06:03 PM EDT, 08/26/2025 (MT Newswires) -- Braemar Hotels & Resorts ( BHR ) said late Tuesday that its board has initiated a process for the sale of the company.

The board formed a special committee of independent directors to review strategic alternatives aimed at maximizing shareholder value.

As part of the sale review, Braemar reached an agreement with Ashford to set a $480 million fee payable if a change of control terminates their advisory agreement. The amount, which reflects a discount to what would otherwise be due, includes a $17 million advance payment made at signing.

Additionally, Braemar signed a non-binding letter of intent to sell its 410-room Clancy Hotel in San Francisco for $115 million, with closing expected in Q4.

The company said no timetable has been set for the process, and there is no assurance that a transaction will be completed.

Shares of Braemar rose more than 8% in after-hours trading.