Braemar Hotels & Resorts Inc. has completed the $372 million sale of the 210-room Four Seasons Resort Scottsdale at Troon North to global investment firm Sixth Street, closing a transaction that will help fund the seller’s separation from its external advisor, Ashford Inc. The price amounts to approximately $1.8 million per room.
The closing follows the sale agreement previously reported by In Business in October. Sixth Street, which acquired the property in partnership with Riller Capital, announced its purchase October 29; Braemar confirmed the completed sale November 3.
Braemar purchased the resort for $267.8 million in December 2022. The latest transaction puts the sale price $104.2 million above that acquisition cost, an increase of approximately 39%. Braemar President and Chief Executive Officer Richard J. Stockton said the investment generated an unlevered return of approximately 15%, exceeding the company’s 10% minimum target.
“We expect the proceeds from this sale, together with cash on hand, to fund the remaining fees owed to our external advisor under our separation agreement,” Stockton said. “We remain on track to complete our transition to a self-managed REIT in mid-November.”
For the buyers, the acquisition includes a North Scottsdale resort at the base of Pinnacle Peak and approximately 13 acres of developable land beyond its existing footprint, according to Sixth Street. The property features 188 casitas and 22 suites, five food and beverage venues, a 9,000-square-foot spa and approximately 36,000 square feet of indoor and outdoor meeting space. Sixth Street said it plans to work with Four Seasons to enhance the resort’s offerings. Ares Management Corporation provided acquisition financing arranged by Eastdil Secured.
The Scottsdale closing brings the combined value of five hotel sales Braemar announced across July, August and this transaction to $999.5 million. The earlier transactions included the Ritz-Carlton Sarasota, Hotel Yountville and Bardessono Hotel and Spa for a combined $437.5 million, followed by the Pier House Resort & Spa for $190 million.
As outlined in its earlier restructuring announcement, Braemar expects its remaining portfolio to consist of seven properties. Following the transition to self-management, the company projects annual corporate general and administrative expenses, including advisory and related fees, will decline from approximately $42 million to approximately $15 million.
In its closing announcement, Braemar reported a 5.8% capitalization rate and a 15-times hotel EBITDA multiple based on the resort’s performance for the trailing 12 months ended September 2026, including $23 million in anticipated capital expenditures.
