financeHotel Dive··1 min·For: Owner, Investor, Revenue
Braemar Completes Ashford Split to Become Self-Managed REIT
Braemar Hotels & Resorts has officially terminated its advisory relationship with Ashford Inc., completing its transition to a self-managed REIT backed by a reconstituted board and leadership team. The move follows roughly $1 billion in hotel asset sales to fund termination fees, alongside settlement of an activist shareholder dispute.
Key Takeaways
- 1Braemar funded termination fees by selling over $1 billion in luxury properties, including Four Seasons Scottsdale and Ritz-Carlton Sarasota.
- 2Six incumbent directors, including Chairman Monty Bennett, resigned and were replaced by seven independent board members.
- 3The streamlined seven-hotel portfolio will use third-party operators, tapping Stonebridge and Avion for two key properties.
Source: Hotel Dive
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