19-20669_28k.htm">October&nbsp;28, 2019</A>; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>  <A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000119312514016091/d660655d8k.htm">the description of our common stock
included in our Current Report on Form&nbsp;8-K filed on January&nbsp;21, 2014;</A></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>  <A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115720/a16-9900_18a12b.htm">the description of the
Series&nbsp;B Preferred Stock contained in our registration statement on Form&nbsp;8-A, filed with the SEC on April&nbsp;29, 2016, including any amendments and reports filed for the purpose of
updating such description; and</A></FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>  <A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465918069328/a18-40472_18a12b.htm">the description of the
Series&nbsp;D Preferred Stock contained in our registration statement on Form&nbsp;8-A, filed with the SEC on November&nbsp;20, 2018, including any amendments and reports filed for the purpose
of updating such description.</A> </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents that we file (but not those that we furnish) with the SEC pursuant to Sections&nbsp;15(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial
registration statement of which this prospectus is a part and prior to the effectiveness of the registration statement shall be deemed to be incorporated by reference into this prospectus and will
automatically update and supersede the information in this prospectus, and any previously filed documents. All documents that we file (but not those that we furnish) with the SEC pursuant to
Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this prospectus and prior to the termination of the offering of any securities covered by this prospectus shall be
deemed to be incorporated by reference into this prospectus and will automatically update and supersede the information in this prospectus and any previously filed documents. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are not, however, incorporating by reference any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed "filed" with the SEC,
including any information furnished pursuant to Items&nbsp;2.02 or 7.01 of Form&nbsp;8-K or certain exhibits furnished pursuant to Item&nbsp;9.01 of Form&nbsp;8-K. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of all documents which are incorporated by reference in this prospectus (not including the exhibits to such information, unless such exhibits are specifically incorporated by
reference) will be provided without charge to each person, including any beneficial owner of the securities offered by this prospectus, to whom this prospectus is delivered, upon written or oral
request. Requests should be directed to Braemar Hotels&nbsp;&amp; Resorts,&nbsp;Inc., 14185 Dallas Parkway, Suite&nbsp;1100, Dallas, Texas 75254, Attention: Robert G. Haiman (telephone number:
(972)&nbsp;490-9600). You also may obtain copies of these filings, at no cost, by accessing our website at </FONT><FONT SIZE=2><I>www.bhrreit.com</I></FONT><FONT SIZE=2>; however, the information
located on, or accessible from, our website is not, and should not be deemed to be, part of this prospectus or incorporated into any other filing that we submit to the SEC. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>103</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=109,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=378611,FOLIO='103',FILE='DISK104:[19ZCR1.19ZCR70501]EC70501A.;8',USER='CHE105613',CD=';6-NOV-2019;16:44' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->





<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT> <FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;<BR></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g1012576.jpg" ALT="LOGO" WIDTH="310" HEIGHT="159">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Series&nbsp;E Redeemable Preferred Stock<BR>
Maximum of 20,000,000 Shares in Primary Offering<BR>
Maximum of 8,000,000 Shares Pursuant to Dividend Reinvestment Plan  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> (Liquidation Preference $25.00 per share of<BR>
Series&nbsp;E Redeemable Preferred Stock)  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><I>

<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=4><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><B>PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=3><I>


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="CENTER" >


 </I></FONT><FONT SIZE=3><B>

<!-- COMMAND=ADDING_LINEBREAK -->

<BR>  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=5><B>Ashford Securities&nbsp;LLC,<BR>  </B></FONT><FONT SIZE=2><B>as Dealer Manager  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2019  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>You should rely only on the information contained in this prospectus. No dealer, salesperson or other person is authorized to make any
representations other than those contained in this prospectus, and, if given or made, such information and representations must not be relied upon. This prospectus is not an offer to sell nor is it
seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date of this prospectus,
regardless of the time of delivery of this prospectus or any sale of these securities. You should not assume that the delivery of this prospectus or that any sale made pursuant to this prospectus
implies that the information contained in this prospectus will remain fully accurate and correct as of any time subsequent to the date of this prospectus.</B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2><div
style="width:100%;border-top:solid #000000 1.0pt;padding:0in 0in 0in 0in;font-size:3.0pt;"></div>
<div style="width:100%;border-top:solid #000000 3.0pt;padding:0in 0in 0in 0in;font-size:4.0pt;"></div> </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=110,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=573209,FOLIO='blank',FILE='DISK104:[19ZCR1.19ZCR70501]HO70501A.;10',USER='CHE105613',CD=';6-NOV-2019;16:44' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_ja70501_1_1"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ja70501_part_ii_information_not_required_in_prospectus"> </A>
<A NAME="toc_ja70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  PART II    <BR>    <BR>    INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A NAME="ja70501_item_14._other_expenses_of_issuance_and_distribution"> </A>
<A NAME="toc_ja70501_2"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;Other expenses of issuance and distribution    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the costs and expenses to be borne by the registrant in connection with the offering described in this
registration statement. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:70%;margin-left:15%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="61pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Securities and Exchange Commission Registration Fee</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>
<!-- -->
$</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>90,860</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>NYSE Listing Fees</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Legal Fees and Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>800,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Accounting Fees and Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Printing Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>60,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Transfer Agent, Escrow Fees and Mailing Costs</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,500,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Advertising Fees and Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>750,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Due diligence expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,200,000</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Miscellaneous Expenses</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,199,140 </FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD style="font-family:times;"><p style="font-family:times;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Total Expenses</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><B>
<!-- -->
$</B></FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><B>7,500,000</B></FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>

