The Ritz-Carlton, Sarasota included in $437M hotel sale deal

The Ritz-Carlton, Sarasota is among three hotels a Dallas-based real estate investment trust is selling as it concludes a strategic review process. 

Braemar Hotels & Resorts Inc., a publicly traded company listed under the ticker BHR on the NYSE, also plans to include the Hotel Yountville and the Bardessono Hotel and Spa — both of which are in Yountville, California — in the $437.5 million cash deal, according to a June 10 filing with the U.S. Securities and Exchange Commission.

The buyers are BRDO Property LLC, YNTV Property LLC, 1776 Sarasota Associates and 1776 Sarasota Golf Associates, the filing says. All of the corporations are linked to KSL Capital Partners, a global investor in travel and leisure that is based in Colorado. Among its Florida investments are Islamorada Resort Collection in the Florida Keys and Margaritaville Beach Resort in Hollywood Beach.

Braemar Hotel & Resorts Inc. acquired The Ritz-Carlton Sarasota in 2018 through an affiliate for $171 million, according to a statement from the company. Built in 2001, the hotel has 276 guest rooms and 60,000 square feet of indoor and outdoor event space.

In its first-quarter earnings report, Braemar reported that the revenue per available room (RevPAR) at The Ritz-Carlton, Sarasota was $565.92 for the three months that ended March 31, up 11.95% year-over-year.

Through its affiliates, Braemar entered into the agreement for the purchase and sale of The Ritz-Carlton, Sarasota and the two California hotels on June 4, according to the SEC filing. The deal is expected to close in 20 to 35 days.

Braemar says in a June 12 statement announcing the restructuring that it plans to maintain a portfolio of about six to eight properties across the U.S. and Caribbean. It currently has 12 hotels in its portfolio, including the three it is in the process of selling.