US-headquartered real estate investment trust (REIT) Braemar Hotels & Resorts has completed the sale of the Marriott Seattle Waterfront in Washington, US, for $145m.
The transaction encompasses projected capital expenditures totalling $7m and is based on a capitalisation rate of 8.1% on the net operating income for the year ending 31 May 2025.
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Braemar Hotels & Resorts president and CEO Richard Stockton said: “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.”
The Marriott Seattle Waterfront offers 369 rooms and features a range of amenities, including four on-site restaurants, a bar, and an indoor pool.
It also offers a fitness centre, a convenience store, a meeting space, and a club lounge.
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By GlobalDataAvailable services include digital check-in, parking, and an electric car charging station.
The property is located approximately 13.6 miles from the Seattle-Tacoma International Airport.
Following the sale, Braemar Hotels & Resorts repaid nearly $88.4m of debt and retained approximately $50.8m in net proceeds after covering transfer taxes and transaction expenses.
Earlier this year, the company announced its intention to transition the brand-managed Sofitel Chicago Magnificent Mile into a franchise model while maintaining the Sofitel branding.
In March, Braemar Hotels & Resorts secured a $363m refinancing deal for five of its luxury properties, with one being the Marriott Seattle Waterfront.
The financing arrangement offers an initial two-year term with the option for three one-year extensions, subject to the fulfilment of certain conditions.
