Braemar sells Pier House Resort & Spa for $190M cash; repays $93.7M mortgage

Braemar Hotels & Resorts Inc.

Sold 142-room Pier House Resort & Spa in Key West for $190M cash ($1.3M per key) on Aug 12, 2026.
Net proceeds ~$187.5M after selling expenses; repaid ~$93.7M mortgage partially secured by property.
Sale price implies 7.3% cap rate on TTM NOI through June 30, 2026, including $11.8M planned capex.
Pro forma: 2025 net income attributable to common stockholders swings from -$72.7M to +$24.1M; H1 2026 from +$4.2M to -$1.5M.
Pro forma gain on disposition ~$108.6M for 2025; preliminary.

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