Business Wire·Nov 10, 2026, 4:15 PM ET

Braemar Hotels & Resorts Announces Transition to Self-Managed REIT

BHR

Braemar Hotels & Resorts Inc. announced its transition to a self-managed REIT following the termination of its advisory agreement with Ashford Inc.
The Company filed a preliminary proxy statement with the SEC naming eight director nominees for its 2026 Annual Meeting, seven of whom are independent.
All current directors except CEO Richard J. Stockton agreed to resign upon the filing of the definitive proxy statement, expected within approximately 10 days.
Braemar's management team, including the CEO, is now employed directly by the Company rather than through an external advisor.
Third-party management agreements were established with Stonebridge Companies and Avion Hospitality for the Sofitel Chicago Magnificent Mile and Cameo Beverly Hills, respectively.
Corporate governance updates include a new majority vote resignation policy, increased proxy access from 20% to 25%, and a majority quorum standard for all meetings.
The advance notice window for annual meeting submissions was adjusted to open 120 days and close 90 days prior to the anniversary of the previous annual meeting.
Proposed amendments to the REIT ownership provisions would reduce the voting threshold required for approval from two-thirds to a simple majority upon stockholder consent.
Braemar reported a 14.4% increase in third-quarter Comparable RevPAR and a 20.7% growth in Comparable Hotel EBITDA, with urban hotels leading performance.
The Company expects continued wealth creation in 2027 driven by limited luxury supply through 2028 and strong forward booking pace.
New board nominees include Stephen Haggerty as expected Chair of the Board, Gail P. Steinel as Audit Committee Chair, and Daniel J. Hirsch as Compensation Committee Chair.
The summary of financial results indicates a Hotel EBITDA of $12,913 thousand for the three months ended September 30, 2026, compared to $10,697 thousand in the prior year period.