Invest in Senior Securities Designed to Provide Steady Income

Series M Non-Traded Redeemable Preferred Stock Offering

SUMMARY OF RISK FACTORS

An investment in our securities involves significant risks. Prior to making a decision about investing in our securities, and in consultation with your own financial, tax and legal advisors, you should carefully consider, among other matters, the following risk factors related to this offering, as well as the other risk factors incorporated by reference in this prospectus, from our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as applicable, and other filings we may make from time to time with the SEC. • ThereisnopublicmarketfortheSeriesMPreferredStockandwedonotexpectonetodevelop. • TheSeriesMPreferredStockissubordinatedinrightofpaymenttoourexistingandfuturedebt, andyourinterestscouldbedilutedbytheissuanceofadditionalpreferredstock,andbyother transactions. • ThechangeofcontrolconversionandredemptionfeaturesoftheSeriesMPreferredStockmay makeitmoredifficultforapartytotakeoverourcompanyordiscourageapartyfromtaking overourcompany. • Dividendsonourpreferredstock,includingtheSeriesMPreferredStock,arediscretionary. Wecannotguaranteethatwewillbeabletopaydividendsinthefutureorwhattheactual dividendswillbeforanyfutureperiod. • TheSeriesMPreferredStockhasnotbeenrated. • WewillberequiredtoterminatethisofferingifourcommonstockisnolongerlistedontheNYSE oranothernationalsecuritiesexchange. • IntheeventyouexerciseyouroptiontoredeemSeriesMPreferredStock,ourabilitytoredeem suchsharesofSeriesMPreferredStockmaybesubjecttocertainrestrictionsandlimits. • SharesofSeriesMPreferredStockmayberedeemedforsharesofcommonstock,whichrank juniortotheSeriesMPreferredStockwithrespecttodividendsanduponliquidation,dissolution orwindingupofouraffairs.

• TheSeriesMPreferredStockwillbearariskofearlyredemptionbyus.

• Theamountofyourliquidationpreferenceisfixedandyouwillhavenorighttoreceiveanygreater paymentregardlessofthecircumstances.

• Uponthesaleofanyhotelproperties,holdersofSeriesMPreferredStockdonothaveapriority overholdersofourcommonstockregardingreturnofcapital.

• WeestablishedtheofferingpriceandothertermsfortheSeriesMPreferredStockpursuantto discussionsbetweenusandourdealermanager;asaresult,theactualvalueofyourinvestment maybesubstantiallylessthanwhatyoupay.

• Weintendtousethenetproceedsfromthisofferingtofundfutureinvestmentsandforother generalcorporateandworkingcapitalpurposes,butthisofferingisnotconditioneduponthe closingofpropertiesinourcurrentpipelineandwewillhavebroaddiscretiontodetermine alternativeusesofproceeds.

• Yourpercentageofownershipmaybecomedilutedifweissuenewsharesofstockorother securities,andissuancesofadditionalpreferredstockorothersecuritiesbyusmayfurther subordinatetherightsoftheholdersofourcommonstock(whichyoumaybecomeuponreceipt ofredemptionpaymentsinsharesofourcommonstock).

• OurabilitytopaydividendsandredeemsharesofSeriesMPreferredStockmaybelimitedbythe requirementsofMarylandlaw.

• InvestorsintheSeriesMPreferredStockwillnotenjoytheprotectionsaffordedbyregistrationof thisofferingunderstatesecuritieslaws.

• YourownershipofSeriesMPreferredStockissubjecttotheownershiplimitscontainedinour charter.

• Pastperformanceisnotindicativeoffutureresults.Noinvestmentisrisk-free.

• Allinvestmentshaveriskincludinglossofinvestment.Pleasecarefullyreadandreviewtherisk factorssectionoftheapplicableofferingdocument(s).

Ashford Securities, LLC (Member FINRA/SIPC) is the dealer manager of the Series M Non-TradedRedeemablePreferredStockOffering.

