96 Room Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico for $193 Million

Braemar Hotels & Resorts Inc. (NYSE: BHR) today announced that it has completed the acquisition of the 96-room Dorado Beach, a Ritz-Carlton Reserve in Dorado, Puerto Rico, previously announced on December 27, 2021.

In addition, the Company acquired the income stream attributable to fourteen luxury residential units adjacent to the Property that participate in a rental management program. The total consideration for the acquisition was approximately $193 million ($1.8 million per key, inclusive of the residential units in the rental program). The acquisition was funded with $104 million of cash, six million shares of common stock, and the assumption of a $54 million mortgage loan. For purposes of calculating total consideration for the transaction, a price of $5.84 per share was assumed.

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.