Braemar hotels & resorts announces shareholder value creation plan

Dallas , may 6, 2024 /prnewswire/ -- braemar hotels & resorts inc. (nyse: bhr) ("braemar" or the "company"), reflecting its commitment to creating long-term value for shareholders, today announced notable capital market activities and strategic updates, including: the sale of hilton torrey pines for $165 million, while evaluating the sale of two other hotels, the repayment of its remaining 2024 debt maturities, a $50 million preferred share redemption program, and a $50 million common share buyback authorization the company announced today that it has signed a definitive agreement to sell the 394-room hilton la jolla torrey pines located in la jolla, california for $165 million.  including anticipated capital expenditures of $40 million, the sale price represents a 7.2% capitalization rate on net operating income for the trailing twelve months ended march 31, 2024.
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