Strategic Asset Sale of Marriott Seattle Waterfront for $145 Million
The company signed a definitive agreement to sell the 369-room Marriott Seattle Waterfront for $145 million, representing an 8.1% cap rate on trailing 12-month net operating income.
The sale aligns with the strategic objective to deleverage the portfolio and sharpen focus on the luxury hotel sector.
Closing is expected in the next few weeks, subject to customary conditions.
Market Disruption from M&A Activity in Twin Cities as Growth Catalyst
Old National's acquisition of Bremer Bank has reintroduced market disruption in the Twin Cities, which historically has contributed to Bridgewater's growth through talent and client acquisition.
Management expects this wave of disruption to continue providing opportunities for market share expansion and client onboarding.
Early signs of traction in capturing new clients and talent are evident, with ongoing marketing efforts to position Bridgewater as a local bank of choice.
Strategic Acquisition of JW Marriott Desert Ridge in Phoenix
Completed the acquisition, long on the top of the company's list, with a focus on leisure demand and group rotation opportunities.
Expected to be accretive to FY 2026 results, with an estimated contribution of $18-$22 million in adjusted EBITDAre for 2025.
Renovations and capital enhancements underway, including meeting space upgrades and potential resort expansion to accommodate large groups over 1,000 rooms.
Market dynamics in Phoenix support future resort expansion, with the only larger hotel being a 1,000-room Sheraton in downtown Phoenix.
Strategic Sale of Safe Harbor Marinas and Business Repositioning
Completed sale of Safe Harbor Marinas for $5.25 billion on April 30, 2025, streamlining Sun as a pure-play owner/operator of manufactured housing and RV communities.
Repositioning aimed at unlocking financial flexibility, reducing debt by approximately $3.3 billion, and focusing on core segments.
Dafinchi