Braemar Hotels & Resorts Closes Sale of Four Seasons Resort Scottsdale for USD 372 Million

✦ Meridian Analysis

Braemar Hotels & Resorts Inc. has closed the sale of its 210‑room Four Seasons Resort Scottsdale for $372 million, equating to $1.8 million per key and a 5.8 % capitalization rate on net operating income. The transaction, announced on 3 November, was completed with customary prorations and adjustments; the buyer remains undisclosed. Braemar, a publicly listed REIT focused on luxury hotels, acquired the property in 2022 and is now using the proceeds, together with cash on hand, to settle fees owed under a separation agreement and to fund its transition to a self‑managed REIT slated for mid‑November. The deal is a straightforward asset sale rather than a take‑private or carve‑out, and the disclosed EBITDA multiple of 15.0 × for the trailing twelve months. Braemar generated an unlevered return of approximately 15 % on the investment, above its 10 % minimum target. What remains undisclosed includes the identity of the purchaser. Observers will watch the forthcoming proxy vote.

The Meridian Weekly