Ashford Securities, managing broker-dealer for Braemar Hotels & Resorts, has raised more than $100 million (stated value) for Braemar through the Series E and Series M Redeemable Preferred Stock Offering. Shares were distributed through a syndicate of 44 broker-dealers, institutions, and RIA firms. Braemar may sell up to $500 million total of Series E and Series M Preferred Stock.
Since the offering launched on July 9, 2021, Braemar has acquired two hotels, the 138-room Mr. C Beverly Hills (Mr. C) in Los Angeles and the ultra-luxury, 96-key Ritz-Carlton Reserve in Dorado Beach, Puerto Rico. The recent acquisitions represent Braemar’s strategy to invest primarily in luxury assets located in premium urban and resort markets.
“In my 30-year career working in the alternatives space, I’ve seen only a few new distribution platforms raise $100 million for an issuer in its first year,” said C. Jay Steigerwald III, president, head of distribution, Ashford Securities