<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.75pt;font-size:0.75pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.75pt;font-size:0.75pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR bgcolor="#FFFFFF"  VALIGN="BOTTOM">
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD ALIGN="RIGHT" style="line-height:0pt;font-size:1.5pt;font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:times;"><FONT SIZE=2></font>&#8203;<font> </FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts in the table above, except the SEC registration fee, are estimated.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A NAME="ja70501_item_15._indemnification_of_directors_and_officers"> </A>
<A NAME="toc_ja70501_3"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of directors and officers    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter and the Third Amended and Restated Agreement of Limited Partnership of Braemar Hospitality Limited Partnership and all amendments
thereto </FONT><FONT SIZE=2><B>(</B></FONT><FONT SIZE=2>the "Partnership Agreement"), provide for indemnification of our officers and directors against liabilities to the fullest extent permitted by
Maryland law, as amended from time to time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland
law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or
otherwise, in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former
directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a
party by reason of their service in those or other capacities unless it is established that:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> an act or omission of the director or officer was material to the matter giving rise to the proceeding and: </FONT> <FONT SIZE=2>
<BR><BR></FONT>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> was committed in bad faith; or  </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> was the result of active and deliberate dishonesty; </FONT><FONT SIZE=2>
<BR><BR></FONT></DD></DL>
</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> the director or officer actually received an improper personal benefit in money, property or services; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation (other than for expenses incurred in a
successful defense of such an action) or for a judgment of liability on the basis that personal benefit </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=111,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=1009605,FOLIO='II-1',FILE='DISK104:[19ZCR1.19ZCR70501]JA70501A.;14',USER='CHE105613',CD=';6-NOV-2019;16:44' -->
<A NAME="page_ja70501_1_2"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>was
improperly received. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt
of:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a written affirmation by the director or officer of his good faith belief that he or she has met the standard of conduct necessary for
indemnification by the corporation; and </FONT><FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> a written undertaking by the director or on the director's behalf to repay the amount paid or reimbursed by the corporation if it is ultimately
determined that the director did not meet the standard of conduct. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland
law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money
damages except for liability resulting from actual receipt of an improper benefit or profit in money, property or services or active and deliberate dishonesty established by a final judgment as being
material to the cause of action. Our charter contains such a provision which eliminates such liability to the maximum extent permitted by Maryland law. These limitations of liabilities do not apply to
liabilities arising under the federal securities laws and do not generally affect the availability of equitable remedies such as injunctive relief or rescission. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and, without requiring a preliminary determination of the ultimate
entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:</FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any present or former director or officer who is made a party to the proceeding by reason of his or her service in that capacity; or </FONT> <FONT SIZE=2>
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> any individual who, while a director or officer of our company and at our request, serves or has served another corporation, real estate
investment trust, partnership, joint venture, trust, employee benefit plan or any other enterprise as a director, officer, partner or trustee and who is made a party to the proceeding by reason of his
or her service in that capacity. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have entered into indemnification agreements with our directors and executive officers that obligate us to indemnify our directors and executive officers, and advance expenses as
described above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
bylaws also obligate us, to the fullest extent permitted by Maryland law in effect from time to time, to indemnify and advance expenses to any person who served a predecessor of ours
in any of the capacities described above. Subject to the approval of our board of directors, we are also obligated, to the fullest extent permitted by Maryland law in effect from time to time, and to
such further extent as we shall deem appropriate under the circumstances, to indemnify and advance expenses to any employee or agent of our company or a predecessor of our company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Partnership Agreement provides that we, as the general partner, and our officers and directors are indemnified to the fullest extent permitted by law.  </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A NAME="ja70501_item_16._exhibits"> </A>
<A NAME="toc_ja70501_4"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a complete list of exhibits filed as part of the registration statement, which are incorporated herein: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Document </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Form of Dealer Manager Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>1.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Participating Broker-Dealer Agreement</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=112,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=119280,FOLIO='II-2',FILE='DISK104:[19ZCR1.19ZCR70501]JA70501A.;14',USER='CHE105613',CD=';6-NOV-2019;16:44' -->
<A NAME="page_ja70501_1_3"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Document </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000119312513438553/d627603dex21.htm">Separation and Distribution Agreement between Ashford Hospitality Prime,&nbsp;Inc., Ashford Hospitality Trust,&nbsp;Inc. and the
other parties thereto (incorporated by reference to Exhibit&nbsp;2.1 to the Current Report on Form&nbsp;8-K filed on November&nbsp;12, 2013)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000119312513478067/d643219dex22.htm">Separation and Distribution Agreement Correction between Ashford Hospitality Prime,&nbsp;Inc., Ashford Hospitality Trust,
&nbsp;Inc. and the other parties thereto (incorporated by reference to Exhibit&nbsp;2.2 of the Registration Statement on Form&nbsp;S-11 filed on December&nbsp;19, 2013)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>2.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2> <A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408516000190/gardere018665334_12ashford.htm">Agreement of Purchase and Sale, dated as of May&nbsp;20, 2016, by and between Washington Real Estate Holdings,
&nbsp;LLC and Ashford Seattle Downtown&nbsp;LP (incorporated by reference to Exhibit&nbsp;2.1 to the Current Report on Form&nbsp;8-K filed on July&nbsp;7, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d1.htm">Articles of Amendment and Restatement (incorporated by reference to Exhibit&nbsp;3.1 to the Current Report on
Form&nbsp;8-K filed on April&nbsp;29, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d2.htm">Articles of Amendment (incorporated by reference to Exhibit&nbsp;3.2 to the Current Report on Form&nbsp;8-K filed on
April&nbsp;29, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d3.htm">Articles Supplementary (incorporated by reference to Exhibit&nbsp;3.3 to the Current Report on Form&nbsp;8-K filed on
April&nbsp;29, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.4</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d4.htm">Articles Supplementary for the Series&nbsp;A Preferred Stock, as amended by a Certificate of Correction (incorporated by
reference to Exhibit&nbsp;3.4 to the Current Report on Form&nbsp;8-K filed on April&nbsp;29, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.5</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d5.htm">Articles Supplementary for the Series&nbsp;B Preferred Stock (incorporated by reference to Exhibit&nbsp;3.5 to the
Current Report on Form&nbsp;8-K filed on April&nbsp;29, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.6</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d6.htm">Articles Supplementary for the Series&nbsp;C Preferred Stock (incorporated by reference to Exhibit&nbsp;3.6 to the
Current Report on Form&nbsp;8-K filed on April&nbsp;29, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.7</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465916115718/a16-9803_1ex3d7.htm">Articles Supplementary Establishing Additional Shares of Series&nbsp;B Preferred Stock (incorporated by reference to
Exhibit&nbsp;3.7 to the Current Report on Form&nbsp;8-K filed on April&nbsp;29, 2016)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.8</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465917014758/a17-7774_1ex3d1.htm">Articles Supplementary Establishing Additional Shares of Series&nbsp;B Preferred Stock (incorporated by reference to
