Braemar Hotels & Resorts Inc. has announced the Company has finalised extensions for two existing mortgage loans secured by the 170-room Ritz-Carlton Lake Tahoe in Truckee, California, and the 210-room Four Seasons Resort Scottsdale at Troon North in North Scottsdale, Arizona.
The $53.4 million loan secured by the Ritz-Carlton Lake Tahoe is being extended for an additional 12 months beyond its original maturity to January 2025, with one additional 12-month extension available. As extended, the loan will have a rate of SOFR + 3.60 percent.
The loan secured by the Four Seasons Resort Scottsdale at Troon North has been increased by $40 million to $140 million and is being extended for an additional 12 months beyond its original maturity to December 2026 with two one-year extension options, subject to the satisfaction of certain conditions. The loan will continue to have the same rate of SOFR + 3.75 percent.
"We continue to make solid progress addressing loan maturities and are pleased to extend the Ritz-Carlton Lake Tahoe mortgage loan for up to two years under favourable terms," commented Richard J. Stockton, Braemar's President and Chief Executive Officer.
"Further, the continued solid operating performance of the Four Seasons Resort in Scottsdale provided us with an attractive opportunity to further enhance our financial flexibility and liquidity by upsizing its mortgage loan. As we move through the remainder of the year and into 2024, Braemar remains well positioned, and we look forward to providing further updates related to our liability management program."
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.