This material contains forward-looking statements that are subject to risks and uncertainties. Theseforward-lookingstatementsincludeinformationaboutpossibleorassumedfutureresultsofourbusiness,financialcondition,liquidity,resultsofoperations,plansandobjectives.Theseforward-lookingstatementsarebasedonourbeliefs,assumptions,andexpectationsofourfutureperformance,takingintoaccountall informationcurrentlyavailable tous.Youshouldnotplaceundue relianceon these forward-lookingstatements.Thesebeliefs,assumptions,andexpectationscanchangeasaresultofmanypossibleeventsorfactors,notallofwhichareknowntous,andwecannotguaranteethatwewillachieveanyoralloftheseexpectations.

Thissalesandadvertising literaturedoesnotconstituteanoffer tosellnorasolicitationofanoffer topurchase the securities described herein. An offering is made only by the prospectus. This materialmust be preceded or accompanied by a prospectus. You should read the prospectus in order tounderstand fully all of the implications and risks of the offering of securities to which it relates. Aninvestmentinusshouldbemadeonlyaftercarefulreviewoftheprospectus.Allinformationcontainedinthismaterialisqualifiedinitsentiretybythetermsoftheprospectus.Theachievementofanygoalsor objectivesisnotguaranteed.

IF IT’S LODGING, IT’S ASHFORD.

Braemar Hotels & Resorts Inc. Series M Non-Traded Redeemable Preferred Stock Offering

Priority of Cash Flow Payments

Intheunlikelyeventofliquidation,withrespectto the payment of dividends and distributionamounts, Series M Preferred Stock rankssenior to thecommonstockandonparwiththeSeriesE,SeriesBandSeriesDPreferredStock of Braemar. There is no establishedtrading market for the Series M PreferredStock and there is no intent to apply for alistingoftheSeriesMPreferredStockonanynationalsecuritiesexchange.

Terms of the OfferingOffering Size: Upto$500million(additional$200millionisavailablefordividendreinvestment)

Issue Price per Share: $25.00

Stated Value: $25.00

Minimum Purchase: $5,000

Dividend Yield: 8.2%annually,payablemonthly.Dividendyieldincreases0.1%annuallyupto8.7%.

Dividend Payment: HoldersofSeriesMRedeemablePreferredStockareentitled to receivemonthlydividends,whenandasauthorizedbyBraemar’sBoardofDirectorsanddeclaredoutoflegallyavailablefunds. Braemar intends to authorize and declare dividends on the shares of Series M RedeemablePreferredStockonamonthlybasis,payableinthefollowingmonth.Thereisnoassurancethisdividendobjectivewillbemet.

Redemption at the Option of the Holder: During theperiodbeginningon the issuancedate of thepurchasedsharesandendingonthedayimmediatelyprecedingtheanniversaryindicatedbelow,theholderwillhavetherighttorequireBraemartoredeemsuchsharesataredemptionpriceequaltotheStatedValuelessaredemptionfeeasindicatedbelow,plusanyaccruedbutunpaiddividends:

•Firstyearafterissuance:1.5%

•Thereafter:0%

Redemptionsmaybemadeincashand/orBraemarcommonstock(NYSE:BHR)atBraemar’soption.Intheeventofdeathorqualifyingdisability,redemptionfeeswillbewaived.

Aggregateredemptionsat theoptionof theholderofSeriesMPreferredStockwillbesubject to thefollowinglimits:(i)nomorethan2%oftheoutstandingsharesofSeriesMPreferredStockpermonth;(ii)nomorethan5%oftheoutstandingsharesofSeriesMPreferredStockperfiscalquarter;and(iii)nomorethan20%oftheoutstandingsharesofSeriesMPreferredStockperfiscalyear.

Optional Redemption by Braemar: Beginning two years from the issuance date of the purchasedshares, Braemarwill have the right but not the obligation to redeemSeriesM Preferred Stock at aredemptionpriceequaltotheStatedValueplusanyaccruedbutunpaiddividends.Redemptionsmaybemadeincashand/orBraemarcommonstock(NYSE:BHR)atBraemar’soption.Commonstockpricetobebasedonpriorday’sclose.

