Braemar Hotels & Resorts initiates sale process; agrees to $480M termination fee with advisor

Braemar Hotels & Resorts Inc.

Board forms special committee, engages Baird and White & Case to explore sale; no definitive timetable.
Letter agreement with Ashford caps termination fee at $480M (vs $575M calculated); $17M advanced upfront.
Buyer must assume master agreements with Premier and Remington; can cancel both for $25M at close.
Portfolio TTM NOI $135.8M; recently sold Marriott Seattle Waterfront for $50.8M; signed LOI to sell Clancy for $115M.
Total debt ~$1.172B, preferred liquidation ~$473M, fully diluted shares 73.6M; excess land valued at $35.9M.

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