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BRAEMAR HOTELS & RESORTS ANNOUNCES SALE OF MARRIOTT SEATTLE WATERFRONT

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Braemar Hotels & Resorts (NYSE: BHR) has completed the sale of the 369-room Marriott Seattle Waterfront for $145 million ($393,000 per key). The transaction, based on trailing 12-month performance through May 31, 2025, represents an 8.1% capitalization rate on net operating income, factoring in anticipated capital expenditures of $7 million.

Following the sale, BHR paid down approximately $88.4 million of debt and retained $50.8 million in net proceeds after transfer taxes and transaction costs. The company's CEO Richard J. Stockton confirmed this strategic divestiture enhances their balance sheet and liquidity, with no additional property sales projected for the calendar year.

Braemar Hotels & Resorts (NYSE: BHR) ha completato la vendita del Marriott Seattle Waterfront da 369 camere per $145 milioni (ovvero $393.000 per camera). L'operazione, basata sulle prestazioni degli ultimi 12 mesi fino al 31 maggio 2025, corrisponde a un tasso di capitalizzazione dell'8,1% sul reddito operativo netto, considerando spese in conto capitale previste per $7 milioni.

Dopo la vendita, BHR ha rimborsato circa $88,4 milioni di debito e ha trattenuto $50,8 milioni in proventi netti dopo tasse di trasferimento e costi di transazione. L'amministratore delegato Richard J. Stockton ha confermato che questa dismissione strategica rafforza il bilancio e la liquidit脿 della societ脿, e non sono previste ulteriori vendite di immobili nel corso dell'anno solare.

Braemar Hotels & Resorts (NYSE: BHR) ha completado la venta del Marriott Seattle Waterfront de 369 habitaciones por $145 millones ( $393,000 por habitaci贸n). La transacci贸n, basada en el rendimiento de los 煤ltimos 12 meses hasta el 31 de mayo de 2025, implica una tasa de capitalizaci贸n del 8,1% sobre los ingresos operativos netos, teniendo en cuenta los gastos de capital previstos de $7 millones.

Tras la venta, BHR pag贸 aproximadamente $88,4 millones de deuda y mantuvo $50,8 millones en ingresos netos despu茅s de impuestos de transferencia y costos de la transacci贸n. El CEO Richard J. Stockton confirm贸 que esta desinversi贸n estrat茅gica mejora su balance y liquidez, y no se proyectan ventas adicionales de propiedades durante el a帽o calendario.

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毵り皝 頉� BHR鞚 鞎� $88.4 million鞚� 攵毂�毳� 靸來櫂頄堨溂氅�, 鞏戨弰靹� 氚� 瓯半灅牍勳毄 瓿奠牅 頉� $50.8 million鞚� 靾滌垬鞚�鞚� 氤挫湢頄堨姷雼堧嫟. CEO 毽矘霌� J. 鞀ろ啞韯挫潃 鞚措矆 鞝勲灥鞝� 毵り皝鞚� 鞛甑“鞕 鞙犽彊靹膘潉 臧滌劆頃滊嫟瓿� 頇曥澑頄堨溂氅�, 頃措嫻 鞐半弰 雮� 於旉皜 鞛愳偘 毵り皝鞚 瓿勴殟頃橃 鞎婌晿雼り碃 氚濏様鞀惦媹雼�.

Braemar Hotels & Resorts (NYSE: BHR) a finalis茅 la vente du Marriott Seattle Waterfront de 369 chambres pour 145 millions de $ (soit 393 000 $ par chambre). La transaction, sur la base des performances des 12 derniers mois arr锚t茅es au 31 mai 2025, correspond 脿 un taux de capitalisation de 8,1 % sur le revenu d'exploitation net, en tenant compte des d茅penses d'investissement pr茅vues de 7 millions de $.

Apr猫s la vente, BHR a rembours茅 environ 88,4 millions de $ de dettes et a conserv茅 50,8 millions de $ de produits nets apr猫s imp么ts de transfert et frais de transaction. Le PDG Richard J. Stockton a confirm茅 que cette cession strat茅gique renforce leur bilan et leur liquidit茅, et qu'aucune vente suppl茅mentaire d'actifs n'est pr茅vue pour l'exercice en cours.

