Overview

• The company has begun soliciting buyers and retained Robert W. Baird as financial advisor and White & Case as legal counsel.
• A letter agreement with Ashford sets a $480 million company sale fee, with $17 million already advanced and creditable if a deal closes before July 1, 2028.
• Any buyer must assume project and hotel management agreements with Ashford affiliates or pay an additional $25 million to cancel them at closing.
• Braemar set no deadline and cautioned there is no assurance a transaction will occur, adding it does not plan interim updates absent required disclosures.
• The 14-hotel luxury portfolio under brands such as Ritz-Carlton, Four Seasons and Park Hyatt posted year-to-date RevPAR growth of 2.9% through Q2 versus 0.8% for the U.S. industry, and directors cited a share-price disconnect and past activism as catalysts for the process.