Braemar Hotels & Resorts begins company sale process, sells The Clancy for $115M; Q4 RevPAR flat
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Braemar Hotels & Resorts has initiated a company sale process and sold The Clancy for $115 million. The sale will help pay down approximately $65 million in debt, with net proceeds of about $44 million. The company reported flat Q4 RevPAR at $340, with resort RevPAR up 4.1%. A net loss of $46 million was recorded for Q4, and the company redeemed about $149 million of non-traded preferred stock. No common dividend policy has been set amid the sale process.
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