Braemar Hotels & Resorts Inc. (BHR): M&A transaction — Braemar closes $165M sale of Hilton La Jolla Torrey Pines, removes 2024 debt maturity

Braemar Hotels & Resorts Inc.

Sale price $165M ($419k per key); 7.2% cap rate on trailing 12-month NOI of $14.7M.
Company owns indirect 75% interest in seller; proceeds retire last 2024 debt maturity.
Evaluating sale of two more hotels (2024 and 2025) subject to market conditions.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Braemar Hotels & Resorts Inc. completed a disposition involving JRK Torrey Pines Hotel Owner LLC for $165 million in cash (closed 2024-07-17).

Action: disposition
Counterparty: JRK Torrey Pines Hotel Owner LLC
Consideration: $165 million in cash
Closing: 2024-07-17

Exact text from the filing

On July 17, 2024, CHH Torrey Pines Hotel Partners, LP and CHH Torrey Pines Tenant Corp (together “Seller”), indirect subsidiaries of Braemar Hotels & Resorts Inc. (the “Company”), completed the sale of the Hilton La Jolla Torrey Pines hotel (“Hilton Torrey Pines”) pursuant to an Agreement of Purchase and Sale, entered into effective May 6, 2024, by and among Seller and JRK Torrey Pines Hotel Owner LLC, as purchaser, for $165 million in cash, subject to customary pro-rations and adjustments.

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31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Braemar Hotels & Resorts Inc. filing history →

Source: SEC EDGAR

accession 0001574085-24-000178

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