Braemar Hotels & Resorts announces the conclusion of a strategic review process and plans to transition to a self-managed real estate investment trust (REIT) while remaining publicly traded. The company also outlines steps to end its existing management relationship with Ashford and its affiliates, including initiating a process to terminate the advisory agreement. As part of the transition, Braemar intends to eliminate the Ashford relationship and build its own management team and governance structure. In addition, the company describes near-total reconstitution of its board of directors, including appointing five new independent directors and naming an independent chair. The announcements indicate that the company is pursuing structural and governance changes to support its self-management plan. While details of timing and specific implementation steps are not provided in the supplied excerpts, the key components across reports are the end of the Ashford advisory arrangement, the shift to self-management, and substantial board changes, all while the company retains public listing status.