Braemar Hotels & Resorts Inc., a luxury hotel-focused real estate investment trust, has issued a statement responding to recent public remarks from its largest shareholder, Al Shams Investments Limited, and its principal, Wafic Said. The company labeled the allegations as baseless and questioned Said's motivations and track record.

In its statement, Braemar noted that for over two years, Said has attempted to destabilize the company, with his latest actions forcing it to continue expending unnecessary resources. The company expressed particular concern regarding Said's self-serving motives and his checkered past.

Braemar emphasized that its board has taken decisive steps to enhance corporate governance. These measures include initiating the separation process from external advisor Ashford, transitioning to a self-managed REIT structure, successfully negotiating a reduction of $94.3 million in company sale fees payable to Ashford, and engaging independent executive search firm Ferguson Partners to recruit entirely new independent board members and establish an independent chairman role. These reforms align with the very changes previously demanded by Al Shams.

The statement from Braemar casts doubt on Said's true intentions. Citing media reports, the company referenced that Said has been described by the BBC as a former arms dealer and was implicated in the Al-Yamamah arms deal scandal involving BAE Systems—a transaction generating $40 billion in revenue where a UK government report suggested potential corruption and bribery. Furthermore, Said has been accused of using his British citizen wife as a conduit for political donations, a practice he is reportedly not permitted to engage in directly within the UK.

Braemar stated that despite multiple attempts to engage in constructive dialogue with Said, all overtures have been rejected. The company called on Said to immediately cease his disruptive actions, which it asserts are clearly aimed at supporting his personal financial interests rather than genuinely creating value for all shareholders.

Braemar Hotels & Resorts is a real estate investment trust specializing in the luxury hotel and resort sector, with a portfolio of premium hotel assets across the United States and the Caribbean region.