Blackwells Withdraws Offer to Purchase Braemar Hotels

The DJIA fell 162 points while Nasdaq was down 44, the S&P 500 fell 16 points and the 10 year treasury yield was up .04 to 4.25%. Lodging stocks were mixed on the day. TNL and H traded up to new highs while SOND was down -14%.

Blackwells Capital had offered to buy Braemar Hotels & Resorts but did not get the answer they were looking for. They withdrew the offer on March 11, 2024. Today BHR said Blackwells, which only owns 10,100 shares of which 10,000 were purchased on March 4, said they are filing a proxy statement and wants four people elected to BHR’s Board of Directors. We don’t know much about Michael Cricenti, Jennifer Hill, Betsy McCoy and Steven Pully. It is doubtful Blackwells is going to be successful with this little skin in the game, even though BHR is small potatoes compared to their proxy fight with Disney. BHR rejected the director nominations and filed a complaint to prevent Blackwells from launching an illegal proxy solicitation and spreading confusion and misinformation among BHR’s shareholders. BHR said Blackwells, who spent $20,000 acquiring BHR stock, wants to take control of the board so they can buy the company below its intrinsic value.

Bradford Allen Hospitality Investments has picked up a 100-room hotel outside Phoenix, Arizona for nearly $24 million. The investor bought the Aloft Glendale at Westgate hotel, located in the Westgate Entertainment District in Glendale, from HCW Development. The Aloft has business conference rooms, a gym, pool, live-music dining bar and a gift shop. This is Bradford Allen’s second acquisition in the District.

The hotel planned for the former Hamilton municipal building, in Hamilton, Ohio, will be a Marriott Tribute brand. The 20 High Street project is bein