• Braemar Hotels & Resorts began steps to terminate its advisory agreement with Ashford and affiliates, aiming to end the external manager relationship.
• Plan calls for a management spin-out to become a self-managed REIT, with employees hired directly and headquarters in Dallas.
• General and administrative costs expected to fall by more than $25 million a year once management is brought in-house.
• Asset sales expected to trigger a Company Sale Fee under the advisory agreement; proceeds from additional sales earmarked to pay it down.
• Board overhaul planned alongside the termination, including five new independent directors and an independent chair; only CEO Richard Stockton stays.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Braemar Hotel & Resorts Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001574085-26-000100), on June 12, 2026, and is solely responsible for the information contained therein.