<SEC-DOCUMENT>0001047469-21-000832.txt : 20210402
<SEC-HEADER>0001047469-21-000832.hdr.sgml : 20210402
<ACCEPTANCE-DATETIME>20210402163254
ACCESSION NUMBER:		0001047469-21-000832
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210402
DATE AS OF CHANGE:		20210402

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-234663
		FILM NUMBER:		21802378

	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>424B3
<SEQUENCE>1
<FILENAME>a2243145z424b3.htm
<DESCRIPTION>424B3
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<BR></FONT><FONT SIZE=2><B>  Filed pursuant to Rule&nbsp;424(b)(3)<BR>  Registration No.&nbsp;333-234663    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B>PROSPECTUS SUPPLEMENT NO. 1, DATED APRIL 2, 2021<BR>
TO THE PROSPECTUS, DATED FEBRUARY 25, 2020</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>
<IMG SRC="g880901.jpg" ALT="LOGO" WIDTH="207" HEIGHT="106">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B>Series&nbsp;E Redeemable Preferred Stock and Series&nbsp;M 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 or<BR>
Series&nbsp;M Redeemable Preferred Stock)  </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus supplement no.&nbsp;1 (this "Supplement") is part of and should be read in conjunction with the prospectus of Braemar
Hotels&nbsp;&amp; Resorts,&nbsp;Inc., dated February&nbsp;25, 2020 (the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in
the Prospectus. When used in this Supplement, 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." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purposes of this Supplement are 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> to disclose the status of this offering; </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> to disclose the revised terms of our Series&nbsp;E Redeemable Preferred Stock, par value $0.01 per share (the "Series&nbsp;E Preferred
Stock"), or our Series&nbsp;M Redeemable Preferred Stock, par value $0.01 per share (the "Series&nbsp;M Preferred Stock") (collectively, the "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> to update certain sections of the Prospectus, including the cautionary statement regarding forward-looking statements, risk factors, use of
proceeds, the descriptions of the Preferred Stock, the plan of distribution for this offering, the experts section, and the incorporation by reference section. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A NAME="ba42701_status_of_this_offering"> </A>
<A NAME="toc_ba42701_2"> </A>
<BR></FONT><FONT SIZE=2><B>  STATUS OF THIS OFFERING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have previously filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form&nbsp;S-3 (File
No.&nbsp;333-234663), including the Prospectus, dated February&nbsp;25, 2020 (as the same may be amended and/or supplemented, the "Registration Statement"), under the Securities Act of 1933, as
amended (the "Securities Act"), relating to this offering of the Preferred Stock. The Registration Statement was declared effective by the SEC on February&nbsp;21, 2020.
Up to 20,000,000 shares of the Series&nbsp;E Preferred Stock or the Series&nbsp;M Preferred Stock are being offered in our primary offering pursuant to this Supplement and the Prospectus and up to
8,000,000 shares of the Series&nbsp;E Preferred Stock or Series&nbsp;M Preferred Stock are being offered pursuant to the dividend reinvestment plan ("DRP"). As of the date of this Supplement, we
have not sold any shares of Preferred Stock in this offering and there are no shares of Preferred Stock issued and outstanding. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  SERIES E PREFERRED STOCK AND SERIES M PREFERRED STOCK    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously disclosed, on January&nbsp;23, 2020, we filed Articles Supplementary to our Articles of Amendment and Restatement with the State
Department of Assessments and Taxation of the State of Maryland ("SDAT") classifying and designating 28,000,000 shares of our authorized capital stock as shares of the Series&nbsp;E Preferred Stock
and 28,000,000 shares of our authorized capital stock as shares of the Series&nbsp;M Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
revise certain terms of the Series&nbsp;E Preferred Stock and Series&nbsp;M Preferred Stock, on April&nbsp;2, 2021, we filed new Articles Supplementary to our Articles of
Amendment and Restatement with the SDAT that provided for: (i)&nbsp;reclassifying the existing 28,000,000 shares of Series&nbsp;E Preferred Stock and 28,000,000 shares of Series&nbsp;M Preferred
Stock as unissued shares of preferred stock; (ii)&nbsp;reclassifying and designating 28,000,000 shares of our authorized capital stock as shares of the Series&nbsp;E Preferred Stock (the
"Series&nbsp;E Articles Supplementary"); and (iii)&nbsp;reclassifying and designating 28,000,000 shares of our authorized capital stock as shares of the Series&nbsp;M Preferred Stock (the
"Series&nbsp;M Articles Supplementary," and together with the Series&nbsp;E Articles Supplementary, the "Articles Supplementary"). These new Articles Supplementary were filed to revise the
following Preferred Stock terms: </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><B><I> Dividends on the Series&nbsp;E Preferred
Stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The dividend rate on the Series&nbsp;E Preferred Stock was increased to an annual rate equal to: </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> beginning on the "date of the initial closing," 8.0% of the Stated Value per share (equivalent to an annual dividend rate of $2.00
per share);  </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 first anniversary from the "date of the initial closing," 7.75% of the Stated Value per share (equivalent to an
annual dividend rate of $1.9375 per share); 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 second anniversary from the "date of the initial closing," 7.5% of the Stated Value per share (equivalent to an
annual dividend rate of $1.875 per share).  </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><B><I> Dividends on the Series&nbsp;M Preferred
Stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The dividend rate on the Series&nbsp;M Preferred Stock was increased to an annual rate equal to 8.2% of the Stated Value per share
(equivalent to an annual dividend rate of $2.05 per share), which dividend rate will increase by 0.10% per annum per share beginning one year from the "date of original issuance" of each share of
Series&nbsp;M Preferred Stock, and on each one year-anniversary thereafter; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that
the dividend rate for any share of Series&nbsp;M Preferred Stock shall not exceed 8.7% per annum.  </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><B><I> Company Optional Redemption
Right.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The redemption period for our company optional redemption right for the Preferred Stock was shortened from three years to two years from
the "date of original issuance" of the shares of 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><B><I> Voting Rights.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Holders of shares
of Series&nbsp;E Preferred Stock or Series&nbsp;M Preferred Stock will have the exclusive right to vote on any amendment to our charter on which holders of the Series&nbsp;E Preferred Stock or
Series&nbsp;M Preferred Stock are otherwise entitled to vote and that would alter only the contract rights, as expressly set forth in our charter, of the Series&nbsp;E Preferred Stock or
Series&nbsp;M Preferred Stock, respectively. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
other terms of the Series&nbsp;E Preferred Stock and the Series&nbsp;M Preferred Stock (including, preferences, conversion or other rights, voting powers, restrictions,
limitations as to dividends, qualifications, or terms or conditions of redemption) are as disclosed in the Prospectus and remain unchanged by the filing of the new Articles Supplementary. For more
information about the revised terms of the Series&nbsp;E Preferred Stock and Series&nbsp;M Preferred Stock, see "Updates to the Prospectus&#151;Description of the Series&nbsp;E Preferred
Stock" and "&#151;Description of the Series&nbsp;M Preferred Stock" below. </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, on April&nbsp;2, 2021, we, through our subsidiaries, Braemar OP General Partner&nbsp;LLC and Braemar OP Limited Partner&nbsp;LLC, executed Amendment No.&nbsp;5 to
the Third Amended and Restated Agreement of Limited Partnership (the "Partnership Agreement Amendment") of our Operating Partnership, in connection with this offering. The Partnership Agreement
Amendment amended the terms of our Operating Partnership's Series&nbsp;E Redeemable Preferred Units and Series&nbsp;M Redeemable Preferred Units to conform to the terms of the Series&nbsp;E
Preferred Stock and Series&nbsp;M Preferred Stock, respectively, as set forth in the new Articles Supplementary. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>  UPDATES TO THE PROSPECTUS    <BR>    </B></FONT></P>

