Al Shams Ups Braemar Stake, Plans New Directors

On May 8, 2026, Al Shams Investments LTD (ASIL) filed an amended Schedule 13D reporting a 9.55% stake in Braemar Hotels & Resorts Inc. (BHR). Alongside the filing, ASIL issued an open letter to the Board of Directors expressing deep lack of confidence in current leadership. ASIL argues that the Board's strategy of selling individual hotel assets, such as the Park Hyatt Beaver Creek, could trigger a "Company Change of Control" under the existing Advisory Agreement. This would result in a massive $480 million termination payment to Ashford Inc., effectively diverting value from public shareholders to the Advisor. ASIL highlights that several directors have previously been rejected by a majority of shareholder votes. Consequently, the filer intends to nominate a slate of new directors at the 2026 Annual Meeting and has urged the Board to pause all divestiture efforts until shareholders can elect new leadership. ASIL warned of potential legal action if the Board proceeds with transactions that unjustly enrich the Advisor at the expense of shareholders.