Braemar Hotels & Resorts Inc. has entered into a definitive agreement to sell the Four Seasons Resort Scottsdale for $372 million, approximately $1.8 million per room, as the luxury hotel owner advances a broader portfolio restructuring and transition to self-management.
The agreement was announced September 29, and Braemar has received a $10 million nonrefundable earnest money deposit. The transaction is expected to close October 22, 2026, subject to customary prorations and adjustments.
Including anticipated capital expenditures of $23 million, the sale price represents a 6.2% capitalization rate based on the resort’s net operating income for the trailing 12 months ended August 2026.
“With Four Seasons Resort Scottsdale under contract and our transition to self-management on schedule, Braemar is well positioned to deliver long-term value for our shareholders,” said Richard Stockton, Braemar’s president and chief executive officer. “Current sector tailwinds and strong fundamentals support our luxury hotel investment strategy.”
The Scottsdale agreement follows several completed property sales. In July, Braemar sold the Ritz-Carlton Sarasota, Hotel Yountville and Bardessono Hotel and Spa for a combined $437.5 million. In August, it completed the sale of the Pier House Resort & Spa for $190 million.
Together with planned refinancing transactions, the asset sales are expected to generate sufficient funds to pay the remaining fees owed to Ashford Inc. associated with Braemar’s separation from the company. Braemar expects to complete its transition to a self-managed real estate investment trust by mid-November.
Following the transition, Braemar expects annual corporate general and administrative expenses, including advisory and related fees, to decline from approximately $42 million to approximately $15 million. Its remaining portfolio is expected to include seven properties, with the company continuing to focus on luxury hotels and resorts.
Braemar cautioned that completion of the Scottsdale sale is not assured on the announced terms or at all.