Exhibit&nbsp;3.1 to the Current Report on Form&nbsp;8-K filed on March&nbsp;7, 2017)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.9</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465917072530/a17-28189_1ex3d1.htm">Amendment Number One to the Articles of Amendment and Restatement of Ashford Hospitality Prime,&nbsp;Inc. (incorporated
by reference to Exhibit&nbsp;3.1 to the Current Report on Form&nbsp;8-K filed on December&nbsp;8, 2017)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465918025836/a18-12011_1ex3d1.htm">Amendment Number Two to Articles of Amendment and Restatement of Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc.
(incorporated by reference to Exhibit&nbsp;3.1 to the Current Report on Form&nbsp;8-K filed on April&nbsp;23, 2018)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465918069201/a18-40298_1ex3d1.htm">Articles Supplementary for the Series&nbsp;D Cumulative Preferred Stock (incorporated by reference to Exhibit&nbsp;3.1
to the Current Report on Form&nbsp;8-K filed on November&nbsp;19, 2018)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Articles Supplementary for the Series&nbsp;E Redeemable Preferred Stock</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>3.10</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000110465918052836/a18-18593_2ex3d1.htm">Fourth Amended and Restated Bylaws of Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc. (incorporated by reference to
Exhibit&nbsp;3.1 to the Current Report on Form&nbsp;8-K filed on August&nbsp;20, 2018)</A></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=113,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=954102,FOLIO='II-3',FILE='DISK104:[19ZCR1.19ZCR70501]JA70501A.;14',USER='CHE105613',CD=';6-NOV-2019;16:44' -->
<A NAME="page_ja70501_1_4"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:times;"></TD>
<TD WIDTH="36pt" style="font-family:times;"></TD>
<TD WIDTH="18pt" style="font-family:times;"></TD>
<TD WIDTH="" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Exhibit<BR>
No. </B></FONT></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Document </B></FONT></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000119312513408254/d552705dex41.htm">Specimen Common Stock Certificate of Ashford Hospitality Prime,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;4.1 to
Amendment No.&nbsp;4 to the Registration Statement on Form&nbsp;10 filed on October&nbsp;23, 2013)</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>4.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Form of Subscription Agreement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>5.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Opinion of DLA Piper&nbsp;LLP (US) regarding legality</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>8.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Opinion of Locke Lord&nbsp;LLP regarding tax matters</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>+</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2240016zex-23_1.htm">Consent of BDO USA,&nbsp;LLP</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.2</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>+</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2240016zex-23_2.htm">Consent of BDO USA&nbsp;LLP</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.3</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>+</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="a2240016zex-23_3.htm">Consent of Squar Milner&nbsp;LLP</A></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.11</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of DLA Piper&nbsp;LLP (US) (included in Exhibit&nbsp;5.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>23.12</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>*</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>Consent of Locke Lord&nbsp;LLP (included in Exhibit&nbsp;8.1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:times;"><BR><FONT SIZE=2>24.1</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>+</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><A HREF="#sig">Power of Attorneys (included on signature page)</A></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<!-- COMMAND=ADD_LINERULETXT,NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" -->
<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>+</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Filed
herewith.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
be filed by amendment or as an exhibit to a report filed under the Securities Exchange Act of 1934, as amended, and incorporated herein by reference. </FONT></DD></DL>
 </DIV>
 <P style="font-family:times;"><FONT SIZE=2><A NAME="ja70501_item_17._undertakings"> </A>
<A NAME="toc_ja70501_5"> </A></FONT> <FONT SIZE=2><B>  Item&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes: (1)&nbsp;to file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement: (i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933; (ii)&nbsp;to reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that
which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to
Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee"
table in the effective registration statement; and (iii)&nbsp;to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement; </FONT><FONT SIZE=2><I>provided, however</I></FONT><FONT SIZE=2>, that paragraphs&nbsp;(a)(1)(i), (ii)&nbsp;and
(iii)&nbsp;above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the
registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement, or is contained in a form of
prospectus filed pursuant to Rule&nbsp;424(b) that is part of the registration statement; (2)&nbsp;that, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein and the offering of such securities at that time shall be deemed to be the
initial </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> offering thereof; and (3)&nbsp;to remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of this offering. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=114,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=834989,FOLIO='II-4',FILE='DISK104:[19ZCR1.19ZCR70501]JA70501A.;14',USER='CHE105613',CD=';6-NOV-2019;16:44' -->
<A NAME="page_ja70501_1_5"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: (i)&nbsp;each prospectus
filed by the registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the
registration statement, and (ii)&nbsp;each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&nbsp;430B
relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x), for the purpose of providing the information required by Section&nbsp;10(a) of the Securities Act of 1933
shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date
shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and this offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. </FONT><FONT SIZE=2><I>Provided, however</I></FONT><FONT SIZE=2>, that no statement made in a registration statement or
prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such effective date. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the
initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: (i)&nbsp;any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule&nbsp;424; (ii)&nbsp;any free writing prospectus relating to the offering prepared by or on behalf of the undersigned
registrant or used or referred to by the undersigned registrant; (iii)&nbsp;the portion of any other free writing prospectus relating to the offering containing material information about the
undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv)&nbsp;any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual
report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to
Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> offering thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=115,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=226849,FOLIO='II-5',FILE='DISK104:[19ZCR1.19ZCR70501]JA70501A.;14',USER='CHE105613',CD=';6-NOV-2019;16:44' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P style="font-family:times;"><FONT SIZE=2><A NAME="page_jc70501_1_6"> </A>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="sig"></A>SIGNATURES  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that
the registrant meets all of the requirements for filing on Form&nbsp;S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Dallas, State of Texas, on this 13th&nbsp;day of November, 2019. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="47%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="22pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="40pt" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>BRAEMAR HOTELS&nbsp;&amp; RESORTS&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;DERIC EUBANKS<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Deric Eubanks</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><I> Chief Financial Officer</I></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="jc70501_power_of_attorney"> </A>
<A NAME="toc_jc70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  POWER OF ATTORNEY    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Deric Eubanks and Jim Plohg, and
each of them, such person's true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all
capacities, to sign any and all amendments to this Registration Statement, and any additional related registration statement filed pursuant to Rule&nbsp;462(b) under the Securities Act of 1933, as
amended (including post-effective amendments to the registration statement and any such related registration statements), and to file the same with all exhibits thereto, and any other documents in
connection therewith, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or their substitute or substitutes,
may lawfully do or cause to be done by virtue hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities and on the dates
indicated. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="111pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Signature

