Blackwells files proxy statement for Braemar Hotels & Resorts annual meeting

Blackwells Capital, a shareholder of Braemar Hotels & Resorts, has filed a definitive proxy statement with the Securities and Exchange Commission in connection with its nomination of four candidates – Jennifer Hill, Betsy McCoy, Steven Pully and Michael Cricenti – for election to the board of directors of Braemar at the company’s 2024 annual meeting of shareholders to be held on May 15. Jason Aintabi, Chief Investment Officer of Blackwells, said: “Braemar is in a pitiful state. Despite its exceptional assets, Monty Bennett’s failed leadership has had shareholders suffer through an almost 90% decline in share price over the last 10 years.i During the same period, management fees paid to Ashford Hospitality Advisors, LLC, have grown by over 575%. Braemar has become a thinly traded microcap stock with a measly $133 million market capitalization. Astonishingly, the termination fee Mr. Bennett and Ashford think they are owed-after having presided over this disaster-outstrips the entire market value of Braemar. If this is not corporate piracy, we simply do not know what is… Bennett can commission childish articles about Blackwells and its principals, he can continue to drive shareholders away from the real issues, and file meritless litigation meant to preserve his gravy train. This will not change the fact that Mr. Bennett must be removed from his roles at Braemar, and the external management agreement that Blackwells believes turns the Company into his personal “piggybank” must be terminated. Braemar’s current directors have cowered to poor governance practices, and have permitted the Company’s management to entrench themselves at the expense of shareholder value. The Blackwells Nominees possess the skills necessary to transform the Board and business of Braemar, unlocking value for shareholders that the Board has incessantly decimated over the past decade.”