Braemar sells Key West resort amid Ashford split
Braemar Hotels & Resorts is offloading its oceanfront resort in Key West for $190 million. The sale of Pier House Resort & Spa is part of the REIT’s broader hotel asset selloff intended to fund a $480 million payout linked to a split with its manager, Bisnow reported. Through affiliates Ashford Pier House LP and Ashford TRS Pier House LLC, Braemar entered an agreement to sell the 142-key hotel to a buyer hidden behind the business entity Last Mango Owner LLC. The sale price pencils out to $1.3 million per key. Pier House was built in 1967 as a 50-room […]This article originally appeared on The Real Deal. Click here to read the full story.
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