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Marriott Seattle Waterfront Hotel – Image Credit Marriott International
Braemar Hotels & Resorts Inc. (NYSE: BHR) 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 $50.8 million of net proceeds after payment of transfer taxes and transaction costs.
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
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Braemar Hotels & Resorts Inc.
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Marriott Seattle Waterfront
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Reconciliation of Hotel Net Income (Loss) to Hotel EBITDA and Hotel Net Operating Income
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(Unaudited, in millions)
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12 Months Ending
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May 31, 2025
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Net income (loss)
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$ (1.6)
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Interest expense
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6.6
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Amortization of loan cost
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0.2
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Depreciation and amortization
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9.1
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Hotel EBITDA
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$ 14.3
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Capital reserve
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(1.9)
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Hotel Net Operating Income
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$ 12.4
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