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Cautionary Statement Regarding Forward-Looking Statements  </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 disclosure updates the section of the Prospectus entitled "Cautionary Statement Regarding Forward-Looking
Statements" and all related disclosure throughout the Prospectus.</I></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Supplement, the Prospectus and the documents incorporated herein or therein 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 and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (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> the ongoing adverse effects of the public health crisis of the novel coronavirus disease ("COVID-19") pandemic and numerous governmental travel
restrictions and other orders on our business, including one or more possible recurrences of COVID-19 cases causing state and local governments to reinstate travel restrictions; </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 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 or restructure existing indebtedness; </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 and 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 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 Supplement, the Prospectus and in the documents incorporated herein and therein by reference, including those set
forth in our most recent Annual Report on Form&nbsp;10-K under the sections entitled "Risk Factors," "Legal Proceedings," "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></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2> adverse effects of the COVID-19 pandemic, including a significant reduction in business and personal travel and travel restrictions in regions
where our hotels are located, and one or more possible recurrences of COVID-19 cases causing a further reduction in business and personal travel or reinstatement of travel restrictions by state and
local governments; </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 raise sufficient capital and/or take other actions to improve our liquidity position or otherwise meet our liquidity
requirements; </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> actions by our lenders to accelerate loan balances and foreclose on the hotel properties that are security for our loans if we are unable to
make debt service payments or satisfy our other obligations under the forbearance 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> 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> general business and economic 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> 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> 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&nbsp;Inc. and its subsidiaries (including Ashford Advisor, Remington
Hotels and Premier), 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> our ability to implement effective internal controls to address the material weakness in our internal controls over financial reporting
identified in our <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000029/bhr-20201231.htm">Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2020</A> that led to a misstatement in our consolidated financial statements related to the accounting for troubled-debt restructurings; </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 timing or outcome of the ongoing SEC investigation disclosed in our
<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000029/bhr-20201231.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2020</A> regarding, among other things, our related-party transactions and our accounting policies, procedures, and internal controls related to such related-party transactions; </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 Supplement, the Prospectus and in the documents incorporated
by reference herein and therein, including under "Risk Factors" in our most recent Annual Report on Form&nbsp;10-K, as updated in our subsequent Quarterly Reports on Form&nbsp;10-Q and other
filings under the Exchange Act. The matters summarized under "Risk Factors" and elsewhere in this Supplement, the Prospectus and in the documents incorporated by reference herein and therein could
cause our actual </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>results
and performance to differ significantly from those contained in our forward-looking statements. Additionally, many of these risks and uncertainties are currently amplified by and will continue
to be amplified by, or in the future may be amplified by, the COVID-19 outbreak and the numerous government travel restrictions imposed in response thereto. The extent to which COVID-19 impacts us
will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the
pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. 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 dates of this Supplement and the Prospectus. Furthermore, we do not
intend to update any of our forward-looking statements after the date of this Supplement to conform these statements to actual results and performance, except as may be required by applicable law. </FONT></P>