BHR Portfolio

Property and Corporate Level Debt and General Creditors

Preferred Stockholders

Common Stockholders

Distributed by Ashford Securities, LLC (Member FINRA/SIPC)1Therearenoassurancesourdividendobjectiveswillbemet.2Theamountofyourliquidationpreferenceisfixedandyouwillhavenorighttoreceiveanygreaterpayment(otherthanaccruedandunpaiddividends) regardlessofthecircumstances.Youcould,however,alsoreceivelessthan$25.3 There is no public market for the Series M Preferred Stock and we do not expect one to develop. Investors should consider the risks inherent in the program, including limited liquidity. Refer to the Summary of Risk factors on the back of this brochure for additional risk disclosures.

A Part of the Ashford Group of Companies

Upto$500millionSeriesMPreferredStock

Offeringprice:$25.00

8.2%annualizeddividend,paidmonthly1

• Dividendyieldincreases0.1%annually,

upto8.7%

Liquidationpreference:$25.002

Non-tradedsecurity3

Offering Objectives:

Provideasustainableandattractive levelofincomethroughthepayment ofpreferentialdividends

Preserveandreturninvestedcapital throughaseniorpositionintheequity ownershipofthecompany

Braemar Hotels & Resorts Inc., founded in 2013, is a publicly traded real estate investment trust listed on the New York Stock Exchange (NYSE: BHR). Braemar’sstrategyistoinvestinhighRevPAR(revenueperavailableroom),full-serviceluxuryhotels in leading urban and resortmarkets. Braemar seeks to acquire premiumbranded andindependenthotelsandownsover$1.7billionofhotelassets.1

Series M Non-Traded Redeemable Preferred Stock Offering 32

Braemar Hotels & Resorts Inc. owns prominent, high-quality hotels in leading markets, which may provide pricing power and flexibility during evolving economic cycles.

Braemar’sportfolioiscomprisedof3,719totalroomsin13hotelslocatedacrosssixstates,theDistrictofColumbiaandSt.Thomas,U.S.VirginIslands.1

Marriott Seattle WaterfrontSeattle,WA

The ClancySanFrancisco,CA

Bardessono Hotel & SpaYountville,CA

Hotel YountvilleYountville,CA

The Notary HotelPhiladelphia,PA

Sofitel Chicago Magnificent MileChicago,IL

Park Hyatt Beaver Creek Resort & SpaBeaverCreek,CO

Hilton La Jolla Torrey Pines2

LaJolla,CA

The Ritz-Carlton St. ThomasSt.Thomas,USVI

Pier House Resort & Spa KeyWest,FL

The Ritz-Carlton SarasotaSarasota,FL

Capital Hilton2

Washington,DC

The Ritz-Carlton Lake TahoeLakeTahoe,CA

1AsofDecember31,2020.

1AsofDecember31,2020.2Wehavea75%interestinthisproperty.

1968ArchieBennettfoundsRemingtonHotels,ahotelpropertymanagementcompany,and openshisfirsthotel,theHolidayInnGalveston,TX.RemingtonHotelsiscurrentlyawhollyownedsubsidiaryofAshfordInc.

1980sRemington,throughapartnershipwiththeFisherBrothers,GordonGettyandGeorgeSoros,becomesthelargestbuyerofnon-performinghotelloansfromtheResolutionTrustCorporation.

2000sRemingtonprincipalscompleteIPOofAshfordHospitalityTrust (NYSE:AHT).

1970sRemingtondevelopsa 600-roomhotelindowntownHoustonandbecomesthelargestMarriottfranchisee atthetime.

1990sRemington,apioneerofthe all-suiteconcept,partners withEmbassySuitestodevelop 150-roomhotelsacrosstheUnitedStates.

2014AshfordInc.spinsofffromAshfordHospitalityTrustbecomingtheexternaladvisortoAshfordHospitalityTrustandBraemarHotels&Resorts.Today,AshfordInc.providesassetmanagement,propertymanagementandotherservicestoAshfordHospitalityTrustandBraemarHotels &Resorts.

