Key Highlights

● Braemar subsidiaries agreed to sell the Four Seasons Resort Scottsdale at Troon North to Evergreen Acquisitions, LLC for $372 million.

● The agreement is effective as of September 23, 2026, and the price is subject to customary prorations and adjustments.

● The buyer paid a $10 million deposit, which Braemar received and which became non-refundable on September 23, 2026.

● The filing says several closing conditions remain, so the sale is not complete, and it gives no expected closing date.

Braemar Hotels & Resorts Inc. (NYSE:BHR) filed a Form 8-K on September 29, 2026, under Item 1.01 (Entry into a Material Definitive Agreement), reporting a purchase and sale agreement for the Four Seasons Resort Scottsdale at Troon North. Three indirect subsidiaries of Braemar agreed to sell the resort to Evergreen Acquisitions, LLC for $372 million, subject to customary prorations and adjustments. The agreement is effective as of September 23, 2026. The filing says several conditions to closing remain to be satisfied, so the sale has not been completed.

The Parties and the Price

The sellers are BHR Scottsdale LP, BHR Scottsdale Storage LLC and BHR TRS Scottsdale LLC, each an indirect Subsidiary of Braemar. The buyer, Evergreen Acquisitions, LLC, is a Delaware Limited Liability company that the filing describes as unaffiliated with Braemar. That description matters because agreements with related parties raise different disclosure questions; here, the company states there is no such affiliation.

The stated price is $372 million, and the filing notes that it will be adjusted for customary items such as prorations. Such adjustments are ordinary in property sales: amounts like prepaid Revenue or accrued expenses are split between buyer and seller as of the closing date, so the final cash paid can differ from the headline figure. The filing does not quantify the adjustments.

The Deposit

The buyer has paid a deposit of $10 million, which Braemar received. The filing states that the deposit became non-refundable as of the September 23, 2026 effective date. In a real estate sale, the point at which a deposit becomes non-refundable is often a milestone, since it signals that the buyer has moved past its initial review period. The filing does not explain the terms under which the deposit might be returned or forfeited after that date, and it does not describe what happens to the deposit if the buyer fails to close.

What the Filing Does Not Disclose

The 8-K is brief, and it leaves several questions open. It does not give an expected closing date or an outside date by which the transaction must close. It does not identify the specific closing conditions, describe termination rights beyond a reference to customary terms, or say whether any Debt secured by the resort will be repaid at closing. It does not state how Braemar intends to use the proceeds, and it does not provide the resort's financial results or the gain or loss the company expects to record.

The agreement includes customary representations, warranties, covenants and indemnities, according to the filing. The company also cautions that completion of the sale is not assured.

The 8-K was signed on September 29, 2026 by Jim Plohg, Executive Vice President, General Counsel and Secretary. Braemar is a real estate Investment trust based in Dallas, Texas, that invests in hotels and resorts.

Troon North Sale Awaits Closing Conditions

The open questions are whether and when the sale closes, and what Braemar says about it in later reports. The company may describe the closing, the use of proceeds and any accounting effects in a further Form 8-K or in its next quarterly report, and it may say more about the remaining closing conditions at that time. Until then, the $10 million deposit and the $372 million price are the only financial terms the filing provides.