04:44 AM EDT, 07/03/2024 (MT Newswires) -- Braemar Hotels & Resorts ( BHR ) said late Tuesday it has entered into a cooperation agreement with Blackwells Capital.

Under the agreement, Blackwells will withdraw its director nomination notice and vote in favor of all Braemar directors and proposals at the company's 2024 annual meeting of stockholders.

The companies have also agreed to release all legal claims filed before the settlement and dismiss their respective actions.

Blackwells has further committed to buy 3.5 million shares of Braemar's stock in the open market, financed partly by Braemar. Braemar will add an additional independent director to its board and will consider Blackwells' input in the selection, it said.