Blackwells Capital Llc Letter To Braemar Hotels & Resorts Inc Shareholders
$BHR
Blackwells Releases Letter to Fellow Braemar Hotels & Resorts Inc.’s Shareholders
Braemar Board has Presided Over Massive Wealth Destruction and Value Transfer to Monty Bennett
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 that Mr. Bennett knows there may be sufficient grounds to terminate the Advisory Agreement for cause, and caution shareholders to remain on high alert for any further self-serving actions that Ashford will take to extract value under this agreement at the expense of shareholders.”
Source:
https://www.sec.gov/Archives/edgar/data/1574085/000121390024039172/ea0205135-dfan14a_blackwells.htm