Key Summary: In March–June 2024, Blackwells Capital launched an activist campaign at Braemar Hotels & Resorts seeking board changes, governance reforms, and termination of the Ashford management agreement, including nominating four directors, filing lawsuits, and soliciting shareholder support.The campaign ended with a July 2, 2024 cooperation agreement, but major shareholder Wafic Rida Saïd (≈9.8%) continued pressing governance concerns through letters and emails and warned in March 2026 of potential legal action over insider arrangements and excessive fees. In June 2025, Bob Ghassemieh and other shareholders nominated three directors and accused the board of manipulating the AGM timeline, but in August 2025 he reached a cooperation agreement and joined the board. In February 2026, the company accused him of breaching the agreement and accepted his resignation, which he disputed as baseless and retaliatory.