Letter From Brancous LPI, One Of Braemar Hotels And Resorts Inc.’s Largest Stockholders, Expressing Support For Blackwells’ Campaign And Criticizing The Corporation’s Governance.
$BHR
Dear Mr. Aintabi,
I am writing to express our support for Blackwells in its proxy battle with Braemar Hotel & Resorts board.
The recent developments at Ashford Hospitality Trust have raised significant concerns. The reappointment of Monty Bennett and Kamal Jafarnia by Ashford Hospitality board, despite their prior defeat, highlights entrenched directorship and reinforces our concerns about the governance integrity of Braemar. These actions at Ashford Hospitality not only question the independence and accountability of its board but also raises serious questions about governance integrity within Braemar. It is crucial for Braemar’s board to recognize these warning signs and prioritize transparency, accountability, and shareholder interests to regain investor trust and foster sustainable growth.
We share Blackwells’ concerns regarding the intertwined relationship between Braemar Hotels & Resorts and Ashford Inc., especially the conflict of interest arising from Monty Bennett’s dual roles. This situation not only undermines shareholder interests but also hampers the company’s potential for growth and value creation.
Furthermore, we agree with your assessment of the lackluster performance under the current board’s leadership. While the company has struggled, it’s troubling to see board members enriching themselves at the expense of shareholder value. Immediate action is needed to address governance issues and restore shareholder confidence.
In line with Blackwells’ conviction, we support the call for separation between Braemar Hotels & Resorts and Ashford Inc. This critical step is imperative not only to safeguard shareholder interests but also to guarantee unbiased decision-making within Braemar.
We affirm our commitment to vote in favor of the directors nominated by Blackwells to the Braemar Hotel & Resorts board.
Sincerely,
Alejandro Malbran
Managing Director
Brancous LP1
Source:
https://www.sec.gov/Archives/edgar/data/1574085/000121390024051352/ea0207597-dfan14a_blackwells.htm