$437.5M Sale Of 3 Luxury Hotel Properties Includes Ritz-Carlton Sarasota

SARASOTA, FL — The Ritz-Carlton Sarasota location is one of three luxury hotels being sold by Dallas-based Braemar Hotels & Resorts, a real estate investment trust, in a $437.5 million cash deal, according to multiple reports.

The properties are being sold by the REIT, a publicly traded company, to BRDO Property LLC, YNTV Property LLC, 1776 Sarasota Associates and 1776 Sarasota Golf Associates, as part of a strategic review process, the Business Observer said.

In addition to the Ritz-Carlton, the deal includes the Hotel Yountville and Bardessono Hotel and Spa in Yountville, California, CoStar reported.

Braemar entered into the agreement on June 4, reports said. The sale is expected to close in 20 to 35 days.

The sale is part of Braemar’s process to become a self-managed REIT and remain publicly traded, the company said in a statement.

Selling these properties and other actions are “designed to simplify its corporate structure, reduce costs, enhance governance and position the company for long-term profitability and value creation,” Braemar said.

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