DALLAS – August 6, 2021 – Braemar Hotels & Resorts Inc. today announced that it has completed the acquisition of the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the “Mr. C” or the “Property”), previously announced on June 1, 2021. In addition, the Company acquired five luxury condominium residences adjacent to the hotel. The total consideration for the acquisition was $77.9 million and consisted of $65.4 million for the hotel ($474,000 per key) and an allocated price of $12.5 million for the five adjacent condominium units. The acquisition was funded with approximately $30 million of cash, 2.5 million OP units, 500,000 warrants at a strike price of $6.00, and a $30 million mortgage loan. For purposes of calculating total consideration for the transaction, a price of $6 per share was assumed.
RobertDouglas, a real estate advisory firm that specializes in providing capital solutions in the hospitality industry, assisted Braemar with this transaction.
