---
schema_version: "secwatch.filing_event.v1"
accession: "0001574085-26-000162"
form_type: "8-K"
ticker: "BHR"
cik: "0001574085"
company_name: "Braemar Hotels & Resorts Inc."
filed_at: "2026-11-03T21:04:58+00:00"
generated_at: "2026-11-03T21:06:26.601943+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001574085-26-000162
- form_type: 8-K
- ticker: BHR
- cik: 0001574085
- company_name: Braemar Hotels & Resorts Inc.
- filed_at: 2026-11-03T21:04:58+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1574085/000157408526000162/0001574085-26-000162-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1574085/000157408526000162/bhr-20261028.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001574085-26-000162
- JSON: https://secwatch.observer/filing/0001574085-26-000162.json
- Plain text: https://secwatch.observer/filing/0001574085-26-000162.txt

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