Braemar Hotels pushes back against Al Shams in proxy dispute

Braemar Hotels & Resorts Inc. (NYSE: BHR) issued a statement disputing claims made by Wafic Said, principal of Al Shams Investments Limited, amid an ongoing shareholder dispute over board composition and company governance.

Braemar said it has already acted on the three requests Al Shams outlined in a November 2024 letter. Those steps include beginning the process of separating from its external advisor, Ashford, to become a self-managed REIT; renegotiating the Company Sale Fee, resulting in a $94.3 million reduction in the payment owed to Ashford; and hiring Ferguson Partners to recruit independent board members, including an independent chairman.

Braemar accused Said of attempting to install hand-picked board candidates to serve his personal interests, suggesting he could use board influence to acquire company assets below fair value. The company stated it has attempted to engage with Said on multiple occasions.

Braemar also cited media reports about Said's background. A 2025 BBC News report referred to Said as a "former arms dealer" and noted questions about the legality of political donations he allegedly made in the UK through his wife, a British citizen. Braemar also referenced Said's reported role as an advisor in the Al-Yamamah arms deal between the UK and Saudi Arabia, which a 2024 Guardian article described as potentially involving corruption and bribery.

Said has not issued a public response to Braemar's statement as of this report. The statement from Braemar is based on a company-issued press release.

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