secwatch.observer — SEC 8-K summary
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Issuer:     Braemar Hotels & Resorts Inc. (BHR)
CIK:        0001574085
Form:       8-K
Filed at:   2026-11-10T21:05:32+00:00
Accession:  0001104659-26-125156
Event type: leadership
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 1.02, 5.01, 5.02, 5.03, 5.05, 5.07, 8.01, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Braemar terminates Ashford advisory, pays $25M fee, replaces board with 7 new independent directors
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- Advisory agreement with Ashford terminated Nov 10, 2026; Braemar paid a $25.0M Master Agreement Termination Fee plus remaining Termination Payments and expense reimbursement.
- Company Sale Fee liability of $480.0M incurred in Q3 2026, funded partly by sales of Pier House ($190.5M, Aug 12) and Four Seasons Scottsdale ($372.0M, Oct 28).
- Six directors resigned effective on filing of the proxy, including Chairman Monty J. Bennett; seven new independent directors named, with Stephen Haggerty expected as independent Chair.
- Richard J. Stockton remains a director, President and CEO; James Plohg resigned as EVP, General Counsel and Secretary effective Nov 10, 2026.
- New director pay: $75,000 annual cash retainer plus $75,000 stock award; Board Chair gets an extra $50,000, Audit Chair $20,000.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1574085/000110465926125156/0001104659-26-125156-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1574085/000110465926125156/tm2629086d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-125156

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