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Title

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Date

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;RICHARD J. STOCKTON<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Richard J. Stockton</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>President and Chief Executive Officer (Principal Executive Officer)</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;DERIC S. EUBANKS<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Deric S. Eubanks</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Chief Financial Officer (Principal Financial Officer)</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;MARK L. NUNNELEY<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Mark L. Nunneley</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Chief Accounting Officer (Principal Accounting Officer)</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;MONTY J. BENNETT<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Monty J. Bennett</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Chairman of the Board</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=116,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=691041,FOLIO='II-6',FILE='DISK104:[19ZCR1.19ZCR70501]JC70501A.;9',USER='CHE109862',CD='11-NOV-2019;18:41' -->
<A NAME="page_jc70501_1_7"> </A>

<P style="font-family:times;"><FONT SIZE=2><A HREF="#bg70501a_main_toc">Table of Contents</A></FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
 <!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="38%" style="font-family:times;"></TD>
<TD WIDTH="12pt" style="font-family:times;"></TD>
<TD WIDTH="111pt" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Signature

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Title

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH NOWRAP  ALIGN="CENTER" style="font-family:times;"><DIV style="border-bottom:solid #000000 1.0pt;margin-bottom:0pt;width:auto;display:inline-block;*display:inline;zoom:1;;"><FONT SIZE=1><B>Date

<!-- COMMAND=ADD_SCROPPEDRULE,auto;display:inline-block;*display:inline;zoom:1; -->

 </B></FONT></DIV></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>/s/&nbsp;STEFANI DANIELLE CARTER<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Stefani Danielle Carter</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;MARY CANDACE EVANS<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Mary Candace Evans</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;KENNETH H. FEARN, JR.<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Kenneth H. Fearn, Jr.</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;CURTIS B. MCWILLIAMS<BR>



<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Curtis B. McWilliams</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;MATTHEW D. RINALDI<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Matthew D. Rinaldi</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;ABTEEN VAZIRI<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Abteen Vaziri</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>Director</FONT></TD>
<TD VALIGN="MIDDLE" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="MIDDLE" style="font-family:times;"><BR><FONT SIZE=2>November&nbsp;13, 2019</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>II-7</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=117,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=554090,FOLIO='II-7',FILE='DISK104:[19ZCR1.19ZCR70501]JC70501A.;9',USER='CHE109862',CD='11-NOV-2019;18:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>a2240016zex-23_1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#19ZCR70501_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A NAME="ke70501_exhibit_23.1"> </A>
<A NAME="toc_ke70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;23.1    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ke70501_consent_of_independent__ke702313"> </A>
<A NAME="toc_ke70501_2"> </A></FONT> <FONT SIZE=2><B>  Consent of Independent Registered Public Accounting Firm    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Braemar
Hotels&nbsp;&amp; Resorts&nbsp;Inc.<BR>
Dallas, Texas </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the incorporation by reference in this Registration Statement of our report dated March&nbsp;8, 2019, relating to the consolidated financial statements, and
schedule of Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc. (formerly Ashford Hospitality Prime,&nbsp;Inc.) appearing in the Company's Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also consent to the reference to us under the caption "Experts" in the Registration Statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>/s/
BDO USA,&nbsp;LLP </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>BDO
USA,&nbsp;LLP<BR>
Dallas, Texas </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>November&nbsp;13,
2019 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="2",CHK=1004535,FOLIO='blank',FILE='DISK104:[19ZCR1.19ZCR70501]KE70501A.;8',USER='CHE109862',CD='11-NOV-2019;18:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="19ZCR70501_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ke70501_1">Exhibit 23.1</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ke70501_2">Consent of Independent Registered Public Accounting Firm</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DCOMBA,SEQ=,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>a2240016zex-23_2.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#19ZCR70501_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A NAME="kg70501_exhibit_23.2"> </A>
<A NAME="toc_kg70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;23.2    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="kg70501_consent_of_independent__kg702315"> </A>
<A NAME="toc_kg70501_2"> </A></FONT> <FONT SIZE=2><B>  Consent of Independent Registered Public Accounting Firm    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Ashford&nbsp;Inc.<BR>
Dallas, Texas </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
hereby consent to the incorporation by reference in this Registration Statement of our report dated March&nbsp;8, 2019, relating to the consolidated financial statements, of
Ashford&nbsp;Inc., incorporated by reference in the Annual Report of Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc. (formerly Ashford Hospitality Prime,&nbsp;Inc.) on Form&nbsp;10-K for the year
ended December&nbsp;31, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also consent to the reference to us under the caption "Experts" in the Registration Statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>/s/
BDO USA,&nbsp;LLP </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>BDO
USA,&nbsp;LLP<BR>
Dallas, Texas </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>November&nbsp;13,
2019 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="3",CHK=447886,FOLIO='blank',FILE='DISK104:[19ZCR1.19ZCR70501]KG70501A.;9',USER='CHE109862',CD='11-NOV-2019;18:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="19ZCR70501_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kg70501_1">Exhibit 23.2</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_kg70501_2">Consent of Independent Registered Public Accounting Firm</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DCOMBA,SEQ=,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="3" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>4
<FILENAME>a2240016zex-23_3.htm
<DESCRIPTION>EX-23.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#19ZCR70501_4">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P style="font-family:times;"><FONT SIZE=2>

<!-- COMMAND=ADD_BASECOLOR,"#000000" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->





