<SEC-DOCUMENT>0001104659-22-119126.txt : 20221115
<SEC-HEADER>0001104659-22-119126.hdr.sgml : 20221115
<ACCEPTANCE-DATETIME>20221115160817
ACCESSION NUMBER:		0001104659-22-119126
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20221115
DATE AS OF CHANGE:		20221115

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:		221391240

	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>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Filed pursuant
to Rule 424(b)(3)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Registration
No. 333-234663</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">PROSPECTUS SUPPLEMENT
NO. 4, DATED NOVEMBER 15, 2022</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">(TO THE PROSPECTUS,
DATED FEBRUARY 25, 2020,</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">PROSPECTUS SUPPLEMENT
NO. 1, DATED APRIL 2, 2021,</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">PROSPECTUS SUPPLEMENT
NO. 2, DATED NOVEMBER 12, 2021, AND</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">PROSPECTUS SUPPLEMENT
NO. 3, DATED JANUARY 24, 2022)</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2230348d1_424b3img001.jpg" ALT="" STYLE="height: 75.75pt; width: 147.75pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Series E Redeemable
Preferred Stock and Series M Redeemable Preferred Stock</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum of 20,000,000
Shares in Primary Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum of 8,000,000
Shares Pursuant to Dividend Reinvestment Plan</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Liquidation
preference $25.00 per share of Series E Redeemable Preferred Stock or</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Series M Redeemable
Preferred Stock)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement no. 4 (this &ldquo;Supplement&rdquo;) is part of and should be read in conjunction with the prospectus of Braemar Hotels &amp;
Resorts Inc., dated February 25, 2020, the prospectus supplement no. 1, dated April 2, 2021, the prospectus supplement no. 2, dated November
12, 2021, and the prospectus supplement no. 3, dated January 24, 2022 (collectively, the &ldquo;Prospectus&rdquo;). 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 &ldquo;our company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo; refer to Braemar Hotels &amp; Resorts 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 &ldquo;Operating Partnership.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The purposes of
this Supplement are as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-size: 10pt">to
                                            disclose the status of this offering; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-size: 10pt">to
                                            amend the sections of the Prospectus entitled &ldquo;Dividend Reinvestment Plan&mdash;Participation&rdquo;
                                            and &ldquo;Plan of Distribution&mdash;Compensation of Dealer Manager and Participating Broker-Dealers&rdquo;
                                            and &ldquo;&mdash;Settlement Procedures.&rdquo;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Status
of this Offering</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We have previously
filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a registration statement on Form S-3 (File No. 333-234663),
including the Prospectus, dated February 25, 2020 (as the same may be amended and/or supplemented, the &ldquo;Registration Statement&rdquo;),
under the Securities Act of 1933, as amended. The&nbsp;Registration Statement was declared effective by the SEC on February 21, 2020.
<FONT STYLE="background-color: white">Up to 20,000,000 shares of </FONT>our Series E Redeemable Preferred Stock, par value $0.01 per
share (the &ldquo;Series E Preferred Stock&rdquo;), <FONT STYLE="background-color: white">or </FONT>our Series&nbsp;M Redeemable Preferred
Stock, par value $0.01 per share (the &ldquo;Series M Preferred Stock,&rdquo; and together with the Series E Preferred Stock, the &ldquo;Preferred
Stock&rdquo;), <FONT STYLE="background-color: white">are being offered in our primary offering pursuant to this Supplement and the Prospectus
and up to 8,000,000 shares of the Preferred Stock are being offered pursuant to the dividend reinvestment plan (the&nbsp;&ldquo;DRP&rdquo;).
</FONT>As of October 25, 2022, we had issued 10,631,685 shares of the Preferred Stock for net proceeds of approximately $240.59 million.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>DIVIDEND
REINVESTMENT PLAN</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt; background-color: white"><I>The
following disclosure amends certain portions of the section of the Prospectus entitled &ldquo;Dividend Reinvestment Plan&mdash;Participation&rdquo;
and all related disclosure throughout the Prospectus, regarding participants initial reinvestment of dividends payable in the DRP. </I></FONT><I><FONT STYLE="font-size: 10pt">Except
as set forth below, <FONT STYLE="background-color: white">all other provisions of the &ldquo;Dividend Reinvestment Plan&rdquo; section
of the Prospectus remain unchanged by this Supplement.</FONT></FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Participation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If the Administrator
receives your enrollment form by the record date for the payment of the next dividend (approximately 15 days in advance of the dividend
payment date), your dividend reinvestment will commence and that next dividend payment will be invested in additional shares of Preferred
Stock for your DRP account. If the enrollment form is received after the record date for the payment of the next dividend (approximately
15 days in advance of the dividend payment date), that next dividend payment will be paid in cash by check or automatic deposit to a
U.S. bank account that you designate and your dividend reinvestment will commence with the following dividend payment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt; background-color: white"><I>The
following disclosure amends certain portions of the sections of the Prospectus entitled &ldquo;Plan of Distribution&mdash;Compensation
of Dealer Manager and Participating Broker-Dealers&rdquo; and &ldquo;&mdash;Settlement Procedures,&rdquo; and all related disclosure
throughout the Prospectus. </I></FONT><I><FONT STYLE="font-size: 10pt">Except as set forth below, <FONT STYLE="background-color: white">all
other provisions of the &ldquo;Plan of Distribution&rdquo; section of the Prospectus remain unchanged by this Supplement.</FONT></FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt"><B>Compensation
of Dealer Manager and Participating Broker-Dealers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Selling commissions
and the dealer manager fee may, but not necessarily will, be reduced in connection with certain sales in which either we, our advisor,
or the dealer manager and our respective affiliates have some relationship with the prospective investor that was created other than
through participating broker-dealers or financial intermediaries. These sales may be with institutions, family offices, or high net worth
individuals, but is not limited to these categories. The dealer manager may utilize the services of a third-party broker-dealer to serve
as the broker of record for these sales. If utilized, the broker of record will undertake the necessary regulatory compliance, including
but not limited to, determining the prospective investor&rsquo;s suitability and anti-money laundering compliance. The dealer manager
may reallow up to 3.0% of its dealer manager fee to the broker of record. Our advisor will make all final determinations regarding whether
these sales fall within the category described above or are friends and family sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Settlement Procedures</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">There may be certain
circumstances in which we engage a third party to assist with the settlement of the Preferred Stock. For example, in certain circumstances,
your broker-dealer or your investment adviser may not be able to use DTC Settlement to process a transaction. In such situations, our
dealer manager may engage a participating broker-dealer or other FINRA-registered broker-dealer who is not a participating broker-dealer
(in each case, a &ldquo;Trade Away Broker&rdquo;) to serve as the executing broker-dealer to provide back-office support and processing
services, including periodic closings and DTC Settlements, in connection with such trades (collectively, the &ldquo;Trade Away Services&rdquo;).
The Trade Away Broker will receive compensation for the Trade Away Services, which may be a re-allowance of a portion of the dealer manager
fee if the Trade Away Broker is a participating broker-dealer, or otherwise pursuant to a separate services agreement between our dealer
manager and the Trade Away Broker if such Trade Away Broker is not a participating broker dealer. Investors purchasing shares for which
the Trade Away Broker performs Trade Away Services are not customers of either the Trade Away Broker or our dealer manager, but rather
customers of the broker-dealer or registered investment adviser with which the investor is a client.</FONT></P>

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

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

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