Braemar Hotels signs $165M sale of Hilton Torrey Pines, announces $50M buyback and preferred redemption

Braemar Hotels & Resorts Inc.

Sale of Hilton La Jolla Torrey Pines for $165M cash; expected close by Aug 2024 subject to City of San Diego approval.
Repaid $30M loan on Cameo Beverly Hills; all 2024 debt maturities refinanced or to be paid off with sale proceeds.
Board authorized $50M common stock repurchase program and $50M preferred stock redemption program for 2024.
Sale price represents 7.2% cap rate on trailing 12-month NOI of $14.7M (Hotel EBITDA $17.2M).
Evaluating sale of two additional hotels in 2024 and 2025 subject to market conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Braemar Hotels & Resorts Inc. entered into Agreement of Purchase and Sale with JRK Torrey Pines Hotel Owner LLC valued at $165 million (effective 2024-05-06).

Action: entry
Agreement: asset purchase
Counterparty: JRK Torrey Pines Hotel Owner LLC
Value: $165 million
Effective: 2024-05-06

Exact text from the filing

On May 6, 2024 (the “Effective Date”), CHH Torrey Pines Hotel Partners, LP and CHH Torrey Pines Tenant Corp. (together, “Seller”), indirect subsidiaries of Braemar Hotels & Resorts Inc. (the “Company”), entered into an Agreement of Purchase and Sale (the “Agreement”) with JRK Torrey Pines Hotel Owner LLC (“Purchaser”), for the sale of the Hilton La Jolla Torrey Pines hotel (“Hilton Torrey Pines”) for $165 million in cash

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Braemar Hotels & Resorts Inc. filing history →

Source: SEC EDGAR

accession 0001574085-24-000087

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