Braemar Hotels & Resorts has completed the sale of the Park Hyatt Beaver Creek Resort & Spa in Colorado for a total of $176 million. The transaction was announced on Thursday, with the company confirming that the agreement was finalized at the previously disclosed price.
The Park Hyatt Beaver Creek, located in the Vail Valley, is a luxury resort featuring 190 rooms. The property includes a range of amenities such as a spa, several dining options, and direct access to ski lifts.
Richard J. Stockton, President and Chief Executive Officer of Braemar Hotels & Resorts, stated, “We are pleased to complete the sale of the Park Hyatt Beaver Creek at an attractive valuation. This transaction further strengthens our balance sheet and provides us with additional financial flexibility.”
The company indicated that proceeds from the sale will be used to reduce debt and for general corporate purposes. The sale is part of Braemar’s ongoing strategy to optimize its portfolio and enhance shareholder value.
Additional details regarding the buyer were not disclosed. The sale was first announced in March, with Braemar Hotels & Resorts confirming the closing of the deal this week.
