Braemar Hotels & Resorts to sell The Clancy in San Francisco for $115M

Braemar Hotels & Resorts announced that it has entered into a definitive agreement to sell the 410-room The Clancy in San Francisco for $115M and has received a $3.5M non-refundable earnest money deposit. The sale price represents a 5% capitalization rate on net operating income for the trailing 12 months ended August. The transaction is expected to close in November, subject to customary conditions. The buyer has the right to extend the closing for 30 days with an incremental $1M non-refundable deposit. The company provides no assurances that the sale will be completed on these terms or at all.