2019Braemarre-openstheCourtyardSanFranciscoandCourtyardPhiladelphiaasAutographCollectionHotels,nowcalledTheClancyandTheNotary.AshfordInc.acquiresleadinghotelpropertymanager,RemingtonHotels.

2020BraemarnavigatesthroughtheCOVID-19globalpandemicwhilepayingexistingpreferredshareholders100%of dividendsowed.

2013BraemarHotels&ResortsInc.spinsofffromAshfordHospitalityTrusttofocusonhighRevPARhotelsinleadingurbanandresortmarkets.

2017Braemarrefinesitsstrategytofocusontheluxurysegment,purchasingtheParkHyattinBeaverCreek,COandHotelYountvilleinNapaValley,CA.Toaligntheexistingportfoliowithitsnowsimplifiedstrategy,BraemarannouncesitwillrepositiontwoCourtyardbrandassetstoMarriottAutographCollectionHotels.

History of the Ashford Group of Companies

Ashford Inc. (NYSE American: AINC), is a leading, vertically integrated hotel asset management company located in Dallas, TX. Ashford provides asset management, property management and other services to Braemar Hotels & Resorts.

Braemar’s Competitive Strengths:

Existingportfolioof13luxuryandupper-upscalehotelslocatedstrategicallythroughout theUnitedStatesandtheCaribbean.

Seasonedmanagementteamwithover100yearsofcombinedhospitalityexperience.

Comparativelyhighinsiderownershipofcommonstockmayprovidegreateralignment ofinterestwithshareholders.

Robustassetmanagementfocusesonrevenueoptimization,expensemanagementand otherinitiatives,maximizingvaluethroughalleconomiccyclesandmarketconditions.

Disciplinedcapitalstructuretargetsleverageof45%netdebttogrossassets.

PublicREITstructureensuresacommitmenttotransparency.

TENACIOUSENGAGINGINNOVATIVE PROFITABLEETHICAL

ASHFORD’S GUIDING PRINCIPLES ARE AT THE HEART OF ASHFORD’S CULTURE

Braemar Hotels & Resorts Inc., founded in 2013, is a publicly traded real estate investment trust listed on the New York Stock Exchange (NYSE: BHR). Braemar’sstrategyistoinvestinhighRevPAR(revenueperavailableroom),full-serviceluxuryhotels in leading urban and resortmarkets. Braemar seeks to acquire premiumbranded andindependenthotelsandownsover$1.7billionofhotelassets.1

Series M Non-Traded Redeemable Preferred Stock Offering 32

Braemar Hotels & Resorts Inc. owns prominent, high-quality hotels in leading markets, which may provide pricing power and flexibility during evolving economic cycles.

Braemar’sportfolioiscomprisedof3,719totalroomsin13hotelslocatedacrosssixstates,theDistrictofColumbiaandSt.Thomas,U.S.VirginIslands.1

Marriott Seattle WaterfrontSeattle,WA

The ClancySanFrancisco,CA

Bardessono Hotel & SpaYountville,CA

Hotel YountvilleYountville,CA

The Notary HotelPhiladelphia,PA

Sofitel Chicago Magnificent MileChicago,IL

Park Hyatt Beaver Creek Resort & SpaBeaverCreek,CO

Hilton La Jolla Torrey Pines2

LaJolla,CA

The Ritz-Carlton St. ThomasSt.Thomas,USVI

Pier House Resort & Spa KeyWest,FL

The Ritz-Carlton SarasotaSarasota,FL

Capital Hilton2

Washington,DC

The Ritz-Carlton Lake TahoeLakeTahoe,CA

1AsofDecember31,2020.

1AsofDecember31,2020.2Wehavea75%interestinthisproperty.

1968ArchieBennettfoundsRemingtonHotels,ahotelpropertymanagementcompany,and openshisfirsthotel,theHolidayInnGalveston,TX.RemingtonHotelsiscurrentlyawhollyownedsubsidiaryofAshfordInc.

1980sRemington,throughapartnershipwiththeFisherBrothers,GordonGettyandGeorgeSoros,becomesthelargestbuyerofnon-performinghotelloansfromtheResolutionTrustCorporation.

