DALLAS--(BUSINESS WIRE)--Braemar Hotels & Resorts Inc. (NYSE: BHR) (\u201cBraemar,\u201d the \u201cCompany,\u201d or \u201cwe\u201d) today issued the following statement regarding a recent court filing by Al Shams Investments Limited (\u201cAl Shams\u201d):<\/p>
\nMr. Wafic Said, Principal of Al Shams, has, for more than two years now, aggressively attempted to advance his self-interested agenda at Braemar. Braemar, in turn, has been forced to expend significant time and capital to defend itself. Mr. Said\u2019s checkered past, his hospitality sector acquisition ambitions and his repeated efforts to gain influence at Braemar run counter to the best interests of all shareholders.<\/p>
\nIn its latest effort to undermine the Company, Al Shams filed a Rule 202 Discovery Petition (a \u201c202 Petition\u201d) seeking to depose two former Braemar directors before<\/i> determining whether there is even a need to depose them. A 202 Petition, which is unique to Texas, allows an individual or entity to seek information related to a potential <\/i>claim before actually filing a claim. The 202 Petition does not assert an actual claim against Braemar, much less establish any basis to argue that any wrongdoing occurred. Put simply, it constitutes a fishing expedition by one party that has repeatedly threatened to bring a lawsuit but failed to do so.<\/p>
\nThe Company will take all steps necessary to defend itself against this frivolous attempt to create the basis for a lawsuit and will protect the interests of all shareholders. Braemar will not be bullied by manufactured claims, particularly not ones brought by a shareholder with nebulous motives.<\/p>
\nWe remain focused on executing our strategy to position Braemar for long-term profitability and value creation and believe the value of our shares is materially underrepresented in the marketplace in part because of the stigma Mr. Said himself is architecting.<\/p>
\nAbout Braemar Hotels & Resorts<\/b><\/p>
\nBraemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean.<\/p>
\nForward-Looking Statements<\/i><\/b><\/p>
\nCertain statements and assumptions in this press release contain or are based upon \"forward-looking\" information and are being made pursuant to the safe harbor provisions of the federal securities laws. Forward-looking statements are generally identifiable by use of forward-looking terminology such as \"may,\" \"will,\" \"should,\" \"potential,\" \"intend,\" \"expect,\" \"anticipate,\" \"estimate,\" \"approximately,\" \"believe,\" \"could,\" \"project,\" \"predict,\" or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: the Company\u2019s ability to execute the management spin-out; the Company\u2019s business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; the Company\u2019s projected operating results; completion of any pending transactions; the Company\u2019s ability to restructure existing property-level indebtedness; the Company\u2019s ability to secure additional financing to enable us to operate the Company\u2019s business; the Company\u2019s understanding of its competition; projected capital expenditures; and the impact of technology on the Company\u2019s operations and business. Such forward-looking statements are based on the Company\u2019s beliefs, assumptions, and expectations of the Company\u2019s future performance taking into account all information currently known to the Company. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to the Company. If a change occurs, the Company\u2019s business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in the Company\u2019s forward-looking statements. One should carefully consider this risk when making an investment decision concerning the Company\u2019s securities. These and other risk factors are more fully discussed in the Company's filings with the SEC.<\/i><\/p>
\nThe forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. The Company will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.<\/i>\u00a0<\/p>
\nJustin Coe\n DALLAS–(BUSINESS WIRE)–Braemar Hotels & Resorts Inc. (NYSE: BHR) (\u201cBraemar,\u201d the \u201cCompany,\u201d or \u201cwe\u201d) today issued the following statement regarding a recent court filing by Al Shams Investments Limited (\u201cAl Shams\u201d):
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