Braemar Hotels & Resorts will host its annual shareholder meeting on Nov. 13, with shareholder director nominations due Sept. 14, according to a Friday filing with the U.S. Securities and Exchange Commission.
The announcement comes as Braemar moves to become a self-managed real estate investment trust, separate from Ashford Inc., after ending a monthslong strategic review process in June. As part of the transition, Braemar will identify five new independent board members, with all existing directors expected to step down, except for CEO Richard Stockton, per a June release.
Braemar’s largest shareholder, Al Shams Investments Limited, which has protested the transition, announced Tuesday it intends to nominate “a complete slate of highly qualified, independent directors” to Braemar’s board of directors by the Sept. 14 deadline.
“Shareholders are entitled to a genuine choice regarding who represents them in the boardroom, particularly given the longstanding concerns surrounding Braemar's governance, external management structure and alignment with shareholders,” Al Shams said in a statement.
In June, Al Shams alleged that Braemar’s move to split from Ashford constituted “self-dealing,” though a Braemar spokesperson told Hotel Dive the shareholder’s claims were “nothing more than an attempt to mislead shareholders.”
Also in line with the transition, Braemar plans to maintain a portfolio of approximately six to eight luxury properties across the U.S. and the Caribbean, the company previously said.
“With a streamlined portfolio, in-house management and renewed focus on operational efficiency, Braemar will be better positioned for long-term profitability, shareholder alignment and value creation,” Stockton said in a June statement.
Last month Braemar sold the luxury Pier House Resort & Spa in Key West, Florida, for $190 million as it works to deleverage its portfolio amid the transition.
