BHR - Blackwells Releases Letter to Fellow Braemar Hotels & Resorts Inc.'s Shareholders | Benzinga
Braemar Board has Presided Over Massive Wealth Destruction and Value Transfer to Monty Bennett
Recommends Shareholders Elect Blackwells' Highly Qualified Candidates to Serve All Shareholders
Visit www.NoMoreMonty.com and Follow Blackwells' Campaign on Twitter, @nomoremonty, and Instagram, @no_more_monty
NEW YORK, May 02, 2024 (GLOBE NEWSWIRE) -- Blackwells Capital LLC ("Blackwells"), a shareholder of Braemar Hotels & Resorts Inc. ("Braemar" or the "Company") (NYSE:BHR) in connection with its nomination of four highly qualified candidates—Jennifer M. Hill, Betsy L. McCoy, Steven J. Pully and Michael Cricenti (collectively, the "Blackwells Nominees")—for election to the board of directors of Braemar (the "Board") at the Company's 2024 annual meeting of shareholders (the "2024 Annual Meeting") to be held on July 30, 2024, released a letter to its fellow Braemar shareholders.
In its letter, Blackwells outlines the overwhelming case for change at the Board including:
- The destruction of value;
- The Company's advisory agreement (the "Advisory Agreement") with Ashford Hospitality Advisors LLC (together with Ashford, Inc., "Ashford"), which we believe is extortionary; and
- The termination fee payable to Ashford and Mr. Monty Bennett.
Jason Aintabi, Chief Investment Officer of Blackwells, said:
"We invite our fellow shareholders to review our letter and join us in taking action to elect a Board who will act in the best interests of all shareholders, not just Ashford and Mr. Monty Bennett. We believe ...