Braemar Hotels & Resorts Inc. (NYSE:BHR) announced on November 3, 2026 that it has closed the previously announced sale of the 210-room Four Seasons Resort Scottsdale for $372 million, equivalent to $1.8 million per key.

Key Highlights

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

Four Seasons Scottsdale Disposition: Transaction Details and Strategic Context

Braemar Hotels & Resorts Inc. disclosed the closing of its sale of the Four Seasons Resort Scottsdale on November 3, 2026. The property, which the company reported acquiring in 2022, was sold for $372 million, or $1.8 million per key, based on its 210 rooms. The filing noted the sale price is subject to customary prorations and adjustments.

According to the filing, when anticipated capital expenditures of $23 million are included, the transaction reflects a 5.8% capitalization rate on net operating income and a 15.0x Hotel EBITDA multiple, both calculated on the trailing 12 months ended September 2026. President and Chief Executive Officer Richard J. Stockton stated in the announcement that the transaction "further demonstrates our acquisition team's ability to source and underwrite attractive opportunities, in addition to our asset management team's ability to implement deliverable growth strategies."

The company disclosed that it expects the sale proceeds, combined with cash on hand, to cover remaining fees owed to its external advisor under the separation agreement. Braemar also stated it remains on track to complete its transition to a self-managed REIT in mid-November, and noted it looks forward to updating shareholders as remaining steps are finalized. The filing contains forward-looking statements, which the company identified as subject to risks and uncertainties described in its regulatory filings, and cautioned that actual results may vary materially.

What Was Disclosed

Braemar Hotels & Resorts disclosed the November 3, 2026 closing of the $372 million sale of the 210-room Four Seasons Resort Scottsdale, representing a 5.8% cap rate and 15.0x Hotel EBITDA multiple, with proceeds intended to fund advisor fees under the company's separation agreement.