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Dive Brief:

Braemar Hotels & Resorts sold the 369-room Marriott Seattle Waterfront in Seattle for $145 million, or $393,000 per key, the real estate investment trust announced Monday. The buyer in the transaction was undisclosed. The deal garnered “a large group of interested buyers,” leading Braemar CEO Richard Stockton to “feel like we achieved full market value for that asset,” the chief executive said during a Q2 2025 earnings call earlier this month. The deal “aligns nicely with our strategic objective to deleverage the portfolio while sharpening our focus on the luxury hotel sector,” Stockton shared during the call, providing an outlook on the REIT’s broader hotel investment strategy amid a softer transaction environment.

Dive Insight:

The sale of Marriott Seattle Waterfront will be Braemar’s final asset sale of 2025, Stockton said on the call. However, he “certainly wouldn’t rule out” divestment in 2026.

“As the debt markets continue to heal,” potentially bringing the cost of financing down, Braemar “should see even more interest in our assets going into next year,” at which point the REIT would be open to more asset sales, according to Stockton.

While hospitality pros previously forecast that hotel investment would ramp up into 2025, investors remained cautious in the beginning months of the year due to elevated interest rates and tariff-related concerns, CoStar reported in May.

Despite economic uncertainty, Braemar’s portfolio saw 1.5% year-over-year RevPAR growth in the second quarter, with its luxury resort portfolio particularly delivering a strong performance, according to Stockton.

Braemar’s total portfolio spans 14 hotels and resorts, including across luxury brands Four Seasons, Park Hyatt and Marriott International’s Ritz-Carlton flag.

The REIT is making capital improvements across its luxury portfolio as it focuses on growth in the segment. The trust began a full guest room renovation at Park Hyatt Beaver Creek in Colorado in Q2 and is converting underutilized space at the Four Seasons Scottsdale in Arizona into new food and beverage outlets, Christopher Nixon, senior vice president and head of asset management, detailed on the call.

Last summer, Braemar sold the 394-key Hilton La Jolla Torrey Pines in California to JRK Property Holdings for $165 million.

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