Mergers & Acquisitions ·
Braemar terminates advisory agreement with Ashford for $480M fee, appoints seven new directors
BHRBraemar Hotels & Resorts Inc.
Braemar Hotels & Resorts Inc. terminated its advisory agreement with Ashford Inc., paying a total of approximately $480 million in termination fees and expense reimbursements to transition to self-management. The company appointed seven new independent directors—Craig Barbarosh, Kevin Covey, Stephen Haggerty, Daniel Hirsch, Kevin Luebbers, Gail Steinel, and Stephen Theriot—to replace departing board members effective upon the filing of a proxy statement. Stephen Haggerty is expected to serve as Board Chair. Concurrently, Braemar closed a $358 million CMBS loan secured by four hotels at SOFR + 2.37%, refinancing approximately $290 million in existing debt and extending maturities to November 2031. The company also updated its bylaws to enhance shareholder rights, including proxy access and majority voting standards. Braemar Hotels & Resorts Inc. is a real estate investment trust focused on luxury hotel and resort properties.