Al Shams, the largest Braemar Hotels & Resorts shareholder, urged outside directors to promptly call the 2026 Annual Meeting after Ashford Inc. now holds over 40% of board seats. Al Shams warned that a strategic review could trigger a >$480M payment to Ashford, heightening conflict-of-interest concerns.
Al Shams Investments, holding the largest stake in Braemar Hotels & Resorts, has publicly challenged the current board composition after the appointment of a third Ashford Inc. executive increased Ashford representation to over 40%. The investor argued this level of advisor influence undermines board independence and oversight.
In its June 2 letter, Al Shams urged the outside directors to promptly call the 2026 Annual Meeting of Shareholders. The demand aims to allow a vote on a slate of new, independent directors whom Al Shams has identified as better positioned to safeguard shareholder interests.
Al Shams highlighted that the board is overseeing a strategic review that could result in payment to Ashford exceeding $480 million. It warned that with key oversight committee chairs recently replaced, the process faces heightened conflict-of-interest risks, and shareholders must elect independent directors before any major transactions.
