India, July 8 -- REIT Braemar Hotels & Resorts, Inc. (BHR) announced Tuesday that it has entered into a definitive agreement to sell the 369-room Marriott Seattle Waterfront in Seattle for $145 million.
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.
"The sale of this upper upscale hotel will help deleverage our portfolio and further align our financial performance with the luxury hotel sector," said Richard Stockton, Braemar's president and CEO.
The transaction, subject to customary conditions, is expected to close in August 2025.
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