BRAEMAR HOTELS & RESORTS ANNOUNCES AGREEMENT TO SELL MARRIOTT SEATTLE WATERFRONT
Braemar Hotels & Resorts (NYSE: BHR) has announced the planned sale of the 369-room Marriott Seattle Waterfront for $145 million ($393,000 per key). The transaction, expected to close in August 2025, represents an 8.1% capitalization rate on trailing 12-month net operating income through May 31, 2025.
The property generated $12.4 million in Net Operating Income and $14.3 million in Hotel EBITDA for the trailing 12 months. The sale price factors in anticipated capital expenditures of $7 million. According to CEO Richard J. Stockton, this strategic divestment of the upper upscale hotel aims to deleverage BHR's portfolio and align its financial performance with the luxury hotel sector.
Braemar Hotels & Resorts (NYSE: BHR) ha annunciato la vendita pianificata del Marriott Seattle Waterfront da 369 camere per 145 milioni di dollari (393.000 dollari per camera). La transazione, che dovrebbe concludersi ad agosto 2025, rappresenta un tasso di capitalizzazione dell'8,1% sul reddito operativo netto degli ultimi 12 mesi fino al 31 maggio 2025.
La struttura ha generato un reddito operativo netto di 12,4 milioni di dollari e un EBITDA alberghiero di 14,3 milioni di dollari negli ultimi 12 mesi. Il prezzo di vendita considera investimenti in capitale previsti per 7 milioni di dollari. Secondo l'amministratore delegato Richard J. Stockton, questa dismissione strategica dell'hotel di fascia alta punta a ridurre l'indebitamento del portafoglio BHR e ad allineare le sue performance finanziarie al settore degli hotel di lusso.
Braemar Hotels & Resorts (NYSE: BHR) ha anunciado la venta planificada del Marriott Seattle Waterfront de 369 habitaciones por 145 millones de dólares (393,000 dólares por habitación). La transacción, que se espera cierre en agosto de 2025, representa una tasa de capitalización del 8,1% sobre los ingresos netos operativos de los últimos 12 meses hasta el 31 de mayo de 2025.
La propiedad generó 12.4 millones de dólares en ingreso neto operativo y 14.3 millones de dólares en EBITDA hotelero en los últimos 12 meses. El precio de venta considera gastos de capital anticipados de 7 millones de dólares. Según el CEO Richard J. Stockton, esta desinversión estratégica del hotel de alta gama busca reducir el apalancamiento del portafolio de BHR y alinear su desempeño financiero con el sector de hoteles de lujo.
Braemar Hotels & Resorts (NYSE: BHR)는 369객실 규모의 Marriott Seattle Waterfront를 1억 4500만 달러(객실당 39만 3000달러)에 매각할 계획을 발표했습니다. 이 거래는 2025년 8월에 마감될 예정이며, 2025년 5월 31일까지 최근 12개월간 순영업소득 기준으로 8.1% 자본환원율을 나타냅니다.
해당 부동산은 최근 12개월 동안 1240만 달러의 순영업소득과 1430만 달러의 호텔 EBITDA를 창출했습니다. 매각 가격에는 예상 자본 지출액 700만 달러가 반영되어 있습니다. CEO 리처드 J. 스톡턴에 따르면, 이 상위급 호텔의 전략적 매각은 BHR의 포트폴리오 부채를 줄이고 금융 성과를 고급 호텔 부문과 일치시키기 위한 것입니다.
Braemar Hotels & Resorts (NYSE: BHR) a annoncé la vente prévue du Marriott Seattle Waterfront de 369 chambres pour 145 millions de dollars (393 000 dollars par chambre). La transaction, dont la clôture est prévue pour août 2025, représente un taux de capitalisation de 8,1% sur le revenu net d'exploitation des 12 derniers mois jusqu'au 31 mai 2025.
