BRAEMAR HOTELS & RESORTS ANNOUNCES AGREEMENT TO SELL PARK HYATT BEAVER CREEK RESORT & SPA

Rhea-AI Summary

Braemar Hotels & Resorts (NYSE: BHR) entered a definitive agreement to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key) and received a $6.5 million non-refundable earnest money deposit.

The sale price equals a 5.1% capitalization rate on trailing 12-month net operating income through December 2025. The company intends to use net proceeds to redeem outstanding convertible notes in June; the transaction is expected to close in May 2026, subject to customary conditions.

Positive

• Sale proceeds of $176 million
• $6.5 million non-refundable earnest money deposit received
• Price equals a 5.1% capitalization rate on trailing 12-month NOI
• 193-room asset sold at $912,000 per key
• Proceeds intended to redeem convertible notes in June

Negative

• Transaction is subject to customary closing conditions and is not guaranteed

News Market Reaction – BHR

-0.83%

-0.83% Session close to close

In the May 1 session, BHR declined 0.83%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Braemar’s agreement to sell the 193-room Park Hyatt Beaver Creek Resort...

Analysis

This announcement highlights Braemar’s agreement to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million, or $912,000 per key, at a stated 5.1% capitalization rate on trailing net operating income. The company plans to use net proceeds to redeem its 4.50% Convertible Senior Notes due June 2026, signaling a focus on de-leveraging and balance sheet management. Investors may watch closing progress, redeployment of any remaining capital, and upcoming earnings for further detail on post-sale strategy.

Key Figures

Asset sale price: $176 million Rooms sold: 193 rooms Price per key: $912,000 per key +5 more

8 metrics

Asset sale price $176 million Cash consideration for Park Hyatt Beaver Creek Resort & Spa sale

Rooms sold 193 rooms Park Hyatt Beaver Creek Resort & Spa key count

Price per key $912,000 per key Implied valuation per room in the sale agreement

Earnest money deposit $6.5 million Non-refundable deposit received under the sale agreement

Capitalization rate 5.1% Cap rate based on trailing 12 months net operating income

Hotel NOI $9.0 million Net operating income for 12 months ended Dec 31, 2025 (8-K)

Convertible notes coupon 4.50% Coupon on Convertible Senior Notes due June 2026 to be redeemed

Convertible notes maturity June 2026 Maturity date of Convertible Senior Notes targeted for redemption

Historical Context

5 past events · Latest: Apr 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 23	Preferred dividends	Positive	+0.8%	Declared April 2026 preferred dividends across multiple series with future pay dates.
Apr 22	Earnings timing	Neutral	-1.4%	Announced schedule to release Q1 2026 results on May 6, 2026.
Mar 24	Preferred dividends	Positive	-4.1%	Declared March 2026 preferred dividends with detailed per-share amounts and records.
Mar 06	Management change	Neutral	-3.5%	Ashford CFO retirement and transition while supporting Braemar and Ashford asset sales.
Feb 23	Preferred dividends	Positive	+1.3%	Declared February 2026 preferred dividends and disclosed outstanding preferred share counts.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news flow has focused on preferred dividends, governance and advisory arrangements, with mixed short-term price reactions around these events.

Recent Company History

Over the past six months, Braemar’s disclosures have centered on preferred dividend declarations, governance updates, and advisory agreements. Dividend announcements on Feb 23, Mar 24, and Apr 23 highlighted ongoing payouts to preferred holders with modest share price reactions. An Apr 22 notice set the timeline for Q1 2026 earnings. The March 6 Ashford CFO transition underscored the close advisory relationship. Today’s announced premium sale and planned note redemption build on this pattern of balance sheet and capital-structure focused updates.

