Financing ·
Braemar Hotels refinances Ritz-Carlton Lake Tahoe with $75M loan at SOFR + 2.65%
BHRBraemar Hotels & Resorts Inc.
Braemar Hotels & Resorts Inc. has entered into a loan agreement to refinance the mortgage on The Ritz-Carlton, Lake Tahoe. The new facility provides an initial term loan of $60 million and includes an earnout feature allowing for up to $15 million in additional advances subject to specific financial conditions, bringing the total potential borrowing capacity to $75 million. The debt carries a floating interest rate of one-month Term SOFR plus 2.65%, with a floor of 5.30%. The loan has an initial maturity date of October 30, 2029, extendable by two one-year options, effectively pushing the next hard maturity for this asset to late 2031 and extending the company's overall debt maturity profile beyond December 2028. Braemar Hotels & Resorts Inc. is a real estate investment trust focused on the luxury hotel and resort sector.