Braemar Hotels & Resorts Refinances Ritz-Carlton Lake Tahoe Mortgage
Braemar Hotels & Resorts Inc. (NYSE: BHR) has successfully refinanced the mortgage loan for its 170-room Ritz-Carlton Lake Tahoe property located in Truckee, California. The previous loan had an outstanding balance of $43.4 million with a floating interest rate of SOFR + 3.25% and was set to mature in January 2027. The new financing agreement totals $60.0 million, featuring a three-year initial term with two one-year extension options. The new loan carries a reduced floating interest rate of SOFR + 2.65% and includes an additional $15.0 million in available future draws. This refinancing extends the company's debt maturity profile, pushing its next hard debt maturity to December 2028.
Topics: Debt Maturity Mortgage Refinancing Real Estate Investment Trust
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