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Risk Factors  </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 disclosure updates the section of the Prospectus entitled "Risk Factors&#151;Risks Related to this
Offering" and all related disclosure throughout the Prospectus.</I></FONT></P>

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


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Compliance with the SEC's Regulation Best Interest by participating broker-dealers may negatively impact our
ability to raise capital in this offering, which could harm our ability to achieve our investment objectives.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing June&nbsp;30, 2020, broker-dealers are required to comply with Regulation Best Interest ("Reg BI"), which, among other
requirements, establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation of any securities transaction or investment strategy involving
securities to a retail customer. The full impact of Reg BI on participating broker-dealers cannot be determined at this time, and it may negatively impact whether participating broker-dealers and
their associated persons recommend this offering to certain retail customers. In particular, under SEC guidance concerning Reg BI, a broker-dealer recommending an investment in the Preferred Stock
should consider a number of factors, including but not limited to the cost and complexity of the investment and reasonably available alternatives in determining whether there is a reasonable basis for
the recommendation. Broker-dealers may recommend a more costly or complex product as long as they have a reasonable basis to believe it is in the best interest of a particular retail customer.
However, if broker-dealers instead choose alternatives to the Preferred Stock, many of which likely exist, our ability to raise capital will be adversely affected. If Reg BI reduces our ability to
raise capital in this offering, it may harm our ability to achieve our objectives. </FONT></P>

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


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The dealer manager's relationship with us may cause a conflict of interest and may hinder the dealer
manager's performance of its due diligence obligations.  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the offering, we will enter into a dealer manager agreement with Ashford Securities&nbsp;LLC ("Ashford Securities"), a
registered broker dealer and an affiliate of Ashford Advisor, which will receive selling commissions and a dealer manager fee, all or a portion of which it may re-allow to other dealers, in connection
with this offering. As dealer manager, Ashford Securities has certain obligations under the federal securities laws to undertake a due diligence investigation with respect to the parties involved in
this offering, including Ashford Advisor. Ashford Securities' affiliation with Ashford Advisor and (as discussed below) the contribution agreement among Ashford Advisor, Ashford Trust and us may cause
a conflict of interest for Ashford Securities in carrying out its due diligence obligations. The absence of an independent due diligence review by Ashford Securities may increase the risk and
uncertainty you face as a potential investor in the Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also,
we, Ashford&nbsp;Inc., Ashford Advisor and Ashford Trust have entered into an amended contribution agreement to provide funds to Ashford Advisor to fund the formation,
registration and ongoing funding needs of Ashford Securities. As a result, Ashford Securities' operation and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>management
may be influenced or affected by conflicts of interest arising out of its relationship with us, Ashford Advisor and Ashford Trust. Finally, the agreements with us and our related parties,
including Ashford Securities, are not arm's-length agreements and may not be as favorable to investors as if the parties were operating at arm's-length. </FONT></P>

