Braemar Hotels & Resorts Inc. announced that it has successfully refinanced its mortgage loan for the 170-room Ritz-Carlton Lake Tahoe in Truckee, California, which had an existing outstanding balance of $43.4 million, a floating interest rate of SOFR + 3.25% and a final maturity date in January 2027.
The new loan totals $60.0 million with an additional $15.0 million available to be drawn in the future subject to certain conditions, has a three-year initial term with two one-year extension options and provides for a floating interest rate of SOFR + 2.65%. With this financing now in place, the company’s next hard debt maturity is not until December 2028.
“We are pleased with the execution of this refinancing, which extends the debt maturity on one of our premier luxury assets and capitalizes on tighter interest rate spreads in the market,” said Richard J. Stockton, president and chief executive officer.
