---
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"
generated_at: "2026-05-17T09:56:46.287211+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-083118
- JSON: https://secwatch.observer/filing/0001104659-25-083118.json
- Plain text: https://secwatch.observer/filing/0001104659-25-083118.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.