Braemar Hotels & Resorts Completes Sale of Pier House Resort for $190M

What Happened
Braemar Hotels & Resorts Inc. announced on Form 8-K that two of its indirect subsidiaries (Ashford Pier House LP and Ashford TRS Pier House LLC) completed the sale of the 142-room Pier House Resort & Spa in Key West, Florida to Last Mango Owner, LLC. The sale closed on August 12, 2026 under an Agreement of Purchase and Sale dated July 13, 2026.

Key Details

• Sale price: $190.0 million in cash (approximately $1.3 million per key).
• Closing date: August 12, 2026; purchase agreement dated July 13, 2026.
• Property: 142-room Pier House Resort & Spa, Key West, Florida.
• Financial metrics: Including anticipated capital expenditures of $11.8 million, the sale price implies a 7.3% capitalization rate on net operating income for the trailing 12 months ended June 30, 2026.
• The company filed unaudited pro forma financial information related to the transaction as an exhibit to the 8-K.

Why It Matters
The transaction generates $190 million in cash proceeds and removes a 142-room asset from Braemar’s portfolio, which will affect future hotel revenue and operating income tied to that property. The disclosed cap rate (7.3% on trailing NOI, after anticipated capex) gives investors a concrete metric to compare the sale price to the property’s recent operating performance. Braemar’s filed pro forma financials provide more detail on how the sale affects its financial statements.