Braemar Hotels & Resorts sells The Clancy hotel in San Francisco’s SoMa district for $115m, amounting to $280,487 per room. The transaction reflects a 5.2% cap rate and reduced the company’s debt by $64.7m, leaving $43.7m in net proceeds. The buyer provided a $3.5m deposit with an option for an extension.

The Clancy operates under Marriott’s Autograph Collection brand and offers meeting spaces, public areas, a bar, fitness center, and Seven Square Taproom. Braemar previously sold the Marriott Seattle Waterfront for $145m and is exploring a potential sale of the company. The company reported a 1.4% increase in RevPAR to $257, with a 4.7% rise in ADR to $401 but a 3.2% drop in occupancy to 64.3%.

Read more at Yahoo Finance: Braemar closes sale of The Clancy hotel in San Francisco for $115m