2000sRemingtonprincipalscompleteIPOofAshfordHospitalityTrust (NYSE:AHT).

1970sRemingtondevelopsa 600-roomhotelindowntownHoustonandbecomesthelargestMarriottfranchisee atthetime.

1990sRemington,apioneerofthe all-suiteconcept,partners withEmbassySuitestodevelop 150-roomhotelsacrosstheUnitedStates.

2014AshfordInc.spinsofffromAshfordHospitalityTrustbecomingtheexternaladvisortoAshfordHospitalityTrustandBraemarHotels&Resorts.Today,AshfordInc.providesassetmanagement,propertymanagementandotherservicestoAshfordHospitalityTrustandBraemarHotels &Resorts.

2019Braemarre-openstheCourtyardSanFranciscoandCourtyardPhiladelphiaasAutographCollectionHotels,nowcalledTheClancyandTheNotary.AshfordInc.acquiresleadinghotelpropertymanager,RemingtonHotels.

2020BraemarnavigatesthroughtheCOVID-19globalpandemicwhilepayingexistingpreferredshareholders100%of dividendsowed.

2013BraemarHotels&ResortsInc.spinsofffromAshfordHospitalityTrusttofocusonhighRevPARhotelsinleadingurbanandresortmarkets.

2017Braemarrefinesitsstrategytofocusontheluxurysegment,purchasingtheParkHyattinBeaverCreek,COandHotelYountvilleinNapaValley,CA.Toaligntheexistingportfoliowithitsnowsimplifiedstrategy,BraemarannouncesitwillrepositiontwoCourtyardbrandassetstoMarriottAutographCollectionHotels.

History of the Ashford Group of Companies

Ashford Inc. (NYSE American: AINC), is a leading, vertically integrated hotel asset management company located in Dallas, TX. Ashford provides asset management, property management and other services to Braemar Hotels & Resorts.

Braemar’s Competitive Strengths:

Existingportfolioof13luxuryandupper-upscalehotelslocatedstrategicallythroughout theUnitedStatesandtheCaribbean.

Seasonedmanagementteamwithover100yearsofcombinedhospitalityexperience.

Comparativelyhighinsiderownershipofcommonstockmayprovidegreateralignment ofinterestwithshareholders.

Robustassetmanagementfocusesonrevenueoptimization,expensemanagementand otherinitiatives,maximizingvaluethroughalleconomiccyclesandmarketconditions.

Disciplinedcapitalstructuretargetsleverageof45%netdebttogrossassets.

PublicREITstructureensuresacommitmenttotransparency.

TENACIOUSENGAGINGINNOVATIVE PROFITABLEETHICAL

ASHFORD’S GUIDING PRINCIPLES ARE AT THE HEART OF ASHFORD’S CULTURE

Invest in Senior Securities Designed to Provide Steady Income

Series M Non-Traded Redeemable Preferred Stock Offering

SUMMARY OF RISK FACTORS

An investment in our securities involves significant risks. Prior to making a decision about investing in our securities, and in consultation with your own financial, tax and legal advisors, you should carefully consider, among other matters, the following risk factors related to this offering, as well as the other risk factors incorporated by reference in this prospectus, from our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as applicable, and other filings we may make from time to time with the SEC. • ThereisnopublicmarketfortheSeriesMPreferredStockandwedonotexpectonetodevelop. • TheSeriesMPreferredStockissubordinatedinrightofpaymenttoourexistingandfuturedebt, andyourinterestscouldbedilutedbytheissuanceofadditionalpreferredstock,andbyother transactions. • ThechangeofcontrolconversionandredemptionfeaturesoftheSeriesMPreferredStockmay makeitmoredifficultforapartytotakeoverourcompanyordiscourageapartyfromtaking overourcompany. • Dividendsonourpreferredstock,includingtheSeriesMPreferredStock,arediscretionary. Wecannotguaranteethatwewillbeabletopaydividendsinthefutureorwhattheactual dividendswillbeforanyfutureperiod. • TheSeriesMPreferredStockhasnotbeenrated. • WewillberequiredtoterminatethisofferingifourcommonstockisnolongerlistedontheNYSE oranothernationalsecuritiesexchange. • IntheeventyouexerciseyouroptiontoredeemSeriesMPreferredStock,ourabilitytoredeem suchsharesofSeriesMPreferredStockmaybesubjecttocertainrestrictionsandlimits. • SharesofSeriesMPreferredStockmayberedeemedforsharesofcommonstock,whichrank juniortotheSeriesMPreferredStockwithrespecttodividendsanduponliquidation,dissolution orwindingupofouraffairs.