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Use of Proceeds  </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 disclosure updates the section of the Prospectus entitled "Use of Proceeds" and all related disclosure
throughout the Prospectus.</I></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 to prepay the balance outstanding under our $65&nbsp;million secured term loan and for general corporate purposes, including,
without limitation, repayment of other 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 style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to June&nbsp;8, 2020, we had a senior secured revolving credit facility in the amount of $75.0&nbsp;million, including $15&nbsp;million available in letters of credit and
$15&nbsp;million available in swingline loans. As previously disclosed, on June&nbsp;8, 2020, we repaid $10&nbsp;million outstanding under the secured revolving credit facility and entered into
an amendment which converted the $75&nbsp;million secured revolving credit facility into a $65&nbsp;million secured term loan. In addition, on February&nbsp;22, 2021, we entered into a second
amendment to the loan agreement, which provided for waivers of certain covenants through the fourth quarter of 2021 and amended certain other terms. Pursuant to the terms of the second amendment,
borrowings under the secured term loan will bear interest at a rate of LIBOR plus 3.65% or Base Rate plus 2.65% until we provide the lenders a compliance certificate for the quarter ending
March&nbsp;31, 2022. After such date, borrowings under the secured term loan will bear interest at a rate of LIBOR plus 2.25% to 3.50% or Base Rate plus 1.25% to 2.50%, depending on the ratio of our
consolidated indebtedness to EBITDA, with the lowest rate applying if such ratio is less than 4.0x and the highest rate applying if such ratio is greater than 6.0x. The secured term loan matures on
October&nbsp;25, 2022. Pursuant to the terms of the secured term loan, we are required to make amortization payments of $5&nbsp;million per quarter commencing on March&nbsp;31, 2021. In
addition, we are required to make mandatory prepayments and reduce the balance of the term loan by an amount equal to 50% of net proceeds from any asset sales, equity offerings (including this
offering and other preferred equity offerings) or incurrence of indebtedness (including refinancings), except that the first $50&nbsp;million of any common equity offering (including sales of shares
of common stock under our "at-the-market" equity distribution program and our standby equity distribution agreement) is subject to a mandatory prepayment in an amount equal to 35% of net proceeds. </FONT></P>

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


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Description of the Series&nbsp;E Preferred Stock  </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 disclosure updates the sections of the Prospectus entitled "Description of the Series&nbsp;E Preferred
Stock&#151;Dividends," "Description of the Series&nbsp;E Preferred Stock&#151;Optional Redemption by the Company," and "Description of the Series&nbsp;E Preferred
Stock&#151;Voting Rights&#151;Special Voting Rights" and all related disclosure throughout the Prospectus. The description of the revised terms 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 Series&nbsp;E Articles Supplementary, which have been filed with the SEC and are incorporated by
reference as an exhibit to the registration statement, of which this Supplement is a part. Except as set forth below, all other terms of the Series&nbsp;E Preferred Stock (including, preferences,
conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption) are as disclosed in the Prospectus and remain unchanged by
the filing of the new Series&nbsp;E Articles Supplementary.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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</FONT></P>

<UL>

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


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

</UL>

<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 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 the initial closing," 8.0% of the Stated Value per share (equivalent to an annual dividend rate of $2.00 per share); </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 first anniversary from the "date of the initial closing," 7.75% of the Stated Value per share (equivalent to an annual
dividend rate of $1.9375 per share); 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 second anniversary from the "date of the initial closing," 7.5% of the Stated Value per share (equivalent to an annual
dividend rate of $1.875 per share). </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this "Dividends" provision only, the "date of the initial closing" will mean the date of the first settlement of Series&nbsp;E Preferred Stock in this offering (or the
first date that any shares of Series&nbsp;E Preferred Stock were issued to any investor), which is currently expected to occur in the second quarter of 2021. For example purposes only, assuming the
"date of the initial closing" is April&nbsp;1, 2021, holders will be entitled to receive dividends on outstanding shares of Series&nbsp;E Preferred Stock (whether the shares were acquired in the
primary offering or pursuant to the DRP) at an annual rate of 8.0% of the Stated Value for the period from April&nbsp;1, 2021 to March&nbsp;31, 2022, 7.75% of the Stated Value for the period from
April&nbsp;1, 2022 to March&nbsp;31, 2023, and 7.5% of the Stated Value thereafter. As a result, stockholders who purchase shares of Series&nbsp;E Preferred Stock after the first or second
anniversary of the "date of the initial closing" will not receive dividends at the rates of 8.0% or 7.75%, respectively, and therefore, will receive a lower yield on such shares of Series&nbsp;E
Preferred Stock than stockholders who purchased shares of Series&nbsp;E Preferred Stock prior to those dates. Furthermore, those who purchase shares on or close to the date of the initial closing
should earn higher returns than those who purchase shares later in the offering even if the shares are purchased before the first anniversary of the "date of the initial closing." </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 business day of each month immediately
preceding the applicable dividend payment date. Dividends payable on the Series&nbsp;E Preferred Stock for any dividend period (as defined below) (including any dividend period during which any
shares of Series&nbsp;E Preferred Stock shall be redeemed) will be computed on the basis of twelve 30-day months and a 360- day year. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
payable on each share of Series&nbsp;E Preferred Stock will begin accruing on, and will be cumulative from, the first day of the dividend period during which such share of
Series&nbsp;E Preferred Stock was originally issued. 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 first day of each month of each year and
ending on, and including, the day preceding the first day of the next succeeding dividend period (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 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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


