Initiates Process to Terminate Advisory Agreement with Ashford and Its Affiliates in Order to Eliminate Relationship with Ashford and Create Its Own Management Team and New Board
Plans Near-Total Reconstitution of the Board, Including Five New Independent Directors, an Independent Chair, and President and CEO Richard Stockton Continuing His Directorship
DALLAS, June 12, 2026 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE:BHR) ("Braemar" or the "Company") today announced a series of actions designed to simplify its corporate structure, reduce costs, enhance governance and position the Company for long-term profitability and value creation. Following the conclusion of a lengthy strategic review process, and upon the recommendation of a Special Committee comprised solely of independent directors (the "Special Committee"), the BHR Board of Directors (the "Board") has approved a management spin-out, which will enable Braemar to become a self-managed real estate investment trust (REIT). These actions include the initiation of steps to terminate the Fifth Amended and Restated Advisory Agreement (the "Advisory Agreement") with Ashford Inc. and its affiliates ("Ashford"), hire employees directly, and reconstitute the Company's Board.