Braemar puts the Four Seasons Scottsdale under contract at $372 million
Braemar Hotels & Resorts Inc. holds a definitive agreement to sell the Four Seasons Resort Scottsdale at Troon North for $372 million, or $1.8 million a key. The Form 8-K dates the agreement 23 September 2026. The sellers are BHR Scottsdale LP, BHR Scottsdale Storage LLC and BHR TRS Scottsdale LLC. The buyer is Evergreen Acquisitions LLC, a Delaware limited liability company unaffiliated with Braemar. Braemar received a $10 million non-refundable earnest money deposit. The company announced the agreement on 29 September 2026 and expects the sale to close on 22 October 2026, subject to customary prorations and adjustments.
Including anticipated capital expenditures of $23 million, the price represents a 6.2 percent capitalisation rate on net operating income for the trailing twelve months ended August 2026. The company states that conditions to closing remain outstanding and that it gives no assurance the sale completes on those terms.
The summer sales that cover the fee bill
Two closings sit behind the Scottsdale contract. On 14 July 2026 Braemar closed the sale of the Ritz-Carlton Sarasota, the Hotel Yountville and the Bardessono Hotel and Spa for a total purchase price of $437.5 million, or $1.0 million a key. On 21 August 2026 it closed the sale of the Pier House Resort & Spa in Key West, Florida, for $190.0 million, or $1.3 million a key.
Braemar states that these sales and other planned refinancings generate sufficient funds to pay the remainder of the Company Sale Fee and the Master Agreement Termination Fee owed to Ashford Inc. The separation from Ashford is expected to complete by mid-November.
The Al Shams settlement
Braemar, Ashford Hospitality Trust Inc. and Ashford Inc. signed a Cooperation and Settlement Agreement dated 6 October 2026 with Al Shams Investments Limited and, for certain purposes, Wafic Rida Said. Al Shams withdrew its notice to nominate directors at the 2026 annual meeting. The agreement carries standstill restrictions that run to the tenth anniversary and voting commitments. Al Shams may consult Braemar's search firm about candidates for one additional director seat. The board keeps sole discretion over the selection.
Braemar pays Al Shams $25,000,000 and a further $15,000,000 as reimbursement of Al Shams's expenses. The company expects its own contribution to land between $4,000,000 and $6,000,000 after applicable insurance proceeds and after Ashford's share under an Allocation Agreement dated the same day. That agreement splits the payments net of insurance evenly between the two companies. Braemar states that its contribution would likely be less than the cost of the litigation it would otherwise have faced. Braemar's 2026 annual stockholders meeting is set for 21 December 2026.
The portfolio the company keeps
Braemar's portfolio after the transition holds seven hotels. The Ritz-Carlton Reserve Dorado Beach carries 96 keys and The Ritz-Carlton, St. Thomas carries 180. The Capital Hilton carries 559 keys and The Notary Hotel, Autograph Collection carries 499. The Sofitel Chicago Magnificent Mile carries 415 keys and The Ritz-Carlton, Lake Tahoe carries 170. Cameo Beverly Hills, LXR Hotels & Resorts carries 143 keys. The investor presentation counts five luxury properties and two upper upscale.
The cost structure and the refinancing plan
As a self-managed REIT, Braemar expects to cut total annual corporate general and administrative expenses from approximately $42 million to approximately $15 million. That step removes more than $25 million in annual cost. A refinancing programme over the next three to six months targets a reduction of more than 150 basis points in the weighted-average interest rate for the affected assets, estimated 2027 interest savings of approximately $4.8 million to $5.5 million and an extension of debt maturities. On a pro forma basis, September 2026 net debt as a percentage of gross assets falls from approximately 50 percent to approximately 36 percent.
Forward booking and the 2027 outlook
Forward booking across the go-forward portfolio is rate-led. As of September 2026, next-twelve-months revenue pace runs approximately 25 percent ahead of the prior year. Average daily rate carries an approximately 27 percent increase. On-the-books occupancy sits modestly behind the prior year.
Braemar's guidance for the year ending 31 December 2027 puts RevPAR growth between 4.5 percent and 6.5 percent, with 5.5 percent at the middle. Comparable RevPAR is guided at $358 at the middle. Total revenues are guided at $409 million at the middle, with a comparable hotel EBITDA margin between 24.5 percent and 25.4 percent. Adjusted EBITDAre at the middle is $88 million against a GAAP net loss of $9 million.
The executive team on completion
The investor presentation names the team for the self-managed company. Richard Stockton is president and chief executive officer. Justin Coe is chief financial officer and chief accounting officer. Robert Haiman is chief legal officer. Nathan Schupp is senior vice president of corporate finance, Elizabeth Lloyd is senior vice president and head of asset management, and Adam Tegge is senior vice president of investments.
Stockton said the company "will remain disciplined and deliberate in evaluating opportunities to add complementary properties to our portfolio", and that it will keep its focus on the luxury hotel segment.