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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After two 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, in whole or in part, 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. </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, the "date of original issuance" of the shares to be redeemed will mean the earliest date that any shares of
Series&nbsp;E Preferred Stock were issued to any investor during the calendar quarter in which the shares to be redeemed were issued. As a result, depending upon how late in a calendar quarter you
purchased your shares, we may have the ability to redeem your shares even if they have been outstanding for slightly less than two years. </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 Preferred Stock to be redeemed were acquired by the holder pursuant to the DRP (such shares, "DRP
Shares"), the "date of original issuance" of such DRP Shares shall be deemed to be the same as the "date of original issuance" of the underlying shares of Preferred Stock pursuant to which such DRP
Shares are directly or indirectly attributable (such shares, "Underlying Shares"), and such DRP Shares shall become subject to optional redemption by us hereunder on the same date and terms as the
Underlying Shares. </FONT></P>

<UL>

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



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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any shares of Series&nbsp;E Preferred Stock remain outstanding, the holders of shares of Series&nbsp;E Preferred Stock will have
the exclusive right to vote on any amendment, alteration or repeal of the provisions of our charter or the terms of the Series&nbsp;E Preferred Stock on which holders of Series&nbsp;E Preferred
Stock are otherwise entitled to vote under the Series&nbsp;E Articles Supplementary, that would alter only the contract rights, as expressly set forth in our charter, of the Series&nbsp;E
Preferred Stock, and the holders of any other classes or series of our capital stock will not be entitled to vote on such an amendment, alteration or repeal. </FONT></P>

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


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Description of the Series&nbsp;M Preferred Stock  </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 disclosure updates the sections of the Prospectus entitled "Description of the Series&nbsp;M Preferred
Stock&#151;Dividends," "Description of the Series&nbsp;M Preferred Stock&#151;Optional Redemption by the Company" and "Description of the Series&nbsp;M Preferred
Stock&#151;Voting Rights&#151;Special Voting Rights" and all related disclosure throughout the Prospectus. The description of the revised terms of the Series&nbsp;M Preferred Stock
contained herein does not purport to be complete and is qualified in its entirety by reference to the Series&nbsp;M Articles Supplementary, which have been filed with the SEC and are incorporated by
reference as an exhibit to the registration statement, of which this Supplement is a part. Except as set forth below, all other terms of the Series&nbsp;M Preferred Stock (including, preferences,
conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption) are as disclosed in the Prospectus and remain unchanged by
the filing of the new Series&nbsp;M Articles Supplementary.</I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series&nbsp;M 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;M Preferred Stock at an annual rate of 8.2% of the Stated Value
(equivalent of an annual dividend rate of $2.05 per share). Beginning one year from the "date of original issuance" of each share of Series&nbsp;M Preferred Stock, and on each one year-anniversary
thereafter for such Series&nbsp;M Preferred Stock, the dividend rate will increase by 0.10% per annum for such share; provided, however, that the dividend rate for any share of Series&nbsp;M
Preferred Stock shall not exceed 8.7% per annum. For purposes of the 0.10% per annum dividend rate increase in this "Dividends" section, the "date of original issuance" of the shares of
Series&nbsp;M Preferred Stock will mean the earliest date that any shares of Series&nbsp;M Preferred Stock were issued to any investor during the calendar quarter in which the shares to be
redeemed were issued. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect to authorize and declare dividends on the shares of Series&nbsp;M 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 business day of each month immediately
preceding the applicable dividend payment date. Dividends payable on the Series&nbsp;M Preferred Stock for any dividend period (as defined below) (including any dividend period during which any
shares of Series&nbsp;M Preferred Stock shall be redeemed) will be computed on the basis of twelve 30-day months and a 360- day year. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
payable on each share of Series&nbsp;M Preferred Stock will begin accruing on, and will be cumulative from, the first day of the dividend period during which such share of
Series&nbsp;M Preferred Stock was originally issued. 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;M Preferred Stock. The term "dividend period" means the respective periods commencing on, and including, the first day of each month of each year and
ending on, and including, the day preceding the first day of the next succeeding dividend period (other than the dividend period during which any shares of Series&nbsp;M 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;M 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>

<UL>

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


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

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After two years from the "date of original issuance" of the shares of Series&nbsp;M Preferred Stock to be redeemed, we will have the right
(but not the obligation) to redeem such shares of Series&nbsp;M Preferred Stock, in whole or in part, 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;M 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. </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, the "date of original issuance" of the shares to be redeemed will mean the earliest date that any shares of
Series&nbsp;M Preferred Stock were issued to any investor during the calendar quarter in which the shares to be redeemed were issued. As a result, depending upon how late in a calendar quarter you
purchased your </FONT></P>

<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>
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<A NAME="page_dc42701_1_11"> </A>

