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Reported Earlier, Braemar Hotels & Resorts Sells Hilton La Jolla Torrey Pines For $165M

Author: Benzinga Newsdesk | July 18, 2024 01:53am

 Braemar Hotels & Resorts has closed on the previously announced sale of the Hilton La Jolla Torrey Pines for $165 million ($419,000 per key).  Including anticipated capital expenditures of $40 million, the sale price represents a 7.2% capitalization rate on net operating income for the trailing twelve months ended March 31, 2024.  The Company continues to evaluate the sale of two more hotels, subject to market conditions, to be completed in 2024 and 2025, respectively.

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