<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


</FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A NAME="ki70501_exhibit_23.3"> </A>
<A NAME="toc_ki70501_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit&nbsp;23.3    <BR>    </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ki70501_consent_of_independent_auditors"> </A>
<A NAME="toc_ki70501_2"> </A></FONT> <FONT SIZE=2><B>  Consent of Independent Auditors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the reference to our firm under the caption "Experts" in Registration Statement (Form&nbsp;S-3) and related Prospectus of
Braemar Hotels&nbsp;&amp; Resorts,&nbsp;Inc. for the registration of $700,000,000 in shares of its Series&nbsp;E Redeemable Preferred Stock and to the incorporation by reference therein of our
report dated April&nbsp;3, 2018 with respect to the financial statements of the Ritz-Carlton Sarasota Resort as of and for year ended December&nbsp;31, 2017, included in its Current Report
(Form&nbsp;8-K/A), filed with the Securities and Exchange Commission on June&nbsp;20, 2018. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>/s/
Squar Milner&nbsp;LLP </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Irvine,
California<BR>
November&nbsp;13, 2019 </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="4",CHK=2717,FOLIO='blank',FILE='DISK104:[19ZCR1.19ZCR70501]KI70501A.;7',USER='CHE109862',CD='11-NOV-2019;18:42' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="19ZCR70501_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ki70501_1">Exhibit 23.3</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ki70501_2">Consent of Independent Auditors</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DCOMBA,SEQ=,EFW="2240016",CP="BRAEMAR HOTELS & RESORTS INC",DN="4" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g521807.jpg
<DESCRIPTION>G521807.JPG
<TEXT>
begin 644 g521807.jpg
M_]C_X  02D9)1@ ! 0$ T #0  #__@!"35),3%]'4D%02$E#4SI;05-(1D]2
M1%](3U-0251!3$E465]04DE-15])3D-=0E)!14U!4E\T0U],3T=/+D504__;
M $,  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_; $,! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M ?_  !$( '\ ^0,!(@ "$0$#$0'_Q  ?  $  00# 0$!            "0<(
M"@L!!08"! /_Q !8$   !@(! @,$! 4,# T%   ! @,$!08'"  )$1(3(0H4
M,4$546%Q%B)X@9$7&",R,S4X.5AUH;<9&E)B<G-V@I>RM-8G*#0W0D-66;&V
MN-?P9)*6F-'_Q  = 0$  @(# 0$              0,"! 4&" <)_\0 0!$
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M_;*V$)E.NMCD[T_,-1$L'DJN'2((BBV1L+=:6@_&!3.:S+P;XI03=DYFN64
M%W!IP8^>NAY&*I4Y,QP*$,6.HU-SKZB+T[QD2@XRA0LF1[O4*!7C/6T:6>NU
MFA*I##(O05%FP"5GWT>P%Z[!%86S7WCSW'E*^4F?RS]O-T+.V$LJ2;V&QEF#
M%N1)B.8!*2$51<A4^WR3&,%PFT"0>,:[,R3IJQ%TLBV!VNDFW%PJFB"GFG*4
M=>I[7!U"B9TV;IVA=$EF[_&FK7D7#*Q6JR3MA/;!6^$$&<.\*15=HO\ J5X_
ME$F?EF(55K9;Q8FRY2.H@H$_K[&4W;H[X[5^0V;(?\4-GZH-D$1_&S92?%ZI
M)D$0-Y9/$'?L/@((@/A+V=V<A62W -<$@.[\^%NL#. F"6 Y< EZ EO2QC8]
M\<<ZZ7E8Z#BI*:F'K>-B8E@\DY21=K$;M8^.8-U';]\Y74[$1;LVB*SE90X@
M4B21S"(  \KBZ*6W;8C 6-9Q2LY$S?B"AV-%FVD58"YY-I%5FTH]X"IFCY2)
MGIV/D",W14%A;NC-P07!%44E#@F<0JXU=-GK9N\9N$';1V@BY:NFRR;ALY;N
M$RK(.$%TC'26162.15)5,YDU$SE.0QBF 1TP_4CV6G>H5O'MKMJVB)"?J-AN
MSZ6K:CB.*["H8*KLI!XJQ+]*J"@ 1C-S#?@>W6.<J)#V2T&0\/O#OUV2GLWF
MZ)-P^ESAAK.S!I3*.M8*ZU9*]Y53,_7/CMDQ#'4ZNF!2*G2L&*W]/7%X<#E<