<P style="font-family:times;"><FONT SIZE=2>shares,
we may have the ability to redeem your shares even if they have been outstanding for slightly less than two years. </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;M Preferred Stock to be redeemed are DRP Shares, the "date of original issuance" of
such DRP Shares shall be deemed to be the same as the "date of original issuance" of the Underlying Shares, and such DRP Shares shall become subject to optional redemption by us hereunder on the same
date and terms as the Underlying Shares. </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;So long as any shares of Series&nbsp;M Preferred Stock remain outstanding, the holders of shares of Series&nbsp;M Preferred Stock will have
the exclusive right to vote on any amendment, alteration or repeal of the provisions of our charter or the terms of the Series&nbsp;M Preferred Stock on which holders of Series&nbsp;M Preferred
Stock are otherwise entitled to vote under the Series&nbsp;M Articles Supplementary, that would alter only the contract rights, as expressly set forth in our charter, of the Series&nbsp;M
Preferred Stock, and the holders of any other classes or series of our capital stock will not be entitled to vote on such an amendment, alteration or repeal. </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;" -->


Plan of Distribution  </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 disclosure replaces the sections of the Prospectus entitled "Plan of Distribution&#151;Compensation
of Dealer Manager and Participating Broker-Dealers" and "Plan of Distribution&#151;Settlement Procedures" and all related disclosure throughout the Prospectus and adds a new section entitled
"Plan of Distribution&#151;Regulation Best Interest."</I></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;" -->


Compensation of Dealer Manager and Participating Broker-Dealers  </I></B></FONT></P>

</UL>

<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 sales of the Series&nbsp;E Preferred
Stock in our primary offering. There will be no selling commissions paid for the sale of shares of Series&nbsp;M Preferred Stock. We will also pay to our dealer manager up to 3.0% of the gross
offering proceeds from sales of the Series&nbsp;E Preferred Stock and Series&nbsp;M Preferred Stock in our primary offering as compensation for acting as dealer manager. As dealer manager, Ashford
Securities 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's 10% cap. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
our dealer manager nor its affiliates will directly or indirectly compensate any person engaged by a potential investor for investment advice as an inducement for such investment
advisor to advise favorably for an investment in Preferred Stock unless such person is a registered broker-dealer or associated with such a broker-dealer. We will not pay referral or similar fees to
any accountants, attorneys or other persons in connection with the distribution of the Preferred Stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
the Prospectus was filed, our dealer manager was not yet a registered broker-dealer. However, since the filing of the Prospectus, our dealer manager has become registered as a
broker-dealer with FINRA, the SEC, the 50 states, the District of Columbia, and Puerto Rico. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the formation of our dealer manager, Ashford&nbsp;Inc. engaged Robert A. Stanger&nbsp;&amp;&nbsp;Co.,&nbsp;Inc. ("Stanger") to provide certain investment banking services to
assist Ashford&nbsp;Inc. in the formation, organization, and business plan development for a subsidiary broker-dealer capable of marketing preferred securities. Stanger receives ongoing fees related
to the performance of these services and all or a portion of these fees, which will not exceed $1,370,000 in total, may be considered in connection </FONT></P>

<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>
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<A NAME="page_dc42701_1_12"> </A>

<P style="font-family:times;"><FONT SIZE=2>with
or related to the distribution of this offering, and thus be considered underwriting compensation subject to FINRA's 10% cap. </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 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 based on 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; 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 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 the promotion
of this offering;  </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; 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> providing other services requested by investors from time to time and maintaining the technology necessary to 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 dealer manager fee of up to 3.0% of the price per share of 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 dealer manager 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;Shares
of Series&nbsp;E Preferred Stock are generally available for purchase in this offering only through participating broker-dealers and are not suitable for wrap accounts. However,
as part of our "friends and family" program, we may also sell shares of Series&nbsp;E Preferred Stock directly to 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 </FONT></P>

<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.=5,SEQ=12,EFW="2243145",CP="BRAEMAR HOTELS & RESORTS INC",DN="1",CHK=572378,FOLIO='12',FILE='DISK116:[21ZBJ1.21ZBJ42701]DC42701A.;12',USER='CHE107555',CD=';2-APR-2021;00:16' -->
<A NAME="page_dc42701_1_13"> </A>

<P style="font-family:times;"><FONT SIZE=2>management,
joint venture partners, consultants, service providers and business associates and family members thereof. There will be no selling commissions or dealer manager fees paid by us in
connection with any such sales. As a result, the public offering price per share of Series&nbsp;E Preferred Stock sold in our "friends and family" program will be decreased by an amount equal to the
discount. The net proceeds to us will not be affected by reducing the compensation payable in connection with such sales. "Friends and family" program investors will be expected to hold their
Series&nbsp;E Preferred Stock 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;The
net proceeds to us will not be affected by reducing the compensation payable in connection with sales of the Preferred Stock. In the event we enter into a participating broker-dealer
agreement calling for a selling commission of less than 7.0% or a dealer manager fee of less than 3.0%, the public offering price per share of the Series&nbsp;E Preferred Stock will be decreased by
an amount equal to such reduction. Selling commissions will be established by each participating broker-dealer or other financial intermediary. Any reductions in the selling commission and
corresponding reductions in public offering price per share of Series&nbsp;E Preferred Stock will be made consistent with the sample information in the table set forth below: </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:65%;margin-left:17%;">
 <!-- 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="145pt" 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>Selling Commission

