- Braemar Hotels & Resorts (NYSE:BHR) stated Tuesday that it has signed a definitive deal to acquire luxury resort in North Scottsdale for $267.8M.
- Founded in 1999, the property comprises of 210-room Four Seasons Resort Scottsdale at Troon North. On a trailing 12-month basis as of Aug.30, 2022, the property achieved Revenue per available room (RevPAR) of $423.20, with 48.5% occupancy and an average daily rate of $873.24.
- Braemar Hotels & Resorts said it will purchase the asset using $267.8M of cash on hand.
- "Of the total consideration, $250 million is allocated to the existing resort and represents a capitalization rate of 5.7% on hotel net operating income of $14.2 million and a 15.2x hotel EBITDA multiple, based on unaudited operating financial data provided by the sellers and forecasted financial results for 2022," report.
- Synergies: RevPAR $407 forecasted for 2022 year-end. "This exquisite Property fits perfectly with our strategy of owning high RevPAR luxury hotels and resorts and further diversifies our portfolio," commented CEO Richard J. Stockton.
- Closing of the transaction is scheduled for Q4 2022.
- Earlier: Braemar Hotels & Resorts expects Q3 loss of $0.21-$0.19 per share