La propriété a généré 12,4 millions de dollars de revenu net d'exploitation et 14,3 millions de dollars d'EBITDA hôtelier sur les 12 derniers mois. Le prix de vente prend en compte des dépenses d'investissement anticipées de 7 millions de dollars. Selon le PDG Richard J. Stockton, cette cession stratégique de l'hôtel haut de gamme vise à réduire l'endettement du portefeuille de BHR et à aligner ses performances financières avec le secteur de l'hôtellerie de luxe.
Braemar Hotels & Resorts (NYSE: BHR) hat den geplanten Verkauf des 369-Zimmer Marriott Seattle Waterfront für 145 Millionen US-Dollar (393.000 US-Dollar pro Zimmer) angekündigt. Die Transaktion, die voraussichtlich im August 2025 abgeschlossen wird, entspricht einer Kapitalisierungsrate von 8,1% auf das Nettobetriebsergebnis der letzten 12 Monate bis zum 31. Mai 2025.
Die Immobilie erwirtschaftete in den letzten 12 Monaten ein Nettobetriebsergebnis von 12,4 Millionen US-Dollar und ein Hotel-EBITDA von 14,3 Millionen US-Dollar. Der Verkaufspreis berücksichtigt geplante Investitionsausgaben in Höhe von 7 Millionen US-Dollar. Laut CEO Richard J. Stockton zielt dieser strategische Verkauf des gehobenen Hotels darauf ab, die Verschuldung des BHR-Portfolios zu reduzieren und die finanzielle Leistung an den Luxushotel-Sektor anzupassen.
- Sale price of $145 million represents $393,000 per key
- Strong 8.1% capitalization rate on trailing 12-month net operating income
- Strategic deleveraging of portfolio
- Alignment with luxury hotel sector focus
- Property reported net loss of $1.6 million for trailing 12 months
- Reduction in total room count and market presence
- Transaction subject to closing conditions and potential risks
Insights
Braemar's $145M hotel sale represents strategic deleveraging at a solid 8.1% cap rate despite the property's recent operating losses.
Braemar's agreement to sell the Marriott Seattle Waterfront for
The financial data reveals interesting dynamics: while the property generated
This transaction aligns with CEO Stockton's stated strategy to "deleverage our portfolio and further align our financial performance with the luxury hotel sector." For a REIT focused on luxury properties, shedding an "upper upscale" asset (Marriott's classification below luxury) creates portfolio coherence. The
This deal appears to represent a thoughtful balance sheet optimization, allowing Braemar to potentially reduce debt while sharpening its luxury-focused strategy.
"We are pleased to announce the planned sale of the Marriott Seattle Waterfront," said Richard J. Stockton, Braemar's president and CEO. "The sale of this upper upscale hotel will help deleverage our portfolio and further align our financial performance with the luxury hotel sector."
The transaction is expected to close in August 2025, subject to customary conditions. The Company provides no assurances that the sale will be completed on these terms or at all.
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Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Braemar Hotels & Resorts Inc. | |||
Marriott Seattle Waterfront | |||
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA and Hotel Net Operating Income | |||
(Unaudited, in millions) | |||
12 Months Ended | |||
May 31, 2025 | |||
Net income (loss) | $ | (1.6) | |
Interest expense | 6.6 | ||
Amortization of loan cost | 0.2 | ||
Depreciation and amortization | 9.1 | ||
Hotel EBITDA | $ | 14.3 | |
Capital reserve | (1.9) | ||
Hotel Net Operating Income | $ | 12.4 | |
_________
All information in this table is based upon unaudited operating financial data for the twelve month period ended May 31, 2025. This data has not been audited or reviewed by the Company's independent registered public accounting firm. The financial information presented could change.
EBITDA is defined as net income (loss), computed in accordance with generally accepted accounting principles ("GAAP"), before interest, taxes, depreciation and amortization. Hotel EBITDA multiple is defined as the purchase price divided by the trailing 12 month EBITDA. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's hotel EBITDA minus a capital expense reserve of
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board's decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar's filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
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SOURCE Braemar Hotels & Resorts, Inc.
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