---
schema_version: "secwatch.filing_event.v1"
accession: "0001574085-24-000087"
form_type: "8-K"
ticker: "BHR"
cik: "0001574085"
company_name: "Braemar Hotels & Resorts Inc."
filed_at: "2024-05-06T23:59:59+00:00"
generated_at: "2026-06-02T22:01:26.548420+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001574085-24-000087
- form_type: 8-K
- ticker: BHR
- cik: 0001574085
- company_name: Braemar Hotels & Resorts Inc.
- filed_at: 2024-05-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 8.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1574085/000157408524000087/0001574085-24-000087-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1574085/000157408524000087/bhr-20240506.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001574085-24-000087
- JSON: https://secwatch.observer/filing/0001574085-24-000087.json
- Plain text: https://secwatch.observer/filing/0001574085-24-000087.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1574085/000157408524000087/0001574085-24-000087-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.