Key Terms

capitalization rate, net operating income, convertible notes

3 terms

capitalization rate financial

"The sale price represents a 5.1% capitalization rate on net operating income"

The capitalization rate is a percentage that helps investors estimate how much money a property or investment might generate relative to its value. It’s similar to a return rate, showing how quickly an investment could pay for itself over time. This rate helps compare different investments and assess their potential profitability.

net operating income financial

"represents a 5.1% capitalization rate on net operating income for the trailing 12 months"

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

convertible notes financial

"Braemar intends to use the net proceeds to redeem its outstanding convertible notes in June."

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, April 30, 2026 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that it has entered into a definitive agreement to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million ($912,000 per key) and has received a $6.5 million non-refundable earnest money deposit. The sale price represents a 5.1% capitalization rate on net operating income for the trailing 12 months ended December 2025.

"The sale of this asset at a premium valuation is a significant milestone in our ongoing strategic review and sales process, underscoring the high quality of our portfolio," said Richard Stockton, Braemar's President and Chief Executive Officer. "Braemar intends to use the net proceeds to redeem its outstanding convertible notes in June."

The transaction is expected to close in May 2026, subject to customary conditions. The Company provides no assurances that the sale will be completed on these terms or at all. 

About Braemar Hotels & Resorts

Braemar Hotels & Resorts Inc. (NYSE: BHR) is a real estate investment trust (REIT) focused on the high-growth luxury hotel and resort sector. The Company targets high-performance luxury urban and resort properties, specializing in assets that generate revenue per available room (RevPAR) at least twice the U.S. national average. Its industry-leading portfolio features luxury properties across the United States and the U.S. territories in the Caribbean. Externally advised by Ashford Hospitality Advisors LLC, Braemar leverages deep industry expertise and disciplined asset management to drive outsized performance.

Braemar Hotels & Resorts Inc.
Park Hyatt Beaver Creek Resort & Spa
Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA and Hotel Net Operating Income
(Unaudited, in millions)
		12 Months Ended
		December 31, 2025
Net income (loss)		$                     (1.5)
Interest expense		5.1
Depreciation and amortization		7.2
Hotel EBITDA		$                     10.8
Capital reserve		(1.8)
Hotel Net Operating Income		$                       9.0

__________________

All information in this table is based upon unaudited operating financial data for the twelve month period ended December 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 4% of gross revenue.

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 federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "anticipate," "estimate," "approximately," "believe," "could," "project," "predict," or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business. 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. These and other risk factors are more fully discussed in the Company's filings with the SEC.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not 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.

View original content:https://www.prnewswire.com/news-releases/braemar-hotels--resorts-announces-agreement-to-sell-park-hyatt-beaver-creek-resort--spa-302759530.html

SOURCE Braemar Hotels & Resorts, Inc.

FAQ

What did Braemar (BHR) announce about the Park Hyatt Beaver Creek sale on April 30, 2026?

Braemar announced a definitive agreement to sell the 193-room Park Hyatt Beaver Creek for $176 million. According to the company, the buyer paid a $6.5 million non-refundable earnest money deposit and the deal is expected to close in May 2026.

How does the $176 million sale price for Park Hyatt Beaver Creek translate per room for BHR?

The sale price equals $912,000 per key based on 193 rooms. According to the company, that per-room figure is derived from the agreed $176 million purchase price divided by the property's room count.

What capitalization rate did Braemar report for the Park Hyatt Beaver Creek sale (BHR)?

Braemar reported a 5.1% capitalization rate on trailing 12-month net operating income. According to the company, the cap rate uses NOI for the twelve months ended December 2025 as the basis for that calculation.

When will the Park Hyatt Beaver Creek transaction close and what will BHR do with proceeds?

The company expects the transaction to close in May 2026, subject to customary conditions. According to the company, net proceeds are intended to be used to redeem outstanding convertible notes in June.

Is the Park Hyatt Beaver Creek sale to BHR final and guaranteed to close?

No, the sale is not guaranteed and remains subject to customary closing conditions. According to the company, it provides no assurances the transaction will complete on the announced terms or at all.