---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-124212"
form_type: "8-K"
ticker: "BHR"
cik: "0001574085"
company_name: "Braemar Hotels & Resorts Inc."
filed_at: "2025-12-23T23:59:59+00:00"
generated_at: "2026-05-16T12:15:30.155731+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Braemar Hotels amends advisory termination fee terms, clarifying payment waterfall in potential sale

## Summary
- Amendment clarifies $480M Company Sale Fee and $25M Master Agreement Termination Fee paid from Net Sale Proceeds before any other distributions.
- Defines 'Company Sale Transaction' as a Company Change of Control; fees due upon closing.
- If multiple asset sales, subsequent Net Sale Proceeds applied until fees paid in full.
- Upon stockholder approval of a liquidation plan, Master Agreements terminate subject to $25M fee payment.
- Other property-level contracts remain in effect unless terminable by their terms.

## SEC filing metadata
- accession: 0001104659-25-124212
- form_type: 8-K
- ticker: BHR
- cik: 0001574085
- company_name: Braemar Hotels & Resorts Inc.
- filed_at: 2025-12-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1574085/000110465925124212/0001104659-25-124212-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1574085/000110465925124212/tm2534123d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-124212
- JSON: https://secwatch.observer/filing/0001104659-25-124212.json
- Plain text: https://secwatch.observer/filing/0001104659-25-124212.txt

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