M2K*93!0RK9<B=BI92D*=W9PU4D@$ ^AI>*D30M2D@,U0?[A9Q]8GKYYVV6^I
MT*OR-LO%GKU-JT05 \K9+5-QE=@(PCETBR;'D)F9=,HUD5P\<MVB)G+I(%7*
MZ*"8F553(;T7(,?:3R$/T4MX"J)IJ$&O8B$2*D(H01+L#BH2B)#E,4>P@!@[
M@/80 0]0 >8 .0.) \S%A+ G@"?*)/\ ]>)J5_*@UV_TWXO_ -ZN>IJ.QFO^
M0)A"O4/.&'[M/N@4%M!U#)M'LTPX!)(RZGN\5!SS^07\M$AU3^2V/X4R'.;L
M4HCS3\]-OI<9OZI>6\@X<UVD,-URU8YQV3)\XYRQ(2]>A7-?5M4542MHQW6J
M;;G2TJ$E,-EC-W3)HU]R374!X*Y4VZMR?4!Z%F^G2GI-.V!RJWQC+4-:VQ=?
M2RGKY<YY\ZQS<WYUU:PG/K/JK1+765)I=FJC7[/#D<QQ9@C>+<249+/(I%]:
M920<IF>]H"DU>U7(B@3E%.?NU%(=R&T9S=VOIPYQMV0$!#N'J \<Q<?9B>K'
MDK?K .1L ['V=S<]A=7?P5.ED6752/8<J8>M_P!)1]5G;.=-,@R5UJ$U R-6
MM5@.1-6Q-'-6FY R\Z_F7*^4=RH@I)!N(O2H* 4*@VC7"^V8>F^^JH_5I^[_
M *[KMRPW2'VE;=_0'6+&FIF(,=ZL3F/,5%M1:_*Y'J^1)*YN0N%RL%YDOI=Y
M!96K42MY,M8WZ3'W6%9>!@1LFMYZI#N%+\_;+_X?&JGY(#O^N^[<EKZ#_4&Z
M5N#NE9J[C#9'9/5"@9FK*66PN%3R7-4UK=8H9;->0YJ#^F6\JQ</T_?*[(13
M]AYYQ\<:X:&3'RA(4FPX$I!*<]J.1QK3HWC&FQ.(F!*\A:[ N/=I4CKX1AE[
M:;\9<ZO.V^.,C[G9CQ3@^$1CX;%C:XUR@762Q5@S'WTR_G966)2*JZO60;.]
M6DI-Y+RASOGLE+O!C6KAW"P#!):.VOG3YQ)@?!.E.L^)M8[E&9%P32\1U6.Q
MQD.'E&4RPR##.6QY5U?2R,:JM'N'-TF9"4LL@#$X-F\A)NF:1$RMO+)@)>U$
M[9]-79RV:ODTEL.*<DY8IR-__5>RAAJ&8(5DU$E&L :D4N9M47%QT=:YQI84
MIB<8-F:L@>K1ZT@D[=-E)Q-B,_/L?=OR#8NF=DB!M*L@[IU#VOR-7\9.'RZJ
MJ+.$DZ3CBVV:$B4U [-XQA=[!./_ "4CF13DIF2*0J)@42+@NLM*@"D METK
M5P:$OXN[\2<Y1RS5H)"U$9BNST%"'(IYQD5[B_P2MH?R=LW_ -5]JYJ-^CEN
M+C/03?O7#;',,-=+!CK%D1?"V"(QY&Q$O<'8W3#EKHL9]$1\[.5N*<>1*V)F
MX? ZFF7EL$G*J(K+D305VY&XO\$K:'\G;-_]5]JYJ/\ HSZ?8KWVZ@6MNJ6;
M']SC,9Y1B+\:QOL?33*O6Y :;AFVWB)^B9>1AYYDT\R8KK%)[Y\2[!9@=R@F
M"*JI'"4R6R37=GJUVRA_E$XAWDLSYZ/9W#/R>\93W4D]JPU'V/TAV)UXUSPM
ML.CD_.N-[!B-I,9:K6.J[2JS7;VP6@+;973B R+<961E8VONWP0$.A$$2=S"
M[19Y(,FC14RD</LD.K>1<G=1N2V=CHQXSQ-K)BN_1UCLRK=48N1O^7X(*?5*
M&T=B04UY<*\O9+A)))'%6-C8F,4>@D2=C_>*5>T!=#*!Z64GB3+FN3[)-UU8
MR2E^!,[+Y%D6-GLN.\RLP=R+.'G)^%KM<CCUS(5=16>U%1>/3<(3=<LL.LX6
M!Q#)FR6O9-]\L5YKTS>:7)UJH4'-^K)W,I)L*U"Q->#+V-;?-.#Q&7GC:/!%
M6;NL=)G2I649MTW4>O)%"I3KYVH>S)I(2<J99* 650DFHTTY\7OK&"<RIR1-
M(S(#I8-F)8_(<M#P,997(BNN=ND&BO3/V-RQ#318;)EOK8X4PLHFX,VD#92R
MRDYK,3)11R*)*B]IT$K8K\84C>-%K55U^Y"D$Y9=>:ZKVPS= V1-F\):15F2
M(>LZ[U']5O):2*HE*IEG*[%1K5XN0("ITQ/4L7-DY5#QD2,F.1UA,4WEIG+2
M@9E)#/6O05/RC8FKR(4K6PZF@^OA'2^RN=.FN[3U/J,9/R;&BK0;AK]-Z,5:
M4>-"/5"RF;((9W*4S'*+&/X92LUUECDIG*J0F.I/K$*L8P.DPM&]G+V4LO3[
MZO:6NV6%7$'%YRE[?IIE)@^\:*,1EZKVU\CCF7<MG!VP)KDR57'].354*54C
M2_JG\'@[@'>Z6=+?VCUEKGCNX::VW*>',!YAAH_,U.K=/W&@,.LY9I?HJ.>L
MKA)49"T1ZT=,62$;0SI160;%DEH].-!WX!3(DG$?O7K#O5HAM&R#<5*9K6SM
MJ&$V-C;^XOT?D:4LTT[MTBXC<B+7Z$=NT9FQM[O5'2\VHH[-*H23,BL@/B>(
M*K;#!2EC,DYP  %5]VHO3F:M?A&J5%*91R+&0NI1%"%$.[<39V/C&YZ >X /
M80[AW[#Z"'V"'R$/@(?(>1D]9_\ BG^H?^2%G'_R7(<K+T[MM8'>;2K7/::#
M4:@MEG&D',6N.:F0$M?R)')G@<DUE1-!54$%("]14_' BIY:I6Z+<YTD_,*7
ME&NL_P#Q3_4/_)"SC_Y+D.:PN.H]8W%%T*(L4D_*-49HEOCFSIQY_1V3P CC
M]?(36F6^@I$R7 2%EJX0EU^BPECGC(RQU5R:1(,.S,P7^E@11$%@6:.B*"0L
MU:_M>O563174*PTX$R:"ZA2_J-6P>YDTCG*'IFGX"8H>G;UY:E[//LAK+JKU
M&XW+.VM\IV.,0H8+S+6E[+>HQW+0)+-8 J00,<9HRB)M<7CXC"2*V4]Q$A2I
M+$,J45"D4SSO[.%T%?Y7&L?KZ#_P>V+X#\0_YL/GS86H!1>5FM5S6G3PH8TY
M*5%#B;D&9LM.7/5]1P$2N:EY-L>:M5M9\R7 (L+=EK7[#63;2$&U48PI;'?<
M<URU398=DLZ?+,XHLG*N0CFJKYZJW9@BDH[<G(98_CM]_P" SN;^2AL9_4Y<
M^?OU)W"U;W2QM(9'U(RO5,O8TJUG<X\?3U.9R["'B;+#P\-+N*Z5M,0\(LDJ
