<SEC-DOCUMENT>0001104659-21-064755.txt : 20210512
<SEC-HEADER>0001104659-21-064755.hdr.sgml : 20210512
<ACCEPTANCE-DATETIME>20210512060120
ACCESSION NUMBER:		0001104659-21-064755
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210512
DATE AS OF CHANGE:		20210512

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:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-223799
		FILM NUMBER:		21913316

	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>424B2
<SEQUENCE>1
<FILENAME>tm2115086d3_424b2.htm
<DESCRIPTION>424B2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(2)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&#8202;Registration No. 333-223799</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement No. 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(To Prospectus dated May 17, 2018, as amended by </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement No. 1 dated February 10, 2021 and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement No. 2 dated May 4, 2021)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2115086d3_424b2img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>BRAEMAR HOTELS
&amp; RESORTS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>250,000 Shares of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to this prospectus
supplement, the accompanying prospectus supplement and the accompanying base prospectus, we are offering 250,000 shares of our common
stock to YA II PN, Ltd., a Cayman Islands exempt limited partnership (&ldquo;YA&rdquo;) at a price of approximately $6.45 per share, pursuant
to our previously announced Standby Equity Distribution Agreement dated February 4, 2021 with YA (the &ldquo;SEDA&rdquo;). The total purchase
price and proceeds we will receive from the sale of the shares is $1,612,300. These shares are being issued as part of the commitment
by YA to purchase from time to time, at our option, up to 7,780,786 shares of our common stock pursuant to the SEDA as described in Prospectus
Supplement No. 1. We expect to issue the shares to YA on or about May 11, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our issuance
of common shares to YA pursuant to the SEDA, this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus
also cover the resale of those shares by YA to the public. Though we have been advised by YA, and YA represents in the SEDA, that YA is
purchasing the shares for its own account, for investment purposes, and without any view or intention to distribute such shares in violation
of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), or any other applicable securities laws, YA may be deemed
an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is listed
on the New York Stock Exchange, Inc. (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;BHR.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our common
stock involves a high degree of risk. Before making an investment decision, please read carefully the discussion of material risks of
investing in our common stock under the heading &ldquo;Risk Factors&rdquo; beginning on page S-5 of the accompanying prospectus supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus supplement or the accompanying base prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement is May 11,
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 31%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Securities Offered</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 66%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">250,000 shares of common stock of Braemar Hotels &amp; Resorts Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">Purchaser</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">YA II PN, Ltd. pursuant to the Standby Equity Distribution Agreement dated February 4, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">Purchase price</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Approximately $6.45 per share</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">$1,612,300</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">We intend to use the net proceeds from the sale of the securities under this prospectus for general corporate purposes, including for general working capital purposes, which may include the repayment of outstanding debt and investment and acquisition activities</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">Symbol for our common stock on the New York Stock Exchange</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&ldquo;BHR&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 10pt">Resale</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">This prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus also cover the resale of shares by YA II PN, Ltd. to the public. See &ldquo;Plan of Distribution&rdquo; in the accompanying prospectus supplement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

                       <P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2115086d3_424b2img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2115086d3_424b2img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" !W .<# 2(  A$! Q$!_\0
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M_E$E[;2[9&V@;E/*G _$?A78UXEX(NW\*?$:;3;AL1RR-:/GUSE#_+\Z]MH
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M6IDAMI]MQ%G&Y?4>HZ'WKV3P#X0NO"-O>QW=S#.;AU93$",8&.<U7\=?#_\
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<M8[7A;=$K2.R1GU52<"BB@#H**** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