<!-- 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 COLSPAN=2 ALIGN="CENTER" style="font-family:times;border-bottom:solid #000000 1.0pt;"><FONT SIZE=1><B>Public Offering Price per share<BR>
of Series&nbsp;E Preferred Stock </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>7.00%</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>25.00</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>6.50%</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>24.88</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>6.00%</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>24.75</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>5.50%</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>24.63</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>5.00%</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>24.50</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>4.50%</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>24.38</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>4.00%</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>24.25</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>3.50%</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>24.13</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>3.00%</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>24.00</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>2.50%</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>23.88</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>2.00%</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>23.75</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>1.50%</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>23.63</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>1.00%</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>23.50</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>0.50%</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>23.38</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>0.00%</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>23.25</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, with respect to any sale of shares of Series&nbsp;M Preferred Stock, the dealer manager may waive all or a portion of the dealer manager fee. If the dealer manager reduces
its dealer manager fee, the investor's purchase price will be correspondingly reduced. Therefore, our net proceeds will not be affected by such reduction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of Series&nbsp;M Preferred Stock are generally available for purchase in this offering only (i)&nbsp;through certain registered investment advisors, (ii)&nbsp;through
participating broker-dealers that have agreed to make Series&nbsp;M Preferred Stock available to clients who pay the broker-dealer a fee based on assets under management, and (iii)&nbsp;other
categories of investors that we name in an amendment or supplement to this prospectus. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, shares of Series&nbsp;M Preferred Stock may be purchased by participating broker-dealers for their own account, their retirement plans, their representatives and their
family members, IRAs and the qualified plans of their representatives. Such persons will be expected to hold their Series&nbsp;M 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;As
used herein, 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. </FONT></P>

<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>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
making your investment decision, please consult with your broker-dealer or investment advisor regarding your account type and the series of Preferred Stock you may be eligible to
purchase. </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 selling commissions and dealer manager fees which are viewed as "underwriting compensation" by FINRA, assuming we sell
all the shares of Series&nbsp;E Preferred Stock offered in our primary offering, sell no shares of Series&nbsp;M Preferred Stock, and reallocate no DRP shares to Series&nbsp;E Preferred Stock. </FONT></P>
 <div style="display:none;*display:block;margin-top:-1pt;"></div>

 <DIV style="padding:0pt;position:relative;width:65%;margin-left:17%;">
 <!-- 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<SUP>(1)</SUP></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 -->


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<HR NOSHADE  COLOR="#000000" SIZE="1.0PT" WIDTH="26%" ALIGN="LEFT" >
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:17%;">
 <DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>We
or our affiliates also may provide permissible forms of non-cash compensation to registered representatives of our dealer manager and to participating
broker-dealers. The value of such items will be considered underwriting compensation in connection with this offering. Pursuant to FINRA Rule&nbsp;2310(b)(4)(B)(ii), the combined selling
commissions, dealer manager fee, investment banking fee (described above) and such non-cash compensation for this offering will not exceed FINRA's 10% cap.  </FONT></DD></DL>
 </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
aggregate of all organization and offering expenses under this offering, including selling commissions, dealer manager fees and investment banking fees will be capped at 15% of the aggregate gross
proceeds of this offering (the "15% cap"). </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 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, dealer manager fees and investment banking 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 by us or the dealer manager upon 60&nbsp;days written notice. </FONT></P>

<UL>

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


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Settlement Procedures  </I></B></FONT></P>

</UL>

<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 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 bi-weekly 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 Preferred Stock by the settlement date, which depends on when you place the order
during the bi-weekly settlement cycle and can be anywhere from 1 to 20&nbsp;days after the date of your order. This purchase price will not be held in escrow. We reserve the right to reject any
order in whole or in part. </FONT></P>


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

<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>
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<A NAME="page_dc42701_1_15"> </A>

<P style="font-family:times;"><FONT SIZE=2>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 Settlement
subscription, you should pay the full purchase price of the shares of 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 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 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 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 Preferred Stock using DTC Settlement or DRS Settlement, by accepting the shares of 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 UMB Bank, National Association 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 bi-weekly basis. </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 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, liquidity needs, risk tolerance
and other pertinent information. You 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 </FONT></P>

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

<HR NOSHADE>
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<A NAME="page_dc42701_1_16"> </A>

<P style="font-family:times;"><FONT SIZE=2>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. Our dealer manager and each participating broker-dealer shall maintain records of the information used to determine that an investment in the 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>

