Braemar Hotels & Resorts Enters Agreement to Sell the Renaissance Tampa for $68 Million ($232,000 Per Key)

May 9, 2018

DALLAS, May 9, 2018 -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that it has signed a definitive agreement to sell the 293-room Renaissance Tampa International Plaza hotel ("Renaissance Tampa" or the "Hotel") in Tampa, Floridafor $68 million ($232,000 per key). The sales price represents a trailing twelve-month cap rate of 8.2% on net operating income and a 10.0x Hotel EBITDA multiple as of March 31, 2018. The transaction is expected to close during the second quarter. The closing of the sale is also expected to complete a reverse 1031 exchange that...