Braemar closes $372M sale of Four Seasons Resort Scottsdale

Braemar Hotels & Resorts, a REIT focused on luxury hotels, closed the sale of the 210-room Four Seasons Resort Scottsdale for $372 million ($1.8 million per key). Including $23 million of anticipated capex, the price represents a 5.8% cap rate and a 15.0x trailing Hotel EBITDA multiple. Braemar acquired the property in 2022 and says it generated an unlevered return of about 15%.

Why it matters: Proceeds help fund fees owed to Braemar's external advisor as it transitions to a self-managed REIT in mid-November.