{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-25-083118","form_type":"8-K","ticker":"BHR","cik":"0001574085","company_name":"Braemar Hotels & Resorts Inc.","filed_at":"2025-08-26T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.397005+00:00","generated_at":"2026-05-17T09:56:46.287211+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Braemar Hotels & Resorts initiates sale process; agrees to $480M termination fee with advisor","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-25-083118","json":"https://secwatch.observer/filing/0001104659-25-083118.json","markdown":"https://secwatch.observer/filing/0001104659-25-083118.md","text":"https://secwatch.observer/filing/0001104659-25-083118.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1574085/000110465925083118/0001104659-25-083118-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1574085/000110465925083118/tm2524362d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T09:56:46.287211+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}