MQAYV&<@1NS%H1N]0(DJ)BG33_!OO_ 9W-_)0V,_J<N?-<7'4>L;A^$U>AKQI
M&GDT3U,N&\&=ZKK5CMR1#(=UQ=EVP4%LKY((SMSQAA6VY/KU2647$I&Y+D]J
M):LF[\9!9NI=LY$X$2/WF%Z%/6?<=*N+W(Q[DN/G)FD7S%%FR%BBC.FT@<(W
M;F@QP0E6K4FU3#O78W)#!1*N7F24*F2,=4:%%V/FE\)J1>S)_P <[I-_->;O
MZ-:,G=N76>TC]*C(VO'4!L>9,"X@OUPPIMRG+Y@CVV-J):+BUIF6@=H)YAJ+
MIO5X60+"IS<^_99"KJ#E-LR<)7&4CXU0Y()RFWVED%7=JH%)!?4$$G6@<#_$
M:$L*2@34!U)64D5+I(3PK0^L0QT/ &9]O<>;];LW&<D96-U\K43F?,=\?M%7
M1[ME_/F:J]4X&L$=G,1)O(S[ZSW"[/>YE%(VOU;W8B %?LC%R(?8S_3?/:P/
MJU$9?UV4ODC6<.GNETZO92]B,;6.*19YMRA6\/9NS^Y,B4CU#(]ZS;AI9&FK
M*BF58S;&E5;P-$22%55N>1AI>3;@F,JL48Y?8T/X>>UOY(C+^NRE\Q4H*E+(
ML%  < ,OZQEDR39+_$IE*ZDG]/"-CKS'^]I6W56T^Z7V5H>LRP1V3MHG:.M%
M&%%P1.0:1E\C9%QE*P-DOW82PN+HZS-DG*78&LO-PHG$!4)S( $0 !$?0  1
M$?L#X\UC7M9>Z2.P/4(B]=ZS,&?8_P!,*(:I2:;=PJLP6S-D1.-N62W!"> A
M#.:]7&M!J*O@*J9"1C9UH"@G\U(E,M.98&@J>@^MO&-J<O(A1U-$CB3]!7PB
MYGV>GI81^V/3)ZIEXLU>,:9V;H\AJW@R1.+AJ+)[BN*0RH688=U&J;IB;.*F
M-6RJI5@0%[CYS'J+AX'B(4/]DKW*D-?=^[EJ9=7"D15=NJ>YB&T6_5!H2&S]
MAAO-3]?:&2<% $GDU5%,BU1TB7RG#B2C:^V$#F1(5/K-;^E#[3G1<*8\CM;[
MUES#V&IB"9WJDT*I[MP.,(V&9WY)*XG<KT5"TQYJU.RB\M])SK!VT1DT)=PY
M))%*]35*6$C.>-MR.F7O/&+YUCG-5VVPYD''NQ8/C6V,NX3MHDI=IE""LXW*
M%=NHZQEM<B5VG8'J3HZAWZ\['20D>I/"!<V8S!G2<]0QJ&9K: ,*/9[O&MF*
M!)/=K3DHHJ# A5Z]7-6:CZ1NAP$! !#U 0[@/U@/(,_:3?XE/>#_ "=Q'_Z@
M,5\E9UESY2MI=?,,[%X[=D>4O-.-ZED> ,53S%&K2TP[:25BG0^!,2/X1ZJZ
MAI%$Q"G1?1[A$X 8@\BF]I-_B4]X/\G<1_\ J Q7RA'QI_,/41N+^!7Y3Z&,
M#7H!]3W G2MV<S?F;8*K95ME9R-@A'&$$QQ+!5J?FV]@2R17+:=U*-[1;J<R
M;Q/T7$ND@<-WSQT+TR"/N0(J'<)29]<?VCK73J*:9J:F:SXBS/ 'O60:59<D
M6[,\/3JZA$5K'<VTM\-$U"/J5XN*\K-SUH8199%])GCF$1!L'J2",B_E6ZD9
M&S[/ITR==^J5M#G'#>R$QE*&JF.L"HY.@'&*+5$U*:5L:F2*Y4S)2;V8K%J0
M=101<LZ.#1)DV6][!%;WH2$%(U(NMWTJICI5;:JXXK:]LL6NF4H,;MKUD*U
MTD)=_#M0:Q]PH]FE6,?'0\A=\>SZR02'D,6(2M8G:G.'8(C)/$TM@B69C%\X
M8\BP!#5>UZ:1H@S4R7#9"Z30Y@#J:6;4.SUK;) ]C1U7R+"1NV6Y%ACGL/C;
M(;&D8+QDN[;>4G=G]&G9RUY"L,6=4I5'$+7)*3@JHE(-O,9/)\MDC@4%U .2
M)YTW(8.@YOKBK>_I\XIFJ+6:=C:[X1B8?"68\14>(AZQ6:+=:I"LBMG]1JL.
M5!M"T"^PYF]OIZ*+-!LU(]E8$#*O8!^?DS_-=9)420Q>W!J1NRP A(!<,*\>
M?W:T8R?6ZZ E[ZM.PN),VU79BHX29XTPPKBIQ7[#BR=OCF6<JWN?N(S*,A%7
M>L),T/*F4F(,E&JZH*-E%_>#$6*FE#"'L6N: #L'4"QF !\ #76Y@'Z R]S8
M%<<D3%I  4P%AE2>'%).G'4QBJ3+42I27)N74/0B,%O#'L74$TL\>_V&WLFK
M/3VKLIY"L8;PRUH]@EV9? 86R5TO%UOK:#%0WF$670ILFN"0E,U.V7#S2YE&
ML6L>$].\(4/7?7ND1] Q7CJ+-&U^!9*.';E59RNH^EIR=EWJB\E8+-891PZF
M+#8)5PXDIB4=N';I81,0B=?.?)C%+V$>_K]0"8?O[% 1  ^8CZ!\Q#D*4I7Q
M$EN@^081DB6A'PI ?6I/F7,4SS90'.5L.98Q>SDT89WD?&E\H3:8<-5'S>*<
M7&J2];1DEV22[55VBP5DR.U6J;E!1PFB9$BR1SE4+B?]*_V8')?3KW@P7MM/
M;@47*</A]G>FCJCQ&%[)4Y.<"X8OM&/$#M[ _P B3C-B+!>PIRBOF1+CWE)H
MHT3! ZQ5T\PP3%#MZ_'U#MW'T'YCV[]@^T>P?;SD1  [CW_, B(_<  (B/V
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M"9D1S=?&7L(]Q  ^/<#%'U^'XH@!O7X ';U'T#N//GS2?WX?:9-0H!]YC$
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M)N$#J%5)6'X?'G\_,*/R/]_EJ=OO[^#MV^WOV[>O?MS!R2^KN_.\6A( "0&
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M"Y7=+=^>T#B+:A:8W0.6R=!+X2)'M+">TL<8O;.6N%R;(8<93!BK-Z&M9"&
MB:8GFS.R^^\DGWRT)QMO;J!9=-;!8IW$F/)YUC%1G(XRBZTW?UMABNXUNWUZ
M&@8J8C7M?917BK#&&!J6/ C**$4F (*)(F)+U2:T4";6!!;A8$</"(*3E4D4
M)20-/>(9W <=;\J5Q@=!\CZU3_5LT_JG1QN6X<EB2/QGFJ3ZD-/SM:]F9/&+
M"@+U=D3#L^K [+2SV=9W=;(KE!O7Y&NMT6:A%X])F<4'-@!6Z?VFS3G#U7U
