Braemar Hotels & Resorts has entered into a definitive agreement to sell the 410-room The Clancy in San Francisco for $115 million or $280,487 per key. The company has received a $3.5 million non-refundable earnest money deposit. Other terms and conditions were not disclosed.
The sale price represents a 5.0 percent capitalization rate on net operating income for the trailing 12 months ended August 2025. The Clancy San Francisco is part of Marriott's Autograph Collection.
"We are strategically refining our portfolio with one clear objective: to maximize its value for our shareholders," President and CEO Richard Stockton, said in a statement. "This divestiture will help us to ensure that a future sale of the Company results in the best possible outcome for our investors."
The transaction is expected to close in November, subject to customary conditions. The buyer has the right to extend the closing for 30 days with an incremental $1 million non-refundable deposit. The company provides no assurances that the sale will be completed on these terms or at all.