{"success":true,"data":{"pressRelease":{"id":"168103","rtpr_id":"nGNX6zQpH0-20261013","ticker":"BHR","exchange":"NYSE","all_tickers":["BHR"],"title":"Blackwells Capital Releases \"Life After Ashford,\" an Independent Analysis of Braemar Hotels & Resorts' Go-Forward Portfolio","author":"Globe Newswire","published_at":"2026-10-13T20:00:00.104Z","article_body":"Analysis Concludes the Market Is Valuing Braemar's Seven Luxury Hotels at\nRoughly 30% of the Value Implied by Its Own 2026 Asset Sales, Peer Multiples\nand Precedent Transactions\n\nBlackwells Supports Completion of the Separation from Ashford Inc. and\nEncourages Shareholders to Judge the Self-Managed Company on Its Results\n\nNEW YORK, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Blackwells Capital LLC\n(\"Blackwells\"), a shareholder of Braemar Hotels & Resorts Inc. (\"Braemar\" or\nthe \"Company\") (NYSE: BHR), today released a presentation titled \"Life After\nAshford,\" an independent analysis of the Company's portfolio, balance sheet\nand valuation following its October 8, 2026 portfolio update, full-year 2027\noutlook and investor presentation. The full presentation is available at\nwww.blackwellscap.com.\n\nTHE FULL TEXT OF THE STATEMENT FOLLOWS:\n\nOn July 15, 2026, we said that the Company's decision to terminate its\nadvisory agreement with Ashford Inc. and become a self-managed REIT was a\nsignificant step toward the simpler, more directly accountable structure that\nBraemar's shareholders have needed for years, and that the constructive path\nfor shareholders was to let that process conclude and then evaluate it on the\nmerits. The Company has now given shareholders the information needed to do\nexactly that. On October 8, 2026, Braemar published pro forma financials for\nits go-forward portfolio, a one-time outlook for full-year 2027 and an\ninvestor presentation describing the self-managed company. Shareholders can\nnow ask and answer: what is this business worth once the separation is\ncomplete?\n\nThree conclusions follow.\n\nFirst, the separation is being funded by asset sales at prices that bear no\nresemblance to Braemar's own trading value. During 2026 the Company has closed\nor contracted approximately $1.18 billion of hotel sales — the Park Hyatt\nBeaver Creek, the Ritz-Carlton Sarasota, Hotel Yountville and Bardessono, the\nPier House Resort & Spa, and the pending sale of the Four Seasons Resort\nScottsdale — at a blended capitalization rate of approximately 6.7% and an\naverage of approximately $1.2 million per key. The Special Committee's\nrenegotiation of the Company Sale Fee separately reduced the amount owed to\nAshford by approximately $94.3 million.\n\nSecond, the business that remains is a focused, high-quality luxury portfolio\nwith a materially lower cost base. The seven go-forward hotels — the\nRitz-Carlton Reserve Dorado Beach, the Ritz-Carlton St. Thomas, the\nRitz-Carlton Lake Tahoe, the Capital Hilton, the Notary Hotel, the Sofitel\nChicago Magnificent Mile and Cameo Beverly Hills — comprise 2,062 keys and\ngenerated approximately $381 million of revenue and $88 million of Hotel\nEBITDA for the twelve months ended June 30, 2026, with RevPAR of approximately\n$328, more than three times the U.S. industry average. The Company expects to\nreduce annual corporate general and administrative expense, including advisory\nand related fees, from approximately $42 million to approximately $15 million,\nand has guided to full-year 2027 Adjusted EBITDAre of $85 million to $90\nmillion, and net debt to gross assets of approximately 36%, down from\napproximately 50%. We regard these as credible figures: the trailing results\nreconcile to the Company's own per-hotel disclosure, and the cost savings are\na function of a contract that is ending, not of operating assumptions that\nmust be achieved.\n\nThird, the market is not yet pricing any of this. At the October 9, 2026\nclosing price of $1.21, Braemar's equity is valued at approximately $90\nmillion, and its enterprise value, including preferred equity at liquidation\npreference, at approximately $902 million — roughly 10.3x the midpoint of\nthe Company's 2027 Adjusted EBITDAre outlook, 2.2x revenue against a lodging\nREIT peer average of approximately 2.9x, and approximately $437,000 per key\nfor hotels that the Company has been selling at $900,000 per key and above.