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Sign InBraemar Hotels & Resorts has signed a definitive agreement to sell the 193-room Park Hyatt Beaver Creek Resort & Spa for $176 million, representing approximately $912,000 per key. The sale price reflects a 6.2% capitalization rate on net operating income for the trailing twelve months ended December 31, 2023. The company expects to finalize the transaction in the third quarter of 2024 and has already secured a $6.5 million non-refundable earnest money deposit. Net proceeds from the sale are earmarked for general corporate purposes, including the strategic reduction of outstanding debt. This divestiture is part of Braemar's ongoing efforts to optimize its portfolio and enhance overall financial liquidity. Analysts note that the deal strengthens the company's balance sheet amid shifting market conditions.