Braemar Hotels & Resorts has entered into an definitive agreement to sell the Four Seasons Resort Scottsdale for $372 million, or $1.8 million per key, to an undisclosed buyer. That's a big number for a desert resort.
The transaction includes a $10 million non-refundable earnest money deposit. The sale is expected to close Oct. 22, subject to customary prorations and adjustments.
The sales of these assets, in conjunction with other planned refinancing, are expected to create sufficient funds to pay the remainder of the Company Sale Fee and Master Agreement Termination Fee owed to Ashford. The completion of the separations is expected by mid-November.
Including anticipated capital expenditures of $23 million, the sales price represents a 6.2 percent capitalization rate on net operating income for the past 12 months ending in August 2026.