\nMeasured five ways — against peer EBITDA multiples, peer revenue multiples,\na net asset value at the capitalization rates the Company has actually\nachieved in 2026, per-key values benchmarked to comparable trades, and\nprecedent luxury hotel transactions — our analysis indicates a value of\napproximately $2.45 to $5.13 per share, with an average of approximately\n$3.94, or roughly 3.3 times the current share price. These methods are\npresented in full in the presentation so that shareholders can test every\ninput for themselves.\n\nBraemar has spent most of its public life trading as an externally advised\nvehicle. That arrangement is ending. The seven hotels that remain, the balance\nsheet that will support them and the cost structure of the company that will\nown them are now a matter of public record, and we believe shareholders are\nbetter served by examining that record than by the noise that has surrounded\nthe Company for the past three years.\n\nBlackwells will continue to monitor the Company's progress on the separation,\nthe refinancing program it has outlined and the reconstitution of its Board,\nand will make its views known as circumstances warrant.\n\nImportant Information\n\nThe presentation and this statement reflect the views of Blackwells as of the\ndate hereof and are based on publicly available information, including the\nCompany's filings with the Securities and Exchange Commission, its October 8,\n2026 press release and investor presentation, and third-party sources believed\nto be reliable. Valuation figures are Blackwells' estimates derived from that\ninformation and are not forecasts; actual results may differ materially.\nBlackwells and its affiliates hold shares of the Company's common stock and\npreferred stock and may buy or sell such securities at any time, subject to\nthe terms of the cooperation agreement between Blackwells and the Company\ndated July 2, 2024, which is described in the Company's filings with the SEC.\nNothing in this statement or the presentation is a solicitation of proxies, a\nrecommendation to buy or sell any security, or an offer of any kind.\nBlackwells takes no position on the election of directors at the Company's\n2026 Annual Meeting.\n\nAbout Blackwells Capital\n\nBlackwells is a multi-strategy alternative asset management firm that invests\nin public and private markets globally. Our public markets portfolio focuses\non currencies, equities, credit and commodities. When necessary, we engage\nwith public company boards to drive value for all stakeholders. Our private\nmarkets portfolio includes investments in space, clean energy, infrastructure,\nreal estate and technology. Further information is available at\nwww.blackwellscap.com.\n\nContact\n\nIR@blackwellscap.com\n\nA PowerPoint accompanying this announcement is available at \n\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/6e169020-3834-4b00-86d4-3c888eaf81c5\n\n \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/dd8fc02e-311d-4a19-b148-5904f211d033)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX6zQpH0-20261013","title":"Blackwells Capital Releases \"Life After Ashford,\" an Independent Analysis of Braemar Hotels & Resorts' Go-Forward Portfolio","author":"Globe Newswire","ticker":"BHR","created":"2026-10-13T20:00:00.104Z","tickers":["BHR"],"exchange":"NYSE","article_body":"Analysis Concludes the Market Is Valuing Braemar's Seven Luxury Hotels at\nRoughly 30% of the Value Implied by Its Own 2026 Asset Sales, Peer Multiples\nand Precedent Transactions\n\nBlackwells Supports Completion of the Separation from Ashford Inc. and\nEncourages Shareholders to Judge the Self-Managed Company on Its Results\n\nNEW YORK, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Blackwells Capital LLC\n(\"Blackwells\"), a shareholder of Braemar Hotels & Resorts Inc. (\"Braemar\" or\nthe \"Company\") (NYSE: BHR), today released a presentation titled \"Life After\nAshford,\" an independent analysis of the Company's portfolio, balance sheet\nand valuation following its October 8, 2026 portfolio update, full-year 2027\noutlook and investor presentation. The full presentation is available at\nwww.blackwellscap.com.\n\nTHE FULL TEXT OF THE STATEMENT FOLLOWS:\n\nOn July 15, 2026, we said that the Company's decision to terminate its\nadvisory agreement with Ashford Inc. and become a self-managed REIT was a\nsignificant step toward the simpler, more directly accountable structure that\nBraemar's shareholders have needed for years, and that the constructive path\nfor shareholders was to let that process conclude and then evaluate it on the\nmerits. The Company has now given shareholders the information needed to do\nexactly that. On October 8, 2026, Braemar published pro forma financials for\nits go-forward portfolio, a one-time outlook for full-year 2027 and an\ninvestor presentation describing the self-managed company. Shareholders can\nnow ask and answer: what is this business worth once the separation is\ncomplete?