Braemar Hotels & Resorts has closed on the previously announced sale of the 410-room The Clancy in San Francisco for $115 million ($280,487 per key). The sale price represents a 5.2 percent capitalization rate on net operating income for the trailing 12 months ended Sept. 30.
"We are glad to have completed the sale of The Clancy," Richard Stockton, president and CEO of Braemar Hotels & Resorts, said in a statement. "This strategic move sharpens our portfolio and strengthens our capital position."
In conjunction with the sale, the company paid down approximately $64.7 million of debt and retained approximately $43.7 million of net proceeds after payment of transfer taxes and transaction costs.