BRAEMAR HOTELS & RESORTS ANNOUNCES AN EXTENSION ON ITS MORTGAGE LOAN FOR THE RITZ-CARLTON SARASOTA
Braemar Hotels & Resorts (NYSE: BHR) announced an extension of its $98 million mortgage loan for The Ritz-Carlton Sarasota, extending the maturity by 6 months with a potential further 6-month extension. The interest rate will be SOFR + 2.65% until June 1, 2023, when it increases to SOFR + 3.50%. Additionally, Braemar purchased a SOFR interest rate cap at a 5.25% strike, expiring on October 4, 2023. The company is also seeking extensions or refinancing for loans on Hotel Yountville and Bardessono, maturing in May and August 2023, respectively. CEO Richard J. Stockton expressed satisfaction with the favorable loan terms and indicated further announcements on liability management are forthcoming.
- Successfully extended $98 million mortgage loan for The Ritz-Carlton Sarasota for 6 months.
- Favorable loan terms with an interest rate cap purchased at a 5.25% strike.
- Potential refinancing needs for loans maturing in May and August 2023 could indicate liquidity concerns.
"We're pleased to be able to extend this loan for up to an additional year under favorable terms," said
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