\n\nThree conclusions follow.\n\nFirst, the separation is being funded by asset sales at prices that bear no\nresemblance to Braemar's own trading value. During 2026 the Company has closed\nor contracted approximately $1.18 billion of hotel sales — the Park Hyatt\nBeaver Creek, the Ritz-Carlton Sarasota, Hotel Yountville and Bardessono, the\nPier House Resort & Spa, and the pending sale of the Four Seasons Resort\nScottsdale — at a blended capitalization rate of approximately 6.7% and an\naverage of approximately $1.2 million per key. The Special Committee's\nrenegotiation of the Company Sale Fee separately reduced the amount owed to\nAshford by approximately $94.3 million.\n\nSecond, the business that remains is a focused, high-quality luxury portfolio\nwith a materially lower cost base. The seven go-forward hotels — the\nRitz-Carlton Reserve Dorado Beach, the Ritz-Carlton St. Thomas, the\nRitz-Carlton Lake Tahoe, the Capital Hilton, the Notary Hotel, the Sofitel\nChicago Magnificent Mile and Cameo Beverly Hills — comprise 2,062 keys and\ngenerated approximately $381 million of revenue and $88 million of Hotel\nEBITDA for the twelve months ended June 30, 2026, with RevPAR of approximately\n$328, more than three times the U.S. industry average. The Company expects to\nreduce annual corporate general and administrative expense, including advisory\nand related fees, from approximately $42 million to approximately $15 million,\nand has guided to full-year 2027 Adjusted EBITDAre of $85 million to $90\nmillion, and net debt to gross assets of approximately 36%, down from\napproximately 50%. We regard these as credible figures: the trailing results\nreconcile to the Company's own per-hotel disclosure, and the cost savings are\na function of a contract that is ending, not of operating assumptions that\nmust be achieved.\n\nThird, the market is not yet pricing any of this. At the October 9, 2026\nclosing price of $1.21, Braemar's equity is valued at approximately $90\nmillion, and its enterprise value, including preferred equity at liquidation\npreference, at approximately $902 million — roughly 10.3x the midpoint of\nthe Company's 2027 Adjusted EBITDAre outlook, 2.2x revenue against a lodging\nREIT peer average of approximately 2.9x, and approximately $437,000 per key\nfor hotels that the Company has been selling at $900,000 per key and above.\nMeasured five ways — against peer EBITDA multiples, peer revenue multiples,\na net asset value at the capitalization rates the Company has actually\nachieved in 2026, per-key values benchmarked to comparable trades, and\nprecedent luxury hotel transactions — our analysis indicates a value of\napproximately $2.45 to $5.13 per share, with an average of approximately\n$3.94, or roughly 3.3 times the current share price. These methods are\npresented in full in the presentation so that shareholders can test every\ninput for themselves.\n\nBraemar has spent most of its public life trading as an externally advised\nvehicle. That arrangement is ending. The seven hotels that remain, the balance\nsheet that will support them and the cost structure of the company that will\nown them are now a matter of public record, and we believe shareholders are\nbetter served by examining that record than by the noise that has surrounded\nthe Company for the past three years.\n\nBlackwells will continue to monitor the Company's progress on the separation,\nthe refinancing program it has outlined and the reconstitution of its Board,\nand will make its views known as circumstances warrant.\n\nImportant Information\n\nThe presentation and this statement reflect the views of Blackwells as of the\ndate hereof and are based on publicly available information, including the\nCompany's filings with the Securities and Exchange Commission, its October 8,\n2026 press release and investor presentation, and third-party sources believed\nto be reliable. Valuation figures are Blackwells' estimates derived from that\ninformation and are not forecasts; actual results may differ materially.\nBlackwells and its affiliates hold shares of the Company's common stock and\npreferred stock and may buy or sell such securities at any time, subject to\nthe terms of the cooperation agreement between Blackwells and the Company\ndated July 2, 2024, which is described in the Company's filings with the SEC.