Braemar Hotel & Resorts Inc

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Al Shams to Nominate Majority Slate for Braemar Board

Al Shams Investments Limited, the largest shareholder of Braemar Hotels & Resorts Inc., has announced its intention to nominate a full slate of independent directors sufficient to change control of the board, following what it calls an extraordinarily short nomination window set by the company. In a letter to shareholders, Al Shams criticized Braemar's announcement of the September 14 deadline just before a holiday weekend as a governance maneuver designed to keep shareholders off guard. The Bermuda-based investment firm, which holds 6,513,000 shares of Braemar common stock, plans to present five nominees who, if elected, will work to safeguard shareholder interests. Al Shams and Wafic Rida Said are the participants in the proxy solicitation, and they will file a definitive proxy statement with the SEC.

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Brancous LP1 urges Braemar board to stop attacking shareholders, renegotiate Ashford payment

Brancous LP1, a shareholder of Braemar Hotels & Resorts, has called on the company's board to cease what it describes as attacks on shareholders and instead renegotiate the Ashford termination payment, distribute excess cash, and let shareholders elect an independent board. The investor argues the board is pursuing a 'stealth liquidation' by selling over 30% of gross asset value to trigger a change-of-control payment to Ashford, bypassing a shareholder vote. Brancous estimates the payment at roughly $7.00 per share, nearly three times the current stock price, and says the board should have first negotiated a lower fee. It demands a special dividend of at least $1.00 per share from the approximately $100 million in cash on hand and insists that directors with prior relationships to Ashford's chairman should not decide the payment.

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