DALLAS—Braemar Hotels & Resorts Inc. announced that it finalized an extension of its $51.0 million mortgage loan for the 80-room Hotel Yountville. The loan is being extended beyond its original maturity in May 2023 for an additional six months with one additional six-month extension available. As extended, the loan will have a rate of SOFR +2.55 percent that will reset to SOFR +3.50 percent on July 1, 2023. In conjunction with this extension, the company has purchased a SOFR interest rate cap at a strike of 5.25 percent with an expiration date of November 10, 2023. The company is also working with its lender on an extension or refinancing of its mortgage loan secured by the Bardessono, which has a final maturity in August 2023.
“We continue to work through our refinancing program for 2023 and are pleased to announce this extension of the Hotel Yountville mortgage loan for up to an additional year under favorable terms,” said Richard J. Stockton, Braemar’s president and CEO. “We look forward to making additional announcements related to our liability management program in due course.”
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