\nNothing in this statement or the presentation is a solicitation of proxies, a\nrecommendation to buy or sell any security, or an offer of any kind.\nBlackwells takes no position on the election of directors at the Company's\n2026 Annual Meeting.\n\nAbout Blackwells Capital\n\nBlackwells is a multi-strategy alternative asset management firm that invests\nin public and private markets globally. Our public markets portfolio focuses\non currencies, equities, credit and commodities. When necessary, we engage\nwith public company boards to drive value for all stakeholders. Our private\nmarkets portfolio includes investments in space, clean energy, infrastructure,\nreal estate and technology. Further information is available at\nwww.blackwellscap.com.\n\nContact\n\nIR@blackwellscap.com\n\nA PowerPoint accompanying this announcement is available at \n\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/6e169020-3834-4b00-86d4-3c888eaf81c5\n\n \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/dd8fc02e-311d-4a19-b148-5904f211d033)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-10-13T20:00:00.14013139Z","server_sent_at_ms":1791921600140},"received_at":"2026-10-13T20:00:00.195Z","source_url":null},"analysis":{"id":"156389","press_release_id":"168103","analysis_json":{"industry":{"label":"Hotel & Resort REITs","sector":"Real Estate"},"redFlags":["Valuation figures are activist estimates, not company guidance or forecasts","Go-forward company carries ~36% net debt to gross assets and depends on completed refinancing program","Blackwells holds common and preferred stock and may trade freely under a cooperation agreement"],"eventType":"other","narrative":"Activist shareholder Blackwells Capital released 'Life After Ashford,' an independent analysis arguing Braemar's seven go-forward luxury hotels are worth roughly 3.3x the current $1.21 share price.\n\nThe analysis cites $1.18 billion of 2026 asset sales at a 6.7% blended cap rate, TTM go-forward revenue of $381 million with $88 million of Hotel EBITDA, and planned G&A cuts from ~$42 million to ~$15 million post-separation from Ashford.\n\nBlackwells values the equity at $2.45-$5.13 per share across five methods versus an ~$90 million market equity value, and says it will monitor the separation, refinancing program and board reconstitution.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Activist math says BHR is worth ~3.3x its price post-Ashford split -- watch whether the market re-rates the self-managed REIT."},"keyFigures":{"dealValueUsd":"$1.18 billion","customDimensions":{"revpar":"$328","equity_value":"$90 million","g&a_reduction":"from ~$42M to ~$15M","keys_go_forward":2062,"blended_cap_rate":"6.7%","enterprise_value":"$902 million","hotel_ebitda_ttm":"$88 million","share_price_oct9":"$1.21","sale_fee_reduction":"$94.3 million","ttm_revenue_go_forward":"$381 million","net_debt_to_gross_assets":"36% (down from ~50%)","avg_price_per_key_asset_sales":"$1.2 million","blackwells_valuation_per_share":"$2.45-$5.13 (avg ~$3.94)","fy2027_adjusted_ebitdre_guidance":"$85-$90 million"}},"quotedText":"our analysis indicates a value of approximately $2.45 to $5.13 per share, with an average of approximately $3.94, or roughly 3.3 times the current share price","namedEntities":{"people":[],"products":["Park Hyatt Beaver Creek","Ritz-Carlton Sarasota","Hotel Yountville","Bardessono","Pier House Resort & Spa","Four Seasons Resort Scottsdale","Ritz-Carlton Reserve Dorado Beach","Ritz-Carlton St. Thomas","Ritz-Carlton Lake Tahoe","Capital Hilton","Notary Hotel","Sofitel Chicago Magnificent Mile","Cameo Beverly Hills"],"companies":[{"name":"Blackwells Capital LLC","relationship":"activist shareholder / author"},{"name":"Braemar Hotels & Resorts Inc.","ticker":"BHR","relationship":"subject company (filer)"},{"name":"Ashford Inc.","relationship":"former external advisor being separated"}],"dollarAmounts":[{"amount":"$1.18 billion","context":"2026 closed or contracted hotel sales"},{"amount":"$94.3 million","context":"reduction of Company Sale Fee owed to Ashford"},{"amount":"$381 million","context":"TTM revenue of seven go-forward hotels"},{"amount":"$88 million","context":"TTM Hotel EBITDA of go-forward portfolio"},{"amount":"$42 million","context":"current annual corporate G&A including advisory fees"},{"amount":"$15 million","context":"target annual corporate G&A post-separation"},{"amount":"$85 million to $90 