Braemar Hotels & Resorts Issues Statement on Al Shams’ Frivolous Court Filing
Braemar Hotels & Resorts Inc. (NYSE:BHR) ("Braemar," the "Company," or "we") today issued the following statement regarding a recent court filing by Al Shams Investments Limited ("Al Shams"):
Mr. Wafic Said, Principal of Al Shams, has, for more than two years now, aggressively attempted to advance his self-interested agenda at Braemar. Braemar, in turn, has been forced to expend significant time and capital to defend itself. Mr. Said’s checkered past, his hospitality sector acquisition ambitions and his repeated efforts to gain influence at Braemar run counter to the best interests of all shareholders.
In its latest effort to undermine the Company, Al Shams filed a Rule 202 Discovery Petition (a "202 Petition") seeking to depose two former Braemar directors before determining whether there is even a need to depose them. A 202 Petition, which is unique to Texas, allows an individual or entity to seek information related to a potential claim before actually filing a claim. The 202 Petition does not assert an actual claim against Braemar, much less establish any basis to argue that any wrongdoing occurred. Put simply, it constitutes a fishing expedition by one party that has repeatedly threatened to bring a lawsuit but failed to do so.
The Company will take all steps necessary to defend itself against this frivolous attempt to create the basis for a lawsuit and will protect the interests of all shareholders. Braemar will not be bullied by manufactured claims, particularly not ones brought by a shareholder with nebulous motives.
We remain focused on executing our strategy to position Braemar for long-term profitability and value creation and believe the value of our shares is materially underrepresented in the marketplace in part because of the stigma Mr. Said himself is architecting.
About Braemar Hotels & Resorts
Braemar Hotels & Resorts Inc. (NYSE:BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean.
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Justin Coe
Chief Accounting Officer
jcoe@ashfordinc.com
Joe Germani / Miller Winston
Longacre Square Partners
Braemar@Longacresquare.com