Al Shams Investments Criticizes Braemar Leadership, Questions Fee Payments

Al Shams Investments Limited, the largest shareholder in Braemar Hotels & Resorts Inc., has issued a statement targeting the company's leadership, particularly Chairman Monty Bennett. The statement accuses Bennett and Braemar of attempting to distract shareholders from alleged profiteering at their expense.

Al Shams alleges that Braemar, under Bennett's direction, sold three hotel properties, triggering a "termination fee" of approximately $480 million payable to an entity controlled by Bennett. The investment firm considers this payment excessive and questions its justification, noting a significant decline in Braemar's share value since 2013.

The company states it has sought direct answers from Braemar regarding these transactions but has been unsuccessful. Consequently, Al Shams has pursued legal avenues to obtain evidence and anticipates upcoming depositions of former Braemar directors.

Al Shams Investments asserts its objective is to protect all shareholder interests by advocating for transparency, accountability, and good corporate governance. The firm expressed confidence that the facts will emerge through the legal process and looks forward to the depositions.