Braemar Plans to Trim Ashford Ties and Self-Manage as a REIT
Photo Caption: A pool at the Four Seasons in Scottsdale, Arizona. It's run by Braemar.
Skift Take
Braemar plans to terminate its advisory agreement with Ashford and create its own REIT management team. Plus, hotel development news.
The DJIA rose 354 points on Friday while Nasdaq was up 79, the S&P 500 rose 37 points and the 10-year Treasury yield was up .02 to 4.48%. Lodging stocks were mostly higher although the only big mover was way to the downside, with BHR dropping -14% on the reaction to the conclusion of their strategic review. The new 52-week high list included HLT, H, MAR, XHR, PK, RHP, SHO, DRH, and APLE. Hotel stocks did well, shrugging off being lumped in with a downgrade from Citigroup that covered US Travel/financial services. Citi said energy-driven inflation and revised European growth forecasts will impact the sectors. Those coming to the rescue of the hotel bull market said Citi was ignoring hotel operators' fee-based cash flows.
The decision by Braemar Hotels & Resorts, in terms of the recommendations from their Special Committee of Independent Directors, pertaining to their strategic review, was that they are going to remain a publicly traded Hotel REIT but with some chan
