Braemar Hotels & Resorts has closed on the previously announced sale of the 369-room Marriott Seattle Waterfront in Seattle for $145 million or $393,000 per key to a joint venture between Sixth Street Partners and Riller Capital. RobertDouglas advised Braemar on the sale. Including anticipated capital expenditures of $7 million, the sale price represents an 8.1 percent capitalization rate on net operating income for the trailing 12 months ended May 31, 2025. The hotel is operating under a long-term management agreement with Marriott International.
"We are pleased that this strategic sale is complete," Braemar's President and CEO Richard Stockton said in a statement. "With this divestiture, which enhances our balance sheet and liquidity, we project no additional property sales this calendar year."
In conjunction with the sale, the company paid down approximately $88.4 million of debt and retained approximately $50.8 million of net proceeds after payment of transfer taxes and transaction costs.