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ML9#1>P!V#T[=P[=NW;U^';Y 'R^7;MV[AV'G//DA"IE*0A2E*4 *4I0 I2@
;=@*4H>A2E   I0]"E  #T#GUR(RAQQQQ"/_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g1012576.jpg
<DESCRIPTION>G1012576.JPG
<TEXT>
begin 644 g1012576.jpg
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M6D)XT<*BE!)0GB6UMG.;)VC=[.=<0ZNU=\LNMA02L%*5I4$JRDE*DRDSPJD
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MV=<^ VR;MJ^V1O%XK['OV L,[1LU;-8N&@Z@M.\#MK:AY(6TMQM82(4VI25
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M:_A5^T!MFP9L-KL[5VML^V<:=M["\WKV5=6[#C+2F&ELV[VV%--J;9=6T@H
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MR_;T[,&QEL<,&ZR@HHN'Z%<LLFJR;K+%,BBNZ(BDLJ4R29S*%,4,J6BI(5Q
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MI1W4'*SMTNN=W25U#*""I0"ZFU)2%&(,:3(D2)$>QSK'MB0\E:U( (*9@\B
M8D?6E60>...4K+703 7W]_/X%,;\D![?7SM]87X'_DU/[/*9_IAV8<N8BQ/H
MJZQ/E7)F+G4[E;-;.;<XVO\ ;Z$YF&C.@51TS;2KBI3,.M(H-')CKM4GAUB-
MU5%3HE(*JHGHO1VV^[DPJHA#[1;>3"Z28*JH1&>,\RRZ20G!,%E48ZWNE4D1
M4$$P54(5,5#%)XO&8 '*EHJ'%( SK,XZXCYU@<?#:N'A)P#(CGV]/J,UNT?&
M7X'_ )-3^SSN 0$.X" @/N$![A]H<TGJ^W>^-6,WD'>T>Y=9.=8J+1](9UV
M@P4<_?2H-G,C;&J:SCLEZTK=(YUA*F90$Q(0PA;JZ ?I'&:KAFG'^D&_US7R
M<PRG*1E)P9L3.IM$;S"WQZ)&=<Q[E9U&Q[=&Y1=U>&+&0&0Y &]BA[(I'Q5G
M<3[";2EX(IHI3Q A0YQR[]#[&>U0BX0M0204DQ$Y!)T&-"9QB.]7V>.= $!
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ME+1IWL4_8R+4KMHB*[%VV=) 9%9,XS&AU3NF:80 .H'ID(B(  !LMB#N(B(
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M/-X@[9I+/8XX-7KU)9Z@"0+@FG*%I*"A9QR,3&?CC7TD=!4+;4'$N-@3HH3
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MTAD@^M23NPPT-(UJLC%MW":@&L<O')NRF#V)1S[QD G\\XT]8^&M"H  DX,
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M!4YD%0+:RPQ@G#NNV,('"V#<;U'%>**N283KV/Z3#MX.K0Q)^6D)Z:+'134
M0;!)S,M)2;T$P#U[QZY7-]VJ8>8$GZ(?2/44.LIT[]4%%5%#JG44Q+ G.910
MXJ'.)C%$>YCF,8?/MW$1^GB<$=2#/I/]:$&09& 0<=2GOV[UD?LKF'468TIS
M?EK-=XH=VTWE<*WYQDZWP4XUM]+M&*W\-)0-H;04Q47CTL^XEDEG4##HUEXM
M*/; LUCH@X2XH%+2-R<SH_3/U?L&ZW1OZ]B5BPQ6'T+-U?0[,5SIV20F&]CG
MFS.5J,7C^PS#"586&,+*N)N4B93#]4M(QS&<D)>XL7Y!EE+ZV/,"X7Q1B&(P
M#CK&%(J6%(&"?U>)Q;$UZ/3HK*NRCE\[DH,E;<(N(U2*D',E(*O6+A!9NZ,\
M<>N3."I@'"A#HS]*EMD!')R'3]U31MZ#HCU%TGA^L%B$G290*FX)4_9AIX+)
M]BG3/\@=TU"D5)V5(4X 8U$S$B<'J-/@<$:T4DGU ,'(@F,XY=1STK)G2_,]
MSV+U)UKSSD2E&QU>LQ8/QCDFVT@2/DB5JP7&HQ4Y)QC=*3(2219$=/#K,$9$
MOMR+%=LD[,HX(HJ?ZW9;)5CPSKMG?+U.J*]^MF+,.Y+R-6*.U!R+BX6"DTV9
MLD-6409$5>F/-R,:WC_"Q17>F*N8K-!9R*29N:DTR)$(FF0J::92D(0A0*0A
M" !2E*4H 4I2E "E*  !0      #G4Q2G*)3!W*8! 0[B'D/X0$!#\8" A]'
M(^HY5:M7WKTA :0QFI77N^?6H.W3S)=_R%<]H-1V#C&6+;=K)>,I6>181EBP
M'04K4HG%W2L*^S*BNG2 6IY'39ZA!K5!X:\5N\YT/<\YJV>Z:FOV?-A,P1F:
M,L92/D2TV*PQ;.FQY*^R<Y(M#>K4%^QHK./A6,U2ZFVA8F;8KLT9EG(@NWF@
M._3554Y1B^D1TQ(;+3C.49HAJ\UR<YD%I<UB#$=6610F%S&.K,,:ZX9K52.F
M%%3G6/*L(%L^,NHHOZ_URASFR.UTU(UIU&A+/6=9L*8^P=6KE/A:;+7<;025
M9@9:R U*Q-..(=D<(XDHJQ2;LUWC9L@LX:-&39<RB+)H1&29&F>O.(@#ICM@
MP,8JB4%)UQ&F3!Q)DZS$YT.FIK(D_P"P-^]-_4/**R58ZA=D](GZP =.7(F
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M-U(O20M&9K3"Y,LFT7I[8CR9.[/9RH*Z<SC6.&UELK6&QQ%WF,.O"6MW,O;
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FN<$S&(@0>YDYP!'3VHD$")GIKC Q)))SGWIQQQR*M3CCCBE?_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
