Braemar Hotels & Resorts is selling three of its luxury properties for a total price of $437.5 million in cash.
An 8-K filing with the U.S. Securities and Exchange Commission shows subsidiaries of the luxury-hotel-focused real estate investment trust will sell The Ritz-Carlton Sarasota in Sarasota, Florida; the Hotel Yountville in Yountville, California; and Bardessono Hotel and Spa, also located in Yountville. The buyers listed in the filing are BRDO Property, LLC; YNTV Property, LLC; 1776 Sarasota Associates; and 1776 Sarasota Golf Associates. The deal is expected to close in 20 to 35 days.
Each of the hotels involved in the deal has been a multi-year hold for Braemar, which acquired them as Ashford Hospitality Prime before the company changed its name in 2018. CoStar records show the REIT acquired the Ritz-Carlton Sarasota along with a vacant piece of land for $180.7 million in April 2018, the Hotel Yountville for $96.5 million in May 2017 and the Bardessono for $85 million in July 2015.
The sale of the three luxury properties is the latest in the REIT’s plan to sell off its entire portfolio, which was announced in August 2025. At the time, Braemar owned 14 hotels across the U.S. and Caribbean. Company officials pointed to activist investors attracted to the company’s high-quality portfolio and undervaluation in the public market as reasons to pursue this strategy.
As of press time, Braemar’s stock was trading at $2.52 a share, down 12.2% year to date. Its market cap is $186.3 million.
“It is not believed that a luxury [revenue per available room] lodging REIT like Braemar can flourish in today's market environment due to the historically low [earnings before interest, taxes, depreciation and amortization] multiple lodging REITs are achieving as well as the ongoing activism the company has received,” the news release about the plan said.
As part of Braemar’s plan to sell itself, there is a $480 million termination fee the REIT agreed to with its external adviser, Ashford Inc.
Just weeks before announcing its intent to sell, Braemar closed on the $145 million sale of the Marriott Seattle Waterfront. Since then, it has also sold the 410-key The Clancy in San Francisco in October 2025 for $115 million and more recently sold the 193-key Park Hyatt Beaver Creek Resort & Spa for $176 million at the end of May.
When combining its closed and pending sales, Braemar’s portfolio now stands at nine hotels.
CoStar information shows Braemar’s 415-key Sofitel Chicago Magnificent Mile is listed for sale for an undisclosed asking price.
Though it released its first-quarter 2026 earnings report as required by the SEC, Braemar did not host an earnings call with analysts and investors. For the first quarter, the REIT reported comparable average daily rate of $745, a 4.7% year-over-year increase, while hotel occupancy remained flat at 64.5%. Its comparable revenue per available room was $480.80, a 5.7% year-over-year increase.
Among the hotels most recently sold, the Ritz-Carlton Sarasota achieved RevPAR of $566 in the quarter, a 12% increase compared to the year before. The Hotel Yountville achieved RevPAR of $197, down 3.6%, and the Bardessono saw RevPAR of $469, up 20%.