Overview

• The board’s Special Committee of independent directors concluded a company sale is the best path after reviewing alternatives and has begun soliciting bids.
• Braemar retained Robert W. Baird as financial advisor and White & Case as legal counsel to run a confidential process.
• Under a new letter agreement, Ashford will accept a $480 million company-sale fee, with $17 million already paid and credited if a sale closes before July 1, 2028.
• Any buyer must assume project and hotel management agreements with Ashford affiliates Premier Project Management and Remington or pay $25 million to cancel them at closing.
• The luxury portfolio—nine resort and five urban hotels under brands including Ritz-Carlton, Four Seasons and Park Hyatt—posted 2.9% YTD RevPAR growth through June versus 0.8% for the U.S. industry, and the company set no timetable or assurance that a sale will occur.