Ashford Securities LLC, a wholly owned subsidiary of Ashford Inc., and managing broker-dealer for Braemar Hotels & Resorts Inc., has raised more than $100 million (stated value) for Braemar through the Series E and Series M Redeemable Preferred Stock Offering. Shares were distributed through a syndicate of 44 broker-dealers, institutions and RIA firms. Braemar may sell up to $500 million in total of Series E and Series M Preferred Stock.
Since the offering launched on July 9, 2021, Braemar has acquired two hotels, the 138-room Mr. C Beverly Hills in Los Angeles and the 96-key Dorado Beach, a Ritz-Carlton Reserve located in Dorado Beach, Puerto Rico. The recent acquisitions are representative of Braemar’s strategy to invest primarily in luxury assets located in premium urban and resort markets.
“In my 30-year career working in the alternatives space, I’ve seen only a few new distribution platforms raise $100 million for an issuer in its first year,” said C. Jay Steigerwald III, president, head of distribution, Ashford Securities. “We are excited about the momentum we’ve built for Braemar’s non-traded preferred stock offering and look forward to launching additional investment products in this channel soon.”