secwatch.observer — SEC 8-K summary
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Issuer:     Braemar Hotels & Resorts Inc. (BHR)
CIK:        0001574085
Form:       8-K
Filed at:   2026-11-03T21:04:58+00:00
Accession:  0001574085-26-000162
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 2.01, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1574085/000157408526000162/0001574085-26-000162-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1574085/000157408526000162/bhr-20261028.htm
  HTML page:      https://secwatch.observer/filing/0001574085-26-000162

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