Key Summary: From 2024 to 2026, activists including Blackwells Capital LLC and Al Shams Investments Limited pressured Braemar Hotels & Resorts Inc. over governance, management fees, conflicts tied to Ashford Inc., and board oversight, pursuing proxy fights, lawsuits, and board changes. Separately, investor Bob Ghassemieh sought board representation, later joined the board under a cooperation agreement, and subsequently became involved in disputes and litigation with the company. On May 22, 2026, Al Shams Investments LTD requested that the company promptly provide any updated nominee questionnaire and related materials required for shareholder director nominations or business proposals ahead of the 2026 annual meeting. On June 2, 2026, Al Shams Investments urged Braemar to hold its 2026 annual meeting, criticizing the appointment of another Ashford executive to the board and calling for shareholders to elect new directors amid concerns over board independence and conflicts of interest. On June 10, 2026, Al Shams Investments criticized Braemar’s expanded director nomination requirements, accused the board of entrenchment, and reaffirmed plans to nominate directors at the 2026 annual meeting. On June 15, 2026, Al Shams Investments accused Braemar’s board of approving hotel sales that trigger a $480 million fee to a company controlled by Chairman Monty Bennett, calling it self-dealing and a breach of fiduciary duty, and said it plans legal action and a proxy fight to replace the board.