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The board of directors of Dallas-based Braemar Hotels & Resorts Inc. announced that it is initiating a process for the immediate sale of the REIT that includes nine resorts and five urban properties.

In addition, Braemar and its advisor, Dallas-based Ashford Inc., agreed that “while a fair and reasonable calculation of all amounts due to Ashford would be significantly higher,” Ashford will accept a $480 million termination fee for its advisory agreement. Ashford already received $17 million of the company sale fee upon the execution of the letter agreement, which will be credited against the company sale fee in the event Braemar is sold prior to July 1, 2028.