Braemar Hotels & Resorts (NYSE: BHR) hat den Verkauf des 369-Zimmer Marriott Seattle Waterfront 蹿眉谤 $145 Millionen (das sind $393.000 pro Zimmer) abgeschlossen. Die Transaktion, basierend auf der Leistung der letzten 12 Monate bis zum 31. Mai 2025, entspricht einer Kapitalisierungsrate von 8,1% auf das Net Operating Income, wobei erwartete Kapitalausgaben von $7 Millionen ber眉cksichtigt werden.

Nach dem Verkauf tilgte BHR rund $88,4 Millionen an Schulden und behielt nach Grunderwerbsteuern und Transaktionskosten $50,8 Millionen an Nettorerl枚sen. CEO Richard J. Stockton best盲tigte, dass dieser strategische Verkauf die Bilanz und Liquidit盲t des Unternehmens st盲rkt, und 蹿眉谤 das Kalenderjahr sind keine weiteren Immobilienverk盲ufe geplant.

Positive
  • None.
Negative
  • Property reported net loss of $1.6 million for trailing 12 months
  • Reduction in portfolio size and revenue-generating assets

Insights

Braemar's $145M Seattle hotel sale strengthens balance sheet with $50.8M net proceeds while reducing debt by $88.4M.

Braemar Hotels & Resorts has completed the previously announced sale of its Marriott Seattle Waterfront property for $145 million, representing $393,000 per key. This strategic divestiture carries significant financial implications for the REIT's overall position.

The 8.1% capitalization rate on the transaction (based on trailing 12-month NOI) indicates reasonable value capture in the current hotel market environment. The property had been generating $12.4 million in net operating income despite showing a net loss of $1.6 million, which suggests high debt service costs were weighing on profitability.

Looking at the financial outcome, Braemar has paid down approximately $88.4 million in debt while retaining $50.8 million in net proceeds after transaction costs. This dual benefit of debt reduction and liquidity enhancement improves the company's financial flexibility considerably. The debt reduction component is particularly significant as it removes the negative earnings impact evident in the property's financial data.

CEO Richard Stockton's statement that no additional property sales are projected for the calendar year signals this was a deliberate portfolio optimization move rather than the beginning of a broader liquidation strategy. This targeted approach to capital recycling allows Braemar to maintain its luxury-focused portfolio while strengthening its financial foundation.

The property's Hotel EBITDA of $14.3 million against the $145 million sale price provides a transaction multiple of approximately 10.1x EBITDA. This multiple reflects fair market pricing for an established waterfront hotel in a prime urban market like Seattle.

DALLAS, Aug. 11, 2025 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced that it has closed on the previously announced sale of the 369-room Marriott Seattle Waterfront in Seattle for $145 million ($393,000 per key). Including anticipated capital expenditures of $7 million, the sale price represents an 8.1% capitalization rate on net operating income for the trailing 12 months ended May 31, 2025.

"We are pleased that this strategic sale is complete," said Richard J. Stockton, Braemar's president and CEO. "With this divestiture, which enhances our balance sheet and liquidity, we project no additional property sales this calendar year."

In conjunction with the sale, the Company paid down approximately $88.4 million of debt and retained approximately $50.8 million of net proceeds after payment of transfer taxes and transaction costs.

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 Ending



May 31, 2025

Net income (loss)


$聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 (1.6)

Interest expense


6.6

Amortization of loan cost


0.2

Depreciation and amortization


9.1

Hotel EBITDA


$聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 14.3

Capital reserve


(1.9)

Hotel Net Operating Income


$聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 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 5% 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 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.

FAQ

What was the sale price of Braemar Hotels & Resorts' (BHR) Marriott Seattle Waterfront property?

Braemar Hotels & Resorts sold the Marriott Seattle Waterfront for $145 million, representing $393,000 per key for the 369-room property.

How much debt did BHR pay down from the Marriott Seattle Waterfront sale?

BHR paid down approximately $88.4 million of debt from the sale proceeds.

What was the capitalization rate for BHR's Marriott Seattle Waterfront sale?

The sale represented an 8.1% capitalization rate on net operating income for the trailing 12 months ended May 31, 2025, including anticipated capital expenditures of $7 million.

How much net proceeds did Braemar retain from the Seattle Marriott sale?

Braemar retained approximately $50.8 million in net proceeds after payment of transfer taxes and transaction costs.

What was the Marriott Seattle Waterfront's EBITDA for the trailing 12 months?

The property's Hotel EBITDA was $14.3 million for the trailing 12 months ending May 31, 2025.
Braemar Hotels & Resorts Inc

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