Braemar Hotels & Resorts (BHR) said Friday it has decided to become a self-managed real estate investment trust and remain publicly traded following a strategic review.

The company said it has ended its advisory relationship with Ashford as it intends to directly hire its management team and overhaul its board. All existing directors agreed to step down, except Chief Executive Richard Stockton who will be directly employed by the company, while five independent directors will be added to the board and an independent chair will be named, Braemar said.

The self-management structure is expected to reduce annual overhead costs by more than $25 million and support a portfolio of six to eight luxury properties generating $300 million to $350 million in annual revenue, the company added.

Stockton said Braemar will evaluate the potential sale of two or three additional assets as it exits its Ashford relationship.

Shares of the company were down more than 1% premarket Friday.