• TheSeriesMPreferredStockwillbearariskofearlyredemptionbyus.

• Theamountofyourliquidationpreferenceisfixedandyouwillhavenorighttoreceiveanygreater paymentregardlessofthecircumstances.

• Uponthesaleofanyhotelproperties,holdersofSeriesMPreferredStockdonothaveapriority overholdersofourcommonstockregardingreturnofcapital.

• WeestablishedtheofferingpriceandothertermsfortheSeriesMPreferredStockpursuantto discussionsbetweenusandourdealermanager;asaresult,theactualvalueofyourinvestment maybesubstantiallylessthanwhatyoupay.

• Weintendtousethenetproceedsfromthisofferingtofundfutureinvestmentsandforother generalcorporateandworkingcapitalpurposes,butthisofferingisnotconditioneduponthe closingofpropertiesinourcurrentpipelineandwewillhavebroaddiscretiontodetermine alternativeusesofproceeds.

• Yourpercentageofownershipmaybecomedilutedifweissuenewsharesofstockorother securities,andissuancesofadditionalpreferredstockorothersecuritiesbyusmayfurther subordinatetherightsoftheholdersofourcommonstock(whichyoumaybecomeuponreceipt ofredemptionpaymentsinsharesofourcommonstock).

• OurabilitytopaydividendsandredeemsharesofSeriesMPreferredStockmaybelimitedbythe requirementsofMarylandlaw.

• InvestorsintheSeriesMPreferredStockwillnotenjoytheprotectionsaffordedbyregistrationof thisofferingunderstatesecuritieslaws.

• YourownershipofSeriesMPreferredStockissubjecttotheownershiplimitscontainedinour charter.

• Pastperformanceisnotindicativeoffutureresults.Noinvestmentisrisk-free.

• Allinvestmentshaveriskincludinglossofinvestment.Pleasecarefullyreadandreviewtherisk factorssectionoftheapplicableofferingdocument(s).

Ashford Securities, LLC (Member FINRA/SIPC) is the dealer manager of the Series M Non-TradedRedeemablePreferredStockOffering.

This material contains forward-looking statements that are subject to risks and uncertainties. Theseforward-lookingstatementsincludeinformationaboutpossibleorassumedfutureresultsofourbusiness,financialcondition,liquidity,resultsofoperations,plansandobjectives.Theseforward-lookingstatementsarebasedonourbeliefs,assumptions,andexpectationsofourfutureperformance,takingintoaccountall informationcurrentlyavailable tous.Youshouldnotplaceundue relianceon these forward-lookingstatements.Thesebeliefs,assumptions,andexpectationscanchangeasaresultofmanypossibleeventsorfactors,notallofwhichareknowntous,andwecannotguaranteethatwewillachieveanyoralloftheseexpectations.

Thissalesandadvertising literaturedoesnotconstituteanoffer tosellnorasolicitationofanoffer topurchase the securities described herein. An offering is made only by the prospectus. This materialmust be preceded or accompanied by a prospectus. You should read the prospectus in order tounderstand fully all of the implications and risks of the offering of securities to which it relates. Aninvestmentinusshouldbemadeonlyaftercarefulreviewoftheprospectus.Allinformationcontainedinthismaterialisqualifiedinitsentiretybythetermsoftheprospectus.Theachievementofanygoalsor objectivesisnotguaranteed.

IF IT’S LODGING, IT’S ASHFORD.