million","context":"FY2027 Adjusted EBITDAre guidance"},{"amount":"$1.21","context":"October 9, 2026 closing share price"},{"amount":"$90 million","context":"equity value at October 9 close"},{"amount":"$902 million","context":"enterprise value including preferred at liquidation preference"},{"amount":"$2.45 to $5.13","context":"Blackwells estimated value per share across five methods"},{"amount":"$3.94","context":"average of Blackwells per-share valuation estimates"}]},"materialImpact":{"score":3,"reasoning":"Activist shareholder Blackwells published an independent valuation arguing Braemar's go-forward portfolio is worth ~3.3x the current share price amid the Ashford separation. Third-party opinion rather than issuer disclosure, but it could move the stock and shapes the activist narrative."},"tickerRelevance":{"others":[],"primary":"BHR"},"globalImportance":30,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap REIT","eventGravity":"activist valuation presentation (third-party, not issuer disclosure)","issuerAuthored":false,"eventGravityNote":"activist campaign materials can move a small-cap stock but contain no new company disclosure"}},"event_type":"other","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"Activist shareholder Blackwells Capital released 'Life After Ashford,' an independent analysis arguing Braemar's seven go-forward luxury hotels are worth roughly 3.3x the current $1.21 share price.\n\nThe analysis cites $1.18 billion of 2026 asset sales at a 6.7% blended cap rate, TTM go-forward revenue of $381 million with $88 million of Hotel EBITDA, and planned G&A cuts from ~$42 million to ~$15 million post-separation from Ashford.\n\nBlackwells values the equity at $2.45-$5.13 per share across five methods versus an ~$90 million market equity value, and says it will monitor the separation, refinancing program and board reconstitution.","key_figures":{"dealValueUsd":"$1.18 billion","customDimensions":{"revpar":"$328","equity_value":"$90 million","g&a_reduction":"from ~$42M to ~$15M","keys_go_forward":2062,"blended_cap_rate":"6.7%","enterprise_value":"$902 million","hotel_ebitda_ttm":"$88 million","share_price_oct9":"$1.21","sale_fee_reduction":"$94.3 million","ttm_revenue_go_forward":"$381 million","net_debt_to_gross_assets":"36% (down from ~50%)","avg_price_per_key_asset_sales":"$1.2 million","blackwells_valuation_per_share":"$2.45-$5.13 (avg ~$3.94)","fy2027_adjusted_ebitdre_guidance":"$85-$90 million"}},"named_entities":{"people":[],"products":["Park Hyatt Beaver Creek","Ritz-Carlton Sarasota","Hotel Yountville","Bardessono","Pier House Resort & Spa","Four Seasons Resort Scottsdale","Ritz-Carlton Reserve Dorado Beach","Ritz-Carlton St. Thomas","Ritz-Carlton Lake Tahoe","Capital Hilton","Notary Hotel","Sofitel Chicago Magnificent Mile","Cameo Beverly Hills"],"companies":[{"name":"Blackwells Capital LLC","relationship":"activist shareholder / author"},{"name":"Braemar Hotels & Resorts Inc.","ticker":"BHR","relationship":"subject company (filer)"},{"name":"Ashford Inc.","relationship":"former external advisor being separated"}],"dollarAmounts":[{"amount":"$1.18 billion","context":"2026 closed or contracted hotel sales"},{"amount":"$94.3 million","context":"reduction of Company Sale Fee owed to Ashford"},{"amount":"$381 million","context":"TTM revenue of seven go-forward hotels"},{"amount":"$88 million","context":"TTM Hotel EBITDA of go-forward portfolio"},{"amount":"$42 million","context":"current annual corporate G&A including advisory fees"},{"amount":"$15 million","context":"target annual corporate G&A post-separation"},{"amount":"$85 million to $90 million","context":"FY2027 Adjusted EBITDAre guidance"},{"amount":"$1.21","context":"October 9, 2026 closing share price"},{"amount":"$90 million","context":"equity value at October 9 close"},{"amount":"$902 million","context":"enterprise value including preferred at liquidation preference"},{"amount":"$2.45 to $5.13","context":"Blackwells estimated value per share across five methods"},{"amount":"$3.94","context":"average of Blackwells per-share valuation estimates"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-13T20:00:07.878Z","global_importance":30,"audience_relevance":25,"importance_components":{"tickerTier":"micro-cap REIT","eventGravity":"activist valuation presentation (third-party, not issuer disclosure)","issuerAuthored":false,"eventGravityNote":"activist campaign materials can move a small-cap stock but contain no new company disclosure"}},"durationMs":7670,"modelName":"glm-5.3-flashx"}}