Braemar Hotels & Resorts Completes $372 Million Sale of Four Seasons Resort Scottsdale

Braemar Hotels & Resorts Inc. closed the sale of the 210-room Four Seasons Resort Scottsdale for $372 million, or $1.8 million per key, the company said in a PR Newswire announcement on November 3, 2026. Braemar is a Dallas-based real estate investment trust focused on luxury hotels and resorts. The buyer was not named.

Braemar's Four Seasons Scottsdale Sale Terms

The $372 million price is subject to customary prorations and adjustments. Including anticipated capital expenditures of $23 million, the sale price represents a 5.8% capitalization rate on net operating income and a 15.0x Hotel EBITDA multiple for the trailing 12 months ended September 2026. Braemar acquired the property in 2022.

"I am extremely pleased with our investment in the Four Seasons Scottsdale," said Richard J. Stockton, President and Chief Executive Officer. "Having acquired the property in 2022, this transaction further demonstrates our acquisition team's ability to source and underwrite attractive opportunities, in addition to our asset management team's ability to implement deliverable growth strategies."

Stockton said the transaction generated an unlevered return of approximately 15%, above the company's 10% minimum target. Braemar expects the proceeds, together with cash on hand, to fund the remaining fees owed to its external advisor under its separation agreement. The company said it remains on track to complete its transition to a self-managed REIT in mid-November.

Braemar's Advisory Exit and Self-Management Plan

According to akta.pro company records, Braemar announced in June 2026 the termination of its long-term advisory agreement with Ashford Inc. and its transition to a self-managed REIT, with expected annual general and administrative savings exceeding $25 million. The same records show the company announced a near-total board reconstitution with five new independent directors amid shareholder activism and governance challenges from 9.5% holder Al Shams Investments. Braemar owns 14 luxury and upper-upscale hotel properties under brands including Four Seasons, Ritz-Carlton, Hilton and Marriott across the U.S. and Caribbean.

Braemar's Path to the Scottsdale Closing

On October 8, 2026, Braemar announced a portfolio update and 2027 financial outlook that included a definitive agreement to sell Four Seasons Resort Scottsdale for $372 million, FinancialContent Business Page reported. American City Business Journals reported on October 12, 2026 that the 37-acre, 210-room resort on East Crescent Moon Drive was under contract for $372 million as its Dallas-based owner separates from Ashford Incorporated. On November 3, 2026, Stock Titan reported that Braemar refinanced its Ritz-Carlton Lake Tahoe loan to $60 million, lowering the interest rate from SOFR + 3.25% to SOFR + 2.65% and extending the next hard debt maturity to December 2028.

Braemar's Next Scheduled Update

Braemar will release its third-quarter 2026 financial results after market close on November 4, 2026, PR Newswire reported. The company expects to complete its transition to a self-managed REIT in mid-November.