SCOTTSDALE, ARIZ. — Braemar Hotels & Resorts has entered into an definitive agreement to sell the Four Seasons Resort Scottsdale for $372 million, or $1.8 million per key, to an undisclosed buyer. The transaction includes a $10 million non-refundable earnest money deposit and is expected to close Oct. 22, subject to customary prorations and adjustments. Including anticipated capital expenditures of $23 million, the sales price represents a 6.2 percent capitalization rate on net operating income for the past 12 months ending in August 2026.
The sales of these assets, in conjunction with other planned refinancing, are expected to create sufficient funds to pay the remainder of the Company Sale Fee and Master Agreement Termination Fee owed to Ashford as part of Braemar’s separation from Ashford and transition to a self-managed REIT. The completion of the separations is expected by mid-November.
Pending completion of transactions, Braemar’s portfolio will include:
- the 96-key Ritz-Carlton Reserve Dorado Beach in Puerto Rico
- the 180-key Ritz-Carlton, St. Thomas, U.S. Virgin Islands
- the 559-key Capital Hilton, Washington, D.C.
- the 499-key Notary Hotel, Autograph Collection, Philadelphia
- the 415-key Sofitel Chicago Magnificent Mile, Chicago
- the 170-key Ritz-Carlton, Lake Tahoe in Truckee, Calif.
- the 143-key Cameo Beverly Hills, LXR Hotels & Resorts in Beverly Hills