Braemar Hotels & Resorts Inc. announced on October 29, 2024, that it has entered into a constructive cooperation agreement with Blackwells Capital LLC, a shareholder beneficially owning approximately 7.3% of the company's common stock. This agreement aims to support the best interests of Braemar and its stakeholders, resolving previous shareholder concerns.
The agreement includes certain standstill, voting, and other provisions, indicating a collaborative path forward between the company and Blackwells Capital. This development is expected to reduce potential disruptions from shareholder activism.
Additionally, Ashford Inc., Braemar's advisor, has publicly stated that Braemar received an official private letter ruling from the Internal Revenue Service regarding its structure and operating relationship with Remington Hospitality. This ruling provides assurance of Braemar's proper REIT compliance, offering regulatory clarity for its business model.
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