Braemar Hotels & Resorts to Acquire The Mr. C Beverly Hills Hotel for $65.4 Million

Braemar Hotels & Resorts | June 1, 2021

DALLAS, June 1, 2021 Luxury hotel ideally located in close proximity to high-end shopping on Rodeo Drive and business demand from Century City and Culver City. The Company will issue 2.5 million units in its Operating Partnership ("OP units") and 500,000 warrants to the seller as part of the consideration for this acquisition, in addition to $30 million of cash (the majority of which will be used to paydown existing debt). Attractive price per key of $474,000 for fee simple ownership of a luxury hotel. Revenue per available room (RevPAR) of $251.14 for the 12 months ended December 31, 2019. Remington will take over hotel mana...