Braemar Hotels & Resorts to Become Self-Managed REIT

Dallas-based Braemar Hotels & Resorts is severing its long-standing advisory ties with Ashford Inc. to emerge as a fully independent, self-managed real estate investment trust. The move, aimed at cutting costs and streamlining governance, includes a near-total overhaul of the company’s board and a shift toward in-house management.

The company’s strategic review concluded that internalizing management offers the most viable path to long-term value. By terminating the Fifth Amended and Restated Advisory Agreement with Ashford, Braemar expects to reduce general and administrative expenses by over $25 million annually. The transition will see current employees move directly onto the company payroll, severing all operational links to Ashford and its subsidiaries, including Premier Project Management and Remington Lodging & Hospitality.

To facilitate this shift, the board is initiating a significant restructuring. Five new independent directors will be appointed to replace the existing board, with the exception of President and CEO Richard Stockton, who will remain. The firm has retained Ferguson Partners to lead the search for new board members, specifically excluding any candidates with past ties to Ashford or its leadership. The company plans to maintain a concentrated portfolio of six to eight luxury properties, supported by the proceeds from the targeted sale of additional assets intended to cover termination fees associated with the split. These governance reforms extend to a full revision of the company’s bylaws and ethics codes, signaling a definitive break from the previous corporate structure.