Braemar closes $372M sale of Four Seasons Scottsdale at 5.8% cap rate, 15.0x EBITDA

Braemar Hotels & Resorts Inc.

• Sold 210-room Four Seasons Resort Scottsdale to Evergreen Acquisitions for $372.0M cash ($1.8M/key); 5.8% cap rate and 15.0x trailing-12M Hotel EBITDA after $23M anticipated capex.
• Received ~$370.1M net of selling expenses and repaid ~$180.0M on the hotel mortgage; proceeds plus cash on hand to fund remaining external-advisor separation fees.
• CEO Richard J. Stockton said the 2022 acquisition generated an ~15% unlevered return, above the 10% minimum target; self-managed REIT transition on track for mid-November 2026.
• Pro forma FY2025 gain on disposition of $126.0M; net income attributable to common stockholders $39.5M ($0.59 basic EPS) vs historical $(72.7)M loss ($(1.07)).
• Pro forma removes $79.3M FY2025 and $46.3M H1 2026 hotel revenue; H1 2026 pro forma net income attributable to common stockholders falls to $0.1M from $4.2M.