Braemar Hotels & Resorts Inc. Series M Non-Traded Redeemable Preferred Stock Offering

Priority of Cash Flow Payments

Intheunlikelyeventofliquidation,withrespectto the payment of dividends and distributionamounts, Series M Preferred Stock rankssenior to thecommonstockandonparwiththeSeriesE,SeriesBandSeriesDPreferredStock of Braemar. There is no establishedtrading market for the Series M PreferredStock and there is no intent to apply for alistingoftheSeriesMPreferredStockonanynationalsecuritiesexchange.

Terms of the OfferingOffering Size: Upto$500million(additional$200millionisavailablefordividendreinvestment)

Issue Price per Share: $25.00

Stated Value: $25.00

Minimum Purchase: $5,000

Dividend Yield: 8.2%annually,payablemonthly.Dividendyieldincreases0.1%annuallyupto8.7%.

Dividend Payment: HoldersofSeriesMRedeemablePreferredStockareentitled to receivemonthlydividends,whenandasauthorizedbyBraemar’sBoardofDirectorsanddeclaredoutoflegallyavailablefunds. Braemar intends to authorize and declare dividends on the shares of Series M RedeemablePreferredStockonamonthlybasis,payableinthefollowingmonth.Thereisnoassurancethisdividendobjectivewillbemet.

Redemption at the Option of the Holder: During theperiodbeginningon the issuancedate of thepurchasedsharesandendingonthedayimmediatelyprecedingtheanniversaryindicatedbelow,theholderwillhavetherighttorequireBraemartoredeemsuchsharesataredemptionpriceequaltotheStatedValuelessaredemptionfeeasindicatedbelow,plusanyaccruedbutunpaiddividends:

•Firstyearafterissuance:1.5%

•Thereafter:0%

Redemptionsmaybemadeincashand/orBraemarcommonstock(NYSE:BHR)atBraemar’soption.Intheeventofdeathorqualifyingdisability,redemptionfeeswillbewaived.

Aggregateredemptionsat theoptionof theholderofSeriesMPreferredStockwillbesubject to thefollowinglimits:(i)nomorethan2%oftheoutstandingsharesofSeriesMPreferredStockpermonth;(ii)nomorethan5%oftheoutstandingsharesofSeriesMPreferredStockperfiscalquarter;and(iii)nomorethan20%oftheoutstandingsharesofSeriesMPreferredStockperfiscalyear.

Optional Redemption by Braemar: Beginning two years from the issuance date of the purchasedshares, Braemarwill have the right but not the obligation to redeemSeriesM Preferred Stock at aredemptionpriceequaltotheStatedValueplusanyaccruedbutunpaiddividends.Redemptionsmaybemadeincashand/orBraemarcommonstock(NYSE:BHR)atBraemar’soption.Commonstockpricetobebasedonpriorday’sclose.

BHR Portfolio

Property and Corporate Level Debt and General Creditors

Preferred Stockholders

Common Stockholders

Distributed by Ashford Securities, LLC (Member FINRA/SIPC)1Therearenoassurancesourdividendobjectiveswillbemet.2Theamountofyourliquidationpreferenceisfixedandyouwillhavenorighttoreceiveanygreaterpayment(otherthanaccruedandunpaiddividends) regardlessofthecircumstances.Youcould,however,alsoreceivelessthan$25.3 There is no public market for the Series M Preferred Stock and we do not expect one to develop. Investors should consider the risks inherent in the program, including limited liquidity. Refer to the Summary of Risk factors on the back of this brochure for additional risk disclosures.

A Part of the Ashford Group of Companies

Upto$500millionSeriesMPreferredStock

Offeringprice:$25.00

8.2%annualizeddividend,paidmonthly1

• Dividendyieldincreases0.1%annually,

upto8.7%

Liquidationpreference:$25.002

Non-tradedsecurity3

Offering Objectives:

Provideasustainableandattractive levelofincomethroughthepayment ofpreferentialdividends

Preserveandreturninvestedcapital throughaseniorpositionintheequity ownershipofthecompany