Braemar Hotels responds to Al Shams court filing

Braemar Hotels & Resorts Inc. (NYSE: BHR) issued a statement responding to a court filing by shareholder Al Shams Investments Limited, describing the action as a "frivolous attempt to create the basis for a lawsuit."

Al Shams, whose principal is Wafic Said, filed a Rule 202 Discovery Petition in Texas seeking to depose two former Braemar directors. Under Texas law, a Rule 202 Petition allows a party to seek information related to a potential claim before filing an actual lawsuit. Braemar stated the petition does not assert an actual claim against the company or establish any basis for wrongdoing.

Braemar said Al Shams and Said have "for more than two years" attempted to gain influence at the company, requiring it to "expend significant time and capital" in response. The company characterized the petition as "a fishing expedition by one party that has repeatedly threatened to bring a lawsuit but failed to do so."

The company said it will take steps to defend itself and "protect the interests of all shareholders," adding it "will not be bullied by manufactured claims."

Braemar Hotels & Resorts is a real estate investment trust focused on luxury hotels and resorts in the United States and U.S. territories in the Caribbean. The statement was issued based on information provided by the company.

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