Braemar Hotels to become self-managed REIT, cuts Ashford ties, reconstitutes board

Braemar Hotels & Resorts Inc.

Terminates advisory agreement with Ashford; expects >$25M annual G&A savings.
Portfolio of 6-8 luxury assets with $1B+ gross asset value, $300-350M annual revenue.
Board refresh: five new independent directors; existing directors step down; CEO Stockton remains.
Will sell additional 2-3 assets to satisfy termination fees; remains publicly traded.
Strategic review concluded self-management creates superior value vs. sale.

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