Braemar Hotels & Resorts Inc. filed soliciting material under Schedule 14A on November 3, 2026, announcing the closing of its previously announced sale of the Four Seasons Resort Scottsdale for $372 million.

Key Highlights

  • Sale price: $372 million, or $1.8 million per key, subject to customary prorations and adjustments, for the 210-room Four Seasons Resort Scottsdale.
  • Valuation metrics: Including anticipated capital expenditures of $23 million, the sale price represents a 5.8% capitalization rate on net operating income and a 15.0x Hotel EBITDA multiple for the trailing 12 months ended September 2026.
  • Unlevered return: The company disclosed an unlevered return of approximately 15%, which it described as "significantly above our 10% minimum target."
  • Acquisition year: According to the filing, the property was acquired in 2022.
  • Use of proceeds: The company stated it expects proceeds from the sale, together with cash on hand, to fund remaining fees owed to its external advisor under its separation agreement.
  • Self-management transition: The company disclosed it "remains on track to complete our transition to a self-managed REIT in mid-November."

Braemar Hotels Closes Four Seasons Scottsdale Disposition at $1.8M Per Key

Braemar Hotels & Resorts Inc. (NYSE:BHR) announced on November 3, 2026, that it has closed on the sale of the 210-room Four Seasons Resort Scottsdale for $372 million, equating to $1.8 million per key, subject to customary prorations and adjustments. According to the filing, the transaction metrics include a 5.8% capitalization rate on net operating income and a 15.0x Hotel EBITDA multiple for the trailing 12 months ended September 2026, with those figures calculated including anticipated capital expenditures of $23 million.

The filing quotes Richard J. Stockton, President and Chief Executive Officer, stating the company generated "an unlevered return of approximately 15%, significantly above our 10% minimum target" on the property, which Braemar acquired in 2022. Stockton attributed the outcome to the company's acquisition team's ability to "source and underwrite attractive opportunities" and its asset management team's ability to "implement deliverable growth strategies," according to the filing.

The company disclosed that it expects the sale proceeds, combined with cash on hand, to fund the remaining fees owed to its external advisor under its separation agreement. The filing further states that Braemar "remains on track to complete our transition to a self-managed REIT in mid-November" and that it "looks forward to updating shareholders as we finalize the remaining steps." The filing contains forward-looking statements that are the company's own and subject to its cautionary language regarding risks and uncertainties described in the company's regulatory filings.

What Was Disclosed

Braemar Hotels & Resorts disclosed the November 3, 2026, closing of its Four Seasons Resort Scottsdale sale at $372 million, cited per-key pricing and EBITDA multiple metrics, indicated use of proceeds toward advisor separation fees, and confirmed its self-managed REIT transition remains on track for mid-November.