<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;" -->


Regulation Best Interest  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC adopted Reg BI, which establishes a new standard of conduct for broker-dealers and their associated persons when making a recommendation
of any securities transaction or investment strategy involving securities to a retail customer. A retail customer is any natural person, or the legal representative of such person, who receives a
recommendation of any securities transaction or investment strategy involving securities from a broker-dealer and uses the recommendation primarily for personal, family, or household purposes. When
making such a recommendation, a broker-dealer and its associated persons must act in such customer's best interest at the time the recommendation is made, without placing their financial or other
interest ahead of the retail customer's interests, and should consider reasonable alternatives in determining whether the broker dealer and its associated persons have a reasonable basis for making
the recommendation. This standard enhances the broker-dealer standard of conduct beyond existing suitability obligations when dealing with a retail customer as described above. As Reg BI became
effective on June&nbsp;30, 2020, no administrative or case law currently exists under Reg BI and the full scope of its applicability is uncertain. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
SEC rules, the broker-dealer must meet four component obligations:</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> Disclosure Obligation: The distributing broker-dealer must provide certain required disclosures before or at the time of the recommendation
about the recommendation and the relationship between the broker-dealer and its retail customer. The disclosure includes a customer relationship summary on Form CRS. The broker-dealer's disclosures
are separate from the disclosures we provide to investors in this Supplement and the Prospectus. </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> Care Obligation: The distributing broker-dealer must exercise reasonable diligence, care, and skill in making the recommendation. </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> Conflict of Interest Obligation: The distributing broker-dealer must establish, maintain, and enforce written policies and procedures
reasonably designed to address conflicts of interest. </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> Compliance Obligation: The distributing broker-dealer must establish, maintain, and enforce written policies and procedures reasonably designed
to achieve compliance with Reg BI. </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;" -->


Experts  </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 disclosure updates the section of the Prospectus entitled "Experts" and all related disclosure throughout
the Prospectus.</I></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. at December&nbsp;31, 2020 and 2019, and for each of the three years in the period ended
December&nbsp;31, 2020, appearing in Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc.'s
<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000029/bhr-20201231.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2020</A> 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, 2020 and 2019, and for each of the three years in the period ended December&nbsp;31, 2020,
incorporated by reference in Braemar Hotels&nbsp;&amp; Resorts&nbsp;Inc.'s <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000029/bhr-20201231.htm">Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2020</A> have </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>
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<A NAME="page_dc42701_1_17"> </A>

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


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


Incorporation by Reference  </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 disclosure updates the section of the Prospectus entitled "Incorporation by Reference" and all related
disclosure throughout the Prospectus.</I></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 Supplement and the Prospectus, which means that we are disclosing important
information to you by referring you to those documents. The information we incorporate by reference is an important part of this Supplement and the 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 Supplement and the 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 Supplement and the
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>  <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000029/bhr-20201231.htm">our Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2020, filed with the SEC on March&nbsp;5, 2021;</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> the information specifically incorporated by reference into our
<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000029/bhr-20201231.htm">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2020</A> from our <A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000114036121010651/nc10022287x1_def14a.htm">definitive proxy statement on Schedule&nbsp;14A filed with
the SEC on March&nbsp;30, 2021;</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/1574085/000110465920054454/tm2018183d1_8k.htm">April&nbsp;30, 2020</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/1574085/000157408520000035/bhrdirectorappointment8-k.htm">July&nbsp;29, 2020</A>,
<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000008/bhr-20210126.htm">January&nbsp;26, 2021</A>,
<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000110465921012343/tm2039638d4_8k.htm">February&nbsp;4, 2021</A>,
<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000013/bhr-20210222.htm">February&nbsp;22, 2021</A> and
<A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1574085/000157408521000033/bhr-20210315.htm">March&nbsp;19, 2021</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, including any amendments and reports filed for the purpose of updating such
description;</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;13(a), 13(c), 14 or 15(d) of the Exchange Act on or after the date of this Supplement
and prior to the termination of the offering of any securities covered by this Supplement and the Prospectus shall be deemed to be incorporated by reference into this Supplement and the Prospectus and
will automatically update and supersede the information in this Supplement and the 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 Supplement (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 </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>
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<P style="font-family:times;"><FONT SIZE=2>Supplement
and the Prospectus, to whom this Supplement and the 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;1200, Dallas, Texas 75254, Attention: Jim Plohg (telephone number: (972)&nbsp;490-9600). You also may obtain copies of these filings, at no cost, by accessing our
website at www.bhrreit.com; however, the information located on, or accessible from, our website is not, and should not be deemed to be, part of this Supplement, the 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>18</FONT></P>

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<BR>
<P><br><A NAME="21ZBJ42701_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ba42701_1">Filed pursuant to Rule 424(b)(3) Registration No. 333-234663</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ba42701_2">STATUS OF THIS OFFERING</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da42701_1">SERIES E PREFERRED STOCK AND SERIES M PREFERRED STOCK</A></FONT><BR>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_da42701_2">UPDATES TO THE PROSPECTUS</A></FONT><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
