Braemar Hotels Resorts Announces Agreement To Acquire The Mr. C Beverly Hills Hotel DALLAS , June 1, 2021 |PRNewswire| -- Acquisition Highlights: Luxury hotel ideally located in close proximity to high-end shopping on Rodeo Drive and business demand from Century City and Culver City . The Company will issue 2.5 million units in its Operating Partnership ("OP units") and 500,000 warrants to the seller as part of the consideration for this acquisition, in addition to $30 million of cash (the majority of which will be used to paydown existing debt). Attractive price per key of $474,000 for fee simple ownership of a luxury hotel. Revenue per available room (RevPAR) of $251.14 for the 12 months ended December 31, 2019 . Remington will take over hotel management post-acquisition. The acquisition also includes five luxury condominium residences. Braemar Hotels Resorts Inc. (NYSE: BHR ) ("Braemar" or the "Company") today announced it has entered into a definitive agreement to acquire the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the "Mr. C" or the "Property").