BRAEMAR HOTELS & RESORTS ANNOUNCES EXTENSION OF MORTGAGE LOAN SECURED BY THE RITZ-CARLTON LAKE TAHOE
Braemar Hotels & Resorts (NYSE: BHR) has successfully extended its mortgage loan for the 170-room Ritz-Carlton Lake Tahoe. The loan, which was set to mature in January 2025, now has a final maturity date in January 2026. The extension includes a $10 million paydown and features a reduced spread of SOFR + 3.25%.
The company is also actively engaging with lenders regarding a $293.2 million loan due in June 2025. CEO Richard Stockton expressed optimism about improving conditions in the hotel lending market and potential future financing opportunities.
Braemar Hotels & Resorts (NYSE: BHR) ha esteso con successo il suo prestito ipotecario per il Ritz-Carlton Lake Tahoe di 170 camere. Il prestito, che doveva scadere a gennaio 2025, ora ha una data di scadenza finale a gennaio 2026. L'estensione include un pagamento di 10 milioni di dollari e prevede uno spread ridotto di SOFR + 3,25%.
L'azienda sta anche collaborando attivamente con i finanziatori riguardo a un prestito di 293,2 milioni di dollari che scade a giugno 2025. Il CEO Richard Stockton ha espresso ottimismo riguardo al miglioramento delle condizioni nel mercato dei prestiti per hotel e alle potenziali opportunità di finanziamento future.
Braemar Hotels & Resorts (NYSE: BHR) ha extendido con éxito su préstamo hipotecario para el Ritz-Carlton Lake Tahoe de 170 habitaciones. El préstamo, que vencía en enero de 2025, ahora tiene una fecha de vencimiento final en enero de 2026. La extensión incluye un pago de 10 millones de dólares y presenta un diferencial reducido de SOFR + 3.25%.
La compañía también está en conversaciones activas con prestamistas sobre un préstamo de 293.2 millones de dólares que vence en junio de 2025. El CEO Richard Stockton expresó optimismo sobre la mejora de las condiciones en el mercado de préstamos para hoteles y las posibles oportunidades de financiamiento futuras.
브레이머 호텔 & 리조트 (NYSE: BHR)는 170개 객실을 보유한 리츠칼튼 레이크 타호에 대한 모기지 대출을 성공적으로 연장했습니다. 2025년 1월에 만기가 도래할 예정이었던 대출은 이제 2026년 1월에 최종 만기가 설정되었습니다. 이 연장은 1천만 달러 상환을 포함하며, SOFR + 3.25%의 축소된 스프레드를 특징으로 합니다.
회사는 또한 2025년 6월에 만기가 도래하는 2억 9천320만 달러 대출에 대해 대출업체와 적극적으로 소통하고 있습니다. CEO 리차드 스탁턴은 호텔 대출 시장의 개선 조건과 향후 금융 기회에 대한 낙관적인 입장을 표현했습니다.
Braemar Hotels & Resorts (NYSE: BHR) a réussi à prolonger son prêt hypothécaire pour le Ritz-Carlton Lake Tahoe de 170 chambres. Le prêt, qui devait arriver à échéance en janvier 2025, a désormais une date d'échéance finale en janvier 2026. L'extension comprend un remboursement de 10 millions de dollars et présente un écart réduit de SOFR + 3,25 %.
L'entreprise engage également activement des discussions avec des créanciers concernant un prêt de 293,2 millions de dollars qui arrive à échéance en juin 2025. Le PDG Richard Stockton a exprimé son optimisme quant à l'amélioration des conditions sur le marché des prêts hôteliers et les opportunités de financement futures potentielles.
Braemar Hotels & Resorts (NYSE: BHR) hat erfolgreich seinen Hypothekendarlehen für das 170-Zimmer Ritz-Carlton Lake Tahoe verlängert. Das Darlehen, das im Januar 2025 fällig war, hat nun ein neues Endfälligkeitsdatum im Januar 2026. Die Verlängerung beinhaltet eine Zahlung von 10 Millionen Dollar und weist eine reduzierte Spanne von SOFR + 3,25% auf.
Das Unternehmen führt auch aktive Gespräche mit Kreditgebern über ein Darlehen von 293,2 Millionen Dollar, das im Juni 2025 fällig wird. CEO Richard Stockton äußerte Optimismus hinsichtlich der verbesserten Bedingungen auf dem Hotelkreditmarkt und möglichen zukünftigen Finanzierungsmöglichkeiten.
- Successfully extended Ritz-Carlton Lake Tahoe loan maturity to January 2026
- Secured lower spread rate at SOFR + 3.25%
- Required $10 million paydown for loan extension
- Large $293.2 million loan maturity approaching in June 2025
Insights
The successful extension of the Ritz-Carlton Lake Tahoe mortgage loan represents a notable financial development for Braemar Hotels & Resorts. The
The luxury hotel sector's lending environment shows signs of improvement, which could benefit BHR's refinancing efforts. With a market cap of
The reduced spread on the Ritz-Carlton loan will result in lower interest expenses, providing some relief to the company's debt service costs. For simplified understanding: imagine getting a better rate on your mortgage - this means lower monthly payments and more money available for other needs. The key challenge ahead is like having a huge balloon payment coming due on a second property - it needs to be refinanced or paid off to avoid potential financial stress.
"We are pleased to announce the extension of this loan and the lower spread," commented Richard Stockton, Braemar's President and Chief Executive Officer. "We are also in active discussions with lenders regarding our
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Forward-Looking Statements
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, among others, statements about the Company's strategy and future plans. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: our ability to repay, refinance or restructure our debt and the debt of certain of our subsidiaries; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board's decision whether to pay further dividends at levels previously disclosed or to use available cash to pay dividends; our understanding of our competition; market trends; projected capital expenditures; the impact of technology on our operations and business; general volatility of the capital markets and the market price of our common stock and preferred stock; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the markets in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar's filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. Investors should not place undue reliance on these forward-looking statements. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations, or otherwise, except to the extent required by law.
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SOURCE Braemar Hotels & Resorts, Inc.
FAQ
When is the new maturity date for BHR's Ritz-Carlton Lake Tahoe mortgage loan?
What is the new spread rate for BHR's Ritz-Carlton Lake Tahoe loan?
How much did BHR pay down for the Ritz-Carlton Lake Tahoe loan extension?
What is the value of BHR's upcoming loan maturity in June 2025?
