Braemar Hotels agrees to acquire Four Seasons Resort Scottsdale for $267.8M

Braemar Hotels & Resorts Inc.

Purchase price $267.8M ($1.28M per key) for the 210-room Four Seasons Resort Scottsdale at Troon North.
Acquisition funded entirely with existing cash on hand; no new common equity issued.
Expected to close Q4 2022; based on seller data, 2022 forecasted RevPAR of $407 and hotel NOI of $14.2M (5.7% cap rate).
Stabilized yield targeted at ~8.0% over 3-5 years; property has AAA Five Diamond designation.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Braemar Hotels & Resorts Inc. entered into Purchase and Sale Agreement with SHR FSST, LLC and DTRS FSST, LLC valued at Purchase Price $267,800,000 (effective 2022-10-31).

Action: entry
Agreement: asset purchase
Counterparty: SHR FSST, LLC and DTRS FSST, LLC
Value: Purchase Price $267,800,000
Effective: 2022-10-31

Exact text from the filing

On October 31, 2022, Braemar Hotels and Resorts Inc.’s (the “ Company ”) indirect, wholly-owned subsidiary, BHR Scottsdale LP (the “ Purchaser ”), entered into a Purchase and Sale Agreement (the “ Purchase Agreement ”) with SHR FSST, LLC and DTRS FSST, LLC collectively as the seller, for the purchase of the Four Seasons Resort Scottsdale at Troon North (the “ Hotel ”).

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Source: SEC EDGAR

accession 0001574085-22-000121

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