Reported Earlier, Braemar Hotels & Resorts Sells Hilton La Jolla Torrey Pines For $165M
Portfolio Pulse from Benzinga Newsdesk
Braemar Hotels & Resorts has sold the Hilton La Jolla Torrey Pines for $165 million, representing a 7.2% capitalization rate on net operating income. The company is also considering selling two more hotels in 2024 and 2025.
July 18, 2024 | 5:53 am
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Braemar Hotels & Resorts has completed the sale of Hilton La Jolla Torrey Pines for $165 million, achieving a 7.2% capitalization rate. The company is also evaluating the sale of two more hotels in the coming years.
The sale of the Hilton La Jolla Torrey Pines for $165 million at a favorable capitalization rate is a positive development for Braemar Hotels & Resorts. This transaction improves the company's liquidity and financial position. Additionally, the potential sale of more hotels in the future could further enhance their financial stability.
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