Al Shams Investments Ltd. disclosed a 9.3% stake in real estate investment trust Braemar Hotels & Resorts Inc., translating to approximately 3,075,194 common shares.
According to the investor, which acquired the shares for a total of $33.6 million, the REIT has an attractive portfolio of hotel assets and that its common stock is undervalued in the stock market and represents an attractive investment opportunity.
Al Shams noted that the REIT's management proposed with the investor regarding possible opportunities for Al Shams to boost its stake in Braemar at a per-share price reflecting its view of its net asset value in connection with an asset acquisition.
