On July 2, 2024, Braemar Hotels & Resorts Inc. announced that it has entered into a cooperation agreement with Blackwells Capital LLC. The Company stated that under the terms of the cooperation agreement, Blackwells Capital will withdraw its director nomination notice and proposals, cease soliciting proxies and vote in favor of all the Company directors and proposals at the 2024 annual meeting of stockholders. The Company and Blackwells Capital stated that they have agreed to release all legal claims arising prior to the settlement and dismiss their respective actions.

The Company also stated that it would add an additional independent director to its Board of Directors and will consider Blackwells Capital?s input in this selection.