Braemar Hotels & Resorts Issues Statement on Al Shams’ Frivolous Court Filing
Braemar Hotels & Resorts Inc. (NYSE: BHR) (“Braemar,” the “Company,” or “we”) today issued the following statement regarding a recent court filing by Al Shams Investments Limited (“Al Shams”):
Mr. Wafic Said, Principal of Al Shams, has, for more than two years now, aggressively attempted to advance his self-interested agenda at Braemar. Braemar, in turn, has been forced to expend significant time and capital to defend itself. Mr. Said’s checkered past, his hospitality sector acquisition ambitions and his repeated efforts to gain influence at Braemar run counter to the best interests of all shareholders.
In its latest effort to undermine the Company, Al Shams filed a Rule 202 Discovery Petition (a “202 Petition”) seeking to depose two former Braemar directors before determining whether there is even a need to depose them. A 202 Petition, which is unique to Texas, allows an individual or entity to seek information related to a potential claim before actually filing a claim. The 202 Petition does not assert an actual claim against Braemar, much less establish any basis to argue that any wrongdoing occurred. Put simply, it constitutes a fishing expedition by one party that has repeatedly threatened to bring a lawsuit but failed to do so.
