Braemar (NYSE: BHR) to sell Park Hyatt Beaver Creek resort for $176M
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Braemar Hotels & Resorts Inc. has agreed to sell the 193-room Park Hyatt Beaver Creek Resort & Spa in Colorado for $176 million in cash, or $912,000 per room. The buyer has provided a $6.5 million non-refundable deposit, and closing is expected in the second quarter of 2026, subject to customary conditions.
The company plans to use net proceeds to redeem its outstanding 4.50% Convertible Senior Notes due June 2026 and for general corporate purposes. The price reflects a 5.1% capitalization rate on $9.0 million of hotel net operating income for the twelve months ended December 31, 2025, based on unaudited data.
Positive
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Negative
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Insights
High-value hotel sale supports debt redemption and balance sheet simplification.
Braemar agreed to sell the Park Hyatt Beaver Creek Resort & Spa for $176 million, or $912,000 per room. The price implies a 5.1% capitalization rate on $9.0 million of hotel net operating income for the twelve months ended December 31, 2025, based on unaudited results.
The company states it intends to use net proceeds to redeem its 4.50% Convertible Senior Notes due June 2026 and for general corporate purposes. Redeeming these notes reduces upcoming debt maturity pressure and interest expense at a 4.50% coupon, while also shrinking the asset base by one luxury resort.
The transaction is expected to close in May 2026, subject to customary conditions, and carries standard covenants, representations, warranties, and indemnities. Actual impact will depend on successful completion on the agreed terms and how the company reallocates any remaining proceeds after note redemption.
8-K Event Classification
3 items: 1.01, 7.01, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Sale price: $176 million
Rooms: 193 rooms
Price per key: $912,000 per key
+5 more
8 metrics
Sale price
$176 million
Cash consideration for Park Hyatt Beaver Creek Resort & Spa
Rooms
193 rooms
Key count for Park Hyatt Beaver Creek Resort & Spa
Price per key
$912,000 per key
Implied valuation per room at $176 million sale price
Earnest money deposit
$6.5 million
Non-refundable deposit received from buyer
Capitalization rate
5.1%
Cap rate on trailing 12-month net operating income ended Dec 31, 2025
Hotel net operating income
$9.0 million
Twelve months ended December 31, 2025, unaudited
Hotel EBITDA
$10.8 million
Twelve months ended December 31, 2025, unaudited
Convertible note coupon and maturity
4.50% due June 2026
Convertible Senior Notes Braemar intends to redeem with net proceeds
Key Terms
capitalization rate, Hotel EBITDA, Hotel Net Operating Income, Convertible Senior Notes, +2 more
6 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.
Hotel EBITDA financial
"Hotel EBITDA | | $ | 10.8 | |"
Hotel EBITDA is the operating profit a hotel generates before deducting interest, taxes, depreciation and amortization, showing the cash earned from running the rooms, food and services without counting financing costs or accounting for building wear. Investors use it to compare how well different hotels or brands perform, estimate property value and judge whether a hotel can cover debt and pay owners — like looking at how much cash a store makes before paying rent, loans and replacing old equipment.
Hotel Net Operating Income financial
"Hotel Net Operating Income | | $ | 9.0 | |"
Convertible Senior Notes financial
"redeem (i) its outstanding 4.50% Convertible Senior Notes due June 2026"
Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.
forward-looking statements regulatory
"Certain statements and assumptions in this press release contain or are based upon "forward-looking" information"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
capital reserve financial
"Capital reserve | | (1.8) | |"
A capital reserve is a portion of a company's profits set aside for special purposes, such as funding future growth or covering unexpected expenses. It acts like a savings fund that helps ensure the company’s stability and long-term success, which is reassuring for investors because it indicates the company is prepared for future opportunities or challenges.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): April 27, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS employer identification number) | ||||||||||||
| (Address of principal executive offices) | (Zip code) | |||||||||||||
Registrant’s telephone number, including area code: (972 ) 490-9600
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On April 27, 2026, Ashford BC LP and Ashford TRS BC LLC (“Ashford”), indirect subsidiaries of Braemar Hotels & Resorts Inc. (the “Company”), entered into an Agreement of Purchase and Sale (the “Agreement”) with Apres Owner, LLC for the sale of Park Hyatt Beaver Creek Resort & Spa located in Avon, Colorado for $176 million in cash, subject to customary pro-rations and adjustments. The sale is expected to close in the second quarter of 2026, subject to customary closing conditions. Net proceeds from the consummation of the sale pursuant to the Agreement will be used by the Company to redeem (i) its outstanding 4.50% Convertible Senior Notes due June 2026 and (ii) for general corporate purposes.
The Agreement contains terms, conditions, covenants, representations and warranties and indemnities from each of the respective parties that are customary and typical for a transaction of this nature. Several conditions to closing on the sale remain to be satisfied, and there can be no assurance that the sale transaction will be completed on the general terms described above or at all.
ITEM 7.01 REGULATION FD DISCLOSURE.
A copy of the press release announcing the Company’s entry into the Agreement is attached hereto as Exhibit 99.1.
The information in this Item 7.01 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit Number Description
99.1 Press Release of the Company, dated April 30, 2026
101 Inline Interactive Data Files.
104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BRAEMAR HOTELS & RESORTS INC. | ||||||||
| Dated: April 30, 2026 | By: | /s/ Jim Plohg | ||||||
| Jim Plohg | ||||||||
| Executive Vice President, General Counsel & Secretary | ||||||||
EXHIBIT 99.1
NEWS RELEASE
| Contact: | Allison Beach | Joseph Calabrese | ||||||
| Media Contact | Financial Relations Board | |||||||
| abeach@ashfordinc.com | (212) 827-3772 | |||||||
BRAEMAR HOTELS & RESORTS ANNOUNCES AGREEMENT TO SELL PARK HYATT BEAVER CREEK RESORT & SPA
DALLAS, April 30, 2026 – 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.
2
FAQ
What property is Braemar Hotels & Resorts (BHR) selling and for how much?
Braemar agreed to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million, or $912,000 per key. The agreed price reflects a 5.1% capitalization rate on the resort’s trailing twelve-month net operating income for the period ended December 31, 2025.
How will Braemar Hotels & Resorts (BHR) use the sale proceeds?
Braemar intends to use net proceeds to redeem its outstanding 4.50% Convertible Senior Notes due June 2026 and for general corporate purposes. This shifts value from a single luxury resort asset toward reducing upcoming debt obligations on the company’s balance sheet.
When is the Park Hyatt Beaver Creek sale expected to close for BHR?
The transaction is expected to close in May 2026, in the company’s second quarter, subject to customary closing conditions. Several conditions must still be satisfied, and Braemar provides no assurance the deal will be completed on these terms or at all.
What deposit and valuation metrics are disclosed for the BHR hotel sale?
The buyer has paid a $6.5 million non-refundable earnest money deposit. The $176 million price equates to $912,000 per key and a 5.1% capitalization rate on $9.0 million in hotel net operating income for the twelve months ended December 31, 2025.
What are the recent financial results for Park Hyatt Beaver Creek disclosed by BHR?
For the twelve months ended December 31, 2025, the resort recorded net income (loss) of $(1.5) million, interest expense of $5.1 million, depreciation and amortization of $7.2 million, hotel EBITDA of $10.8 million, and hotel net operating income of $9.0 million, all unaudited.
What risks does Braemar (BHR) highlight regarding the Park Hyatt Beaver Creek sale?
Braemar notes that several conditions to closing remain and there is no assurance the sale will be completed on the described terms or at all. The company also states the hotel financial data used to calculate metrics are unaudited and could change.