Braemar to sell Four Seasons Scottsdale for $372M, become self-managed REIT, sets 2027 guidance

Braemar Hotels & Resorts Inc.

Braemar agreed to sell Four Seasons Resort Scottsdale for $372M ($1.8M/key); $10M non-refundable deposit; expected close Oct 22, 2026, 6.2% cap rate on TTM Aug 2026 NOI.
Company expects to complete separation from Ashford and become self-managed by mid-November; annual corporate G&A expected to fall from ~$42M to ~$15M, over $25M savings.
2027 guidance: RevPAR growth +4.5% to +6.5%; comparable hotel EBITDA margin 24.5%-25.4%; Adjusted EBITDAre $85M-$90M; Adjusted FFO per diluted share $0.25-$0.31.
Next-twelve-months revenue pace as of Sept 2026 up ~25% YoY, led by ~27% ADR increase; pro forma Sept 2026 net debt/gross assets expected to fall from ~50% to ~36%.
Cooperation agreement with largest shareholder Al Shams withdraws director nominations and settles all outstanding legal disputes; 2026 Annual Meeting set for Dec 21, 2026.

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