Introduces www.ExpelBlackwells.com to Provide Shareholders the Facts About Blackwells' Misleading and Confusing "Campaign" to Defame Braemar Encourages Shareholders to Ignore the Noise and Discard the White Proxy Card Monty J. Bennett, Founder & Chairman of Braemar, stated: "We take our responsibility to protect the best interests of our shareholders extremely seriously. That is why we have launched this resource to help our shareholders get the facts about Blackwells and its "campaign" – which from the sta ...

Urges Shareholders to Vote FOR Blackwells' Nominees and Proposals 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 abo ...

Applauds Support for Blackwells' Campaign from Other Braemar Shareholders In addition, Braemar's second largest shareholder recently disclosed a June 3, 2024 email that it sent to Monty Bennett. The email calls for the termination of the external management agreement with Ashford and for the replacement of members of the Board. A copy of this letter can be found at https://www.sec.gov/Archives/edgar/data/1574085/000139834424011207/fp0088636-1_ex3.htm. | --- | |----------------------------------------------- ...

Warns That Blackwells Will Seek to Recover All Improper Expenditures by Mr. Bennett and the Board Invites Shareholders to Visit www.NoMoreMonty.com for More Information on Blackwells' Campaign NEW YORK, May 20, 2024 (GLOBE NEWSWIRE) -- Blackwells Capital LLC ("Blackwells"), a shareholder of Braemar Hotels & Resorts Inc. ("Braemar" or the "Company") (NYSE:BHR), today released a presentation entitled "The Buffoonery of Monty Bennett", which may be found at https://nomoremonty.com/letters- presentations/. Jaso ...

Blackwells Highlights Braemar's Overt Support of Ashford's Entrenchment Tactics Blackwells Will Hold Braemar Board and Monty Bennett to Account for Unprecedented Destruction of Shareholder Value at Braemar NEW YORK, May 15, 2024 (GLOBE NEWSWIRE) -- On May 14, 2024, Braemar Hotels & Resorts Inc. ("Braemar") (NYSE:BHR) issued a bizarre press congratulating Ashford's "victory" after stockholders voted out Chairman Monty J. Bennett and director Kamal Jafarnia, and both directors were forced to tender their resi ...

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DALLAS, May 14, 2024 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that, based on estimated preliminary results, Blackwells Capital LLC's ("Blackwells") withhold proxy campaign at Ashford Hospitality Trust, Inc. ("Ashford Trust") proved to be a failure, as only 7% of Ashford Trust's outstanding shares voted on the Blackwells proxy card. Ashford Trust announced earlier today that seven of its nine nominees received a majority of the votes cast and the ...

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. | --- | --- | --- | --- | |-------|-----------------|-------|-----------------------------------------------| | | | | | | Date: | May 9, 2024 | By: | /s/ RICHARD J. STOCKTON | | | | | Richard J. Stockton | | | | | President and Chief Executive Officer | | Date: | May 9, 2024 | By: | /s/ DERIC S. EUBANKS | | | | | Deric S. Eub ...

Financial Data and Key Metrics - Net income attributable to common stockholders for Q1 2024 was $3.5 million or $0.05 per diluted share, with AFFO per diluted share of $0.42 [66] - Adjusted EBITDAre for the quarter was $66.2 million, with total assets of $2.3 billion and total loans of $1.2 billion [66] - Comparable hotel RevPAR for the portfolio was nearly flat at $368, with a 2% increase in comparable hotel total revenue compared to the prior year quarter [27] - Hotel EBITDA margin expanded by 95 basis points in Q1 compared to 2019, driven by cost controls [28] - The company announced a quarterly common stock dividend of $0.05 per share, equating to an annual yield of approximately 7.7% [19] Business Line Performance - The Ritz-Carlton St. Thomas saw a 258 basis point hotel EBITDA margin expansion, driven by a 40% increase in group room nights [23] - The Ritz-Carlton Reserve Dorado Beach achieved a 199 basis point expansion in hotel EBITDA margin, with a 44% increase in rental program revenue [32] - The Four Seasons Resort Scottsdale delivered a strong Q1 performance with hotel EBITDA up almost $800,000 despite a 1.4% decline in RevPAR [54] - Ancillary revenue increased by more than 5% across the portfolio, with urban assets generating a 37% increase on a per occupied room basis [33] Market Performance - The luxury resort portfolio posted positive year-over-year growth in both RevPAR and hotel EBITDA, with combined hotel EBITDA of $65 million during the quarter [48] - Urban assets saw a slight decline in RevPAR, impacted by a $2.2 million property tax refund in the prior year quarter at the Sofitel Chicago [49] - The Caribbean hotels, including Ritz-Carlton St. Thomas and Dorado Beach, expanded their hotel EBITDA margin by 215 basis points relative to the prior year quarter [31] Strategic Direction and Industry Competition - The company is focused on selling select assets to repurchase common and preferred shares, aiming to improve the capital structure and arbitrage the gap between share price and net asset value [53] - Major renovations are underway, including at the Ritz-Carlton Lake Tahoe and Ritz-Carlton Sarasota, with anticipated capital expenditures between $85 million and $105 million for 2024 [37] - The company is leveraging group business and ancillary revenue initiatives to optimize business mix and drive margin expansion [29][33] Management Commentary on Operating Environment and Outlook - Management remains optimistic about the portfolio's performance, citing strong group bookings and positive market outlook [38] - The company is encouraged by the performance of its luxury resort portfolio, particularly in high barrier-to-entry leisure markets [48] - The election season is expected to benefit hotels in Washington, D.C., with new product offerings being assessed for next year [11] Other Important Information - The company closed on a $62 million non-recourse loan for the Ritz-Carlton Reserve Dorado Beach, with a floating interest rate of SOFR + 4.75% [20] - The Hilton La Jolla Torrey Pines is being sold for $165 million, with a $6 million non-refundable deposit received [58] - The company has refinanced, extended, or paid off almost all of its 2024 debt maturities, including loans secured by the Pier House Resort & Spa and Ritz-Carlton St. Thomas [61][46][47] Q&A Session Summary Question: Marketing of La Jolla Property and Backup Buyers - The property was marketed through Eastdil, with over 80 confidentiality agreements signed and half a dozen offers received, with JRK being the highest bidder [15] Question: Performance of Cameo Beverly Hills and Napa Valley Market - The LA market was soft in Q1, with challenges from transitioning to the Hilton platform and reduced production from Amex's Fine Hotels and Resorts program [44] - Napa Valley experienced broad market softness, with aggressive rate competition and reduced weekend trips due to tech layoffs in San Francisco [45] Question: Strength in Caribbean Markets - Early spring break and proactive group bookings drove strong performance in the Caribbean, with no significant impact from new hotel openings [70] - Dorado Beach benefited from demographic shifts and high demand for residential properties, driving ancillary hospitality demand [71] Question: Impact of Disposition on Joint Venture Partnerships - The sale of Hilton La Jolla Torrey Pines was a joint decision with Park, with no impact on the relationship, and the Capital Hilton remains a key joint venture asset [77]

Highlights a Pattern of Similar, Troubling Behavior by the Board Invites Shareholders to Visit www.NoMoreMonty.com For More Information on Blackwells' Nominees, Campaign and Timeline of Engagement with Braemar NEW YORK, May 09, 2024 (GLOBE NEWSWIRE) -- Blackwells Capital LLC ("Blackwells"), a shareholder of Braemar Hotels & Resorts Inc. ("Braemar" or the "Company") (NYSE:BHR), today released a presentation entitled "Too Little, Too Late" which may be found at https://nomoremonty.com/letters-presentations/. ...