Braemar Hotels & Resorts Initiates Sale Process Amid Governance Issues and Poor Performance.

Braemar Hotels & Resorts is pursuing a sale due to the REIT's underperformance despite a high-quality hotel portfolio. The company's predominately luxury properties have logged above-average RevPAR growth, but it no longer believes a luxury REIT can thrive in the current market. Braemar is asking for a $480 million termination fee to end Ashford Inc.'s advisory role. Experts say the sale could clear the way for a sale after governance issues with Ashford kept valuations low.