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Braemar sells Marriott Seattle Waterfront for $139.3mln, repays $88.4mln mortgage.
ByAinvest
Tuesday, Aug 12, 2025 5:52 pm ET1min read
• Braemar Hotels sells Marriott Seattle Waterfront for $139.3 million in cash • Repays $88.4 million on mortgage loan • Sale completes on August 7, 2025 • Marriott Seattle had 369 rooms • Sale net of transfer taxes and selling expenses • Unaudited pro forma financial information provided for informational purposes only • Pro forma data as of March 31, 2025 and December 31, 2024 • Data not indicative of future results
US-headquartered real estate investment trust (REIT) Braemar Hotels & Resorts has finalized the sale of the Marriott Seattle Waterfront in Washington, US, for $139.3 million in cash. The transaction, which was completed on August 7, 2025, includes projected capital expenditures totaling $7 million and is based on a capitalization rate of 8.1% on the net operating income for the year ending 31 May 2025 [1][2][3].Following the sale, Braemar Hotels & Resorts repaid approximately $88.4 million of debt and retained approximately $50.8 million in net proceeds after covering transfer taxes and transaction expenses. The Marriott Seattle Waterfront offers 369 rooms and features a range of amenities, including four on-site restaurants, a bar, an indoor pool, a fitness center, a convenience store, a meeting space, and a club lounge. The property is located approximately 13.6 miles from the Seattle-Tacoma International Airport [1][2][3].
The sale is part of Braemar Hotels & Resorts' strategic divestiture plan, which aims to enhance its balance sheet and liquidity. CEO Richard Stockton stated, "We are pleased that this strategic sale is complete. With this divestiture, which enhances our balance sheet and liquidity, we project no additional property sales this calendar year" [1][2][3].
Earlier this year, Braemar Hotels & Resorts announced its intention to transition the brand-managed Sofitel Chicago Magnificent Mile into a franchise model while maintaining the Sofitel branding. In March, the company secured a $363 million refinancing deal for five of its luxury properties, with one being the Marriott Seattle Waterfront [1][2][3].
References:
[1] https://www.hotelmanagement-network.com/news/braemar-sale-marriott-seattle-waterfront/
[2] https://finance.yahoo.com/news/braemar-hotels-closes-sale-marriott-110504197.html
[3] https://www.stocktitan.net/news/BHR/braemar-hotels-resorts-announces-sale-of-marriott-seattle-ztreuw3wcl4e.html
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