Braemar Hotels & Resorts closes Marriott Seattle Waterfront sale

Braemar Hotels & Resorts (BHR) announced that it has closed on the previously announced sale of the 369-room Marriott (MAR) Seattle Waterfront in Seattle for $145M, or $393,000 per key. Including anticipated capital expenditures of $7M, the sale price represents an 8.1% capitalization rate on net operating income for the trailing 12 months ended May 31. In conjunction with the sale, the Company paid down approximately $88.4M of debt and retained approximately $50.8M of net proceeds after payment of transfer taxes and transaction costs.