Braemar Hotels & Resorts Announces Maturity Extensions For The Mortgage Loans On Its Napa Valley Hotels
Braemar Hotels & Resorts (NYSE: BHR) has announced a one-year extension for its mortgage loans on Bardessono Resort & Spa and Hotel Yountville in California. The Bardessono loan now matures in August 2022, while the Hotel Yountville loan matures in May 2022. This extension reduces the company's maturing debt to only one loan totaling $67.5 million in 2022, while maintaining no debt maturities for the remainder of 2021. CEO Richard J. Stockton expressed satisfaction over this development, which strengthens their financial position.
- One-year extension of mortgage loans for two hotels enhances financial stability.
- Only one loan maturing in 2022, reducing refinancing pressure.
- No debt maturities for the remainder of 2021.
- The company faces ongoing uncertainties related to COVID-19's impact on operations.
- Potential risks regarding debt repayment and refinancing capabilities remain.
DALLAS, Sept. 27, 2021 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") announced today that it has finalized an extension of its mortgage loans for the Bardessono Resort & Spa with a final maturity in August 2022, and the Hotel Yountville with a final maturity in May 2022. Both hotels are located in Yountville, California. Each of the loans is being extended for one year beyond their initial maturity on the same terms as the original loan.
"We are very pleased to be able to extend these loans for an additional year," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "In doing so, we have only one loan maturing in 2022 with a balance of
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
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: the impact of COVID-19, and the rate of adoption and efficacy of vaccines to prevent COVID-19, on our business and investment strategy; the timing and outcome of the Securities and Exchange Commission's investigation; 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; 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
What is the recent announcement by Braemar Hotels & Resorts regarding its mortgage loans?
When do the mortgage loans for Bardessono Resort & Spa and Hotel Yountville now mature?
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