Braemar Hotels Refinances Four Seasons Resort Mortgage, SEC Filing Reveals

Braemar Hotels & Resorts Inc. has refinanced its mortgage for Four Seasons Resort Scottsdale. The company is a real estate investment trust focused on luxury hotels and resorts, with 16 hotel properties in seven states and 4,192 total rooms. Braemar owns 14 of its hotel properties directly and two through a consolidated joint venture entity. The hotel properties are predominantly located in the US urban and resort locations and are asset-managed by Ashford LLC.

Braemar Hotels & Resorts Inc. (NYSE: BHR) has successfully refinanced its mortgage for the Four Seasons Resort Scottsdale at Troon North. The new non-recourse loan, secured by the resort, has a balance of $180 million and features a floating interest rate of SOFR + 3.00%. The loan, provided by Aareal Capital Corporation, has a three-year initial term with two one-year extension options, subject to certain conditions [1][2][3].

The previous loan had a balance of $140 million with an interest rate of SOFR + 3.75% and a final maturity in December 2028. The refinancing, which enhances Braemar's liquidity position, also reduces its cost of debt at a higher loan-to-value ratio. This transaction reflects improving credit market conditions for lodging assets [1][2][3].

Richard Stockton, president and chief executive officer of Braemar, commented on the refinancing, stating, "We are pleased to announce the successful refinancing of our Four Seasons Scottsdale property. This flexible financing significantly enhances our liquidity while also lowering our cost of debt at a higher loan to value. This transaction is further evidence of the improving credit market for lodging assets" [1][2].

Braemar Hotels & Resorts Inc. is a real estate investment trust (REIT) focused on investing primarily in luxury hotels and resorts. The company owns 16 hotel properties in seven states and 4,192 total rooms, with 14 properties owned directly and two through a consolidated joint venture entity. These properties are predominantly located in the US urban and resort locations and are asset-managed by Ashford LLC [1][2][3].

The refinancing is a strategic move for Braemar, signaling a strengthening financial position and improving liquidity. The new $180 million loan represents a $40 million increase over the previous $140 million loan, reflecting the company's ability to secure more favorable terms in the current market conditions [3].

References:
[1] https://www.prnewswire.com/news-releases/braemar-hotels--resorts-announces-refinancing-of-four-seasons-resort-scottsdale-302531757.html
[2] https://www.marketscreener.com/news/braemar-hotels-resorts-announces-refinancing-of-four-seasons-resort-scottsdale-ce7c51dfd08dfe26
[3] https://www.stocktitan.net/news/BHR/braemar-hotels-resorts-announces-refinancing-of-four-seasons-resort-jvb3h7eyake9.html