Blackwells Capital Issues Statement on Braemar Hotels & Resorts

Blackwells Capital, a Braemar shareholder, supports the company's transition to self-management following termination of its advisory agreement with Ashford Inc. The firm criticizes activist investor Brancous LP1's continued public campaign, questioning its motives given Brancous's small stake (less than 1%) and past opportunities to exit profitably. Blackwells believes the company's announced initiatives, including cost savings and board reconstitution, address shareholder concerns and should be allowed to proceed.