Blackwells comments on Braemar Hotels’ decision to sell Hilton La Jolla Torrey

Blackwells Capital, a shareholder of Braemar Hotels & Resorts, commented on the recent disclosure that the Company has announced a shareholder value creation plan and entered into a definitive agreement to sell Hilton La Jolla Torrey Pines. Jason Aintabi, Chief Investment Officer of Blackwells, said: “The Board of Braemar suddenly claims to have a plan to create shareholder value, after having presided over one of the worst destructions of value of an American REIT in history. Meanwhile, Monty Bennett, his father Archibald, and Braemar’s advisor, Ashford LLC have been paid hundreds of millions of dollars under their Advisory Agreement. Time and again, this Board has proven that they are either incapable or unwilling to act in the best interests of its true owners, the shareholders. We demand that the Board halt the sale of the Hilton La Jolla Torrey Pines until all aspects of the transaction are disclosed to shareholders, including any benefits to Monty Bennett and his affiliates. We further demand that the Board sell no additional assets until shareholders have had an opportunity to vote on a full and fair director election at the 2024 annual meeting.” Blackwells has nominated four highly qualified directors – Jennifer M. Hill, Betsy L. McCoy, Steven J. Pully and Michael Cricenti – for election to the Board of Braemar at the Company’s 2024 annual meeting of shareholders to be held on July 30, 2024.