Core Viewpoint - Braemar Hotels & Resorts Inc. is transitioning the Sofitel Chicago Magnificent Mile to a franchise structure, which is expected to enhance the property's value while maintaining the Sofitel brand [1][2]. Company Transition - The 415-room Sofitel Chicago Magnificent Mile will be managed by Remington Hospitality under the existing Master Hotel Management Agreement with Braemar [1]. - The conversion is anticipated to be effective in May 2025, with Remington Hospitality offering positions to all employees on the conversion date [1]. - There is no required property improvement plan, but renovations to the lobby, restaurant, and meeting space are planned over the next two years [1]. Management Insights - Richard J. Stockton, President and CEO of Braemar, expressed optimism about the conversion, expecting an immediate uplift in property value due to the continued association with the Sofitel brand and the flexibility of the management agreement [2]. Company Profile - Braemar Hotels & Resorts is identified as a real estate investment trust (REIT) focused on luxury hotels and resorts [2].