Braemar Hotels & Resorts has made significant corporate headlines by concluding a comprehensive strategic review process through an independent Special Committee, resulting in a landmark plan to transition into a self-managed real estate investment trust. The board approved a management spin-out from its external advisor Ashford, which includes directly hiring its own executive staff, relocating its headquarters to Dallas, and reconstituting the board with entirely new independent directors. This major structural overhaul is designed to eliminate external advisory fees, achieve substantial annual general and administrative cost savings, and improve corporate governance alignment directly in the best interests of its public shareholders.