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Braemar sells Key West resort for $190 million, accelerating shift to self-managed REIT

Braemar Hotels & Resorts announced on Thursday that it has sold the Pier House Resort & Spa, a luxury beachfront resort in Key West, Florida, to global investment firm Sixth Street for $190 million. The transaction is the latest step by Braemar to reduce leverage in its portfolio as it terminates its advisory agreement with Ashford Inc. and transitions to a self-managed REIT. Previously, Braemar sold the Park Hyatt Beaver Creek to Sixth Street for $176 million in May.

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